Kinetik Holdings
KNTK on NYSE. Natural gas transmission. Market value $2.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Utilities stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.64 of spare cash in the past 12 months. A savings account pays about $4.
You pay 36.8 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 4 cents a year. Above 10 is good.
Quality score: 62 of 100. Price score: 58 of 100. Our list needs 70 on quality and 60 on price.
$53.95 a share, 72% above its 1-year low
Over the past year the price has ranged from $31.33 to $56.92.
Dividend: 5.7% a year
Paid every year for 4 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $161m | $1.2bn | $1.3bn | $1.5bn | $1.8bn |
| Operating margin | |||||
| Operating margin | 33.3% | 12.4% | 12.7% | 12.1% | 9.3% |
| Debt to equity | |||||
| Debt to equity | 230770.20 | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.00bn | 0.04bn | 0.15bn | 0.06bn | 0.06bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 64.1% a year
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $581 million last quarter, up 36% on a year ago.
- Profit: $50 million, up 110% on a year ago.
- It keeps 11 cents of each $1 of sales as operating profit, down from 12 cents a year earlier.
- Spare cash over the past 12 months: $157 million, down from $296 million.
- 22% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $3.9 billion more than cash, about the same as a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $396m |
| December 2024 | $386m |
| March 2025 | $443m |
| June 2025 | $427m |
| September 2025 | $464m |
| December 2025 | $430m |
| March 2026 | $410m |
| June 2026 | $581m |
| Quarter to | Amount |
|---|---|
| September 2024 | $26m |
| December 2024 | $6m |
| March 2025 | $6m |
| June 2025 | $24m |
| September 2025 | $5m |
| December 2025 | $143m |
| March 2026 | -$2m |
| June 2026 | $50m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 325 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Hotchkis & WileyHotchkis & Wiley team | $13m | <0.1% | Added |
Largest holders overall
- Blackstone$576m
- BlackRock$416mAdded
- Goldman Sachs Group$206mAdded
- Vanguard Portfolio Management$157mAdded
- Vanguard Capital Management$116mAdded
- State Street$97mAdded
- Citadel Advisors$89mAdded
- Invesco$89m
- CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT$85mCut
- Cohen & Steers$73m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- ISQ Global Fund II GP LLCat least 18.4%−0.5 pts(filed with 4 related holders)Since 17 September 2026
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: The response to Item 5(c) of this Amendment No. 16 is hereby incorporated by reference herein. Automatic Termination of the Amended and Restated Stockholders Agreement and the Voting Agreement As disclosed…
Read the filing - BlackRock, Inc.Passive investor10.4%Since 29 August 2025
- Goldman Sachs Asset Management, L.P.Passive investorSold down below 5%Since 30 June 2026
- MORGAN STANLEYPassive investorSold down below 5%Since 24 June 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
ISQ Global Fund II GP LLC | at least 18.4%−0.5 pts (filed with 4 related holders) | 17 September 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented as follows: The response to Item 5(c) of this Amendment No. 16 is hereby incorporated by reference herein. Automatic Termination of the Amended and Restated Stockholders Agreement and the Voting Agreement As disclosed… Read the filing |
BlackRock, Inc. Passive investor | 10.4% | 29 August 2025 | |
Goldman Sachs Asset Management, L.P. Passive investor | Sold down below 5% | 30 June 2026 | |
MORGAN STANLEY Passive investor | Sold down below 5% | 24 June 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $276,560 of shares on the open market. 6 sold $4m.
- SUGG LAURA ADirectorSold
- Date
- 14 August 2026
- Shares
- 61,180
- Price
- $52.25
- Value
- $3m
- Byers Deborah LDirectorSold
- Date
- 12 August 2026
- Shares
- 2,739
- Price
- $51.51
- Value
- $141,086
- Howard TrevorSee RemarksSold
- Date
- 4 March 2026
- Shares
- 1,619
- Price
- $46.92
- Value
- $75,963
- Ellis LindsaySee RemarksSold
- Date
- 4 March 2026
- Shares
- 1,260
- Price
- $46.92
- Value
- $59,119
- Stellato StevenSee RemarksSold
- Date
- 4 March 2026
- Shares
- 2,907
- Price
- $46.92
- Value
- $136,396
- Wall MatthewSee RemarksSold
- Date
- 4 March 2026
- Shares
- 3,222
- Price
- $46.92
- Value
- $151,176
- Wall MatthewSee RemarksSold
- Date
- 2 January 2026
- Shares
- 8,083
- Price
- $36.05
- Value
- $291,392
- Welch JamieSee Remarks, DirectorBought
- Date
- 10 November 2025
- Shares
- 8,000
- Price
- $34.57
- Value
- $276,560
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 14 August 2026 | SUGG LAURA A Director | Sold | 61,180 | $52.25 | $3m |
| 12 August 2026 | Byers Deborah L Director | Sold | 2,739 | $51.51 | $141,086 |
| 4 March 2026 | Howard Trevor See Remarks | Sold | 1,619 | $46.92 | $75,963 |
| 4 March 2026 | Ellis Lindsay See Remarks | Sold | 1,260 | $46.92 | $59,119 |
| 4 March 2026 | Stellato Steven See Remarks | Sold | 2,907 | $46.92 | $136,396 |
| 4 March 2026 | Wall Matthew See Remarks | Sold | 3,222 | $46.92 | $151,176 |
| 2 January 2026 | Wall Matthew See Remarks | Sold | 8,083 | $36.05 | $291,392 |
| 10 November 2025 | Welch Jamie See Remarks, Director | Bought | 8,000 | $34.57 | $276,560 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
- It isn't cheap on profits: 36.8× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.