---
title: Kinder Morgan (KMI) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/kmi
ticker: KMI
as_of: 2026-10-17
sector: Energy
industry: Oil & Gas Midstream
---
# Kinder Morgan (KMI)

Kinder Morgan (KMI) closed at $34.20 on Oct 16, 2026, overvalued by 5% vs its model value of $32.58 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $34.20 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $32.58 |
| Price vs model | overvalued by 5% vs model |
| Range of that model | $15.10 – $119.11 |
| Market value | $76.2B |
| P/E (fiscal 2025) | 25.0 |
| Net margin (fiscal 2025) | 18.0% |
| Free cash flow (fiscal 2025) | $2.9B |
| Dividend yield (trailing twelve months) | 3.45% |
| Beta | 0.58 |
| Cost of capital (WACC) | 7.01% |
| Business classification | Dividend Payer (Low/slowing growth (~6% recent), High profitability (20% net margin), Strong dividend yield, Highly cyclical earnings) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Near 52-week highs | #28 | −0.3% | https://sweetvaluelab.com/lists/near-52-week-highs |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 3.45% |
| Dividends per share, last 12 months | $1.18 |
| Dividends / free cash flow (fiscal 2025) | 90.1% |
| Raised | 8 years in a row |
| Growth over 5 years | 2.1% a year |
| Latest payment | $0.2975, ex-date Aug 3, 2026, paid Aug 17, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Jul 30, 2021 | $1.07 |
| To Jul 29, 2022 | $1.10 |
| To Jul 28, 2023 | $1.12 |
| To Jul 31, 2024 | $1.14 |
| To Jul 31, 2025 | $1.16 |
| Trailing twelve months (to Aug 3, 2026) | $1.18 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $32.58 | $15.10 | $119.11 |
| DCF · Perpetuity growth · 10y | cross check | $33.37 | $16.51 | $115.54 |
| DCF · EBITDA exit · 5y | cross check | $28.37 | $13.61 | $45.86 |
| DCF · EBITDA exit · 10y | cross check | $30.13 | $15.50 | $49.92 |
| P/E · peers | cross check | $20.07 | $19.74 | $23.62 |
| P/E · own history | cross check | $32.98 | $24.98 | $34.51 |
| PEG | sanity check | $16.34 | $16.34 | $16.34 |
| EV/EBITDA · peers | cross check | $21.80 | $19.09 | $24.39 |
| EV/Revenue · peers | cross check | $0.00 | $0.00 | $3.34 |
| Earnings power value | cross check | $0.00 | $0.00 | $0.00 |
| Dividend discount | cross check | $23.04 | $15.54 | $39.40 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 2 open-market sales ($98,356.8); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 16, 2026 | Garthwaite Michael P. | VP (Pres., Products Pipelines) | Open-market sell (10b5-1 plan) | 1,550 | $47,744.7 |
| Aug 17, 2026 | Garthwaite Michael P. | VP (Pres., Products Pipelines) | Open-market sell (10b5-1 plan) | 1,550 | $50,612.2 |
| Jul 31, 2026 | Michels David Patrick | VP and Chief Financial Officer | Option/RSU exercise | 121,528 | $0 |
| Jul 31, 2026 | Michels David Patrick | VP and Chief Financial Officer | Tax withholding | 47,573 | $1.5M |
| Jul 31, 2026 | Michels David Patrick | VP and Chief Financial Officer | Option/RSU exercise | 121,528 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Sep 28, 2026 | 8-K | 7.01 Regulation FD Disclosure | https://www.sec.gov/Archives/edgar/data/1506307/000150630726000123/kmi-20260925.htm |
| Sep 4, 2026 | 8-K | 7.01 Regulation FD Disclosure | https://www.sec.gov/Archives/edgar/data/1506307/000150630726000115/kmi-20260903.htm |
| Aug 10, 2026 | 8-K | 7.01 Regulation FD Disclosure | https://www.sec.gov/Archives/edgar/data/1506307/000150630726000111/kmi-20260807.htm |
| Aug 3, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1506307/000110465926089797/tm2622061d1_8k.htm |
| Jul 28, 2026 | 424B5 | Prospectus supplement | https://www.sec.gov/Archives/edgar/data/1506307/000110465926087357/tm2619040-3_424b5.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Bridgewater | 2026-06-30 | 81,910 | $2.6M |

1 tracked managers in all.

## About

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 o…

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Source: https://sweetvaluelab.com/stocks/kmi (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.