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KMI, Kinder Morgan Inc.

Pipelines & Midstream capital-intensive

Revenue is led by Natural Gas Pipelines (65%) and Products Pipelines (16%), with 2 more segments behind.

Latest annual: FY2025 10-K

KMI · Kinder Morgan Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$16.9B

+12.2% YoY · 8% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $18.0B 5-yr avg $16.6B

Gross margin 48% 5-yr avg 56%

Operating margin 29.0% 5-yr avg 24.7%

ROIC 6% 5-yr avg 5%

Owner-earnings margin 23% 5-yr avg 22%

Free cash flow margin 18% 5-yr avg 22%

Next report Est. 10/15–10/26 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~24 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: A regulated utility, earning a set return on the capital it sinks into its network.
What moves the needle: Gross margin has run about 69% and operating margin about 27% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The cash cycle has run negative through the cycle (a median of −40 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. Read this kind of business on rate base and the allowed return. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 5%, above 15% in 0 of 10 years). By owner earnings: roughly 19% of revenue reaches owners as cash, consistently. Modest returns here are the design, not a verdict: a regulated utility's prices are set by commission, so the questions are the return the regulator allows, how fast the invested base it earns that return on is growing, and the health of the relationship with the commissions that decide both — all of which live in the 10-K, not the multiple.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Natural Gas Pipelines is 65% of revenue, with Products Pipelines the other meaningful segment at 16%.

Revenue by reportable segment, FY2025

Natural Gas Pipelines65%$11.0B
Products Pipelines16%$2.7B
Terminals12%$2.1B
CO27%$1.2B

