Knife River Corporation (KNF) Balance Sheet

NYSE: KNFAssets, liabilities, debt and equity over 5 years.

KNF balance sheet, 2025

December 31, 2025 · U.S. dollars

$3.65B assets = $2.01B liabilities + $1.64B equity

Both columns are drawn to the same scale: what KNF owns equals what it owes plus shareholders’ equity. Hover a block for its value.

KNF financial health

Current ratio2.54

Comfortable · current assets cover current liabilities 2.54×

Debt / equity0.74

Moderate leverage · $0.74 of debt for each $1 of equity

Equity / assets45.0%

Equity-funded · of assets funded by shareholders

Cash / debt10.1%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles15.1%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

KNF balance sheet trends, 2021–2025

Knife River Corporation balance sheet trends
Metric	Then	Latest	Change
Total assets	$2.18B2021	$3.65B2025	+13.7%/yr
Total liabilities	$1.23B2021	$2.01B2025	+13.1%/yr
Shareholders’ equity	$952.8M2021	$1.64B2025	+14.6%/yr
Cash & short-term investments	$13.8M2021	$123.4M2025	+72.8%/yr
Total debt	$734.5M2021	$1.22B2025	+13.5%/yr
Net cash (debt)	−$720.7M2021	−$1.09B2025	−$374.0M
Working capital	$185.4M2021	$582.9M2025	+$397.5M
Book value per share	$16.842021	$28.842025	+14.4%/yr
Current ratio	1.522021	2.542025	+1.02
Debt / equity	0.772021	0.742025	−0.03
Shares outstanding	56.6M2021	56.9M2025	+0.1%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

KNF assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

KNF liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

KNF debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

KNF balance sheet

Knife River Corporation annual balance sheet
	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	$123.4M	$281.1M	$262.3M	$10.1M	$13.8M
Cash & equivalents	$123.4M	$281.1M	$262.3M	$10.1M	$13.8M
Receivables	$278.0M	$267.2M	$266.8M	$226.2M	$196.7M
Inventory	$435.7M	$380.3M	$319.6M	$323.3M	$291.4M
Other current assets	$123.8M	$59.0M	$64.8M	$49.0M	$40.6M
Total current assets	$960.9M	$987.7M	$913.5M	$608.6M	$542.6M
Property, plant & equipment (net)	$2.08B	$1.49B	$1.36B	$1.36B	$1.30B
Goodwill & intangible assets	$552.3M	$326.6M	$285.3M	$288.0M	$292.7M
Long-term investments	$55.3M	$45.8M	$41.2M	$43.0M	$38.5M
Other non-current assets	$0	$0	$0	$0	$7.6M
Total assets	$3.65B	$2.85B	$2.60B	$2.29B	$2.18B
Liabilities
Accounts payable	$145.6M	$140.8M	$107.7M	$87.4M	$82.6M
Short-term debt	$27.6M	$25.3M	$20.0M	$251.4M	$123.2M
Deferred revenue	$33.8M	$42.1M	$51.4M	$39.8M	$32.3M
Total current liabilities	$378.0M	$370.0M	$347.3M	$516.9M	$357.2M
Long-term debt	$1.15B	$666.9M	$674.6M	$446.9M	$576.2M
Lease obligations	$52.6M	$49.4M	$44.7M	$45.9M	$50.1M
Other long-term liabilities	$477.4M	$338.2M	$312.0M	$302.0M	$295.6M
Total liabilities	$2.01B	$1.38B	$1.33B	$1.27B	$1.23B
Shareholders' equity
Common stock & paid-in capital	$570,000	$570,000	$570,000	$800,000	$800,000
Retained earnings (deficit)	$1.02B	$867.5M	$665.9M	$494.7M	$430.4M
Accumulated other comprehensive income	−$10.3M	−$9.3M	−$11.3M	−$12.4M	−$24.5M
Total shareholders' equity	$1.64B	$1.48B	$1.27B	$1.03B	$952.8M
Key figures
Total debt	$1.22B	$726.8M	$726.4M	$731.0M	$734.5M
Net cash (debt)	−$1.09B	−$445.6M	−$464.0M	−$720.9M	−$720.7M
Working capital	$582.9M	$617.6M	$566.3M	$91.7M	$185.4M
Tangible book value	$1.09B	$1.15B	$980.7M	$740.6M	$660.2M
Book value per share	$28.84	$25.99	$22.33	$18.18	$16.84
Shares outstanding	56.9M	56.8M	56.7M	56.6M	56.6M
Current ratio	2.54	2.67	2.63	1.18	1.52
Quick ratio	1.06	1.48	1.52	0.46	0.59
Debt / equity	0.74	0.49	0.57	0.71	0.77
Equity / assets	45.0%	51.8%	48.7%	44.8%	43.7%

