Kinder Morgan (KMI)
Market Price (5/8/2026): $31.52 | Market Cap: $70.1 BilSector: Energy | Industry: Oil & Gas Storage & Transportation
Kinder Morgan (KMI)
Market Price (5/8/2026): $31.52Market Cap: $70.1 BilSector: EnergyIndustry: Oil & Gas Storage & Transportation
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.5%, Dividend Yield is 3.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.3% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 6.2 Bil, FCF LTM is 3.2 Bil Low stock price volatilityVol 12M is 20% Megatrend and thematic driversMegatrends include US Energy Independence, Energy Transition & Decarbonization, and Hydrogen Economy. Themes include US LNG, Show more. | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.4% Key risksKMI key risks include [1] its significant debt load, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.5%, Dividend Yield is 3.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.3% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 6.2 Bil, FCF LTM is 3.2 Bil |
| Low stock price volatilityVol 12M is 20% |
| Megatrend and thematic driversMegatrends include US Energy Independence, Energy Transition & Decarbonization, and Hydrogen Economy. Themes include US LNG, Show more. |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.4% |
| Key risksKMI key risks include [1] its significant debt load, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Kinder Morgan reported strong first-quarter 2026 financial results, exceeding analyst expectations across key metrics, primarily driven by its Natural Gas Pipelines segment.
Adjusted earnings per share (EPS) of $0.48 represented a 41% increase from Q1 2025, beating analyst estimates of $0.4014 by 19.6%. Revenue reached $4.828 billion, up 13.8% year-over-year, surpassing analyst estimates by 4.0%. This outperformance was significantly attributed to the Natural Gas Pipelines segment, which benefited from cold winter weather and increased liquefied natural gas (LNG) deliveries.
2. The company demonstrated a commitment to shareholder returns by increasing its quarterly dividend.
On April 22, 2026, Kinder Morgan's board approved a cash dividend of $0.2975 per share for the first quarter, marking a 2% increase over the first quarter of 2025. This represents the ninth consecutive year the company has increased its dividend.
Show more
Stock Movement Drivers
Fundamental Drivers
The 5.3% change in KMI stock from 1/31/2026 to 5/7/2026 was primarily driven by a 13.9% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5072026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.92 | 31.52 | 5.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,416 | 17,524 | 6.7% |
| Net Income Margin (%) | 16.6% | 18.9% | 13.9% |
| P/E Multiple | 24.4 | 21.2 | -13.3% |
| Shares Outstanding (Mil) | 2,224 | 2,225 | 0.0% |
| Cumulative Contribution | 5.3% |
Market Drivers
1/31/2026 to 5/7/2026| Return | Correlation | |
|---|---|---|
| KMI | 5.3% | |
| Market (SPY) | 3.6% | -4.7% |
| Sector (XLE) | 10.3% | 50.9% |
Fundamental Drivers
The 24.0% change in KMI stock from 10/31/2025 to 5/7/2026 was primarily driven by a 13.9% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 5072026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.41 | 31.52 | 24.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,416 | 17,524 | 6.7% |
| Net Income Margin (%) | 16.6% | 18.9% | 13.9% |
| P/E Multiple | 20.7 | 21.2 | 2.1% |
| Shares Outstanding (Mil) | 2,224 | 2,225 | 0.0% |
| Cumulative Contribution | 24.0% |
Market Drivers
10/31/2025 to 5/7/2026| Return | Correlation | |
|---|---|---|
| KMI | 24.0% | |
| Market (SPY) | 5.5% | 2.0% |
| Sector (XLE) | 28.9% | 55.9% |
Fundamental Drivers
The 24.8% change in KMI stock from 4/30/2025 to 5/7/2026 was primarily driven by a 13.5% change in the company's Net Income Margin (%).| (LTM values as of) | 4302025 | 5072026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.25 | 31.52 | 24.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 15,499 | 17,524 | 13.1% |
| Net Income Margin (%) | 16.7% | 18.9% | 13.5% |
| P/E Multiple | 21.7 | 21.2 | -2.6% |
| Shares Outstanding (Mil) | 2,222 | 2,225 | -0.1% |
