Stock

Kinder Morgan

KMI
69
Oil & Gas Midstream · Energy
Also trades as: 0JR2.L GBP 0.34 (+3.07%)
Price
$34.20
+1.38 (+4.20%)
Market Cap
$76.16B
Winston Score
69
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Strong
16/20
Cash Flow
Exceptional
10/10
Stability
Mixed
4/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Mixed
2/5

69 of 100 counted points = Winston Score 69.

Share count falling — buybacks

−1.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 2.27B (2021) → 2.23B (2025)

§Winston Score History

The full picture

Kinder Morgan owns and operates one of the largest networks of pipelines and storage facilities in the United States. The company moves natural gas, gasoline, crude oil, and other energy products through roughly 79,000 miles of pipelines, connecting producers to refineries, utilities, and industrial customers. It does not produce oil or gas itself — it simply transports and stores it, acting like a toll road for energy.

Kinder Morgan earns most of its revenue through long-term contracts and fee-based agreements, meaning it gets paid for moving products regardless of whether energy prices go up or down. It operates almost entirely in the United States, making it one of the country's dominant midstream infrastructure companies. Its vast, hard-to-replicate pipeline network creates a strong barrier against new competitors. The key growth driver is rising demand for natural gas, particularly from liquefied natural gas export terminals and data centers, though regulatory changes or a long-term decline in fossil fuel use remain meaningful risks.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+21.9% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

13.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$7.8B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Kinder Morgan is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
68.6%
Premium pricing power — 68.6% gross margin
Profit after running costs
Operating Margin
30.1%
Excellent — 30.1% operating margin
Return on the money invested
ROCE
8.2%
Below par — 8.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+12.7%
Fast-growing sales (+12.7% YoY)
Profit growth
EPS YoY
+27.9%
Earnings growing fast (+27.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
191%
Turns 191% of profit into real cash
Spare cash per sale
FCF Margin
21.5%
Converts sales into free cash efficiently (21.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
1.02
Elevated debt (1.02)
Covers its interest
Interest Cover
2.98x
Tight — interest eats into profit (3.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
21.9x
Growth-priced — P/E 21.9

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+3.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (21.9 → 18.3)

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Dividends

Dividend
Dividend Yield
3.89%
Moderate income — 3.89% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+1.7%
Dividend flat
Payout Ratio
76%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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