TakeoverPE & activists

KNTKKinetik Holdings Inc.

Natural Gas Transmission · $3.7B market cap · 500 employees

0.7×

Less likely than average to be taken private

Top 27% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

4of 15 firedHow well they predict deals →
11 other checks
  • High CEO pay despite TSRNo
    $4M median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    115% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    4% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    61% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    0% of assets
    Over 40% of assets
  • Shareholder dissentNo
    99% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $4M · 73rd pct
    Bottom quartile of its SIC industry
  • Net cashNo
    7.0× EBITDA net debt
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    —
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    —
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months

Deal filings

FiledFormAcquirerPricePremium
Jan 12, 2022DEFM14ANew BCP Raptor Holdco, LLC$6.00—
Nov 16, 2021PREM14ANew BCP Raptor Holdco, LLC$6.00—
Oct 22, 2018DEFM14AKayne Anderson Sponsor, LLC$10.09100%
Aug 27, 2018PREM14AKayne Anderson Sponsor, LLC$10.09100%

Key numbers

Revenue
$1.8BFY2021: $662MFY2022: $1.2BFY2023: $1.3BFY2024: $1.5BFY2025: $1.8B
19% YoY
Operating margin
9.3%FY2021: 8.1%FY2022: 12.4%FY2023: 12.7%FY2024: 12.1%FY2025: 9.3%
23% YoY
EBITDA
$548MFY2021: $297MFY2022: $411MFY2023: $440MFY2024: $503MFY2025: $548M
8.8% YoY
Net debt / EBITDA
7.0×
$3.8B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$662M$1.2B$1.3B$1.5B$1.8B 19% FY2021: $662MFY2022: $1.2BFY2023: $1.3BFY2024: $1.5BFY2025: $1.8B
Operating income$53M$150M$159M$179M$165M 8.0% FY2021: $53MFY2022: $150MFY2023: $159MFY2024: $179MFY2025: $165M
Net income$99M$251M$386M$244M$526M 115% FY2021: $99MFY2022: $251MFY2023: $386MFY2024: $244MFY2025: $526M
Operating cash flow$236M$613M$584M$637M$604M 5.2% FY2021: $236MFY2022: $613MFY2023: $584MFY2024: $637MFY2025: $604M
Capex$78M$206M$313M$264M$492M 87% FY2021: $78MFY2022: $206MFY2023: $313MFY2024: $264MFY2025: $492M
Stock-based comp$0$43M$56M$77M$63M 18% FY2021: $0FY2022: $43MFY2023: $56MFY2024: $77MFY2025: $63M
Buybacks$0$0$6M$0$176MFY2021: $0FY2022: $0FY2023: $6MFY2024: $0FY2025: $176M
Dividends$0$39M$81M$175M$194M 11% FY2021: $0FY2022: $39MFY2023: $81MFY2024: $175MFY2025: $194M

13D filers

FiledFilerFormStakeIntent
Oct 15, 2026ISQ Global Fund II GP LLCSCHEDULE 13D/A15.8%Passive
Sep 21, 2026ISQ Global Fund II GP LLCSCHEDULE 13D/A18.4%Passive
Aug 19, 2026ISQ Global Fund II GP LLCSCHEDULE 13D/A18.9%Passive
May 4, 2026ISQ Global Fund II GP LLCSCHEDULE 13D/A21.9%Passive
Mar 2, 2026ISQ Global Fund II GP LLCSCHEDULE 13D/A23.1%Passive
Jun 6, 2025ISQ Global Fund II GP LLCSCHEDULE 13D/A27.5%Passive
Mar 19, 2025ISQ Global Fund II GP LLCSCHEDULE 13D/A32.5%Passive
Mar 14, 2025ISQ Global Fund II GP LLCSCHEDULE 13D/A34.4%Passive
Mar 6, 2025ISQ Global Fund II GP LLCSCHEDULE 13D/A34.4%Passive
Mar 11, 2024ISQ Global Fund II GP LLCSC 13D/A39.1%Passive

Insider trading

−$448Mnet selling by insiders, open market, last 12 months
Bought $277K · 1 tradeSold $448M · 59 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$6M−$58M206347
FY2024$7M$95M303337
FY2023——165224
FY2022$344K$707K164188
FY2021$2M$4M143145