Knife River (KNF)
Market Price (9/14/2026): $57.66 | Market Cap: $3.3 BilSector: Materials | Industry: Construction Materials
Knife River (KNF)
Market Price (9/14/2026): $57.66Market Cap: $3.3 BilSector: MaterialsIndustry: Construction Materials
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -32% Low stock price volatilityVol 12M is 50% Megatrend and thematic driversMegatrends include Sustainable Resource Management, Sustainable & Green Buildings, and Water Infrastructure. Themes include Green Building Materials, Show more. | Weak multi-year price returns2Y Excs Rtn is -64%, 3Y Excs Rtn is -53% | Key risksKNF key risks include [1] margin pressures from rising operational costs and challenges converting its project backlog profitably, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -32% |
| Low stock price volatilityVol 12M is 50% |
| Megatrend and thematic driversMegatrends include Sustainable Resource Management, Sustainable & Green Buildings, and Water Infrastructure. Themes include Green Building Materials, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -64%, 3Y Excs Rtn is -53% |
| Key risksKNF key risks include [1] margin pressures from rising operational costs and challenges converting its project backlog profitably, Show more. |
Qualitative Assessment
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Knife River (KNF) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. Fiscal Q2 2026 Earnings Miss and Profitability Decline.
Knife River reported an earnings per share (EPS) of $0.77 for fiscal Q2 2026 (ended June 30, 2026), significantly missing the consensus analyst estimate of $1.13 by $0.36, representing a 32% shortfall. Although revenue increased by 13% year-over-year to $938.6 million, net income declined by 13% to $43.9 million, and diluted EPS decreased from $0.89 in the prior year's comparable quarter. This profitability pressure was primarily attributed to lower-margin contracting services work, project timing, and elevated energy costs, leading to a contraction in the Adjusted EBITDA margin to 14.9% from 16.9%. The contracting services segment saw its gross profit fall by approximately 24% with margins dropping to 7.6% from 12.0%. The stock reacted sharply to this announcement, falling 10.67% in premarket trading on August 4, 2026.
2. Widespread Analyst Downgrades and Reduced Price Targets.
Following the disappointing fiscal Q2 2026 results, Knife River experienced multiple downgrades and price target reductions from Wall Street analysts. On August 5, 2026, Wells Fargo & Company lowered its price objective from $81.00 to $73.00. JPMorgan Chase & Co. also cut its price target from $95.00 to $80.00 on August 10, 2026, and further downgraded the stock to an "underweight" rating on September 4, 2026. Additionally, Zacks Research lowered Knife River from a "hold" to a "strong sell" rating on September 1, 2026, and Citigroup issued a "cautious" rating on September 9, 2026. The average analyst price target for KNF, as of September 9, 2026, stood at $84.29, with some forecasts as low as $62.00, reflecting a more pessimistic outlook.
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Knife River (KNF) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. Fiscal Q2 2026 Earnings Miss and Profitability Decline.
Knife River reported an earnings per share (EPS) of $0.77 for fiscal Q2 2026 (ended June 30, 2026), significantly missing the consensus analyst estimate of $1.13 by $0.36, representing a 32% shortfall. Although revenue increased by 13% year-over-year to $938.6 million, net income declined by 13% to $43.9 million, and diluted EPS decreased from $0.89 in the prior year's comparable quarter. This profitability pressure was primarily attributed to lower-margin contracting services work, project timing, and elevated energy costs, leading to a contraction in the Adjusted EBITDA margin to 14.9% from 16.9%. The contracting services segment saw its gross profit fall by approximately 24% with margins dropping to 7.6% from 12.0%. The stock reacted sharply to this announcement, falling 10.67% in premarket trading on August 4, 2026.
2. Widespread Analyst Downgrades and Reduced Price Targets.
Following the disappointing fiscal Q2 2026 results, Knife River experienced multiple downgrades and price target reductions from Wall Street analysts. On August 5, 2026, Wells Fargo & Company lowered its price objective from $81.00 to $73.00. JPMorgan Chase & Co. also cut its price target from $95.00 to $80.00 on August 10, 2026, and further downgraded the stock to an "underweight" rating on September 4, 2026. Additionally, Zacks Research lowered Knife River from a "hold" to a "strong sell" rating on September 1, 2026, and Citigroup issued a "cautious" rating on September 9, 2026. The average analyst price target for KNF, as of September 9, 2026, stood at $84.29, with some forecasts as low as $62.00, reflecting a more pessimistic outlook.
