KINDER MORGAN, INC.

KMI · Utilities · $71.6B mkt cap · FY2025 filings · Narrow moat

On the watchlist

Narrow moat

The four filters

Pricing power88

Median gross margin 68.3% over 7y, stable.

Returns on capital36

Median ROIC 9.2%, above the 9% hurdle in 50% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline80

Owner earnings +17.6%/yr, share count flat.

Margin of safety

Above valueOn sale

51% above value

Owner earnings (normalized): $2.6B
Est. intrinsic value / share: $21.34
Recent price: $32.20
Discount to value: 51% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell KMI. See the disclaimer.