| Cumulative Contribution | 24.8% |
Market Drivers
4/30/2025 to 5/7/2026| Return | Correlation | |
|---|---|---|
| KMI | 24.8% | |
| Market (SPY) | 30.4% | 4.9% |
| Sector (XLE) | 43.5% | 40.8% |
Fundamental Drivers
The 114.0% change in KMI stock from 4/30/2023 to 5/7/2026 was primarily driven by a 63.6% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5072026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.73 | 31.52 | 114.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18,795 | 17,524 | -6.8% |
| Net Income Margin (%) | 13.6% | 18.9% | 38.9% |
| P/E Multiple | 12.9 | 21.2 | 63.6% |
| Shares Outstanding (Mil) | 2,247 | 2,225 | 1.0% |
| Cumulative Contribution | 114.0% |
Market Drivers
4/30/2023 to 5/7/2026| Return | Correlation | |
|---|---|---|
| KMI | 114.0% | |
| Market (SPY) | 78.7% | 36.9% |
| Sector (XLE) | 44.9% | 59.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KMI Return | 24% | 21% | 4% | 64% | 5% | 17% | 215% |
| Peers Return | 37% | 20% | 7% | 44% | 11% | 22% | 244% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 96% |
Monthly Win Rates [3] | |||||||
| KMI Win Rate | 67% | 67% | 50% | 83% | 58% | 60% | |
| Peers Win Rate | 72% | 63% | 58% | 70% | 58% | 64% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| KMI Max Drawdown | -1% | 0% | -9% | -5% | -7% | -2% | |
| Peers Max Drawdown | -1% | -3% | -11% | -7% | -5% | -3% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WMB, TRP, ENB, KMI, LNG. See KMI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/7/2026 (YTD)
How Low Can It Go
| Event | KMI | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.5% | -6.7% |
| % Gain to Breakeven | 13.0% | 7.1% |
| Time to Breakeven | 129 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.0% | -33.7% |
| % Gain to Breakeven | 122.0% | 50.9% |
| Time to Breakeven | 751 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.4% | -19.2% |
| % Gain to Breakeven | 22.5% | 23.7% |
| Time to Breakeven | 36 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -17.6% | -3.7% |
| % Gain to Breakeven | 21.3% | 3.9% |
| Time to Breakeven | 737 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -64.4% | -12.2% |
| % Gain to Breakeven | 180.8% | 13.9% |
| Time to Breakeven | 3106 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -68.1% | -6.8% |
| % Gain to Breakeven | 213.9% | 7.3% |
| Time to Breakeven | 3187 days | 15 days |
In The Past
Kinder Morgan's stock fell -6.2% during the 2025 US Tariff Shock. Such a loss loss requires a 6.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | KMI | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -55.0% | -33.7% |
| % Gain to Breakeven | 122.0% | 50.9% |
| Time to Breakeven | 751 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -64.4% | -12.2% |
| % Gain to Breakeven | 180.8% | 13.9% |
| Time to Breakeven | 3106 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -68.1% | -6.8% |
| % Gain to Breakeven | 213.9% | 7.3% |
| Time to Breakeven | 3187 days | 15 days |
In The Past
Kinder Morgan's stock fell -6.2% during the 2025 US Tariff Shock. Such a loss loss requires a 6.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Kinder Morgan (KMI)
AI Analysis | Feedback
Analogy 1: Think of them as the Union Pacific or CSX of energy, transporting vast quantities of oil, natural gas, and refined products across North America through their extensive pipeline network.
Analogy 2: They are like the Amazon Logistics for energy, providing a massive network of pipelines and terminals to move and store everything from natural gas to gasoline and chemicals.
AI Analysis | Feedback
- Natural Gas Pipelines: Provides transportation and storage services for natural gas through its extensive pipeline and storage systems.
- Products Pipelines: Offers transportation services for refined petroleum products, crude oil, and condensate via pipelines.
- Terminals: Operates facilities for storing and handling various liquid and bulk commodities, including gasoline, diesel fuel, chemicals, and metals.
- CO2 Production & Transportation: Produces and transports CO2, primarily used for enhanced oil recovery in mature oil fields.
