Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Knife River Corp.KNF · other | |
|---|---|
| Grade |  B/Con the B/C boundary of 336 graded peers; percentile 40.6, sampling error 2.6 points; lower is stronger |
| Rank | 137 of 336 |
| Profitability | C/Dpercentile 62.0 |
| Solvency | Bpercentile 31.2 |
| Growth and financing | B/Cpercentile 39.6 |
| Reliability | 0.94 AUCfailure model, filers with over $2.67B assets; 95% interval 0.88 to 0.97; 61 events, 2020 to 2025 |
| Peer failure rate | 0.52% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | over $2.67B assetstotal assets $3.7B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: distress |
| Inputs computable | 8 of 14 |
| Graded from | filings received through Feb 20, 2026231 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $52.282026-10-08; market equity $3.0B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 20, 2026; the document on sec.gov.
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-added downstream products (ready-mix concrete and asphalt) and contracting services (asphalt paving, heavy-civil construction, concrete construction, site development and grading services, and in some segments the manufacturing of prestressed concrete products).
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 62.0 | |||||||
| Gross profitability | 15.8% | [1,3] | 27.1% | 70.1 | 289 | 2025-12-31 | |
| Return on invested capital | 9.1% | [4-12] | 10.0% | 50.7 | 151 | 2025-12-31 | |
| Accruals ratio | (3.7%) | [1,13-15] | (5.9%) | 65.1 | 506 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 2.2 pts | |||||
| five annual gross margins are required; found 3 | |||||||
| Solvency, sleeve percentile 31.2 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | 3.35 | [1,4,8,16-19] | 2.05 | 28.3 | 386 | 2025-12-31 | |
| Net debt to EBITDA | 2.28x | [4,7,9,20] | 2.52x | 45.9 | 184 | 2025-12-31 | |
| Interest coverage | not computable | 2.18x | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 2.54x | [16-17] | 1.32x | 19.4 | 506 | 2025-12-31 | |
| Growth and financing, sleeve percentile 39.6 | |||||||
| Revenue growth, three-year compound | not computable | 5.1% | |||||
| four annual observations are required; found 3 | |||||||
| Free cash flow growth, three-year compound | not computable | 8.7% | |||||
| four consecutive annual FCF observations are required; found 3 | |||||||
| Reinvestment rate | 56.8% | [4-6,16-17,20-23] | 11.9% | 29.6 | 190 | 2025-12-31 | |
| Asset growth, three years | not computable | 4.1% | |||||
| four annual observations are required; found 3 | |||||||
| Net share issuance, one year | 0.09% | [24-25] | (0.4%) | 49.6 | 356 | 2026-02-12 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite -0.125; sampling error 2.6 percentile points on 336 peers.
Among 336 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 132 | VSE Corp. (VSEC) VSE Corp. (VSEC) B/Con the B/C boundary; percentile 39.3 Nasdaq · Services-Engineering Services last close $170.14 No active warnings; 8 of 14 inputs | 39.3 | B/C | |
| 133 | VSE Corp. (VSECU) VSE Corp. (VSECU) B/Con the B/C boundary; percentile 39.3 Nasdaq · Services-Engineering Services last close $43.81 No active warnings; 8 of 14 inputs | 39.3 | B/C | |
| 134 | Fluor Corp. (FLR) Fluor Corp. (FLR) B/Con the B/C boundary; percentile 39.7 NYSE · Heavy Construction Other Than Bldg Const - Contractors market equity $6.8B; last close $51.01 No active warnings; 7 of 14 inputs | 39.7 | B/C | |
| 135 | Tetra Tech Inc. (TTEK) Tetra Tech Inc. (TTEK) B/Con the B/C boundary; percentile 40.0 Nasdaq · Services-Engineering Services market equity $8.6B; last close $33.39 No active warnings; 9 of 14 inputs | 40.0 | B/C | |
| 136 | Energy Services of America Corp. (ESOA) Energy Services of America Corp. (ESOA) B/Con the B/C boundary; percentile 40.3 Nasdaq · Water, Sewer, Pipeline, Comm & Power Line Construction market equity $195.2M; last close $10.46 Warnings: late filer; 10 of 14 inputs | 40.3 | B/C | late filer |
| 137 | Knife River Corp. (KNF) Knife River Corp. (KNF) B/Con the B/C boundary; percentile 40.6 NYSE · Mining & Quarrying of Nonmetallic Minerals (No Fuels) market equity $3.0B; last close $52.28 No active warnings; 8 of 14 inputs | 40.6 | B/C | |
| 138 | Waste Management Inc. (WM) Waste Management Inc. (WM) B/Con the B/C boundary; percentile 40.9 NYSE · Refuse Systems market equity $84.0B; last close $210.01 No active warnings; 12 of 14 inputs | 40.9 | B/C | |
| 139 | Zillow Group, Inc. (Z) Zillow Group, Inc. (Z) B/Con the B/C boundary; percentile 41.3 Nasdaq · Services-Business Services, NEC last close $29.18 No active warnings; 8 of 14 inputs | 41.3 | B/C | |
| 140 | Zillow Group, Inc. (ZG) Zillow Group, Inc. (ZG) B/Con the B/C boundary; percentile 41.3 Nasdaq · Services-Business Services, NEC last close $29.51 No active warnings; 8 of 14 inputs | 41.3 | B/C | |
| 141 | Bristow Group Inc. (VTOL) Bristow Group Inc. (VTOL) B/Con the B/C boundary; percentile 41.8 NYSE · Air Transportation, Nonscheduled market equity $1.2B; last close $40.70 No active warnings; 8 of 14 inputs | 41.8 | B/C | |
| 142 | Graham Holdings Co. (GHC) Graham Holdings Co. (GHC) B/Con the B/C boundary; percentile 42.1 NYSE · Services-Educational Services last close $1,185.15 No active warnings; 7 of 14 inputs | 42.1 | B/C |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | B/C | 40.1 | 2204 |
| sector peers, equal sleeves (the grade) | B/C | 40.6 | 336 |
| same exchange, equal sleeves | C | 44.3 | 984 |
| sector peers, equal inputs | B/C | 41.8 | 336 |
Each letter is one fifth of the 336 graded peers, about 67 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (18.4%) | 2.0% | 29 | hotter than 29 of 100 peers |
| Distance from 52-week high | (44.4%) | (26.8%) | 25 | closer to its high than 25 of 100 peers |
| EBIT to enterprise value | 6.3% | 4.4% | 70 | pricier than 30 of 100 peers |
