The business behind the dividend
| Measure | KNTK | Median | Formula |
|---|---|---|---|
| Return on equity | — | — | Net income ÷ shareholders’ equity |
| Return on capital employed | 5.1% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $68.43m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $111.65m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 9.3% | 14.3% | Operating income ÷ revenue |
| Net margin | 10.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 0.69x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 0.69x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 3.39x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -6.0% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Debt to equity, Long-term debt to working capital, Return on equity — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | — | — | — | — | — | — | — | — | -0.0% | -0.0% |
| Return on capital employed | 5.1% | 32.4% | 5.2% | 5.9% | 2.3% | -163.5% | -316.9% | — | — | 5.1% |
| Operating margin | 9.3% | 12.1% | 12.7% | 12.4% | 8.1% | -248.8% | -946.8% | -15.9% | -76.2% | 8.1% |
| Net margin | 10.1% | 5.4% | 23.0% | 20.7% | 0.2% | -281.8% | -977.7% | -0.3% | -1.2% | 0.2% |
| Current ratio | 0.69x | 0.70x | 1.03x | 1.06x | 0.90x | 1.43x | 0.94x | 4.75x | 0.05x | 0.94x |
| Cash conversion | 3.39x | 7.97x | 2.02x | 2.44x | — | — | — | — | — | 3.39x |
How it compares in utilities
Among the 76 utilities companies here measured on GAAP earnings, Kinetik Holdings pays out less than 4 of them. The median for that group is 60.7%, against this company’s 117.5%.
Closest on GAAP earnings
- Firstenergy (FE) 100.6%
- Antero Midstream (AM) 105.9%
- TXNM Energy (TXNM) 111.5%
- Algonquin Power & Utilities (AQN) 118.2%
Same sector and same denominator, so the figures are comparable. All 80 in utilities →