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US midstream company gathering, processing and transporting natural gas and NGLs in the Permian Basin's Delaware sub-basin.
US midstream company gathering, processing and transporting natural gas and NGLs in the Permian Basin's Delaware sub-basin.
Paid fees for each unit of gas and natural gas liquids (NGLs, the ethane-to-pentane mix) it gathers, processes and ships, mostly under long-term contracts that dedicate producers' acreage to its pipes, with some exposure to commodity prices. Formed in 2022 by combining Altus Midstream and BCP Raptor, with Diamondback Energy a key customer.
Moat: narrow (installed base, switching costs). Dedicated-acreage contracts with Delaware Basin producers anchor volumes on hard-to-replicate systems.
Headquarters: Midland, Texas, US · Employees: 500
Size Kinetik (KNTK) is a United States Energy company (Oil & Gas Pipelines) with a market value of $7.92B, the 895th largest of 3,117 United States companies the cockpit tracks. Shares closed at $48.77 on 6 Nov 2026.
Performance Over six months the shares gained 2.6%, against -4.1% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 13 in its peer set.
Growth Revenue grew 10.5% over the last twelve months (peer median +11.2%); the operating margin is 9.0% (peer median 34.3%).
Valuation It trades at 25.1× forward earnings against a peer median of 14.7× (most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 33% a year for seven years (Req g). Recent delivered growth is +64%, so the hurdle is -31 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.4 points below its cost of capital (7.3% WACC).
Backlog Backlog (remaining performance obligations) was $419M at 30 Sep 2026, down 12% on a year earlier — 0.2 years of trailing revenue. Backlog detail →
Credit Kinetik has 2 bonds outstanding ($1.80B), rated BB+ by the agencies.
Short interest Short interest is 9.3% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.83B | $1.74B | $1.53B | $1.25B | $1.21B |
| Revenue growth | — | +13% | +22% | +3% | — |
| Gross profit | $278M | $275M | $369M | $273M | $257M |
| EBITDA | $566M | $542M | $569M | $458M | $442M |
| Net income | $196M | $178M | $80.0M | $289M | $73.6M |
| Free cash flow | $123M | $74.4M | $361M | $255M | $391M |
| Capital expenditure | $517M | $530M | $276M | $330M | $222M |
| Total debt | $3.98B | $3.87B | $3.53B | $3.60B | $3.40B |
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 |
|---|---|---|---|---|---|---|
| Kinetik KNTK | $7.92B | +3% | +10% | 9% | 25.1× | 33.0% |
| Targa Resources TRGP | $56.7B | +7% | -1% | 25% | 21.7× | 7.2% |
| Energy Transfer LP ET | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% |
| Western Midstream Partners, LP WES | $16.5B | -8% | +18% | 39% | 9.9× | 3.2% |
| Mplx LP MPLX | $56.6B | +4% | +7% | 38% | 12.0× | 2.7% |
| DT Midstream DTM | $11.6B | -20% | +13% | 50% | 23.5× | 12.4% |
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 | KNTK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.4% | -7.9% | 5th lowest of 13 |
| 6-month return | +2.6% | -4.1% | 4th highest of 13 |
| Distance from 52-week high | -17.2% | -20.2% | 5th highest of 13 |
| Revenue growth (TTM) | +10.5% | +11.2% | 7th highest of 13 |
| Operating margin | 9.0% | 34.3% | 3rd lowest of 13 |
| Forward P/E | 25.1× | 14.7× | most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 33.0% | 6.5% | most demanding of 10 |
| Growth delivered (Del g) | +63.6% | +10.5% | highest of 10 |
| Hurdle (Req g minus delivered) | -30.6 pp | -2.8 pp | least demanding of 10 |
| ROIC minus cost of capital | -5.4 pp | -1.1 pp | lowest of 13 |
| EV / EBITDA | 20.9× | 15.8× | 2nd most expensive of 11 |
| Net debt / EBITDA | 7.0× | 3.8× | 3rd most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kinetik KNTK | United States | $7.92B | +3% | +10% | 9% | 25.1× | 33.0% | +63.6% |
| Antero Midstream AM | United States | $8.97B | -9% | +8% | 55% | 15.1× | 2.5% | +5.3% |
| South Bow SOBO.TO | Canada | $6.54B | -8% | -26% | 24% | 16.5× | 13.9% | -25.8% |
| Keyera KEY.TO | Canada | $10.6B | 0% | 0% | 11% | 17.4× | n/a | n/a |
| DT Midstream DTM | United States | $11.6B | -20% | +13% | 50% | 23.5× | 12.4% | +10.5% |
| Plains GP Holdings LP PAGP | United States | $5.10B | +11% | +9% | 3% | 14.7× | 2.6% | +13.4% |
| Golar LNG GLNG | United States | $4.40B | -23% | +95% | 46% | n/a | n/a | n/a |
| Western Midstream Partners, LP WES | United States | $16.5B | -8% | +18% | 39% | 9.9× | 3.2% | +8.6% |
| Plains All American Pipeline, L.P PAA | United States | $16.9B | +10% | +9% | 3% | 13.9× | 6.5% | +13.4% |
| Delek Logistics Partners LP DKL | United States | $2.99B | +1% | +30% | 15% | 11.8× | 13.0% | +12.2% |
| Rockpoint Gas Storage RGSI.TO | Canada | $2.26B | -16% | +15% | 75% | 8.7× | -3.8% | +21.7% |
| Pembina Pipeline PPL.TO | Canada | $28.3B | +11% | 0% | 31% | 22.2× | 10.7% | +5.2% |
| Venture Global VG | United States | $28.8B | +1% | +101% | 38% | 6.3× | n/a | n/a |
Kinetik has 2 bonds outstanding with $1.80B face value. The agencies rate it BB+.
Kinetik reported $419M of remaining performance obligations at 30 Sep 2026, down 12% from a year earlier and up 4% from the previous quarter. That is 0.2 years of trailing revenue already under contract. Book-to-bill last quarter: 1.03.