# Kinetik Holdings Inc. (KNTK)

> Source: Nexqual · https://nexqual.com/KNTK · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Kinetik Holdings Inc. (KNTK), nexqual.com/KNTK" · informational, not investment advice.

**Price:** USD 54.64 (-1.89% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 55.69 · day 53.48–56.25 · 52w 31.33–56.92 · market cap $9.25B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.89B, net income $196M (10.4% margin), free cash flow $157M (SEC filings).
- Valuation: P/E 47.1x (avg 24.1x at the last 3 fiscal year-ends), EV/EBITDA 22.0x, net debt $3.94B.
- Analysts: Buy (mean 1.94 on a 1–5 scale) (17 analysts), mean target USD 58.56 (range 52–67).
- Total return with dividends: 1Y +44.8% vs S&P 500 +14.9%; 5Y +133.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.56, revenue estimate $544M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $662M | $1.21B | $1.26B | $1.48B | $1.76B | $1.89B |
| Operating income | $53.5M | $150M | $159M | $179M | $165M | $198M |
| Net income | $1.5M | $251M | $289M | $80.0M | $178M | $196M |
| EPS (diluted) | $0.00 | $1.47 | $2.52 | $1.02 | $2.63 | — |
| Free cash flow | $158M | $407M | $272M | $374M | $112M | $157M |
| Operating margin | 8.1% | 12.4% | 12.7% | 12.1% | 9.3% | 10.5% |
| Net margin | 0.2% | 20.7% | 23.0% | 5.4% | 10.1% | 10.4% |
| Revenue growth | +61.4% | +83.3% | +3.5% | +18.0% | +19.0% | — |
| Cash + short-term investments | $18.7M | $6.4M | $4.5M | $3.6M | $4.0M | — |
| Total debt | $2.35B | $3.40B | $3.59B | $3.53B | $3.82B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 47.1x · P/S 4.9x · EV/EBITDA 22.0x · EV/Sales 7.0x · P/FCF 58.9x · FCF yield 1.70% · Earnings yield 2.12% · Dividend yield (paid, TTM) 2.28% · Net debt $3.94B · EV $13.2B
P/E at fiscal year-ends: Dec 2025 12.7x, Dec 2024 42.6x, Dec 2023 16.9x.

## Analysts
Consensus Buy (mean 1.94 on a 1–5 scale), 17 analysts; mean target USD 58.56 (low 52, high 67).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Morgan Stanley | Target lowered | Overweight | $70 → $67 |
| 2026-10-19 | Jefferies | Target lowered | Hold | $56 → $54 |
| 2026-10-14 | RBC Capital | Target raised | Outperform | $57 → $58 |
| 2026-10-13 | Barclays | Target raised | Equal-Weight | $51 → $56 |
| 2026-09-10 | Scotiabank | Target raised | Sector Outperform | $52 → $58 |
| 2026-08-18 | Morgan Stanley | Target raised | Overweight | $64 → $70 |
| 2026-08-12 | Truist Securities | Target raised | Buy | $53 → $59 |
| 2026-08-11 | Citigroup | Target raised | Buy | $52 → $55 |
| 2026-08-11 | RBC Capital | Target raised | Outperform | $56 → $57 |
| 2026-08-06 | Barclays | Target raised | Equal-Weight | $50 → $51 |
| 2026-07-14 | JP Morgan | Target raised | Overweight | $54 → $57 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +44.8% | +133.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +45.0% | +18.4% |
| Volatility (annualized) | 33.3% | 34.2% |
| Max drawdown | -20.4% (Oct 2025→Nov 2025) | -47.2% (Jan 2025→Nov 2025) |

## Peers (Oil & Gas Midstream)
AM (Antero Midstream Corporation) USD 20.61 -0.67% · FRO (Frontline Plc) USD 51.22 -0.14% · SOBO (South Bow Corporation) USD 34.57 -0.52% · DTM (DT Midstream, Inc.) USD 123.4 -0.87% · PAGP (Plains GP Holdings, L.P.) USD 27.93 +0.04% · HESM (Hess Midstream LP) USD 30.04 -3.32%

## More
Full page: https://nexqual.com/KNTK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in KNTK's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1692787/000169278726000048/apa-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Permian Resources Corp (PR) | "On January 14, 2025, the Company completed a bolt-on acquisition with Permian Resources Corporation ("Permian Resources"), who directly owned all of the issued and outstanding membership interests of (a) RC Permian Gathe…" |
| Partner | Diamondback Energy, Inc. (FANG) | "During the fourth quarter 2025, the Company consummated the previously announced Sale and Purchase Agreement with affiliates of Diamondback Energy, Inc. (together with the Company, the "Sellers") and affiliates of Plains…" |
| Partner | PLAINS ALL AMERICAN PIPELINE LP (PAA) | "During the fourth quarter 2025, the Company consummated the previously announced Sale and Purchase Agreement with affiliates of Diamondback Energy, Inc. (together with the Company, the "Sellers") and affiliates of Plains…" |

Other companies that name KNTK in their own reports (relationship from KNTK's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| related | APA Corp (APA) | 10-K 2026-02-26 | "The following table represents related party sales and costs associated with Kinetik, when the Company was considered to have had significant influence over Kinetik prior to the Company's sale of its …" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Midstream Logistics | $579.3M | 99.6% | +36.5% |
| Pipeline Transportation | $8.7M | 1.5% | -14.3% |
| Total revenue | $581.4M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product and Service | $575.6M | 99.0% | +36.5% |
| Product revenue | $490.8M | 84.4% | +57.5% |
| Natural gas, NGLs and condensate sales | $490.8M | 84.4% | +57.5% |
| Service revenue | $86.9M | 14.9% | -22.9% |
| Gathering and processing services | $86.9M | 14.9% | -22.9% |
| Other revenue | $3.7M | 0.6% | +50.3% |
| Minimum Volume Commitments | $2.3M | 0.4% | +475.0% |
| Total revenue | $581.4M | 100% | — |
The lines above cover 298.7% of total revenue.

## Company outlook (8-K filed 2026-08-06)

- "(NYSE: KNTK) (" Kinetik " or the " Company ") today reported record results for the quarter ended June 30, 2026 and increased its full year 2026 Adjusted EBITDA 1 guidance."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.56 | $0.23 | +143.1% | $544.0M | 1 |
| Next quarter (ends 2026-12-31) | $0.58 | $0.29 | +104.4% | $601.4M | 1 |
| Current fiscal year (ends 2026-12-31) | $1.52 | $1.27 | +19.8% | $2.11B | 3 |
| Next fiscal year (ends 2027-12-31) | $2.61 | $1.61 | +61.9% | $2.45B | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±7.5%; last 8 reports averaged ±4.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 32.8% | ±7.5% |
| 2026-12-18 | 56 | 31.1% | ±9.8% |
| 2027-03-19 | 147 | 33.8% | ±17.1% |
| 2027-06-17 | 237 | 32.5% | ±20.6% |