NYSE · Energy

Kinder Morgan, Inc.

KMI · Oil & Gas Midstream

$32.42

▲ 0.19 (0.6%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Kinder Morgan, Inc. at $32.42.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 52.9%

Operating Margin 27.9%

Net Income Margin 18.0%

Fin. Health F

Years to Pay Off Debt 10.4 yrs

Working Capital vs Long-Term Debt -$32.1B

Working Capital -$1.6B

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.31x

Cash Flow C

Free Cash Flow $2.9B

CapEx % of Net Income 99.0%

Owner Earnings $8.5B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $72.1B

Enterprise Value $105.8B

P/E (TTM) 21.76

Dividend Yield 3.65%

Exchange NYSE

Key Margins

Gross Profit 52.9%

Operating Margin 27.9%

Net Margin 18.0%

Company Info

Sector Energy

Industry Oil & Gas Midstream

Employees 11028

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Kinder Morgan, Inc. at $32.42.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $32.42, the stock trades at a 56% premium to its Graham Number of $20.78. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Kinder Morgan, Inc.

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	52.9% ▼	55.7%	53.1%	40.4%	N/A
Operating Margin %	27.9% ▼	29.0%	27.8%	21.2%	N/A
Net Income %	18.0% ▲	17.3%	15.6%	13.3%	N/A
Diluted EPS	1.37 ▲	1.17	1.06	1.12	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$72.7B	$71.4B	$71.0B	$70.1B	N/A
Total Debt	$31.8B ↑	$31.7B	$31.9B	$31.6B	N/A
Working Capital	-$1.6B ▲	-$2.6B	-$4.7B	-$3.1B	N/A
Years to Pay Debt	10.40	12.12	13.34	12.39	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$2.9B ▼	$3.0B	$4.2B	$3.3B	N/A
Owner Earnings	$8.5B	$7.6B	$7.0B	$6.4B	N/A
CapEx % of Net Income	99.0%	100.6%	96.9%	63.6%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	7,177,000	6,738,000	6,513,000	6,251,000
Total Unusual Items			15,000	32,000	-1,624,000
Total Unusual Items Excluding Goodwill			15,000	32,000	-1,624,000
Net Income From Continuing Operation Net Minority Interest	3,056,000	2,613,000	2,391,000	2,548,000
Reconciled Depreciation	2,453,000	2,354,000	2,250,000	2,186,000
Reconciled Cost Of Revenue	7,982,000	6,691,000	7,188,000	11,441,000
EBITDA	7,177,000	6,738,000	6,513,000	6,251,000
EBIT	4,724,000	4,384,000	4,263,000	4,065,000
Net Interest Income	-1,801,000	-1,844,000	-1,797,000	-1,513,000
Normalized Income	3,056,000	2,613,000	2,391,000	2,548,000
Net Income From Continuing And Discontinued Operation	3,056,000	2,613,000	2,391,000	2,548,000
Total Expenses	12,213,000	10,716,000	11,071,000	15,135,000
Total Operating Income As Reported	4,724,000	4,384,000	4,263,000	4,065,000
Diluted Average Shares	2,223,000	2,220,000	2,234,000	2,258,000
Basic Average Shares	2,223,000	2,220,000	2,234,000	2,258,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	3,040,000	2,598,000	2,377,000	2,535,000
Net Income Common Stockholders	3,040,000	2,598,000	2,377,000	2,535,000
Otherunder Preferred Stock Dividend	16,000	15,000	14,000	13,000
Net Income	3,056,000	2,613,000	2,391,000	2,548,000
Minority Interests	-104,000	-107,000	-95,000	-77,000
Net Income Including Noncontrolling Interests	3,160,000	2,720,000	2,486,000	2,625,000
Net Income Continuous Operations	3,160,000	2,720,000	2,486,000	2,625,000
Tax Provision	832,000	687,000	715,000	710,000
Pretax Income	3,992,000	3,407,000	3,201,000	3,335,000
Other Income Expense	1,069,000	867,000	735,000	783,000
Other Non Operating Income Expenses	173,000	27,000	-37,000	55,000
Special Income Charges			15,000	32,000	-1,624,000
Gain On Sale Of Ppe			15,000	32,000	-1,624,000
Gain On Sale Of Business			15,000	32,000	-1,624,000
Impairment Of Capital Assets				0	1,624,000
Securities Amortization					78,000
Earnings From Equity Interest	896,000	840,000	772,000	728,000
Net Non Operating Interest Income Expense	-1,801,000	-1,844,000	-1,797,000	-1,513,000
Total Other Finance Cost	1,801,000	1,844,000	1,797,000	1,513,000
Operating Income	4,724,000	4,384,000	4,263,000	4,065,000
Operating Expense	4,231,000	4,025,000	3,883,000	3,694,000
Other Operating Expenses	-15,000	-92,000	-13,000	-39,000
Other Taxes	445,000	433,000	421,000	441,000
Selling General And Administration	744,000	712,000	668,000	637,000
General And Administrative Expense	744,000	712,000	668,000	637,000
Other Gand A	744,000	712,000	668,000	637,000
Gross Profit	8,955,000	8,409,000	8,146,000	7,759,000
Cost Of Revenue	7,982,000	6,691,000	7,188,000	11,441,000
Total Revenue	16,937,000	15,100,000	15,334,000	19,200,000
Operating Revenue	16,745,000	14,873,000	15,157,000	19,042,000