Knife River Corporation quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$40.7M	$13.3M	$123.4M	$30.7M	$26.6M	$86.1M	$281.1M	$267.4M	$15.5M	$170.7M	$262.3M	$116.2M
Cash & equivalents	$40.7M	$13.3M	$123.4M	$30.7M	$26.6M	$86.1M	$281.1M	$267.4M	$15.5M	$170.7M	$262.3M	$116.2M
Short-term investments	—	—	—	—	—	—	−$34,000	—	—	—	—	—
Receivables	$474.0M	$227.3M	$278.0M	$516.8M	$428.1M	$238.1M	$267.2M	$449.2M	$422.9M	$183.7M	$266.8M	$542.4M
Inventory	$507.3M	$480.5M	$435.7M	$436.5M	$479.5M	$467.1M	$380.3M	$347.3M	$385.4M	$375.8M	$319.6M	$314.7M
Other current assets	$249.7M	$221.2M	$123.8M	$151.3M	$169.0M	$155.5M	$59.0M	$95.7M	$125.9M	$87.6M	$64.8M	$38.1M
Total current assets	$1.27B	$942.3M	$960.9M	$1.14B	$1.10B	$946.7M	$987.7M	$1.16B	$949.7M	$817.8M	$913.5M	$1.01B
Property, plant & equipment (net)	$2.23B	$2.21B	$2.08B	$2.01B	$1.97B	$1.79B	$1.49B	$1.39B	$1.40B	$1.37B	$1.36B	$1.34B
Goodwill & intangible assets	$617.7M	$611.2M	$552.3M	$502.8M	$502.3M	$491.5M	$326.6M	$285.1M	$285.4M	$284.8M	$285.3M	$285.9M
Long-term investments	$60.4M	$56.3M	$55.3M	$53.8M	$52.6M	$52.5M	$45.8M	$45.8M	$44.6M	$44.7M	$41.2M	$39.7M
Other non-current assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total assets	$4.18B	$3.82B	$3.65B	$3.70B	$3.63B	$3.28B	$2.85B	$2.88B	$2.68B	$2.51B	$2.60B	$2.68B
Liabilities
Accounts payable	$227.9M	$131.4M	$145.6M	$211.2M	$172.2M	$112.0M	$140.8M	$180.6M	$164.2M	$97.4M	$107.7M	$149.0M
Short-term debt	$33.8M	$27.3M	$27.6M	$26.5M	$26.1M	$25.2M	$25.3M	$22.3M	$20.7M	$20.4M	$20.0M	$20.8M
Deferred revenue	$26.6M	$30.3M	$33.8M	$42.8M	$36.3M	$42.0M	$42.1M	$44.8M	$45.1M	$50.8M	$51.4M	$58.8M
Total current liabilities	$477.2M	$352.3M	$378.0M	$474.4M	$397.2M	$322.1M	$370.0M	$426.1M	$378.3M	$297.2M	$347.3M	$425.0M
Long-term debt	$1.60B	$1.42B	$1.15B	$1.18B	$1.34B	$1.16B	$666.9M	$669.7M	$672.5M	$673.5M	$674.6M	$675.6M
Lease obligations	$51.3M	$49.6M	$52.6M	$50.0M	$49.1M	$46.5M	$49.4M	$47.4M	$47.8M	$45.8M	$44.7M	$44.3M
Other long-term liabilities	$494.6M	$484.6M	$477.4M	$445.7M	$432.0M	$390.7M	$338.2M	$339.4M	$333.4M	$324.2M	$312.0M	$337.2M
Total liabilities	$2.57B	$2.26B	$2.01B	$2.10B	$2.17B	$1.87B	$1.38B	$1.44B	$1.38B	$1.30B	$1.33B	$1.44B
Shareholders' equity
Common stock & paid-in capital	$572,000	$572,000	$570,000	$571,000	$571,000	$571,000	$570,000	$570,000	$570,000	$570,000	$570,000	$570,000
Retained earnings (deficit)	$989.3M	$945.4M	$1.02B	$992.6M	$849.4M	$798.8M	$867.5M	$844.3M	$696.2M	$618.2M	$665.9M	$645.2M
Accumulated other comprehensive income	−$10.0M	−$10.1M	−$10.3M	−$9.1M	−$9.2M	−$9.2M	−$9.3M	−$11.1M	−$11.2M	−$11.2M	−$11.3M	−$12.1M
Total shareholders' equity	$1.61B	$1.56B	$1.64B	$1.61B	$1.46B	$1.41B	$1.48B	$1.45B	$1.30B	$1.22B	$1.27B	$1.24B
Key figures
Total debt	$1.67B	$1.48B	$1.22B	$1.24B	$1.40B	$1.22B	$726.8M	$725.9M	$727.4M	$726.4M	$726.4M	$727.0M
Net cash (debt)	−$1.63B	−$1.47B	−$1.09B	−$1.21B	−$1.38B	−$1.13B	−$445.6M	−$458.5M	−$711.9M	−$555.8M	−$464.0M	−$610.9M
Working capital	$794.4M	$590.0M	$582.9M	$660.9M	$706.1M	$624.6M	$617.6M	$733.5M	$571.4M	$520.5M	$566.3M	$586.4M
Tangible book value	$988.2M	$948.1M	$1.09B	$1.10B	$958.8M	$916.1M	$1.15B	$1.16B	$1.01B	$933.9M	$980.7M	$957.1M
Book value per share	$28.32	$27.50	$28.84	$28.25	$25.68	$24.87	$25.94	$25.46	$22.86	$21.53	$22.29	$21.97
Shares outstanding	56.7M	56.7M	56.9M	56.9M	56.9M	56.6M	56.9M	56.9M	56.8M	56.6M	56.8M	56.6M
Current ratio	2.66	2.67	2.54	2.39	2.78	2.94	2.67	2.72	2.51	2.75	2.63	2.38
Quick ratio	1.08	0.68	1.06	1.15	1.14	1.01	1.48	1.68	1.16	1.19	1.52	1.55
Debt / equity	1.04	0.95	0.74	0.77	0.96	0.87	0.49	0.50	0.56	0.60	0.57	0.58
Equity / assets	38.4%	40.8%	45.0%	43.4%	40.2%	42.9%	51.8%	50.2%	48.4%	48.5%	48.7%	46.4%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 20, 2026); data from EODHD.