By geographyUnited States100%Mexico0%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMJun 2026
											Income statement
$13.1B	$13.7B	$14.1B	$13.2B	$11.7B	$16.6B	$19.2B	$15.3B	$15.1B	$16.9B	$18.0B	RevenueRevenue
$9.6B	$9.4B	$9.7B	$9.9B	$9.2B	$10.1B	$9.9B	—	—	—	$8.7B	Gross profitGross prof.
74%	68%	69%	75%	78%	61%	52%	—	—	—	48%	Gross marginGross mgn
5%	5%	4%	4%	6%	4%	3%	4%	5%	4%	4%	SG&A / revenueSG&A/rev
$3.5B	$3.5B	$3.8B	$4.9B	$1.6B	$2.9B	$4.1B	$4.3B	$4.4B	$4.7B	$5.2B	Operating incomeOp. inc.
27.1%	25.7%	26.8%	36.9%	13.3%	17.6%	21.2%	27.8%	29.0%	27.9%	29.0%	Operating marginOp. mgn
$1.6B	$2.2B	$2.5B	$3.2B	$661M	$2.2B	$3.3B	$3.2B	$3.4B	$4.0B	—	Pretax incomePretax
$708M	$183M	$1.6B	$2.2B	$119M	$1.8B	$2.5B	$2.4B	$2.6B	$3.1B	$3.5B	Net incomeNet inc.
56%	—	23%	29%	—	17%	21%	22%	20%	21%	23%	Effective tax rateTax rate
											Cash flow & returns
$4.8B	$4.6B	$5.0B	$4.7B	$4.5B	$5.7B	$5.0B	$6.5B	$5.6B	$5.9B	$6.6B	Operating cash flowOp. cash
$2.2B	$2.3B	$2.3B	$2.4B	$2.2B	$2.1B	$2.2B	$2.3B	$2.4B	$2.5B	$2.5B	Depreciation & amortizationD&A
$1.8B	$2.2B	$1.1B	$147M	$2.3B	$1.8B	$233M	$1.9B	$668M	$408M	$610M	Working capital & otherWC & other
$2.9B	$3.2B	$2.9B	$2.3B	$1.7B	$1.3B	$1.6B	$2.3B	$2.6B	$3.0B	$3.4B	CapexCapex
22.1%	23.3%	20.5%	17.2%	14.6%	7.7%	8.4%	15.1%	17.4%	17.9%	18.9%	Capex / revenueCapex/rev
$2.5B	$2.3B	$2.7B	$2.5B	$2.8B	$4.4B	$3.3B	$4.2B	$3.0B	$2.9B	$4.1B	Owner earningsOwner earn.
19.5%	17.1%	19.4%	18.8%	24.3%	26.7%	17.4%	27.2%	19.9%	17.1%	22.7%	Owner earnings marginOE mgn
$1.9B	$1.4B	$2.1B	$2.5B	$2.8B	$4.4B	$3.3B	$4.2B	$3.0B	$2.9B	$3.2B	Free cash flowFCF
14.4%	10.3%	15.1%	18.8%	24.3%	26.7%	17.4%	27.2%	19.9%	17.1%	17.6%	Free cash flow marginFCF mgn
$333M	$4M	$39M	$79M	$16M	—	—	—	—	—	$16M	AcquisitionsAcquis.
$1.1B	$1.1B	$1.6B	$2.2B	$2.4B	$2.4B	$2.5B	$2.5B	$2.6B	$2.6B	$2.6B	Dividends paidDiv. paid
$0	$250M	$273M	$2M	$50M	$0	$368M	$522M	$7M	$0	—	BuybacksBuybacks
($1.6B)	($3.4B)	($68M)	($1.7B)	($911M)	($2.3B)	($2.2B)	($4.2B)	($2.6B)	($3.2B)	—	Investing cash flowInv. cash
($2.6B)	($1.7B)	($1.8B)	($6.2B)	($2.6B)	($3.5B)	($3.1B)	($3.0B)	($2.9B)	($2.8B)	—	Financing cash flowFin. cash
$2M	$22M	($146M)	$29M	($1M)	$0	$0	$0	($1M)	$0	—	Exchange-rate effectFX
$498M	($461M)	$3.0B	($3.1B)	$1.0B	($62M)	($353M)	($698M)	$118M	($105M)	—	Change in cashΔ cash
2%	2%	4%	5%	1%	4%	5%	5%	6%	6%	6%	ROICROIC
2%	1%	5%	6%	0%	6%	8%	8%	9%	10%	11%	Return on equityROE
−1%	−3%	−0%	0%	−7%	−2%	0%	−0%	0%	1%	3%	Retained to equityRetained/eq
											Balance sheet
$684M	$264M	$3.3B	$1.1B	$1.2B	$1.1B	$745M	$83M	$88M	$63M	$89M	Cash & investmentsCash+inv
$1.4B	$1.4B	$1.5B	$1.4B	—	—	—	—	—	—	—	ReceivablesReceiv.
