Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026
Basics
Sector
Energy
Industry
Oil & Gas Midstream
Country
United States
Market cap
73.2B USD
Enterprise value
108.3B USD
Full-time employees
11,028
Overall health
Strength:growing faster than most peersgrowing faster than peers
Drawback:its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback:higher risk than most peers: less short-term liquidity (current ratio 0.46 vs a peer median of 1.37) and more debt relative to equity (1.02× vs a peer median of 0.47×)higher risk: less liquidity (current ratio 0.46 vs peers 1.37) and more debt vs equity (1.02× vs peers 0.47×)
Investment surge. Capital spending 18% of revenue, up from 8.4% in 2022.
Kinder Morgan is spending 18% of revenue on facilities and equipment, up from 8.4% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Profit is backed by cash. Free cash flow is 91% of reported profit.
Kinder Morgan's free cash flow is 91% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
Why it changed since the Oct 27, 2026 close: Score 58 → 59
Peer companies moved+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Kinder Morgan
Is Kinder Morgan getting weaker?
Its latest SEC filing (Jul 24, 2026) showed no major changes. Its overall score is 44/100, up 1 since Oct 28, 2026.
How is Kinder Morgan valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 26/100 against 404 energy peers.EBITDA yield 7.3% vs a peer median of 12.1% (weaker than 78% of peers).EBITDA yield 7.3% vs peers 12.1% (weaker than 78% of peers).
Is Kinder Morgan growing?
Yes, faster than most of its peers. Growth scores 69/100 against 404 energy peers.Revenue growth 12.5% vs a peer median of 0.5% (stronger than 74% of peers).Revenue growth 12.5% vs peers 0.5% (stronger than 74% of peers).
How profitable is Kinder Morgan?
About as profitable as its peers. Profitability scores 59/100 against 404 energy peers.Operating margin 29.0% vs a peer median of 11.7% (stronger than 80% of peers).Operating margin 29.0% vs peers 11.7% (stronger than 80% of peers).Return on invested capital 6.5% vs a peer median of 9.3% (weaker than 65% of peers).Return on invested capital 6.5% vs peers 9.3% (weaker than 65% of peers).
How risky is Kinder Morgan?
Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Current ratio 0.46× vs a peer median of 1.37× (weaker than 100% of peers).Current ratio 0.46× vs peers 1.37× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Jul 24, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Previous quarter
Latest quarter
Change
Revenue (12 months)
17.5B USD
18.0B USD
+2.5%
Net income (12 months)
3.3B USD
3.5B USD
+4.6%
Operating margin
28.7%
29.0%
+0.4 pts
Free cash flow (12 months)
3.2B USD
3.2B USD
−0.8%
Debt
32.1B USD
32.2B USD
+0.6%
Cash
72.0M USD
89.0M USD
+23.6%
Shares outstanding
2.22B
2.23B
+0.1%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Industry: Oil & Gas Midstream · 32 companies
Valuations in Oil & Gas Midstream are near the top of their range since Aug 2019.
86% of months since Aug 2019 were valued lower than now.
54% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +44% and earnings +16% (medians): prices rose faster than earnings.
Median price-to-sales is +39% vs the whole market, against a usual +3%.
Aug 2019Shaded: most expensive fifth of its range2026
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since Aug 2019; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
60.9%
51.8%
—
—
—
—
Operating margin
17.6%
21.2%
27.8%
29.0%
27.9%
▼ 1.1 pts
Net margin
10.7%
13.3%
15.6%
17.3%
18.0%
▲ 0.7 pts
Return on assets (ROA)
2.5%
3.6%
3.4%
3.7%
4.2%
▲ 0.5 pts
Return on equity (ROE)
5.8%
8.3%
7.9%
8.6%
9.8%
▲ 1.2 pts
Free cash flow margin
26.7%
17.4%
27.2%
19.9%
17.1%
▼ 2.8 pts
Current ratio
0.66×
0.55×
0.35×
0.49×
0.64×
▲ 29%
Quick ratio
0.56×
0.46×
0.28×
0.39×
0.50×
▲ 31%
Debt to equity
1.08×
1.03×
1.06×
1.04×
1.03×
▼ 1.7%
KMI price history
Price history is added with the daily price update and will appear after the next one.