At a glance
Kinetik Holdings Inc is worth $9.19B, about 22 times its fiscal 2025 earnings. Revenue grew 19.0% to $1.76B in fiscal 2025, with 10.1% kept as profit; over 5 years it has grown 33.9% a year. It pays a 5.72% dividend yield, and returned $671.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +56.2% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Kinetik Holdings is a midstream energy company, the link between oil and gas wells and end users. Its assets are concentrated in the Delaware Basin, part of the Permian Basin in Texas and New Mexico. Producers drilling on land dedicated to its systems use Kinetik to gather, compress and process their gas into pipeline-ready gas and natural gas liquids (NGLs, such as propane). It also gathers and stores crude oil and disposes of water that comes up from wells.
The Midstream Logistics segment runs over 4,200 miles of gas gathering pipeline and eight processing complexes. Its 2025 annual report ranks Kinetik the fourth-largest gas processor, by capacity, in the Delaware Basin and the wider Permian. As of December 31, 2025, the Pipeline Transportation segment owned 55.5% of the Permian Highway Pipeline, operated by Kinder Morgan, and 33.0% of the Shin Oak NGL pipeline, operated by Enterprise, plus wholly owned NGL and Delaware Link pipelines. On October 31, 2025, it sold its 27.5% stake in EPIC for $504.2 million in upfront cash.
Revenue for fiscal 2025 was $1.76 billion. Product revenue, from selling gas, NGLs and other commodities, was 74.1%; service fees were 25.2%. That mix ties results partly to commodity prices. The trade-offs are reliance on one basin and on customers to keep drilling as older wells decline.
Price history
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KNTK +56.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product revenue | $1.31B | 74.1% |
| Service revenue | $445.5M | 25.2% |
| Other revenue | $11.7M | 0.7% |
| Minimum Volume Commitments | $2.0M | 0.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $581.4M, up 36.3% from a year earlier, and net income was $49.5M (+109.5%).
- For fiscal 2025, revenue was $1.76B (+19.0% year over year; +33.9% a year from FY2020 to FY2025) with a 10.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +33.9% good |
|---|---|
| Operating margin | 9.3% watch |
| Free cash flow margin | 6.3% watch |
| Return on assets (FY2025) | 2.5% weak |
| Net cash (cash minus debt) | $-3.72B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $410.2M | $0.00 | $-79.3M |
| FY2021 | $662.0M | $0.00 | $157.5M |
| FY2022 | $1.21B | $40.7M | $406.8M |
| FY2023 | $1.26B | $289.4M | $271.6M |
| FY2024 | $1.48B | $80.0M | $373.8M |
| FY2025 | $1.76B | $178.3M | $111.6M |
Valuation snapshot
| Market value | $9.19B |
|---|---|
| P/E ratio | 21.5 |
| Dividend yield | 5.72% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| KNTK price data to Oct 28, 2026 | +67.8% | +56.2% | +26.5% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +67.8% |
| 2025 | -31.9% |
| 2024 | +83.0% |
| 2023 | +11.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 45 sales ($215.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 13, 2026 | ISQ Global Fund II GP LLC 10% owner | sell | $109.5M |
| Aug 6, 2026 | ISQ Global Fund II GP LLC 10% owner | sell | $10.6M |
| Aug 17, 2026 | ISQ Global Fund II GP LLC 10% owner | sell | $7.1M |
| Oct 8, 2026 | ISQ Global Fund II GP LLC 10% owner | sell | $6.5M |
| Sep 17, 2026 | ISQ Global Fund II GP LLC 10% owner | sell | $5.9M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.4% | Aug 29, 2025 |
| Goldman Sachs Asset Management, L.P. | 4.7% | Jun 30, 2026 |
| MORGAN STANLEY | 0.4% | Jun 24, 2024 |
ETFs with the most weight in KNTK
| MDST Westwood Salient Enhanced Midstream Income ETF | 3.32% |
| MGNR American Beacon GLG Natural Resources ETF | 3.19% |
| NBET Neuberger Berman Energy Transition & Infrastructure ETF | 2.76% |
| USAI Pacer American Energy Independence ETF | 1.98% |
| ENFR Alerian Energy Infrastructure ETF | 1.36% |
| DWAS Invesco Dorsey Wright SmallCap Momentum ETF | 1.19% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 0.85% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 0.79% |
What could go wrong
- Heavy reliance on a single basin. Most of Kinetik's wholly owned assets sit in the Delaware Basin. Regional problems, such as drought, permit delays, transport interruptions or bad weather, would hurt it more than midstream rivals spread across several regions.
