Kinder Morgan, Inc. (KMI) Key Metrics
KMI valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $76.16B
- Enterprise value
- $101.90B
- P/E (TTM)
- 22.1 10-yr median 21.5
- Forward P/E
- 20.0
- PEG ratio
- 3.19
- Price / sales
- 4.2 10-yr median 2.8
- Price / book
- 2.2 10-yr median 1.3
- EV / EBITDA
- 13.2 10-yr median 12.3
- Dividend yield
- 3.45% $1.18 a year
- Beta
- 0.58
KMI key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsKMI valuation Price multiples at each fiscal year-end price.
KMI returns How much profit the business earns on the capital it uses.
KMI per-share figures Results divided by the shares outstanding at year-end.
KMI financial health Debt, liquidity and how easily interest is covered.
KMI efficiency & capital use Working capital cycle and where the cash goes.
KMI valuation history
KMI returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
KMI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
KMI cash returned to shareholders
KMI price vs earnings per share
KMI key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $61.17B | $60.83B | $39.41B | $40.82B | $35.94B | $30.94B | $47.93B | $34.08B | $40.30B | $46.18B |
| Enterprise value | $93.44B | $93.08B | $71.96B | $72.39B | $68.70B | $64.33B | $81.00B | $68.13B | $77.88B | $85.55B |
| P/E ratio | 20.0 | 23.3 | 15.9 | 15.6 | 19.4 | 171.9 | 21.9 | 21.2 | 220.2 | 65.2 |
| Price / sales | 3.6 | 4.0 | 2.6 | 2.1 | 2.2 | 2.6 | 3.6 | 2.4 | 2.9 | 3.5 |
| Price / book | 2.0 | 2.0 | 1.3 | 1.3 | 1.2 | 1.0 | 1.4 | 1.0 | 1.1 | 1.3 |
| Price / free cash flow | 21.2 | 20.2 | 9.5 | 12.2 | 8.1 | 10.9 | 19.3 | 16.1 | 28.5 | 24.2 |
| Price / operating cash flow | 10.3 | 10.8 | 6.1 | 8.2 | 6.3 | 6.8 | 10.1 | 6.8 | 8.8 | 9.6 |
| EV / sales | 5.5 | 6.2 | 4.7 | 3.8 | 4.1 | 5.5 | 6.1 | 4.8 | 5.7 | 6.6 |
| EV / EBITDA | 12.5 | 12.2 | 11.0 | 18.1 | 11.1 | 11.9 | 20.1 | 11.2 | 13.4 | 14.8 |
| EV / free cash flow | 32.3 | 31.0 | 17.4 | 21.6 | 15.5 | 22.6 | 32.7 | 32.2 | 55.1 | 44.9 |
| Earnings yield | 5.0% | 4.3% | 6.3% | 6.4% | 5.1% | 0.6% | 4.6% | 4.7% | 0.5% | 1.5% |
| Free cash flow yield | 4.7% | 4.9% | 10.5% | 8.2% | 12.3% | 9.2% | 5.2% | 6.2% | 3.5% | 4.1% |
| Dividend yield | 4.3% | 4.2% | 6.4% | 6.1% | 7.0% | 7.9% | 4.5% | 5.2% | 3.2% | 2.8% |
| Shareholder yield (dividends + buybacks) | 4.3% | 4.2% | 7.7% | 7.0% | 7.0% | 8.1% | 4.5% | 6.0% | 3.8% | 2.8% |
| Share price at fiscal year-end | $27.49 | $27.40 | $17.64 | $18.08 | $15.86 | $13.67 | $21.17 | $15.38 | $18.07 | $20.71 |
| Per share | ||||||||||
| Revenue per share | $7.62 | $6.79 | $6.86 | $8.50 | $7.33 | $5.17 | $5.83 | $6.38 | $6.15 | $5.86 |