Balance Sheet

	2025	2024	2023	2022	2021
Preferred Shares Number					32,000
Ordinary Shares Number	2,224,778	2,221,648	2,219,730	2,247,682
Share Issued	2,224,778	2,221,648	2,219,730	2,247,682
Net Debt	31,719,000	31,581,000	31,812,000	30,823,000
Total Debt	31,782,000	31,669,000	31,895,000	31,568,000
Tangible Book Value	9,348,000	8,687,000	8,228,000	8,968,000
Invested Capital	62,944,000	62,200,000	62,201,000	62,310,000
Working Capital	-1,568,000	-2,580,000	-4,679,000	-3,127,000
Net Tangible Assets	9,348,000	8,687,000	8,228,000	8,968,000
Common Stock Equity	31,162,000	30,531,000	30,306,000	30,742,000
Total Capitalization	61,718,000	60,191,000	58,152,000	58,925,000
Total Equity Gross Minority Interest	32,449,000	31,867,000	31,729,000	32,114,000
Minority Interest	1,287,000	1,336,000	1,423,000	1,372,000
Stockholders Equity	31,162,000	30,531,000	30,306,000	30,742,000
Gains Losses Not Affecting Retained Earnings	45,000	-95,000	-217,000	-402,000
Other Equity Adjustments	45,000	-95,000	-217,000	-402,000
Retained Earnings	-10,181,000	-10,633,000	-10,689,000	-10,551,000
Additional Paid In Capital	41,276,000	41,237,000	41,190,000	41,673,000
Capital Stock	22,000	22,000	22,000	22,000
Common Stock	22,000	22,000	22,000	22,000
Total Liabilities Net Minority Interest	40,299,000	39,540,000	39,291,000	37,964,000
Total Non Current Liabilities Net Minority Interest	35,977,000	34,439,000	32,070,000	31,034,000
Other Non Current Liabilities	2,309,000	2,488,000	2,615,000	2,008,000
Preferred Securities Outside Stock Equity	221,000	221,000	221,000	220,000
Non Current Deferred Liabilities	2,891,000	2,070,000	1,388,000	623,000
Non Current Deferred Taxes Liabilities	2,891,000	2,070,000	1,388,000	623,000
Long Term Debt And Capital Lease Obligation	30,556,000	29,660,000	27,846,000	28,183,000
Long Term Debt	30,556,000	29,660,000	27,846,000	28,183,000
Current Liabilities	4,322,000	5,101,000	7,221,000	6,930,000
Other Current Liabilities	898,000	878,000	1,021,000	1,322,000
Current Debt And Capital Lease Obligation	1,226,000	2,009,000	4,049,000	3,385,000
Current Debt	1,226,000	2,009,000	4,049,000	3,385,000
Other Current Borrowings	1,226,000	2,009,000	4,049,000	3,385,000
Commercial Paper			1,989,000	0
Payables And Accrued Expenses	2,198,000	2,214,000	2,151,000	2,223,000
Current Accrued Expenses	534,000	543,000	513,000	515,000
Interest Payable	534,000	543,000	513,000	515,000
Payables	1,664,000	1,671,000	1,638,000	1,708,000
Total Tax Payable	256,000	276,000	272,000	264,000
Accounts Payable	1,408,000	1,395,000	1,366,000	1,444,000
Total Assets	72,748,000	71,407,000	71,020,000	70,078,000
Total Non Current Assets	69,994,000	68,886,000	68,478,000	66,275,000
Other Non Current Assets	1,317,000	1,184,000	1,229,000	1,249,000
Non Current Deferred Assets				0	115,000
Non Current Deferred Taxes Assets				0	115,000
Investments And Advances	7,532,000	7,845,000	7,874,000	7,653,000
Long Term Equity Investment	7,532,000	7,845,000	7,874,000	7,653,000
Investments In Other Ventures Under Equity Method				347,000	369,000
Investmentsin Associatesat Cost				6,927,000	6,835,000
Investmentsin Subsidiariesat Cost				379,000	374,000
Goodwill And Other Intangible Assets	21,814,000	21,844,000	22,078,000	21,774,000
Other Intangible Assets	1,730,000	1,760,000	1,957,000	1,809,000
Goodwill	20,084,000	20,084,000	20,121,000	19,965,000
Net PPE	39,331,000	38,013,000	37,297,000	35,599,000
Accumulated Depreciation	-24,062,000	-22,182,000	-22,075,000	-20,412,000
Gross PPE	63,393,000	60,195,000	59,372,000	56,011,000
Construction In Progress	1,817,000	1,588,000	1,045,000	1,043,000
Other Properties	60,737,000	57,770,000	56,410,000	53,230,000
Land And Improvements	839,000	837,000	1,917,000	1,738,000
Current Assets	2,754,000	2,521,000	2,542,000	3,803,000
Other Current Assets	357,000	246,000	333,000	304,000
Hedging Assets Current			126,000	231,000	220,000
Restricted Cash	46,000	126,000	13,000	49,000
Inventory	574,000	555,000	525,000	634,000
Receivables	1,714,000	1,506,000	1,588,000	1,840,000
Accounts Receivable	1,714,000	1,506,000	1,588,000	1,840,000