KNF financial position

At the end of fiscal 2025 (December 31, 2025), Knife River had total assets of $3.7 billion (up 28.0% from a year earlier), total liabilities of $2.0 billion and shareholders' equity of $1.6 billion. It held $123.4 million in cash and short-term investments against $1.2 billion of debt, net debt of $1.1 billion. Its current ratio was 2.54. In the latest quarter (ended June 30, 2026) total assets were $4.2 billion and equity $1.6 billion.

Related: KNF income statement, KNF cash flow statement, KNF key metrics. See the KNF stock overview for the latest quote and news.

KNF balance sheet FAQ

What are Knife River's total assets?

Knife River reported total assets of $3.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.9 billion a year earlier.

How much debt does Knife River have?

Knife River had $1.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.74.

How much cash does Knife River have?

Knife River held $123.4 million in cash and short-term investments at the end of fiscal 2025; with $1.2 billion of debt that is net debt of $1.1 billion.

What is Knife River's book value?

Knife River's shareholders' equity (book value) was $1.6 billion at the end of fiscal 2025, or $28.84 per share.

What is Knife River's current ratio?

Knife River had current assets of $960.9 million and current liabilities of $378.0 million, a current ratio of 2.54 (it can cover its short-term obligations).

How much goodwill does Knife River have?

Knife River carried $552.3 million of goodwill and intangible assets, 15.1% of total assets, at the end of fiscal 2025.