3. Increased Debt and Leverage.
Knife River significantly increased its debt load in the period preceding the stock's decline. On May 15, 2026, the company issued an incremental $400 million Term Loan B facility, primarily used to finance recent acquisitions and other growth initiatives. This pushed the company's gross debt to $1.6 billion by the end of fiscal Q2 2026 (June 30, 2026), resulting in a net leverage ratio (net debt to trailing-twelve-month Adjusted EBITDA) of 3.2x. The increased debt burden likely contributed to investor concerns regarding the company's financial risk.
4. Macroeconomic Headwinds and Cost Inflation.
Broader macroeconomic factors, particularly cost inflation, played a role in the stock's performance. Analysts pointed to "continued uncertainty and cost inflation due to the Iran war" as an external factor expected to negatively impact Knife River's revenue and EBITDA. Management also specifically cited "energy costs" as a contributor to the pressure on profitability during fiscal Q2 2026. These industry-wide headwinds added to the company-specific challenges, exacerbating the downward trend.
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Stock Movement Drivers
Fundamental Drivers
The -26.6% change in KNF stock from 5/31/2026 to 9/13/2026 was primarily driven by a -23.0% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 78.51 | 57.63 | -26.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,203 | 3,307 | 3.3% |
| Net Income Margin (%) | 4.6% | 4.2% | -7.6% |
| P/E Multiple | 30.4 | 23.4 | -23.0% |
| Shares Outstanding (Mil) | 57 | 57 | -0.1% |
| Cumulative Contribution | -26.6% |
Market Drivers
5/31/2026 to 9/13/2026| Return | Correlation | |
|---|---|---|
| KNF | -26.6% | |
| Market (SPY) | 1.0% | 16.9% |
| Sector (XLB) | -0.4% | 39.2% |
Fundamental Drivers
The -35.2% change in KNF stock from 2/28/2026 to 9/13/2026 was primarily driven by a -27.2% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 88.98 | 57.63 | -35.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,146 | 3,307 | 5.1% |
| Net Income Margin (%) | 5.0% | 4.2% | -15.3% |
| P/E Multiple | 32.1 | 23.4 | -27.2% |
| Shares Outstanding (Mil) | 57 | 57 | -0.2% |
| Cumulative Contribution | -35.2% |
Market Drivers
2/28/2026 to 9/13/2026| Return | Correlation | |
|---|---|---|
| KNF | -35.2% | |
| Market (SPY) | 11.7% | 39.3% |
| Sector (XLB) | -4.2% | 46.8% |
Fundamental Drivers
The -28.9% change in KNF stock from 8/31/2025 to 9/13/2026 was primarily driven by a -21.9% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 81.00 | 57.63 | -28.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,950 | 3,307 | 12.1% |
| Net Income Margin (%) | 5.2% | 4.2% | -18.6% |
| P/E Multiple | 29.9 | 23.4 | -21.9% |
| Shares Outstanding (Mil) | 57 | 57 | -0.2% |
| Cumulative Contribution | -28.9% |
Market Drivers
8/31/2025 to 9/13/2026| Return | Correlation | |
|---|---|---|
| KNF | -28.9% | |
| Market (SPY) | 19.5% | 31.1% |
| Sector (XLB) | 12.0% | 43.0% |
Fundamental Drivers
The 12.0% change in KNF stock from 8/31/2023 to 9/13/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 51.46 | 57.63 | 12.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 3,307 | 0.0% |
| Net Income Margin (%) | � | 4.2% | 0.0% |
| P/E Multiple | � | 23.4 | 0.0% |
| Shares Outstanding (Mil) | 57 | 57 | -0.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
8/31/2023 to 9/13/2026| Return | Correlation | |
|---|---|---|
| KNF | 12.0% | |
| Market (SPY) | 75.7% | 50.8% |
| Sector (XLB) | 29.7% | 53.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KNF Return | - | - | 68% | 54% | -31% | -19% | 45% |
| Peers Return | 47% | -21% | 54% | 19% | 13% | -18% | 100% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| KNF Win Rate | - | - | 62% | 50% | 42% | 33% | |
| Peers Win Rate | 75% | 40% | 62% | 58% | 67% | 36% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| KNF Max Drawdown | - | - | - | -18% | -44% | -39% | |
| Peers Max Drawdown | -14% | -36% | -17% | -18% | -23% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VMC, MLM, CRH, EXP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/11/2026 (YTD)
How Low Can It Go
| Event | KNF | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.1% | -6.7% |
| % Gain to Breakeven | 12.5% | 7.1% |
| Time to Breakeven | 7 days | 31 days |
In The Past
Knife River's stock fell -3.4% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 3.5% gain to breakeven.