Allowance For Doubtful Accounts Receivable			-1,000	-1,000	-1,000
Gross Accounts Receivable			1,589,000	1,841,000	1,612,000
Cash Cash Equivalents And Short Term Investments	63,000	88,000	83,000	745,000
Cash And Cash Equivalents	63,000	88,000	83,000	745,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	2,891,000	3,006,000	4,174,000	3,346,000
Repurchase Of Capital Stock	0	-7,000	-522,000	-368,000
Repayment Of Debt	-10,054,000	-10,557,000	-7,356,000	-9,735,000
Issuance Of Debt	10,017,000	10,441,000	7,590,000	9,058,000
Capital Expenditure	-3,026,000	-2,629,000	-2,317,000	-1,621,000
Interest Paid Supplemental Data	1,811,000	1,816,000	1,844,000	1,460,000
Income Tax Paid Supplemental Data	47,000	33,000	11,000	13,000
End Cash Position	109,000	214,000	96,000	794,000
Beginning Cash Position	214,000	96,000	794,000	1,147,000
Effect Of Exchange Rate Changes	0	-1,000	0	0
Changes In Cash	-105,000	119,000	-698,000	-353,000
Financing Cash Flow	-2,843,000	-2,887,000	-3,014,000	-3,145,000
Cash Flow From Continuing Financing Activities	-2,843,000	-2,887,000	-3,014,000	-3,145,000
Net Other Financing Charges	-202,000	-207,000	-197,000	404,000
Cash Dividends Paid	-2,604,000	-2,557,000	-2,529,000	-2,504,000
Common Stock Dividend Paid	-2,604,000	-2,557,000	-2,529,000	-2,504,000
Net Common Stock Issuance	0	-7,000	-522,000	-368,000
Common Stock Payments	0	-7,000	-522,000	-368,000
Net Issuance Payments Of Debt	-37,000	-116,000	234,000	-677,000
Net Long Term Debt Issuance	-37,000	-116,000	234,000	-677,000
Long Term Debt Payments	-10,054,000	-10,557,000	-7,356,000	-9,735,000
Long Term Debt Issuance	10,017,000	10,441,000	7,590,000	9,058,000
Investing Cash Flow	-3,179,000	-2,629,000	-4,175,000	-2,175,000
Cash Flow From Continuing Investing Activities	-3,179,000	-2,629,000	-4,175,000	-2,175,000
Net Other Investing Changes	-39,000	6,000	-32,000	6,000
Dividends Received Cfi	330,000	177,000	228,000	156,000
Net Investment Purchase And Sale	204,000	-121,000	-212,000	-229,000
Sale Of Investment	382,000	0	0
Purchase Of Investment	-178,000	-121,000	-212,000	-229,000
Net Business Purchase And Sale	-648,000	-62,000	-1,842,000	-487,000
Purchase Of Business	-648,000	-62,000	-1,842,000	-487,000
Net PPE Purchase And Sale			-28,000	6,000	406,000
Sale Of PPE				6,000	406,000
Purchase Of PPE			-28,000
Capital Expenditure Reported	-3,026,000	-2,629,000	-2,317,000	-1,621,000
Operating Cash Flow	5,917,000	5,635,000	6,491,000	4,967,000
Cash Flow From Continuing Operating Activities	5,917,000	5,635,000	6,491,000	4,967,000
Dividend Received Cfo	805,000	823,000	755,000	725,000
Change In Working Capital	-108,000	-69,000	1,176,000	-261,000
Change In Other Working Capital	5,000	-58,000	870,000	-24,000
Change In Other Current Liabilities	41,000	-48,000	-79,000	11,000
Change In Other Current Assets	-9,000	-46,000	108,000	-51,000
Change In Payables And Accrued Expense	68,000	43,000	-212,000	206,000
Change In Accrued Expense	-13,000	43,000	-13,000	50,000
Change In Interest Payable	-13,000	43,000	-13,000	50,000
Change In Payable	81,000		-199,000	156,000	387,000
Change In Account Payable	96,000	-5,000	-201,000	161,000
Change In Tax Payable	-15,000	5,000	2,000	-5,000
Change In Income Tax Payable	-15,000	5,000	2,000	-5,000
Change In Inventory	-21,000	-12,000	188,000	-183,000
Change In Receivables	-192,000	52,000	301,000	-220,000
Changes In Account Receivables	-192,000	52,000	301,000	-220,000
Other Non Cash Items	-125,000	2,000	27,000	-221,000
Asset Impairment Charge				0	1,624,000
Deferred Tax	780,000	647,000	710,000	692,000
Deferred Income Tax	780,000	647,000	710,000	692,000
Depreciation Amortization Depletion	2,453,000	2,354,000	2,250,000	2,186,000
Operating Gains Losses	-1,048,000	-842,000	-913,000	-779,000
Pension And Employee Benefit Expense				-50,000	-39,000
Earnings Losses From Equity Investments	-896,000	-840,000	-772,000	-803,000
Gain Loss On Investment Securities	-23,000	72,000	-126,000	56,000
Gain Loss On Sale Of PPE				-32,000
Gain Loss On Sale Of Business	-129,000	-74,000	-15,000	-32,000
Net Income From Continuing Operations	3,160,000	2,720,000	2,486,000	2,625,000

