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KNF, Knife Riv Holding Co.

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 and contracting services.

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.

Through our network of 208 active aggregate sites, 135 ready-mix plants, 55 asphalt plants and 9 liquid asphalt terminals, we supply construction materials and contracting services to customers across 14 states.

Latest annual: FY2025 10-K

KNF · Knife Riv Holding Co.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$3.1B

+8.5% YoY · 9% 4-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $3.2B 5-yr avg $2.7B

Gross margin 18% 5-yr avg 17%

Operating margin 8.8% 5-yr avg 9.3%

ROIC 7% 5-yr avg 12%

Owner-earnings margin 4% 5-yr avg 5%

Free cash flow margin −0% 5-yr avg 2%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Gross margin has run about 18% and operating margin about 9.1% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. That margin has held in a narrow 7.7%–11% band over the years, so steadiness itself is the evidence — the lever is unit growth and cost discipline, not a moving line. Inventory runs near 13% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the commodity price and the cost position. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 13%). By owner earnings: roughly 4% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2021–2025

realized figures from each filing · older years to the left

2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
						Income statement
$2.2B	$2.5B	$2.8B	$2.9B	$3.1B	$3.2B	RevenueRevenue
16%	14%	19%	20%	18%	18%	Gross marginGross mgn
7%	7%	9%	9%	9%	9%	SG&A / revenueSG&A/rev
$191M	$194M	$296M	$316M	$286M	$282M	Operating incomeOp. inc.
8.6%	7.7%	10.5%	10.9%	9.1%	8.8%	Operating marginOp. mgn
$130M	$116M	$183M	$202M	$157M	$147M	Net incomeNet inc.
25%	27%	25%	26%	26%	26%	Effective tax rateTax rate
						Cash flow & returns
$181M	$207M	$336M	$322M	$278M	$345M	Operating cash flowOp. cash
$101M	$118M	$124M	$137M	$194M	$207M	DepreciationDeprec.
($51M)	($28M)	$26M	($24M)	($84M)	($20M)	Working capital & otherWC & other
$174M	$178M	$124M	$172M	$348M	$350M	CapexCapex
7.8%	7.0%	4.4%	5.9%	11.1%	10.9%	Capex / revenueCapex/rev
$80M	$90M	$211M	$185M	$85M	$138M	Owner earningsOwner earn.
3.6%	3.5%	7.5%	6.4%	2.7%	4.3%	Owner earnings marginOE mgn
$7M	$29M	$211M	$150M	($70M)	($5M)	Free cash flowFCF
0.3%	1.2%	7.5%	5.2%	−2.2%	−0.2%	Free cash flow marginFCF mgn
$235M	$0	$0	$131M	$610M	$341M	AcquisitionsAcquis.
15%	14%	13%	12%	8%	7%	ROICROIC
14%	11%	14%	14%	10%	9%	Return on equityROE
14%	11%	14%	14%	10%	9%	Retained to equityRetained/eq
						Balance sheet
$14M	$10M	$219M	$237M	$74M	$13M	Cash & investmentsCash+inv
—	$210M	$267M	$267M	$278M	$227M	ReceivablesReceiv.
—	$323M	$320M	$380M	$436M	$481M	InventoryInvent.
—	$87M	$108M	$141M	$146M	$131M	Accounts payablePayables
—	$446M	$479M	$507M	$568M	$576M	Operating working capitalOper. WC
—	$609M	$914M	$988M	$961M	$942M	Current assetsCur. assets
—	$517M	$347M	$370M	$378M	$352M	Current liabilitiesCur. liab.
—	1.2×	2.6×	2.7×	2.5×	2.7×	Current ratioCurr. ratio
$276M	$275M	$274M	$297M	$520M	$573M	GoodwillGoodwill
$2.2B	$2.3B	$2.6B	$2.9B	$3.7B	$3.8B	Total assetsAssets
—	$638K	$682M	$677M	$1.2B	$1.4B	Total debtDebt
—	($9M)	$462M	$441M	$1.1B	$1.4B	Net debt / (cash)Net debt
9.9×	6.5×	5.1×	5.7×	3.5×	3.2×	Interest coverageInt. cov.
$953M	$1.0B	$1.3B	$1.5B	$1.6B	$1.6B	Shareholders’ equityEquity
0.1%	0.1%	0.1%	0.3%	0.4%	0.4%	Stock comp / revenueSBC/rev
						Per share
56.6M	56.6M	56.7M	56.8M	56.9M	56.7M	Shares out (diluted)Shares
$39.40	$44.81	$49.95	$51.00	$55.30	$56.47	Revenue / shareRev/sh
$2.29	$2.05	$3.23	$3.55	$2.76	$2.59	EPS (diluted)EPS
$1.42	$1.58	$3.73	$3.26	$1.49	$2.43	Owner earnings / shareOE/sh
$0.12	$0.52	$3.73	$2.64	$-1.22	$-0.09	Free cash flow / shareFCF/sh
$3.08	$3.15	$2.19	$3.03	$6.12	$6.18	Cap. spending / shareCapex/sh
$16.84	$18.18	$22.34	$25.97	$28.84	$27.50	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	4-yr	5-yr
Revenue / share	+8.8%/yr	+8.8%/yr (4-yr)
Owner earnings / share	+1.2%/yr	+1.2%/yr (4-yr)
EPS	+4.7%/yr	+4.7%/yr (4-yr)
Capital spending / share	+18.7%/yr	+18.7%/yr (4-yr)
Book value / share	+14.4%/yr	+14.4%/yr (4-yr)

