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US natural gas pipeline operator, also handling crude, refined products and CO2, across a nationwide network.
US natural gas pipeline operator, also handling crude, refined products and CO2, across a nationwide network.
Is mostly paid fixed fees to move, store and handle gas and other fuels, much of it under take-or-pay contracts in which customers pay for reserved capacity whether or not they use it. That makes earnings steadier than commodity prices would suggest. Natural gas pipelines are the core.
Moat: wide (scale, regulatory licence, installed base). One of North America's largest gas pipeline networks with irreplaceable rights-of-way to demand hubs.
Headquarters: Houston, Texas, US · Founded: 1997 · Employees: 11,028
Size Kinder Morgan (KMI) is a United States Energy company (Oil & Gas Pipelines) with a market value of $66.7B, the 198th largest of 3,117 United States companies the cockpit tracks. Shares closed at $29.96 on 6 Nov 2026.
Performance Over six months the shares fell 4.6%, against +0.1% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 11 in its peer set.
Growth Revenue grew 12.2% over the last twelve months (peer median +15.9%); the operating margin is 29.2% (peer median 30.8%).
Valuation It trades at 19.6× forward earnings against a peer median of 13.4× (5th most expensive of 11).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.6 points below its cost of capital (7.0% WACC).
Backlog Backlog (remaining performance obligations) was $35.7B at 30 Sep 2025, up 9% on a year earlier — 2.2 years of trailing revenue. Backlog detail →
Credit Kinder Morgan has 35 bonds outstanding ($26.5B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 90 bp.
Short interest Short interest is 2.0% of the free float (15 Oct 2026).
Next results Next results expected around 20 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $18.4B | $16.8B | $15.1B | $15.2B | $19.6B |
| Revenue growth | — | +12% | -1% | -22% | — |
| Gross profit | $6.58B | $5.84B | $5.53B | $5.13B | $5.50B |
| EBITDA | $7.86B | $7.10B | $6.74B | $6.29B | $6.61B |
| Net income | $3.58B | $3.04B | $2.60B | $2.38B | $2.54B |
| Free cash flow | $3.93B | $3.22B | $3.18B | $4.37B | $3.50B |
| Capital expenditure | $3.00B | $3.03B | $2.63B | $2.35B | $1.62B |
| Total debt | $33.1B | $32.2B | $32.1B | $32.4B | $32.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kinder Morgan KMI | $66.7B | -5% | +12% | 29% | 19.6× | 7.7% |
| Williams Companies WMB | $80.1B | -10% | +10% | 37% | 24.9× | n/a |
| Energy Transfer LP ET | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% |
| Oneok OKE | $53.7B | 0% | +38% | 15% | 14.3× | 4.2% |
| TC Energy TRP.TO | $65.1B | -1% | +6% | 46% | 23.0× | 11.4% |
| Enterprise Products Partners L.P EPD | $80.0B | 0% | +22% | 12% | 11.9× | 1.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KMI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.1% | -1.0% | 4th lowest of 11 |
| 6-month return | -4.6% | +0.1% | 3rd lowest of 11 |
| Distance from 52-week high | -13.9% | -13.0% | 5th lowest of 11 |
| Revenue growth (TTM) | +12.2% | +15.9% | 6th highest of 11 |
| Operating margin | 29.2% | 30.8% | 5th lowest of 11 |
| Forward P/E | 19.6× | 13.4× | 5th most expensive of 11 |
| Growth the price implies (Req g, 7 yrs) | 7.7% | 4.6% | 4th most demanding of 9 |
| Growth delivered (Del g) | +7.9% | +12.1% | 4th lowest of 9 |
| Hurdle (Req g minus delivered) | -0.2 pp | -5.5 pp | 4th most demanding of 9 |
| ROIC minus cost of capital | -0.6 pp | -0.0 pp | 6th highest of 11 |
| EV / EBITDA | 12.7× | 13.3× | 5th cheapest of 10 |
| Net debt / EBITDA | 4.1× | 4.1× | 6th least indebted of 11 |
| Bond spread | 90 bp | 97 bp | 3rd tightest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kinder Morgan KMI | United States | $66.7B | -5% | +12% | 29% | 19.6× | 7.7% | +7.9% |
| Energy Transfer LP ET | United States | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% | +17.0% |
| TC Energy TRP.TO | Canada | $65.1B | -1% | +6% | 46% | 23.0× | 11.4% | +3.4% |
| Cheniere Energy LNG | United States | $56.8B | +16% | +28% | 31% | 13.0× | -8.6% | +15.9% |
| Mplx LP MPLX | United States | $56.6B | +4% | +7% | 38% | 12.0× | 2.7% | +6.8% |
| Enterprise Products Partners L.P EPD | United States | $80.0B | 0% | +22% | 12% | 11.9× | 1.0% | +14.3% |
| Williams Companies WMB | United States | $80.1B | -10% | +10% | 37% | 24.9× | n/a | n/a |
| Enbridge ENB.TO | Canada | $107B | -10% | +29% | 13% | 22.1× | 12.6% | +10.9% |
| Venture Global VG | United States | $28.8B | +1% | +101% | 38% | 6.3× | n/a | n/a |
| Pembina Pipeline PPL.TO | Canada | $28.3B | +11% | 0% | 31% | 22.2× | 10.7% | +5.2% |
| Plains All American Pipeline, L.P PAA | United States | $16.9B | +10% | +9% | 3% | 13.9× | 6.5% | +13.4% |
Kinder Morgan has 35 bonds outstanding with $26.5B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.80%, a spread of 90 bp over government bonds.
Kinder Morgan reported $35.7B of remaining performance obligations at 30 Sep 2025, up 9% from a year earlier. That is 2.2 years of trailing revenue already under contract.