KINDER MORGAN, INC.
KMI · Utilities · $73.1B mkt cap · FY2025 filings · · not refreshed in 36 days · Narrow moat ·
On the watchlist
The five investor questions
2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $16.2B to $15.2B, decreasing; diluted EPS 0.78 to 1.37, increasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%.
Median gross margin 68.3% over 7y, stable.
Median ROIC 9.2%, above the 12% hurdle in 10% of years.
Net cash position — no leverage risk.
Owner earnings changed +17.6%/yr over up to the ten most recent annual observations.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- $2.6B
- $13.17
- $13.17
- $32.86
- 149% above value if growth stopped today
What today’s price assumes: owner earnings growing ~20%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).
How to read this
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.
Score records captured Jul 26, 2026.
Exactly which 50 companies?
FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY
Missing a usable price or zero-growth estimate: ANF, BKNG.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
17 years of fundamentals
The business, in plain English
Across the filed record, revenue grew from $7.2B (FY2009) to $15.2B (FY2025) — about 4.8% a year compounded over 16 years.
It earned 12.0% on invested capital in the latest filed year, FY2025. Across the full 16-year measurable filed record, median ROIC was 10.3%. Over the v3 recent window (10 measurable filed years), median ROIC was 9.2%. The Returns on Capital filter above scores it 22/100.
KMI's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.
Put together: Balance-Sheet Safety is the strongest of the five filters (100/100) and Returns on Capital the weakest (22/100), which is how KMI lands at 71/100 — a Narrow moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in KMI’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Visual explainers
The filing-backed explainer service is temporarily unavailable, so no partial or guessed chart is shown.
Moat Score history
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Aug 31, 2026.
Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (24 versus 1). The filing codes alone do not establish that every such row arose from a compensation plan.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
| Insider | Shares owned after | Date | Filing detail | ||||
|---|---|---|---|---|---|---|---|
| Garthwaite Michael P.VP (Pres., Products Pipelines) | Open-market or private sale (S)Table I · Disposed · Class P Common Stock | 1,550 | $32.653 | $50,612 | 50,413 | Aug 17, 2026 | 1 filed lot
|
| Michels David PatrickVP and Chief Financial Officer | Exercise or conversion of derivative security (M)Table I · Acquired · Class P Common Stock · 1 paired event | 121,528 | —Exercise or conversion of derivative security (M) | — | 260,956 | Jul 31, 2026 | 1 filed lot
|
| Michels David PatrickVP and Chief Financial Officer | Payment of exercise price or tax liability (F)Table I · Disposed · Class P Common Stock | 47,573 | $32.18 | $1,530,899 | 213,383 | Jul 31, 2026 | 1 filed lot
|
| Michels David PatrickVP and Chief Financial Officer | Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit · 1 paired event | 121,528 | —Exercise or conversion of derivative security (M) | — | 0 | Jul 31, 2026 | 1 filed lot
|
| Sanders DaxPresident | Exercise or conversion of derivative security (M)Table I · Acquired · Class P Common Stock · 1 paired event | 130,209 | —Exercise or conversion of derivative security (M) | — | 420,709 | Jul 31, 2026 | 1 filed lot
|
| Sanders DaxPresident | Payment of exercise price or tax liability (F)Table I · Disposed · Class P Common Stock | 51,238 | $32.18 | $1,648,839 | 369,471 | Jul 31, 2026 | 1 filed lot
|
| Sanders DaxPresident | Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit · 1 paired event | 130,209 | —Exercise or conversion of derivative security (M) | — | 0 | Jul 31, 2026 | 1 filed lot
|
| Dang Kimberly ADirector, Chief Executive Officer | Exercise or conversion of derivative security (M)Table I · Acquired · Class P Common Stock · 1 paired event | 636,575 | —Exercise or conversion of derivative security (M) | — | 1,467,176 | Jul 31, 2026 | 1 filed lot
|
| Dang Kimberly ADirector, Chief Executive Officer | Payment of exercise price or tax liability (F)Table I · Disposed · Class P Common Stock | 250,233 | $32.18 | $8,052,498 | 1,216,943 | Jul 31, 2026 | 1 filed lot
|
| Dang Kimberly ADirector, Chief Executive Officer | Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit · 1 paired event | 636,575 | —Exercise or conversion of derivative security (M) | — | 0 | Jul 31, 2026 | 1 filed lot
