KNTKKinetik Holdings Inc.
Natural Gas Transmission
- Revenue
- $1.8B
- 19% YoY
- Operating margin
- 9.3%
- 23% YoY
- EBITDA
- $548M
- 8.8% YoY
- Market cap
- $3.7B
- Employees
- 500
- $4M revenue each
- Net debt / EBITDA
- 7.0×
- $3.8B net debt
- AI in 10-K
- 0.4
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$4M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo115% of net incomeCash flow under 80% of net income
- Dilutive SBCNo4% of revenueOver 10% of revenue
- Payouts exceed cash flowNo61% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$4M · 73rd pctBottom quartile of its SIC industry
- Quiet on AIYes0.4 per 10K words · 19th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo7.0× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$3.7B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$448M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $662M | $1.2B | $1.3B | $1.5B | $1.8B | 19% |
| Operating income | $53M | $150M | $159M | $179M | $165M | 8.0% |
| Net income | $99M | $251M | $386M | $244M | $526M | 115% |
| Operating cash flow | $236M | $613M | $584M | $637M | $604M | 5.2% |
| Capex | $78M | $206M | $313M | $264M | $492M | 87% |
| Stock-based comp | $0 | $43M | $56M | $77M | $63M | 18% |
| Buybacks | $0 | $0 | $6M | $0 | $176M | |
| Dividends | $0 | $39M | $81M | $175M | $194M | 11% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Jan 12, 2022 | DEFM14A | New BCP Raptor Holdco, LLC | $6.00 | — |
| Nov 16, 2021 | PREM14A | New BCP Raptor Holdco, LLC | $6.00 | — |
| Oct 22, 2018 | DEFM14A | Kayne Anderson Sponsor, LLC | $10.09 | 100% |
| Aug 27, 2018 | PREM14A | Kayne Anderson Sponsor, LLC | $10.09 | 100% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 15, 2026 | ISQ Global Fund II GP LLC | SCHEDULE 13D/A | 15.8% | Passive |
| Sep 21, 2026 | ISQ Global Fund II GP LLC | SCHEDULE 13D/A | 18.4% | Passive |
| Aug 19, 2026 | ISQ Global Fund II GP LLC | SCHEDULE 13D/A | 18.9% | Passive |
| May 4, 2026 | ISQ Global Fund II GP LLC | SCHEDULE 13D/A | 21.9% | Passive |
| Mar 2, 2026 | ISQ Global Fund II GP LLC | SCHEDULE 13D/A | 23.1% | Passive |
| Jun 6, 2025 | ISQ Global Fund II GP LLC | SCHEDULE 13D/A | 27.5% | Passive |
| Mar 19, 2025 | ISQ Global Fund II GP LLC | SCHEDULE 13D/A | 32.5% | Passive |
| Mar 14, 2025 | ISQ Global Fund II GP LLC | SCHEDULE 13D/A | 34.4% | Passive |
| Mar 6, 2025 | ISQ Global Fund II GP LLC | SCHEDULE 13D/A | 34.4% | Passive |
| Mar 11, 2024 | ISQ Global Fund II GP LLC | SC 13D/A | 39.1% | Passive |
Insider trading
- Open-market buys, 12 mo
- $277K · 1
- Open-market sells, 12 mo
- $448M · 59
- Net
- −$448M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $6M | −$58M | 206 | 347 |
| FY2024 | $7M | $95M | 303 | 337 |
| FY2023 | — | — | 165 | 224 |
| FY2022 | $344K | $707K | 164 | 188 |
| FY2021 | $2M | $4M | 143 | 145 |