Kinder Morgan, Inc. (KMI)
Energy · Oil & Gas Storage & Transportation · US stock · S&P 500 component
$34.20
▲ +1.38 (4.20%)
Fair valueOvervalued
$23 −33.2% to fair value
$11fair band $16–$30$34
Day's range
$33.01 – $34.23
52-week range
$24.74 – $34.49
About Kinder Morgan, Inc.
Kinder Morgan owns and operates energy infrastructure in North America. Its assets include natural gas pipelines and storage, terminals that handle petroleum products, chemicals and other bulk materials, and a carbon dioxide business that supports oil production. Customers include natural gas producers, utilities, power generators, refiners and industrial users, who pay to move and store energy products through its network.
A large share of revenue comes from fees for transporting, storing and handling products. The last twelve months produced $18.0 billion, but revenue growth over the last three years was -4.1% a year, a decline. The operating margin is 29.0%, and the business earns a profit of 6% on the capital invested in it. It has net debt of 4.2 times EBITDA. A dividend is paid, with a yield of 3.5%. On the site's X-Ray Score it receives 44 out of 100.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $24.74 – $34.49Volume 16,946,300Daily, split-adjusted
Vitals
Market cap$76.1B
52-week range$24.74 – $34.49
Volume (last day)16,946,300
P/E (TTM)21.9
EBIT / EV yield4.8%
Free-cash-flow yield4.2%
Dividend yield3.5%
Revenue (TTM)$18.0B
Net income (TTM)$3.5B
Operating margin29.0%
Return on capital6.3%
Debt incl. leases$32.2B
Cash & securities$89M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$23model spread $21 – $26
Overvalued
−33.2% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.
Multiples use through-the-cycle earnings (0.85x of the last twelve months)
Price $34
Undervalued < $16Fair $16 – $30Overvalued > $30
10-year DCF (market-scaled)
$21
Peer multiples
$19
Earnings power floor (not blended)
$7
Fundamentals-adjusted multiple
$28
Growth the price implies
15.2%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Weak business, priced high
Our models put fair value below today's price, so a lot of good news may already be in the price. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Energy peers. Open a lens to see the numbers behind it.
Valuation
Weak
28/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield4.8%
Free-cash-flow yield4.2%
Fair value vs price0.7×
Growth
Strong
70/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)-4.1%
EPS growth (3y)6.9%
Growth consistency70%
Profitability
Weak
32/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital6.3%
Operating margin29.0%
Financial health
Weak
43/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA4.2×
Interest coverNo interest cost
Dividends
Fair
60/100
Dividend is typical for its sector.
See the numbers →
Dividend yield3.5%
Dividends vs free cash flow83%
Dividend growth1.3%
Quarterly results: last 6 quarters
+10.4%
Mar '25
+13.2%
Jun '25
+12.1%
Sep '25
+13.1%
Dec '25
+13.8%
Mar '26
+10.8%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $4.5B, diluted EPS $0.39.
Compare with peers
OKE Oneok Inc51 TRGP Targa Resources Corp.42 WMB Williams Companies, In...39Other Oil & Gas Storage & Transportation companies by X-Ray Score.
Fundamentals checklist
● 5 Good · ● 2 Average · ● 8 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldBad
Risk models
Altman Z''Bad
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Average
Revenue growth (3y)Average
Growth consistencyGood
Balance sheet
Current ratioBad
Net debt / EBITDABad
Interest coverGood
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginGood
Each check is graded against the company's sector, not a fixed number. Checklist score 41/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $16.6B | $19.2B | $15.3B | $15.1B | $16.9B |
| Operating income | $2.9B | $4.1B | $4.3B | $4.4B | $4.7B |
| Net income | $1.8B | $2.5B | $2.4B | $2.6B | $3.1B |
| Operating cash flow | $5.7B | $5.0B | $6.5B | $5.6B | $5.9B |
| Operating margin | 17.6% | 21.2% | 27.8% | 29.0% | 27.9% |
| Free cash flow | $4.4B | $3.3B | $4.2B | $3.0B | $2.9B |
| Diluted EPS | $0.78 | $1.12 | $1.06 | $1.17 | $1.37 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 32.70 | Bullish |
| EMA 10 | 32.79 | Bullish |
| SMA 20 | 31.81 | Bullish |
| EMA 20 | 32.22 | Bullish |
| SMA 50 | 31.67 | Bullish |
| EMA 50 | 31.83 | Bullish |
| SMA 100 | 31.68 | Bullish |
| EMA 100 | 31.64 | Bullish |
| SMA 200 | 31.39 | Bullish |
| EMA 200 | 30.84 | Bullish |
Oscillators (daily)
| RSI (14) | 69.22 | Neutral |
| MACD (12, 26) | 0.57 | Bullish |
| Momentum (12) | 13.43 | Bullish |
| Stochastic %K (14) | 99.38 | Bearish |
| Williams %R (14) | -0.62 | Bearish |
| CCI (20) | 153.3 | Bearish |
Pivot points (classic, last session)
S3 32.18 | S2 32.59 | S1 33.40 | Pivot 33.81 | R1 34.62 | R2 35.03 | R3 35.84 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
1.18 USD
Yield on today's price
3.45%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 3 Aug 2026 | 0.2975 |
| 4 May 2026 | 0.2975 |
| 2 Feb 2026 | 0.2925 |
| 3 Nov 2025 | 0.2925 |
| 31 Jul 2025 | 0.2925 |
| 30 Apr 2025 | 0.2925 |
| 3 Feb 2025 | 0.2875 |
| 31 Oct 2024 | 0.2875 |
| 31 Jul 2024 | 0.2875 |
| 29 Apr 2024 | 0.2875 |
| 30 Jan 2024 | 0.2825 |
| 30 Oct 2023 | 0.2825 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
KMI SEC filings
28 Sep 2026
8-KSEC EDGAR
Regulation FD disclosure
4 Sep 2026
8-KSEC EDGAR
Regulation FD disclosure
10 Aug 2026
8-KSEC EDGAR
Regulation FD disclosure
3 Aug 2026
8-KSEC EDGAR
Other events
28 Jul 2026
424B5SEC EDGAR
424B5
24 Jul 2026
10-QSEC EDGAR
Quarterly report
22 Jul 2026
8-KSEC EDGAR
Results of operations
28 May 2026
8-KSEC EDGAR
Entered a material agreement
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.