Knife Riv Holding Co. (KNF) Stock Price & How to Invest
Last updated October 2026
Short answer
Knife River (NYSE: KNF) is a vertically integrated aggregates and construction materials company that sells crushed stone, sand and gravel across 14 mostly western and midwestern states, then converts about a third of it into ready-mix concrete, asphalt and paving work. It is generally treated as a rock-reserve and pricing story tied to state and federal road budgets. As of October 2026 the debate has sharpened: the stock is down about 30 percent year to date, activist investor Starboard Value has taken a position and is demanding a plan for higher margins or a look at strategic alternatives, and analysts are cutting targets over diesel and input costs in the contracting business.
KNF stock price
As of 2026-11-03, Knife Riv Holding Co. (KNF) last closed at $59.65, down 2.4% over the past year. Over the past 52 weeks it has traded between $47.98 and $93.97.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Knife Riv Holding Co.'s investor relations page. Walnut is informational, not investment advice.
What does Knife Riv Holding Co. (KNF) do?
Knife River Corporation was spun out of MDU Resources in May 2023 and now trades as a standalone construction materials company. It owns roughly 1.1 to 1.3 billion tons of permitted aggregate reserves across a network of about 200 active aggregate sites, 135 ready-mix plants, 55 asphalt plants and 9 liquid asphalt terminals in 14 states. Around 35 percent of the aggregates it digs get consumed internally, feeding ready-mix concrete, asphalt, asphalt paving, heavy civil construction and site development. That vertical structure is the whole point of the model: aggregates are heavy and expensive to haul, so a quarry effectively owns the demand inside a 30 to 50 mile radius, and the downstream products capture a second margin on the same ton. The company reports in five segments (Pacific, Northwest, Mountain, Central and Energy Services) and deliberately targets mid-size, higher-growth markets rather than competing head-on for the largest metros.
The investment picture in October 2026 is a split screen that has turned into a fight. Trailing twelve month revenue is roughly $3.31 billion, up about 12 percent, and the aggregates line is doing what it is supposed to do: second quarter volumes of about 10 million tons rose roughly 14 percent and average selling price rose to about $19.41 per ton. But second quarter adjusted EBITDA of about $139.7 million slipped about 1 percent year over year, EPS of about $0.73 missed the roughly $1.14 consensus, and management pointed to energy costs, delayed impact projects and the mix and timing of contracting services work while keeping full-year guidance of roughly $3.3 to $3.5 billion in revenue and $520 to $560 million in adjusted EBITDA. The shares kept falling after the print, from around $70 to about $50.55 on October 16, 2026, near the bottom of a 52-week range of about $48 to $96. On September 24, 2026 Starboard Value disclosed a position, called returns unacceptable, and asked the company for a credible plan to reach at least 22 percent adjusted EBITDA margin by fiscal 2029 or to consider strategic alternatives; Knife River said it would engage. On October 9 RBC downgraded the stock to sector perform and cut its target to $58 from $103, citing diesel costs up about 40 percent since early July, fewer public bid lettings and delayed projects. Net leverage sat near 3.2 times at mid-year against a stated long-term target closer to 2.5 times, and free cash flow has been slightly negative on a trailing basis.
What's driving Knife Riv Holding Co. (KNF)?
1. Aggregates pricing and the reserve base
Aggregates are the profit engine and the reason the rest of the business exists. Average selling price reached about $19.41 per ton in the second quarter of 2026, up roughly 3 percent reported and about 8 percent on a product mix adjusted basis, on volumes near 10 million tons. With a reserve base of roughly 1.1 to 1.3 billion tons and permitting that is slow and contested almost everywhere, existing quarries function as local franchises where price increases tend to hold through a cycle.
