A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
KINDER MORGAN, INC.
KMI
$73.3B
Mkt Cap
$32.86
+0.27%
KINDER MORGAN, INC. (KMI) has a current P/E ratio of 24.0, 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 5.1%. This is below average and may indicate limited pricing power.
KINDER MORGAN, INC. (KMI) has a market capitalization of $73.1B. It is classified as a large-cap stock.
Yes, KINDER MORGAN, INC. (KMI) pays a dividend with a trailing twelve-month yield of 3.58%.
Based on historical P/E analysis, KINDER MORGAN, INC. (KMI) appears fair. The current P/E of 24.0 is 53% above its historical median of 15.6. The estimated fair value CAGR (P/E method) is 19.9%.
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 is one of North America's largest energy infrastructure companies, operating approximately 78,000 miles of pipelines, 136 terminals, and approximately 706 Bcf of working natural gas storage capacity, along with renewable natural gas generation capacity of approximately 6.9 Bcf per year. The company's primary business segments include natural gas pipelines (transportation, storage, gathering, processing, and LNG services), refined products pipelines, crude oil and condensate pipelines, and terminal operations that store and handle commodities including gasoline, diesel, jet fuel, chemicals, and renewable fuels. Revenues from interstate and intrastate natural gas pipelines and LNG terminals are primarily received under long-term fixed-fee contracts that provide the majority of revenue for making capacity available regardless of actual utilization, with a weighted average remaining contract life of approximately seven years for transportation contracts and approximately twelve years for LNG regasification and liquefaction contracts. The company's gathering, processing, and fractionation services are mostly fee-based and affected by producer drilling activity and natural gas volumes, with some arrangements including minimum volume commitments or commodity-linked pricing structures. Kinder Morgan's strategic positioning across major natural gas supply areas and demand centers throughout the western U.S., Rocky Mountain, Midwest, Texas, Louisiana, Southeastern, and Northeast regions, combined with its extensive terminal network and storage facilities, provides a critical role in North American energy infrastructure serving LNG export facilities, power generation, industrial customers, and refined products markets.
【Strong LNG-driven growth momentum】 Management expects natural gas demand to grow substantially through the remainder of the decade, driven primarily by LNG feed gas demand and increased utilization for electric generation, with the company's forecast extending through 2031 estimating demand of 150 BCF per day, representing approximately 27% growth from current levels. The company's $10.1 billion project backlog, with an average in-service date of Q1 2028 and a backlog multiple below 6x, is positioned to capture meaningful growth opportunities, with approximately 60% of the backlog associated with power projects and significant additional opportunities beyond the backlog under commercial development. Management is advancing greater than $10 billion in identified project opportunities beyond the reported backlog, with much of this activity driven by power growth and expectations for meaningful conversion into approved projects during 2026. The company expects continued outperformance in its natural gas assets and anticipates meaningful cash flow benefits from tax reform, including full expensing of investments and adjustments to the corporate alternative minimum tax, which will generate additional investment capacity to support capital deployment and leverage management toward the midpoint of the company's 3.5x to 4.5x target range.
| Metric | Target | Period |
|---|---|---|
| U.S. natural gas demand | 150 BCF per day | 2031 |
| Full year 2026 adjusted EBITDA outperformance vs. budget | more than 3% favorable | FY2026 |
| Leverage ratio | 3.7x | end of 2026 |
U.S. natural gas demand (2031): “Our Kinder Morgan forecast for overall U.S. gas demand now extends through 2031 and estimates demand in that year of 150 BCF a day, a growth of about 27% from this year.”
Full year 2026 adjusted EBITDA outperformance vs. budget (FY2026): “For the full year 2026, while it's still early in the year, we expect to be more than 3% favorable to our budgeted adjusted EBITDA.”