The record, charted

FY2021–2025

Each measure over its full record; the current point and the worst year marked.

Share count

57Mpeak FY2025

ROIC

8%low FY2025

Gross margin

18%low FY2022

Net debt ÷ owner earnings

12.9×peak FY2025

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$85Mowner earningsvs.$157Mnet incomelow FY2021

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2021FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $85M of owner earnings, the operating cash left after the $194M it takes just to hold its position. It put $154M more into growth; free cash flow, after that spending, was ($70M).

Reported net income$157M

Owner earnings$85M · 3% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$157M	$202M	$183M	$116M	$130M
Depreciation & amortizationnon-cash charge added back	+$194M	+$137M	+$124M	+$118M	+$101M
Stock-based compensationreal costnon-cash, but a real cost	+$11M	+$8M	+$3M	+$1M	+$2M
Working capital & othertiming of cash in and out, other non-cash items	−$84M	−$24M	+$26M	−$28M	−$51M
Cash from operations	$278M	$322M	$336M	$207M	$181M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$194M	−$137M	−$124M	−$118M	−$101M
Owner earnings	$85M	$185M	$211M	$90M	$80M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$154M	−$36M	—	−$60M	−$73M
Free cash flow	($70M)	$150M	$211M	$29M	$7M
Owner-earnings marginowner earnings ÷ revenue	3%	6%	7%	4%	4%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $194M, roughly its depreciation, the rate its assets wear out). The other $154M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $11M), owner earnings is nearer $73M.

Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 3.5×

Adequate

Operating income $286M ÷ interest expense $82M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? $1.1B · 3.8× operating profit

Meaningful net debt

Cash $74M − debt $1.2B

What this means
Netting $74M of cash and short-term investments against $1.2B of debt leaves $1.1B owed, about 3.8× a year's operating profit (4.1× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 73d

Long (60+ days)

DSO 32 + DIO 62 − DPO 21 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 13%

Solid through the cycle

5-yr median, range 8%–15%; 8% latest = NOPAT $211M ÷ invested capital $2.7B

Industry peers: median 7%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years (it ran 8% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 4%

Thin through the cycle

5-yr median margin, range 3%–7%; latest $85M = operating cash $278M − maintenance capex $194M

Industry peers: median 7%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 3% of revenue this year, a 4% median across 5 years. It chose to put $154M more into growth, so free cash flow this year was ($70M) — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $11M of SBC) leaves $73M.
Are earnings backed by cash? 1.77×

Cash-backed

Cash from ops $278M ÷ net income $157M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 1.80×

Expanding

Capex $348M ÷ depreciation $194M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $3.1B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.54×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $1.2B vs $583M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (5-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $3.18/share (latest year $2.77), the averaged base the calculator's gate runs on, and book value is $28.91/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2021–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 5 of 5

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 0 of 4 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 8% → 10% (2-yr avg ends)

In the filing’s words The filing claims pricing power in its strongest form — price raised, volume held — yet the margin here has not widened to match. The claim leads the record; weigh them together.