- Crude Oil Production: Engages in the production of crude oil from its owned and operated oil fields.
- Renewable Natural Gas (RNG) & LNG Facilities: Operates facilities related to the production and handling of Renewable Natural Gas and Liquefied Natural Gas.
AI Analysis | Feedback
Kinder Morgan, Inc. (KMI) operates as an energy infrastructure company, providing services such as natural gas pipelines, products pipelines, terminals, and CO2 transportation and production. Given the nature of its business, Kinder Morgan sells primarily to other companies, not directly to individual consumers.
Due to the competitive and proprietary nature of the energy infrastructure sector, Kinder Morgan does not typically publicly disclose the names of its specific major customers. Its customer base is broad and diversified, consisting of a wide array of companies across the energy value chain. However, based on the description of its operations, its customers generally fall into the following categories:
-
Upstream Exploration and Production (E&P) Companies: These companies produce crude oil, natural gas, and CO2 and rely on Kinder Morgan's pipelines and gathering systems to transport these raw materials from production fields to processing facilities or market hubs.
-
Midstream and Downstream Companies: This category includes natural gas processors, crude oil refiners, petroleum product marketers, and other midstream operators. They utilize Kinder Morgan's pipelines for transporting refined products (like gasoline, diesel, jet fuel), natural gas liquids (NGLs), and crude oil, as well as its terminals for storage and handling.
-
Natural Gas Utilities and Large Industrial Consumers: Companies involved in distributing natural gas to end-users, as well as large industrial facilities that consume significant volumes of natural gas or other commodities, depend on Kinder Morgan's pipeline network for reliable supply and transportation.
-
Chemical and Commodity Trading Companies: Businesses that produce, consume, or trade bulk liquid and dry commodities (such as chemicals, ethanol, metals, and petroleum coke) leverage Kinder Morgan's terminal facilities for storage, blending, and handling.
AI Analysis | Feedback
nullAI Analysis | Feedback
Kimberly Allen Dang, Chief Executive Officer
Kimberly Allen Dang joined Kinder Morgan in 2001. She served as Chief Financial Officer from 2005 to 2018 and President from 2018 to August 2023, before assuming the role of Chief Executive Officer. Prior to her time at Kinder Morgan, Ms. Dang spent six years in real estate investing at Goldman Sachs.
David P. Michels, Vice President and Chief Financial Officer
David P. Michels joined Kinder Morgan in 2012 as Vice President of Finance. He was named Vice President of Finance and Investor Relations in 2013, served as CFO of El Paso Pipeline Partners (a former public subsidiary of Kinder Morgan) from 2013 to 2014, and was appointed CFO of Kinder Morgan in 2018. Before joining Kinder Morgan, Mr. Michels worked in energy investment banking at Barclays and Lehman Brothers, where he advised public and private companies on capital formation, mergers, acquisitions, and corporate strategy. He also had roles at Lukens Energy Group and was part of the analyst and associate program at Enron Corporation.
Richard D. Kinder, Executive Chairman
Richard D. Kinder is the co-founder of Kinder Morgan, Inc., which he established in February 1997 with William V. Morgan. Before co-founding Kinder Morgan, he served as president and Chief Operating Officer of Enron Corporation from 1990 to December 1996. After resigning from Enron, he and William V. Morgan acquired Enron Liquids Pipeline for $40 million, which served as the initial asset for Kinder Morgan. He served as a Captain in the U.S. Army.
Dax Sanders, President
Dax Sanders is the President of Kinder Morgan, Inc. He joined Kinder Morgan in 2001. He was named Vice President within the Corporate Development group in 2009 and became head of the Corporate Development group in 2013. Previously, he was also the CFO and a director of Kinder Morgan Canada Limited. Prior to joining Kinder Morgan, he was in the analyst and associate program at Enron Corporation.
James Holland, Chief Operating Officer
James Holland is the Chief Operating Officer for Kinder Morgan, Inc. He has also served as the President of Products Pipelines for the company since July 2017. He has been with Kinder Morgan and its predecessors for several years.
