— Know what they know.
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Not Investment Advice

KMI

NYSE · USD
Kinder Morgan, Inc.
Energy · Oil & Gas Midstream
CEO Kimberly Allen Dang Employees 11,028 R&D / revenue 0.0%
Last price
$34.20+4.20%last session
Market cap
$76.2B
P/E (TTM)
21.9x
From 52w high
−1.8%
From 52w low
+33.6%
1-year return
+27.1%
RSI 14 · vs SMA200
69.2 · +7.9%
IS score
57.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

KMI   SPY   XLE (sector ETF) · weekly closes
100120140160Jan 26Apr 26Jul 26Oct 26XLE 160KMI 127SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
67
Profitability
67
Growth
56
Value
93
Momentum
30
Risk (safety)
78
Quality
36
Balance sheet
83
Earnings quality

Flags

Strengths
✓ FCF yield 5%+
Warnings
▲ Altman distress zone▲ Share count rising
Observations
Moat model: Weak, Intangible AssetsPiotroski 7 / 9Altman Z 1.3Beta 0.552 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
8 open-market sales, $842,459
No Form 144 notices in 12 months
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
0
141 new holders, 117 closed
1,825 filers hold 70.6% · 763 added, 659 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+264
1,056 funds adding shares
792 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
66.5%
20-day avg 55.4%, 50-day avg 56.9%
Latest 11.1 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$16.9B
Revenue growth YoY+12.5%
Gross margin43.7%
Operating income$4.8B
Operating margin28.4%
Net income$3.1B
Net margin18.0%
EPS (diluted)$1.37
Cash flow
Operating cash flow$6.2B
Capital expenditure$3.0B
Free cash flow$3.2B
FCF conversion (FCF / OCF)51.6%
Stock-based compensation$0
FCF less SBC$3.2B
Buybacks$0
Dividends$2.6B
Balance sheet & returns
Cash & short-term investments$109.0M
Total debt$32.2B
Net debt$32.1B
Shareholders' equity$32.4B
Goodwill & intangibles$21.8B
Debt / equity1.02
ROE (TTM)11.1%
ROIC (TTM)5.7%
Operating margin by fiscal year
30.1%FY202122.6%FY202226.7%FY202329.1%FY202428.4%FY2025
Revenue $17.5B (FY2021) to $16.9B (FY2025), a -0.8% CAGR.

Valuation

P/E (TTM)21.9x
EV / EBITDA13.4x
Price / sales4.24x
Price / FCF24.1x
FCF yield4.15%
Buyback yield0.00%
SBC / revenue0.0%
Price / book2.41x
Forward P/E FY202622.2x
Forward P/E FY202722.3x
Forward P/E FY202820.5x
Forward multiples divide today's price by Street EPS estimates. Street mean target $35.67 across 6 analysts last quarter is theirs, not ours.

KMI vs industry median

102 companies in Oil & Gas Midstream
Gross margin 54.9% 47.9% Operating margin 29.0% 26.6% Net margin 19.3% 13.6% ROIC 5.7% 8.0%
KMI (TTM)Industry median Asset turnover 0.24 vs industry 0.33 · financial leverage 2.34

Earnings delivery

Next report 2026-10-21 · consensus EPS $0.32
25%
beat rate, 3 of 12 quarters
−2.4%
median EPS surprise
2
longest beat streak
+0-4-10+0-4-7-5-4+0-1+7+21
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-07-19 to 2026-04-22. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
KMI Kinder Morgan, Inc. $76.2B21.9x11.1%19.3%+12.5% +27.1%
EPD Enterprise Products Partners $79.5B12.8x21.2%10.1%+6.8% +29.6%
ET Energy Transfer LP $69.7B12.6x16.6%6.1%+29.7% +23.9%
WMB The Williams Companies, Inc. $87.2B28.3x24.0%27.1%+8.8% +14.9%
TRGP Targa Resources Corp. $63.2B28.0x72.5%17.2%−2.2% +102.8%
LNG Cheniere Energy, Inc. $59.8B21.4x45.2%53.5%+22.4% —
OKE ONEOK, Inc. $58.8B16.1x16.3%8.0%+40.8% —
ENBA Enbridge Inc. 6.375 SNT18 B $41.8B9.8x17.1%8.4%+20.3% —
12-month window: SPY +15.9%, sector ETF XLE +60.0%. Past returns describe history only.

