# Kinder Morgan, Inc. (KMI) — Stock CV

Kinder Morgan, Inc. 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.

> 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.

## Identity

- **Ticker**: KMI
- **Sector**: Utilities
- **Industry**: Natural Gas Transmission
- **Headquarters**: HOUSTON, TX
- **Employees**: 11 028
- **Website**: https://www.kindermorgan.com
- **Market cap**: $72.4B
- **Last price**: $32.52
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $18.0B
- **Net income**: $3.47B
- **Free cash flow**: $3.16B
- **Net debt**: $31.9B
- **P/E**: 20.9
- **Revenue growth (YoY)**: 12.5%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 64 |
| Growth | 56 |
| Profitability | 62 |
| Health | 23 |
| Quality | 81 |
| Moat | 62 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +12.5% YoY
- [x] Profitable — $3.47B TTM
- [x] Profit growing — +6.8% YoY
- [x] Generates cash — $3.16B TTM
- [ ] Debt under control — ~10.1y of cash flow to repay
- [x] Established company — $72.4B market cap
- [x] Not printing shares — -0.3% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 18/100
- [x] Pays a dividend — yield 3.63%
- [x] Valuation not extreme — P/E 20.9

## Experience (career milestones)

- **FY2025** — Best year on record: $3.06B net income
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $13.1B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2014** — This acquisition would facilitate the export of US natural resources to overseas markets
- **2011** — Kinder Morgan Inc. agreed to buy El Paso Corp
- **2007** — Kinder Morgan sold KN Energy to General Electric Co
- **1999** — Kinder Morgan conducted a reverse merger with KN Energy, a utility and pipeline company
- **1997** — Kinder Morgan Energy Partners (KMP) was founded in 1997 when a group of investors acquired the general partner of a…

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $16.6B | $1.78B | $4.43B |
| FY2022 | $19.2B | $2.55B | $3.35B |
| FY2023 | $15.3B | $2.39B | $4.17B |
| FY2024 | $15.1B | $2.61B | $3.01B |
| FY2025 | $16.9B | $3.06B | $2.89B |

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Source: https://stockcv.com/KMI — derived from company filings; may be delayed or incomplete. Information, not investment advice.