Kinder Morgan (KMI)
Energy · $69.6B market cap · SEC CIK 0001506307
$31.27
▼-1.42% on the day
close of Sep 22, 2026
53
Mixed
fundamentals score out of 100
fundamentals score out of 100
Next reports on Oct 20, 2026, after the close, with analysts expecting $0.33 in earnings per share.
The case for KMI
- Generated $2.9B of free cash flow in FY2025, 19% of revenue.
- Revenue growing 12.5% year over year.
- Earnings per share up 27.1%.
- Pays a 6.5% dividend while you wait.
- A PEG of 0.74: a P/E of 20.1× is low for EPS growing 27%.
- Moves less than the market (beta 0.61).
The case against
- Long-term debt of $30.8B would take 5 years of operating cash flow to repay.
- Current liabilities exceed current assets (ratio 0.46).
- Price/sales of 3.9× is higher than 85% of Energy companies.
- Return on equity of 11% is lower than 90% of Energy companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Energy companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 42 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 48 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 61 |
| Momentumhow the price has behaved lately | 60 |
| Stabilityhow violently it moves, what it owes and what it pays you | 54 |
- Each factor except momentum is half fixed thresholds, half rank among the 21 Energy companies.
Key numbers
| Price / earnings | 20.1× |
|---|---|
| Price / book | 2.25× |
| Price / sales | 3.9× |
| Revenue growth (YoY) | +12.5% |
| EPS growth (YoY) | +27.1% |
| Gross margin | 49% |
| Operating margin | 30% |
| Net margin | 19% |
| Return on equity | 11% |
| Debt / equity | 1.02× |
| Current ratio | 0.46 |
| Dividend yield | 6.51% |
| Beta | 0.61 |
| 52-week range | $25.60 – $34.81 |
| Position in that range | 62% of the way up |
| 3-month return | +0.4% |
| 1-year return | +15.7% |
Five years of financials, as filed
Pulled from Kinder Morgan's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $15.2B | $13.5B | $13.6B | $18.1B | $16.2B |
| Operating income | $4.7B | $4.4B | $4.3B | $4.1B | $2.9B |
| Net income | $3.1B | $2.6B | $2.4B | $2.5B | $1.8B |
| Operating cash flow | $5.9B | $5.6B | $6.5B | $5.0B | $5.7B |
| Capital expenditure | $3.0B | $2.6B | $2.3B | $1.6B | $1.3B |
| Total assets | $72.7B | $71.4B | $71.0B | $70.1B | $70.4B |
| Total liabilities | $40.3B | $39.5B | $39.3B | $38.0B | $38.5B |
| Shareholder equity | $31.2B | $30.5B | $30.3B | $30.7B | $30.8B |
| Cash | $63.0M | $88.0M | $83.0M | $745M | $1.1B |
| Long-term debt | $30.8B | $29.9B | $28.1B | $28.4B | $30.7B |
| Free cash flow | $2.9B | $3.0B | $4.2B | $3.3B | $4.4B |
| Operating margin | 31.1% | 32.5% | 31.2% | 22.4% | 18.1% |
| Net margin | 20.1% | 19.4% | 17.5% | 14.1% | 11.0% |
| Diluted shares | 2.2B | 2.2B | 2.2B | 2.3B | 2.3B |
Share count is essentially flat over 4 years.
Risk factors KMI lists in its 10-K
- Our businesses are dependent on the supply of and demand for the products we handle
- —Our operating results may be adversely affected by unfavorable economic and market conditions
- We are subject to reputational risks and risks relating to public opinion
- Changes in U.S. trade policy and the impact of tariffs may have a material adverse effect on our business and results of operations
- We face competition from other pipelines and terminals, as well as other forms of transportation and storage
- The volatility of crude oil, NGL, and natural gas prices could adversely affect our business
- Our use of hedging arrangements does not eliminate our exposure to commodity price risks and could result in financial losses or volatility in our income
- Quantitative and Qualitative Disclosures About Market Risk
- Commodity transportation and storage activities involve numerous risks that may result in accidents or otherwise adversely affect our operations
- Our operating results may be adversely affected by unfavorable economic and market conditions
- —The volatility of crude oil, NGL, and natural gas prices could adversely affect our business."
- —Our businesses are dependent on the supply of and demand for the products we handle
- A breach of information security or the failure of one or more key IT or operational (OT) systems, or those of third parties, may adversely affect our business, results of operations, or business reputation
- Attacks, including acts of terrorism or cyber sabotage, or the threat of such attacks, may adversely affect our business or reputation