Recent News
On July 15, 2025 Kinetik declared a quarterly cash dividend of $0.78 per share ($3.12 annualized) with a record date of July 25, 2025 and payment on August 1, 2025. On July 17, 2025 the company announced a dual listing of its common stock on NYSE Texas, with trading commencing July 18, 2025 while retaining its primary NYSE listing.
Technical Analysis
Directional indicators show weakening momentum: DI+ registered 24.95 with a peak-and-reversal, which signals bearish direction as DI+ decreases; DI- registered 15.89 with a dip-and-reversal, which signals bearish direction as DI- increases. ADX sits at 19.29, indicating no strong trend, which moderates the implications of the directional shifts and points to limited trend conviction for price moves tied to the corporate actions above.
MACD shows a peak-and-reversal, indicating bearish momentum despite the MACD value (0.47) sitting above its signal line (0.29). The peak-and-reversal posture favors downside momentum over the near term, which could mute any immediate upside from the dual listing or dividend headline.
MRO stands at -4.04 and is increasing. The negative MRO indicates price below target and therefore a mechanical inclination for price to move upward toward fair-value signals; the increasing MRO reduces the magnitude of that signal but still points to residual upside pressure relative to the current valuation that WMDST defines as over-valued.
RSI at 50.84 carries a peak-and-reversal. That posture aligns with other indicators signaling waning upward momentum and supports an outlook that price may consolidate or test support rather than extend a decisive rally despite recent newsflow.
Price sits near short-term averages: the close at $42.94 exceeds the 12-day EMA ($42.87) and the 20-day average ($42.58), with the 12-day EMA trending higher—this favors short-term stability. The 200-day average at $47.76 lies above the market price, indicating the stock remains below its long-term mean. Bollinger band upper and lower values near $43.70 and $41.45 show the current price clustered near the upper band, compressing upside room. SuperTrend lower support at $41.37 and volume near 10- and 200-day averages suggest any directional move will require a change in momentum signals to gain conviction.
Fundamental Analysis
Operating performance shows mixed cadence: EBITDA reached $230.008M and EBIT totaled $136.245M, producing an EBIT margin of 31.93%, which sits above the industry peer mean of 28.60%. QoQ margin movement proved strong—EBIT margin rose ~87.27% quarter-over-quarter—while YoY margin contracted ~32.62%, indicating recent operational improvement versus the immediate prior quarter but a deterioration relative to last year.
Revenue totaled $426.738M with YoY revenue decline of 170.46% in rate terms (reported as -1.70459), and QoQ revenue shifted strongly negative (revenue growth QoQ -124.987%), demonstrating top-line pressure despite margin expansion. Gross margin at 41.31% improved QoQ by 43.92% and YoY by 7.69%, supporting the margin narrative but not offsetting revenue contraction.
Leverage and liquidity present constraints: total debt stands at $4,006.801M with net debt of $3,915.539M and debt-to-assets of 56.03%, slightly above the industry peer mean of 50.59%. Debt-to-EBITDA measures at 17.42x, indicating material leverage relative to earnings. Negative total equity produces a debt-to-equity ratio of -2.56 and leads to a negative book value ($-24.64 per share), which complicates typical equity-based leverage comparisons.
Cash flow delivers mixed signals: operating cash flow reached $129.077M while free cash flow registered negative $6.855M and free cash flow yield equaled -0.26%, reflecting capital spending pressure—capital expenditures totaled $135.932M. Cash conversion shows strength (cash flow margin 52.89% and cash flow to earnings ~303.29%), indicating operating cash generation outpaced accounting earnings, but capex and financing needs produced negative free cash flow.
