Kinder Morgan, Inc. (KMI)

NYSE: KMI · USD

$33.5

-0.32 (-0.9%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-10

Our latest published analysis: KMI rated Sell

Kinder Morgan, Inc.'s published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$23.5 / share

Potential value

$30.0 / share

Upside to FV

-27.6%

from $33.5

Moat

7/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$72.3B
Revenue (ttm)	18.3B
Net income (ttm)	3.6B
EPS (ttm)	$1.61
Shares out	2.2B
P/E (trailing)	20.8x
P/E (forward)	20.0x
Dividend	$1.19 (3.54%)
Volume	8,562,837
Beta	0.58

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 18.3B
Net income (ttm): 3.6B
EPS (ttm): $1.61
P/E (trailing): 20.8x
P/E (forward): 20.0x
Market cap: $72.3B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$16.15B	$18.13B	$13.65B	$13.48B	$15.20B	-1.5%
Gross profit	$7.98B	$7.76B	$8.15B	$5.53B	$7.40B	-1.9%
Operating income	$2.92B	$4.07B	$4.26B	$4.38B	$4.72B	+12.8%
Net income	$1.78B	$2.55B	$2.39B	$2.61B	$3.06B	+14.4%
EPS (diluted)	$0.78	$1.12	$1.06	$1.17	$1.37	+15.1%
EBITDA	$6.16B	$4.00B	$6.51B	$7.63B	$7.48B	+5.0%
R&D	—	—	—	—	—	—
SG&A	$655.0M	$637.0M	$668.0M	$712.0M	$936.0M	+9.3%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAL	American Airlines Group Inc.	8.3B	—	0.1x	3.0%	+20.0%	-6.9%	Manter
ALB	Albemarle Corporation	11.4B	198.9x	1.9x	4.1%	+12.8%	+1.9%	Manter
ANET	Arista Networks Inc.	235.7B	59.1x	22.4x	284.8%	+32.0%	+19.7%	Vender
BKR	Baker Hughes Company	54.3B	18.8x	1.9x	11.7%	+7.0%	+20.1%	Vender
COP	ConocoPhillips	179B	19.8x	2.8x	11.6%	+16.8%	+73.8%	Manter
CVX	Chevron Corporation	448.9B	22.0x	2.2x	8.2%	+12.6%	+54.1%	Reduzir

Base and Bull scenarios

Base55%

Price target

$23.51

-27.6% from spot

In the base case, KMI executes on its $9.6 billion project backlog, placing key pipeline expansions into service including Cumberland and Gulf Coast Express. LNG export feedgas demand and power generation corridors support steady 2%-3% annual volume growth, while interstate pipeline margins experience modest normalization toward 28.5% as operating costs rise. This supports our fundamental fair value estimate of $23.51.

Revenue expands from $18.34B in FY2026 to $20.49B in FY2030
Operating margin normalizes from 30.5% in FY2026 to 28.5% in FY2030
Reinvestment rate scales down from 18% in FY2026 to 13% in FY2030
Terminal P/E multiple of 16.0x and terminal growth rate of 2.5%

Bull20%

Price target

$29.98

-7.7% from spot

Under the bull case, rapid deployment of AI data centers and Southeast industrial electrification triggers unprecedented demand for firm natural gas transportation along the El Paso and Tennessee Gas systems,. Project backlog expands beyond $10 billion at attractive first-year Project EBITDA multiples,. Recontracting spreads widen favorably, driving valuation toward the upper bound of the committee range of $29.98.

EPS growth accelerates significantly above budgeted guidance per annum
Power corridor and data center open seasons translate into rapid backlog expansion
Full conversion of shadow backlog projects into firm long-term contracts

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($23.51). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.0%	2.3%	2.5%	2.8%	3.0%
6.0%	$27.0	$28.5	$30.2	$32.1	$34.2
6.5%	$24.0	$25.2	$26.5	$27.9	$29.5
7.0%	$21.6	$22.5	$23.5	$24.6	$25.9
7.5%	$19.6	$20.3	$21.1	$22.0	$23.0
8.0%	$17.8	$18.4	$19.1	$19.8	$20.6

