Demand and volumemixed · 5 filings
“This increase was slightly offset by lower volumes in other markets resulting from competitive market dynamics.”10-Q · Aug 4, 2026 ↗
Knife River Corporation
KNF
Market read
Knife River Corporation's move is being confirmed by its market group.
The latest filing is mixed. 5 of 37 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.
What changed
- Revenue increased 12.6% versus the comparable filing period.
- Operating margin fell 1.9 percentage points.
Company+0.1% todayVolume comparison unavailable
Market group5 of 37 activeAirline Operators · inactive
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- At least 25 of 37 durable members become active together.
- Capital-flow agreement rises above 55%.
- A filing-linked outsider such as ULCC begins moving with the group.
Invalidation: The live read weakens if participation falls to 12 of 37 members or fewer.
Research brief
The story so far
The latest filing is mixed. 5 of 37 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 12.6% versus the comparable filing period.
Evidence that challenges
- Operating margin fell 1.9 percentage points.
- Gross margin fell 1.5 percentage points.
- Net margin fell 1.4 percentage points.
What would clarify the read
- At least 25 of 37 durable members become active together.
- Capital-flow agreement rises above 55%.
- A filing-linked outsider such as ULCC begins moving with the group.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods5
Price observations327
Usable filing statements147
Verified relationships10
Evidence supporting the case
- Latest annual revenue changed +8.5% year over year.
- Operating cash flow covered net income at 1.77x in the latest annual period.
- Pricing and mix has repeated favorable evidence across 4 filings.
Evidence challenging the case
- Operating margin changed -1.8 percentage points in the latest annual period.
- Net margin changed -2.0 percentage points in the latest annual period.
- Demand and volume has repeated adverse evidence across 5 filings.
Questions before a position
- P/E is 33% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 71% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
57.316m-28.4%12m-27.3%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$2.2B—$2.29—
2022-12-31$2.5B+13.7%$2.05+0.0%
2023-12-31$2.8B+11.7%$3.23+0.2%
2024-12-31$2.9B+2.4%$3.55+0.3%
2025-12-31$3.1B+8.5%$2.76+0.1%
What management says matters
Persistent and emerging business drivers
Pricing and mixpositive · 4 filings
“Six Months Ended June 30, 2026, Compared to Six Months Ended June 30, 2025 Revenue increased $12.2 million, primarily driven by higher sales volumes in California due to improved pricing and market conditions, which contributed $14.7 million of additional rev…”10-Q · Aug 4, 2026 ↗
Capital investment and capacitynegative · 2 filings
“31 Index Investing activities Three Months Ended March 31, 2026 2025 Variance (In millions) Capital expenditures $ (77.3) $ (75.0) $ (2.3) Acquisitions, net of cash acquired (174.2) (443.4) 269.2 Net proceeds from sale or disposition of property and other 3.1…”10-Q · May 5, 2026 ↗
Data center and AI demandpositive · 1 filings
“In addition, legacy contracting services increased $3.3 million across the segment as a result of more available work and aggregate volumes increased $5.6 million, largely as a result of data center projects.”10-Q · May 5, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 1.0× · EV/sales 1.4×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
58.02+0.1% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 12:50 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for KNF. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
The latest filing presents a mixed picture
10-Q filed 2026-08-04 against the comparable filing from 2025-08-05.
OperationsmixedEvidence score 0
liquidityneutralEvidence score 0
valuationmixed
Capital and cash conversion
Cash conversion improved
Capital-spending intensity declined while free-cash-flow margin improved.
- Capital spending YoY
- -34.3%
- Capital spending / revenue
- +11.1%
- Free-cash-flow margin
- -21.0%
- FCF margin change
- +12.3 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Revenue increased 12.6% versus the comparable filing period.
What weakened
- Operating margin fell 1.9 percentage points.
- Gross margin fell 1.5 percentage points.
- Net margin fell 1.4 percentage points.
Filing receipts
“Three Months Ended June 30, 2026, Compared to Three Months Ended June 30, 2025 Revenue increased $5.6 million, primarily driven by higher pricing and sales volumes due to improved market opportunities in California.”
“Six Months Ended June 30, 2026, Compared to Six Months Ended June 30, 2025 Revenue increased $12.2 million, primarily driven by higher sales volumes in California due to improved pricing and market conditions, which contributed $14.7 million of additional revenue.”
“Three Months Ended June 30, 2026, Compared to Three Months Ended June 30, 2025 Revenue increased $70.4 million for the quarter, primarily driven by contracting services as a result of large projects in North Dakota and more available public-agency work in both North Dakota and Minnesota, which also contributed to an increase in asphalt volumes.”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
The relationships behind KNF
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
MDUMDU Resources Group, Inc.partnerAug 5, 2025 ▾
“Other income includes net periodic benefit costs for our benefit plan expenses, other than service costs; interest income; realized and unrealized gains and losses on investments for our nonqualified benefit plans; earnings or losses on joint venture 29 Index…”
AMRZAmrize LtdcompetitorFeb 20, 2026 ▾
“Smaller, independent operators make up the majority of our competition; however, we also face competition in some markets from large, publicly traded United States aggregates producers, including Amrize Ltd, Cemex S.A.B.”
CXCEMEX, S.A.B. de C.V.competitorFeb 20, 2026 ▾
“Smaller, independent operators make up the majority of our competition; however, we also face competition in some markets from large, publicly traded United States aggregates producers, including Amrize Ltd, Cemex S.A.B.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 6 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
KNF is currently a Participant in the organic co-movement group Airline Operators. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.