2. Vertical integration into ready-mix, asphalt and paving
About 35 percent of aggregate production is consumed internally rather than sold to third parties, which lets Knife River earn a second margin on the same ton through ready-mix concrete, asphalt and contracting work. The same structure cuts both ways: contracting services carry thinner and lumpier margins, the second quarter of 2026 showed how project timing and mix in that line can offset a strong quarter in aggregates, and RBC expects second-half contracting margins of only about 9 to 10 percent as diesel and input costs bite.
3. Acquisitions in fragmented mid-size markets
The stated strategy is to be the acquirer of choice for family-owned aggregates and ready-mix operators in mid-size markets that the largest producers tend to skip. Three deals closed in 2026 alone, including Morgan Asphalt in Salt Lake City and Donaldson Brothers Ready Mix, plus an aggregates and ready-mix business in Montana. This is the main growth lever, and it is also why net leverage climbed to about 3.2 times against a roughly 2.5 times long-term target, with total debt near $1.67 billion.
4. Public infrastructure funding and backlog
Public work drives a large share of demand, so state DOT budgets and federal highway authorization matter directly. Contracting services backlog hit a record of roughly $1.2 billion at mid-year, giving visibility into the 2026 construction season. The Infrastructure Investment and Jobs Act authorization ran through September 30, 2026, and Congress has been working a multi-year surface transportation reauthorization; fewer public bid lettings in late 2026 are one of the headwinds analysts now cite, so the shape and timing of that bill is a live variable for 2027 bidding.
5. Starboard and the margin question
Starboard Value's September 2026 campaign puts a number on the gap between Knife River and larger aggregates peers: it wants a credible path to at least 22 percent adjusted EBITDA margin by fiscal 2029, or a board review of strategic alternatives, which typically include a sale. The company defended its management and strategy but agreed to engage. How that plays out, through cost targets, portfolio changes in contracting, board seats or a sale process, is now part of the equity story alongside the quarterly numbers.
What are the risks to Knife Riv Holding Co. (KNF)?
Contracting services is the weak link: it is lower margin, dependent on project timing, and it was the stated reason the second quarter of 2026 produced a large EPS miss despite double-digit revenue growth. Diesel prices rose about 40 percent between early July and October 2026, which flows straight into asphalt, hauling and plant costs and may reduce late-season contract volumes. Leverage near 3.2 times net is elevated for a cyclical materials business, trailing free cash flow is slightly negative, and the company pays no dividend, so shareholders are relying entirely on reinvestment and acquisition returns. The business is intensely seasonal and weather dependent, with first quarters routinely running at a loss and most profit compressed into the middle of the year. Activist involvement can bring distraction and uncertainty as well as change, and RBC said it may weigh on the shares. Finally, demand is tied to public budgets and to residential and commercial construction, so a delay in federal highway reauthorization, a state budget squeeze or a construction slowdown would hit volumes and pricing at the same time.
What is the Knife Riv Holding Co. (KNF) forecast?
10 analysts publish price targets on KNF, averaging $73.20 against a $58.38 price as of November 2026, or +25.4%. The published targets run from $54.00 to $118.00, a wide spread, and the ratings split 6 buy, 2 hold, 1 sell. Over the last six months there has been 1 raise and 11 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.
Read the full KNF forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.
Is KNF a buy or a sell?
We give no verdict on Knife Riv Holding Co.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Aggregates pricing and the reserve base. Aggregates are the profit engine and the reason the rest of the business exists. The most optimistic published target, $118.00, assumes this works close to its best case.
The case against. Contracting services is the weak link: it is lower margin, dependent on project timing, and it was the stated reason the second quarter of 2026 produced a large EPS miss despite double-digit revenue growth. The most pessimistic target, $54.00, is roughly what KNF is worth if this bites instead.
Read the full bull and bear case on KNF, including what would have to change to break either one. Walnut is not an investment adviser.
Has Knife Riv Holding Co. (KNF) split its stock?
No. Knife Riv Holding Co. (KNF) has not split its stock in the last 10 years. That is a statement about the window we check rather than about the company’s entire history, so an older split is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.
How is Knife Riv Holding Co. (KNF) valued? (approximate, October 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Knife Riv Holding Co.'s investor relations page or your broker.