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E20

P25 n/aP50 n/aP75 n/a

Trailing P/E20.5

P25 n/aP50 n/aP75 n/a

ROE11.4

P25 n/aP50 n/aP75 n/a

ROIC6.3

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All KMI indicators

Market & fundamental data

Available fields

283

Groups with data

Currency

USD

Showing 283 of 283 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001506307
Company name	Kinder Morgan, Inc.
Country	United States
Country code	US
CUSIP number	49456B101
Earnings date	2026-10-21
Earnings time	amc
Employees	11,028
Employees change	95
Employees growth	0.87%
Enterprise value	$107.2B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-09-30
First seen	2026-05-09
Fiscal year end	December
Founded	1936
In index	SP500
Industry	Oil & Gas Midstream
IPO date	2011-02-16
Is primary listing	Yes
Is SPAC	No
ISIN number	US49456B1017
Last 10-K release date	2026-02-13
Last earnings date	2026-10-21
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$74.7B
Market cap category	Large-Cap
Next earnings date	2027-01-20
Options	Yes
Price	$33.53
Price currency	USD
Sector	Energy
SIC code	4922
Stock price date	2026-10-28
Symbol	KMI
U.S. state	Texas
Website	https://www.kindermorgan.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	21.09x
Average P/E ratio (10Y)	99.29x
Average P/E ratio (3Y)	20.68x
Average P/E ratio (5Y)	20.15x
Earnings yield	4.8%
EV/Earnings	30.11x
EV/EBIT	20.59x
EV/EBITDA	14.05x
EV/FCF	41.85x
EV/Sales	5.88x
FCF / EV yield	2.39%
FCF yield	3.42%
Forward EV/Sales	5.95x
Forward P/E	21.66x
Forward P/S	4.16x
Graham number	22.67388
Graham upside	-33.07%
Industry forward P/E	15.26x
Industry P/E	17.69x
Lynch fair value	$25.06
Lynch upside	-26.02%
P/B ratio	2.39x
P/E ratio	20.81x
P/FCF ratio	29.26x
P/OCF ratio	11.21x
P/S ratio	4.11x
PEG ratio	1.89x
Price / tangible book value	7.78x
Price/EBITDA ratio	9.83x
Sector forward P/E	10.06x
Sector P/E	15.08x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	28.58%
EBITDA margin	41.87%
Effective tax rate	21.8%
FCF margin	14.06%
Gross margin	48.65%
Operating margin	28.58%
Pretax margin	25.83%
Profit margin	19.64%
Profit per employee	$325,082
Profitable quarters	21
Profitable years	15
Revenue per employee	$1.7M
ROA	4.44%
ROA (5Y)	3.86%
ROCE	7.47%
ROE	11.43%
ROE (5Y)	8.02%
ROIC	6.28%
ROIC (5Y)	5.43%
Tax / revenue	5.63%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	32.01%
EPS growth (Q)	21.63%
EPS growth (QoQ)	-12.01%
EPS growth 3Y	13.84%
EPS growth 5Y	15.96%
EPS growth quarters	4
EPS growth years	2
FCF growth	22.52%
FCF growth (Q)	-12.24%
FCF growth (QoQ)	14.74%
FCF growth 3Y	-8.87%
FCF growth 5Y	-2.59%
Gross profit growth	10.66%
Gross profit growth (Q)	2.6%
Gross profit growth 3Y	5.66%
Gross profit growth 5Y	3.01%
Net income growth	32.12%
Net income growth (Q)	21.66%
Net income growth (QoQ)	-11.94%
Net income growth 3Y	13.5%
Net income growth 5Y	15.55%
Net income growth quarters	6
Net income growth years	2
OCF growth	17.4%
OCF growth (Q)	12.45%
OCF growth (QoQ)	-18.88%
OCF growth 10Y	2.42%
OCF growth 3Y	6.51%
OCF growth 5Y	3.36%
Operating income growth	16.56%
Operating income growth (Q)	2.45%
Operating income growth 3Y	7.27%
Operating income growth 5Y	3.19%
Revenue growth	11.75%
Revenue growth (Q)	9.29%
Revenue growth (QoQ)	1.21%
Revenue growth 10Y	3.26%
Revenue growth 3Y	4.94%
Revenue growth 5Y	3.7%
Revenue growth quarters	7
Revenue growth years	1

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-4.2B
Depreciation and amortization	$2.4B
EBIT	$5.2B
EBITDA	$7.7B
EPS	$1.61
FCF per share	$1.16
Financing cash flow	$-2.1B
Free cash flow	$2.6B
Gross profit	$8.9B
Income taxes	$1B
Investing cash flow	$-3.9B
Net borrowing	$775M
Net cash flow	$810M
Net income	$3.6B
Operating income	$5.2B
Revenue	$18.3B

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	1.23
Book value per share	$14.18
Debt / EBITDA	4.22
Debt / equity	1.02
Debt / FCF	12.95
Goodwill	$20.1B
Interest coverage	3.04
Long-term assets	$71.9B
Long-term liabilities	$37.4B
Net cash (debt)	$-32.5B
Net cash / market cap	-43.04%
Net debt / EBITDA	4.23
Net debt / equity	0.99
Net debt / FCF	12.59
Piotroski F-Score	6
Property, plant and equipment	$40.9B
Shareholders' equity	$32.8B
Tangible book value	$9.7B
Tangible book value per share	$4.35
Total assets	$75.4B
Total cash	$920M
Total debt	$33.4B
Total liabilities	$42.6B
WACC	6.41%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.25
Current assets	$3.5B
Current liabilities	$5.2B
Current ratio	0.67
Inventory turnover	15.95
Net working capital	$-843M
Quick ratio	0.49
Working capital	$-1.7B
Working capital turnover	-11.73

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-0.14%
Dividend growth	1.72%
Dividend growth (10Y)	9.01%
Dividend growth (3Y)	1.75%
Dividend growth (5Y)	2.02%
Dividend growth years	8
Dividend payment date	2026-11-16
Dividend payment years	16
Dividend payout frequency	Quarterly
Dividend per share	$1.19
Dividend yield	3.54%
Ex-dividend date	2026-11-02
FCF payout ratio	102.79%
Last dividend	$0.30
Payout ratio	73.86%
Shareholder yield	3.38%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	60.28%
10Y return CAGR	10.32%
10Y total return	166.87%
150-day SMA	$32.15
15Y price change	14.16%
15Y return CAGR	5.8%
15Y total return	132.92%
1D price change	-0.95%
1M price change	9.3%
1M total return	9.3%
1W price change	0.12%
1W total return	0.12%
1Y price change	28.53%
1Y return CAGR	33.71%
1Y total return	33.69%
20-day SMA	$32.96
200-day SMA	$32.01
3M price change	5.86%
3M total return	6.85%
3Y price change	105.32%
3Y return CAGR	33.4%
3Y total return	137.46%
50-day SMA	$31.97
50-day SMA vs 200-day SMA	50under200
52-week high	$34.81
52-week high date	2026-05-19
52-week low	$25.60
52-week low date	2025-11-03
5Y price change	94.28%
5Y return CAGR	20.55%
5Y total return	154.51%
6M price change	8.6%
6M total return	10.62%
All-time high	$44.71
All-time high date	2015-04-24
All-time low	$9.42
All-time low date	2020-03-19
Average true range (ATR)	$0.82
Average volume	14.2M
Beta (1Y)	-0.72
Beta (2Y)	0.29
Beta (5Y)	0.58
Change from 52-week high	-3.66%
Change from 52-week low	30.98%
Change from all-time high	-24.83%
Change from all-time low	256.79%
Change from open	-1.21%
Day's gap	0.27%
Dollar volume	$287.1M
High price	$33.94
Low price	$33.46
Monthly RSI	64.61
Open price	$33.94
Position in 52-week range	14.58%
Premarket change	0.44%
Premarket close	$33.85
Premarket price	$34.00
Premarket volume	2.5K
Previous close	$33.85
Price vs 150-day SMA	4.56%
Price vs 20-day SMA	1.99%
Price vs 200-day SMA	5%
Price vs 50-day SMA	5.13%
Relative volume	0.6
RSI	57.24
Sharpe ratio	1.3
Sharpe ratio (3Y)	1.2
Sharpe ratio (5Y)	0.7
Sortino ratio	2.3
Sortino ratio (3Y)	1.98
Sortino ratio (5Y)	1.24
Volume	8.6M
Weekly RSI	56.75
YTD price change	22.26%
YTD total return	25.75%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	1.9B
Float percentage	86.93%
Shares change (QoQ)	0.09%
Shares change (YoY)	0.14%
Shares held by insiders	12.65%
Shares held by institutions	70.19%
Shares outstanding	2.2B
Short % of float	2.39%
Short % of shares	2.07%
Short ratio	3.6 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	110

Deeper analysis on KMI

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this KMI report

What is the latest published KMI stock rating?

Kinder Morgan, Inc. is shown with Sell in the latest published report, analyzed 2026-10-10. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full KMI analysis?

The full latest published report, analyzed 2026-10-10, lives at /stocks/KMI/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for KMI?

The latest published report analyzed 2026-10-10 gives KMI a fair value of USD 24 and a potential value of USD 30. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the KMI page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-10). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

SellKMI · Fair value $23.5-27.6%

Read full analysis →

Kinder Morgan, Inc. (KMI)

Our latest published analysis: KMI rated Sell

Price

Financial snapshot

Fair-value bridge

Latest news · KMI

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All KMI indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on KMI

Frequently asked questions

Histórico de classificações

Category	Score	Reading
Valuation	1.5
Management	6.5
Balance Sheet	3.0
Profitability	5.5
Revenue Growth	6.0
Risk Assessment	6.0
Competitive Moat	7.0
Earnings Quality	9.0
Capital Efficiency	3.5