Kinder MORGAN, Inc. (KMI) intrinsic value & 10-year financials
Kinder MORGAN, Inc. (KMI) has a Graham intrinsic value of $45.51 per share. At $34.20 on Oct 17, 2026, the stock trades 25% below that value. Over the last 10 fiscal years revenue grew 1.7% a year to $15.2B, with an average return on invested capital of 4.2%.
- Graham intrinsic value
- $45.51
- Share price (Oct 17, 2026)
- $34.20
- Price vs Graham value
- 25% below
- Market cap
- $76.0B
- Revenue (FY2025)
- $15.2B
- Revenue growth (10-yr CAGR)
- 1.7%
- ROIC (10-yr avg)
- 4.2%
- Free cash flow (FY2025)
- $2.9B
KMI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $15.2B | $3.1B | $1.37 | $2.9B | 31.1% | 6.1% |
| FY2024 | $13.5B | $2.6B | $1.17 | $3.0B | 32.5% | 5.8% |
| FY2023 | $13.6B | $2.4B | $1.06 | $4.2B | 31.2% | 5.6% |
| FY2022 | $18.1B | $2.5B | $1.12 | $3.3B | 22.4% | 5.3% |
| FY2021 | $16.2B | $1.8B | $0.78 | $4.4B | 18.1% | 3.9% |
| FY2020 | $10.1B | $119.0M | $0.05 | $2.8B | 15.5% | 1.2% |
| FY2019 | $12.1B | $2.2B | $0.96 | $2.5B | 40.3% | 5.3% |
| FY2018 | $13.3B | $1.6B | — | $2.1B | 28.5% | 4.2% |
| FY2017 | $13.7B | $183.0M | $0.01 | $1.4B | 25.9% | 2.5% |
| FY2016 | $13.1B | $708.0M | $0.25 | $1.9B | 27.4% | 2.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Kinder Morgan has demonstrated mature, steady growth, with revenue compounding at 1.7% annually over the past decade.
Kinder Morgan has historically struggled to out-earn its cost of capital, averaging just 4.2% ROIC.
Kinder Morgan has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Kinder Morgan is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $45.51 per share.