$357M	$424M	$385M	$371M	$348M	$562M	$634M	$525M	$555M	$574M	$565M	InventoryInvent.
$1.3B	$1.3B	$1.3B	$914M	$837M	$1.3B	$1.4B	$1.4B	$1.4B	$1.4B	$1.6B	Accounts payablePayables
$470M	$532M	$546M	$827M	($489M)	($697M)	($810M)	($841M)	($840M)	($834M)	($1.0B)	Operating working capitalOper. WC
$3.2B	$2.7B	$5.7B	$3.2B	$3.2B	$3.8B	$3.8B	$2.5B	$2.5B	$2.8B	$2.6B	Current assetsCur. assets
$5.9B	$6.2B	$7.6B	$5.1B	$5.1B	$5.8B	$6.9B	$7.2B	$5.1B	$4.3B	$5.6B	Current liabilitiesCur. liab.
0.5×	0.4×	0.8×	0.6×	0.6×	0.7×	0.5×	0.4×	0.5×	0.6×	0.5×	Current ratioCurr. ratio
$38.7B	$40.2B	$37.9B	$36.4B	$35.8B	$35.7B	$35.6B	$37.3B	$38.0B	$39.3B	—	Net PP&ENet PP&E
$379M	$348M	$311M	$267M	$256M	$286M	$256M	$240M	$256M	$256M	—	Regulatory assetsReg. assets
$209M	$343M	$235M	$215M	$195M	$195M	$225M	$233M	$232M	$217M	—	Regulatory liabilitiesReg. liab.
$22.2B	$22.2B	$22.0B	$21.5B	$19.9B	$19.9B	$20.0B	$20.1B	$20.1B	$20.1B	$20.1B	GoodwillGoodwill
$80.3B	$79.1B	$78.9B	$74.2B	$72.0B	$70.4B	$70.1B	$71.0B	$71.4B	$72.7B	$74.1B	Total assetsAssets
$40.0B	$37.8B	$37.3B	$34.4B	$34.7B	$33.3B	$31.8B	$32.1B	$31.9B	$32.0B	$32.2B	Total debtDebt
$39.4B	$37.6B	$34.0B	$33.3B	$33.5B	$32.2B	$31.0B	$32.0B	$31.8B	$31.9B	$32.2B	Net debt / (cash)Net debt
$45.5B	$43.9B	$43.7B	$39.3B	$39.4B	$38.5B	$38.0B	$39.3B	$39.5B	$40.3B	—	Total liabilitiesTotal liab.
—	$0	$666M	$803M	$728M	—	—	—	—	—	—	Redeemable interestsRedeemable
$371M	$1.5B	$853M	$344M	$402M	$1.1B	$1.4B	$1.4B	$1.3B	$1.3B	—	Noncontrolling interestsNCI
$34.4B	$33.6B	$33.7B	$33.7B	$31.4B	$30.8B	$30.7B	$30.3B	$30.5B	$31.2B	$31.6B	Shareholders’ equityEquity
											Per share
2.23B	2.23B	2.22B	2.26B	2.26B	2.27B	2.26B	2.23B	2.22B	2.22B	2.23B	Shares out (diluted)Shares
$5.86	$6.15	$6.38	$5.83	$5.17	$7.33	$8.50	$6.86	$6.80	$7.62	$8.07	Revenue / shareRev/sh
$0.32	$0.08	$0.73	$0.97	$0.05	$0.79	$1.13	$1.07	$1.18	$1.37	$1.56	EPS (diluted)EPS
$1.14	$1.05	$1.24	$1.09	$1.26	$1.95	$1.48	$1.87	$1.35	$1.30	$1.83	Owner earnings / shareOE/sh
$0.84	$0.63	$0.97	$1.09	$1.26	$1.95	$1.48	$1.87	$1.35	$1.30	$1.42	Free cash flow / shareFCF/sh
$0.50	$0.50	$0.73	$0.96	$1.04	$1.08	$1.11	$1.13	$1.15	$1.17	$1.18	Dividends / shareDiv/sh
$1.29	$1.43	$1.31	$1.00	$0.75	$0.57	$0.72	$1.04	$1.18	$1.36	$1.53	Cap. spending / shareCapex/sh
$15.44	$15.08	$15.20	$14.90	$13.89	$13.60	$13.61	$13.57	$13.75	$14.02	$14.22	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+3.0%/yr	+8.1%/yr
Owner earnings / share	+1.4%/yr	+0.7%/yr
EPS	+17.7%/yr	+92.1%/yr
Dividends / share	+9.9%/yr	+2.3%/yr
Capital spending / share	+0.6%/yr	+12.5%/yr
Book value / share	−1.1%/yr	+0.2%/yr

