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Kinder Morgan, Inc. — Intrinsic Value & Fair Price

KMI
NYSEEnergyOil & Gas MidstreamCIK 0001506307kindermorgan.comAbout KMI
Last close · Oct 16, 202634.20+1.38 (+4.20%)
Market cap$76.2B
Model value · DCF · Perpetuity growth · 5y
32.58
Kinder Morgan closed at $34.20 — overvalued by 5% vs model.
15.10the model's range119.11

DCF · Perpetuity growth · 5y leads for a mature, steady company — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
16.34 – 33.37
Wall St. target
36.00 5% below
Above model, 1y
20 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
3.45%
Past 2 years
low 3.42%high 5.47%
Dividends per share, a year at a time
$1.07Jul ’21$1.10Jul ’22$1.12Jul ’23$1.14Jul ’24$1.16Jul ’25$1.18TTM
Dividends / free cash flow, FY2025
90.1%
Raised
8 years in a row
Growth, 5 yrs
2.1% a year
Last change
+1.7% · May 2026
Every payment, with ex-dates · latest $0.2975, paid Aug 17, 2026

Research on KMI

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How it is valued

Valued asMature & stable
Low/slowing growth (~6% recent)High profitability (20% net margin)Strong dividend yieldHighly cyclical earnings
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for mature companies
P/E
25.0×
EV / EBITDA
16.1×
FCF yield
4.2%
Dividend yield, TTM
3.45%
Beta
0.58
Cost of capital (WACC)
7.01%
Full financials

Analyst actions

third-party, quoted
09-22RBC Capital · target36.00
09-22Morgan Stanley · target36.00
09-17Morgan Stanley · target33.00
01-28Freedom Broker · “Hold” from “Sell”upgrade
Ratings, targets and estimates

Comparable companies

by business, not by industry label
Side by side:vs WMB

The weekly

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About Kinder Morgan

Kinder Morgan, Inc. operates as a leading energy infrastructure company across North America. Its extensive operations are categorized into four primary business segments: Natural Gas Pipelines, Products Pipelines, Terminals, and CO2. The Natural Gas Pipelines segment manages a vast network of interstate and intrastate natural gas pipelines, along with underground storage systems. This includes natural gas gathering systems, processing and treatment facilities, natural gas liquids fractionation plants, transportation systems, and infrastructure for liquefied natural gas liquefaction and storage. Within its Products Pipelines segment, the company owns and operates pipelines designed for refined petroleum products, crude oil, and condensate, supported by associated product terminals and facilities for petroleum pipeline transmix. The Terminals segment involves the ownership and operation of both liquid and bulk terminals that are utilized for storing and handling a wide array of commodities, such as gasoline, diesel fuel, various chemicals, ethanol, metals, and petroleum coke. This division also includes the ownership of tankers. Lastly, the CO2 segment is dedicated to the production, transportation, and marketing of carbon dioxide, primarily for enhanced oil recovery from mature oil fields. This segment also holds interests in or operates oil fields and gasoline processing plants, oversees a crude oil pipeline system located in West Texas, and manages renewable natural gas (RNG) and liquefied natural gas (LNG) facilities. In total, Kinder Morgan owns and operates approximately 83,000 miles of pipelines and 143 terminals. The company, initially named Kinder Morgan Holdco LLC, officially changed its name to Kinder Morgan, Inc. in February 2011. Founded in 1936, its corporate headquarters are situated in Houston, Texas.

CEO
Kimberly Allen Dang
Headquarters
Houston, TX
Employees
11,028
IPO
2011-02-11
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.