Recent 8-K filings

No 8-K filings on file.

Context

Shares outstanding2,226,800,000
Free float86.9%
Institutional ownership70.6%
Beta0.55
Dividend yield3.45%
Last dividend$0.30 on 2026-08-03
50 / 200-day average$31.61 / $31.72
Large-cap Energy median P/E17.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where KMI sits among 30 scored companies in Oil & Gas Midstream (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureKMIIndustry medianIndustry percentileSector median
P/E (TTM) 22.0x 16.7x
67th		 16.6x
PEG (P/E ÷ 3-yr EPS CAGR) 1.90 1.90
50th		 0.72
Price / sales 4.2x 2.7x
66th		 1.8x
Price / book 2.4x 3.3x
28th		 1.9x
Price / tangible book 7.4x 6.0x
61st		 1.9x
Price / free cash flow 19.7x 10.1x
67th		 11.9x
Price / operating cash flow 11.5x 8.9x
85th		 6.9x
Enterprise value $108.3B $12.6B
93rd		 $5.3B
EV / sales 6.0x 4.5x
62nd		 2.4x
EV / EBITDA 13.4x 10.7x
72nd		 9.0x
EV / EBIT 19.4x 14.3x
79th		 14.1x
EV / free cash flow 28.0x 18.2x
67th		 14.6x
Earnings yield 4.6% 5.4%
38th		 4.6%
FCF yield 5.1% 5.0%
52nd		 5.8%
Operating cash flow yield 8.7% 10.8%
21st		 13.6%
Graham number (per share) $22.33 $26.47
29th		 $32.92

Profitability (TTM)

MeasureKMIIndustry medianIndustry percentileSector median
Gross margin 54.9% 49.8%
66th		 31.9%
EBITDA margin 44.9% 46.7%
48th		 26.7%
Operating margin 29.0% 35.0%
41st		 15.2%
EBIT margin 31.1% 33.2%
48th		 13.3%
Net margin 19.3% 16.8%
52nd		 8.0%
NOPAT margin 22.6% 31.0%
41st		 12.4%
FCF margin 21.5% 6.7%
66th		 7.8%
Operating cash flow margin 36.9% 31.4%
62nd		 21.8%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 5.9% 3.7%
61st		 6.7%
Stock comp / revenue 0.0% 0.1%
0th		 0.7%
Effective tax rate 22.4% 8.0%
83rd		 21.0%

Returns on capital

MeasureKMIIndustry medianIndustry percentileSector median
ROE (on average equity) 11.1% 24.1%
24th		 12.2%
ROA 4.7% 5.9%
38th		 4.8%
ROIC 6.3% 10.0%
21st		 9.9%
ROCE 8.2% 10.7%
14th		 9.8%
Return on tangible assets 7.6% 10.1%
24th		 8.3%
Cash ROIC (OCF / invested capital) 10.4% 15.6%
8th		 18.4%
Gross profitability (GP / assets) 13.3% 13.1%
55th		 14.8%
ROIC, 3-yr average 4.2% 8.4%
9th		 7.0%
ROIC, 5-yr average 4.5% 7.3%
16th		 10.1%
ROE, 5-yr average 8.8% 18.2%
15th		 14.8%
Incremental ROIC 345.5% 33.6%
96th		 14.8%

Growth

MeasureKMIIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 12.7% 14.8%
41st		 10.2%
Revenue growth (QoQ) -7.3% 16.4%
10th		 13.0%
Revenue CAGR, 3 yr 1.8% 4.1%
38th		 2.0%
Revenue CAGR, 5 yr 3.6% 9.8%
21st		 13.7%
Gross profit CAGR, 3 yr 24.6% 9.4%
85th		 1.7%
Operating income CAGR, 3 yr 9.3% 8.4%
58th		 -2.0%
Net income growth (TTM YoY) 27.3% 25.5%
56th		 23.5%
Net income CAGR, 3 yr 11.4% 5.8%
60th		 -7.8%
EPS growth (TTM YoY) 27.1% 23.3%
60th		 19.9%
EPS CAGR, 3 yr 11.6% 5.1%
68th		 -9.8%
EPS CAGR, 5 yr 15.5% 15.7%
47th		 20.5%
FCF growth (TTM YoY) 42.0% 18.8%
63rd		 19.9%
FCF CAGR, 3 yr 5.2% 2.9%
65th		 -3.4%
Operating cash flow CAGR, 3 yr 8.4% 5.6%
67th		 3.2%
Book value CAGR, 3 yr 1.3% 3.9%
35th		 5.6%
Dividend CAGR, 3 yr 0.8% 1.0%
48th		 -0.1%
Sustainable growth rate 2.7% 5.1%
32nd		 9.4%

Margin history & stability

MeasureKMIIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 42.0% 40.7%
54th		 31.0%
Operating margin, 3-yr average 28.5% 30.8%
46th		 15.4%
Net margin, 3-yr average 17.5% 18.5%
42nd		 8.7%
FCF margin, 3-yr average 21.6% 10.2%
62nd		 7.2%
Revenue stability (0-1) 0.39 0.66
35th		 0.64
Earnings stability (0-1) 0.82 0.57
77th		 0.22
Margin stability (0-1) 0.76 0.83
38th		 0.73

Liquidity (latest quarter)

MeasureKMIIndustry medianIndustry percentileSector median
Cash & short-term investments $89.0M $166.5M
38th		 $248.6M
Net cash (− = net debt) −$32.2B −$3.6B
10th		 −$1.1B
Working capital −$2.8B $5.2M
3rd		 $205.0M
Current ratio 0.51 1.12
7th		 1.41
Quick ratio 0.41 0.94
4th		 1.13
Cash ratio (cash + ST investments / current liabilities) 0.02 0.18
14th		 0.36
Defensive interval (days) 130 days 799 days
0th		 768 days

Leverage & solvency (latest quarter)

MeasureKMIIndustry medianIndustry percentileSector median
Total debt $32.2B $3.6B
90th		 $1.3B
Debt / equity 1.02 1.85
28th		 0.61
Net debt / equity 1.02 1.65
36th		 0.45
Debt / assets 43.5% 50.2%
34th		 28.7%
Debt / capital 50.5% 65.0%
27th		 37.9%
Debt / EBITDA 4.00 3.62
59th		 1.98
Net debt / EBITDA 3.99 3.43
62nd		 1.43
Interest coverage (EBIT / interest) 3.2x 3.7x
26th		 4.1x
Cash interest coverage 3.8x 4.8x
30th		 6.7x
Debt payback (years of OCF) 4.9 yrs 4.6 yrs
56th		 2.3 yrs
Liabilities / assets 55.6% 66.6%
31st		 54.6%
IS credit model rating BB — —
Implied credit spread (bps) 475 400
62nd		 275

Efficiency

MeasureKMIIndustry medianIndustry percentileSector median
Asset turnover 0.25 0.36
28th		 0.49
Fixed asset turnover 0.44 0.52
37th		 0.94
Inventory turnover 14.4 35.5
15th		 11.7
Receivables turnover 11.9 11.4
52nd		 7.8
Days sales outstanding 31 days 31 days
52nd		 46 days
Days inventory outstanding 25 days 10 days
85th		 31 days
Days payables outstanding 65 days 26 days
76th		 41 days
Cash conversion cycle (days) −9 days 0 days
31st		 18 days
Capex / revenue 15.3% 13.7%
52nd		 11.9%
Capex / depreciation 1.11 1.22
38th		 1.04
Operating expense ratio 38.6% 10.2%
96th		 16.5%