|
| Holland James EVP and COO | Exercise or conversion of derivative security (M)Table I · Acquired · Class P Common Stock · 1 paired event | 130,209 | —Exercise or conversion of derivative security (M) | — | 665,686 | Jul 31, 2026 | 1 filed lot
|
| Holland James EVP and COO | Payment of exercise price or tax liability (F)Table I · Disposed · Class P Common Stock | 50,993 | $32.18 | $1,640,955 | 614,693 | Jul 31, 2026 | 1 filed lot
|
| Holland James EVP and COO | Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit · 1 paired event | 130,209 | —Exercise or conversion of derivative security (M) | — | 0 | Jul 31, 2026 | 1 filed lot
|
| ASHLEY ANTHONY BVP (President, CO2 and ETV) | Exercise or conversion of derivative security (M)Table I · Acquired · Class P Common Stock · 1 paired event | 104,167 | —Exercise or conversion of derivative security (M) | — | 204,313 | Jul 31, 2026 | 1 filed lot
|
| ASHLEY ANTHONY BVP (President, CO2 and ETV) | Payment of exercise price or tax liability (F)Table I · Disposed · Class P Common Stock | 40,275 | $32.18 | $1,296,050 | 164,038 | Jul 31, 2026 | 1 filed lot
|
| ASHLEY ANTHONY BVP (President, CO2 and ETV) | Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit · 1 paired event | 104,167 | —Exercise or conversion of derivative security (M) | — | 0 | Jul 31, 2026 | 1 filed lot
|
| Grahmann Kevin PV.P., Corporate Development | Exercise or conversion of derivative security (M)Table I · Acquired · Class P Common Stock · 1 paired event | 40,510 | —Exercise or conversion of derivative security (M) | — | 99,163 | Jul 31, 2026 | 1 filed lot
|
| Grahmann Kevin PV.P., Corporate Development | Payment of exercise price or tax liability (F)Table I · Disposed · Class P Common Stock | 13,576 | $32.18 | $436,876 | 85,587 | Jul 31, 2026 | 1 filed lot
|
| Grahmann Kevin PV.P., Corporate Development | Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit · 1 paired event | 40,510 | —Exercise or conversion of derivative security (M) | — | 0 | Jul 31, 2026 | 1 filed lot
|
| James Catherine C.VP and General Counsel | Exercise or conversion of derivative security (M)Table I · Acquired · Class P Common Stock · 1 paired event | 69,445 | —Exercise or conversion of derivative security (M) | — | 192,098 | Jul 31, 2026 | 1 filed lot
|
| James Catherine C.VP and General Counsel | Payment of exercise price or tax liability (F)Table I · Disposed · Class P Common Stock | 26,760 | $32.18 | $861,137 | 165,338 | Jul 31, 2026 | 1 filed lot
|
| James Catherine C.VP and General Counsel | Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit · 1 paired event | 69,445 | —Exercise or conversion of derivative security (M) | — | 0 | Jul 31, 2026 | 1 filed lot
|
| Mody Sital KV.P. (Pres.,Nat Gas Pipelines) | Exercise or conversion of derivative security (M)Table I · Acquired · Class P Common Stock · 1 paired event | 115,741 | —Exercise or conversion of derivative security (M) | — | 115,741 | Jul 31, 2026 | 1 filed lot
|
| Mody Sital KV.P. (Pres.,Nat Gas Pipelines) | Payment of exercise price or tax liability (F)Table I · Disposed · Class P Common Stock | 45,545 | $32.18 | $1,465,638 | 70,196 | Jul 31, 2026 | 1 filed lot
|
| Mody Sital KV.P. (Pres.,Nat Gas Pipelines) | Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit · 1 paired event | 115,741 | —Exercise or conversion of derivative security (M) | — | 0 | Jul 31, 2026 | 1 filed lot
|
Source-event as of . Retrieved .
Utilities context
#2 of 101 scored Utilities companies, ranked by Moat Score.
Nearest peers by Moat Score
- #1RSG REPUBLIC SERVICES, INC.76.4 out of 100, Narrow moatNarrow moat
- #3WM Waste Management, Inc70.2 out of 100, Narrow moatNarrow moat
- #4CWCO CONSOLIDATED WATER CO. LTD.68.8 out of 100, Narrow moatNarrow moat
Compare KMI with its nearest peers →All Utilities companies on the Index →
Common questions about KMI
- Does KINDER MORGAN, INC. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores KINDER MORGAN, INC. (KMI) 71.4 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 67, pricing power 88, returns on capital 22, balance-sheet safety 100, capital allocation 80.
- Is KMI trading below the conservative owner-earnings estimate?
- The value if growth stopped today — a zero-growth baseline — is $13.17 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $32.86, that is 149% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has KMI's Moat Score changed over time?
- The record logs 16 readings since Jul 17, 2026; the latest reads 71.4 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.