| Free cash flow yield | (2.3%) | 4.1% | 20 | pricier than 80 of 100 peers |
| Book value to price | 0.54 | 0.34 | 70 | pricier than 30 of 100 peers |
| Sales to price | 1.06 | 0.70 | 62 | pricier than 38 of 100 peers |
| Composite equity issuance, five years | not computable | (8.8%) | a share count from five years earlier is required | |
| Relative strength against the sector, log excess return | (0.35) | (0.13) | 29 | ahead of 29 of 100 peers |
Inputs: market equity $3.0B; EBIT $285.9M; free cash flow -$69.6M; book equity $1.6B; sales $3.1B; debt $1.6B; cash $40.7M[26].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 3 of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 5.5% | ✓ pass[13,15] |
| Operating cash flow above zero | $278.5M | ✓ pass[14] |
| Return on assets improved | (2.2 pts) | ✗ fail[13,15,27-28] |
| Operating cash flow exceeds net income | $121.4M | ✓ pass[13-14] |
| Long-term leverage fell | 11.0 pts | ✗ fail[1,15,28-30] |
| Current ratio improved | (12.7 pts) | ✗ fail[16-17,22-23] |
| No new shares issued | 0.1% | ✗ fail[24-25] |
| Gross margin improved | (1.3 pts) | ✗ fail[2-3,31-32] |
| Asset turnover improved | (1.2 pts) | ✗ fail[2,15,28,32] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $40.7M[33] |
| Operating cash flow, four quarters | $312.7M[14,33-37] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 66 |
| 10-Q received Aug 4, 2026 | |
| Median daily dollar volume | $47.0M |
| 63 sessions | |
| Days since newest grade input | 231 |
Downloads [top]
|
Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $3.7B | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:Revenues | $3.1B | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $577.3M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 4 | operating income | us-gaap:OperatingIncomeLoss | $285.9M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 5 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $213.2M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 6 | income tax | us-gaap:IncomeTaxExpenseBenefit | $56.1M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 7 | total debt | us-gaap:LongTermDebt | $1.2B | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 8 | book equity | us-gaap:StockholdersEquity | $1.6B | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 9 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $73.8M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 10 | total debt | us-gaap:LongTermDebt | $677.4M | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 11 | book equity | us-gaap:StockholdersEquity | $1.5B | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 12 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $236.8M | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 13 | net income | us-gaap:NetIncomeLoss | $157.1M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 14 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $278.5M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 15 | assets | us-gaap:Assets | $2.9B | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 16 | current assets | us-gaap:AssetsCurrent | $960.9M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 17 | current liabilities | us-gaap:LiabilitiesCurrent | $378.0M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 18 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $1.0B | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 19 | liabilities | us-gaap:Liabilities | $2.0B | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 20 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $193.7M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 21 | capital expenditure | us-gaap:PaymentsToAcquireProductiveAssets | $348.0M | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 22 | current assets | us-gaap:AssetsCurrent | $987.7M | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 23 | current liabilities | us-gaap:LiabilitiesCurrent | $370.0M | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 24 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 56,664,165 | 2026-02-12 | 2026-02-20 | 10-K | filing · viewer · series |
| 25 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 56,612,705 | 2025-02-13 | 2025-02-21 | 10-K | filing · viewer · series |
| 26 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 56,763,420 | 2026-07-30 | 2026-08-04 | 10-Q | filing · viewer · series |
| 27 | net income | us-gaap:NetIncomeLoss | $201.7M | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 28 | assets | us-gaap:Assets | $2.6B | 2023-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 29 | long term debt | us-gaap:LongTermDebtNoncurrent | $1.2B | 2025-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 30 | long term debt | us-gaap:LongTermDebtNoncurrent | $666.9M | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 31 | gross profit | us-gaap:GrossProfit | $569.8M | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 32 | revenue | us-gaap:Revenues | $2.9B | 2024-12-31 | 2026-02-20 | 10-K | filing · viewer · series |
| 33 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $40.7M | 2026-06-30 | 2026-08-04 | 10-Q | filing · viewer · series |
| 34 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$133.6M | 2026-06-30 | 2026-08-04 | 10-Q | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$58.5M | 2026-03-31 | 2026-05-05 | 10-Q | filing · viewer · series |
| 36 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $82.6M | 2025-09-30 | 2025-11-05 | 10-Q | filing · viewer · series |
| 37 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$167.8M | 2025-06-30 | 2026-08-04 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 40.6 is 0.6 points from the nearest band edge; sampling error is 2.6 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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