Kinder Morgan (KMI): analysis in plain words
Is Kinder Morgan cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Kinder Morgan (KMI) is listed on the NYSE and we classify it in oil and gas. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Kinder Morgan according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Kinder Morgan (KMI) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | $31.52 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 19.5x | Price over earnings per share |
| Revenue growth | +9.3% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 19.6% | Profit for every 100 of sales |
| Net debt / EBITDA | 4.2x | Years of operating profit to repay debt |
| Dividend yield | 3.62% | Annual dividend over price |
| Market cap | $70.2 billion | What the stock market values it at |
The Kinder Morgan figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any KMI figure that is not available shows as N/A: we do not estimate it.
How Kinder Morgan makes money
Kinder Morgan operates natural gas pipelines, refined products pipelines and storage terminals across the United States. Natural Gas Pipelines is its largest segment, followed by Products Pipelines, Terminals and a carbon dioxide business. Most earnings come from fees for moving and storing energy, which are less tied to commodity prices.
Over the last 12 months, Kinder Morgan brought in revenue of $18.3 billion. For every 100 it sells, Kinder Morgan keeps 48.6 after the direct cost of what it sells (gross margin) and 24.0 after all operating costs (operating margin).
Kinder Morgan against its sector
To know whether a Kinder Morgan figure is high or low you have to put it next to similar companies. This table compares Kinder Morgan with the median of the 14 oil and gas companies Fintols covers, with data as of November 4, 2026.
| Figure | Kinder Morgan | oil and gas median |
|---|---|---|
| P/E | 19.5x | 16.1x (14) |
| Revenue growth | +9.3% | +38.3% (14) |
| Net margin | 19.6% | 10.5% (14) |
| Dividend yield | 3.62% | 2.52% (14) |
| Net debt / EBITDA | 4.2x | 0.6x (13) |
In short, against the typical oil and gas company, Kinder Morgan trades on a higher P/E, grows more slowly and earns a wider margin. By size, Kinder Morgan ranks number 10 of 11 oil and gas companies quoted in USD on Fintols.
The bull case for Kinder Morgan
These are the strengths in the Kinder Morgan figures as of November 4, 2026:
- Its net margin over the last 12 months is 19.6% (sector median: 10.5%): Kinder Morgan turns a large share of its sales into profit.
- For income seekers, Kinder Morgan pays a dividend yielding 3.62% at today's price, using 73% of its profit to fund it.
- Kinder Morgan is selling more than a year ago: +9.3% in its latest quarter (the typical oil and gas company grew +38.3%).
The main risk for Kinder Morgan
Debt is heavy: Kinder Morgan carries net debt equal to 4.2x its annual EBITDA. With high interest rates or a weak year, interest payments eat into what it can invest or pay out.
And, like the rest of oil and gas, Kinder Morgan is exposed to oil and gas prices, which it does not control and which swing its profit year to year, plus the energy transition.
Frequently asked questions about Kinder Morgan
Is it a good time to buy Kinder Morgan stock?
Fintols does not tell you whether to buy or sell Kinder Morgan, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Kinder Morgan stock trades at $31.52, 9% below its 52-week high ($34.81) and 23% above its low ($25.66). Its P/E is 19.5x against a oil and gas median of 16.1x, and 20.4x on the earnings analysts expect over the next 12 months. With Kinder Morgan, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Kinder Morgan pay a dividend?
Yes. As of November 4, 2026, Kinder Morgan pays $1.19 per share a year, which at today's price is a yield of 3.62%. It uses 73% of its profit to pay it.
Is Kinder Morgan stock expensive?
It depends on what you compare it with. On P/E, Kinder Morgan trades at 19.5x its last 12 months of earnings: more expensive than the oil and gas median (16.1x). Including its debt, Kinder Morgan is valued at 13.9x its EBITDA (EV/EBITDA). A high P/E alone does not make Kinder Morgan expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Kinder Morgan's competitors?
On Fintols we compare Kinder Morgan with Valero, Williams and Eni, which are also in oil and gas. As of November 4, 2026, Valero is worth $101.9 billion and trades on a P/E of 8.3; Williams is worth $84.8 billion and trades on a P/E of 26.7; Eni is worth €72.8 billion and trades on a P/E of 17.5. Each has a side-by-side comparison with Kinder Morgan below.
Kinder Morgan competitors
- Valero (VLO) analysis · Kinder Morgan vs Valero comparison
- Williams (WMB) analysis · Kinder Morgan vs Williams comparison
- Eni (ENI.MI) analysis · Kinder Morgan vs Eni comparison
To understand Kinder Morgan better
- Dividend Growth Investing: FCF Payout Ratio and Compounding
- How to Read a Balance Sheet: A Beginner's Guide
More companies like Kinder Morgan: oil and gas stocks and S&P 500 companies. Open the full KMI analysis with its valuation and scenarios. Educational content about Kinder Morgan, not investment advice.