Preserve Wealth
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Asset Allocation
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In The Past
Knife River's stock fell -3.4% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 3.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Knife River (KNF)
Knife River Corporation (KNF) is a construction materials and services company operating across six segments in the United States. Its core business involves providing aggregates-based construction materials and complementary contracting services, essential for a wide range of infrastructure development and building projects.
The company's main products include mining, processing, and selling fundamental construction aggregates such as crushed stone, sand, and gravel. KNF also produces and sells manufactured materials like asphalt and ready-mix concrete. In addition to material supply, Knife River offers comprehensive contracting services, which encompass heavy-civil construction, asphalt and concrete paving, and site development and grading.
Knife River primarily serves public infrastructure markets, with its materials and services being integral to projects involving highways, airports, and other critical public infrastructure. This focus positions the company as a key contributor to government-funded and large-scale civil engineering initiatives.
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1. They're like **Granite Construction**, providing both the materials (asphalt, concrete) and the heavy-civil construction for infrastructure projects like highways and airports.
2. Imagine **Vulcan Materials** (a major aggregates producer) that also builds highways and airport runways.
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- Construction Aggregates: Knife River mines, processes, and sells essential construction materials such as crushed stone, sand, and gravel.
- Asphalt: The company produces and sells asphalt for various construction and paving projects.
- Ready-mix Concrete: Knife River manufactures and supplies ready-mix concrete for diverse construction applications.
- Heavy-Civil Construction: This service involves large-scale infrastructure projects, including highways and airports.
- Asphalt and Concrete Paving: The company provides specialized paving services using asphalt and concrete for roads, parking lots, and other surfaces.
- Site Development and Grading: Knife River offers services for preparing construction sites through earthmoving, leveling, and other ground preparation activities.
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Knife River Corporation (KNF) primarily sells its aggregates-based construction materials and contracting services to other companies and governmental entities, rather than directly to individuals. The company's major customers fall into the following categories:
- State and Local Governmental Agencies: These agencies, such as State Departments of Transportation, county highway departments, and city public works departments, are key customers for infrastructure projects like highways, airports, bridges, and other public facilities.
- General Contractors: Knife River supplies materials and provides contracting services (such as asphalt paving, site development, and heavy-civil construction) to various general contractors engaged in large-scale construction projects.
- Residential and Commercial Developers: Developers of residential subdivisions, commercial buildings, industrial parks, and other private sector projects are also significant customers for Knife River's products and services.
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Brian R. Gray, President and Chief Executive Officer
Brian R. Gray was named President of Knife River effective January 1, 2023, and Chief Executive Officer effective March 1, 2023. Prior to these promotions, he served as president of Knife River's Northwest segment from 2012 to 2022. While leading the Northwest segment, Mr. Gray directed the acquisition of eight companies. He has 30 years of experience at Knife River, having started as a quality control technician and held various management positions.
Nathan W. Ring, Vice President and Chief Financial Officer
Nathan W. Ring is the Vice President and Chief Financial Officer for Knife River. He possesses 21 years of experience with the company, including prior roles with former affiliated businesses such as MDU Construction Services Group, Centennial Energy, and MDU Resources Group. Most recently, from 2017 to 2022, he led Knife River's acquisition strategy as vice president of business development. Mr. Ring also held positions as vice president, controller, and chief accounting officer for MDU Resources from 2014 to 2016.
Trevor J. Hastings, Vice President and Chief Operating Officer
Trevor J. Hastings serves as Vice President and Chief Operating Officer for Knife River. He has 27 years of experience with the company, including with former affiliated businesses MDU Resources Group, WBI Energy, and Centennial Energy. From 2017 to 2023, Mr. Hastings was president and CEO of WBI Energy. Before that, he spent 10 years with Knife River, where he was named vice president of business development and operations support from 2007 to 2014 and again from 2015 to 2017.
