Knife Riv Holding Co. (KNF) Stock Price & How to Invest
Last updated July 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, and the debate as of August 2026 is whether pricing gains can outrun the margin drag from its lower-quality contracting and energy-exposed lines.
KNF stock price
As of 2026-08-04, Knife Riv Holding Co. (KNF) last closed at $69.51, down 19.2% over the past year. Over the past 52 weeks it has traded between $59.93 and $94.57.
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 August 2026 is a split screen. 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 actually slipped about 1 percent year over year, EPS of about $0.77 missed the roughly $1.13 consensus, and the stock fell about 12 percent on the print to around $70. Management pointed to energy costs, delayed impact projects and the mix and timing of contracting services work, and it kept full-year guidance of roughly $3.3 to $3.5 billion in revenue and $520 to $560 million in adjusted EBITDA, saying results are trending toward the upper half. The counterweight is the balance sheet: net leverage sat near 3.2 times against a stated long-term target closer to 2.5 times, after a run of acquisitions, and free cash flow has been negative on a trailing basis as capital goes into reserve expansion and deals.
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, and the second quarter of 2026 showed how project timing and mix in that line can offset a strong quarter in aggregates.
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.
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, giving reasonable visibility into the remaining 2026 construction season. The Infrastructure Investment and Jobs Act authorization runs through September 30, 2026, and Congress has been working a multi-year surface transportation reauthorization, so the shape and timing of that bill is a live variable for 2027 bidding.
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. Leverage near 3.2 times net is elevated for a cyclical materials business, free cash flow has been negative on a trailing basis, 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, which makes any single quarter a poor read on the year. Energy and diesel prices flow straight into asphalt, hauling and plant costs, and management flagged them as a 2026 margin headwind. 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?
9 analysts publish price targets on KNF, averaging $103.33 against a $69.51 price as of August 2026, or +48.7%. The published targets run from $81.00 to $119.00, a moderate spread, and the ratings split 6 buy, 2 hold, 1 sell. Over the last six months there have been 7 raises and 2 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, $119.00, 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, $81.00, 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.
How is Knife Riv Holding Co. (KNF) valued? (approximate, August 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 ~$0.77 vs ~$1.13 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 (reaffirmed, trending to upper half)
- Market cap / P/E: ~$3.95B at ~$70 per share, ~28x trailing earnings (EPS ~$2.45)
- Balance sheet: ~$1.6B gross debt, ~$40.7M cash, net leverage ~3.2x vs a ~2.5x long-term target; no dividend
The August 4, 2026 second quarter print is what set the current price: revenue beat but earnings missed by a wide margin, and the shares fell roughly 12 percent to around $70, near the lower half of a 52-week range of about $59 to $96. At that price the stock trades near 28 times trailing earnings and roughly 10 to 11 times enterprise value to EBITDA on 2026 guidance, which is a discount to the multiples large pure-play aggregates producers typically command. The gap reflects the contracting services mix, the leverage, and a trailing free cash flow figure that has been negative while capital goes into reserves and acquisitions.
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.
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, priced at roughly 28 times trailing earnings while carrying acquisition debt and a contracting arm that just proved it can swallow a good quarter of aggregates results.
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 came in slightly ahead of estimates and rose about 13 percent, but EPS of roughly $0.77 missed a consensus near $1.13 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 about 12 percent to around $70.
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 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 $1.6 billion of gross 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 runs 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 is already backed by a record $1.2 billion backlog.
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.
What should someone watch in Knife River's next few reports?
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Four things: aggregates average selling price and volumes (the profit engine), contracting services margin and how the record $1.2 billion backlog converts, net leverage moving back toward 2.5 times, and whether full-year adjusted EBITDA lands in the upper half of the $520 to $560 million guided range as management indicated. Free cash flow turning positive again would also address one of the clearer weak spots in the recent numbers.
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.