AI Analysis | Feedback
Here are the key risks to Kinder Morgan's business:- Regulatory and Environmental Challenges: Kinder Morgan operates in a highly regulated industry, making it susceptible to significant risks from evolving environmental policies, pipeline safety standards, and energy legislation. Changes in these regulations can lead to increased compliance costs, delays or denials of new projects, and substantial investments in infrastructure upgrades. The global shift towards a low-carbon economy also presents a long-term risk, as it could reduce demand for traditional energy commodities and increase scrutiny on the company's environmental impact.
- Financial Risks Related to Debt and Interest Rates: Kinder Morgan carries a substantial amount of consolidated debt, which exposes the company to financial risk. Rising interest rates can significantly increase borrowing costs, impacting the profitability of capital-intensive projects and its ability to finance operations and strategic initiatives on favorable terms. This substantial debt also makes KMI more vulnerable to adverse economic conditions.
- Market Volatility and Competition: While Kinder Morgan's business model is largely fee-based, it is not entirely insulated from the volatility of crude oil, natural gas, and natural gas liquids (NGL) prices. Fluctuations in commodity prices can affect the demand for its services, impact earnings, and potentially influence contract terms. The company also faces robust competition within the midstream sector from both established players and new entrants, which could challenge its market share and profitability.
AI Analysis | Feedback
The accelerating adoption of electric vehicles poses a clear emerging threat to Kinder Morgan's Products Pipelines and Terminals segments. As electric vehicle sales increase, the demand for refined petroleum products like gasoline and diesel, which KMI transports and stores, is expected to decline over time. This trend mirrors historical examples of new technologies disrupting established markets by directly replacing core products or services.
AI Analysis | Feedback
For the public company Kinder Morgan (symbol: KMI), here are the addressable markets for its main products or services:
-
Natural Gas Pipelines: This segment includes interstate and intrastate natural gas pipelines, underground storage systems, natural gas gathering systems, processing and treating facilities, natural gas liquids fractionation facilities, and liquefied natural gas (LNG) liquefaction and storage facilities.
- U.S. Gas Pipeline Infrastructure Market: The market size was valued at USD 1,058.73 billion in 2024 and is projected to reach approximately USD 2,431.55 billion by 2034. (Region: U.S.)
- North America Natural Gas Liquids (NGL) Market: The market is estimated to grow from USD 7.08 billion in 2024 to USD 11.53 billion in 2033. (Region: North America)
- North America Liquefied Natural Gas (LNG) Market: The market is expected to reach a valuation of USD 26,615.3 million in 2024 and is anticipated to reach USD 44,208.1 million by 2033. (Region: North America)
- Products Pipelines (refined petroleum products, crude oil, and condensate pipelines): null
-
Terminals (liquids and bulk): This segment includes terminals that store and handle various commodities, such as gasoline, diesel fuel, chemicals, ethanol, metals, and petroleum coke.
- North America Oil Storage Market: The market size is predicted to reach US$ 816.0 million in 2025 and US$ 1,118.0 million in 2032. (Region: North America)
- U.S. Bulk Terminals Market: The market was valued at USD 5.1 billion in 2024. (Region: U.S.)
-
CO2 Segment: This segment includes producing, transporting, and marketing CO2 for enhanced oil recovery (EOR), as well as operating renewable natural gas (RNG) facilities.
- North America Enhanced Oil Recovery (EOR) Market: The market was valued at approximately USD 22.4 billion in 2024 and is projected to grow from USD 17,991.29 million in 2024 to USD 31,301.06 million by 2032. (Region: North America)
- North America Renewable Natural Gas (RNG) Market: The market reached approximately USD 6.3 billion in 2024. (Region: North America)
AI Analysis | Feedback
Expected Drivers of Future Revenue Growth for Kinder Morgan (KMI)
Kinder Morgan, Inc. (KMI) is strategically positioned to capitalize on several key drivers for future revenue growth over the next 2-3 years, primarily centered around its extensive natural gas infrastructure and new energy initiatives.
- Surging Demand for Natural Gas Exports, particularly LNG: Kinder Morgan expects significant revenue growth from increased natural gas transportation to support liquefied natural gas (LNG) export facilities. The company projects U.S. LNG feedgas demand to rise substantially, with KMI playing a crucial role by delivering approximately 40% of natural gas feedstock to U.S. LNG facilities. Long-term contracts to move natural gas to LNG terminals are expected to grow significantly by the end of 2027.
