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Kinder Morgan
KMIEnergyGenerated Jul 5, 2026, 08:10 PM UTC
KMI (Kinder Morgan) analytical snapshot. Revenue declined +20.1% YoY to $15.33B. 5-year revenue CAGR +3.0%; 10y CAGR -0.6%. Net margin at 15.59% (expanding ▲). Market cap $71.33B at $32.06 per share. Trailing P/E 30.25, P/S 4.65, P/B 2.28. EV/Operating income ≈ 25.47 (EV $108.57B). Risk: Elevated. Macro: Risk-on · Supportive. Composite analytical score -16 (data confidence 83%). Descriptive analytics from public filings — not investment advice.
Market cap
$71.33B
2.22B shares
Price
$32.06
NYQ
P/E (ttm)
30.25
Revenue (FY)
$15.33B
YoY -20.1%
Net margin
15.59%
▲ 14.58pp
Free cash flow
$4.17B
27.22% margin
Risk level
Elevated
Free SEC analysis
— computed from SEC filings, free to readFree previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score -25Deteriorating
80% conf
Revenue declined +20.1% YoY to $15.33B. 5-year revenue CAGR +3.0%; 10y CAGR -0.6%. Net margin at 15.59% (expanding ▲).
- Revenue declined +20.1% YoY to $15.33B.
- 5-year revenue CAGR +3.0%; 10y CAGR -0.6%.
- Net margin at 15.59% (expanding ▲).
- Return on equity 7.83%, ROA 3.35%, ROIC 13.96%.
- Gross margin 0.00%, operating margin 27.80%.
- Free cash flow margin 27.22% ($4.17B).
- Net income down ▼ +6.2% YoY.
- Debt/equity 1.19, current ratio 0.52, net debt $37.24B.
- Asset turnover 0.21 — capital efficiency.
Revenue (FY)
$15.33B
YoY -20.1%
Net margin
15.59%
▲ 14.58pp
ROE
7.83%
ROA 3.35%
ROIC
13.96%
EPS (diluted)
$1.06
FY2025
Free cash flow
$4.17B
27.22% margin
Debt / equity
1.19
Cash $72.0M
Current ratio
0.52
Equity $31.32B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2016 | $16.23B | — | 0.00 | 27.41 | 6.32 | $850.0M | 2.92 |
| 2017 | $14.40B | -11.2% | 0.00 | 16.99 | 1.76 | $1.42B | 0.73 |
| 2018 | $13.06B | -9.3% | 0.00 | 27.09 | 5.42 | $1.88B | 2.10 |
| 2019 | $13.71B | +5.0% | 0.00 | 25.75 | 1.34 | $1.41B | 0.54 |
| 2020 | $14.14B | +3.2% | 0.00 | 26.82 | 11.38 | $2.14B | 4.77 |
| 2021 | $13.21B | -6.6% | 0.00 | 36.89 | 16.58 | $2.48B | 6.97 |
| 2022 | $11.70B | -11.4% | 0.00 | 13.33 | 1.02 | $2.84B | 0.39 |
| 2023 | $16.61B | +42.0% | 0.00 | 17.56 | 10.74 | $4.43B | 5.80 |
| 2024 | $19.20B | +15.6% | 0.00 | 21.17 | 13.27 | $3.35B | 8.41 |
| 2025 | $15.33B | -20.1% | 0.00 | 27.80 | 15.59 | $4.17B | 7.83 |
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Mar 31, 2025 | $4.24B | +10.4% | — | 16.91% |
| Jun 30, 2025 | $8.28B | +11.7% | +95.3% | 17.29% |
| Jun 30, 2025 | $4.04B | -45.5% | -51.2% | 35.43% |
| Sep 30, 2025 | $12.43B | +11.8% | +207.5% | 16.57% |
| Sep 30, 2025 | $4.15B | -62.7% | -66.6% | 49.69% |
| Mar 31, 2026 | $4.83B | +13.8% | +16.4% | 20.22% |
Revenue (annual, SEC 10-K)
2016: 16,226
2017: 14,403
2018: 13,058
2019: 13,705
2020: 14,144
2021: 13,209
2022: 11,700
2023: 16,610
2024: 19,200
2025: 15,334
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Profitability trends (%)
GrossOperatingNet
Free cash flow (annual)
2016: 850
2017: 1,417
2018: 1,876
2019: 1,413
2020: 2,139
2021: 2,478
2022: 2,843
2023: 4,427
2024: 3,346
2025: 4,174
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Sources:SEC EDGAR — Company Facts (XBRL)
Free previewRegulatory Analyst
Filings & Ownership
Regulatory Analyst
score 20Improving
80% conf
Latest annual report (10-K) filed Feb 13, 2026. Latest quarterly report (10-Q) filed Apr 24, 2026. 23 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Feb 13, 2026.