Returns reflect the capital structure: return on assets measured 1.05% and return on invested capital 5.25%, while return on equity registered negative 4.75% driven by negative equity. Earnings growth showed modest positive movement (earnings growth 5.6%), and forward EPS equals $0.5825 with a forward P/E of 77.75. Trailing P/E sits at 130.32 and the enterprise multiple registers 29.01. WMDST values the stock as over-valued given the combination of lofty multiples and elevated leverage despite margin advantages versus the industry peer mean.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-06 |
| NEXT REPORT DATE: | 2025-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 8.8 M |
| Operating Cash Flow | $ 129.1 M | |
| Capital Expenditures | $ -135.93 M | |
| Change In Working Capital | $ -26.44 M | |
| Dividends Paid | $ -47.97 M | |
| Cash Flow Delta | $ 1.9 M | |
| End Period Cash Flow | $ 10.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 426.7 M | |
| Forward Revenue | $ 53.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 250.5 M | |
| Depreciation | $ 93.8 M | |
| Depreciation and Amortization | $ 93.8 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 349.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 176.3 M | |
| EBITDA | $ 230.0 M | |
| EBIT | $ 136.2 M | |
| Operating Income | $ 77.4 M | |
| Interest Income | $ 2.7 M | |
| Interest Expense | $ 54.5 M | |
| Net Interest Income | $ -53.78 M | |
| Income Before Tax | $ 81.7 M | |
| Tax Provision | $ 7.3 M | |
| Tax Rate | 8.96 % | |
| Net Income | $ 74.4 M | |
| Net Income From Continuing Operations | $ 74.4 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.37 | |
| EPS Actual | $ 0.50 | |
| EPS Difference | $ 0.13 | |
| EPS Surprise | 35.135 % | |
| Forward EPS | $ 0.58 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 7.2 B | |
| Intangible Assets | $ 612.8 M | |
| Net Tangible Assets | $ -2.18 B | |
| Total Current Assets | $ 312.6 M | |
| Cash and Short-Term Investments | $ 10.7 M | |
| Cash | $ 10.7 M | |
| Net Receivables | $ 62.9 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 36.6 M | |
| Short-Term Debt | $ 189.3 M | |
| Total Current Liabilities | $ 501.8 M | |
| Net Debt | $ 3.9 B | |
| Total Debt | $ 4.0 B | |
| Total Liabilities | $ 4.3 B | |
| EQUITY | ||
| Total Equity | $ -1.57 B | |
| Retained Earnings | $ -1.78 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ -24.64 | |
| Shares Outstanding | 63.545 M | |
| Revenue Per-Share | $ 6.72 | |
| VALUATION | Market Capitalization | $ 2.7 B |
| Enterprise Value | $ 6.7 B | |
| Enterprise Multiple | 29.012 | |
| Enterprise Multiple QoQ | -26.913 % | |
| Enterprise Multiple YoY | 187.588 % | |
| Enterprise Multiple IPRWA | high: 57.658 mean: 45.262 median: 44.572 KNTK: 29.012 low: 7.055 |
|
| EV/R | 15.637 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | -4.567 | |
| Asset To Liability | 1.647 | |
| Debt To Capital | 1.641 | |
| Debt To Assets | 0.56 | |
| Debt To Assets QoQ | 4.958 % | |
| Debt To Assets YoY | 2483.264 % | |
| Debt To Assets IPRWA | high: 0.875 KNTK: 0.56 mean: 0.506 median: 0.493 low: 0.045 |
|
| Debt To Equity | -2.559 | |
| Debt To Equity QoQ | 73.85 % | |
| Debt To Equity YoY | 1975.74 % | |
| Debt To Equity IPRWA | high: 4.919 mean: 1.518 median: 1.487 low: 0.048 KNTK: -2.559 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | -1.71 | |
| Price To Book QoQ | 48.574 % | |
| Price To Book YoY | -11.789 % | |
| Price To Book IPRWA | high: 5.728 mean: 2.894 median: 2.262 low: 0.376 KNTK: -1.71 |
|
| Price To Earnings (P/E) | 130.319 | |
| Price To Earnings QoQ | -86.47 % | |
| Price To Earnings YoY | 79.709 % | |
| Price To Earnings IPRWA | KNTK: 130.319 high: 127.627 mean: 74.548 median: 61.799 low: 11.891 |
|
| PE/G Ratio | 0.233 | |
| Price To Sales (P/S) | 6.273 | |
| Price To Sales QoQ | -5.233 % | |
| Price To Sales YoY | -3.609 % | |
| Price To Sales IPRWA | high: 33.78 mean: 12.927 median: 12.041 KNTK: 6.273 low: 0.375 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 77.749 | |
| Forward PE/G | 0.139 | |
| Forward P/S | 50.443 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -21.536 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.06 | |
