TORVANTA
Energy · S&P 500 · data as of 2026-10-05

KMI stock analysis: Kinder Morgan

Kinder Morgan (KMI) is an S&P 500 company in Oil & Gas Storage & Transportation. It grades weakest on profitability, momentum and value.

The model's view of KMI · subscribers

Where KMI ranks among the 1,500 U.S. stocks the model scores each trading day, its expected return, the evidence for and against it, and whether the model portfolio holds it. The grades below describe the company's data; they are not the model's view.

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What's happening with KMI · updated 2026-10-05 · from prices and SEC filings

KMI price performance

KMI against the S&P 500, one year
-10%+0%+10%+20%S&P 500 +18%KMI +15%2025-09-292026-10-05
Year to date+17.5%S&P 500 +14.5% · ahead by 3.0 pts
1 year+14.8%S&P 500 +17.0% · behind by 2.2 pts
3 years+124.8%S&P 500 +89.3% · ahead by 35.6 pts
5 years+143.3%S&P 500 +91.3% · ahead by 52.0 pts

Total returns with dividends reinvested.

KMI factor grades

Each grade compares KMI with the rest of its sector (A+ best, F worst); the numbers behind it are shown with the typical figure for its peers.

D+ValueP/E 20.1x (sector 17.0x)FCF yield 4.5% (sector 7.5%)
C+GrowthRevenue growth +12% (sector +13%)EPS growth +28% (sector +26%)
C-ProfitabilityOperating margin 29.0% (sector 22.9%)ROIC 6.3% (sector 13.0%)
C-Momentum12-month change +15%From 52-wk high -8%

KMI in plain numbers

KMI key statistics

SectorEnergy
IndustryOil & Gas Storage & Transportation
IndexS&P 500
Market value$69.9B
Revenue growth (y/y)+12%
Free-cash-flow yield4.5%
Dividend yield3.8%
Next earnings (expected)2026-10-21
Valuation measures
Market value$69.9B
Enterprise value$102.1B
P/E (trailing)20.1x
Forward P/E (Torvanta estimate)16.9x
PEG (Torvanta estimate)0.87
Price / sales3.9x
Price / book2.2x
EV / revenue5.7x
EV / EBITDA13.3x
Financial highlights
Revenue, last 12 months$18.0B
Net income, last 12 months$3.5B
EPS, last 12 months (GAAP)$1.56
Operating margin29.0%
Net margin19.3%
Return on equity11.1%
Return on invested capital6.3%
Cash$89.0M
Total debt$32.2B
Debt / equity1.02x
Free cash flow, last 12 months$3.2B
Current ratio0.46x

Company figures from its latest SEC filings; market value and returns from end-of-day prices.

KMI earnings trends

Revenue vs earnings
$0$1.2B$2.4B$3.6B$4.8BSep 2024 Revenue: $3.7BDec 2024 Revenue: $4.0BMar 2025 Revenue: $4.2BJun 2025 Revenue: $4.0BSep 2025 Revenue: $4.1BDec 2025 Revenue: $4.5BMar 2026 Revenue: $4.8BJun 2026 Revenue: $4.5BSep 2024 Net income: $625.0MDec 2024 Net income: $667.0MMar 2025 Net income: $717.0MJun 2025 Net income: $715.0MSep 2025 Net income: $628.0MDec 2025 Net income: $1.0BMar 2026 Net income: $1.0BJun 2026 Net income: $867.0MSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Net margin: 16.9%Net margin: 16.7%Net margin: 16.9%Net margin: 17.7%Net margin: 15.1%Net margin: 22.1%Net margin: 20.2%Net margin: 19.4%0%11%22%■ Revenue ■ Net income ━ Net margin
Earnings per share$0.0$0.1$0.2$0.3$0.5Sep 2024 EPS (GAAP, diluted): $0.3Dec 2024 EPS (GAAP, diluted): $0.3Mar 2025 EPS (GAAP, diluted): $0.3Jun 2025 EPS (GAAP, diluted): $0.3Sep 2025 EPS (GAAP, diluted): $0.3Dec 2025 EPS (GAAP, diluted): $0.5Mar 2026 EPS (GAAP, diluted): $0.4Jun 2026 EPS (GAAP, diluted): $0.4Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026■ EPS (GAAP, diluted) Change from a year earlier: Sep 2025 0% · Dec 2025 +50% · Mar 2026 +38% · Jun 2026 +22%

From the company's 10-Q and 10-K filings with the SEC.

Kinder Morgan financials (from SEC filings)

Fiscal yearFY2021FY2022FY2023FY2024FY2025
Revenue$16.6B$19.2B$15.3B$15.1B$16.9B
Net income$1.8B$2.5B$2.4B$2.6B$3.1B
EPS (GAAP)$0.78$1.11$1.06$1.17$1.37
Free cash flow$4.4B$3.3B$4.2B$3.0B$2.9B

KMI earnings history

ReportedEPS (GAAP)EPS y/yRevenue y/yStock vs S&P 500, 2 days
2026-07-22$0.39+22%+11%+2.5%
2026-04-22$0.44+38%+14%-0.1%
2026-01-21$0.45+50%+13%+4.5%
2025-10-22$0.280%+12%-4.6%
2025-07-16$0.32+23%+13%-2.6%
2025-04-16$0.32-3%+10%+1.6%

About Kinder Morgan

HeadquartersHouston, TX
Industry (SEC code)Natural Gas Transmission
Fiscal year endsDecember 31
Incorporated inDE
Listed onNYSE, NYSE
FormerlyKinder Morgan Holdco LLC

From the company's SEC registration record.

Companies similar to KMI

CompanyMarket valueP/ERevenue growthOperating margin12-month change
KMI Kinder Morgan$69.9B20.1x+12%29.0%+15%
TRGP Targa Resources$61.6B27.5x-2%22.9%+81%compare
WMB Williams Cos$86.6B28.2x+9%38.2%+13%compare
OKE ONEOK$55.8B15.3x+41%15.5%+28%compare

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Frequently asked questions

Is KMI stock a buy?

Torvanta does not tell individuals what to buy. Its grades for KMI are shown above. Subscribers see the model's rank, expected return and whether the model portfolio holds it. This is research, not a recommendation.

What is KMI's P/E ratio?

KMI trades at about 20.1 times its last 12 months of GAAP earnings reported to the SEC, and about 16.9 times Torvanta's own estimate of the next 12 months.

When does KMI report earnings next?

Based on its filing history, Torvanta expects Kinder Morgan to report around 2026-10-21.

Does KMI pay a dividend?

Yes. Its dividend yield is about 3.8%, and it has raised its dividend 8 years in a row.

How has KMI performed against the S&P 500?

Over the past year KMI returned +14.8%, against +17.0% for the S&P 500, dividends reinvested.

See the model's view

Subscribers get the model's rank and expected return for every covered company, the reasoning behind each, and the Torvanta model portfolio's trades each trading day, sized and explained, at three risk levels.

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Torvanta is research only - not investment advice and not a recommendation to buy or sell any security. Grades describe a company's reported data against its sector; they are not the model's view, change as data changes and can be wrong. Financial figures come from the company's SEC filings; returns include reinvested dividends. Past performance does not predict future results.

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