Latest Ratios: P/E Ratio 22.9x · EV/EBITDA 14.1x · ROE 9.5%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $69.9B | $61.2B | $60.8B | $39.4B | $40.8B | $35.9B | $30.9B | $47.9B | $34.1B | $40.3B | $46.2B |
| Enterprise Value | $102.1B | $93.4B | $93.0B | $71.9B | $72.3B | $68.7B | $64.3B | $81.9B | $67.9B | $77.5B | $85.5B |
| P/E Ratio → | 22.90 | 20.07 | 23.42 | 16.64 | 16.14 | 20.33 | 292.09 | 22.05 | 23.30 | 1807.00 | 82.84 |
| P/S Ratio | 4.12 | 3.61 | 4.04 | 2.60 | 2.09 | 2.05 | 2.69 | 3.64 | 2.39 | 2.96 | 3.57 |
| P/B Ratio | 2.15 | 1.88 | 1.91 | 1.24 | 1.27 | 1.13 | 0.95 | 1.37 | 0.97 | 1.15 | 1.33 |
| P/FCF | 21.69 | 18.99 | 20.24 | 9.51 | 12.20 | 8.12 | 10.88 | 19.34 | 16.08 | 28.52 | 24.24 |
| P/OCF | 11.18 | 9.79 | 10.79 | 6.07 | 8.22 | 6.30 | 6.80 | 10.09 | 6.76 | 8.76 | 9.65 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.51 | 6.17 | 4.75 | 3.70 | 3.92 | 5.60 | 6.23 | 4.76 | 5.69 | 6.61 |
| EV / EBITDA | 14.06 | 12.86 | 13.80 | 11.43 | 10.94 | 9.26 | 11.89 | 13.02 | 10.67 | 13.60 | 14.10 |
| EV / EBIT | 21.22 | 18.59 | 17.63 | 14.37 | 14.94 | 18.49 | 28.62 | 16.54 | 15.40 | 19.43 | 24.24 |
| EV / FCF | — | 29.01 | 30.92 | 17.35 | 21.62 | 15.52 | 22.63 | 33.06 | 32.05 | 54.88 | 44.91 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.7% | 43.7% | 36.7% | 33.9% | 28.1% | 36.3% | 37.3% | 37.2% | 35.1% | 33.2% | 38.2% |
| Operating Margin | 28.4% | 28.4% | 29.1% | 26.7% | 22.6% | 30.1% | 28.3% | 29.5% | 28.5% | 25.3% | 29.8% |
| Net Profit Margin | 18.0% | 18.0% | 17.3% | 15.8% | 13.0% | 10.2% | 1.0% | 16.6% | 11.3% | 1.3% | 5.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.5% | 9.5% | 8.2% | 7.5% | 8.0% | 5.5% | 0.4% | 6.2% | 4.6% | 0.5% | 2.0% |
| ROA | 4.2% | 4.2% | 3.7% | 3.4% | 3.6% | 2.5% | 0.2% | 2.9% | 2.0% | 0.2% | 0.9% |
| ROIC | 5.6% | 5.6% | 5.1% | 4.7% | 5.2% | 6.1% | 3.6% | 4.2% | 4.3% | 3.5% | 3.8% |
| ROCE | 7.0% | 7.0% | 6.7% | 6.4% | 6.8% | 7.9% | 4.8% | 5.5% | 5.6% | 4.7% | 5.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.00 | 1.00 | 1.01 | 1.03 | 1.01 | 1.06 | 1.06 | 0.98 | 1.05 | 1.07 | 1.15 |
| Debt / EBITDA | 4.46 | 4.46 | 4.80 | 5.18 | 4.89 | 4.57 | 6.39 | 5.43 | 5.83 | 6.58 | 6.60 |
| Net Debt / Equity | — | 0.99 | 1.01 | 1.03 | 0.98 | 1.03 | 1.03 | 0.97 | 0.96 | 1.06 | 1.13 |
| Net Debt / EBITDA | 4.44 | 4.44 | 4.77 | 5.17 | 4.77 | 4.42 | 6.17 | 5.40 | 5.32 | 6.53 | 6.49 |
| Debt / FCF | — | 10.02 | 10.69 | 7.85 | 9.42 | 7.40 | 11.75 | 13.72 | 15.97 | 26.36 | 20.66 |
| Interest Coverage | 2.79 | 2.79 | 2.83 | 2.77 | 3.21 | 2.48 | 1.42 | 2.77 | 2.32 | 2.18 | 1.87 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.64 | 0.64 | 0.49 | 0.35 | 0.55 | 0.66 | 0.63 | 0.63 | 0.76 | 0.44 | 0.55 |
| Quick Ratio | 0.50 | 0.50 | 0.39 | 0.28 | 0.46 | 0.56 | 0.56 | 0.56 | 0.71 | 0.37 | 0.48 |
| Cash Ratio | 0.03 | 0.03 | 0.02 | 0.01 | 0.11 | 0.20 | 0.23 | 0.22 | 0.43 | 0.04 | 0.12 |
| Asset Turnover | — | 0.23 | 0.21 | 0.21 | 0.28 | 0.24 | 0.16 | 0.18 | 0.18 | 0.17 | 0.16 |
| Inventory Turnover | 16.64 | 16.64 | 17.20 | 19.09 | 22.16 | 19.87 | 20.68 | 22.27 | 24.06 | 21.44 | 22.40 |
| Days Sales Outstanding | — | 36.91 | 36.47 | 38.24 | 34.35 | 33.54 | 41.11 | 38.25 | 38.30 | 43.24 | 43.71 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.7% | 4.3% | 4.2% | 6.4% | 6.1% | 6.8% | 7.6% | 4.5% | 4.7% | 2.8% | 2.4% |
| Payout Ratio | 85.2% | 85.2% | 97.9% | 105.8% | 98.3% | 136.9% | 1984.9% | 98.8% | 100.6% | 612.0% | 157.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.4% | 5.0% | 4.3% | 6.0% | 6.2% | 4.9% | 0.3% | 4.5% | 4.3% | 0.1% | 1.2% |
| FCF Yield | 4.6% | 5.3% | 4.9% | 10.5% | 8.2% | 12.3% | 9.2% | 5.2% | 6.2% | 3.5% | 4.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 1.3% | 0.9% | 0.0% | 0.2% | 0.0% | 0.8% | 0.6% | 0.0% |
| Total Shareholder Yield | 3.7% | 4.3% | 4.2% | 7.7% | 7.0% | 6.8% | 7.8% | 4.5% | 5.5% | 3.4% | 2.4% |
| Shares Outstanding | — | $2.2B | $2.2B | $2.2B | $2.3B | $2.3B | $2.3B | $2.3B | $2.2B | $2.2B | $2.2B |
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying KMI stock.
