Energy Transfer LP (ET) vs Kinder Morgan, Inc. (KMI)

Energy Transfer LP and Kinder Morgan, Inc. are both Oil & Gas Midstream companies. Energy Transfer LP and Kinder Morgan, Inc. are of similar size ($70.2B and $69.5B). Energy Transfer LP trades at the lower P/E: 13.7× against 19.7×. Energy Transfer LP grew revenue faster over the last twelve months: 33.3% against 12.5%. Kinder Morgan, Inc. has the higher net margin (19.3% vs 4.70%) and the lower return on invested capital (5.02% vs 5.72%). Both pay a dividend; Energy Transfer LP yields more (8.97% vs 6.93%). Across the 23 metrics below, Energy Transfer LP leads on 14 and Kinder Morgan, Inc. on 9.

Valuation

Metric ET KMI Oil & Gas Midstream median
P/E 13.73 19.71 13.19
P/S 0.65 3.81 2.60
P/B 1.47 2.08 2.08
Price to free cash flow 13.30 25.77 10.14
EV/EBITDA 8.11 13.06 8.11
EV/Sales 1.27 5.60 3.89
Earnings yield 7.28% 5.07% 6.83%
Free cash flow yield 7.52% 3.88% 6.94%

Profitability

Metric ET KMI Oil & Gas Midstream median
Gross margin 23.58% 66.61% 58.81%
Operating margin 10.04% 29.05% 32.14%
Net margin 4.70% 19.31% 21.16%
Free cash flow margin 4.87% 14.78% 10.15%
Return on equity 11.30% 10.67% 11.30%
Return on assets 3.70% 4.74% 5.00%
Return on invested capital 5.72% 5.02% 6.13%

Growth

Metric ET KMI Oil & Gas Midstream median
Revenue growth (TTM) 33.27% 12.46% 15.44%
EPS growth (last fiscal year) (5.47%) 17.09% —
Revenue growth, 5-year CAGR 17.04% 7.68% 8.96%
Net income growth, 5-year CAGR 0.00% 91.39% 0.00%

Health

Metric ET KMI Oil & Gas Midstream median
Debt to equity 1.35 0.98 0.78
Current ratio 1.16 0.46 1.19
Net debt to EBITDA 4.56 4.44 3.42

Dividend

Metric ET KMI Oil & Gas Midstream median
Dividend yield 8.97% 6.93% 7.29%
Payout ratio — 1.00 0.64

Size

Metric ET KMI Oil & Gas Midstream median
Market cap 70.21b 69.52b 3.61b

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