Kinder Morgan targets $1.4B in new gas projects driven by rising LNG and power demand. $1.4B project commitments represent major strategic expansion in core gas infrastructure amid strong demand growth.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | 2 | — | — | — | 1 | — | — | — | — | — | — | — |
| Sell | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡‡ |
|
| 2027 | ‡‡‡‡‡ |
|
| 2026 | 1.19 |
—
—
—
|
| 2025 | 1.17 |
—
—
—
—
|
| 2024 | 1.15 |
—
—
—
—
|
| 2023 | 1.13 |
—
—
—
—
|
| 2022 | 1.10 |
—
—
—
—
|
| 2021 | 1.07 |
—
—
—
—
|
| 2020 | 1.04 |
—
—
—
—
|
| 2019 | 0.95 |
—
—
—
—
|
| 2018 | 0.73 |
—
—
—
—
|
| 2017 | 0.50 |
—
—
—
—
|
| 2016 | 0.50 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 96.00 | 214.00 | 109.00 | 119.00 |
| Receivables | 1,588.00 | 1,506.00 | 1,714.00 | 1,563.00 |
| Inventory | 525.00 | 555.00 | 574.00 | 565.00 |
| Other | 333.00 | 246.00 | 357.00 | 341.00 |
| 2,542.00 | 2,521.00 | 2,754.00 | 2,588.00 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 1,366.00 | 1,395.00 | 1,408.00 | 1,567.00 |
| ST’ Debt | 4,049.00 | 2,009.00 | 1,226.00 | 2,443.00 |
| Other | 1,021.00 | 878.00 | 898.00 | 907.00 |
| 7,221.00 | 5,101.00 | 4,322.00 | 5,647.00 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 4,828.00 | 4,477.00 | — | — |
—
|
| ’25 | 4,241.00 | 4,042.00 | 4,146.00 | 4,508.00 |
16,937.00
|
| ’24 | 3,842.00 | 3,572.00 | 3,699.00 | 3,987.00 |
15,100.00
|
| ’23 | 3,888.00 | 3,501.00 | 3,907.00 | 4,038.00 |
15,334.00
|
| ’22 | 4,293.00 | 5,151.00 | 5,177.00 | 4,579.00 |
19,200.00
|
| ’21 | 5,211.00 | 3,150.00 | 3,824.00 | 4,425.00 |
16,610.00
|
| ’20 | 3,106.00 | 2,560.00 | 2,919.00 | 3,115.00 |
11,700.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 1,491.00 | 1,960.00 | — | — |
—
|
| ’25 | 1,162.00 | 1,649.00 | 1,414.00 | 1,692.00 |
5,917.00
|
| ’24 | 1,189.00 | 1,687.00 | 1,249.00 | 1,510.00 |
5,635.00
|
| ’23 | 1,333.00 | 1,550.00 | 1,286.00 | 2,322.00 |
6,491.00
|
| ’22 | 1,084.00 | 1,564.00 | 915.00 | 1,404.00 |
4,967.00
|
| ’21 | 1,873.00 | 1,438.00 | 1,129.00 | 1,268.00 |
5,708.00
|
| ’20 | 893.00 | 1,339.00 | 1,050.00 | 1,268.00 |
4,550.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 687.00 | 475.00 | — | — |
—
|
| ’25 | (252.00) | 1,002.00 | 621.00 | 872.00 |
2,243.00
|
| ’24 | 570.00 | 1,048.00 | 592.00 | 734.00 |
2,944.00
|
| ’23 | 826.00 | 1,001.00 | 640.00 | (135.00) |
2,332.00
|
| ’22 | 677.00 | 1,192.00 | 62.00 | 928.00 |
2,859.00
|
| ’21 | 1,606.00 | 1,160.00 | (738.00) | 1,258.00 |
3,286.00
|
| ’20 | 453.00 | 816.00 | 646.00 | 1,981.00 |
3,896.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.44 | 0.39 | — | — |
—
|
| ’25 | 0.32 | 0.32 | 0.28 | 0.45 |
1.37
|
| ’24 | 0.33 | 0.26 | 0.28 | 0.30 |
1.17
|
| ’23 | 0.30 | 0.26 | 0.24 | 0.27 |
1.06
|
| ’22 | 0.29 | 0.28 | 0.25 | 0.30 |
1.12
|
| ’21 | 0.62 | (0.34) | 0.22 | 0.28 |
0.78
|
| ’20 | (0.14) | (0.28) | 0.20 | 0.27 |
0.05
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 15.78 | 15.89 | 16.47 | 23.94 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 20.20 | 19.10 | 28.81 | 31.48 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10,525 | 10,891 | 10,933 | 11,028 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.82 | 1.41 | 1.38 | 1.54 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 19,200.00 | 15,334.00 | 15,100.00 | 16,937.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 51.80% | 67.80% | 71.28% | 67.36% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,335.00 | 3,201.00 | 3,407.00 | 3,992.00 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17.37% | 20.88% | 22.56% | 23.57% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,625.00 | 2,486.00 | 2,720.00 | 3,160.