Cash flow & earnings quality

MeasureKMIIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.91 1.94
44th		 2.02
FCF / net income 1.12 0.90
67th		 0.96
FCF / operating cash flow 58.4% 43.6%
61st		 48.4%
Capex / operating cash flow 41.6% 56.4%
39th		 51.6%
Accruals ratio -4.3% -5.8%
67th		 -7.7%
Sloan accruals ratio -5.6% -3.6%
24th		 -4.7%
Earnings quality score (0-1) 1.00 0.75
63rd		 0.75

Dividends & buybacks

MeasureKMIIndustry medianIndustry percentileSector median
Dividend yield 3.5% 5.1%
34th		 1.7%
Dividend per share (TTM) $1.18 $2.14
31st		 $0.66
Payout ratio (dividends / net income) 75.8% 73.7%
59th		 29.4%
Dividends / FCF 67.9% 61.9%
71st		 28.1%
Dividend growth (YoY) 1.6% 5.8%
33rd		 0.5%
Buyback yield 0.0% 0.2%
0th		 0.2%
Shareholder yield (dividends + buybacks) 3.4% 6.2%
28th		 3.2%
Share count change (YoY) 0.1% 0.0%
62nd		 0.2%
Buybacks, last 5 years $0 $45.9M
0th		 $38.8M

Scores & forensic checks

MeasureKMIIndustry medianIndustry percentileSector median
IS score 58 56
55th		 51
IS profitability 67 73
45th		 50
IS growth 67 65
59th		 61
IS value 56 56
48th		 57
IS momentum 93 85
79th		 77
IS risk (safety) 30 50
24th		 50
IS quality 78 68
83rd		 68
IS balance sheet 36 36
52nd		 55
IS earnings quality 83 72
83rd		 65
IS cash flow 71 51
72nd		 50
Piotroski F-score (0-9) 7 7
41st		 6
Altman Z-score 1.3 1.9
24th		 2.0
Beneish M-score −2.86 −2.39
15th		 −2.62
Ohlson O-score −8.42 −7.11
18th		 −7.87
IS credit score 40 49
38th		 58

Per share

MeasureKMIIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $1.56 $2.84
28th		 $1.88
Book value per share $14.22 $13.29
59th		 $14.22
Tangible book per share $4.91 $9.53
34th		 $12.86
Revenue per share $8.07 $15.78
21st		 $19.06
FCF per share $1.74 $2.69
38th		 $2.05
Operating cash flow per share $2.97 $5.75
14th		 $4.95
Cash per share $0.04 $0.68
10th		 $1.70

Size (TTM)

MeasureKMIIndustry medianIndustry percentileSector median
Market cap $76.2B $6.8B
93rd		 $4.1B
Revenue $18.0B $1.9B
79th		 $2.0B
EBITDA $8.1B $1.1B
93rd		 $606.3M
Net income $3.5B $387.3M
86th		 $134.0M
Free cash flow $3.9B $380.0M
93rd		 $199.4M
Total assets $74.1B $8.7B
97th		 $4.4B
Shareholders' equity $31.6B $2.0B
100th		 $1.8B
Employees 11,028 1,710
100th		 1,717

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-16Garthwaite Michael P.
VP (Pres., Products Pipelines)
 Open-market sale 1,550$30.80$47,74548,863
2026-09-04Grubb Kenneth W.
VP and COO
 — 61,767——0
2026-08-17Garthwaite Michael P.
VP (Pres., Products Pipelines)
 Open-market sale 1,550$32.65$50,61250,413
2026-07-31Michels David Patrick
VP and Chief Financial Officer
 Option exercise 121,528——260,956
2026-07-31Michels David Patrick
VP and Chief Financial Officer
 Tax withholding 47,573$32.18$1.5M213,383
2026-07-31Michels David Patrick
VP and Chief Financial Officer
 Option exercise 121,528——0
2026-07-31Sanders Dax
President
 Option exercise 130,209——420,709
2026-07-31Sanders Dax
President
 Tax withholding 51,238$32.18$1.6M369,471
2026-07-31Sanders Dax
President
 Option exercise 130,209——0
2026-07-31Dang Kimberly A
Director, Chief Executive Officer
 Option exercise 636,575——1,467,176
2026-07-31Dang Kimberly A
Director, Chief Executive Officer
 Tax withholding 250,233$32.18$8.1M1,216,943
2026-07-31Dang Kimberly A
Director, Chief Executive Officer
 Option exercise 636,575——0

