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US producer of aggregates, ready-mix concrete and asphalt, spun off from MDU Resources in 2023.
US producer of aggregates, ready-mix concrete and asphalt, spun off from MDU Resources in 2023.
Sells aggregates and ready-mix at local plants to public road and building projects; because heavy rock is costly to move, each quarry serves a local radius. Summer weather and public highway budgets drive volume. It was spun off from MDU Resources in 2023.
Moat: narrow (scale, distribution). Local quarry and plant networks give a transport-cost advantage in aggregates-heavy western/central US markets.
Headquarters: Bismarck, North Dakota, US · Founded: 2023 · Employees: 5,298
Size Knife River (KNF) is a United States Materials company (Construction Materials) with a market value of $3.20B, the 1500th largest of 3,117 United States companies the cockpit tracks. Shares closed at $56.40 on 6 Nov 2026.
Performance Over six months the shares fell 37.6%, against -11.6% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 20 in its peer set.
Growth Revenue grew 10.9% over the last twelve months (peer median -0.9%); the operating margin is 8.6% (peer median 11.6%).
Valuation It trades at 23.1× forward earnings against a peer median of 12.8× (3rd most expensive of 18).
Capital Return on invested capital runs 0.4 points above its cost of capital (6.8% WACC).
Backlog Backlog (remaining performance obligations) was $857M at 30 Sep 2026, down 14% on a year earlier — 0.3 years of trailing revenue. Backlog detail →
Short interest Short interest is 7.5% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.38B | $3.15B | $2.90B | $2.83B | $2.53B |
| Revenue growth | — | +9% | +2% | +12% | — |
| Gross profit | $593M | $577M | $570M | $539M | $361M |
| EBITDA | $504M | $500M | $453M | $426M | $326M |
| Net income | $135M | $157M | $202M | $183M | $116M |
| Free cash flow | -$9.51M | -$69.6M | $150M | $195M | $28.5M |
| Capital expenditure | $266M | $348M | $172M | $124M | $178M |
| Total debt | $1.60B | $1.22B | $727M | $726M | $731M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Knife River KNF | $3.20B | -38% | +11% | 9% | 23.1× | n/a |
| Martin Marietta Materials MLM | $36.8B | -12% | +9% | 20% | 28.8× | 23.2% |
| Vulcan Materials VMC | $36.3B | 0% | +2% | 21% | 29.5× | 18.7% |
| CRH CRH | $63.1B | -16% | +6% | 14% | 16.0× | 11.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KNF | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.9% | +1.6% | 7th highest of 21 |
| 6-month return | -37.6% | -11.6% | 3rd lowest of 20 |
| Distance from 52-week high | -41.4% | -30.9% | 8th lowest of 21 |
| Revenue growth (TTM) | +10.9% | -0.9% | 4th highest of 21 |
| Operating margin | 8.6% | 11.6% | 8th lowest of 21 |
| Forward P/E | 23.1× | 12.8× | 3rd most expensive of 18 |
| ROIC minus cost of capital | +0.4 pp | -1.6 pp | 8th highest of 21 |
| EV / EBITDA | 9.2× | 9.2× | 7th cheapest of 13 |
| Net debt / EBITDA | 2.8× | 1.8× | 3rd most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Knife River KNF | United States | $3.20B | -38% | +11% | 9% | 23.1× | n/a | n/a |
| Vicat VCT.PA | France | $3.29B | +6% | +5% | 11% | 10.2× | 0.2% | +6.6% |
| Taiheiyo Cement 5233.T | Japan | $3.03B | +19% | +1% | 8% | 7.7× | 0.8% | +0.8% |
| United States Lime & Minerals USLM | United States | $3.39B | +7% | +4% | 41% | 19.6× | 5.1% | +18.3% |
| Tianshan Material 000877.SZ | China | $3.47B | -30% | -17% | -13% | n/a | 5.6% | -14.5% |
| China National Building Material 3323.HK | Hong Kong | $2.76B | -51% | 0% | 2% | 25.2× | 25.1% | -7.7% |
| FangDa Carbon New Material 600516.SS | China | $2.74B | -20% | +17% | -4% | 226.5× | n/a | n/a |
| Cementir CEM.MI | Italy | $2.70B | +5% | -2% | 13% | 12.8× | 4.3% | +6.0% |
| Cementos Molins CMO.MC | Spain | $2.70B | n/a | +14% | 12% | 13.6× | 8.9% | +12.5% |
| Asia Cement 1102.TW | Taiwan | $3.92B | +5% | -10% | 10% | 11.0× | 5.6% | -1.9% |
| Imerys NK.PA | France | $2.41B | +11% | -2% | 6% | 15.4× | 7.4% | -2.3% |
| Beijing New Building Materials (Group) 000786.SZ | China | $4.41B | -33% | -3% | 10% | 11.4× | -2.3% | +8.4% |
| FLSmidth & Co. A/S FLS.CO | Denmark | $4.88B | +22% | -20% | 13% | 13.9× | 2.8% | -2.3% |
| Titan America TTAM | United States | $2.08B | -32% | +5% | 15% | 10.5× | 1.0% | +6.9% |
| YOUNGY 002192.SZ | China | $2.03B | -52% | +315% | 60% | n/a | 4.9% | +16.8% |
| Sichuan Hexie Shuangma 000935.SZ | China | $1.98B | -35% | -14% | 15% | 13.8× | n/a | n/a |
| SigmaRoc SRC.L | United Kingdom | $1.95B | +14% | +4% | 15% | 12.1× | 12.4% | +52.8% |
| Gansu Shangfeng Materials 000672.SZ | China | $1.88B | -6% | -23% | 7% | 4.5× | 10.2% | -6.1% |
| BBMG 2009.HK | Hong Kong | $1.87B | -20% | -22% | -4% | n/a | 42.3% | -4.0% |
| Eagle Materials EXP | United States | $5.71B | -12% | +2% | 22% | 16.1× | 9.7% | +7.3% |
| CCCC Design And Consulting 600720.SS | China | $1.73B | -24% | -10% | 12% | 9.7× | n/a | n/a |
Knife River reported $857M of remaining performance obligations at 30 Sep 2026, down 14% from a year earlier and down 29% from the previous quarter. That is 0.3 years of trailing revenue already under contract. Book-to-bill last quarter: 0.73.