- Revenue (TTM): ~$3.31B, up ~12% year over year
- Q2 2026 revenue: ~$938.6M, up ~13%; EPS ~$0.73 vs ~$1.14 consensus
- Adjusted EBITDA (Q2 2026): ~$139.7M, down ~1% year over year
- 2026 guidance: ~$3.3B to $3.5B revenue, ~$520M to $560M adjusted EBITDA (as reaffirmed in August)
- Market cap / P/E: ~$2.87B at ~$50.55 per share, ~21x trailing, ~16x forward
- Margins (TTM): ~18% gross, ~9% operating, ~4% net
- Balance sheet: ~$1.67B debt, ~$40.7M cash, net leverage ~3.2x at mid-year vs a ~2.5x target; no dividend
The stock has fallen about 30 percent in 2026 and about 36 percent in three months, from around $70 after the August print to about $50.55, near its 52-week low. At that price it trades near 21 times trailing earnings, about 16 times forward and roughly 9 times enterprise value to EBITDA, a wide discount to large pure-play aggregates producers that Starboard has seized on. Third quarter results, the seasonal peak, are due November 3, 2026, with consensus near $2.56 of EPS on about $1.3 billion of revenue, and will show whether diesel and contracting pressure forced any change to full-year guidance.
Who competes with Knife Riv Holding Co. (KNF)?
Large public aggregates producers
Vulcan Materials (VMC), Martin Marietta (MLM), CRH, Heidelberg Materials and Arcosa (ACA) compete for the same reserves, the same acquisition targets and the same public infrastructure work. They are larger, generally carry higher aggregates mix and richer margins, and trade at higher multiples. Knife River's stated answer is to concentrate on mid-size markets where these players are less dense; they are also the most obvious strategic buyers if a sale process ever emerged.
Heavy civil and paving contractors
Construction Partners (ROAD) is the closest analogue, a vertically integrated aggregates-and-paving roll-up operating in the southeast. Granite Construction (GVA), Sterling Infrastructure (STRL) and Tutor Perini bid against Knife River's contracting services segment on highway, site development and heavy civil projects, which is where pricing discipline is hardest to hold.
Private regional and family-owned operators
Most of the US aggregates and ready-mix market is still local, private and family owned. These firms are simultaneously Knife River's day-to-day competitors in individual markets and its acquisition pipeline, which is why the company frames itself as the acquirer of choice on cultural fit rather than purely on price.
What stocks are similar to Knife Riv Holding Co. (KNF)?
Other names that sit close to KNF: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Knife Riv Holding Co. (KNF)
There are three common ways to get KNF exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so KNF sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where KNF fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Knife Riv Holding Co. (KNF)
KNF is a real, cash-generating aggregates business with durable local pricing power, now priced near $51 and about 16 times forward earnings after a 36 percent three-month slide, while carrying acquisition debt, a contracting arm that keeps swallowing good aggregates quarters, and an activist pushing for change.
More on Knife Riv Holding Co. (KNF)
Whether KNF is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is KNF a buy or a sell?, and where the stock could go from here in the KNF stock forecast.
For income investors, whether KNF pays a dividend and how the payout looks is covered in does KNF pay a dividend? And to weigh KNF against a peer, read the full side-by-side comparisons: KNF vs VMC and KNF vs MLM.
Wondering how KNF fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Knife Riv Holding Co. with AI
Connect the broker you already use and ask Walnut's AI how KNF fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What does Knife River Corporation actually do?
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It mines and sells construction aggregates (crushed stone, sand and gravel) and converts roughly 35 percent of that output into ready-mix concrete, asphalt and finished construction work such as asphalt paving, heavy civil construction and site development. It operates around 200 active aggregate sites, 135 ready-mix plants, 55 asphalt plants and 9 liquid asphalt terminals across 14 states, organized into five segments: Pacific, Northwest, Mountain, Central and Energy Services.
