NYSE · KMI

Kinder Morgan, Inc.

Energy · Oil & Gas Midstream

$31.72▼ 0.38% ($0.12)at close

Pre-market$31.59▼ 0.41%5:53 AM ET

52-week

$25.60$34.81

Market cap

What the market price implies · Reverse DCF

To support a price of $31.72, this model requires Stage 1 FCFF to grow by -0.99%/yr over the next 5 years, compounded annually.

Historical FCFF grew by 13.89%/yr over the past 9 years. The required annual growth rate is 14.88 percentage points lower.

Selected forecast · Base scenario

13.89%/yr · Stage 1 default · years 1–5

Annual overrides take precedence over the Stage 1 default.

Market-implied · Other assumptions held fixed

-0.99%/yr · Stage 1 · years 1–5

Stage 1 growth is solved while Stage 2 growth, terminal growth, discount inputs, and annual overrides remain fixed. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Cash-flow DCF

Price used

$31.72

Estimated value / share

$75.65

Base scenario

This estimate is 138.5% above the price used.

USD · TTM ending 2026-06-30

Stage 1 13.89% · Stage 2 7.64% · Discount rate 6.81%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future free cash flow, discounted to its value today.

Price timestamp: Sep 21, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 22, 2026, 9:56 AM UTC · provider

Why this method?

FCFF is positive, stable, long-lived, and the business looks mature enough that a direct FCFF DCF can use historical cash flow as the anchor.

Is FCFF positive and has it been for 3+ consecutive years? 8 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 25.8%.

Do you have 5+ years of positive FCFF history? 8 consecutive positive FCFF years are available.

Is the business model structurally similar to what it should be in 10 years? Revenue growth and margin behavior look mature enough for direct FCFF compounding.

Price vs Fundamentals

Why The Stock Is Moving

Fundamentals are supporting the moveHigh confidence

1Y Price: 16.7%Revenue (TTM): 12.67%FCF (TTM): 41.96%P/FCF: 53rd pct

What changed

The stock rose 16.7% over the last year. Revenue grew 12.67% over the trailing twelve months. Operating margin moved from 28.47% to 29.04%. Free cash flow grew 41.96% over the trailing twelve months.

What the market seems to be pricing

The stock move broadly lines up with stronger business momentum, and the shares are still only around the 53rd percentile of their historical P/FCF range.

What would invalidate this read

Operating margin is at 29.04%. Revenue grew 12.67% — this thesis depends on that trajectory holding. If revenue growth, margins, or free cash flow roll over while the stock keeps climbing, more of the move would be coming from multiple expansion than business progress.

Performance

Return analysis

Company profile

Kinder Morgan, Inc. operates as a leading energy infrastructure company across North America.

CEOKimberly Allen Dang

SectorEnergy

IndustryOil & Gas Midstream

Employees11,028

IPO dateFeb 11, 2011

https://www.kindermorgan.com

Market multiples

Forward P/E—

EV/EBITDA12.49

Enterprise value$93.44B

Stock splits

Jan 20, 2015↑ Forward

Every 1 shares became 10

+900%

Profitability & growth

Revenue growth10.76%

Gross margin (FY2025)43.66%▲7.0ppvs FY2024

Operating margin (FY2025)28.39%▼0.7ppvs FY2024

ROE11.11%▲1.2ppvs FY2025

Analyst consensus

RatingHold

Target price$35.80▲12.86%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 28, 2026

Q4 FY26 · EPS est $0.32 · Revenue est $4.39B

View

Dividends

$1.18/shareQuarterly9yr growth streakAdequate

KMI pays a dividend with a 3.72% dividend yield, 9 consecutive years of growth, growing at 2.07% annually, covered 1.2× by free cash flow.

Dividend Yield

3.72%

Annual Div / Share

$1.18

5yr CAGR

+2.07%

Doubles every ~33.8yr

Payout Ratio

75.77%

Adequate

Dividend Growth Rate

3yr CAGR

+1.75%

5yr CAGR

+2.07%

10yr CAGR

+2.92%

Dividend Safety

5/10Adequate

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$1.18+1.7%

2025$1.16+1.8%

2024$1.14+1.8%

2023$1.12+2.3%

2022$1.10+2.8%

2021$1.07+3.9%

2020$1.03+13.9%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$37/yr

$3/mo

In 5 yrs

$41/yr+11%

$3/mo

In 10 yrs

$46/yr+23%

$4/mo

Today	In 5 yrs	In 10 yrs
$37/yr $3/mo	$41/yr+11% $3/mo	$46/yr+23% $4/mo

Yield-on-cost grows from 3.72% → 4.57% over 10yr

NYSE · KMI

Kinder Morgan, Inc.