- Latest quarterly report (10-Q) filed Apr 24, 2026.
- 23 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~10,000+ recent 13F-HR filings reference Kinder Morgan; broad institutional reporting.
- Recent filers include Energy Income Partners, LLC, Energy Income Partners, LLC, Energy Income Partners, LLC.
Latest 10-K
Feb 13, 2026
Annual report
Latest 10-Q
Apr 24, 2026
8-K (recent)
23
Insider net
—
0B/0S
13F filers
10k+
Activist 13D
0
Recent 13F institutional filers (SEC EDGAR full-text)
| Filer | Form | Filed |
|---|---|---|
| Energy Income Partners, LLC | 13F-HR | Nov 14, 2013 |
| Energy Income Partners, LLC | 13F-HR | Feb 14, 2014 |
| Energy Income Partners, LLC | 13F-HR | May 14, 2014 |
| Energy Income Partners, LLC | 13F-HR | Aug 14, 2013 |
| Energy Income Partners, LLC | 13F-HR | Nov 14, 2014 |
Recent 8-K material events
| Date | Form | Description |
|---|---|---|
| May 28, 2026 | 8-K | 8-K |
| May 19, 2026 | 8-K | 8-K |
| May 15, 2026 | 8-K | 8-K |
| Apr 27, 2026 | 8-K | 8-K |
| Apr 22, 2026 | 8-K | 8-K |
| Feb 23, 2026 | 8-K | 8-K |
| Jan 29, 2026 | 8-K | 8-K |
| Jan 21, 2026 | 8-K | 8-K |
Free previewSEC Filing Analyst
SEC Filing Deep-Analysis
SEC Filing Analyst
score -58Deteriorating
66% conf
5 risk signal(s), 1 positive signal(s) detected from XBRL filing diff analysis. Revenue grew -20.1% but receivables grew +3.5% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
- Receivables outpacing revenue: Accounts receivable grew +3.5% YoY vs revenue growth of -20.1%. The +23.6% spread suggests extended credit terms, channel stuffing risk, or collection deterioration. Investigate the allowance for doubtful accounts and DSO trend.
- Inventory buildup exceeds sales growth: Inventory grew +5.7% vs revenue -20.1%. Excess inventory may signal weakening demand, potential write-downs, or supply chain overcommitment. Watch gross margin for discounting impact.
- Interest coverage deteriorating below 3x: Interest coverage fell from 5.78x to 2.99x. Operating income of $4.26B covers interest of $1.43B only 2.99x — approaching the threshold where debt service becomes constrained. Monitor for covenant breaches.
- Material weakness in internal controls: The term "material weakness" appears in 16 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- NEW: Substantial doubt about ability to continue in latest filing: The term "substantial doubt" "ability to continue" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 1 filing(s).
- Operating cash flow exceeds net income: OCF is 2.71x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Endogenous analysis: Revenue grew -20.1% but receivables grew +3.5% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 1 new risk-language term(s) detected in filing text: Substantial doubt about ability to continue.
- Ongoing high-severity risk language: Material weakness in internal controls.