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired101,050,809—
Open-market saleDisposed826,248$842,459
Option exerciseAcquired101,378,767—
Option exerciseDisposed101,378,767—
Tax withholdingDisposed10533,861$17.2M
—Disposed261,767—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

FiledFilerShares proposedEst. proceeds
None on file.
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 9 trades (6 purchases) · Senate 1 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-03-27Alan ArmstrongSenateSale (Full)$1,001 - $15,0002026-07-20
2026-02-19Richard W. AllenHousePurchase$1,001 - $15,0002026-03-12
2026-02-18Rick W. AllenHousePurchase$1,001 - $15,0002026-03-11
2026-02-10Gilbert CisnerosHousePurchase$1,001 - $15,0002026-03-10
2026-02-10Gilbert Ray CisnerosHousePurchase$1,001 - $15,0002026-03-10
2025-04-22John FettermanSenateSale$1,001 - $15,0002025-05-15
2025-04-22John Karl FettermanSenateSale$1,001 - $15,0002025-05-15
2020-04-15David PerdueSenateSale (Full)$1,001 - $15,0002021-05-02
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.175,834,246$5.6B7.90%
STATE STREET CORP130,863,419$4.2B5.88%
VANGUARD CAPITAL MANAGEMENT LLC125,590,355$4.0B5.64%
VANGUARD PORTFOLIO MANAGEMENT LLC67,892,944$2.2B3.05%
BANK OF AMERICA CORP /DE/61,455,987$2.0B2.76%
GEODE CAPITAL MANAGEMENT, LLC55,692,758$1.8B2.50%
NORGES BANK37,596,771$1.2B1.69%
GOLDMAN SACHS GROUP INC25,719,613$822.3M1.16%
JPMORGAN CHASE & CO25,631,163$827.1M1.15%
Invesco Ltd.22,694,082$725.5M1.02%
DIMENSIONAL FUND ADVISORS LP17,539,770$560.8M0.79%
FMR LLC16,581,098$530.1M0.74%
MORGAN STANLEY16,318,915$521.7M0.73%
UBS Group AG16,256,714$519.7M0.73%
Amundi14,734,446$471.1M0.66%

Institutional ownership by quarter

2023-092026-0670.6%
% of shares held by 13F filers
2023-092026-061,825
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,82570.6%141763659117
2026-03-311,82567.1%233698657100
2025-12-311,72367.8%213647615121
2025-09-301,66365.0%150665602113
2025-06-301,65666.3%14967159799
2025-03-311,62665.4%16662962796
2024-12-311,58565.8%28054856568
2024-09-301,40264.8%13157351686
2024-06-301,37464.6%12655051790
2024-03-311,35964.0%119567506111
2023-12-311,37062.1%176511521102
2023-09-301,32161.7%11150052061

Schedule 13D / 13G filers

FiledFormFiler% of classShares
None on file.
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.08%$1.8B
VTI0.08%$1.8B
VSMPX0.08%$1.8B
VTSAX0.08%$1.8B
VFINX0.09%$1.6B
VFIAX0.09%$1.6B

Share structure

Shares outstanding2,226,800,000
Float1,935,692,252
Free float86.9%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$17.5B$19.6B$15.2B$15.1B$16.9B
Cost of revenue$11.2B$14.1B$10.0B$9.5B$9.5B
Gross profit$6.4B$5.5B$5.1B$5.5B$7.4B
R&D$0$0$0$0$0
SG&A$655.0M$637.0M$668.0M$712.0M$936.0M
Operating income$5.3B$4.4B$4.0B$4.4B$4.8B
EBITDA$5.8B$7.0B$7.3B$7.6B$7.5B
Pretax income$2.2B$3.3B$3.2B$3.4B$4.0B
Income tax$369.0M$710.0M$715.0M$687.0M$832.0M
Net income$1.8B$2.5B$2.4B$2.6B$3.1B
EPS, diluted$0.78$1.12$1.06$1.17$1.37
Diluted shares2.3B2.3B2.2B2.2B2.2B