- Growing Domestic Natural Gas Consumption (Power Generation and Industrial/Data Centers): The company anticipates increased domestic demand for natural gas, driven by a rise in natural gas-fired power generation, industrial reshoring, and the rapid expansion of data centers fueled by artificial intelligence. This trend is expected to lead to an increase in natural gas demand for power by 3 bcfd by 2030.
- Execution of a Robust Natural Gas Project Backlog: Kinder Morgan has a substantial project backlog, totaling around $10 billion, with a significant portion dedicated to natural gas infrastructure. These projects, such as the South System Expansion 4 and Mississippi Crossing, are designed to enhance capacity and address critical supply needs in key markets, contributing to future revenue as they are placed into service.
- Investments in Energy Transition Ventures: Kinder Morgan is also focusing on growth from its Energy Transition Ventures group. While the primary focus remains on natural gas, this segment, which includes RNG (renewable natural gas) and LNG facilities, is identified as a primary growth driver alongside natural gas pipelines.
AI Analysis | Feedback
Share Repurchases
- Kinder Morgan executed $522 million in annual share buybacks in 2023.
- The company's annual share buybacks amounted to $7 million in 2024.
- There were no share buybacks ($0.00) recorded for KMI stock in 2025.
Share Issuance
- Kinder Morgan's shares outstanding increased by 0.14% to 2.223 billion in 2025 compared to 2024.
- In 2024, shares outstanding were 2.22 billion, reflecting a 0.63% decline from 2023.
- On May 1, 2025, KMI issued $1.1 billion of 5.15% senior notes due June 2030 and $750 million of 5.85% senior notes due June 2035 to address outstanding commercial paper and maturing debt, as well as for general corporate purposes.
Outbound Investments
- In February 2025, Kinder Morgan completed a $640 million acquisition of a natural gas gathering and processing system in North Dakota from Outrigger Energy II LLC, which included a processing facility and a gas-gathering pipeline system.
- In 2021, the company established its Energy Transition Ventures (ETV) group to explore low-carbon opportunities, making strategic acquisitions in Renewable Natural Gas (RNG).
- Kinder Morgan is actively pursuing over $10 billion in potential projects, primarily focused on natural gas, including the Final Investment Decision (FID) on the $1.7 billion Trident Intrastate Pipeline in Texas to serve AI data centers.
Capital Expenditures
- Kinder Morgan's capital expenditures from fiscal years 2021 to 2025 averaged $3.092 billion, peaking at $4.159 billion in 2023 and reaching a 5-year low of $2.108 billion in 2022.
- For 2026, KMI plans approximately $3.4 billion in discretionary capital expenditures, which will include expansion projects and contributions to joint ventures.
- These anticipated capital expenditures for 2026 are primarily directed towards expansion projects in the Natural Gas Pipelines business segment, driven by strong natural gas market fundamentals and expected to be funded substantially from internally generated cash flow. The company's project backlog grew to $10 billion by Q4 2025, with roughly 90% of it in natural gas projects, and nearly 60% of that specifically for power generation.
