Kinder Morgan, Inc.KMI
NYSE•Energy•Oil & Gas Midstream
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.
Kinder Morgan, Inc. (KMI) reported trailing twelve months revenue of $17.52B as of March 2026, a 13.1% increase year-over-year. Quarterly revenue reached $4.83B, reflecting continued top-line momentum.
Kinder Morgan, Inc. generated $3.31B in TTM net income, with quarterly EBITDA of $2.08B. The operating margin expanded from 27.0% to 29.9%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (29.9%) and net margin (20.2%) indicates moderate non-operating costs. Net margin has improved from 16.9% a year ago, signaling stronger bottom-line efficiency.
KMI trades at a P/E of 22.6x (in line with broad market averages) and a P/S of 4.3x. The price-to-book ratio of 2.4x reflects a moderate premium to book value.
The company generated $687.00M in free cash flow over the trailing twelve months, a 73.5% increase year-over-year, indicating cash generation ability. The balance sheet shows $73.07B in total assets with $29.87B in long-term debt against $31.32B in stockholders equity for a debt-to-equity ratio of 1.0. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~28.2%, suggesting durable pricing power and cost discipline.
ROE is positive at ~8.9% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~28.6% — no sign of cost or pricing stress.
FCF covers net income by 1.1x on average — earnings are well-supported by cash generation.
D/E ratio is 1.0 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation