Kinder Morgan Inc (KMI) Fair Value & Analysis
Energy · US · Market cap $72.4B · ISIN US49456B1017
What is Kinder Morgan Inc really worth?
Kinder Morgan Inc
KMI · US
A solid business, but trading 189% above our fair value of $10.92.
Strengths
Risks
For context
Fair value as of: Sep 5, 2026
From 25 valuation models · updated today
Share price +0.7% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case ($21.37). The favourable scenario is already priced in.
- The model range is unusually wide ($5.25 to $21.37). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.
How to read this chart
60‑month range $11.93 – $34.31 · fair‑value band $5.25 – $21.37 · the $31.60 price screens above the $10.92 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 5, 2026.
Analysis
Kinder Morgan Inc (KMI) currently trades at $31.60, while our model-based Fair Value estimate is $10.92, implying the stock looks roughly 189.4% overvalued today. The Quality Score stands at 58/100 (solid quality), in the Energy sector. Bull case: the Dividend Discount group reads highest at a median of $18.84 per share, and 1 of the 25 models we run sit above the $31.60 price. Bear case: the Economic Profit group reads lowest at $6.09, and 24 of the 25 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Kinder Morgan Inc generated revenue of $17.5B at a net margin of 18.9%. Revenue grew 13.8% year over year. It earns a return on equity of 10.6%. Net debt stands at $32.3B. Fundamentals as of Sep 5, 2026
Our scenario range runs from $5.25 (bear case) to $21.37 (bull case); at $31.60, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 9% below its 52-week high and 27% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at −39% fair-value upside, at −65%, KMI screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $0.2132 per share, which is 2.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 25 models by family
Widest divergence: Dividend Discount ($18.84) versus Growth DCF ($1.06). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 55 · Market factors (momentum, volatility) 64
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Kinder Morgan, Inc. operates as an energy infrastructure company primarily in North America. It operates through Natural Gas Pipelines, Products Pipelines, Terminals, and CO2 segments.
Full company description
Kinder Morgan, Inc. operates as an energy infrastructure company primarily in North America. It operates through Natural Gas Pipelines, Products Pipelines, Terminals, and CO2 segments. The Natural Gas Pipelines segment owns and operates interstate and intrastate natural gas pipeline, and storage systems; natural gas gathering systems and natural gas processing and treating facilities; natural gas liquids fractionation facilities and transportation systems; and liquefied natural gas gasification, liquefaction, and storage facilities. The Products Pipelines segment owns and operates refined petroleum products, and crude oil and condensate pipelines; and associated product terminals and petroleum pipeline transmix facilities. The Terminals segment owns and/or operates liquids and bulk terminals that stores and handles various commodities, including gasoline, diesel fuel, renewable fuel and feedstocks, chemicals, ethanol, metals, and petroleum coke; and owns tankers. The CO2 segment produces, transports, and markets CO2 to recovery and production crude oil from mature oil fields; owns interests in/or operates oil fields and gasoline processing plants; and operates a crude oil pipeline system in West Texas, as well as owns and operates RNG and LNG facilities. The company was formerly known as Kinder Morgan Holdco LLC and changed its name to Kinder Morgan, Inc. in February 2011. Kinder Morgan, Inc. was founded in 1997 and is headquartered in Houston, Texas.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Kinder Morgan Inc reported revenue of $17.0B in FY2025 versus $16.6B in FY2021, a compound +0.5%/yr. Reported net income was $3.1B in FY2025, compounding +13.4%/yr from FY2021.
of which total revenue +0.9 % · buybacks/dilution −2.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
KMI screens 189% overvalued. Compare with Enbridge Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Kinder Morgan (KMI) Stock Drops Despite Market Gains: Important Facts to Note
- KMI vs. WMB: Which Natural Gas Dividend Comes Out on Top?
- Q2 Earnings Roundup: Kinder Morgan (NYSE:KMI) And The Rest Of The Infrastructure Segment
- Kinder Morgan (KMI) Could Be 11% Undervalued As Export Demand Supports Its Narrative
Peer Group
Oil & Gas Midstream · 89 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Oil & Gas Midstream median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 44/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Enbridge Inc ENB | $50.72 | $35.83 | −29% |
| The Williams Companies, Inc WMB | $74.05 | $11.73 | −84% |
| Enterprise Products Partners L.P. EPD | $39.02 | $20.94 | −46% |
| TC Energy Corporation TRP | C$88.72 | C$24.53 | −72% |
| Energy Transfer LP, ET | $21.31 | $11.45 | −46% |
| MPLX LP owns and MPLX | $59.25 | $36.42 | −39% |
| ONEOK, Inc OKE | $95.69 | $58.62 | −39% |
| Targa Resources Corp TRGP | $286.91 | $79.61 | −72% |
| Cheniere Energy, Inc LNG | $280.80 | $199.99 | −29% |
| Venture Global, Inc VG | $13.72 | $14.00 | +2% |
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