Kinder Morgan, Inc. (KMI)
Energy · Oil & Gas Storage & Transportation · US stock · S&P 500 component
$33.72
▼ -0.25 (0.74%)
Fair valueFair
$33 −1.5% to fair value
$17fair band $28–$40$50
Day's range
$32.46 – $34.60
52-week range
$25.60 – $34.81
About Kinder Morgan, Inc.
Kinder Morgan owns and operates energy infrastructure in North America. Its assets include natural gas pipelines and storage, terminals that handle petroleum products, chemicals and other bulk materials, and a carbon dioxide business that supports oil production. Customers include natural gas producers, utilities, power generators, refiners and industrial users, who pay to move and store energy products through its network.
A large share of revenue comes from fees for transporting, storing and handling products. The last twelve months produced $18.0 billion, but revenue growth over the last three years was -4.1% a year, a decline. The operating margin is 29.0%, and the business earns a profit of 6% on the capital invested in it. It has net debt of 4.2 times EBITDA. A dividend is paid, with a yield of 3.5%. On the site's X-Ray Score it receives 43 out of 100.
Price chart
52-wk range $25.60 – $34.81Volume 31,388,580Daily, split-adjusted
Vitals
Market cap$75.0B
52-week range$25.60 – $34.81
Volume (last day)31,388,580
P/E (TTM)21.6
EBIT / EV yield4.8%
Free-cash-flow yield4.2%
Dividend yield3.5%
Revenue (TTM)$18.0B
Net income (TTM)$3.5B
Operating margin29.0%
Return on capital6.3%
Debt incl. leases$32.2B
Cash & securities$89M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$33middle half of models $29 – $34
Fair
−1.5% to fair value
Average of the 14 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $34
Undervalued < $28Fair $28 – $40Overvalued > $40
P/E multiple
$33
P/B multiple
$29
P/S multiple
$28
EV/EBITDA multiple
$33
EV/EBIT multiple
$32
EV/revenue multiple
$29
10-year DCF, EBITDA exit
$34
5-year DCF, EBITDA exit
$35
10-year DCF, revenue exit
$33
5-year DCF, revenue exit
$34
10-year DCF, growth exit
$27
5-year DCF, growth exit
$27
Dividend discount, stable
$59
Dividend discount, multi-stage · not used
$107
Earnings power value
$31
Growth the price implies
12.5%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Energy peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
24/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield4.8%
Free-cash-flow yield4.2%
Fair value vs price1.0×
Growth
Strong
70/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)-4.1%
EPS growth (3y)6.9%
Growth consistency70%
Profitability
Weak
32/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital6.3%
Operating margin29.0%
Financial health
Weak
43/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA4.2×
Interest coverNo interest cost
Dividends
Fair
60/100
Dividend is typical for its sector.
See the numbers →
Dividend yield3.5%
Dividends vs free cash flow83%
Dividend growth1.3%
Quarterly results: last 6 quarters
+10.4%
Mar '25
+13.2%
Jun '25
+12.1%
Sep '25
+13.1%
Dec '25
+13.8%
Mar '26
+10.8%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $4.5B, diluted EPS $0.39.
Compare with peers
OKE Oneok Inc52 TRGP Targa Resources Corp.42 WMB Williams Companies, In...38Other Oil & Gas Storage & Transportation companies by X-Ray Score.
SWOT analysis: Kinder Morgan, Inc.
Strengthsinside the company
- Operating profit covers interest 50x, so debt costs are a small drag.
- Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Revenue has fallen 4.1% a year over three years (median -5.7% for industry peers).
- Net debt is 4.2x EBITDA, above the 3x level that lenders usually watch.
- Altman Z-score of 0.6 is in the zone linked with financial distress in past studies.
Opportunitiesvaluation and setting
- Revenue growth picked up to 12.2% last year from -4.1% a year over three years.
- Trades at 21.6x earnings, 21% below the 27.5x median of industry peers.
- Our Market Compass rates the backdrop for Energy as favourable.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare KMI with peers and sector
Medians of 3 Oil & Gas Storage & Transportation peers and of 19 Energy stocks in our universe.
Largest peers (X-Ray Score): WMB 38, TRGP 42, OKE 52.
| Metric | KMI | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 43 | 42 | 50 |
| Valuation | 24 | 10 | 60 |
| Growth | 70 | 63 | 52 |
| Profitability | 32 | 40 | 50 |
| Financial health | 43 | 26 | 55 |
| Dividends | 60 | 68 | 49 |
Sector leaders: highest X-Ray Score in Energy
KMI ranks #14 of 20 in Energy and #2 of 4 in Oil & Gas Storage & Transportation by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for KMI
Each factor is rated by where KMI stands among the 20 Energy stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 5 Good · 7 Average · 8 Bad of 20
Growth: 1 · 2 · 0
Profitability: 1 · 1 · 2
Financial strength: 2 · 0 · 2
Valuation: 1 · 1 · 3
Cash flow: 0 · 3 · 1
| Factor | KMI | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −4.1% | Average beats 66% | −5.7% | – | – |
| Revenue growth, last year | +12.2% | Average beats 66% | +3.9% | +12.2% | ≈ In line |
| EPS growth, 3 years a year | +6.9% | Good beats 82% | −22.6% | – | – |
| Profitability | |||||
| Operating margin | 29.0% | Good beats 75% | 23.0% | 27.8% | ≈ In line |
| Net margin | 19.3% | Average beats 66% | 13.5% | 15.6% | ▲ Better |
| Return on invested capital | 6.3% | Bad beats 8% | 12.3% | – | – |
| Return on equity | 11.0% | Bad beats 23% | 15.2% | 8.3% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 4.2x | Bad beats 14% | 1.1x | 4.9x | ▲ Better |
| Interest cover | 50.0x | Good beats 76% | 22.5x | – | – |
| Current ratio | 0.46 | Bad beats 3% | 1.19 | 0.55 | ≈ In line |
| Piotroski F-score | 7 / 9 | Good beats 78% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 21.6x | Average beats 38% | 17.4x | 20.0x | ≈ In line |
| Price / book | 2.4x | Good beats 68% | 2.6x | 1.3x | ▼ Worse |
| Price / sales | 4.2x | Bad beats 13% | 2.3x | 2.6x | ▼ Worse |
| EV / EBITDA | 14.1x | Bad beats 18% | 9.4x | 13.0x | ≈ In line |
| Free cash flow yield | 4.2% | Bad beats 27% | 6.2% | 8.2% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 17.6% | Average beats 55% | 13.2% | 19.9% | ▼ Worse |
| Cash from operations / net income | 1.89 | Average beats 43% | 1.95 | 2.16 | ▼ Worse |
| Free cash flow growth, 3 years a year | −4.8% | Average beats 65% | −17.7% | – | – |
| Accruals (lower is better) | −4.2% | Bad beats 18% | −6.6% | – | – |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 5 Good · ● 2 Average · ● 8 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldBad
Risk models
Altman Z''Bad
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Average
Revenue growth (3y)Average
Growth consistencyGood
Balance sheet
Current ratioBad
Net debt / EBITDABad
Interest coverGood
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginGood
Each check is graded against the company's sector, not a fixed number. Checklist score 40/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $16.6B | $19.2B | $15.3B | $15.1B | $16.9B |
| Operating income | $2.9B | $4.1B | $4.3B | $4.4B | $4.7B |
| Net income | $1.8B | $2.5B | $2.4B | $2.6B | $3.1B |
| Operating cash flow | $5.7B | $5.0B | $6.5B | $5.6B | $5.9B |
| Operating margin | 17.6% | 21.2% | 27.8% | 29.0% | 27.9% |
| Free cash flow | $4.4B | $3.3B | $4.2B | $3.0B | $2.9B |
| Diluted EPS | $0.78 | $1.12 | $1.06 | $1.17 | $1.37 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 4 neutral · 0 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 33.40 | Bullish |
| EMA 10 | 33.29 | Bullish |
| SMA 20 | 32.26 | Bullish |
| EMA 20 | 32.70 | Bullish |
| SMA 50 | 31.86 | Bullish |
| EMA 50 | 32.10 | Bullish |
| SMA 100 | 31.77 | Bullish |
| EMA 100 | 31.79 | Bullish |
| SMA 200 | 31.52 | Bullish |
| EMA 200 | 30.95 | Bullish |
Oscillators (daily)
| RSI (14) | 61.46 | Neutral |
| MACD (12, 26) | 0.66 | Bullish |
| Momentum (12) | 4.85 | Bullish |
| Stochastic %K (14) | 76.83 | Neutral |
| Williams %R (14) | -23.17 | Neutral |
| CCI (20) | 80.06 | Neutral |
Pivot points (classic, last session)
S3 30.44 | S2 31.45 | S1 32.58 | Pivot 33.59 | R1 34.73 | R2 35.74 | R3 36.87 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
1.18 USD
Yield on today's price
3.50%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.2975 | |
| 0.2975 | |
| 0.2925 | |
| 0.2925 | |
| 0.2925 | |
| 0.2925 | |
| 0.2875 | |
| 0.2875 | |
| 0.2875 | |
| 0.2875 | |
| 0.2825 | |
| 0.2825 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold KMI
| ETF | Share of the fund |
|---|---|
| MLPX Global X MLP & Energy Infrastructure | 7.42% |
| XLE Energy Select Sector SPDR | 3.76% |
| EMLP First Trust North American Energy Infr... | 3.67% |
| ERX Direxion Daily Energy Bull 2X | 2.77% |
| IYE iShares U.S. Energy | 2.74% |
| VDE Vanguard Energy | 2.60% |
| FENY Fidelity MSCI Energy Index | 2.46% |
| IGF iShares Global Infrastructure | 2.10% |
The eight funds with the largest weight in KMI among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
KMI SEC filings
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Other events
424B5SEC EDGAR
424B5
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.