| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 52 | 19.3x | 17.8x | Around median | |
Growth | 77 | 14.1% | 7.1% | Top tier | |
Quality | 49 | 5.4% | 4.5% | Around median | |
Safety | 39 | 4.5x | 2.6x | Bottom tier | |
Capital Return | 70 | 5.65% | 2.12% | Top tier | |
Momentum | 87 | 19.8% | 2.9% | Top tier | |
Sentiment | 38 | 8 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Kinetik Holdings Inc. operates an integrated energy infrastructure platform in the Permian Basin, with a clear focus on the Delaware Basin in Texas and New Mexico. The company generates revenue from natural gas processing and the transportation of residue gas, crude oil, and water, in addition to pipeline transportation of products and marketing tied to price differentials between Waha and the Gulf Coast. It is also increasing the fee-based share of the Durango contracts; when acquired, the Durango business consisted of approximately 60% fees and 40% commodity exposure, and the fee percentage subsequently increased after the contracts were restructured, although it remained below the 85% to 90% level in the Delaware South business.
On August 7, 2026, the company announced record results for Q2 fiscal 2026, with revenue growth of 36% and a 35% increase in adjusted earnings before interest, taxes, depreciation, and amortization, supported by improved midstream operations in the Delaware Basin and increased natural gas liquids recovery. The latest detailed EDGAR figures available, for Q1 fiscal 2026, show revenue of $410.0 million, a net loss of $1.7 million, and a loss per share of $0.07, compared with revenue of $430.4 million and net income of $143.2 million in Q4 fiscal 2025.
On an adjusted operating basis, Q1 fiscal 2026 posted a record $251 million in adjusted earnings before interest, taxes, depreciation, and amortization, along with distributable cash flow of $181 million and free cash flow of $101 million. The Midstream Logistics segment generated $179 million in adjusted earnings, up 12% year over year despite approximately flat volumes, while the Pipeline Transportation segment generated $78 million, with the year-over-year decline reflecting the sale of EPIC Crude and lower transportation volumes through Chinook. In fiscal 2025, revenue was $1.8 billion, net income was $178.3 million, and earnings per share were $2.63.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus rates KNTK as “Buy,” with an average target of $55.33 and a wide range of $51 to $70; the average sits directly below the 52-week high of $56.10, while the highest target clearly exceeds that high. No published price-to-earnings ratio is available in the data, and the shift from net income of $143.2 million in Q4 fiscal 2025 to a loss of $1.7 million in Q1 fiscal 2026 makes reliance on a fixed earnings multiple less appropriate. The valuation therefore depends more heavily on achieving the fiscal 2026 adjusted earnings range of $950 million to $1.05 billion, the sustainability of marketing gains, and the return of volume growth after Waha curtailments.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
Momentum came from improved midstream operations in the Delaware Basin, increased natural gas liquids recovery, and wider transportation differentials to the Gulf Coast. On August 7, 2026, the company announced 36% revenue growth and 35% growth in adjusted earnings before interest, taxes, depreciation, and amortization for Q2 fiscal 2026. Q1 fiscal 2026 also posted record adjusted earnings of $251 million and free cash flow of $101 million.
Negative prices prompted some gas price-sensitive customers to curtail production, with curtailments averaging approximately 170 million cubic feet per day in Q1 fiscal 2026. The company raised its fiscal 2026 curtailment estimate to an average of 220 million cubic feet per day and lowered its processed gas growth forecast to a low-to-mid-single-digit percentage. In contrast, gains from the differential between Waha and Houston Ship Channel offset this volume loss in Q1, but only approximately 50% of transportation differential exposure was hedged in 2026.
ECCC connects the Delaware North system to processing capacity and markets in Delaware South, allowing additional New Mexico volumes to be accommodated without waiting for a new processing facility to be built. The King’s Landing sour gas conversion project targets Phase 1 startup by the end of 2026, with total operational sour gas capacity of 26.5 million cubic feet per day and permitted capacity exceeding 31 million. The company also obtained BLM and NMOCD approvals and began construction work and ordering long-lead materials.
Yes, management reaffirmed the adjusted earnings before interest, taxes, depreciation, and amortization range of $950 million to $1.05 billion for fiscal 2026. The company expects improved commodity margins and gains from marketing gas to the Gulf Coast to offset part of the impact of Waha curtailments and estimated the impact of higher commodity prices at approximately $20 million in additional earnings. It also maintained expected capital expenditure of $450 million to $510 million after spending $91 million in Q1 fiscal 2026.
The company amended contracts covering nearly 75% of legacy Durango gas processing volumes during the four months preceding the May 7, 2026 call. This included expanding the dedicated acreage for a major customer in New Mexico by approximately 25% and consolidating multiple agreements into a contract extending through 2039. Management estimated the fiscal 2026 earnings increase at approximately 1% to 2% of the base business, with a higher share of fee-based revenue and reduced commodity exposure.
The indicators include the volume of Waha price-related curtailments compared with the assumed fiscal 2026 average of 220 million cubic feet per day and the ability of marketing gains to offset them. Achievement of the adjusted earnings range of $230 million to $240 million in Q2, followed by $260 million to $270 million in each of Q3 and Q4 fiscal 2026, should be monitored. The startup schedules for ECCC and Phase 1 of the King’s Landing conversion by the end of 2026, along with leverage remaining near the reported level of 3.9 times, are also key execution indicators.