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.1B$745.0M$83.0M$88.0M$109.0M
Receivables$1.6B$1.8B$1.6B$1.5B$1.7B
Inventory$562.0M$634.0M$525.0M$555.0M$574.0M
Total current assets$3.8B$3.8B$2.5B$2.5B$2.8B
PP&E, net$35.7B$35.6B$37.3B$38.0B$39.5B
Goodwill & intangibles$21.6B$21.8B$22.1B$21.8B$21.8B
Total assets$70.4B$70.1B$71.0B$71.4B$74.6B
Accounts payable$1.3B$1.4B$1.4B$1.4B$1.4B
Total current liabilities$5.8B$6.9B$7.2B$5.1B$4.3B
Long-term debt$30.6B$28.2B$27.8B$29.7B$30.9B
Total liabilities$38.5B$38.0B$39.3B$39.5B$42.1B
Shareholders' equity$31.9B$32.1B$31.7B$31.9B$32.4B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.9B$2.6B$2.5B$2.7B$3.0B
Depreciation & amortization$2.1B$2.3B$2.2B$2.4B$2.5B
Stock-based compensation$59.0M$60.0M$63.0M$0$0
Change in working capital−$218.0M−$258.0M$1.2B−$76.0M−$223.0M
Operating cash flow$5.7B$5.0B$6.5B$5.6B$6.2B
Capital expenditure−$1.3B−$1.6B−$2.3B−$2.6B−$3.0B
Free cash flow$4.4B$3.3B$4.1B$3.0B$3.2B
Investing cash flow−$2.3B−$2.2B−$4.2B−$2.6B−$3.5B
Net debt issued / repaid−$899.0M−$677.0M$234.0M−$116.0M−$57.0M
Buybacks$0−$368.0M−$522.0M−$7.0M$0
Dividends paid−$2.4B−$2.5B−$2.5B−$2.6B−$2.6B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin36.3%28.2%33.9%36.7%43.7%
Operating margin30.1%22.6%26.7%29.1%28.4%
Net margin10.2%13.0%15.8%17.3%18.0%
FCF margin25.2%17.1%27.4%20.1%21.2%
ROE5.7%8.3%7.8%8.6%9.9%
ROIC7.0%5.7%5.1%5.6%6.0%
ROA2.5%3.6%3.4%3.7%4.2%
Debt / equity1.081.031.051.041.04
Interest coverage2.5x3.1x2.8x2.8x2.8x
Current ratio0.660.550.350.490.64
Revenue growth+52.8%+11.5%−22.5%−0.5%+12.5%
EPS growth+1,397.2%+44.0%−5.0%+9.3%+16.7%
P/E at year end16.1x13.5x14.8x22.3x20.0x
EV / EBITDA at year end10.4x9.2x9.3x11.8x12.5x
FCF yield at year end15.45%9.71%11.70%5.19%5.89%
Dividend payout141.5%98.3%105.8%97.9%85.2%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Natural Gas Pipelines$11.9B$12.7B$9.2B$8.9B$11.0B
Products Pipelines$2.2B$3.4B$3.1B$3.0B$2.7B
Terminals$1.7B$1.8B$1.9B$2.0B$2.1B
CO2$1.1B$1.6B$1.2B$1.2B$1.2B