These metrics estimate what Kinder Morgan, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$20.78

Margin of Safety

Market Cap ÷ Company Value

1.90

P/B Ratio

2.31

Warren's Owner Earnings

$8.5B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$16.9B

vs > $1.5B revenue

❌ Strong Financial Condition

0.64x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

3.65%

vs Uninterrupted dividends

❌ Earnings Growth

+22.3% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

21.8x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.31x P/B (P/E×P/B: 50.4)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-16.88

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$23.59

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	99.0%	100.6%	96.9%	63.6%	N/A
Repurchase of Capital Stock	$0M	-$7M	-$522M	-$368M	N/A
Free Cash Flow	$2.9B ▼	$3.0B ▼	$4.2B ▲	$3.3B •	N/A •
Warren's Owner Earnings	$8.5B	$7.6B	$7.0B	$6.4B	N/A

Peers & Industry

No auto-detected peers for Oil & Gas Midstream. You can manually compare KMI against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

12.78%

High — management has strong skin in the game

Return on Equity (ROE)

9.8%

Adequate — returns are moderate

Return on Assets (ROA)

4.2%

Fair — average asset utilization

Debt Trend YoY

+0.4% YoY

Debt is roughly stable

Leadership Team

Richard Kinder

Executive Chairman of the Board

Age 80

Pay: $1

0.000% of net income

Kimberly Allen Dang

CEO & Director

Age 55

Pay: $540,577

0.018% of net income

Dax Sanders CPA

President

Age 50

Pay: $1,440,577

0.047% of net income

David Patrick Michels

VP & CFO

Age 46

Pay: $1,290,577

0.042% of net income

John Schlosser

VP & President of Terminals

Age 62

Pay: $1,340,577

0.044% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.45%	210,281,448
Blackrock Inc.	7.76%	172,727,825
State Street Corporation	5.25%	116,860,317
Bank of America Corporation	2.75%	61,181,823
Geode Capital Management, LLC	2.38%	53,029,874
NORGES BANK	1.85%	41,183,145
Charles Schwab Investment Management, Inc.	1.35%	30,104,829
Morgan Stanley	1.32%	29,394,053

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.56

Low volatility — more stable than the market

Short Interest

2.5% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.99x

Conservative balance sheet — low financial risk

Current Ratio

0.52x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $25.60 Current: $32.42 High: $34.73

Currently at 75% of 52-week range

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