Is Knife River Stock Outperforming Its Rivals?
Knife River’s (KNF) stock has underperformed its peers over the past year. But how does it measure up against competitors in the construction materials sector, facing trends like rising infrastructure investment and digitalization? A closer look reveals significantly lower profitability and negative free cash flow margins, despite moderate revenue growth. Its valuation appears elevated, suggesting limited upside compared to its more operationally efficient rivals.
- KNF’s 8.7% operating margin, lowest among peers (EXP 24.6%), suggests less efficient cost control or lower pricing power.
- KNF’s 5.5% revenue growth (outpacing CRH, EXP but lagging VMC, MLM) indicates balanced market capture, not leadership in high-growth areas.
- KNF’s 7.9% stock decline (underperforming peers) and 35.9 PE ratio suggest investor concern about future earnings growth despite valuation.
Here’s how Knife River stacks up across size, valuation, and profitability versus key peers.
| KNF | VMC | MLM | CRH | EXP | |
|---|---|---|---|---|---|
| Market Cap ($ Bil) | 5.3 | 39.9 | 40.2 | 82.0 | 7.3 |
| Revenue ($ Bil) | 3.0 | 7.9 | 7.3 | 36.9 | 2.3 |
| PE Ratio | 35.9 | 35.7 | 34.9 | 23.8 | 17.0 |
| LTM Revenue Growth | 5.5% | 6.5% | 16.5% | 4.3% | 1.4% |
| LTM Operating Margin | 8.7% | 20.1% | 23.8% | 13.8% | 24.6% |
| LTM FCF Margin | -2.6% | 13.4% | 13.8% | 7.1% | 10.1% |
| 12M Market Return | -7.9% | 12.6% | 27.1% | 14.3% | -8.6% |
Below we compare KNF’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
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| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| KNF | 5.5% | – | 2.4% | 11.7% | 13.7% |
| VMC | 6.5% | – | -4.7% | 6.4% | 31.8% |
| MLM | 16.5% | – | -3.6% | 10.0% | 13.8% |
| CRH | 4.3% | – | 1.8% | 6.8% | 12.0% |
| EXP | 1.4% | 0.1% | 5.2% | 15.4% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| KNF | 8.7% | – | 10.9% | 10.5% | 7.7% |
| VMC | 20.1% | – | 18.9% | 17.7% | 13.8% |
| MLM | 23.8% | – | 42.2% | 23.7% | 19.7% |
| CRH | 13.8% | – | 13.6% | 12.8% | 11.5% |
| EXP | 24.6% | 26.5% | 27.7% | 27.3% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| KNF | 35.9 | – | 19.7 | 31.4 | 32.2 |
| VMC | 35.7 | – | 41.4 | 36.7 | 52.5 |
| MLM | 34.9 | – | 19.2 | 27.3 | 35.9 |
| CRH | 23.8 | – | 24.4 | 21.1 | 13.6 |
| EXP | 17.0 | 14.9 | 18.0 | 16.2 |
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