Why did KNF stock drop sharply in August 2026?
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Knife River reported second quarter 2026 results on August 4, 2026. Revenue of about $938.6 million rose about 13 percent, but EPS of roughly $0.73 missed a consensus near $1.14 and adjusted EBITDA of about $139.7 million was down roughly 1 percent year over year. Management cited energy costs, delayed impact projects and the mix and timing of contracting services work. The shares fell to around $70, and kept sliding into October to about $50 as diesel costs rose and analysts cut targets.
Does Knife River pay a dividend?
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No. Knife River has paid no dividend since its 2023 spin-off from MDU Resources, and its trailing dividend yield is zero. Cash is directed toward acquisitions, reserve expansion, plant investment and reducing net leverage back toward the company's stated long-term target of about 2.5 times. Anyone screening for income will not find it here; the return case rests entirely on reinvestment and share price.
How seasonal is the business?
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Very. Construction materials demand follows the construction season, so Knife River routinely posts a loss in the first quarter and concentrates most of its earnings in the second and third quarters. First quarter 2026 revenue was roughly $410 million with a net loss of about $79 million, against second quarter revenue of about $939 million. Comparing consecutive quarters is misleading; year-over-year comparisons and full-year guidance are the more useful frame.
How much debt does Knife River carry?
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As of June 30, 2026 the company reported roughly $1.67 billion of debt against about $40.7 million of unrestricted cash, putting net leverage near 3.2 times. That is above management's stated long-term goal of roughly 2.5 times and reflects a run of acquisitions, including three deals closed in 2026. Deleveraging progress is one of the clearer things to track in coming quarters, since it constrains further M&A.
How does federal infrastructure funding affect KNF?
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Public work is a major share of demand, so state DOT budgets and federal highway authorization feed directly into volumes and backlog. The Infrastructure Investment and Jobs Act authorization ran through September 30, 2026, and Congress has been advancing a multi-year surface transportation reauthorization, with a House bill in the range of $580 billion over five years under consideration. The size and timing of that bill affects 2027 and later bidding more than 2026, which entered the season backed by a record $1.2 billion backlog; analysts have noted fewer public bid lettings late in 2026.
How does Knife River compare with Vulcan Materials and Martin Marietta?
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Vulcan and Martin Marietta are substantially larger, run higher pure-aggregates mixes, post higher margins and trade at higher multiples. Knife River is smaller, more exposed to lower-margin contracting services, more geographically concentrated in western and midwestern states, and focused on mid-size markets. That mix difference explains both the valuation discount and the wider swing in quarterly results, and it is the gap Starboard's 22 percent margin target is aimed at.
What should someone watch in Knife River's next few reports?
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Five things: aggregates average selling price and volumes (the profit engine), contracting services margin as diesel costs rise, net leverage moving back toward 2.5 times, whether full-year adjusted EBITDA still lands within the $520 to $560 million guided range at the November 3, 2026 third quarter report, and any plan or board response that comes out of talks with Starboard. Free cash flow turning positive again would also address one of the clearer weak spots in the recent numbers.
What does Starboard Value want from Knife River?
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Starboard disclosed a position on September 24, 2026, describing Knife River as an exceptional business that has failed to realize its potential and calling its returns unacceptable. It asked for a credible plan to reach at least 22 percent adjusted EBITDA margin by fiscal 2029, and if that is not possible, for the board to consider strategic alternatives. Knife River said it would engage with Starboard while defending its management team and strategy; the stock rose 3.8 percent that day.
How has KNF stock performed in 2026?
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As of October 16, 2026, KNF closed at about $50.55, down about 30 percent year to date, about 23 percent over one year and about 36 percent over the prior three months, close to its 52-week low of about $47.79. Several analysts cut price targets in September and October, including RBC to $58 from $103 and B. Riley to $65 from $105, though the average target was still about $77.50.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Knife Riv Holding Co.'s investor relations page or your broker before making investment decisions.