Energy · Oil & Gas Midstream

$31.72▼ 0.38% ($0.12)at close

Pre-market$31.59▼ 0.41%5:53 AM ET

52-week

$25.60$34.81

Market cap

What the market price implies · Reverse DCF

To support a price of $31.72, this model requires Stage 1 FCFF to grow by -0.99%/yr over the next 5 years, compounded annually.

Historical FCFF grew by 13.89%/yr over the past 9 years. The required annual growth rate is 14.88 percentage points lower.

Selected forecast · Base scenario

13.89%/yr · Stage 1 default · years 1–5

Annual overrides take precedence over the Stage 1 default.

Market-implied · Other assumptions held fixed

-0.99%/yr · Stage 1 · years 1–5

Stage 1 growth is solved while Stage 2 growth, terminal growth, discount inputs, and annual overrides remain fixed. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Cash-flow DCF

Price used

$31.72

Estimated value / share

$75.65

Base scenario

This estimate is 138.5% above the price used.

USD · TTM ending 2026-06-30

Stage 1 13.89% · Stage 2 7.64% · Discount rate 6.81%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future free cash flow, discounted to its value today.

Price timestamp: Sep 21, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 22, 2026, 9:56 AM UTC · provider

Why this method?

FCFF is positive, stable, long-lived, and the business looks mature enough that a direct FCFF DCF can use historical cash flow as the anchor.

Is FCFF positive and has it been for 3+ consecutive years? 8 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 25.8%.

Do you have 5+ years of positive FCFF history? 8 consecutive positive FCFF years are available.

Is the business model structurally similar to what it should be in 10 years? Revenue growth and margin behavior look mature enough for direct FCFF compounding.

Price vs Fundamentals

Why The Stock Is Moving

Fundamentals are supporting the moveHigh confidence

1Y Price: 16.7%Revenue (TTM): 12.67%FCF (TTM): 41.96%P/FCF: 53rd pct

What changed

The stock rose 16.7% over the last year. Revenue grew 12.67% over the trailing twelve months. Operating margin moved from 28.47% to 29.04%. Free cash flow grew 41.96% over the trailing twelve months.

What the market seems to be pricing

The stock move broadly lines up with stronger business momentum, and the shares are still only around the 53rd percentile of their historical P/FCF range.

What would invalidate this read

Performance

Return analysis

Company profile

Kinder Morgan, Inc. operates as a leading energy infrastructure company across North America.

CEOKimberly Allen Dang

SectorEnergy

IndustryOil & Gas Midstream

Employees11,028

IPO dateFeb 11, 2011

https://www.kindermorgan.com

Market multiples

Forward P/E—

EV/EBITDA12.49

Enterprise value$93.44B

Stock splits

Jan 20, 2015↑ Forward

Every 1 shares became 10

+900%

Profitability & growth

Revenue growth10.76%

Gross margin (FY2025)43.66%▲7.0ppvs FY2024

Operating margin (FY2025)28.39%▼0.7ppvs FY2024

ROE11.11%▲1.2ppvs FY2025

Analyst consensus

RatingHold

Target price$35.80▲12.86%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 28, 2026

Q4 FY26 · EPS est $0.32 · Revenue est $4.39B

View

Dividends

$1.18/shareQuarterly9yr growth streakAdequate

KMI pays a dividend with a 3.72% dividend yield, 9 consecutive years of growth, growing at 2.07% annually, covered 1.2× by free cash flow.

Dividend Yield

3.72%

Annual Div / Share

$1.18

5yr CAGR

+2.07%

Doubles every ~33.8yr

Payout Ratio

75.77%

Adequate

Dividend Growth Rate

3yr CAGR

+1.75%

5yr CAGR

+2.07%

10yr CAGR

+2.92%

Dividend Safety

5/10Adequate

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$1.18+1.7%

2025$1.16+1.8%

2024$1.14+1.8%

2023$1.12+2.3%

2022$1.10+2.8%

2021$1.07+3.9%

2020$1.03+13.9%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$37/yr

$3/mo

In 5 yrs

$41/yr+11%

$3/mo

In 10 yrs

$46/yr+23%

$4/mo

Today	In 5 yrs	In 10 yrs
$37/yr $3/mo	$41/yr+11% $3/mo	$46/yr+23% $4/mo

Yield-on-cost grows from 3.72% → 4.57% over 10yr