Does KINETIK HOLDINGS INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores KINETIK HOLDINGS INC. (KNTK) 22.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 23, returns on capital 0, balance-sheet safety 0, capital discipline 80.

Is KNTK stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 2% assumed growth, capped at 4%), estimated intrinsic value is $38.67 per share versus a recent price of $50.28 — 30% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has KNTK's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 22.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

KINETIK HOLDINGS INC.

KNTK · Utilities · $3.2B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power23

Median gross margin 29.7% over 3y, variable.

Returns on capital0

Median ROIC -67.9%, above the 9% hurdle in 0% of years.

Balance-sheet safety0

Net debt/EBITDA 7.0x, interest coverage 1x.

Capital discipline80

Owner earnings +53.4%/yr, share count n/a.

Margin of safety

Above valueOn sale

30% above value

Owner earnings (normalized): $178.3M
Est. intrinsic value / share: $38.67
Recent price: $50.28
Discount to value: 30% above value

Conservative model: 9% discount rate, 2% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

10 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $15.1M (FY2017) to $1.8B (FY2025) — about 81.3% a year compounded over 8 years.

It earned 4.6% on invested capital in FY2025, with a median of −67.9% across 4 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $3.8B of total debt in FY2025 against $178.3M of owner earnings — roughly 21.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 0/100.

The share count has held roughly flat between FY2017 and FY2025. Capital Discipline scores it 80/100.

Put together: Capital Discipline is the strongest of the four filters (80/100) and Returns on Capital the weakest (0/100), which is how KNTK lands at 23/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.8B FY2025

Gross marginRevenue kept after cost of goods58.9% FY2019

Return on invested capitalOperating profit on the capital employed4.6% FY2025

Owner earningsCash an owner could take out$178.3M FY2025

Gaps in a line mean that item isn’t in KNTK’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale22.9 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — KNTK has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Utilities context

#37 of 48 scored Utilities companies, ranked by Moat Score.

Nearest peers by Moat Score

#35CLNE CLEAN ENERGY FUELS CORP.28.2 out of 100, No moatNo moat
#36TXNM TXNM Energy, Inc.23.2 out of 100, No moatNo moat
#38ORA ORMAT TECHNOLOGIES, INC.22.5 out of 100, No moatNo moat
#39SWX Southwest Gas Holdings, Inc.22.5 out of 100, No moatNo moat

Compare KNTK with its nearest peers →All Utilities companies on the Index →

Common questions about KNTK

Does KINETIK HOLDINGS INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores KINETIK HOLDINGS INC. (KNTK) 22.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 23, returns on capital 0, balance-sheet safety 0, capital discipline 80.
Is KNTK stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 2% assumed growth, capped at 4%), estimated intrinsic value is $38.67 per share versus a recent price of $50.28 — 30% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has KNTK's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 22.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell KNTK. See the disclaimer.