Glenn R. Pladsen, Vice President and Chief Excellence Officer
Glenn R. Pladsen is Vice President and Chief Excellence Officer at Knife River. He is responsible for information technology, safety, environmental management, training, capital budgeting, and national accounts. Mr. Pladsen joined Knife River in 2007 as director of information technology, focusing on deploying standard information systems and business processes. His role was expanded to Vice President and Chief Excellence Officer, effective January 1, 2025, to lead core elements of the company's "Competitive EDGE" strategy.
Karl A. Liepitz, Vice President, Chief Legal Officer and Secretary
Karl A. Liepitz holds the position of Vice President, Chief Legal Officer, and Secretary for Knife River. He has 19 years of experience with the company, having started as an attorney in 2003. Prior to his current role, Mr. Liepitz served as vice president, general counsel, and secretary for MDU Resources Group, Knife River's former parent company.
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The key risks to Knife River's business (KNF) are:
- Dependency on Public-Sector Funding and Economic Cycles: A significant portion of Knife River's revenue is derived from public-sector infrastructure projects, such as highways and airports. This makes the company susceptible to fluctuations in federal and state funding levels and broader economic downturns, which can lead to reduced demand for its construction materials and services.
- Commodity Price Volatility: Knife River is exposed to considerable commodity price risk, particularly concerning diesel fuel, liquid asphalt, and cement. Significant fluctuations in the prices of these key materials can substantially impact the company's operating results and profit margins.
- Seasonality, Weather-Related Risks, and Labor Shortages: The company's operations are highly seasonal and vulnerable to adverse weather conditions, which can lead to inconsistent quarterly performance. Additionally, the construction industry faces a persistent shortage of skilled labor, potentially hindering Knife River's ability to execute projects efficiently and convert its backlog into revenue.
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Knife River Corporation operates within several addressable markets in the United States related to construction materials and contracting services. The estimated market sizes for its main products and services are as follows:
- Aggregates (Crushed Stone, Sand, and Gravel): The U.S. aggregates market was valued at approximately USD 164.65 billion in 2024 and is projected to reach USD 222.24 billion by 2033.
- Asphalt: The U.S. asphalt market size was valued at USD 261.91 million in 2024 and is expected to grow to USD 389.9 million by 2032.
- Ready-Mix Concrete: The U.S. ready-mix concrete market was worth over USD 130 billion in 2024 and is projected to reach an estimated value of USD 475.30 billion by 2032.
- Contracting Services (Heavy-Civil Construction, Asphalt and Concrete Paving, Site Development and Grading): The market size of Heavy Engineering Construction in the U.S. is estimated at USD 42.5 billion in 2026.
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Here are 3-5 expected drivers of future revenue growth for Knife River (KNF) over the next 2-3 years:
- Increased Infrastructure Spending: A significant driver for Knife River's future revenue growth is the ongoing federal funding from the Infrastructure Investment and Jobs Act (IIJA). A substantial portion of these funds remains to be dispersed in Knife River's 14 operating states, providing multi-year visibility and supporting strong public budgets for infrastructure projects. This sustained investment in highways, airports, and other public infrastructure directly benefits Knife River's core construction materials and services segments.
- Strategic Acquisitions and Market Expansion: Knife River is actively pursuing and completing strategic acquisitions, particularly those focused on aggregates, to expand its geographical footprint and market presence in mid-sized, high-growth U.S. markets. This disciplined approach to M&A aims to increase market penetration and grow the company's addressable customer base, thereby driving inorganic revenue growth. The company completed five acquisitions in 2025 and anticipates an equally active year in 2026.
- Dynamic Pricing Strategies and Operational Efficiencies: The company's "Competitive EDGE" initiatives are designed to improve margins and enhance profitability, which also contributes to revenue growth through optimized pricing and cost management. These initiatives include dynamic pricing strategies that drove an 8% increase in aggregates pricing in Q4 2025 and operational process improvements across its product lines.
- Organic Growth in Aggregates and Ready-Mix Volumes: Knife River expects mid-single-digit growth in aggregates volumes and mid-teens growth in ready-mix volumes for 2026. This anticipated organic growth in its foundational construction materials, coupled with expected price increases, indicates a healthy demand environment for its core products.
- Strong and Growing Backlog: The company entered 2026 with a record backlog of approximately $1 billion, representing a 38% increase from the prior year. Approximately 75% of this backlog is expected to be completed in 2026, primarily consisting of lower-risk public paving projects, which provides significant revenue visibility and a solid base for future growth.
