Kinder Morgan (KMI)
NYSE:KMI
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Kinder Morgan
(NYSE:KMI)
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Rating:70Outperform
Price Target:
$35.00
â–²(6.16% Upside)
Action:ReiteratedDate:02/14/26
The score is driven primarily by solid financial performance (strong profitability and positive free cash flow) and a constructive earnings outlook (record results, larger backlog, improving leverage/credit). Technicals are supportive but appear overextended, and valuation is only moderate given the P/E despite a solid dividend yield.
Positive Factors
Large, growing project backlog
A $10B backlog plus another >$10B of opportunities provides multi-year revenue visibility for a fee-based business. This depth supports steady utilization, staged asset in-service dates, and predictable contract cash flows that underpin durable earnings and capital planning over the next several years.
Negative Factors
Elevated leverage
Meaningful debt levels and net leverage near mid-to-high target range constrain financial flexibility. Higher leverage increases interest expense sensitivity and limits capacity for aggressive buybacks or large opportunistic investments if volumes or cash flow weaken, making the company more rate and cyclical risk exposed.
Read all positive and negative factors
Positive Factors
Negative Factors
Large, growing project backlog
A $10B backlog plus another >$10B of opportunities provides multi-year revenue visibility for a fee-based business. This depth supports steady utilization, staged asset in-service dates, and predictable contract cash flows that underpin durable earnings and capital planning over the next several years.
Read all positive factors
Kinder Morgan (KMI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$73.35B
Dividend Yield4.27%
Average Volume (3M)13.57M
Price to Earnings (P/E)20.0
Beta (1Y)0.44
Revenue Growth8.54%
EPS Growth7.22%
CountryUS
Employees10,933
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)0.39
Shares Outstanding2,224,806,400
10 Day Avg. Volume11,571,004
30 Day Avg. Volume13,570,158
Financial Highlights & Ratios
PEG Ratio1.17
Price to Book (P/B)1.96
Price to Sales (P/S)3.61
P/FCF Ratio18.99
Enterprise Value/Market Cap1.43
Enterprise Value/Revenue6.19
Enterprise Value/Gross Profit14.19
Enterprise Value/Ebitda14.04
Forecast
1Y Price Target
$35.14Price Target Upside6.58% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)1.39
Revenue Forecast (FY)$17.83B
Kinder Morgan Business Overview & Revenue Model
Company Description
Kinder Morgan, Inc. operates as an energy infrastructure company in North America. The company operates through four segments: Natural Gas Pipelines, Products Pipelines, Terminals, and CO2. The Natural Gas Pipelines segment owns and operates inter...
How the Company Makes Money
Kinder Morgan generates revenue primarily through its fee-based business model, which involves charging customers for the transportation and storage of energy products. The company's key revenue streams come from long-term contracts for the transp...
Kinder Morgan Key Performance Indicators (KPIs)
Any
Average Net Oil Production
Measures the average amount of oil produced, reflecting operational efficiency and the company's capacity to meet market demand.
Measures the average amount of oil produced, reflecting operational efficiency and the company's capacity to meet market demand.
Data provided by:
The Fly
The FlyKinder Morgan Earnings Call Summary
Earnings Call Date:Jan 21, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 22, 2026
Earnings Call Sentiment Positive
The call communicated a broadly positive performance driven by strong natural gas fundamentals, record 2025 financial results, backlog expansion to $10 billion, successful project permitting and construction starts, and improved credit metrics. Operationally, natural gas transport and gathering volumes showed meaningful year-over-year growth and specific projects (Trident, MSX, South System 4) are on budget and on/ ahead of schedule. Management emphasized a disciplined capital allocation approach and the ability to fund ~$3 billion per year of CapEx from cash flow. Notable headwinds include modest declines in certain liquids and CO2 volumes, project-level uncertainties tied to customer commitments and open seasons (e.g., Western Gateway, SSE5), and regional risks such as Bakken drilling slowdowns. Overall, the highlights (strong earnings, backlog and balance sheet improvements, high utilization and long-term demand outlook) materially outweigh the lowlights.Positive Updates
Record Financial Results and Strong Earnings Growth
Q4 net income attributable to KMI of $996 million and GAAP EPS of $0.45, 49% and 50% above Q4 2024 respectively. Excluding certain items, adjusted net income and adjusted EPS each grew 22% year-over-year in Q4. For full year 2025, adjusted EBITDA grew 6% and adjusted EPS grew 13% versus 2024, both beating budget (budgeted +4% EBITDA and +10% adjusted EPS). 2025 results were described as all-time record levels for Kinder Morgan.
Negative Updates
Products Pipeline Volume Weakness and HH Outage Impact
Refined products volumes were down 2% in Q4 versus Q4 2024 (full year roughly flat). Crude and condensate volumes were down 8% in Q4 compared to Q4 2024, largely driven by taking HH out of service for the NGL conversion project; excluding HH volumes, crude and condensate volumes were up 6% in the quarter.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Financial Results and Strong Earnings Growth
Q4 net income attributable to KMI of $996 million and GAAP EPS of $0.45, 49% and 50% above Q4 2024 respectively. Excluding certain items, adjusted net income and adjusted EPS each grew 22% year-over-year in Q4. For full year 2025, adjusted EBITDA grew 6% and adjusted EPS grew 13% versus 2024, both beating budget (budgeted +4% EBITDA and +10% adjusted EPS). 2025 results were described as all-time record levels for Kinder Morgan.
