KMI
EnergyKinder Morgan, Inc. · Oil & Gas Midstream · $75B
What is Kinder Morgan, Inc.?
Kinder Morgan is one of North America's largest energy infrastructure operators, moving natural gas, refined products, and crude oil across an extensive network of pipelines and terminals. The company serves producers, utilities, and industrial customers across the continent.
Kinder Morgan earns revenue primarily by charging fees to transport and store energy commodities through its vast pipeline and terminal network. Its four operating segments cover natural gas pipelines, refined petroleum products pipelines, liquid and bulk terminals, and CO2 operations. Because much of its income is fee-based rather than commodity-price-dependent, the business model offers a degree of cash flow predictability uncommon in the broader energy sector.
Kinder Morgan, Inc. was incorporated in its current form in 2011 and is headquartered in Houston, Texas.
- Interstate and intrastate natural gas pipeline and storage systems
- Refined petroleum products and crude oil pipelines
- Liquid and bulk commodity terminals across North America
- CO2 production, transport, and enhanced oil recovery operations
- Renewable natural gas and LNG facilities
Is KMI a Good Stock to Buy?
UQS Score rates KMI as Below Average overall, reflecting a mixed picture across its five quality pillars.
Kinder Morgan's strongest attributes lie in its Quality and Moat pillars, both rated Good. The company's sprawling pipeline network creates meaningful barriers to entry, and its fee-based revenue model supports relatively stable cash generation compared with commodity-exposed energy peers.
The Risk pillar registers as Weak, pointing to elevated leverage typical of large infrastructure operators, while the Valuation pillar is Elevated — meaning the market may already be pricing in much of the business's stability premium. Growth is rated Neutral, reflecting limited near-term expansion catalysts.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does KMI pay dividends?
Yes — Kinder Morgan, Inc. pays a dividend.
Kinder Morgan pays a regular dividend, making it a common holding for income-focused investors. The company's fee-based cash flows support consistent distributions, and management has historically treated the dividend as a priority. Investors should review the current yield and payout sustainability in the context of the company's debt load, which the UQS Risk pillar flags as a concern.
When does KMI report earnings?
Kinder Morgan reports earnings on a quarterly cadence, consistent with standard practice for US-listed equities.
Results have generally reflected the stability of the fee-based model, with natural gas pipeline volumes remaining the dominant revenue driver. Segment performance can vary with seasonal demand patterns and energy infrastructure utilization rates.
For the most recent quarter's results and guidance, visit Kinder Morgan's investor relations page directly.
KMI Price History
+124.7% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Kinder Morgan, Inc.?
Based on Kinder Morgan, Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
KMI Long-term Outlook
The UQS Growth pillar for KMI is rated Neutral, suggesting the business is not expected to expand at an outsized pace relative to the broader energy infrastructure sector. The fee-based model provides resilience, but the Weak Risk pillar — driven largely by balance sheet leverage — could constrain financial flexibility if interest rates remain elevated or capital markets tighten. The Elevated Valuation pillar indicates limited margin of safety at current prices, which may temper the long-term return profile even if operations remain stable.
Growth drivers
- Rising North American natural gas demand, including LNG export growth
- Expanding renewable natural gas and energy transition infrastructure
- Long-term take-or-pay contracts providing revenue visibility
Key risks
- High debt levels amplifying sensitivity to interest rate changes
- Elevated valuation leaving little room for operational disappointments
- Regulatory and environmental scrutiny on pipeline expansion projects
KMI vs Peers
Kinder Morgan operates in a competitive energy infrastructure landscape alongside several large midstream players.
Energy Transfer operates a similarly vast pipeline network but is structured as a master limited partnership, which carries different tax and distribution characteristics for investors.
Enterprise Products is widely regarded as one of the most financially disciplined midstream MLPs, with a long track record of distribution growth and conservative balance sheet management.
TC Energy brings a Canadian-headquartered perspective with significant natural gas and power infrastructure exposure across North America, adding cross-border regulatory complexity.
Frequently Asked Questions
What does Kinder Morgan do?
Kinder Morgan owns and operates one of North America's largest energy infrastructure networks, spanning roughly 83,000 miles of pipelines and 143 terminals. The company transports and stores natural gas, refined petroleum products, crude oil, and CO2, earning primarily fee-based revenue from producers, utilities, and industrial customers.
Does KMI pay dividends?
Yes, Kinder Morgan pays a regular dividend. The company's fee-based cash flow model is designed to support consistent distributions. Investors focused on income often consider KMI for this reason, though the company's leverage level is worth monitoring alongside the dividend.
When does KMI report earnings?
Kinder Morgan reports financial results on a quarterly basis, in line with standard US-listed company practice. For the exact schedule and most recent results, check the investor relations section of Kinder Morgan's official website.
