Kinder Morgan (KMI) stock
Energy · Oil & Gas Storage & Transportation
Kinder Morgan (KMI) is an Oil & Gas Storage & Transportation company in the Energy sector, headquartered in Houston, Texas. As of October 23, 2026, KMI closed at $34.43, a market capitalization of $76.70 billion, the 167th largest company in the S&P 500. Over the last twelve months it generated $18.34 billion in revenue (+9% year over year) and $3.16 billion in free cash flow. The stock trades at 21.3x trailing earnings and 21.9x forward earnings.
- 1-year total return: +36.4% (dividends reinvested)
- 5-year return: +20.6% a year
- 52-week range: $25.60 – $34.81
- Gross margin 48.6%, operating margin 24.0%
- Dividend yield: 3.46%, 8 straight years of increases
- FI Handbook report card: C across 10 metrics
- 10th largest of 21 Energy stocks in the S&P 500
KMI price chart
1Y price change: +31.2% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| KMI | +9.8% | +28.8% | +36.4% | +32.9% | +20.6% | +10.5% | +5.5% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2011.
KMI key statistics
- Market cap
- $76.7B
- #167 in S&P 500
- P/E (TTM)
- 21.3x
- Forward P/E
- 21.9x
- EPS (TTM)
- $1.62
- Revenue (TTM)
- $18.3B
- +9%
- Free cash flow
- $3.2B
- Gross margin
- 48.6%
- Operating margin
- 24.0%
- Return on equity
- 11.4%
- Dividend yield
- 3.46%
- 52-week range
- $25.60 – $34.81
- Beta
- 0.58
- Price / sales
- 4.2x
- EV / EBITDA
- 14.4x
- Debt / equity
- 1.02x
- Employees
- 11,028
KMI report card
CTen fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth9.3%C
- Gross margin48.6%B
- Operating margin24.0%B
- FCF margin17.2%B
- Return on equity11.4%C
- Net debt / EBITDA4.2xF
- Forward P/E21.9xC
- PEG ratio3.2xF
- Shareholder yield3.5%B
- Share count change / yr-0.4%C
Kinder Morgan financials
Revenue went from $13.1B in fiscal 2016 to $15.2B in fiscal 2025, growing 1.7% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.1B | $13.7B | $13.3B | $12.1B | $10.1B | $16.2B | $18.1B | $13.6B | $13.5B | $15.2B |
| Gross profit | $9.6B | $9.4B | $8.9B | $8.8B | $7.6B | $9.7B | $8.9B | — | — | — |
| Operating income | $3.5B | $3.5B | $3.8B | $4.9B | $1.6B | $2.9B | $4.1B | $4.3B | $4.4B | $4.7B |
| Net income | $708.0M | $183.0M | $1.6B | $2.2B | $119.0M | $1.8B | $2.5B | $2.4B | $2.6B | $3.1B |
| EPS (diluted) | $0.25 | $0.01 | — | $0.96 | $0.05 | $0.78 | $1.12 | $1.06 | $1.17 | $1.37 |
| Free cash flow | $1.9B | $1.4B | $2.1B | $2.5B | $2.8B | $4.4B | $3.3B | $4.2B | $3.0B | $2.9B |
| Buybacks | $0 | $250.0M | $273.0M | $2.0M | $50.0M | $0 | $368.0M | $522.0M | $7.0M | $0 |
| Dividends paid | $1.1B | $1.1B | $1.6B | $2.2B | $2.4B | $2.4B | $2.5B | $2.5B | $2.6B | $2.6B |
| Diluted shares | 2.2B | 2.2B | — | 2.3B | 2.3B | 2.3B | 2.3B | 2.2B | 2.2B | 2.2B |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into KMI?
A reverse DCF asks what growth the current price requires. With an enterprise value of $109.2B and $3.2B of trailing free cash flow, Kinder Morgan needs to grow free cash flow about 24.6% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 0.3% a year over the last five years.
P/E ratio history
Current 25.1x vs. median 31.2x (10th–90th percentile 15.4x–1772.7x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
KMI dividend
- Dividend yield
- 3.46%
- Annual dividend
- $1.19
- Years of increases
- 8
- 5-yr dividend growth
- 2.4%
- per year
- Payout ratio
- 76%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
KMI analyst price targets
22 analysts' average 12-month target is $37.05 (+8% vs. $34.43). Targets range from $32.00 to $43.00. 54% rate it a buy.
KMI earnings
Next report: January 27, 2027. Kinder Morgan has beaten EPS estimates 4 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Oct 21, 2026 | $0.33 | $0.35 | +6.3% |
| Jul 22, 2026 | $0.31 | $0.37 | +18.3% |
| Apr 22, 2026 | $0.39 | $0.48 | +22.1% |
| Jan 21, 2026 | $0.37 | $0.39 | +6.8% |
| Oct 22, 2025 | $0.30 | $0.29 | -2.8% |
| Jul 16, 2025 | $0.28 | $0.28 | +0.8% |
| Apr 16, 2025 | $0.36 | $0.34 | -4.8% |
| Jan 22, 2025 | $0.33 | $0.32 | -2.7% |
Stocks like KMI
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 WMB Williams Companies | +1.51% | +25% | $87.7B | 28.6x | Compare |
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 OKE ONEOK | +2.06% | +45% | $60.4B | 16.6x | Compare |
 XOM ExxonMobil | +2.79% | +63% | $753.3B | 23.6x | Compare |
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KMI news
- Energy Transfer vs. Kinder Morgan: Which Natural Gas Pipeline Stock Is the Better Buy for the AI Power Boom? · Oct 24, 2026
- Kinder Morgan (KMI) Q3 Earnings: How Key Metrics Compare to Wall Street Estimates · Oct 23, 2026
- Kinder Morgan's $4.7 Billion Pipeline Bet Could Be Bigger Than Its Earnings Beat · Oct 23, 2026
- This 3.5%-Yielding Dividend Stock is Betting Another $5.4 Billion to Help Fuel the AI Power Revolution · Oct 23, 2026
- Energy Transfer or Kinder Morgan? What Retirees Should Know Before Buying Either · Oct 23, 2026
KMI stock FAQ
What is KMI's market cap?
Kinder Morgan's market capitalization is $76.70 billion as of October 23, 2026, ranking 167th in the S&P 500.
What is KMI's P/E ratio?
KMI trades at a trailing price-to-earnings ratio of 21.3x and a forward P/E of 21.9x. Its median P/E over the period we track is 31.2x.
Does KMI pay a dividend?
Yes. Kinder Morgan pays $1.19 per share a year, a 3.46% yield. It has raised its dividend 8 years in a row. Dividends grew 2.4% a year over the last five years.
How much has KMI stock returned?
Including reinvested dividends, KMI returned +36.4% over one year, +20.6% a year over five years, +10.5% a year over ten years through October 23, 2026.
Is KMI stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Kinder Morgan must grow free cash flow about 25% a year for the next decade. Its free cash flow grew 0% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the KMI price target?
22 analysts cover KMI with an average 12-month price target of $37.05, +8% from the current price. 54% of them rate it a buy.
When does KMI report earnings?
Kinder Morgan is expected to report earnings on January 27, 2027. It has beaten EPS estimates 4 quarters in a row.
How many employees does Kinder Morgan have?
Kinder Morgan has about 11,028 full-time employees, or $1.7 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology