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Kinetik Holdings Inc., through its subsidiaries, operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It offers gathering, compression, processing, stabilization, treating, and storage services; transportation services through pipelines; and water gathering and disposal services for companies that produce natural gas, natural gas liquids (NGL), and crude oil. The company also sells condensates, natural gas residue, and NGLs. Kinetik Holdings Inc. was founded in 2017 and is headquartered in Midland, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.8B | $1.2B | $526M | $74M | -93.0% | 19.0% | 115.3% |
| 2024 | $1.5B | $801M | $244M | $361M | -8.2% | 18.0% | -36.8% |
| 2023 | $1.3B | $634M | $386M | $255M | -72.8% | 3.5% | 185.2% |
| 2022 | $1.2B | $653M | $136M | $391M | -16.1% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,213.49 | 1,256.41 | 1,482.93 | 1,764.39 |
| Cost Of Revenue | - | 801.86 | 796.71 | 944.82 | 1,168.59 |
| Gross Profit | - | 411.63 | 459.70 | 538.11 | 595.80 |
| Operating Expense | - | 248.53 | 281.05 | 354.84 | 430.87 |
| Operating Income | - | 163.10 | 178.66 | 183.27 | 164.93 |
| EBITDA | - | 653.36 | 634.19 | 801.26 | 1,184.80 |
| EBIT | - | 393.02 | 353.20 | 477.06 | 802.16 |
| Pretax Income | - | 253.34 | 153.54 | 267.27 | 576.66 |
| Tax Provision | - | 2.62 | -232.91 | 23.04 | 50.73 |
| Net Income | - | 135.52 | 386.45 | 244.23 | 525.93 |
| Net Income Common Stockholders | - | 61.10 | 272.04 | 61.18 | 165.04 |
| Total Expenses | - | 1,050.39 | 1,077.76 | 1,299.66 | 1,599.46 |
| Interest Expense | - | 139.68 | 199.66 | 209.80 | 225.50 |
| Interest Income | - | 0.49 | 2 | 2.80 | 3.98 |
| Selling General And Administration | - | 94.27 | 97.91 | 134.16 | 130.62 |
| Normalized EBITDA | - | 604.90 | 655.47 | 716.02 | 770.04 |
| Normalized Income | - | 87.55 | 403.26 | 166.34 | 147.66 |
| Market Cap | 3,266.04 | 3,266.04 | 3,266.04 | 3,266.04 | 3,266.04 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Kinetik Holdings Inc.this co. | KNTK | - | 6.21↓ discount | -5.78 | -93.0% | 6.02 |
| Comstock Resources, Inc. | CRK | $5.0B | 11.84 | 1.88 | 15.9% | 5.73 |
| Tidewater Inc. | TDW | $4.4B | 13.11 | 3.21 | 24.5% | 10.26 |
| International Seaways, Inc. | INSW | $3.9B | 12.71 | 1.95 | 15.3% | 8.52 |
| Cactus, Inc. | WHD | $3.9B |
| - |
| - |
| - |
| - |
| - |
| 23.74 |
| 3.21 |
| 13.5% |
| 11.78 |
| SM Energy Company | SM | $3.3B | 10.65 | 1.43 | 13.5% | 4.18 |
| Par Pacific Holdings, Inc. | PARR | $3.3B | 8.60 | 2.10 | 24.4% | 6.02 |
| CVR Energy, Inc. | CVI | $3.1B | 117.36 | 4.34 | 3.7% | 7.51 |
| Crescent Energy Company | CRGY | $3.1B | 31.41 | 0.81 | 2.6% | 5.92 |
| Peer Median | - | 12.91 | 2.02 | 14.4% | 6.76 | |