Read all positive updates
Company Guidance
Management guided to continued strong 2026 performance, reiterating expected feed gas demand of 19.8 Bcf/d in 2026 (up 19% from 16.6 Bcf/d in 2025) and forecasting >34 Bcf/d by 2030, backed by a $10.0 billion project backlog (up ~$650 million, with ~$900 million added and $265 million placed in service) and more than $10 billion of additional project opportunities; they expect to sustain roughly $3 billion a year of CapEx (up from prior $2.5 billion guidance), believe backlog multiple remains below 6x to drive growth, and noted key projects (Trident, MSX, South System 4) are on budget and on or ahead of schedule with FERC certificates anticipated by July 31; financial posture guidance included maintaining net debt/adjusted EBITDA near the mid-point of a 3.5–4.5x range (3.8x this quarter, down from 3.9x), funding growth from cash flow (operating cash flow $5.92 billion in 2025), targeting continued dividend of $0.2925 per quarter ($1.17 annualized, +2% Y/Y), and expecting ongoing double-digit upside potential after 2025’s record results (Q4 net income $996 million and EPS $0.45, +49%/+50% Y/Y; adjusted EBITDA +10% in the quarter, full-year adjusted EBITDA +6% and adjusted EPS +13% versus budget).Kinder Morgan Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
61
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 16.95B | 15.07B | 15.16B | 19.55B | 17.53B |
| Gross Profit | 7.40B | 5.53B | 5.13B | 5.50B | 6.37B |
| EBITDA | 7.48B | 7.63B | 7.25B | 7.03B | 5.85B |
| Net Income | 3.06B | 2.61B | 2.39B | 2.55B | 1.78B |
Balance Sheet | |||||
| Total Assets | 74.55B | 71.41B | 71.02B | 70.08B | 72.37B |
| Cash, Cash Equivalents and Short-Term Investments | 109.00M | 88.00M | 83.00M | 745.00M | 1.14B |
| Total Debt | 32.39B | 32.34B | 32.63B | 32.31B | 33.91B |
| Total Liabilities | 42.10B | 39.54B | 39.29B | 37.96B | 40.45B |
| Stockholders Equity | 31.16B | 30.53B | 30.31B | 30.74B | 30.82B |
Cash Flow | |||||
| Free Cash Flow | 3.22B | 3.01B | 4.15B | 3.35B | 4.43B |
| Operating Cash Flow | 6.25B | 5.63B | 6.49B | 4.97B | 5.71B |
| Investing Cash Flow | -3.51B | -2.63B | -4.17B | -2.17B | -2.31B |
| Financing Cash Flow | -2.84B | -2.89B | -3.01B | -3.15B | -3.46B |
Kinder Morgan Technical Analysis
Neutral
32.97
Price Trends
32.56
Positive
29.82
Positive
28.27
Positive
Market Momentum
0.15
Positive
48.54
Neutral
34.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KMI, the sentiment is Neutral. The current price of 32.97 is below the 20-day moving average (MA) of 33.37, above the 50-day MA of 32.56, and above the 200-day MA of 28.27, indicating a neutral trend. The MACD of 0.15 indicates Positive momentum. The RSI at 48.54 is Neutral, neither overbought nor oversold. The STOCH value of 34.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for KMI.
Kinder Morgan Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $57.22B | 11.07 | 34.93% | 7.31% | 5.19% | 11.09% | |
75 Outperform | $54.27B | 13.64 | 15.47% | 5.61% | 58.76% | 13.74% | |
73 Outperform | $81.11B | 12.07 | 19.84% | 6.72% | -6.46% | -0.87% | |
70 Outperform | $73.35B | 20.01 | 9.92% | 4.27% | 8.54% | 7.22% | |
67 Neutral | $65.68B | 12.28 | 14.09% | 8.04% | -4.67% | -8.06% | |
67 Neutral | $89.05B | 28.03 | 20.84% | 3.35% | 11.48% | -17.82% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
KMI
Kinder Morgan
32.97
7.59
29.93%
ET
Energy Transfer
19.09
3.96
26.19%
EPD
Enterprise Products Partners
37.52
9.86
35.63%
OKE
Oneok
86.18
7.98
10.20%
WMB
Williams Co
72.82
18.22
33.37%
MPLX
MPLX
56.36
11.82
26.53%
Kinder Morgan Corporate Events
Business Operations and StrategyFinancial Disclosures
Kinder Morgan Schedules 2026 Annual Business Update Release
Neutral
Jan 29, 2026
On January 28, 2026, Kinder Morgan, Inc. announced that its 2026 annual business update presentation would be made available on its investor relations website by 6:30 a.m. Central Time on Thursday, January 29, 2026, providing shareholders and anal...
Business Operations and Strategy
Kinder Morgan to Participate in Wells Fargo Symposium
Neutral
Dec 5, 2025
On December 4, 2025, Kinder Morgan, Inc. announced its participation in the Wells Fargo Energy Power Symposium scheduled for December 9, 2025. The event will feature discussions on the company’s business and affairs, with presentation mater...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.