Kinder Morgan, Inc.

Natural Gas Transmission

KMIStrained9 of 11 basics passed

$32.52

+0.84%

Market cap $72.4B

$32.52

+0.84%

Market cap $72.4B

Kinder Morgan operates natural gas, crude oil, and refined products pipelines connecting producing regions to demand centers. It is principally involved in the gathering, storage, and transmission of natural gas across the continental United States.

It is a $72.4B utility company. Revenue grew 12.5% over the last year, it keeps 19¢ of every dollar of sales as profit, and its net debt equals ~10.1 years of free cash flow. It trades at 20.9× earnings — around the middle of its own history.

Website: kindermorgan.com
Location: Houston, TX
Employees: 11 028
Sector: Utilities
Founded: 1997

Share price · 3 years

$16.82 → $32.52+93.3%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $18.0B
Profit: keeps 19¢ of every $1 sold; $3.47B
Free cash flow: cash left after running the business; $3.16B
Net debt: debt minus cash on hand; $31.9B
P/E: years of profit in the price; 20.9
EPS: earnings per share, TTM; $1.56
Dividend: pays out 76% of profit · 83% of FCF; 3.63%
Shares: shares outstanding; 2.22B
Volatility: beta vs the market — under 1 swings less; 0.61

Revenue, last 10 years

52-week range

Low $25.84$32.52High $34.31

Today's price is 79% of the way from the year's low to its high.

P/E vs its history5y

20.9×median 20.6×

Higher than 52% of past days — around the middle of its own history.

Valuation vs own history

P/E

20.9×

47%

P/S

4.0×

12%

EV/EBITDA

20.1×

48%

P/B

2.2×

FCF yield

3.7%

Share of the last ~5 years that was pricier than today (pricier than usual). Based on the daily valuation record.

Insider activity · 90 days

-$98.4Knet selling

Purchases$0

Sales$98.4K

Insiders trading, last 14d0 buy · 0 sell

Standing in Utilities

Size$72.4Btop 12%
Revenue growth-4%top 93%
Net margin19%top 26%
Return on equity11%top 42%
P/E20.9×top 57%
Dividend yield3.63%top 28%

Ranked against 44 Utilities companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong quality; Health lags behind.

Valuation64

P/E vs own history52th pct · 12/25
FCF yield4.4% · 12/25
P/S4.0x · 20/25
EV/EBITDA13.4x · 20/25

Growth56

Revenue CAGR0.5% · 6/25
Net income CAGR14.4% · 20/25
EPS CAGR ~5Y75.7% · 25/25
Fwd implied growth3.8% · 5/25

Profitability62

ROIC4.8% · 5/25
ROE11.1% · 12/25
Net margin19.3% · 20/25
Operating margin29.7% · 25/25

Health23

Altman Zn/a · 0/25
Current ratio0.46 · 0/25
Interest coverage5.4x · 18/25
Net cash / debtD/A 44% · 5/25

Quality81

Piotroski F7/9 · 22/25
Beneish M-2.56 · 25/25
FCF conversion91% · 22/25
Margin stabilityσ 8.3% · 12/25

Moat62

ROIC >12% years0/10 yrs · 0/25
Median gross margin64.6% · 25/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 1.0% · 12/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$3.06B net income
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $10B
$13.1B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak
2014Acquisition
This acquisition would facilitate the export of US natural resources to overseas markets
2011Milestone
Kinder Morgan Inc. agreed to buy El Paso Corp
2007Milestone
Kinder Morgan sold KN Energy to General Electric Co
1999Acquisition
Kinder Morgan conducted a reverse merger with KN Energy, a utility and pipeline company
1997Founded
Kinder Morgan Energy Partners (KMP) was founded in 1997 when a group of investors acquired the general partner of a…

Achievements

Verifiable track record, straight from the reported numbers.

#6 largest of 44 Utilities companies by market cap

$10 000 invested in 2021 would be worth ~$20 312 today — price return only

$16.9B revenue in FY2025

Revenue up 12.5% year over year

Profitable 10 years in a row

Positive free cash flow 10 years in a row

11 028 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (49.4%)
Revenue growing 12.5% year over year
Strong cash conversion — FCF is 17.6% of revenue
Interest covered 5.4× by operating earnings
Piotroski F-Score 7/9 — fundamentally strong checklist

Watch-outs

Net debt equals ~10.1 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+12.5% YoY
Profitable — makes more than it spends$3.47B TTM
Profit growing — earnings are higher than last year+6.8% YoY
Generates cash — cash left after running and investing$3.16B TTM
Debt under control — could handle its obligations~10.1y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$72.4B market cap
Not printing shares — share count not ballooning — you keep your slice-0.3% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 18/100
Pays a dividend — returns cash to shareholdersyield 3.63%
Valuation not extreme — price not wildly above earningsP/E 20.9

Peer comparisonKinder Morgan, Inc. vs 6 largest utilities peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
KMI this company	$72.4B	20.9	+12.5%	19.3%	Strained
NEE NextEra Energy, Inc.	$161.3B	17.4	+10.8%	32.4%	Strained
CEG Constellation Energy Corporation	$105.8B	30.5	+26.0%	11.1%	Strained
SO The Southern Company	$99.1B	21.3	+6.4%	15.4%	Strained
DUK Duke Energy Corporation	$90.9B	17.3	+6.3%	15.8%	Strained
WMB Williams Companies Inc.	$89.2B	29.0	+8.7%	25.2%	Strained
ET Energy Transfer LP Common	$70.5B	13.3	+33.3%	4.9%	Strained

Head-to-head: KMI vs NEE · KMI vs CEG · KMI vs SO

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 12Hold 12

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $18.0B · net income $3.47B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$18.0B

YoY 12.5%

Net income (TTM)

$3.47B

Margin 19.3%

Gross margin

49.4%

Operating margin

29.7%

P/E ratio

20.9

Dividend yield

3.63%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	11.7	16.6	19.2	15.3	15.1	16.9
Gross profit	9.2	10.1	9.9	4.3	4.4	4.7
Operating income (EBIT)	1.6	2.9	4.1	4.3	4.4	4.7
Net income	0.1	1.8	2.5	2.4	2.6	3.1
EPS (diluted)	—	0.79	1.13	1.07	1.18	1.37

Cash flowFree cash flow $3.16B · operating cash flow $6.56B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$3.16B

Margin 17.6%

Operating cash flow (TTM)

$6.56B

FCF margin

17.6%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	4.5	5.7	5.0	6.5	5.6	5.9
Capital expenditure	-1.7	-1.3	-1.6	-2.3	-2.6	-3.0
Free cash flow	2.8	4.4	3.3	4.2	3.0	2.9
FCF margin	24.3%	26.7%	17.4%	27.2%	19.9%	17.1%

Balance sheetAssets $72.7B · net debt $31.9B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $72.7B of assets is financed

56%

44%

Liabilities $40.3B — borrowed moneyEquity $31.2B — owners' stake

Cash vs debt

Total debt $32.0B − cash $63.0M = net debt $31.9B

Cash on hand covers 0% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

5.4x

EBIT ÷ interest expense

ROE

11.1%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	1.2	1.1	0.7	0.1	0.1	0.1
Total assets	72.0	70.4	70.1	71.0	71.4	72.7
Total liabilities	39.4	38.5	38.0	39.3	39.5	40.3
Total debt	34.7	33.3	31.8	32.1	31.9	32.0
Equity	31.4	30.8	30.7	30.3	30.5	31.2
Net debt	33.5	32.2	31.0	32.0	31.8	31.9

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of KMI on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $32.52 · market cap $72.4B.