Knife River Corp financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Knife River Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Revenue	2,229	2,535	2,830	2,899	3,146
Cost of revenue	1,882	2,174	2,291	2,329	2,569
Gross profit	347	361	539	570	577
Selling, general and administrative	156	167	243	254	291
Operating income	191	194	296	316	286
Interest expense	19.2	30.1	58.1	55.2	81.9
Other non-operating income	1.36	-5.35	7.01	10	9.27
Pre-tax income	173	159	245	271	213
Income tax	43.5	42.6	62.4	69.3	56.1
Net income	130	116	183	202	157
EBITDA	292	312	420	453	480
EPS, basic	2.29	2.05	3.23	3.56	2.77
EPS, diluted	2.29	2.05	3.23	3.55	2.76
Shares, basic (weighted)	56.6	56.6	56.6	56.6	56.7
Shares, diluted (weighted)	56.6	56.6	56.7	56.8	56.9

Balance sheet

	FY2021	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	13.8	10.1	219	237	73.8
Receivables		210	267	267	278
Inventory		323	320	380	436
Other current assets		17.8	37.5	27.7	46.2
Total current assets		609	914	988	961
Property, plant and equipment	1,250	1,315	1,315	1,442	2,029
Lease right-of-use assets		45.9	44.7	49.4	52.6
Goodwill	276	275	274	297	520
Intangible assets		13.4	10.8	29.4	32.7
Other non-current assets		36.7	41.2	45.8	55.3
Total assets	2,182	2,294	2,600	2,851	3,650
Accounts payable		87.4	108	141	146
Accrued liabilities		29.2	48.1	50.7	44.3
Deferred revenue	32.3	39.8	51.4	42.1	33.8
Short-term debt		0.21	7.08	10.5	11.7
Total current liabilities		517	347	370	378
Long-term debt		0.43	675	667	1,154
Lease liabilities		32.7	31.8	34.5	36.6
Other non-current liabilities		93.5	106	129	153
Total liabilities		1,266	1,334	1,375	2,009
Total debt		0.64	682	677	1,166
Paid-in capital		549	615	621	630
Retained earnings		495	666	868	1,025
Treasury stock		0	-3.63	-3.63	-3.63
Other comprehensive income		-12.4	-11.3	-9.3	-10.3
Shareholders' equity	953	1,029	1,266	1,476	1,641
Total equity	953	1,029	1,266	1,476	1,641
Total liabilities and equity		2,294	2,600	2,851	3,650
Shares outstanding		0.08	56.6	56.6	56.7

Cash flow statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Net income	130	116	183	202	157
Depreciation and amortization	101	118	124	137	194
Stock-based compensation	1.85	1.27	2.89	7.83	11.4
Deferred income tax	32.9	2.08	-1.61	-0.35	25.5
Change in inventory	-42.4	-31	3.65	-44.3	-13.4
Cash from operations	181	207	336	322	278
Capital expenditures	-174	-178	-124	-172	-348
Acquisitions	-235	1.75	0	-131	-610
Cash from investing	-398	-156	-118	-295	-914
Debt issued	0	0	700	0	500
Debt repaid	-0.22	-0.3	-3.65	-7.04	-8.81
Cash from financing	224	-55.3	34.4	-8.71	477
Net change in cash	6.78	-3.76	252	18.8	-158
Free cash flow	7.01	29.3	211	150	-69.6
Interest paid	19.1	28.1	54.9	56.9	78.8
Income taxes paid	34.8	21.2	76.7	62.2	41.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $54.58 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	17.8%	Gross profit / revenue.
Operating margin	8.3%	Operating income / revenue.
EBITDA margin	14.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.8%	Pre-tax income / revenue.
Net margin	4.2%	Net income / revenue.
FCF margin	1.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.5%	Cash from operations / revenue.
Effective tax rate	26.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.3%	Net income / average total assets.
Return on invested capital (ROIC)	6.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	9.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	8.2%	Capital expenditures / revenue.
D&A / revenue	6.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	1.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	17.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-9.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	13.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	5.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	15.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-22.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	10.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-22.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	10.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-13.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-146.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	11.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	16.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	28.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	16.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.66x	Current assets / current liabilities.
Quick ratio	1.07x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.09x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.01x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	38.7%	Total debt / total assets.
Liabilities / assets	61.6%	Total liabilities / total assets.
Net debt	$1.58B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.23x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.07x	Operating income / interest expense.
Working capital	$794.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	14.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$988.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.79x	Revenue / average total assets.
Fixed asset turnover	1.52x	Revenue / average property, plant and equipment.
Inventory turnover	5.36x	Cost of revenue / average inventory.
Days inventory	68 days	365 x average inventory / cost of revenue.
Receivables turnover	7.06x	Revenue / average receivables.
Days sales outstanding	52 days	365 x average receivables / revenue.
Days payables	31 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	89 days	Days inventory + days sales outstanding - days payables.
FCF conversion	30.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	86.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.46	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$58.15	Revenue / diluted weighted shares.
FCF per share	$0.76	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.50	Cash from operations / diluted weighted shares.
Book value per share	$28.29	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$17.41	Tangible book value / shares outstanding.
Cash per share	$0.72	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.10B	Share price x shares outstanding.
Enterprise value	$4.67B	Market cap + total debt - cash - short-term investments.
P/E	22.1x	Market cap / net income. Only when net income is positive.
P/S	0.94x	Market cap / revenue.
P/B	1.93x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.14x	Market cap / tangible book value, when positive.
P/FCF	71.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.91x	Market cap / cash from operations, when positive.
EV/Sales	1.41x	Enterprise value / revenue.
EV/EBIT	17.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.57x	Enterprise value / EBITDA, when both are positive.
EV/FCF	109x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.4%	Free cash flow / market cap.
Earnings yield	4.5%	Net income / market cap (the inverse of P/E).
PEG	2.13x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Knife River Corp's revenue in fiscal 2025?

Knife River Corp reported revenue of $3.15B for fiscal 2025, 8.5% higher than the year before.

Was Knife River Corp profitable in fiscal 2025?

Yes. Net income was $157.1M, a net margin of 5%.

How much free cash flow did Knife River Corp generate in fiscal 2025?

Cash from operations of $278.5M minus capital expenditures of $348.0M left free cash flow of -$69.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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