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Share Issuance
- Knife River Corporation became an independent public company on May 31, 2023, through a tax-free spin-off from MDU Resources Group, Inc..
- Approximately 90% of the outstanding shares of Knife River common stock were distributed pro rata to MDU Resources' stockholders, with one share of KNF received for every four shares of MDU common stock held.
- MDU Resources initially retained about 10% of Knife River's common stock but disposed of all 5,656,621 retained shares in an underwritten public offering in November 2023, from which Knife River did not receive any proceeds.
Outbound Investments
- Knife River completed five aggregates-based acquisitions in 2025.
- The company acquired Strata Corporation for $454 million, a transaction completed in March 2025, representing its largest acquisition to date. Strata is an aggregates-led, vertically integrated company in North Dakota and northwestern Minnesota.
- In December 2025, Knife River acquired the assets of Texcrete Operations LLC and TexAgg LLC ("Texcrete"), enhancing its presence in the Texas Triangle with six ready-mix plants and a sand and gravel site.
Capital Expenditures
- Capital expenditures for maintenance and improvement in 2024 amounted to $170.5 million, primarily used for replacing depleting aggregate reserves, construction equipment, plant improvements, and buildings.
- In 2025, the company spent $169.5 million on maintenance capital expenditures (replacement of construction equipment and plant improvements) and $788.6 million on growth initiatives, including $610.0 million for acquisitions and $178.6 million for aggregate expansions and greenfield projects.
- For 2026, Knife River anticipates capital expenditures for maintenance and improvement to range between 5% and 7% of revenue guidance, with approximately $130 million to $131 million allocated for organic growth projects and aggregate reserve additions.
Peer Outperformance in Construction Materials
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 73.5% | 86.3% | 292.5% | COPR 1050% · TGB 338% · HBM 335% |
| Steel | 13 | 27.6% | 45.6% | 163.1% | HCC 344% · NWPX 323% · AMR 322% |
| Silver | 6 | 106.1% | 332.7% | 149.9% | AYA 258% · HL 228% · SVM 182% |
| Gold | 34 | 28.2% | 196.7% | 148.9% | IAG 755% · CNL 485% · KGC 445% |
| Aluminum | 3 | 68.8% | 117.1% | 61.8% | CENX 246% · KALU 62% · AA 6% |
| Construction Materials ← | 7 | -20.5% | 19.6% | 49.7% | USLM 352% · CRH 82% · SMID 54% |
| Diversified Metals & Mining | 23 | -13.3% | 1.6% | 18.8% | ATLX 216329% · USAR 52115% · TII 699% |
| Metal, Glass & Plastic Containers | 10 | -6.3% | 10.6% | 5.6% | KRT 167% · MYE 67% · GEF 49% |
| Paper & Plastic Packaging Products & Materials | 7 | 4.5% | 4.7% | -11.8% | PKG 82% · CCK 13% · SON -7% |
| Specialty Chemicals | 41 | 7.4% | -4.2% | -13.0% | ODC 461% · NEU 202% · CMT 91% |
| Commodity Chemicals | 12 | 18.6% | -14.4% | -23.8% | HWKN 275% · MEOH 76% · LXU 72% |
| Diversified Chemicals | 4 | -2.5% | -28.5% | -28.8% | CBT 78% · ASH -15% · CC -43% |
| Precious Metals & Minerals | 8 | 38.9% | 181.8% | -31.3% | ASM 599% · PPTA 390% · MTA 37% |
| Fertilizers & Agricultural Chemicals | 10 | -5.6% | -5.7% | -31.7% | CF 220% · CTVA 110% · NTR 53% |
| Paper Products | 3 | -20.3% | -51.3% | -96.0% | CLW -39% · MERC -96% · ITP -96% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 185.12 |
| Mkt Cap | 30.6 |
| Rev LTM | 6,688 |
| Op Inc LTM | 1,417 |
| FCF LTM | 810 |
| FCF 3Y Avg | 753 |
| CFO LTM | 1,519 |