Latest Trefis Analyses
Trade Ideas
Select ideas related to KMI.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04172026 | VAL | Valaris | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 15.2% | 15.2% | -0.9% |
| 03312026 | KGS | Kodiak Gas Services | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 16.3% | 16.3% | -0.7% |
| 03312026 | KOS | Kosmos Energy | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 10.8% | 10.8% | -10.8% |
| 12262025 | TPL | Texas Pacific Land | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 54.5% | 54.5% | -2.1% |
| 12122025 | NOV | NOV | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 25.4% | 25.4% | -6.5% |
| 03312020 | KMI | Kinder Morgan | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -7.3% | 29.0% | -12.6% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 65.10 |
| Mkt Cap | 70.1 |
| Rev LTM | 17,524 |
| Op Inc LTM | 5,014 |
| FCF LTM | 3,105 |
| FCF 3Y Avg | 3,183 |
| CFO LTM | 6,246 |
| CFO 3Y Avg | 6,067 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.1% |
| Rev Chg 3Y Avg | 1.5% |
| Rev Chg Q | 6.6% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | 17.7% |
| Op Inc Chg 3Y Avg | 7.5% |
| Op Mgn LTM | 28.6% |
| Op Mgn 3Y Avg | 35.1% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 35.6% |
| CFO/Rev 3Y Avg | 37.8% |
| FCF/Rev LTM | 10.8% |
| FCF/Rev 3Y Avg | 17.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 70.1 |
| P/S | 4.0 |
| P/Op Inc | 11.1 |
| P/EBIT | 11.0 |
| P/E | 21.2 |
| P/CFO | 9.6 |
| Total Yield | 8.5% |
| Dividend Yield | 3.7% |
| FCF Yield 3Y Avg | 6.1% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.5% |
| 3M Rtn | 9.0% |
| 6M Rtn | 23.0% |
| 12M Rtn | 23.0% |
| 3Y Rtn | 107.3% |
| 1M Excs Rtn | -9.1% |
| 3M Excs Rtn | 1.1% |
| 6M Excs Rtn | 15.9% |
| 12M Excs Rtn | -6.5% |
| 3Y Excs Rtn | 36.5% |
Comparison Analyses
Segment Financials
Assets by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Natural Gas Pipelines | 50,402 | 49,883 | 47,978 | 47,746 | 48,597 |
| Products Pipelines | 8,639 | 8,781 | 8,985 | 9,088 | 9,182 |
| Terminals | 8,086 | 8,235 | 8,357 | 8,513 | 8,639 |
| Carbon dioxide (CO2) | 3,583 | 3,497 | 3,449 | 2,843 | 2,478 |
| Corporate and Eliminations | 697 | ||||
| Corporate assets | 624 | 1,309 | 2,226 | 3,077 | |
| Total | 71,407 | 71,020 | 70,078 | 70,416 | 71,973 |
Price Behavior
| Market Price | $31.52 | |
| Market Cap ($ Bil) | 70.1 | |
| First Trading Date | 02/11/2011 | |
| Distance from 52W High | -6.6% | |
| 50 Days | 200 Days | |
| DMA Price | $32.53 | $28.48 |
| DMA Trend | up | up |
| Distance from DMA | -3.1% | 10.7% |
| 3M | 1YR | |
| Volatility | 18.9% | 19.9% |
| Downside Capture | -0.07 | -0.08 |
| Upside Capture | 9.74 | 9.28 |
| Correlation (SPY) | -2.0% | 4.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.29 | -0.01 | -0.08 | 0.02 | 0.07 | 0.51 |
| Up Beta | -0.15 | -0.26 | -0.26 | -0.19 | 0.06 | 0.47 |
| Down Beta | 0.68 | 0.13 | 0.19 | 0.39 | 0.33 | 0.82 |
| Up Capture | -39% | -12% | 1% | 20% | 7% | 19% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 12 | 23 | 39 | 72 | 134 | 403 |
| Down Capture | 193% | 36% | -19% | -34% | -19% | 49% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 10 | 20 | 25 | 51 | 113 | 337 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KMI | |
|---|---|---|---|---|
| KMI | 20.7% | 19.9% | 0.83 | - |
| Sector ETF (XLE) | 43.6% | 20.0% | 1.69 | 40.8% |
| Equity (SPY) | 29.6% | 12.5% | 1.86 | 4.4% |
| Gold (GLD) | 37.0% | 27.1% | 1.14 | 6.9% |
| Commodities (DBC) | 48.7% | 18.0% | 2.12 | 6.8% |
| Real Estate (VNQ) | 12.9% | 13.5% | 0.65 | 21.3% |
