| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 42 | 21.0x | 17.3x | Around median | |
Growth | 51 | 11.7% | 7.1% | Around median | |
Quality | 72 | 6.7% | 4.5% | Top tier | |
Safety | 42 | 4.1x | 2.6x | Around median | |
Capital Return | 42 | 3.49% | 0.06% | Around median | |
Momentum | 86 | 13.4% | -1.6% | Top tier | |
Sentiment | 63 | 11 | 3 | Around median |
The floor: what the company is worth if growth stopped today
78% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Kinder Morgan owns and operates an energy infrastructure portfolio that includes one of the largest natural gas transmission systems in North America, along with refined products pipelines, liquid storage terminals, CO2 operations, oil and natural gas liquids production, and renewable natural gas facilities. It generates revenue from gas transportation, capacity sales, gathering, processing, and storage services, tank and vessel leasing, as well as commodity-price-sensitive activities such as oil production and butane blending; therefore, its results combine contractual cash flows with volume- and price-linked elements.
In quarter 2 of fiscal year 2026, Kinder Morgan recorded revenue of $4.5 billion and net income of $867 million, equivalent to a calculated net income margin of approximately 19.3%, while earnings per share reached $0.39. Net income attributable to KMI increased 21% and earnings per share rose 22% compared with quarter 2 of fiscal year 2025, while adjusted earnings per share increased 32% and adjusted earnings before interest, taxes, depreciation, and amortization rose 12%. The natural gas, products pipelines, terminals, and CO2 segments all contributed positively to year-over-year results growth.
The operating mix showed clear divergence in quarter 2 of fiscal year 2026: natural gas transportation volumes increased 7% and gathering volumes rose 26%, while KinderHawk volumes in Haynesville jumped 54%. Meanwhile, refined products volumes declined 5% and crude and condensate volumes fell 16%, or approximately 5% after excluding the effect of taking Double H out of service for conversion to natural gas liquids. Liquids leasing capacity occupancy in the terminals segment reached 93%, and utilization of available tanks at the Houston Ship Channel and Carteret hubs reached approximately 99%, while net oil production in the CO2 segment increased 10%, led by a 15% increase at SACROC.
The average analyst price target is $37.25, compared with a wide target range of $32 to $43 and a neutral consensus, reflecting a balance between strong gas growth, project execution risks, and the continuation of operating outperformance. The average target is approximately 7% above the high of the 52-week range of $34.81, while the highest target exceeds that high by approximately 24% and the lowest target falls within the 52-week range of $25.60 to $34.81. Therefore, the revaluation assumed by the higher targets depends on converting the opportunity set exceeding $10 billion into contracts and approved projects, not on strong quarterly results alone.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
Kinder Morgan recorded revenue of $4.5 billion, net income of $867 million, and earnings per share of $0.39 in quarter 2 of fiscal year 2026. Adjusted earnings per share increased 32% and adjusted earnings before interest, taxes, depreciation, and amortization rose 12% compared with quarter 2 of fiscal year 2025. Growth came from all segments, with gas transportation volumes increasing 7%, gathering volumes rising 26%, and SACROC production improving 15%, along with better pricing and capacity sales across several assets.
The approved project backlog reached $9.6 billion at the end of quarter 2 of fiscal year 2026, down from approximately $10.1 billion. The decline primarily resulted from placing projects valued at more than $650 million into service, compared with the addition of approximately $200 million in new projects. On July 22, 2026, the board of directors conditionally approved projects totaling approximately $400 million, while the broader opportunity set remained above $10 billion.
Automated analysis for informational purposes only — not investment advice.
Kinder Morgan is developing projects to serve more than 10 billion cubic feet per day of power generation demand and approximately 3 billion cubic feet per day of liquefied natural gas demand. In quarter 2 of fiscal year 2026, KinderHawk volumes in Haynesville increased 54%, while average regional volumes reached 1.9 billion cubic feet per day. Management also noted on July 22, 2026, demand activity related to data centers and organic electricity growth along the Permian Link corridor, but emphasized that project approval requires contracts that generate acceptable returns.
The company ended quarter 2 of fiscal year 2026 with a net debt-to-adjusted earnings before interest, taxes, depreciation, and amortization ratio of 3.6 times, compared with 3.8 times at the beginning of fiscal year 2026. During the first half of fiscal year 2026, it generated $3.45 billion in operating cash flow, paid $1.315 billion in dividends, and spent $1.92 billion on capital. It declared a quarterly dividend of $0.2975 per share, equivalent to $1.19 annually and a 2% increase from fiscal year 2025, while management estimated that it had $3.4 billion of balance sheet capacity up to a leverage level of 4.0 times.
Refined products volumes declined 5% and crude and condensate volumes fell 16% in quarter 2 of fiscal year 2026, or approximately 5% for crude and condensate after excluding Double H. Projects such as Western Gateway and Permian Link also depend on completing agreements or signing contracts with acceptable returns amid strong competition and uncertainty regarding the timing of final investment decisions. In addition, some gas projects were awaiting FERC permits on July 22, 2026, and management noted potential pressure on compression equipment delivery lead times.
The analyst consensus on KMI is neutral, with an average target of $37.25 within a target range of $32 to $43. The average is approximately 7% above the high of the 52-week range of $34.81, making achievement of the higher targets dependent on continued earnings growth and converting opportunities into contractual projects. Regarding insiders, the three months ending with the latest transaction on August 17, 2026, recorded six sales and no purchases, with net sales of approximately 594,874 shares, but this is a weak standalone signal because those sales may be prearranged.