| CFO 3Y Avg | 1,531 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.9% |
| Rev Chg 3Y Avg | 2.3% |
| Rev Chg Q | 5.6% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | 6.7% |
| Op Inc Chg 3Y Avg | 8.8% |
| Op Mgn LTM | 19.8% |
| Op Mgn 3Y Avg | 19.1% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | 22.2% |
| CFO/Rev 3Y Avg | 20.7% |
| FCF/Rev LTM | 7.3% |
| FCF/Rev 3Y Avg | 11.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 30.6 |
| P/S | 2.5 |
| P/Op Inc | 11.9 |
| P/EBIT | 11.7 |
| P/E | 15.5 |
| P/CFO | 10.9 |
| Total Yield | 7.3% |
| Dividend Yield | 0.7% |
| FCF Yield 3Y Avg | 2.5% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Contracting services public-sector | 1,125 | 1,122 | 1,004 | 918 | 777 |
| Ready-mix concrete | 779 | 655 | 654 | 610 | 584 |
| Aggregates | 617 | 556 | 548 | 497 | 444 |
| Asphalt | 421 | 441 | 452 | 427 | 340 |
| Liquid asphalt | 296 | 239 | 253 | 207 | 166 |
| Other | 280 | 266 | 249 | 200 | 178 |
| Contracting services private-sector | 259 | 236 | 304 | 270 | 241 |
| Internal sales | -631 | -617 | -633 | -594 | -501 |
| Total | 3,146 | 2,899 | 2,830 | 2,535 | 2,229 |
Price Behavior
| Market Price | $57.63 | |
| Market Cap ($ Bil) | 3.3 | |
| First Trading Date | 05/25/2023 | |
| Distance from 52W High | -38.7% | |
| 50 Days | 200 Days | |
| DMA Price | $71.65 | $78.23 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -19.6% | -26.3% |
| 3M | 1YR | |
| Volatility | 47.1% | 49.9% |
| Downside Capture | 182.09 | 151.62 |
| Upside Capture | 12.85 | 88.03 |
| Correlation (SPY) | 4.4% | 31.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.75 | 0.25 | 0.52 | 1.44 | 1.19 | 1.42 |
| Up Beta | -3.40 | -3.34 | -1.52 | 1.48 | 1.48 | 1.47 |
| Down Beta | -0.34 | 1.59 | 1.64 | 1.66 | 1.03 | 1.17 |
| Up Capture | -63% | 10% | 22% | 73% | 78% | 288% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 22 | 35 | 66 | 121 | 403 |
| Down Capture | 290% | 266% | 134% | 167% | 127% | 110% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 20 | 29 | 61 | 130 | 347 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KNF | |
|---|---|---|---|---|
| KNF | -26.8% | 49.8% | -0.46 | - |
| Sector ETF (XLB) | 14.0% | 17.9% | 0.58 | 42.7% |
| Equity (SPY) | 18.3% | 12.8% | 1.03 | 31.6% |
| Gold (GLD) | 19.0% | 29.2% | 0.59 | 9.6% |
| Commodities (DBC) | 48.3% | 20.6% | 1.80 | -30.8% |
| Real Estate (VNQ) | 7.6% | 13.6% | 0.29 | 33.0% |
| Bitcoin (BTCUSD) | -32.4% | 43.8% | -0.77 | 13.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KNF | |
|---|---|---|---|---|
| KNF | 8.9% | 43.2% | 0.42 | - |
| Sector ETF (XLB) | 5.5% | 19.1% | 0.18 | 51.0% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 48.3% |
| Gold (GLD) | 18.7% | 18.8% | 0.81 | 6.7% |
| Commodities (DBC) | 11.4% | 19.5% | 0.46 | -7.2% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 36.8% |
| Bitcoin (BTCUSD) | 9.4% | 52.6% | 0.36 | 17.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KNF | |
|---|---|---|---|---|
| KNF | 4.3% | 43.2% | 0.42 | - |
| Sector ETF (XLB) | 9.8% | 20.7% | 0.42 | 51.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 48.3% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 6.7% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | -7.2% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 36.8% |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | 17.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -11.8% | -14.4% | -21.6% |
| 5/5/2026 | -3.5% | -5.1% | -15.7% |
| 2/17/2026 | 16.3% | 8.3% | 2.9% |
| 11/4/2025 | 8.4% | 17.6% | 21.2% |
| 8/5/2025 | 1.9% | 4.7% | -9.2% |