| Bitcoin (BTCUSD) | -16.3% | 42.1% | -0.31 | 1.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KMI | |
|---|---|---|---|---|
| KMI | 19.5% | 22.5% | 0.75 | - |
| Sector ETF (XLE) | 22.2% | 26.1% | 0.76 | 70.8% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 45.0% |
| Gold (GLD) | 21.1% | 17.9% | 0.96 | 16.3% |
| Commodities (DBC) | 14.1% | 19.1% | 0.60 | 40.5% |
| Real Estate (VNQ) | 3.3% | 18.8% | 0.08 | 44.4% |
| Bitcoin (BTCUSD) | 7.0% | 56.0% | 0.34 | 17.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KMI | |
|---|---|---|---|---|
| KMI | 11.5% | 27.7% | 0.43 | - |
| Sector ETF (XLE) | 9.5% | 29.5% | 0.36 | 77.0% |
| Equity (SPY) | 15.0% | 17.9% | 0.72 | 54.8% |
| Gold (GLD) | 13.5% | 16.0% | 0.70 | 9.2% |
| Commodities (DBC) | 9.4% | 17.8% | 0.44 | 42.7% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 51.8% |
| Bitcoin (BTCUSD) | 68.2% | 66.9% | 1.07 | 14.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/22/2026 | -0.3% | 0.1% | |
| 1/21/2026 | 3.9% | 5.2% | 15.6% |
| 10/22/2025 | -4.8% | -6.0% | -2.0% |
| 7/16/2025 | -1.5% | -3.9% | -2.8% |
| 4/16/2025 | 0.6% | -0.3% | 5.4% |
| 1/22/2025 | -1.0% | -11.3% | -13.3% |
| 10/16/2024 | -0.4% | -0.6% | 8.6% |
| 7/17/2024 | 2.5% | 2.5% | 4.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 11 |
| # Negative | 14 | 15 | 12 |
| Median Positive | 2.1% | 3.8% | 8.6% |
| Median Negative | -1.7% | -3.8% | -2.6% |
| Max Positive | 3.9% | 5.9% | 17.5% |
| Max Negative | -6.0% | -11.3% | -13.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/24/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/24/2025 | 10-Q |
| 06/30/2025 | 07/18/2025 | 10-Q |
| 03/31/2025 | 04/18/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/18/2024 | 10-Q |
| 06/30/2024 | 07/19/2024 | 10-Q |
| 03/31/2024 | 04/19/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/23/2023 | 10-Q |
| 06/30/2023 | 07/21/2023 | 10-Q |
| 03/31/2023 | 04/21/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-K |
| 09/30/2022 | 10/21/2022 | 10-Q |
| 06/30/2022 | 07/22/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 4/22/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Income | 3.10 Bil | 0 | Affirmed | Guidance: 3.10 Bil for 2026 | |||
| 2026 Adjusted EPS | 1.36 | 0 | Affirmed | Guidance: 1.36 for 2026 | |||
| 2026 Dividends | 1.19 | 0 | Affirmed | Guidance: 1.19 for 2026 | |||
| 2026 Adjusted EBITDA | 8.60 Bil | 0 | Affirmed | Guidance: 8.60 Bil for 2026 | |||
Prior: Q4 2025 Earnings Reported 1/21/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Income | 3.10 Bil | 10.7% | Higher New | Actual: 2.80 Bil for 2025 | |||
| 2026 Adjusted EPS | 1.36 | 7.1% | Higher New | Actual: 1.27 for 2025 | |||
| 2026 Dividends | 1.19 | 1.7% | Higher New | Actual: 1.17 for 2025 | |||
| 2026 Adjusted EBITDA | 8.60 Bil | 3.6% | Higher New | Actual: 8.30 Bil for 2025 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Schlosser, John W | V.P. (President, Terminals) | Direct | Sell | 5052026 | 32.41 | 6,166 | 199,840 | 5,721,661 | Form |
| 2 | Garthwaite, Michael P | VP (Pres., Products Pipelines) | Direct | Sell | 4172026 | 31.72 | 1,550 | 49,168 | 1,422,465 | Form |
| 3 | Schlosser, John W | V.P. (President, Terminals) | Direct | Sell | 4062026 | 32.93 | 6,166 | 203,071 | 6,017,239 | Form |
| 4 | Garthwaite, Michael P | VP (Pres., Products Pipelines) | Direct | Sell | 3162026 | 33.30 | 1,550 | 51,609 | 1,544,701 | Form |
| 5 | Schlosser, John W | V.P. (President, Terminals) | Direct | Sell | 3052026 | 33.67 | 6,166 | 207,640 | 6,360,265 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.