Is KMI a good stock to buy?
The UQS Score rates KMI as Below Average overall. While the Quality and Moat pillars are rated Good — reflecting the company's durable infrastructure assets — the Weak Risk pillar and Elevated Valuation pillar temper the overall picture. The full pillar breakdown is available to UQS Pro members.
Is KMI overvalued?
The UQS Valuation pillar for KMI is rated Elevated, suggesting the stock may be priced above what the underlying fundamentals alone would justify. This does not mean the stock will decline, but it does indicate a reduced margin of safety relative to sector peers at current levels.
How does KMI compare to its competitors?
Kinder Morgan competes with large midstream operators including Energy Transfer, Enterprise Products Partners, and TC Energy. Each has a distinct structure — KMI is a corporation while ET and EPD are master limited partnerships — which affects how distributions are taxed and how capital is allocated across the peer group.
What is KMI's market cap bracket?
Kinder Morgan is classified as a large-cap company, placing it among the more substantial publicly traded energy infrastructure operators in North America. Large-cap status generally implies greater liquidity and institutional coverage compared with smaller midstream peers.
Who founded Kinder Morgan?
Kinder Morgan traces its roots to 1936, though the current corporate entity was established in 2011. The company is closely associated with Richard Kinder, who helped build it into one of North America's dominant pipeline operators. Founding details are widely available through public sources.
Is KMI a long-term quality investment?
As a long-term quality indicator, the UQS Score rates KMI as Below Average. The Good Moat and Quality pillars suggest the underlying business has durable characteristics, but the Weak Risk pillar and Elevated Valuation pillar are factors long-term investors should weigh carefully before committing capital.
What is the main competitive advantage of Kinder Morgan?
Kinder Morgan's primary competitive advantage is its scale and the physical difficulty of replicating its pipeline and terminal network. Infrastructure of this size requires enormous capital, regulatory approvals, and decades of development — creating meaningful barriers that protect existing cash flows from new entrants.
What sector does KMI belong to?
Kinder Morgan belongs to the Energy sector, specifically the midstream energy infrastructure segment. Midstream companies focus on the transportation, storage, and processing of energy commodities rather than exploration and production, which typically results in more predictable, fee-driven revenue streams.
Is KMI a growth stock or value stock?
Based on UQS pillar labels, KMI leans toward neither category cleanly. The Growth pillar is Neutral, indicating modest expansion expectations, while the Valuation pillar is Elevated — suggesting the stock is not priced as a deep-value opportunity. It may appeal more to income-oriented investors than pure growth or value seekers.
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Pro Analysis
KMI — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 15, 2026 | 51.1 | 63.3 | 66.0 | 49.5 | 20.4 | 38.7 | +5.4 |
| May 10, 2026 | 45.7 | 33.3 | 66.0 | 49.2 | 39.7 | 33.9 | -6.0 |
| May 9, 2026 | 51.7 | 64.1 | 66.0 | 49.2 | 20.4 | 41.9 | +6.1 |
| May 8, 2026 | 45.6 | 33.3 | 66.0 | 49.0 | 39.7 | 33.6 | -5.1 |
| May 7, 2026 | 50.7 | 62.1 | 66.0 | 49.0 | 20.5 | 38.7 | +0.2 |
| May 5, 2026 | 50.5 | 62.1 | 66.0 | 49.0 | 20.5 | 37.2 | +0.8 |
| May 3, 2026 | 49.7 | 62.1 | 66.0 | 47.6 | 20.5 | 33.5 | 0.0 |
| May 1, 2026 | 49.7 | 62.1 | 66.0 | 47.6 | 20.5 | 34.1 | -0.1 |
| Apr 26, 2026 | 49.8 | 62.1 | 66.0 | 48.0 | 20.5 | 34.1 | -0.2 |
| Apr 25, 2026 | 50.0 | 62.1 | 66.0 | 47.8 | 20.5 | 35.2 | -0.2 |
KMI — Pillar Breakdown
Quality
— 63.3/100 (25%)Kinder Morgan, Inc. shows solid profitability with healthy returns on capital and reasonable margins.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 50.1/100 (20%)Kinder Morgan, Inc. shows steady but unspectacular growth, typical for mature companies.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 20.4/100 (15%)Kinder Morgan, Inc. presents elevated risk with concerns around leverage or financial stability.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 39.7/100 (15%)Kinder Morgan, Inc. has a mixed valuation — some metrics suggest fair value while others appear stretched.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 66/100 (25%)Kinder Morgan, Inc. has meaningful competitive advantages that should protect its market position. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for KMI.
Score Composition
Financial Data
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How is the KMI UQS Score Calculated?
The UQS (Unified Quality Score) for Kinder Morgan, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Kinder Morgan, Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Kinder Morgan, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.