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KNF

Knife River Corporation

KNF

Knife River Corporation • NYSE
$74.84 ▲ 1.09% (+0.81)
Market Cap $4.24 B
52w High $108.83
52w Low $58.72
Dividend Yield 0%
P/E 28.67
Volume 205.52K
Outstanding Shares 56.66M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.204B ▲ $70.929M ▲ $143.151M ▲ 11.892% ▲ $2.53 ▲ $269.871M ▲
Q2-2025 $833.759M ▲ $69.17M ▼ $50.603M ▲ 6.069% ▲ $0.89 ▲ $140.488M ▲
Q1-2025 $353.471M ▼ $73.058M ▲ $-68.71M ▼ -19.439% ▼ $-1.21 ▼ $-39.324M ▼
Q4-2024 $657.216M ▼ $70.066M ▲ $23.273M ▼ 3.541% ▼ $0.41 ▼ $81.892M ▼
Q3-2024 $1.105B $63.874M $148.104M 13.4% $2.62 $246.419M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $81.097M ▲ $3.703B ▲ $2.096B ▼ $1.607B ▲
Q2-2025 $26.614M ▼ $3.631B ▲ $2.17B ▲ $1.461B ▲
Q1-2025 $86.118M ▼ $3.281B ▲ $1.873B ▲ $1.408B ▼
Q4-2024 $281.134M ▲ $2.851B ▼ $1.375B ▼ $1.476B ▲
Q3-2024 $267.442M $2.884B $1.435B $1.449B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $143.151M ▲ $250.43M ▲ $-81.074M ▲ $-165.927M ▼ $3.429M ▲ $188.698M ▲
Q2-2025 $50.603M ▲ $-42.57M ▲ $-198.312M ▲ $180.068M ▼ $-60.814M ▲ $-196.207M ▲
Q1-2025 $-68.71M ▼ $-125.277M ▼ $-503.633M ▼ $486.258M ▲ $-142.652M ▼ $-200.235M ▼
Q4-2024 $23.273M ▼ $172.434M ▼ $-156.974M ▼ $-1.768M ▼ $13.692M ▼ $127.168M ▼
Q3-2024 $148.104M $239.667M $-27.629M $-1.765M $210.273M $216.129M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Aggregates
Aggregates
 $120.00M ▲$80.00M ▼$170.00M ▲$220.00M ▲
Asphalt
Asphalt
 $90.00M ▲$20.00M ▼$110.00M ▲$200.00M ▲
Other
Other
 $60.00M ▲$40.00M ▼$80.00M ▲$90.00M ▲
Readymix concrete
Readymix concrete
 $160.00M ▲$110.00M ▼$210.00M ▲$260.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Knife River shows a pattern of steady, healthy growth. Sales have climbed over the past several years, and profits have generally grown faster than revenue, which suggests improving efficiency and pricing power. Profit margins look stronger now than they were a few years ago, moving the business from solid to clearly more profitable. Earnings per share have risen over time, even with some year‑to‑year noise. Overall, this looks like a mature, cyclical industrial business that has been steadily sharpening its operations and turning more of each dollar of sales into profit. The key watchpoints are exposure to the construction cycle and how well the company can maintain margins when volumes weaken or costs spike.

Balance Sheet

Balance Sheet The balance sheet appears to be getting stronger. Total assets have grown, reflecting ongoing investments in plants, equipment, and acquisitions. Cash levels are now meaningfully higher than just a few years ago, giving the company more flexibility to manage downturns and fund projects. Debt has stayed roughly flat while equity has risen, which means leverage has effectively come down and the financial cushion for shareholders has improved. This combination—stable debt, growing equity, and higher cash—suggests a more resilient financial position, though the business is still capital‑intensive and dependent on continued disciplined spending.

Cash Flow

Cash Flow Knife River is consistently generating cash from its operations, which is a key strength in a construction‑linked business. Operating cash flow has generally moved up alongside profits, showing that earnings are supported by real cash, not just accounting. Free cash flow has been positive but somewhat uneven because the company spends heavily on equipment, plants, and other long‑lived assets. That pattern is typical for this industry. The data suggests a business that can fund most of its investment needs from internal cash, but where free cash flow will naturally swing depending on the timing of big capital projects.

Competitive Edge

Competitive Edge Knife River operates with a meaningful competitive edge built around vertical integration and control of key raw materials. It owns and operates aggregate pits, makes concrete and asphalt, and also provides contracting services. This “mine‑to‑project” model can lower costs, ensure reliable supply, and improve quality control—advantages that are difficult for smaller or less integrated rivals to match. Access to strategically located aggregate reserves is an important barrier to entry, since stone and sand are heavy and expensive to haul long distances. Acquisitions, like Strata Corporation, have deepened its footprint in certain regions and increased its reserves and customer base. On the other hand, the company remains tied to regional construction and infrastructure cycles and must compete with other local and regional players, especially when project activity slows or pricing pressure intensifies.

Innovation and R&D

Innovation and R&D Innovation at Knife River is focused more on processes and products than on traditional lab‑style R&D. The Newman Lake precast facility is a good example: it uses automation, enclosed production, and modern equipment to increase efficiency, reduce weather-related downtime, and improve product consistency. This kind of plant design can be a template for modernizing other locations. The company is also pushing sustainable and higher‑performance materials—such as insulated wall panels and specialized concrete mixes—and working on environmental certifications and product declarations. These efforts can help differentiate Knife River with customers who care about carbon footprint and building performance. The main questions are how quickly the company can roll out these innovations across its broader network and whether it maintains enough ongoing investment to stay ahead of evolving regulations and customer expectations.

Summary

Overall, Knife River comes across as a steadily improving construction materials business with a growing focus on efficiency and sustainability. Financial performance has been trending in the right direction: revenues and profits have grown, margins have improved, and the balance sheet is stronger with more equity and better liquidity. Its vertically integrated model and strong aggregate positions provide a solid competitive base, while process and product innovations—like the advanced precast facility and sustainable concrete solutions—offer potential for further differentiation. At the same time, the company operates in a cyclical, capital‑intensive industry, where results remain sensitive to construction activity, infrastructure funding, cost inflation, and the success of its capital projects and acquisitions. In short, Knife River looks like a capital‑heavy but increasingly efficient operator, using integration and innovation to carve out a more durable position in a challenging, cyclical market.

NEWS

November 4, 2025 · 7:00 AM UTC

Knife River Corporation Reports Third Quarter 2025 Financial Results

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October 21, 2025 · 4:30 PM UTC

Knife River Corporation Announces Third Quarter 2025 Results Conference Call

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