Kinder Morgan Inc
KMI—
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Kinder Morgan Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 20.1B is 65% of equity (30.7B) - impairment risk material given 71M cash and 32.5B debt load[Goodwill]
- Operating margin TTM 27.2% vs industry median 8.8% - 3x advantage from pipeline toll-road economics[Operating Margin TTM]
- Revenue declined -7.1% 3Y CAGR vs industry median +5.4% - structural volume headwinds despite margin strength[Total Revenue 3Y Growth]
Watch Triggers
- Free Cash Flow TTM: Falls below 2.5B — Would force dividend cut or debt increase - current 2.8B barely covers 2.6B dividends
- Total Debt: Exceeds 35B or debt/EBITDA >5x — Credit rating downgrade risk would spike refinancing costs on 31.4B long-term debt
- Total Revenue TTM: Declines below 15B — Would signal accelerating volume loss, compressing FCF below dividend coverage
Bull Case
Fee-based pipeline model generates 5.7B operating cash flow TTM at 35% margin - predictable cash regardless of commodity prices
Cash Flow TTMOperating Margin TTM
1.16/share dividend (5.2% yield at current price) covered by FCF with 39B PPE infrastructure moat
Dividends Paid Per Share TTMPPEFree Cash Flow TTM
Bear Case
32.5B debt (4.7x EBITDA) with only 71M cash creates refinancing risk as rates stay elevated
Total DebtCash and EquivalentsEBITDA TTM
Revenue contracting -7.1% 3Y while industry grows +5.4% - energy transition may accelerate volume decline
Total Revenue 3Y GrowthTotal Revenue TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
Dividend sustainability at risk if FCF margin compresses below 15%
1-3ymed
- Dividend payout 95% of earnings (5Y avg 96.6%)
- FCF TTM 2.8B covers 2.6B dividends with thin 200M cushion
- Debt/equity 1.06x limits financial flexibility
FCF TTM 2.8B, dividends paid 2.6B (1.16/share x 2.2B shares)Total debt 32.5B vs equity 30.7BCash only 71M - no buffer for disruption
Valuation Context
Caveats
KMI Fundamentals
Mining, Quarrying, and Oil and Gas Extraction → Support Activities for Mining
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$75.15B | — | ||
$107.03B | — | ||
23 | — | ||
$17.52B | +13.1% | — | |
$1.49 | +28.4% | — | |
28.7% | +0.9% | — | |
18.9% | +2.2% | — | |
$3.18B | +12.4% | — | |
10.7% | +2.2% | — | |
Beta 5Y (Monthly) | unknown | — |
KMI Dividend History
61 dividends
2026
$0.590005/04/26$0.2975
02/02/26$0.2925
2025
$1.165011/03/25$0.2925
07/31/25$0.2925
04/30/25$0.2925
02/03/25$0.2875
2024
$1.145010/31/24$0.2875
07/31/24$0.2875
04/29/24$0.2875
01/30/24$0.2825
2023
$1.125010/30/23$0.2825
07/28/23$0.2825
04/28/23$0.2825
01/30/23$0.2775
2022
$1.102510/28/22$0.2775
07/29/22$0.2775
04/29/22$0.2775
01/28/22$0.2700
2021
$1.072510/29/21$0.2700
07/30/21$0.2700
04/29/21$0.2700
01/29/21$0.2625
2020
$1.037510/30/20$0.2625
07/31/20$0.2625
05/01/20$0.2625
