Knife River Financials
Knife River (KNF) reported $3.1B in revenue for fiscal year 2025, up 8.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025 shifted Knife River from cash harvest to balance-sheet expansion, as heavier investment and borrowing absorbed the benefit of higher sales.
Operating cash flow of$278.5M did not cover capital spending of$348.0M , so the business stayed profitable but stopped producing surplus cash for owners. At the same time, goodwill rose to$519.7M and long-term debt to$1.15B , which makes FY2025 look more like externally funded expansion than a year when growth flowed cleanly through to cash.
The sales increase matters less than the margin shape: revenue reached
Near-term liquidity still looks comfortable, with a current ratio of 2.5x and cash of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Knife River's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Knife River has an operating margin of 9.1%, meaning the company retains $9 of operating profit per $100 of revenue. This strong profitability earns a score of 72/100, reflecting efficient cost management and pricing power. This is down from 10.9% the prior year.
Knife River's revenue grew 8.5% year-over-year to $3.1B, a solid pace of expansion. This earns a growth score of 52/100.
Knife River has elevated debt relative to equity (D/E of 0.70), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 28/100, reflecting increased financial risk.
With a current ratio of 2.54, Knife River holds $2.54 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 70/100.
While Knife River generated $278.5M in operating cash flow, capex of $348.0M consumed most of it, leaving -$69.6M in free cash flow. This results in a low score of 35/100, reflecting heavy capital investment rather than weak cash generation.
Knife River earns a strong 9.6% return on equity (ROE), meaning it generates $10 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 77/100. This is down from 13.7% the prior year.
Knife River scores 2.83, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Knife River passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Knife River generates $1.77 in operating cash flow ($278.5M OCF vs $157.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Knife River earns $3.49 in operating income for every $1 of interest expense ($285.9M vs $81.9M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Knife River generated $3.1B in revenue in fiscal year 2025. This represents an increase of 8.5% from the prior year.
Knife River's EBITDA was $479.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 5.9% from the prior year.
Knife River reported $157.1M in net income in fiscal year 2025. This represents a decrease of 22.1% from the prior year.
Knife River earned $2.76 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 22.3% from the prior year.
Cash & Balance Sheet
Knife River recorded an outflow of $69.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 146.4% from the prior year.
Knife River held $73.8M in cash against $1.2B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Knife River's gross margin was 18.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.3 percentage points from the prior year.
Knife River's operating margin was 9.1% in fiscal year 2025, reflecting core business profitability. This is down 1.8 percentage points from the prior year.
Knife River's net profit margin was 5.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.0 percentage points from the prior year.
Knife River's ROE was 9.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.1 percentage points from the prior year.
Capital Allocation
Knife River invested $348.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 101.8% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
KNF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Revenue | $3.3B | $3.1B+8.5% | $2.9B+2.4% | $2.8B+11.7% | $2.5B+13.7% | $2.2B |
| Cost of Revenue | $2.7B | $2.6B+10.3% | $2.3B+1.6% | $2.3B+5.4% | $2.2B+15.5% | $1.9B |
| Gross Profit | $589.7M | $577.3M+1.3% | $569.8M+5.7% | $538.9M+49.3% | $360.9M+4.0% | $346.9M |
| SG&A Expenses | $314.3M | $291.5M+14.9% | $253.6M+4.6% | $242.5M+45.6% | $166.6M+6.9% | $155.9M |
| Operating Income | $275.3M | $285.9M-9.6% | $316.2M+6.7% | $296.4M+52.5% | $194.3M+1.7% | $191.1M |
| Interest Expense | $89.6M | $81.9M+48.3% | $55.2M-4.9% | $58.1M+92.9% | $30.1M+56.7% | $19.2M |
| Income Tax | $51.0M | $56.1M-19.0% | $69.3M+11.0% | $62.4M+46.6% | $42.6M-2.0% | $43.5M |
| Net Income | $139.9M | $157.1M-22.1% | $201.7M+10.3% | $182.9M+57.3% | $116.2M-10.4% | $129.8M |
| EPS (Diluted) | — | $2.76-22.3% | $3.55+9.9% | $3.23 | $2.05-10.5% | $2.29 |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
KNF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
| Total Assets | $3.7B+28.0% | $2.9B+9.7% | $2.6B+13.3% | $2.3B+5.2% | $2.2B |
| Current Assets | $960.9M-2.7% | $987.7M+8.1% | $913.5M+50.1% | $608.6M | N/A |
| Cash & Equivalents | $73.8M-68.8% | $236.8M+8.0% | $219.3M+2073.7% | $10.1M-27.1% | $13.8M |
| Inventory | $435.7M+14.6% | $380.3M+19.0% | $319.6M-1.1% | $323.3M | N/A |
| Goodwill | $519.7M+74.8% | $297.2M+8.3% | $274.5M0.0% | $274.5M-0.7% | $276.4M |
| Total Liabilities | $2.0B+46.1% | $1.4B+3.1% | $1.3B+5.4% | $1.3B+3.0% | $1.2B |
| Current Liabilities | $378.0M+2.1% | $370.0M+6.6% | $347.3M-32.8% | $516.9M | N/A |
| Long-Term Debt | $1.2B+73.0% | $666.9M-1.1% | $674.6M+157880.6% | $427K | N/A |
| Total Equity | $1.6B+11.2% | $1.5B+16.6% | $1.3B+23.1% | $1.0B+7.9% | $952.8M |
| Retained Earnings | $1.0B+18.1% | $867.5M+30.3% | $665.9M+34.6% | $494.7M | N/A |
Not reported in any period shown, so not listed: Accounts Receivable.
