Kinder Morgan (KMI)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $74.8B, Kinder Morgan's free cash flow of $2.9B (fiscal 2025) would need to grow about 8% a year for the stock to be worth today's price. That is faster than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Kinder Morgan's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from KMI's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Kinder Morgan's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $16.6B | $19.2B | $15.3B | $15.1B | $16.9B |
| Net income | $1.8B | $2.5B | $2.4B | $2.6B | $3.1B |
| Free cash flow | $4.4B | $3.3B | $4.2B | $3.0B | $2.9B |
| EPS (diluted) | $0.78 | $1.12 | $1.06 | $1.17 | $1.37 |
| Operating margin | 17.6% | 21.2% | 27.8% | 29.0% | 27.9% |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own KMI
From each investor's latest 13F filing (what a 13F shows). 7 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Added | $371M | 0.13% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Trimmed | $284M | 0.24% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $35M | 0.08% | Q2 2026 |
| Will Nasgovitz Heartland Advisors |
Added | $11M | 0.47% | Q2 2026 |
| Murray Stahl Horizon Kinetics LLC |
Trimmed | $1M | 0.01% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Held | $381,594 | 0.00% | Q2 2026 |
| Jay Petschek Corsair Capital Management |
Held | $377,758 | 0.05% | Q2 2026 |
Insider buying
Open-market purchases by Kinder Morgan's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Feb 19, 2026 | Rick W. Allen |
0 | $32.55 | — |
| Feb 19, 2026 | Rick W. Allen |
0 | $32.55 | — |
| Feb 10, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $31.03 | — |
| Feb 10, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $31.03 | — |
| Feb 2, 2026 | William A Smith |
3,000 | $29.75 | $89,250 |
| Oct 31, 2025 | Amy W Chronis |
3,800 | $26.23 | $99,674 |
| Oct 30, 2025 | Amy W Chronis |
487 | $26.26 | $12,789 |
| Oct 27, 2025 | Richard D Kinder |
1,000,000 | $25.96 | $26M |
| Oct 24, 2025 | Marjorie Taylor Greene |
0 | $25.88 | — |
| Oct 24, 2025 | Marjorie Taylor Greene |
0 | $25.88 | — |
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In the full deep dive
Questions
What growth does Kinder Morgan's stock price imply?
At a market value of $74.8B, Kinder Morgan would need its free cash flow to grow about 8% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 5% a year.
Are Kinder Morgan insiders buying the stock?
10 open-market insider purchases of KMI in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Kinder Morgan?
7 of the superinvestors Investingly tracks hold KMI in their latest 13F, including Cliff Asness, Hersh Cohen, Joel Greenblatt.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.