Leverage ratio (end of 2026): “Our budget had us finishing 2026 at 3.8x , and now we expect to end the year 2026 at 3.7x due to our expected EBITDA outperformance.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 17.5B | 16.9B | 15.1B | 15.3B | 19.2B | 16.6B |
| Net Income | 3.3B | 3.1B | 2.6B | 2.4B | 2.5B | 1.8B |
| EPS | $1.49 | $1.37 | $1.17 | $1.06 | $1.12 | $0.78 |
| Free Cash Flow | 3.2B | 2.9B | 3.0B | 4.2B | 3.3B | 4.4B |
| ROIC | 6.2% | 6.0% | 5.6% | 5.3% | 5.0% | 3.7% |
| Gross Margin | - | 67.4% | 71.3% | 67.8% | 51.8% | 60.9% |
| Debt/Equity | 1.02 | 1.03 | 1.05 | 1.07 | 1.04 | 1.22 |
| Dividends/Share | $1.18 | $1.17 | $1.15 | $1.13 | $1.11 | $1.08 |
| Operating Income | 5.0B | 4.7B | 4.4B | 4.3B | 4.1B | 2.9B |
| Operating Margin | 28.7% | 27.9% | 29.0% | 27.8% | 21.2% | 17.6% |
| ROE | 10.6% | 9.9% | 8.6% | 7.8% | 8.3% | 5.7% |
| Shares Outstanding | 2,225M | 2,231M | 2,233M | 2,256M | 2,275M | 2,287M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 16.2B | 14.4B | 13.1B | 13.7B | 14.1B | 13.2B | 11.7B | 16.6B | 19.2B | 15.3B | 15.1B | 16.9B | 17.5B |
| Gross Margin | 61.3% | 71.8% | 73.7% | 68.3% | 68.7% | 75.3% | 78.2% | 60.9% | 51.8% | 67.8% | 71.3% | 67.4% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 610M | 690M | 703M | 688M | 601M | 590M | 648M | 655M | 637M | 668M | 712M | 744M | 741M |
| EBIT | 4.4B | 2.4B | 3.5B | 3.5B | 3.8B | 4.9B | 1.6B | 2.9B | 4.1B | 4.3B | 4.4B | 4.7B | 5.0B |
| Op. Margin | 27.4% | 17.0% | 27.1% | 25.7% | 26.8% | 36.9% | 13.3% | 17.6% | 21.2% | 27.8% | 29.0% | 27.9% | 28.7% |
| Net Income | 1.0B | 227M | 552M | 183M | 1.5B | 2.2B | 119M | 1.8B | 2.5B | 2.4B | 2.6B | 3.1B | 3.3B |
| Net Margin | 6.3% | 1.6% | 4.2% | 1.3% | 10.5% | 16.6% | 1.0% | 10.7% | 13.3% | 15.6% | 17.3% | 18.0% | 18.9% |
| Non-Recurring | 0 | 1.1B | 0 | 0 | 167M | 942M | 1.6B | 1.6B | 32M | 15M | 74M | 6.0M | 6.0M |
| Returns on Capital | |||||||||||||
| ROIC | 5.6% | 1.9% | 2.7% | 2.7% | 4.0% | 5.1% | 1.4% | 3.7% | 5.0% | 5.3% | 5.6% | 6.0% | 6.2% |
| ROE | 4.4% | 0.7% | 1.6% | 0.5% | 4.4% | 6.5% | 0.4% | 5.7% | 8.3% | 7.8% | 8.6% | 9.9% | 10.6% |
| ROA | 1.3% | 0.3% | 0.7% | 0.2% | 1.9% | 2.9% | 0.2% | 2.5% | 3.6% | 3.4% | 3.7% | 4.2% | 4.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 4.5B | 5.3B | 4.8B | 4.6B | 5.0B | 4.7B | 4.5B | 5.7B | 5.0B | 6.5B | 5.6B | 5.9B | 6.2B |
| Free Cash Flow | 850M | 1.4B | 1.9B | 1.4B | 2.1B | 2.5B | 2.8B | 4.4B | 3.3B | 4.2B | 3.0B | 2.9B | 3.2B |
| Owner Earnings | 2.4B | 2.9B | 2.5B | 2.3B | 2.7B | 2.3B | 2.3B | 3.5B | 2.7B | 4.2B | 3.2B | 3.4B | 3.7B |
| CapEx | 3.6B | 3.9B | 2.9B | 3.2B | 2.9B | 2.3B | 1.7B | 1.3B | 1.6B | 2.3B | 2.6B | 3.0B | 3.1B |
| Maint. CapEx | 2.0B | 2.3B | 2.2B | 2.3B | 2.3B | 2.4B | 2.2B | 2.1B | 2.2B | 2.3B | 2.4B | 2.5B | 2.5B |
| Growth CapEx | 1.6B | 1.6B | 673M | 927M | 607M | 0 | 0 | 0 | 0 | 67M | 275M | 573M | 588M |
| D&A | 2.0B | 2.3B | 2.2B | 2.3B | 2.3B | 2.4B | 2.2B | 2.1B | 2.2B | 2.3B | 2.4B | 2.5B | 2.5B |