KNF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $312.7M | $278.5M-13.6% | $322.3M-4.0% | $335.7M+61.8% | $207.4M+14.5% | $181.2M |
| Capital Expenditures | $269.6M | $348.0M+101.8% | $172.4M+38.7% | $124.3M-30.2% | $178.2M+2.3% | $174.2M |
| Free Cash Flow | $43.1M | -$69.6M-146.4% | $149.9M-29.1% | $211.4M+622.1% | $29.3M+317.7% | $7.0M |
| Investing Cash Flow | -$544.3M | -$913.7M-209.9% | -$294.8M-150.1% | -$117.9M+24.4% | -$155.9M+60.9% | -$398.3M |
| Financing Cash Flow | $256.0M | $477.5M+5582.5% | -$8.7M-125.3% | $34.4M+162.2% | -$55.3M-124.7% | $223.8M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
KNF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
| Gross Margin | 18.4%-1.3pp | 19.7%+0.6pp | 19.0%+4.8pp | 14.2%-1.3pp | 15.6% |
| Operating Margin | 9.1%-1.8pp | 10.9%+0.4pp | 10.5%+2.8pp | 7.7%-0.9pp | 8.6% |
| Net Margin | 5.0%-2.0pp | 7.0%+0.5pp | 6.5%+1.9pp | 4.6%-1.2pp | 5.8% |
| Return on Equity | 9.6%-4.1pp | 13.7%-0.8pp | 14.4%+3.1pp | 11.3%-2.3pp | 13.6% |
| Return on Assets | 4.3%-2.8pp | 7.1%0.0pp | 7.0%+2.0pp | 5.1%-0.9pp | 5.9% |
| Current Ratio | 2.54-0.1x | 2.670.0x | 2.63+1.5x | 1.18 | N/A |
| Debt-to-Equity | 0.70+0.3x | 0.45-0.1x | 0.53+0.5x | 0.00-1.3x | 1.29 |
| FCF Margin | -2.2%-7.4pp | 5.2%-2.3pp | 7.5%+6.3pp | 1.2%+0.8pp | 0.3% |
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Where Knife River Ranks
Frequently Asked Questions
What is Knife River's annual revenue?
Knife River (KNF) reported $3.1B in total revenue for fiscal year 2025. This represents a 8.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Knife River's revenue growing?
Knife River (KNF) revenue grew by 8.5% year-over-year, from $2.9B to $3.1B in fiscal year 2025.
Is Knife River profitable?
Yes, Knife River (KNF) reported a net income of $157.1M in fiscal year 2025, with a net profit margin of 5.0%.
What is Knife River's EBITDA?
Knife River (KNF) had EBITDA of $479.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Knife River have?
As of fiscal year 2025, Knife River (KNF) had $73.8M in cash and equivalents against $1.2B in long-term debt.
What is Knife River's gross margin?
Knife River (KNF) had a gross margin of 18.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Knife River's operating margin?
Knife River (KNF) had an operating margin of 9.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Knife River's net profit margin?
Knife River (KNF) had a net profit margin of 5.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Knife River's return on equity (ROE)?
Knife River (KNF) has a return on equity of 9.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Knife River's free cash flow?
Knife River (KNF) recorded an outflow of $69.6M in free cash flow during fiscal year 2025. This represents a -146.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Knife River's operating cash flow?
Knife River (KNF) generated $278.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Knife River's total assets?
Knife River (KNF) had $3.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Knife River's capital expenditures?
Knife River (KNF) invested $348.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Knife River's current ratio?
Knife River (KNF) had a current ratio of 2.54 as of fiscal year 2025, which is generally considered healthy.
What is Knife River's debt-to-equity ratio?
Knife River (KNF) had a debt-to-equity ratio of 0.70 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Knife River's return on assets (ROA)?
Knife River (KNF) had a return on assets of 4.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Knife River's Altman Z-Score?
Knife River (KNF) has an Altman Z-Score of 2.83, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Knife River's Piotroski F-Score?
Knife River (KNF) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Knife River's earnings high quality?
Knife River (KNF) has an earnings quality ratio of 1.77x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Knife River cover its interest payments?
Knife River (KNF) has an interest coverage ratio of 3.49x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Knife River?
Knife River (KNF) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.