KMI
Kinder Morgan, Inc.
KMI's fundamentals are strong: it turned 17% of its revenue into free cash flow and earnings per share grew 33%. At 20x earnings, it's trading in line with its usual 22x. Analysts expect earnings growth, though they disagree widely on how much.
KMI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Weak |
KMI's profitability and cash flow are currently strong, and its revenue is stable, but its balance sheet is weak.
KMI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 16x | $26.04 | -19% |
| Current | 20x | $32.01 | — |
| Forward | 21x | $32.01 | — |
| Fair | 22x | $35.48 | +11% |
| Expensive | 25x | $41.02 | +28% |
Historical ranges are pointers, not guarantees.
KMI's PE is in its fair range at 20x. On analysts' estimates for next year's earnings, today's price would be 21x.
KMI Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| Low |
Analysts expect KMI's earnings to grow and its profitability to improve, with its revenue holding steady. However, they disagree widely on these estimates.
KMI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.53 | -5.6% |
| Q3 2026 | $1.62 | +33% |
| Q2 2026 | $1.56 | +28% |
| Q1 2026 | $1.49 | +28% |
| Q4 2025 | $1.37 | +17% |
| Q3 2025 | $1.22 | +8% |
| Q2 2025 | $1.22 | +12% |
| Q1 2025 | $1.16 | +6.4% |
| Q4 2024 | $1.17 | +10% |
KMI's earnings per share have climbed steadily: $1.62 over the past year, up 33% from the year before, and higher year over year for nine quarters in a row.
KMI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.5B | +9.3% |
| Q2 2026 | $4.5B | +11% |
| Q1 2026 | $4.8B | +14% |
| Q4 2025 | $4.5B | +13% |
| Q3 2025 | $4.1B | +12% |
| Q2 2025 | $4B | +13% |
| Q1 2025 | $4.2B | +10% |
| Q4 2024 | $4B | -1.3% |
KMI's revenue has grown year over year for seven quarters in a row: $4.5B last quarter, up 9.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 26% | 0 points |
| Q2 2026 | 30% | +1.6 points |
| Q1 2026 | 30% | +2.9 points |
| Q4 2025 | 30% | +2.5 points |
| Q3 2025 | 26% | -1.8 points |
| Q2 2025 | 29% | -0.6 points |
| Q1 2025 | 27% | -4.8 points |
| Q4 2024 | 28% | +0.5 points |
KMI's operating margin was 26% last quarter, about level with the same quarter a year ago.
KMI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $545M | -12% |
| Q2 2026 | $978M | -2.4% |
| Q1 2026 | $687M | +73% |
| Q4 2025 | $872M | +18% |
| Q3 2025 | $621M | +4.9% |
| Q2 2025 | $1B | -9.4% |
| Q1 2025 | $396M | -31% |
| Q4 2024 | $738M | -56% |
KMI's free cash flow has been positive every quarter for seven years: $3.1B over the past year, up 12% from the year before.
KMI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +2M shares |
| 1 year | +0.1% | +3M shares |
| 3 years | -0.1% | -3M shares |
| 5 years | -1.8% | -40M shares |
| Available history | -1.6% | -37M shares |
KMI has 2.2B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | $7M |
KMI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.1x | High |
| Q2 2026 | 4.2x | High |
| Q1 2026 | 4.3x | High |
| Q4 2025 | 4.5x | High |
| Q3 2025 | 4.7x | High |
| Q2 2025 | 4.8x | High |
| Q1 2025 | 4.9x | High |
| Q4 2024 | 4.7x | High |
KMI's net debt is about 4.1 years of its operating earnings (EBITDA), down from 4.7 years a year ago.
KMI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.2 | Neutral |
| Stochastic | 47.3 | Neutral |
KMI's weekly RSI is 50 (neutral) and its Stochastic is 47 (neutral).
KMI PE vs Energy Sector
| Metric | KMI | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 13x | 51% above |
| PE % | 33 | 61 | 28 pts below |
KMI is trading at 20x earnings, a 51% premium to the Energy sector's median of 13x.
KMI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $32.4 | 1.1% below |
| 20 week MA | $32.0 | 0.1% below |
| 50 week MA | $31.5 | 1.7% above |
| 100 week MA | $29.5 | 8.7% above |
| 200 week MA | $24.2 | 32% above |
KMI has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 32% above its 200-week average.
KMI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $21.1 | $13.8 | -34% |
| 2021 | $13.8 | $15.6 | +13% |
| 2022 | $15.6 | $18.1 | +16% |
| 2023 | $18.1 | $17.6 | -2.8% |
| 2024 | $17.6 | $27.2 | +54% |
| 2025 | $27.2 | $27.2 | 0% |
| 2026 YTD | $27.2 | $32.0 | +18% |
KMI has finished higher in four of the last six years. It's up 18% so far in 2026.