Revenue
$15.33B
-20.1% YoY
Operating income
$4.26B
+4.9% YoY
Net income
$2.39B
-6.2% YoY
Operating cash flow
$6.49B
+30.7% YoY
Capex
$2.32B
+42.9% YoY
Total assets
$71.41B
+0.5% YoY
Total liabilities
$39.54B
+0.6% YoY
Long-term debt
$13.16B
— YoY
Filing quality score
70/100
stable
SEC XBRL metric changes (latest annual vs prior)
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $19.20B | $15.33B | $-3.87B | -20.1% |
| Operating income | $4.07B | $4.26B | $198.0M | +4.9% |
| Net income | $2.55B | $2.39B | $-157.0M | -6.2% |
| Operating cash flow | $4.97B | $6.49B | $1.52B | +30.7% |
| Capex | $1.62B | $2.32B | $696.0M | +42.9% |
| Total assets | $71.02B | $71.41B | $387.0M | +0.5% |
| Total liabilities | $39.29B | $39.54B | $249.0M | +0.6% |
| Long-term debt | — | $13.16B | — | — |
| Cash & equivalents | $1.14B | $88.0M | $-1.05B | -92.3% |
| Stockholders equity | $30.31B | $30.53B | $225.0M | +0.7% |
| Inventory | $525.0M | $555.0M | $30.0M | +5.7% |
| Accounts receivable | $1.45B | $1.50B | $50.0M | +3.5% |
| Interest expense | $703.0M | $1.43B | $724.0M | +103.0% |
XBRL disclosure changes (new vs dropped concepts)
| Type | Concepts |
|---|---|
| Removed | AmortizationOfIntangibleAssets, AssetRetirementObligation, AssetRetirementObligationAccretionExpense, AssetRetirementObligationCashPaidToSettle, AssetRetirementObligationCurrent, AssetRetirementObligationLiabilitiesIncurred, BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentEquityInterests, ContributionOfProperty, CurrentFederalTaxExpenseBenefit, CurrentForeignTaxExpenseBenefit |
Risk language in filing text (EDGAR full-text search)
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Material weakness in internal controls | high | 16 | 2 | Ongoing |
| Substantial doubt about ability to continue | high | 1 | 0 | NEW |
| Off-balance sheet arrangements | medium | 62 | 7 | Ongoing |
Filing signal breakdown
Red flags: 5
Positive: 1
Watch: 0
Red flags
Positive
Watch
Unlock the rest
- ProValuationMarket cap $71.33B at $32.06 per share.
- ProPrice & TechnicalsPrice $32.06 — uptrend (above 200-DMA); 1-month momentum positive.
- ProMacro & RatesMarket regime: Risk-on · Supportive.
- ProRisk ScorecardComposite risk: Elevated.
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3 sections free · 4 Pro sections locked · composite -16
Macro exposure
Cyclical / growth · High sensitivityMacro regime: Risk-on · Supportive. Kinder Morgan is a cyclical / growth name (high macro sensitivity) — risk appetite favors cyclical/growth names.
Macro regime
Risk-on · Supportive
Yield curve
Normal
VIX
16.59
Fed funds
3.63%
CPI YoY
+4.2%
Analytical read
deterministic previewLatest annual report (10-K) filed Feb 13, 2026..
Risk
Elevated
Macro regime
Risk-on · Supportive
Macro exposure
Supportive
Descriptive analytics from public filings and macro data — not investment advice.
Peer comparison
Cyclical / growth groupHow KMI stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| Marathon Petroleum MPC | 25 | Supportive |
| Nike Inc. NKE | 24 | Supportive |
| Airbnb Inc. ABNB | 22 | Supportive |
| Datadog Inc. DDOG | 16 | Supportive |
| Okta Inc. OKTA | 15 | Supportive |
| Valero Energy VLO | 13 | Supportive |
| Deere & Co. DE | 12 | Supportive |
| ASML Holding NV ASML | 10 | Supportive |
| Marriott International MAR | 10 | Supportive |
| GE Aerospace GE | 10 | Supportive |
| United Parcel Service UPS | 9 | Supportive |
| Snowflake Inc. SNOW | 8 | Supportive |
| Cloudflare Inc. NET | 8 | Supportive |
| NVIDIA Corp. NVDA | 7 | Supportive |
| Alphabet Inc. GOOGL | 7 | Supportive |
| General Motors Co. GM | 7 | Supportive |
| Booking Holdings BKNG | 6 | Supportive |
| Nucor Corp. NUE | 5 | Supportive |
| Shopify Inc. SHOP | 5 | Supportive |
| Ulta Beauty Inc. ULTA | 5 | Supportive |
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| Adobe Inc. ADBE | 3 | Supportive |
| Intuit Inc. INTU | 2 | Supportive |
| General Dynamics GD | 1 | Supportive |
| Roku Inc. ROKU | 1 | Supportive |
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| Boeing Co. BA | 0 | Supportive |
| Hess Corp. HES | 0 | Supportive |
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