Kinder Morgan (KMI) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Kinder Morgan

NYSE•Energy•Oil & Gas Midstream

$32.92-0.66(-0.02%)Market open

Market Cap

$73.20B

P/E

20.3x

P/S

4.0x

P/B

2.3x

Kinder Morgan, Inc. operates as an energy infrastructure company primarily in North America. It operates through Natural Gas Pipelines, Products Pipelines, Terminals, and CO2 segments. The Natural Gas Pipelines segment owns and operates interstate and intrastate natural gas pipeline, and storage systems; natural gas gathering systems and natural gas processing and treating facilities; natural gas liquids fractionation facilities and transportation systems; and liquefied natural gas gasification, liquefaction, and storage facilities. The Products Pipelines segment owns and operates refined petroleum products, and crude oil and condensate pipelines; and associated product terminals and petroleum pipeline transmix facilities. The Terminals segment owns and/or operates liquids and bulk terminals that stores and handles various commodities, including gasoline, diesel fuel, renewable fuel and feedstocks, chemicals, ethanol, metals, and petroleum coke; and owns tankers. The CO2 segment produces, transports, and markets CO2 to recovery and production crude oil from mature oil fields; owns interests in/or operates oil fields and gasoline processing plants; and operates a crude oil pipeline system in West Texas, as well as owns and operates RNG and LNG facilities. The company was formerly known as Kinder Morgan Holdco LLC and changed its name to Kinder Morgan, Inc. in February 2011. Kinder Morgan, Inc. was founded in 1997 and is headquartered in Houston, Texas.

How this company scores

GoodMetricSide Score: 77/100

Strongest: Growth (22/25); weakest: Balance Sheet & Red Flags (14/25).

Profitability20/25

Growth22/25

Balance Sheet & Red Flags14/25

Cash & Earnings Quality21/25

Strengths

Strong marginsRising earningsConsistent free cash flowProfit converts from growth

No red flags in the last 8 quarters.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 20.3x5y range 15.0x – 41.5x

Currently near its 20-quarter median.

P/S · 4.0x5y range 2.0x – 4.3x

Currently above its 20-quarter median.

P/B · 2.3x5y range 1.2x – 2.4x

Price & Volume

Market Cap $73.20B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $18.34B
Q. Revenue: $4.53B
TTM EBITDA: $7.81B
TTM Op. Income: $5.31B
Q. Op. Income: $1.16B
TTM Net Income: $3.60B
Q. Net Income: $764.00M
EPS: $0.34
Shares Out.: $2.23B

$18.34B in TTM revenue grew 11.7% YoY, reaching $4.53B last quarter. TTM EBITDA of $7.81B and TTM operating income of $5.31B show growth is flowing through to the bottom line. TTM net income of $3.60B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 39.5%
Op. Margin: 25.6%
Net Margin: 16.9%

Op. margin of 25.6% is down 0.0% YoY — costs are rising relative to revenue. Net margin at 16.9% Over the past year, operating margin is down 0% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 20.3x
P/S Ratio: 4.0x
P/B Ratio: 2.3x

At 20.3x P/E, the stock trades within typical market levels. P/S of 4.0x and P/B of 2.3x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has fallen for 2 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $75.40B
Cash: $918.00M
Long-Term Debt: $31.35B
Book Value: $31.59B
D/E Ratio: 1.0
Debt/EBITDA: 17.5

With $75.40B in assets and $31.35B in long-term debt, D/E is 1.0and book value is $31.59B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is down 3% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $1.59B
TTM Free Cash Flow: $3.08B
FCF Margin: 16.8%
FCF / Net Income: 0.9

TTM FCF of $3.08B on $1.59B in operating cash flow. The FCF / Net Income ratio of 0.9x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.