| Earnings per share | $1.37 | $1.18 | $1.11 | $1.16 | $0.82 | $0.08 | $0.97 | $0.73 | $0.08 | $0.32 |
| Operating cash flow per share | $2.66 | $2.54 | $2.91 | $2.20 | $2.52 | $2.01 | $2.10 | $2.28 | $2.06 | $2.15 |
| Free cash flow per share | $1.30 | $1.35 | $1.86 | $1.48 | $1.95 | $1.26 | $1.09 | $0.96 | $0.63 | $0.85 |
| Cash per share | $0.05 | $0.04 | $0.04 | $0.33 | $0.50 | $0.52 | $0.49 | $1.48 | $0.12 | $0.31 |
| Book value per share | $14.01 | $13.75 | $13.57 | $13.61 | $13.60 | $13.89 | $14.90 | $15.88 | $15.75 | $15.61 |
| Tangible book value per share | $4.20 | $3.91 | $3.68 | $3.97 | $4.07 | $4.04 | $4.25 | $4.67 | $4.42 | $4.18 |
| Dividends per share | $1.17 | $1.15 | $1.13 | $1.11 | $1.11 | $1.08 | $0.96 | $0.80 | $0.57 | $0.57 |
| Capex per share | $1.36 | $1.18 | $1.05 | $0.72 | $0.57 | $0.75 | $1.00 | $1.32 | $1.43 | $1.29 |
| Debt per share | $14.56 | $14.57 | $14.61 | $14.31 | $14.96 | $15.28 | $15.10 | $16.84 | $16.97 | $17.96 |
| Shares outstanding | 2.23B | 2.22B | 2.23B | 2.26B | 2.27B | 2.26B | 2.26B | 2.22B | 2.23B | 2.23B |
| Change in shares outstanding | +0.2% | −0.6% | −1.1% | −0.4% | +0.1% | −0.0% | +2.2% | −0.6% | 0.0% | +1.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.9% | 8.6% | 8.1% | 8.5% | 5.9% | 0.6% | 6.4% | 4.6% | 0.5% | 2.0% |
| Return on invested capital (ROIC) | 6.0% | 5.6% | 5.3% | 2.3% | 5.2% | 2.5% | 1.7% | 4.1% | 2.4% | 2.3% |
| Return on assets (ROA) | 4.2% | 3.7% | 3.5% | 3.7% | 2.6% | 0.2% | 2.9% | 2.0% | 0.2% | 0.9% |
| Return on tangible assets | 5.8% | 5.3% | 5.1% | 5.4% | 3.6% | 0.4% | 4.4% | 3.0% | 0.3% | 1.3% |
| Free cash flow margin | 17.1% | 19.9% | 27.0% | 17.4% | 26.7% | 24.3% | 18.8% | 15.0% | 10.3% | 14.6% |
| Income quality (OCF / net income) | 1.94 | 2.16 | 2.61 | 1.89 | 3.09 | 25.28 | 2.17 | 3.13 | 25.14 | 6.76 |
| Financial health | ||||||||||
| Total debt | $32.39B | $32.34B | $32.63B | $32.31B | $33.91B | $34.58B | $34.18B | $37.32B | $37.84B | $40.05B |
| Cash & short-term investments | $109.0M | $88.0M | $83.0M | $745.0M | $1.14B | $1.18B | $1.11B | $3.28B | $264.0M | $684.0M |
| Net debt | $32.28B | $32.25B | $32.55B | $31.57B | $32.77B | $33.40B | $33.07B | $34.04B | $37.58B | $39.37B |
| Debt / equity | 1.04 | 1.06 | 1.08 | 1.05 | 1.10 | 1.10 | 1.01 | 1.06 | 1.08 | 1.15 |
| Debt / assets | 0.43 | 0.45 | 0.46 | 0.46 | 0.47 | 0.48 | 0.46 | 0.47 | 0.48 | 0.50 |
| Net debt / EBITDA | 4.32 | 4.23 | 5.00 | 7.89 | 5.32 | 6.16 | 8.22 | 5.59 | 6.47 | 6.81 |
| Current ratio | 0.64 | 0.49 | 0.35 | 0.55 | 0.66 | 0.63 | 0.63 | 0.76 | 0.44 | 0.54 |
| Quick ratio | 0.50 | 0.39 | 0.28 | 0.46 | 0.56 | 0.56 | 0.56 | 0.71 | 0.37 | 0.48 |
| Interest coverage | 2.7 | 2.3 | 2.4 | 1.2 | 2.7 | 2.1 | 0.9 | 2.0 | 1.9 | 2.0 |