Kinder Morgan, Inc.'s current P/E ratio is 22.9x. The historical average is 40.4x. This places it at the 38th percentile of its historical range.
Kinder Morgan, Inc.'s current EV/EBITDA is 14.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.0x.
Kinder Morgan, Inc.'s return on equity (ROE) is 9.5%. The historical average is 4.4%.
Based on historical data, Kinder Morgan, Inc. is trading at a P/E of 22.9x. This is at the 38th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kinder Morgan, Inc.'s current dividend yield is 3.73% with a payout ratio of 85.2%.
Kinder Morgan, Inc. has 43.7% gross margin and 28.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Kinder Morgan, Inc.'s Debt/EBITDA ratio is 4.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Regulatory and energy transition overhang
Metrics are mathematically derived from official filings.
Margin Stability Amidst Mix Shifts
KMI's operating margin held near 30% in Q2 2026 despite gross margin swinging to 68.6% from 35.7% a year earlier, per recent financial statements, indicating cost discipline and fee-based revenue resilience.
The gross margin volatility likely stems from commodity-linked CO2 segment costs, but the operating margin's narrow range (25.6%-31.2% over ten quarters) suggests that core pipeline operations provide a stable earnings base. Net margin expanded to 19.4% in Q2 2026 from 17.7% in Q2 2025, reflecting operating leverage and lower interest costs. Investors should focus on operating margin as the cleaner profitability metric, as gross margin is distorted by segment mix and COGS timing.
ROIC Recovery on Volume Growth
ROIC improved to 1.6% in Q2 2026 from 1.2% in Q2 2025, as reported in quarterly data, suggesting that recent volume growth is beginning to lift returns on a massive, capital-intensive asset base.
The absolute ROIC remains low due to the heavy fixed-asset base and goodwill, but the upward trajectory aligns with accelerating natural gas volumes and LNG demand. ROE also rose to 2.6% from 2.2% over the same period, though both metrics are quarterly and annualize to roughly 10% and 8%, respectively. The improvement appears driven by margin expansion rather than asset turnover, which stayed flat at 0.06, indicating that efficiency gains are not yet materializing.
Working Capital Leverage Turns Negative
KMI's cash conversion cycle turned negative to -26 days in Q2 2026 from +8 days a year earlier, per quarterly data, as DPO surged to 95 days, indicating increased supplier financing and improved working capital efficiency.
The negative CCC is a notable shift, driven by a sharp increase in days payable outstanding from 45 to 95 days, while DSO remained stable near 32 days. This suggests KMI is stretching payables, possibly due to timing or negotiated terms, which frees up cash. However, the sustainability of such extended payables is uncertain, and investors should monitor whether this reflects improved bargaining power or temporary payment deferrals.
Leverage Elevated but Coverage Improving
Debt-to-EBITDA improved to 16.4x in Q2 2026 from 18.5x a year earlier, per reported figures, while interest coverage rose to 3.74x, indicating that debt service is becoming more comfortable despite high absolute leverage.
The D/E ratio of 0.98 is consistent with midstream peers, but the D/EBITDA multiple remains high, reflecting the capital-intensive model. The improvement in coverage from 3.03x to 3.74x over four quarters suggests that EBITDA growth is outpacing interest expense, likely due to lower rates or refinancing. However, the absolute leverage level warrants monitoring, especially if cash flows were to weaken.
Thin Liquidity Relies on Cash Flow
KMI's current ratio of 0.51 in Q2 2026, as per balance sheet data, indicates a thin liquidity buffer, but robust operating cash flow and access to credit facilities likely mitigate short-term risk.
The quick ratio of 0.41 underscores minimal reliance on inventory, but the low current ratio suggests that current liabilities exceed current assets, a common trait for capital-intensive firms with stable cash flows. The company's ability to generate strong OCF (averaging 2.1x net income) provides a cushion, yet the minimal cash balance of $89M implies dependence on external financing for near-term obligations. Investors should monitor any deterioration in cash flow that could strain liquidity.
Misapplied Metric: Current Ratio
The current ratio is commonly misapplied to KMI's business model, as its low value (0.51) may mislead investors, but the company's fee-based cash flows and credit access make it less relevant, per industry analysis.
For a midstream pipeline operator with stable, contracted cash flows, the current ratio overstates liquidity risk because it ignores the predictability of operating cash flow and the availability of revolving credit facilities. A more appropriate metric is the D/EBITDA ratio or interest coverage, which better reflect the company's ability to service debt and fund operations. Investors should adjust for the capital-intensive nature of the business and focus on cash flow adequacy rather than working capital ratios.