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Knife River Corporation (referred to as we, our, us, the Company or Knife River) is an aggregates-based construction materials and contracting services provider in the United States. Our 1.3 billion tons of aggregate reserves provide the foundation for our vertically integrated business strategy, with approximately 35 percent of our aggregates in 2025 being used internally to support value-adde…
Operating margin is thin at 9.09%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 8.5%, steady but not accelerating. Free cash flow declined 146% despite revenue growth, conversion is weakening.
Free cash flow declined 146% versus the prior year, cash generation momentum has weakened. ROIC dropped from 11.77% to 9.08%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$3.20B
▲ +8.5% YoY
Net Income (TTM)
$147M
▼ -22.1% YoY
Op. Margin
8.81%
▼ -1.8pp YoY
ROIC
7.92%
▼ -2.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$5M
▼ -146.4% YoY
Op. Cash Flow (TTM)
$345M
▼ -13.6% YoY
Net Debt
$1.47B
Cash & Equiv.
$13M
3Y CAGR: +7.5%
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