| Working capital | −$1.57B | −$2.58B | −$4.68B | −$3.13B | −$1.99B | −$1.87B | −$1.86B | −$1.83B | −$3.47B | −$2.70B |
| Invested capital | $63.44B | $62.78B | $62.85B | $62.31B | $63.59B | $64.83B | $66.81B | $69.24B | $72.70B | $74.17B |
| Tangible asset value | $10.63B | $10.02B | $9.65B | $10.34B | $10.33B | $8.73B | $9.92B | $10.35B | $9.86B | $9.33B |
| Net current asset value | −$39.35B | −$37.02B | −$36.75B | −$34.16B | −$36.62B | −$37.74B | −$36.88B | −$37.95B | −$41.22B | −$42.27B |
| Graham number | $20.80 | $19.08 | $18.43 | $18.87 | $15.81 | $4.99 | $18.01 | $16.11 | $5.39 | $10.56 |
| Graham net-net per share | −$18.17 | −$17.14 | −$16.90 | −$15.73 | −$16.69 | −$17.06 | −$16.69 | −$17.62 | −$18.94 | −$19.50 |
| Capital allocation | ||||||||||
| Dividends paid | $2.60B | $2.56B | $2.53B | $2.50B | $2.52B | $2.44B | $2.16B | $1.77B | $1.28B | $1.27B |
| Share buybacks (net) | $0 | $7.0M | $522.0M | $368.0M | $1.0M | $50.0M | $2.0M | $273.0M | $250.0M | $0 |
| Dividend payout ratio | 85.2% | 97.9% | 101.7% | 95.4% | 136.5% | — | 98.8% | 110.3% | 697.3% | 179.7% |
| Dividends + buybacks / free cash flow | 90.1% | 85.3% | 73.6% | 85.8% | 57.1% | 87.6% | 87.4% | 96.6% | 108.0% | 66.8% |
| Capex / revenue | 17.9% | 17.4% | 15.3% | 8.4% | 7.7% | 14.6% | 17.2% | 20.7% | 23.3% | 22.1% |
| Capex / operating cash flow | 51.1% | 46.7% | 36.1% | 32.6% | 22.4% | 37.5% | 47.8% | 58.0% | 69.3% | 60.2% |
| Capex / depreciation | 1.23 | 1.12 | 1.04 | 0.72 | 0.60 | 0.79 | 0.94 | 1.27 | 1.41 | 1.30 |
| Stock-based compensation / revenue | — | — | 0.4% | 0.3% | −12.9% | −18.5% | 0.5% | 0.4% | 0.5% | 0.5% |
| SG&A / revenue | 5.5% | 4.7% | 4.4% | 3.3% | 3.9% | 5.5% | 4.5% | 4.2% | 4.9% | 5.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 34.7 | 37.5 | 40.8 | 32.8 | 31.9 | 41.7 | 40.1 | 40.4 | 42.1 | 40.0 |
| Days of inventory on hand | 21.6 | 20.6 | 29.4 | 19.1 | 19.2 | 27.9 | 24.3 | 22.0 | 21.6 | 24.4 |
| Days payables outstanding | 53.6 | 52.8 | 71.3 | 43.1 | 44.3 | 67.9 | 72.4 | 72.7 | 71.7 | 82.5 |
| Cash conversion cycle (days) | 2.7 | 5.3 | -1.1 | 8.8 | 6.8 | 1.7 | -8.0 | -10.3 | -8.1 | -18.1 |
| Receivables turnover | 10.53 | 9.74 | 8.95 | 11.13 | 11.44 | 8.76 | 9.11 | 9.03 | 8.67 | 9.12 |
| Payables turnover | 6.81 | 6.91 | 5.12 | 8.47 | 8.23 | 5.38 | 5.04 | 5.02 | 5.09 | 4.42 |
| Inventory turnover | 16.92 | 17.68 | 12.40 | 19.13 | 18.96 | 13.10 | 15.01 | 16.61 | 16.92 | 14.94 |
| Asset turnover | 0.23 | 0.21 | 0.22 | 0.27 | 0.23 | 0.16 | 0.17 | 0.18 | 0.17 | 0.16 |
| Average receivables | $1.61B | $1.55B | $1.71B | $1.73B | $1.45B | $1.34B | $1.45B | $1.57B | $1.58B | $1.43B |