- Volumes depend on producers' drilling plans. Output from existing wells falls naturally over time. Kinetik needs customers to keep drilling on land dedicated to its systems, but it cannot control those decisions, which hinge on prices and the cost of capital.
- Two investment firms hold voting control. Entities controlled by Blackstone and I Squared Capital own most of the voting shares and can name directors, so they strongly influence decisions. Large future share sales by big holders could push the price down.
- Partners run its biggest pipeline stakes. Kinder Morgan operates the Permian Highway Pipeline and Enterprise operates Shin Oak. Partnership agreements limit Kinetik's say over these shared ventures. It also relies on outside pipelines to carry away its processed gas and NGLs.
- Dividend exceeds earnings and free cash flow. In 2025 dividends were about 109% of earnings and 174% of free cash flow (cash left after capital spending). Debt was $3.7 billion as of June 30, 2026. Weaker cash flow could threaten the payout.
- Commodity prices and hedges can hurt results. Kinetik warns that its exposure to oil, gas and NGL prices may change over time and that it can't guarantee future contract terms. Its hedging contracts could also cause large losses.
Recent events
- Other company announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Quarterly results released
For income and retirement investors
Kinetik pays a high dividend, yielding 5.72% as of October 28, 2026. Dividends per share rose from $1.50 in 2020 to $3.09 in 2025. They dipped in 2022 and 2023, so the streak of increases is just two years. In 2025 dividends were 109% of earnings and 174% of free cash flow (cash left after capital spending). Those earnings included a $415.4 million gain on the EPIC sale, and free cash flow fell to $112 million from $374 million in 2024. Kinetik also repurchased $176 million of shares in 2025 and had $3.7 billion of debt as of June 30, 2026.
The share price record covers about 4.7 years. That is too short to show how Kinetik fared in 2008, the 2020 COVID crash or the full 2022 bear market. Swings have been large: up 83% in 2024 and down 32% in 2025. In the three years to October 28, 2026, the stock fell as much as 49% from a peak. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Kinetik Holdings make money?
Kinetik makes money by gathering, processing and transporting natural gas, natural gas liquids (NGLs) and crude oil for producers in the Delaware Basin of Texas and New Mexico. It also disposes of the salty water that comes up from their wells. In 2025 it reported $1.76 billion of revenue, about 74% from product sales and about 25% from service fees. It also owns about 55.5% of the Permian Highway gas pipeline and 33% of the Shin Oak NGL pipeline.
Does Kinetik raise its dividend every year?
No, not every year. Kinetik raised its dividend per share in 2024 and 2025, a two-year streak, after lower per-share amounts in 2022 and 2023. Dividends per share reached about $3.09 in 2025, up from $1.50 in 2020. The yield was 5.72% as of October 28, 2026. In 2025 the company paid out more than it earned: dividends were about 109% of earnings and 174% of free cash flow, the cash left after capital spending.
How has Kinetik stock performed?
Kinetik's share price rose 56.2% in the year to October 28, 2026. Over three years it gained 102%, about 26.5% a year. The path was bumpy: up 83% in 2024 and down 32% in 2025, with a drop of as much as 49% from a peak within those three years. On October 28, 2026, the shares traded at about 21.5 times 2025 earnings, which included a one-time gain on the EPIC sale. That gave a market value of about $9.19 billion.
How much debt does Kinetik have?
Kinetik had about $3.72 billion of total debt and just $7.8 million of cash as of June 30, 2026. In May 2025 it replaced its older loans with a $1.15 billion term loan due 2028 and a $1.60 billion revolving credit line due 2030, which it can draw on as needed. It also sold an extra $250 million of 6.625% bonds due 2028. The company warns that its dividends and share repurchases depend on generating enough cash flow.
Who controls Kinetik Holdings?
Entities controlled by Blackstone and I Squared Capital own a majority of Kinetik's voting shares and can name directors, so they strongly influence its decisions. BlackRock reported owning 10.4% as of August 29, 2025. Insider filings show at least 45 sales worth about $215 million, and no purchases, between October 29, 2025 and October 29, 2026. The largest was a $110 million sale on October 13, 2026 by ISQ Global Fund II GP LLC, a 10% owner.