01/31/20$0.2500
2019
$0.950010/30/19$0.2500
07/30/19$0.2500
04/29/19$0.2500
01/30/19$0.2000
2018
$0.725010/30/18$0.2000
07/30/18$0.2000
04/27/18$0.2000
01/30/18$0.1250
2017
$0.500010/30/17$0.1250
07/27/17$0.1250
04/27/17$0.1250
01/30/17$0.1250
2016
$0.500010/28/16$0.1250
07/28/16$0.1250
04/28/16$0.1250
01/28/16$0.1250
2015
$1.930010/29/15$0.5100
07/29/15$0.4900
04/28/15$0.4800
01/29/15$0.4500
2014
$1.700010/29/14$0.4400
07/29/14$0.4300
04/28/14$0.4200
01/29/14$0.4100
2013
$1.560010/29/13$0.4100
07/29/13$0.4000
04/25/13$0.3800
01/29/13$0.3700
2012
$1.340010/29/12$0.3600
07/27/12$0.3500
04/26/12$0.3200
01/27/12$0.3100
2011
$0.740010/27/11$0.3000
07/28/11$0.3000
04/28/11$0.1400
KMI Stock Splits
No stock splits
KMI SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
04/24/26 | 03/31/26 | 10-Q | |
02/13/26 | 12/31/25 | Unknown | |
10/24/25 | 09/30/25 | 10-Q | |
07/18/25 | 06/30/25 | 10-Q | |
04/18/25 | 03/31/25 | 10-Q | |
02/13/25 | 12/31/24 | Unknown | |
10/18/24 | 09/30/24 | 10-Q | |
07/19/24 | 06/30/24 | 10-Q | |
04/19/24 | 03/31/24 | 10-Q | |
02/20/24 | 12/31/23 | 10-K | |
10/23/23 | 09/30/23 | 10-Q | |
07/21/23 | 06/30/23 | 10-Q | |
04/21/23 | 03/31/23 | 10-Q | |
02/08/23 | 12/31/22 | 10-K | |
10/21/22 | 09/30/22 | 10-Q | |
07/22/22 | 06/30/22 | 10-Q | |
04/22/22 | 03/31/22 | 10-Q | |
02/07/22 | 12/31/21 | 10-K | |
10/22/21 | 09/30/21 | 10-Q | |
07/23/21 | 06/30/21 | 10-Q | |
04/23/21 | 03/31/21 | 10-Q | |
02/05/21 | 12/31/20 | 10-K | |
10/23/20 | 09/30/20 | 10-Q | |
07/27/20 | 06/30/20 | 10-Q | |
04/29/20 | 03/31/20 | 10-Q | |
02/12/20 | 12/31/19 | 10-K | |
10/21/19 | 09/30/19 | 10-Q | |
07/19/19 | 06/30/19 | 10-Q | |
04/23/19 | 03/31/19 | 10-Q | |
02/08/19 | 12/31/18 | 10-K | |
10/19/18 | 09/30/18 | 10-Q | |
07/20/18 | 06/30/18 | 10-Q | |
04/24/18 | 03/31/18 | 10-Q | |
02/09/18 | 12/31/17 | 10-K | |
10/20/17 | 09/30/17 | 10-Q | |
07/24/17 | 06/30/17 | 10-Q | |
04/21/17 | 03/31/17 | 10-Q | |
02/10/17 | 12/31/16 | 10-K | |
10/21/16 | 09/30/16 | 10-Q | |
07/22/16 | 06/30/16 | 10-Q | |
04/22/16 | 03/31/16 | 10-Q | |
02/16/16 | 12/31/15 | 10-K | |
10/23/15 | 09/30/15 | 10-Q | |
07/24/15 | 06/30/15 | 10-Q | |
04/28/15 | 03/31/15 | 10-Q | |
02/23/15 | 12/31/14 | 10-K | |
10/29/14 | 09/30/14 | 10-Q | |
07/31/14 | 06/30/14 | 10-Q | |
05/01/14 | 03/31/14 | 10-Q | |
02/24/14 | 12/31/13 | 10-K | |
10/30/13 | 09/30/13 | 10-Q | |
08/05/13 | 06/30/13 | 10-Q | |
05/03/13 | 03/31/13 | 10-Q | |
03/01/13 | 12/31/12 | 10-K | |
11/14/12 | 09/30/12 | 10-Q | |
08/14/12 | 06/30/12 | 10-Q | |
05/02/12 | 03/31/12 | 10-Q | |
02/23/12 | 12/31/11 | 10-K | |
11/02/11 | 09/30/11 | 10-Q | |
08/04/11 | 06/30/11 | 10-Q | |
05/06/11 | 03/31/11 | 10-Q | |
03/02/11 | 12/31/10 | 10-K | |
02/11/11 | 09/30/10 | 424B1 | |
08/04/11 | 06/30/10 | 10-Q | |
05/06/11 | 03/31/10 | 10-Q | |
02/11/11 | 12/31/09 | 424B1 |