| Average payables | $1.40B | $1.38B | $1.41B | $1.35B | $1.05B | $875.5M | $1.13B | $1.34B | $1.30B | $1.29B |
| Average inventory | $564.5M | $540.0M | $579.5M | $598.0M | $455.0M | $359.5M | $378.0M | $404.5M | $390.5M | $382.0M |
| Intangibles / total assets | 29.3% | 30.6% | 31.1% | 31.1% | 29.8% | 31.0% | 32.5% | 31.5% | 32.0% | 31.7% |
Computed from KMI's annual financial statements (latest annual report filed February 13, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
KMI valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Kinder Morgan traded at 20.0 times earnings, against a 10-year median of 21.5. Based on the latest twelve months, the trailing P/E is 22.1 and the forward P/E is 20.0. Kinder Morgan earned a return on equity of 9.9% and a return on invested capital of 6.0% in fiscal 2025. It ended the year with $32.4 billion of debt and $109.0 million in cash and short-term investments, net debt of $32.3 billion. It returned $2.6 billion to shareholders: $2.6 billion in dividends and $0 in share buybacks, 90% of free cash flow.
See the KMI income statement, the KMI chart for price history, or the KMI stock overview for the latest quote and news.
KMI key metrics FAQ
What is Kinder Morgan's P/E ratio?
Kinder Morgan's trailing P/E ratio is 22.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 20.0. At the end of fiscal 2025 it was 20.0, compared with a 10-year median of 21.5.
What is Kinder Morgan's EV/EBITDA?
Kinder Morgan's enterprise value was 12.5 times EBITDA at the end of fiscal 2025 (enterprise value $93.4 billion, EBITDA $7.5 billion); the current EV/EBITDA is 13.2.
What is Kinder Morgan's return on equity?
Kinder Morgan's return on equity (ROE) was 9.9% in fiscal 2025: net income of $3.1 billion on average shareholders' equity of $30.8 billion.
What is Kinder Morgan's ROIC?
Kinder Morgan's return on invested capital was 6.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Kinder Morgan have?
Kinder Morgan had total debt of $32.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.04 and $32.3 billion of net debt (4.32 times EBITDA).
What is Kinder Morgan's dividend yield?
Kinder Morgan's forward dividend yield is 3.45%. Kinder Morgan paid $2.6 billion in dividends in fiscal 2025 ($1.17 per share), a payout ratio of 85.2%.
What is Kinder Morgan's free cash flow yield?
Kinder Morgan generated $2.9 billion of free cash flow in fiscal 2025, a free cash flow yield of 4.7% on its market value at year-end ($61.2 billion).
What is Kinder Morgan's current ratio?
Kinder Morgan's current ratio was 0.64 at the end of fiscal 2025: current assets were 0.64 times current liabilities.