| Asset Turnover Ratio QoQ | -6.013 % | |
| Asset Turnover Ratio YoY | 11.403 % | |
| Asset Turnover Ratio IPRWA | high: 0.153 mean: 0.098 median: 0.073 KNTK: 0.06 low: 0.031 |
|
| Receivables Turnover | 4.602 | |
| Receivables Turnover Ratio QoQ | 21.725 % | |
| Receivables Turnover Ratio YoY | 190.082 % | |
| Receivables Turnover Ratio IPRWA | high: 8.107 KNTK: 4.602 mean: 2.504 median: 2.07 low: 0.998 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 19.826 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -2.256 | |
| CapEx To Revenue | -0.319 | |
| CapEx To Depreciation | -1.45 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.2 B | |
| Net Invested Capital | $ 2.4 B | |
| Invested Capital | $ 2.4 B | |
| Net Tangible Assets | $ -2.18 B | |
| Net Working Capital | $ -189.19 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.021 | |
| Current Ratio | 0.623 | |
| Current Ratio QoQ | -5.994 % | |
| Current Ratio YoY | -16.976 % | |
| Current Ratio IPRWA | high: 3.867 mean: 0.835 median: 0.773 KNTK: 0.623 low: 0.536 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 17.42 | |
| Cost Of Debt | 1.279 % | |
| Interest Coverage Ratio | 2.5 | |
| Interest Coverage Ratio QoQ | 77.774 % | |
| Interest Coverage Ratio YoY | -23.439 % | |
| Interest Coverage Ratio IPRWA | high: 5.431 mean: 3.795 median: 3.541 KNTK: 2.5 low: 0.227 |
|
| Operating Cash Flow Ratio | 0.45 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 10.863 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 1.551 | |
| Dividend Payout Ratio | 0.645 | |
| Dividend Rate | $ 0.75 | |
| Dividend Yield | 0.018 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.711 % | |
| Revenue Growth | -3.728 % | |
| Revenue Growth QoQ | -124.987 % | |
| Revenue Growth YoY | -170.459 % | |
| Revenue Growth IPRWA | high: 12.393 % KNTK: -3.728 % median: -8.459 % mean: -10.214 % low: -55.731 % |
|
| Earnings Growth | 560.0 % | |
| Earnings Growth QoQ | 40.0 % | |
| Earnings Growth YoY | 60.0 % | |
| Earnings Growth IPRWA | KNTK: 560.0 % high: 116.923 % mean: -7.65 % median: -11.111 % low: -133.333 % |
|
| MARGINS | ||
| Gross Margin | 41.308 % | |
| Gross Margin QoQ | 43.92 % | |
| Gross Margin YoY | 7.688 % | |
| Gross Margin IPRWA | high: 79.612 % median: 43.651 % KNTK: 41.308 % mean: 39.104 % low: 5.886 % |
|
| EBIT Margin | 31.927 % | |
| EBIT Margin QoQ | 87.266 % | |
| EBIT Margin YoY | -32.622 % | |
| EBIT Margin IPRWA | high: 59.871 % KNTK: 31.927 % mean: 28.595 % median: 28.278 % low: 1.289 % |
|
| Return On Sales (ROS) | 18.145 % | |
| Return On Sales QoQ | 6.429 % | |
| Return On Sales YoY | -61.707 % | |
| Return On Sales IPRWA | high: 51.09 % median: 28.278 % mean: 26.1 % KNTK: 18.145 % low: 1.309 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -6.86 M | |
| Free Cash Flow Yield | -0.256 % | |
| Free Cash Flow Yield QoQ | -107.877 % | |
| Free Cash Flow Yield YoY | -106.996 % | |
| Free Cash Flow Yield IPRWA | high: 10.402 % median: 1.662 % mean: 1.631 % KNTK: -0.256 % low: -0.418 % |
|
| Free Cash Growth | -107.189 % | |
| Free Cash Growth QoQ | -153.294 % | |
| Free Cash Growth YoY | 1166.261 % | |
| Free Cash Growth IPRWA | high: 288.895 % mean: 35.211 % median: 4.038 % low: -90.549 % KNTK: -107.189 % |
|
| Free Cash To Net Income | -0.092 | |
| Cash Flow Margin | 52.888 % | |
| Cash Flow To Earnings | 3.033 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 1.049 % | |
| Return On Assets QoQ | 277.338 % | |
| Return On Assets YoY | -35.919 % | |
| Return On Assets IPRWA | high: 3.884 % mean: 1.527 % median: 1.172 % KNTK: 1.049 % low: -0.629 % |
|
| Return On Capital Employed (ROCE) | 2.049 % | |
| Return On Equity (ROE) | -0.048 | |
| Return On Equity QoQ | 529.536 % | |
| Return On Equity YoY | -47.347 % | |
| Return On Equity IPRWA | high: 0.113 mean: 0.042 median: 0.039 low: -0.023 KNTK: -0.048 |
|
| DuPont ROE | -3.616 % | |
| Return On Invested Capital (ROIC) | 5.254 % | |
| Return On Invested Capital QoQ | -8.002 % | |
| Return On Invested Capital YoY | -95.442 % | |
| Return On Invested Capital IPRWA | KNTK: 5.254 % high: 4.327 % mean: 2.493 % median: 2.297 % low: 0.181 % |
|