| 5/6/2025 | -5.3% | 2.7% | -4.2% |
| 2/13/2025 | 4.3% | 4.2% | -4.1% |
| 11/4/2024 | -8.5% | 3.7% | 6.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 7 |
| # Negative | 5 | 3 | 6 |
| Median Positive | 6.0% | 4.4% | 6.2% |
| Median Negative | -5.3% | -5.1% | -12.4% |
| Max Positive | 16.3% | 17.6% | 21.2% |
| Max Negative | -11.8% | -14.4% | -21.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -11.8% | -14.4% | -21.6% |
| 5/5/2026 | -3.5% | -5.1% | -15.7% |
| 2/17/2026 | 16.3% | 8.3% | 2.9% |
| 11/4/2025 | 8.4% | 17.6% | 21.2% |
| 8/5/2025 | 1.9% | 4.7% | -9.2% |
| 5/6/2025 | -5.3% | 2.7% | -4.2% |
| 2/13/2025 | 4.3% | 4.2% | -4.1% |
| 11/4/2024 | -8.5% | 3.7% | 6.2% |
| 8/6/2024 | 3.0% | 2.9% | 5.9% |
| 5/7/2024 | -2.3% | -4.4% | -15.9% |
| 2/15/2024 | 0.7% | 4.7% | 9.2% |
| 11/6/2023 | 7.8% | 2.4% | 9.8% |
| 8/8/2023 | 8.3% | 6.3% | 2.2% |
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 7 |
| # Negative | 5 | 3 | 6 |
| Median Positive | 6.0% | 4.4% | 6.2% |
| Median Negative | -5.3% | -5.1% | -12.4% |
| Max Positive | 16.3% | 17.6% | 21.2% |
| Max Negative | -11.8% | -14.4% | -21.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/16/2023 | 10-Q |
| 12/31/2022 | 05/08/2023 | 10-12B/A |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/16/2023 | 10-Q |
| 12/31/2022 | 05/08/2023 | 10-12B/A |
Recent Forward Guidance
Updated 8/5/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Aggregates Volume Growth | Reported | 7.0% | 8.0% | 9.0% | ||||
| 2026 Aggregates Pricing Growth | Reported | 4.0% | 5.0% | 6.0% | ||||
| 2026 Ready-mix Volume Growth | Reported | 13.0% | 15.0% | 17.0% | ||||
| 2026 Asphalt Volume Growth | Reported | 7.0% | 8.0% | 9.0% | ||||
| 2026 Depreciation, Depletion and Amortization Growth | Reported | 13.0% | 15.0% | 17.0% | ||||
| 2026 Organic Growth Projects Spend | Reported | 7.64E9% | ||||||
| 2026 Revenue | Reported | 3.40 Bil | 3.50 Bil | 3.60 Bil | 2.9% | Raised | Guidance: 3.40 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 520.00 Mil | 540.00 Mil | 560.00 Mil | 0 | Affirmed | Guidance: 540.00 Mil for 2026 | |
| 2026 Capital Expenditures | Reported | 0.05 | 0.06 | 0.07 | 0 | Affirmed | Guidance: 0.06 for 2026 | |
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 3.30 Bil | 3.40 Bil | 3.50 Bil | 0 | Affirmed | Guidance: 3.40 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 520.00 Mil | 540.00 Mil | 560.00 Mil | 0 | Affirmed | Guidance: 540.00 Mil for 2026 | |
| 2026 Capital Expenditures | Reported | 0.05 | 0.06 | 0.07 | 0 | Affirmed | Guidance: 0.06 for 2026 | |
Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Growth Projects and Aggregate Reserve Additions | Reported | 1.3E10% | ||||||
| 2026 Revenue | Reported | 3.30 Bil | 3.40 Bil | 3.50 Bil | 19.3% | Higher New | Guidance: 2.85 Bil for 2025 | |
| 2026 Adjusted EBITDA | Reported | 520.00 Mil | 540.00 Mil | 560.00 Mil | 44.0% | Higher New | Guidance: 375.00 Mil for 2025 | |
| 2026 Capital Expenditures | Reported | 0.05 | 0.06 | 0.07 | ||||
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | Reported | 2.80 Bil | 2.85 Bil | 2.90 Bil | Raised | Guidance: 3.20 Bil for 2025 | ||
| 2025 Adjusted EBITDA | Reported | 360.00 Mil | 375.00 Mil | 390.00 Mil | Raised | Guidance: 500.00 Mil for 2025 | ||
Investor Activity (13F)
Updated Sep 14, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Construction Materials Resources |
| Construction Europe |
| Aggregates Business |
| Concrete Products |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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