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,261.00 | 2,250.00 | 2,354.00 | 2,453.00 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.50 | 6.86 | 6.80 | 7.62 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 1.12 | 1.06 | 1.17 | 1.37 | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.20 | 2.91 | 2.54 | 2.66 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.93) | (1.86) | (1.21) | (1.65) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.27 | 1.04 | 1.33 | 1.01 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 14.22 | 14.20 | 14.35 | 14.60 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,258.00 | 2,234.00 | 2,220.00 | 2,223.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.08 | 16.66 | 23.42 | 20.07 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.12 | 2.60 | 4.03 | 3.61 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.27 | 1.26 | 1.91 | 1.88 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.73 | 4.69 | 6.13 | 5.49 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 25.06 | 30.81 | 31.42 | 41.46 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4,967.00 | 6,491.00 | 5,635.00 | 5,917.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2,108.00) | (4,159.00) | (2,691.00) | (3,674.00) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,859.00 | 2,332.00 | 2,944.00 | 2,243.00 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3,127.00) | (4,679.00) | (2,580.00) | (1,568.00) | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 31,788.00 | 32,116.00 | 31,890.00 | 32,003.00 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 30,994.00 | 32,020.00 | 31,676.00 | 31,894.00 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 32,114.00 | 31,729.00 | 31,867.00 | 32,449.00 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.63% | 3.39% | 3.67% | 4.24% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.03% | 4.18% | 4.31% | 4.59% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.96% | 7.49% | 8.22% | 9.50% | — | — | — |
ROE
|
Kinder Morgan (KMI), a dominant midstream player with North America’s vast pipeline network, has shown resilience through fee-based contracts insulating it from commodity volatility, yet high debt and cyclical risks demand caution. Revenue plummeted 11% in 2020’s pandemic trough to $11.7 billion, rebounded to a $19.2 billion peak in 2022, then normalized to $15.1 billion in 2024—forecasts eye 12% growth to $16.9 billion in 2025 amid LNG ramps and Permian volumes. Stock has tripled from 2016 lows (~$11) to projected 2025 highs near $31, loosely tracking fundamentals like EBT margins expanding 8% to 22.6% and FCF surging 26% to $2.94 billion, though PB ratios at 1.91x signal potential overvaluation.
Balance sheet leverage persists with $31.9 billion debt (net debt/equity ~1x), improved via 20% deleveraging since 2016, supporting ROE gains to 8% and steady dividends (~90% payout). Insider signals mix caution—VP sells totaling $7.7 million—with bullish top-tier buys led by the Executive Chairman’s $26 million purchase. Valuation metrics like forward PE 20-23x and EV/Sales 6.1x exceed peers, aligning with analyst consensus targets implying flat-to-modest upside.
Outlook projects EPS rising 17% to $1.37 in 2025, with ROIC edging to 4.6%, but escalating capex to $3.45 billion in 2026 and risks from rates, renewables shift, and FERC scrutiny could squeeze FCF yields. Negative working capital and volume sensitivity heighten recession downside (~25% to recent lows), favoring hold-for-yield strategies over growth chases—delve deeper for probabilistic scenarios and full quant models.
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