A Business at a Glance
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Items 1 and 2. Business and Properties. We are one of the largest energy infrastructure companies in North America. As of December 31, 2025, we owned an interest in or operated approximately 78,000 miles of pipelines, 136 terminals, approximately 706 Bcf of working natural gas storage capacity, and RNG generation capacity of approximately 6.9 Bcf per year of gross production. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2, renewable fuels, and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, jet fuel, chemicals, petroleum coke, metals, and ethanol and other renewable fuels and feedstocks. General Development of Business Recent Developments The following is a listing of significant developments and updates related to our major acquisition, divestiture, projects, and financing transactions.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 16.9B | 16.9B | 15.1B | 15.3B | 19.2B | 16.6B |
| Net Income | 3.1B | 3.1B | 2.6B | 2.4B | 2.5B | 1.8B |
| EPS | $1.37 | $1.37 | $1.17 | $1.06 | $1.12 | $0.78 |
| Free Cash Flow | 2.9B | 2.9B | 3.0B | 4.2B | 3.3B | 4.4B |
| ROIC | 5.8% | 5.8% | 5.4% | 5.0% | 5.0% | 3.8% |
| Gross Margin | 67.4% | 67.4% | 71.3% | 67.8% | 51.8% | 60.9% |
| Debt/Equity | 1.07 | 1.07 | 1.11 | 1.19 | 1.14 | 1.17 |
| Dividends/Share | $1.17 | $1.17 | $1.15 | $1.13 | $1.11 | $1.08 |
| Operating Income | 4.7B | 4.7B | 4.4B | 4.3B | 4.1B | 2.9B |
| Operating Margin | 27.9% | 27.9% | 29.0% | 27.8% | 21.2% | 17.6% |
| ROE | 9.8% | 9.9% | 8.6% | 7.9% | 8.3% | 5.8% |
| Shares Outstanding | 2,231M | 2,231M | 2,233M | 2,256M | 2,275M | 2,287M |
KINDER MORGAN, INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
KINDER MORGAN, INC. trades at 23.4x trailing earnings, compared to its 15-year median P/E of 15.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 24.7x vs a median of 12.0x. The company's 5-year average ROIC is 5.0% with a gross margin of 63.8%. Total shareholder yield (dividends) is 3.6%. At current prices, the estimated annualized return to fair value is +7.4%.
KINDER MORGAN, INC. (KMI) has a current P/E ratio of 23.4, compared to its historical median P/E of 15.6. The stock is currently considered Fair based on its historical valuation range.
KINDER MORGAN, INC. (KMI) has a 5-year average return on invested capital (ROIC) of 5.0%. This is below average and may indicate limited pricing power.
KINDER MORGAN, INC. (KMI) has a market capitalization of $71.5B. It is classified as a large-cap stock.
Yes, KINDER MORGAN, INC. (KMI) pays a dividend with a trailing twelve-month yield of 3.64%.
Based on historical P/E analysis, KINDER MORGAN, INC. (KMI) appears fair. The current P/E of 23.4 is 50% above its historical median of 15.6. The estimated fair value CAGR (P/E method) is 20.1%.
KINDER MORGAN, INC. (KMI) operates in the Natural Gas Transmission industry, within the Utilities sector.
KINDER MORGAN, INC. (KMI) reported annual revenue of $16.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
KINDER MORGAN, INC. (KMI) has a net profit margin of 18.0%. This is a healthy margin.
KINDER MORGAN, INC. (KMI) generated $2.9 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
KINDER MORGAN, INC. (KMI) has a debt-to-equity ratio of 1.07. This indicates moderate leverage.
KINDER MORGAN, INC. (KMI) reported earnings per share (EPS) of $1.37 in its most recent fiscal year.
KINDER MORGAN, INC. (KMI) has a return on equity (ROE) of 9.9%. This indicates moderate shareholder returns.
KINDER MORGAN, INC. (KMI) has a 5-year average gross margin of 63.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for KINDER MORGAN, INC. (KMI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
KINDER MORGAN, INC. (KMI) has a book value per share of $13.97, based on its most recent annual SEC filing.