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported $3.1B of profit but $2.9B of owner earnings: $165M less than the profit line, taken out by capital spending and the timing of cash.

Reported net income$3.1B

Owner earnings$2.9B · 17% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$3.1B	$2.6B	$2.4B	$2.5B	$1.8B
Depreciation & amortizationnon-cash charge added back	+$2.5B	+$2.4B	+$2.3B	+$2.2B	+$2.1B
Working capital & othertiming of cash in and out, other non-cash items	+$408M	+$668M	+$1.9B	+$233M	+$1.8B
Cash from operations	$5.9B	$5.6B	$6.5B	$5.0B	$5.7B
Capital expenditurecash put back in to keep running and to grow	−$3.0B	−$2.6B	−$2.3B	−$1.6B	−$1.3B
Owner earnings	$2.9B	$3.0B	$4.2B	$3.3B	$4.4B
Owner-earnings marginowner earnings ÷ revenue	17%	20%	27%	17%	27%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

A regulated utility reads differently here. What it spends above depreciation goes into rate base, where the commission lets it earn the allowed return and recover the capital, with interest, over decades — growth that is financed, not taken out of owners' pockets this year. So the truth sits between the bridge's two ends: owner earnings excuses the build-out entirely, free cash flow charges it entirely, and the scorecard's utility-plant figure shows how fast the base earning that return is compounding.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

The allowed return, earned and credited

Earned return on equity 6.1%

Below the typical allowed band

Median over 10 readable years · latest FY2025: 9.8% (net income $3.1B ÷ equity $31.2B)

What this means
A commission caps what a regulated utility may earn on shareholders' capital, so the question is not whether the return is high but whether the company actually earns what it is allowed — persistent under-earning means costs the regulator will not put in rates, and a return above the band usually means unregulated businesses in the mix. Read through the record, because a single year carries rate-case timing noise.
AFUDC in earnings —

Not enough data

What this means
The equity allowance for funds used during construction is not tagged in this filer's structured data — the construction credit, if any, lives in the 10-K's rate-matters note.

The invested base and the regulatory ledger

Net utility plant —

Not enough data

What this means
No undimensioned utility-plant figure is tagged in this filer's structured data.
Regulatory assets & liabilities $256M / $217M

Owed recovery from ratepayers

Regulatory assets $256M · regulatory liabilities $217M · net $39M asset position, as filed

What this means
The ledger of the regulatory relationship: assets are costs the commission has agreed the utility may collect from ratepayers in future rates, liabilities are amounts it must give back. Both are promises whose worth depends entirely on the commissions that made them — which is why they are shown as filed and never netted into earnings adjustments here.

Graham’s defensive tests · 5 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $16.9B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity —

Current ratio ≥ 2× (waived for utilities) · exempt

What this means
Graham exempted public utilities from this test: their working capital “takes care of itself” through the continuous bond-and-share financing of growth, so a thin current ratio is the industry's structure, not a warning. His substitute test — debt no more than twice book equity — is the next line.
Conservative debt Pass

Debt ≤ 2× equity (Graham's utility test) · $40.2B vs $31.2B equity

What this means
Graham's own substitution for public utilities: debt not exceeding twice the stock equity at book value, in place of the working-capital tests an industrial faces. A utility finances its plant with bonds by design; the question is whether the borrowing stays inside the equity behind it.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +222%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.21/share (latest year $1.37), the averaged base the calculator's gate runs on, and book value is $13.99/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 0 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 27% → 28% (3-yr avg ends)

What this means
Through the cycle the operating margin held roughly steady — about 27% early, 28% lately, median 27%.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +2%/yr

What this means
Owner earnings grew about 2% a year over the record.
Worst year 2020 · 13.3% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −0.0%/yr

What this means
Roughly flat share count, little dilution, little buyback.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.
How management talks about it Owner’s terms

What this means
The filing reasons in an owner’s terms — per-share, return on capital, the long term — and the record has held; the words and the results are of a piece.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Jun 30, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$2.6B

Cash & short-term investments$89M
Inventory$565M
Other current assets$1.9B

Current liabilities$5.6B

Debt due within a year$2.4B
Accounts payable$1.6B
Other current liabilities$1.6B

Current ratio0.46×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.36×stricter: inventory excluded

Cash ratio0.02×strictest: cash alone against what's due

Working capital($3.1B)the cushion left after near-term bills

Debt due this year vs. cash$2.4B due · $89M cash cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Jun 30, 2026 balance sheet

Revenue, latest quarter vs. a year ago+10.8%the freshest read on whether the business is still growing

Current ratio, recent quarters0.5× → 0.5×

Deeper floors

Tangible book value$9.7Bequity stripped of goodwill & intangibles

Net current asset value($38.6B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$32.5B$216M of it operating leases

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$1.2B

'27$942M

'28$1.9B

'29$1.8B

'30$2.4B

later$23.6B

Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.