Revenue by region · FY2025

UNITED STATES$16.9B · 100%
MEXICO$11.0M · 0%

Street estimates by fiscal year

Next report 2026-10-21 · consensus EPS $0.32 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$18.3B$17.7B – $18.7B$1.54$1.46 – $1.651122.2x
2027$18.6B$17.5B – $19.4B$1.54$1.43 – $1.761222.3x
2028$19.5B$18.6B – $20.5B$1.67$1.58 – $1.85820.5x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-22$0.40$0.48+21.2%$4.6B$4.8B+4.3%
2026-01-21$0.36$0.39+6.9%$4.3B$4.5B+4.4%
2025-10-22$0.29$0.29−1.0%$4.0B$4.1B+4.2%
2025-07-16$0.28$0.28+0.1%$3.8B$4.0B+5.6%
2025-04-16$0.36$0.34−4.3%$4.2B$4.3B+0.3%
2025-01-22$0.34$0.32−4.6%$4.2B$4.0B−5.0%
2024-10-16$0.27$0.25−7.4%$4.0B$3.7B−9.2%
2024-07-17$0.26$0.25−3.8%$4.1B$3.6B−12.1%
2024-04-17$0.34$0.340.0%$4.4B$3.8B−12.2%
2024-01-17$0.30$0.27−10.0%$4.4B$4.0B−10.0%
2023-10-18$0.26$0.25−3.8%$4.7B$3.9B−17.2%
2023-07-19$0.24$0.240.0%$4.6B$3.5B−23.7%
2023-04-19$0.29$0.30+3.4%$4.8B$3.8B−20.3%
2023-01-18$0.30$0.31+3.3%$4.9B$4.5B−8.0%
2022-10-19$0.29$0.25−13.8%$4.7B$5.2B+11.3%
2022-07-20$0.27$0.270.0%$3.9B$5.4B+36.8%
2022-04-20$0.29$0.32+10.3%$3.7B$4.4B+18.3%
2022-01-19$0.26$0.27+3.8%$3.4B$4.5B+32.3%
2021-10-20$0.24$0.22−8.3%$3.2B$4.0B+22.9%
2021-07-21$0.19$0.23+21.1%$3.2B$3.2B+0.5%
2021-04-21$0.24$0.60+150.0%$3.0B$5.9B+94.5%
2021-01-20$0.24$0.27+12.5%$3.0B$3.1B+2.3%
2020-10-21$0.21$0.210.0%$2.9B$2.9B−1.4%
2020-07-22$0.18$0.17−5.6%$2.3B$2.5B+10.5%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.306-220.306-290.207-060.207-130.407-200.307-270.308-030.308-100.508-170.308-240.308-31
Week ofNotionalSharesTrades
2026-08-31$303.2M9,509,221122,636
2026-08-24$341.4M10,853,285126,200
2026-08-17$468.6M14,647,122144,440
2026-08-10$270.6M8,476,595114,043
2026-08-03$267.8M8,571,358113,992
2026-07-27$319.9M10,046,741134,092

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1566.5%
DateShort shareShort volumeTotal volume
2026-10-1566.5%4,517,8456,792,071
2026-10-1447.8%2,143,0164,480,658
2026-10-1356.3%1,821,3863,236,340
2026-10-1248.2%1,384,5792,875,139
2026-10-0950.5%1,566,5153,102,420
2026-10-0848.2%1,774,0803,677,031
2026-10-0767.8%1,960,0432,890,633
2026-10-0654.6%2,632,4214,823,314
2026-10-0549.7%1,800,6403,620,758
2026-10-0258.8%1,914,4763,255,099
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.8Jan+0.7Feb+0.3Mar+0.9Apr+1.6May+0.1Jun+2.0Jul-0.2Aug-1.5Sep+0.2Oct+3.1Nov-1.6Dec
MonthAvg returnUp yearsYears
Jan+2.8%67%15
Feb+0.7%38%16
Mar+0.3%62%16
Apr+0.9%60%15
May+1.6%67%15
Jun+0.1%53%15
Jul+2.0%60%15
Aug−0.2%47%15
Sep−1.5%47%15
Oct+0.2%40%15
Nov+3.1%60%15
Dec−1.6%53%15
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1469.2
MFI70.1
ADX16.9
Stochastic %K / %D90.2 / 92.5
Williams %R-0.6
CCI153
TSI / signal21.9 / 7.4
Chaikin money flow0.12
ATR$0.77
Bollinger width13.9%
Volume vs 20-day avg1.19x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$31.81 (+7.5%)
SMA 50$31.67 (+8.0%)
SMA 200$31.69 (+7.9%)
EMA 21$32.19 (+6.2%)
EMA 50$31.85 (+7.4%)
EMA 200$31.10 (+10.0%)
Bollinger upper$34.02 (+0.5%)
Bollinger lower$29.60 (+15.5%)
Parabolic SAR$31.23 (+9.5%)
Open the live chart, 110+ indicators

