Kinder Morgan, Inc. (KMI) Stock

Kinder Morgan, Inc. (KMI) is a Utilities stock trading at $31.63 (as of 2026-08-20), with a market capitalization of $70.42B and a trailing P/E of 20.3. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Kinder Morgan, Inc. operates energy infrastructure in North America through segments including natural gas pipelines, products pipelines, terminals, and CO2. It owns and operates natural gas and related storage/gathering/processing assets, refined petroleum and crude oil pipelines with terminals, liquids and bulk terminals and tankers, and CO2 production, transport, and marketing.

Understand Kinder Morgan, Inc.: how it makes money

Kinder Morgan operates energy infrastructure in North America, including natural gas pipelines and storage, refined products pipelines, terminals, and a CO2 business, and makes money by owning and operating these transportation and processing assets.

Because Kinder Morgan owns and operates four distinct infrastructure businesses (Natural Gas Pipelines, Products Pipelines, Terminals, and CO2), its profit engine is tied to how effectively those owned assets run and generate segment operating results.

Business quality (Strong): The company’s official operating segments are clear, but segment-level revenue values are not provided here, so segment revenue cannot be cleanly shown as a breakdown of the about 4.8B total.

Valuation: At 21× earnings, KMI trades in line with the Utilities average (22×). Note: one-time items can distort reported P/E.

Bull case

  • Four operating lines: The company operates through four segments, Natural Gas Pipelines, Products Pipelines, Terminals, and CO2.
  • Asset-based infrastructure model: It owns and operates interstate and intrastate natural gas pipeline and underground storage systems, plus natural gas gathering, processing and treating facilities, and products pipeline, terminals, and CO2.

Bear case

  • Segment performance concentration: Segment operating results (as reflected by segment EBITDA measures) can be affected by how each owned infrastructure segment runs, since the company’s earnings depend on these four businesses.
  • Data granularity limits monitoring: In the provided facts, segment-level revenue and segment drivers are not broken out, which makes it harder for a retail investor to attribute performance to specific segments.
Valuation — source: SEC EDGAR (first-party)
Price$31.63
Market Cap$70.42B
P/E Ratio20.3
EV / EBITDA13.3
Price / Book2.14
Price / Sales3.92
FCF Yield4.5%
DCF Value (model)$9.58
DCF Upside vs Price-69.7%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$16.94B
Net Margin18.0%
Revenue Growth (YoY)10.8%
EPS Growth (YoY)21.9%
FCF Growth (YoY)-2.4%
Financial Health — source: SEC EDGAR
Altman Z-Score1.27 (distress)
Valuation vs Sector & Industry
Stock P/E20.3
Sector P/E (Utilities)21.3
Industry P/E (Utilities)20.6
vs Sector-4.8%
vs Industry-1.6%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($5.83B)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorUtilities
IndustryUtilities
CEOKimberly Allen Dang
Employees10,933
CountryUS
IPO Date2011-02-11

Related Companies (Business model: Refining & Midstream Energy; 8 closest by market cap; US-domiciled)

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  • Targa Resources Corp. (TRGP)
  • ONEOK, Inc. (OKE)
  • Cheniere Energy, Inc. (LNG)
  • DT Midstream, Inc. (DTM)
  • Antero Midstream Corporation (AM)
  • Kodiak Gas Services, Inc. (KGS)
KMI earnings history · KMI institutional & insider holders · KMI KPIs & operating metrics · KMI financials · KMI investor presentations & press releases · KMI SEC filings · KMI peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.