| CapEx/OCF | 81.0% | 73.5% | 60.1% | 69.3% | 57.6% | 47.8% | 37.5% | 22.4% | 32.6% | 35.7% | 46.7% | 51.1% | 49.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.8B | 4.2B | 1.1B | 1.1B | 1.6B | 2.2B | 2.4B | 2.4B | 2.5B | 2.5B | 2.6B | 2.6B | 2.6B |
| Dividend Yield | 3.8% | 9.1% | 4.4% | 0.5% | 6.5% | 7.1% | 9.0% | 8.4% | 7.5% | 7.5% | 5.9% | 4.4% | 3.6% |
| Share Buybacks | 94M | 0 | 0 | 250M | 273M | 2.0M | 50M | 0 | 368M | 522M | 7.0M | 0 | 0 |
| Buyback Yield | 0.3% | N/A | N/A | 1.0% | 1.2% | 0.0% | 0.2% | N/A | 1.1% | 1.5% | 0.0% | N/A | 0.0% |
| Stock-Based Comp | 0 | 57M | 66M | 65M | 65M | 46M | 61M | 50M | 54M | 44M | 54M | 39M | 46M |
| Debt Repayment | 17.8B | 15.1B | 10.1B | 11.1B | 14.6B | 11.2B | 4.0B | 6.8B | 9.7B | 7.4B | 10.6B | 10.1B | 10.1B |
| Balance Sheet | |||||||||||||
| Net Debt | 42.5B | 43.2B | 44.3B | 42.1B | 34.0B | 33.6B | 33.8B | 36.4B | 31.3B | 32.3B | 32.1B | 32.2B | 32.0B |
| Cash & Equiv. | 315M | 229M | 684M | 264M | 3.3B | 185M | 1.2B | 1.1B | 745M | 83M | 88M | 63M | 72M |
| Long-Term Debt | 40.1B | 42.4B | 37.4B | 35.0B | 33.9B | 31.9B | 32.1B | 30.7B | 28.4B | 28.1B | 29.9B | 30.8B | 29.9B |
| Debt/Equity | 1.26 | 1.24 | 1.30 | 1.26 | 1.11 | 1.03 | 1.11 | 1.22 | 1.04 | 1.07 | 1.05 | 1.03 | 1.02 |
| Interest Coverage | 2.5 | 1.2 | 2.0 | 1.9 | 2.0 | 2.7 | 0.9 | 2.0 | 2.7 | 2.4 | 2.4 | 2.6 | 2.6 |
| Equity | 34.1B | 35.1B | 34.4B | 33.6B | 33.7B | 33.7B | 31.4B | 30.8B | 30.7B | 30.3B | 30.5B | 31.2B | 31.3B |
| Total Assets | 83.0B | 84.1B | 80.3B | 79.1B | 78.9B | 74.2B | 72.0B | 70.4B | 70.1B | 71.0B | 71.4B | 72.7B | 73.1B |
| Total Liabilities | 48.6B | 48.7B | 45.5B | 43.9B | 43.7B | 39.3B | 39.4B | 38.5B | 38.0B | 39.3B | 39.5B | 40.3B | 40.5B |
| Intangibles | 2.3B | 3.6B | 3.3B | 3.1B | 2.9B | 2.7B | 2.5B | 1.7B | 1.8B | 2.0B | 1.8B | 1.7B | 1.7B |
| Retained Earnings | -2.1B | -6.1B | -6.7B | -7.8B | -7.7B | -7.7B | -9.9B | -10.6B | -10.6B | -10.7B | -10.6B | -10.2B | -9.9B |
| Working Capital | -2.6B | -1.2B | -2.7B | -3.5B | -1.8B | -1.9B | -1.9B | -2.0B | -3.1B | -4.7B | -2.6B | -1.6B | -2.5B |
| Current Assets | 3.8B | 2.8B | 3.2B | 2.7B | 5.7B | 3.2B | 3.2B | 3.8B | 3.8B | 2.5B | 2.5B | 2.8B | 2.7B |
| Current Liabilities | 6.4B | 4.1B | 5.9B | 6.2B | 7.6B | 5.1B | 5.1B | 5.8B | 6.9B | 7.2B | 5.1B | 4.3B | 5.2B |
| Per Share Data | |||||||||||||
| EPS | 0.45 | 0.10 | 0.25 | 0.01 | 0.66 | 0.96 | 0.05 | 0.78 | 1.12 | 1.06 | 1.17 | 1.37 | 1.49 |
| Owner EPS | 1.05 | 1.30 | 1.12 | 0.12 | 1.19 | 1.00 | 0.98 | 1.54 | 1.20 | 1.86 | 1.44 | 1.54 | 1.67 |
| Book Value | 14.78 | 15.47 | 15.59 | 1.84 | 15.01 | 14.79 | 13.21 | 13.48 | 13.51 | 13.44 | 13.67 | 13.97 | 14.08 |
| Cash Flow/Share | 1.94 | 2.34 | 2.15 | 0.25 | 2.25 | 2.08 | 1.91 | 2.50 | 2.18 | 2.88 | 2.52 | 2.65 | 2.60 |
| Dividends/Share | 0.87 | 1.61 | 0.50 | 0.06 | 0.80 | 1.00 | 1.05 | 1.08 | 1.11 | 1.13 | 1.15 | 1.17 | 1.18 |
| Shares Out. | 2.3B | 2.3B | 2.2B | 18.3B | 2.2B | 2.3B | 2.4B | 2.3B | 2.3B | 2.3B | 2.2B | 2.2B | 2.2B |
| Valuation | |||||||||||||
| P/E Ratio | 27.2 | 91.3 | 51.0 | 142.8 | 15.2 | 15.2 | 201.9 | 16.1 | 13.4 | 15.0 | 22.0 | 19.7 | 22.1 |
| P/FCF | 65.6 | 14.6 | 15.0 | 149.5 | 10.6 | 13.4 | 8.5 | 6.5 | 10.2 | 8.6 | 19.2 | 20.8 | 23.0 |
| EV/EBIT | 16.4 | 26.3 | 19.5 | 18.8 | 15.8 | 14.2 | 37.8 | 21.4 | 16.7 | 16.8 | 20.8 | 19.7 | 20.9 |
| Price/Book | 0.8 | 0.6 | 0.8 | 0.8 | 0.7 | 1.0 | 0.8 | 0.9 | 1.1 | 1.2 | 1.9 | 1.9 | 2.3 |
| Price/Sales | 1.4 | 3.2 | 2.0 | 2.0 | 1.8 | 2.3 | 2.2 | 1.8 | 1.7 | 2.2 | 2.9 | 3.5 | 4.2 |
| FCF Yield | 3.0% | 6.8% | 6.7% | 5.4% | 9.5% | 7.5% | 11.8% | 15.5% | 9.8% | 11.7% | 5.2% | 4.8% | 4.4% |
| Market Cap | 27.9B | 20.7B | 28.2B | 26.1B | 22.6B | 33.2B | 24.0B | 28.6B | 34.3B | 35.8B | 57.6B | 60.1B | 73.1B |
| Avg. Price | 20.06 | 20.44 | 11.62 | 12.33 | 11.03 | 13.42 | 10.98 | 12.79 | 14.68 | 15.01 | 19.41 | 26.57 | 32.86 |
| Year-End Price | 24.19 | 9.13 | 12.75 | 11.54 | 10.06 | 14.55 | 10.10 | 12.52 | 15.06 | 15.85 | 25.78 | 26.93 | 32.86 |
KINDER MORGAN, INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
KINDER MORGAN, INC. trades at 24.0x 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 25.4x vs a median of 10.6x. The company's 5-year average ROIC is 5.1% 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 +6.1%.
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 1.03. 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.
Based on recent SEC filings and earnings disclosures, Management expects natural gas demand to grow substantially through the remainder of the decade, driven primarily by LNG feed gas demand and increased utilization for electric generation, with the company's forecast extending through 2031 estimating demand of 150 BCF per day, representing approximately 27% growth from current levels. The company's $10.1 billion project backlog, with an average in-service date of Q1 2028 and a backlog multiple below 6x, is positioned to capture meaningful growth opportunities, with approximately 60% of the backlog associated with power projects and significant additional opportunities beyond the backlog under commercial development. Management is advancing greater than $10 billion in identified project opportunities beyond the reported backlog, with much of this activity driven by power growth and expectations for meaningful conversion into approved projects during 2026. The company expects continued outperformance in its natural gas assets and anticipates meaningful cash flow benefits from tax reform, including full expensing of investments and adjustments to the corporate alternative minimum tax, which will generate additional investment capacity to support capital deployment and leverage management toward the midpoint of the company's 3.5x to 4.5x target range.
Based on recent SEC filings and earnings calls, KINDER MORGAN, INC. (KMI) has provided the following forward guidance: U.S. natural gas demand: 150 BCF per day (2031); Full year 2026 adjusted EBITDA outperformance vs. budget: more than 3% favorable (FY2026); Leverage ratio: 3.7x (end of 2026).