# Knife River (KNF.US)

Canonical: https://gigainvestors.com/s/KNF

Analysis as of: 2026-10-16T07:29:40.299Z. 

Listing currency: USD. Reporting currency: USD.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $49.95 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 52% since Jan 2025

Story as of 2026-10-16T10:01:28.631Z; price observation 2026-10-15.

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in building materials; annual sales are USD 3.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1955520/000195552026000003/knf-20251231.htm (filed 2026-02-20); FY2025: revenue 3146000000; grossProfit 577300000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KNF.US: Knife River Corporation, together with its subsidiaries, provides aggregates-based construction materials and contracting services in the United States. The company operates through West, Mountain, Central, and Energy Services segments. It mines, processes, and sells construction aggregates, including crushed stone and sand, and gravel; and produces and sells asphalt and ready-mix concrete. The company also provides contracting services, such as heavy-civil construction, asphalt and concrete paving, and site development and grading. In addition, it sells cement, merchandise, and other building materials and related services; and produces and supplies liquid asphalt for use in asphalt road construction. The company sells its construction materials to public and private-sector customers comprising federal, state, and municipal governments; industrial, commercial, and residential developers, as well as other private parties; and provides its contracting services to public-sector customers for the development and servicing of highways, local roads, bridges, and other public-infrastructure projects. Knife River Corporation was founded in 1917 and is headquartered in Bismarck, North Dakota.

### Why customers stay

Margins ranged from 18.4% to 19.7% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: grossProfit / revenue = 19%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: grossProfit / revenue = 19.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1955520/000195552026000003/knf-20251231.htm (filed 2026-02-20); FY2025: grossProfit / revenue = 18.4%.

### Where the cash goes

Paid no dividends in 6 years; bought back USD 2.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2020: growth capex 0; upkeep 135870000; owner earnings 101081000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2021: growth capex 29713228.52848676; upkeep 144515771.47151324; cash acquisitions 235218000; owner earnings 86213228.52848676. Growth capex plus acquisitions / owner earnings = 3.0729765379444944.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2022: growth capex 60364000; upkeep 117798000; cash acquisitions 1745000; owner earnings 116220000. Growth capex plus acquisitions / owner earnings = 0.5344088797108931.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: growth capex 478000; upkeep 123805000; cash acquisitions 0; owner earnings 182872000. Growth capex plus acquisitions / owner earnings = 0.00261385012467737.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: growth capex 35556000; upkeep 136871000; cash acquisitions 130981000; owner earnings 201678000. Growth capex plus acquisitions / owner earnings = 0.8257568996122532.

- Source: https://www.sec.gov/Archives/edgar/data/1955520/000195552026000003/knf-20251231.htm (filed 2026-02-20); FY2025: growth capex 137171723.48165; upkeep 210869276.51835; cash acquisitions 609994000; owner earnings 139970723.48165. Growth capex plus acquisitions / owner earnings = 5.338014299680337.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1955520/000195552026000003/knf-20251231.htm (filed 2026-02-20); FY2025: cash repurchases 2600000 USD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KNF.US SharesStats.PercentInsiders = 0.43299999999999994 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Closing price 49.95 USD; reporting-to-trading FX 1; FY2025 annual sales per share 55.294841374461726; price multiple 0.9033392403051494. FY2025 cash earnings/share 2.4601585988513928. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2023-05: $36.65 per share

- 2023-06: $43.50 per share

- 2023-07: $43.47 per share

- 2023-08: $51.46 per share

- 2023-09: $48.83 per share

- 2023-10: $50.32 per share

- 2023-11: $59.68 per share

- 2023-12: $66.18 per share

- 2024-01: $65.49 per share

- 2024-02: $74.09 per share

- 2024-03: $81.08 per share

- 2024-04: $78.19 per share

- 2024-05: $70.71 per share

- 2024-06: $70.14 per share

- 2024-07: $79.52 per share

- 2024-08: $78.87 per share

- 2024-09: $89.39 per share

- 2024-10: $97.32 per share

- 2024-11: $103.50 per share

- 2024-12: $101.64 per share

- 2025-01: $103.58 per share

- 2025-02: $95.68 per share

- 2025-03: $90.21 per share

- 2025-04: $93.38 per share

- 2025-05: $94.10 per share

- 2025-06: $81.64 per share

- 2025-07: $82.48 per share

- 2025-08: $81.00 per share

- 2025-09: $76.87 per share

- 2025-10: $60.46 per share

- 2025-11: $74.84 per share

- 2025-12: $70.35 per share

- 2026-01: $67.17 per share

- 2026-02: $88.98 per share

- 2026-03: $81.65 per share

- 2026-04: $92.55 per share

- 2026-05: $78.51 per share

- 2026-06: $83.65 per share

- 2026-07: $73.17 per share

- 2026-08: $62.70 per share

- 2026-09: $50.42 per share

- 2026-10: $49.95 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1955520/000195552026000003/knf-20251231.htm); period 2025-12-31, filed 2026-02-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.