Energy · Oil & Gas Storage & Transportation · US stock · price as of 16 Oct 2026
Key indicators
Price
$34.20
52-week range
$24.74 – $34.49
Market cap
$76.1B
P/E (trailing)
21.9×
EV / EBITDA
14.1×
Free-cash-flow yield
4.2%
Dividend yield
3.5%
Revenue (last 12 months)
$18.0B
Revenue growth (3y a year)
−4.1%
Operating margin
29.0%
Return on invested capital
6.3%
Net debt / EBITDA
4.2×
Fair value
Blended fair value$22.85 range $21 – $26
Versus priceOvervalued−33% to fair value
Peer multiples
$19.27
Fundamentals-adjusted multiple
$28.26
10-year DCF (market-scaled)
$21.03
Earnings power value (floor, not blended)
$7.31
Model uncertainty
Medium
X-Ray Score
44/ 100 · High confidence · ahead of 25% of sector peers
Valuation28
Growth70
Profitability32
Financial health43
Dividends60
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Kinder Morgan, Inc. an X-Ray Score of 44 out of 100 (high confidence), ahead of 25% of the S&P 500 stocks in its sector. Its strongest lens is growth (70) and its weakest is valuation (28).
Our fair value blend is $22.85 (range $20.59 to $25.81). At $34.20 the stock trades 50% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Kinder Morgan, Inc. (KMI)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$12.30
$14.91
$15.52
$25.52
$26.73
$34.20
Market cap
$27.9B
$33.7B
$34.7B
$56.7B
$59.4B
$76.1B
P/E
15.8×
13.3×
14.6×
21.8×
19.5×
21.9×
EV / revenue
3.7×
3.4×
4.4×
5.9×
5.5×
6.1×
EV / EBITDA
12.1×
10.6×
10.5×
13.3×
12.9×
14.2×
Price / free cash flow
6.3×
10.1×
8.3×
18.8×
20.6×
24.1×
Free-cash-flow yield
15.9%
9.9%
12.0%
5.3%
4.9%
4.2%
Price / book
0.9×
1.1×
1.1×
1.9×
1.9×
2.4×
Dividend yield
8.78%
7.44%
7.28%
4.51%
4.38%
3.45%
Fundamentals checklist ● 5 Good · ● 2 Average · ● 8 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−4.2%Bad
Free-cash-flow yield4.2%Bad
Risk models
Altman Z score0.6×Bad
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)6.9%Good
Free-cash-flow growth (3y)−4.8%Average
Revenue growth (3y)−4.1%Average
Growth consistency70%Good
Balance sheet
Current ratio0.5×Bad
Net debt / EBITDA4.2×Bad
Interest coverno interest costGood
Valuation
Fair value vs price0.7×Bad
EBIT / EV yield4.8%Bad
Profitability
Return on invested capital6.3%Bad
Operating margin29.0%Good
XStocksXray
Kinder Morgan, Inc. (KMI)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
16,610
19,200
15,334
15,100
16,937
17,959
Gross profit
10,117
9,945
–
–
–
–
Operating income
2,916
4,065
4,263
4,384
4,724
5,217
Net income
1,784
2,548
2,391
2,613
3,056
3,467
Diluted EPS ($)
0.78
1.12
1.06
1.17
1.37
1.56
Free cash flow
4,427
3,346
4,174
3,006
2,891
3,158
Gross margin
60.9%
51.8%
–
–
–
–
Operating margin
17.6%
21.2%
27.8%
29.0%
27.9%
29.0%
Net margin
10.7%
13.3%
15.6%
17.3%
18.0%
19.3%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
70,416
70,078
71,020
71,407
72,748
74,062
Cash
1,140
745
83
88
63
89
Total debt
33,320
31,788
32,116
31,890
32,003
32,248
Equity
30,823
30,742
30,306
30,531
31,162
31,631
Dividend per share ($)
1.08
1.11
1.13
1.15
1.17
1.18
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.