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Kinder Morgan, Inc.
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S&P 500
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$74.2B
Market Cap
21.4
P/E
2.27
PEG
5.8%
ROCE
11.4%
ROE
0.99
D/E
29.1%
OPM
0.0%
% from 52W High
83
α RS
🔍 KMI is showing a multi-screen setup because it matches 7 of 39 tracked screener presets, RS Rating is 83, it's within 0% of its 52-week high, and it has maintained a 30-day Near 52-Week High momentum persistence. Net: Broad signal stack, not a recommendation. ? Conviction RS Rating 52W High Momentum Streaks
Sources
Conviction 7/39 · RS Rating 83 · 0% from 52W high · Near 52-Week High streak: 30d
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Currency-adjusted total returns for KMI including FX impact
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📈 Price History
Ratio Health
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About

Kinder Morgan, Inc. operates as an energy infrastructure company primarily in North America. It operates through Natural Gas Pipelines, Products Pipelines, Terminals, and CO2 segments. The Natural Gas Pipelines segment owns and operates interstate and intrastate natural gas pipeline, and storage systems; natural gas gathering systems and natural gas processing and treating facilities; natural gas liquids fractionation facilities and transportation systems; and liquefied natural gas gasification, liquefaction, and storage facilities. The Products Pipelines segment owns and operates refined petroleum products, and crude oil and condensate pipelines; and associated product terminals and petroleum pipeline transmix facilities. The Terminals segment owns and/or operates liquids and bulk terminals that stores and handles various commodities, including gasoline, diesel fuel, renewable fuel and feedstocks, chemicals, ethanol, metals, and petroleum coke; and owns tankers. The CO2 segment produces, transports, and markets CO2 to recovery and production crude oil from mature oil fields; owns interests in/or operates oil fields and gasoline processing plants; and operates a crude oil pipeline system in West Texas, as well as owns and operates RNG and LNG facilities. The company was formerly known as Kinder Morgan Holdco LLC and changed its name to Kinder Morgan, Inc. in February 2011. Kinder Morgan, Inc. was founded in 1997 and is headquartered in Houston, Texas.

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Good quarter Investor Presentation One-Pager? Q2 2026
Net Income
$867M
+21% YoY
Adjusted EBITDA
$2,199M
+12% YoY
GAAP EPS
$0.39
+22% YoY
Adjusted EPS
$0.37
+32% YoY
What Went Right
  • Record Q2 net income and adjusted EBITDA with every business segment contributing positively to growth.
  • Natural gas transport volumes up 7% YoY, gathering volumes up 26%, led by KinderHawk up 54%.
  • Full-year guidance raised to at least 5% above budget for adjusted EBITDA and at least 12% above budget for adjusted EPS.
What to Watch
  • Refined product volumes down 5% YoY; crude and condensate volumes down 16% (down 5% excluding Double H).
  • Western Gateway FID delayed by a month or two due to complexity of partnership agreements.
  • Temporary Jones Act waiver adds market uncertainty for tanker fleet, though fleet remains well-contracted.
Management Guidance
  • Full-year 2026 adjusted EBITDA expected at least 5% above original budget of $8.6 billion.
  • Full-year 2026 adjusted EPS expected at least 12% above original budget of $1.36.
  • Year-end net debt-to-adjusted EBITDA expected at 3.6 times, down from budgeted 3.8 times.
Investor Lens
The thesis is clearly stronger after this call. Record results, raised guidance, and a robust natural gas demand outlook support KMI's growth narrative. The company's strong balance sheet (3.6x leverage) provides capacity to fund a growing project backlog internally while continuing to raise the dividend. Management's commentary on over $10 billion in opportunities, particularly around power and LNG, suggests the backlog could move higher, underpinning future EBITDA growth. The main risks are execution timing on large projects like Western Gateway and competitive dynamics, but overall the quarter reinforces confidence in KMI's long-term positioning.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Record Q2: net income up 21% to $867M; FY guidance raised
Revenue
Revenue was not explicitly disclosed on the call. The company reported record second-quarter adjusted EBITDA of $2,199 million, up 12% YoY, driven by broad-based segment growth across natural gas, products, terminals, and CO₂.
Profitability
Net income attributable to KMI reached a record $867 million, up 21% from $715 million in Q2 2025. GAAP EPS was $0.39 (+22% YoY) and adjusted EPS was $0.37 (+32% YoY), both comfortably ahead of internal budget.
Margins
Operating margin was not disclosed. Adjusted EBITDA grew 12% YoY, and management highlighted favorable margins on Texas intrastate gas and improved commodity pricing across multiple segments, though no explicit margin percentages were provided.
Balance Sheet
Net debt-to-adjusted EBITDA improved to 3.6x at quarter-end, down from 3.8x at the beginning of the year. Year-to-date cash flow from operations was $3.45 billion, with total capital spend of $1.92 billion and $500 million for the Monument acquisition, while dividends paid totaled $1.315 billion.
Key Risks
Refined product volumes declined 5% YoY, and crude/condensate volumes fell 16% (5% ex-Double H). Western Gateway FID slipped by a month or two due to partnership complexity. The temporary Jones Act waiver adds uncertainty to tanker markets, though the fleet is 100% contracted through 2026.
Outlook
Full-year 2026 adjusted EBITDA is now expected to be at least 5% above the $8.6 billion budget, and adjusted EPS at least 12% above the $1.36 budget. Management expects year-end leverage of 3.6x and continues to see significant opportunities to add to the $9.6 billion backlog in the second half.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-22
Record Q2 results with adjusted EBITDA up 12% and EPS up 32% year-over-year, driven by strong natural gas demand and broad-based segment growth. Full-year guidance was raised, and the company maintains a robust project backlog and balance sheet flexibility.
Q1 2026 Q1 2026 2026-04-22
Adjusted EPS surged 41% and EBITDA rose 18% year-over-year, with all segments outperforming budget. Expansion backlog reached $10.1B, and the Monument Pipeline acquisition is set to close soon. Full-year EBITDA is expected to exceed budget by over 3%.
Q4 2025 Q4 2025 2026-01-21
Record Q4 and 2025 results driven by strong natural gas demand, project execution, and disciplined capital allocation. Backlog reached $10B, credit ratings were upgraded, and guidance points to continued growth in 2026, supported by robust LNG and power sector demand.
Q3 2025 Q3 2025 2025-10-22
EBITDA rose 6% and adjusted EPS grew 16% year-over-year, driven by strong natural gas segment performance and the Outrigger acquisition. The company expects to exceed its 2025 budget, supported by a $9.3B project backlog and robust demand for natural gas infrastructure.
Q2 2025 Q2 2025 2025-07-16
Adjusted EBITDA and EPS grew strongly year-over-year, with expectations to exceed the annual budget due to robust demand, project expansions, and the Outrigger acquisition. Regulatory and tax reforms support future growth, while the project backlog and credit outlook improved.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
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Information Sources:
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