About Kinder Morgan, Inc.

Kinder Morgan, Inc. operates as a leading energy infrastructure company across North America. Its extensive operations are categorized into four primary business segments: Natural Gas Pipelines, Products Pipelines, Terminals, and CO2. The Natural Gas Pipelines segment manages a vast network of interstate and intrastate natural gas pipelines, along with underground storage systems. This includes natural gas gathering systems, processing and treatment facilities, natural gas liquids fractionation plants, transportation systems, and infrastructure for liquefied natural gas liquefaction and storage. Within its Products Pipelines segment, the company owns and operates pipelines designed for refined petroleum products, crude oil, and condensate, supported by associated product terminals and facilities for petroleum pipeline transmix. The Terminals segment involves the ownership and operation of both liquid and bulk terminals that are utilized for storing and handling a wide array of commodities, such as gasoline, diesel fuel, various chemicals, ethanol, metals, and petroleum coke. This division also includes the ownership of tankers. Lastly, the CO2 segment is dedicated to the production, transportation, and marketing of carbon dioxide, primarily for enhanced oil recovery from mature oil fields. This segment also holds interests in or operates oil fields and gasoline processing plants, oversees a crude oil pipeline system located in West Texas, and manages renewable natural gas (RNG) and liquefied natural gas (LNG) facilities. In total, Kinder Morgan owns and operates approximately 83,000 miles of pipelines and 143 terminals. The company, initially named Kinder Morgan Holdco LLC, officially changed its name to Kinder Morgan, Inc. in February 2011. Founded in 1936, its corporate headquarters are situated in Houston, Texas.

https://www.kindermorgan.com

Key executives

NameTitlePayBorn
Sital K. ModyVice President & President of Natural Gas Pipelines$1.6M1971
Dax A. SandersPresident$1.4M1975
John W. SchlosserVice President & President of Terminals$1.3M1963
David Patrick MichelsVice President & Chief Financial Officer$1.3M1979
James E. HollandVice President & Chief Operating Officer$1.2M1963
Kimberly Allen DangChief Executive Officer & Director$540,5771970
Richard D. KinderExecutive Chairman of the Board$11945
Mark HuseVice President & Chief Information Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Kimberly A. Dang Chief Executive Officer2025$523,077$11.8M$0$12.3M
Dax A. Sanders Executive Vice President2025$523,077$2.8M$900,000$4.2M
Sital K. Mody Vice President (President, Natural Gas Pipelines)2025$523,077$2.5M$1.1M$4.1M
David P. Michels Vice President and Chief Financial Officer2025$523,077$2.6M$750,000$3.9M
John W. Schlosser Vice President (President, Terminals)2025$523,077$2.4M$800,000$3.8M

Employees

11k201811k201911k202011k202111k202211k202311k202411k2025

Dividends

Ex-dateAmountPaid
2026-08-03$0.29752026-08-17
2026-05-04$0.29752026-05-15
2026-02-02$0.29252026-02-17
2025-11-03$0.29252025-11-17
2025-07-31$0.29252025-08-15
2025-04-30$0.29252025-05-15
2025-02-03$0.28752025-02-18
2024-10-31$0.28752024-11-15

Moat model

Weak · Intangible Assets · 2026-06-30
Cost advantage40
Intangibles69
Switching costs52
Network effect40
Efficient scale56
Our component scores (0-100) and overall 52.7; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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