What this means
Through the cycle the operating margin widened — about 8% early to 10% lately, median 9% — pricing power intact or improving.
Reinvestment, incremental ROIC 9%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Owner earnings growth +12%/yr

What this means
Owner earnings grew about 12% a year over the record.
Worst year 2022 · 7.7% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +0.1%/yr

What this means
Roughly flat share count, little dilution, little buyback.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$942M

Cash & short-term investments$13M
Receivables$227M
Inventory$481M
Other current assets$221M

Current liabilities$352M

Debt due within a year$12M
Accounts payable$131M
Other current liabilities$209M

Current ratio2.67×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.31×stricter: inventory excluded

Cash ratio0.04×strictest: cash alone against what's due

Working capital$590Mthe cushion left after near-term bills

Debt due this year vs. cash$12M due · $13M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+16.0%the freshest read on whether the business is still growing

Current ratio, recent quarters2.5× → 2.7×

Deeper floors

Tangible book value$948Mequity stripped of goodwill & intangibles

Net current asset value($1.3B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$1.5B$50M of it operating leases

Deferred revenue$30Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2021–2025

Over the record, the business generated $1.3B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$997M · 75%
Retained (debt / cash)$328M · 25%

Net change in share count0.3%
The diluted count barely moved (57M to 57M): buybacks roughly offset the stock issued to staff.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained4%
Of the earnings it kept rather than paid out ($788M over the span), annual owner earnings (first three years vs last three) grew $33M, so each retained $1 added about 0.04 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 5-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$552M15% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity32%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$978Mover 5 years buying other businesses, against $997M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 5-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2023	Brian R. Gray	$5.0M	$6.5M	$211M
2024	Brian R. Gray	$6.9M	$11.3M	$185M
2025	Brian R. Gray	$5.8M	−$242k	$85M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio64:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$11M
The slice of the business handed to employees in shares this year, 0% of revenue, equal to 4% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Knife Riv Holding Co. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2021–2025.

None of the 4 tests turned up a mark; each came back clean. A clean panel says only that these particular ways of being wrong are not written into the record.

Each test came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did reported profit become cash?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Acquisitions, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Metals & Mining

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
VMCVulcan Materials Company	$7.9B	26%	18.3%	8%	11%
MLMMartin Marietta Materials Inc.	$6.2B	25%	19.1%	9%	13%
KNFKnife Riv Holding Co.	$3.1B	18%	9.1%	13%	4%
MDUMDU Resources Group, Inc.	$1.9B	—	9.9%	5%	-0%
HLHecla Mining Company	$1.4B	22%	10.0%	-0%	2%
CMPCompass Minerals Intl Inc	$1.2B	—	8.3%	4%	4%
LEUCentrus Energy Corp.	$449M	26%	11.0%	—	7%
USLMUnited States Lime & Minerals Inc.	$373M	30%	22.1%	21%	18%
Group median	—	25%	10.5%	8%	5%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Knife Riv Holding Co. has delivered.

Knife Riv Holding Co.’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Knife Riv Holding Co. earns about $113M on its 3.6% median owner-earnings margin. This year’s 2.7% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($113M) Net of stock comp (−$11M) Steady-state · maintenance capex ($151M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+12%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow ($5M) on 57M shares outstanding, per the 10-Q cover, as of 2026-04-30; net debt $1.4B. The base opens on the steady-state figure (the latest year is negative on total capex mid-build-out); clear Steady-state to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($350M) runs well above depreciation ($207M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $151M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh KNF against another business →

The owners of KNF: the meeting and the votes →

Cite: Owner Scorecard, "Knife Riv Holding Co. (KNF), the owner's record," https://ownerscorecard.com/c/KNF, data as of 2026-07-09.

Manual order: ← KN its page in the Manual KNSA →

Industry order: ← KALU the Metals & Mining chapter LEU →