Due in the next 12 months$1.2Bthe first rung: what must be repaid or rolled over within the year

Within two years$2.2Bthe near wall, the part most exposed to today’s credit conditions

Biggest single year$2.4Bin 2030the lumpiest maturity, where a refinancing, if needed, is largest

Total scheduled principal$31.8Bevery year plus what lies beyond, as the footnote totals it

Against what the business has and earns

Cash & short-term investments, Jun 30, 2026$89M

One year of owner earnings (FY2025)$2.9B

Together, against $1.2B due next year2.4×

Cash on hand as of Jun 30, 2026 plus a year’s owner earnings comes to $3.0B against the $1.2B due in the twelve months after the Dec 31, 2025 schedule: 2.4 times it.

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the total the table states.

How the cash was used, 2016–2025

Over the record, the business generated $52.4B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$23.8B · 45%
Dividends$21.0B · 40%
Buybacks$1.5B · 3%
Retained (debt / cash)$6.1B · 12%

Returned to owners$22.5B
73% of the owner earnings the business produced over the span, $21.0B as dividends and $1.5B as buybacks.
Average price paid for buybacks—
Buybacks ran $1.5B over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count−0.2%
The diluted count barely moved (2230M to 2225M): buybacks roughly offset the stock issued to staff.
Dividend record$1.17/sh
Paid in 10 of the years on record, the per-share dividend growing about 10% a year. It was never cut over the span.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$21.8B30% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity64%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$4.8Bover 11 years since fiscal 2010 buying other businesses, against $23.8B of capital spent building over the 10-year record

$1.6B written down across 1 year (2020): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Beside that spending sits $2.9B of cumulative amortization of acquired intangibles charged against earnings since fiscal 2010 — the purchase price of past deals, expensed over time. The cash figure above counts only cash consideration: goodwill of $20.1B against it says much of the buying was paid for in stock, which never passes through the cash-flow statement.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and amortization summed across the company's full tagged history, write-downs across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Kean	$18.0M	$21.0M	$4.4B
2022	Mr. Kean	$1,462	$3.4M	$3.3B
2023	Mr. Kean	$9,414	$487k	$4.2B
2023	Ms. Dang	$12.4M	$13.4M	$4.2B
2024	Ms. Dang	$11.5M	$26.8M	$3.0B
2025	Ms. Dang	$12.3M	$14.3M	$2.9B

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Peers, nearest by economic model

No close industry peers in the catalog yet, so these are the nearest by economic model (capital-intensive), compared on owner economics. Each column names the period it is read over; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	ROEmedian over the record	Plant growthannualized over the record	Dividend / cashmedian over the record
EIXEdison International	$19.3B	6%	6.2%	25%
KMIKinder Morgan Inc.	$16.9B	6%	—	43%
EDConsolidated Edison Inc.	$16.9B	8%	5.9%	30%
DTBDTE Energy Co	$15.8B	11%	5.8%	26%
FEFirstEnergy Corp.	$15.1B	9%	7.5%	33%
ESEversource Energy (D/B/A)	$13.5B	9%	8.9%	35%
PEGPublic Service Enterprise Group Incorporated	$12.2B	11%	4.1%	32%
WMBWilliams Companies Inc. (The)	$11.9B	16%	—	42%
Group median	—	9%	—	32%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Kinder Morgan Inc. has delivered.

Today’s price $

Through the cycle, Kinder Morgan Inc. earns about $3.3B on its 19.5% median owner-earnings margin. This year’s 17.1% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($3.3B) Net of stock comp Steady-state · maintenance capex ($3.5B)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.65% 10-year Treasury (Aug 19, 2026) + 4.35 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25−7%/yr

Owner-earnings growth · ’16→’25+7%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.65%, as of Aug 19, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $3.2B on 2227M shares outstanding, per the 10-Q cover, as of 2026-07-23; net debt $32.2B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($3.4B) runs well above depreciation ($2.5B), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $3.5B, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh KMI against another business →

The owners of KMI: the meeting and the votes →

Cite: Owner Scorecard, "Kinder Morgan Inc. (KMI), the owner's record," https://ownerscorecard.com/c/KMI, data as of 2026-08-17.

Manual order: ← KMB its page in the Manual KMPB →

Industry order: ← KGS the Pipelines & Midstream chapter KNTK →