Latest Ratios: P/E Ratio 23.1x · EV/EBITDA 14.1x · ROE 9.5%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $70.5B | $61.2B | $60.8B | $39.4B | $40.8B | $35.9B | $30.9B | $47.9B | $34.1B | $40.3B | $46.2B |
| Enterprise Value | $102.8B | $93.4B | $93.0B | $71.9B | $72.3B | $68.7B | $64.3B | $81.9B | $67.9B | $77.5B | $85.5B |
| P/E Ratio → | 23.13 | 20.07 | 23.42 | 16.64 | 16.14 | 20.33 | 292.09 | 22.05 | 23.30 | 1807.00 | 82.84 |
| P/S Ratio | 4.16 | 3.61 | 4.04 | 2.60 | 2.09 | 2.05 | 2.69 | 3.64 | 2.39 | 2.96 | 3.57 |
| P/B Ratio | 2.17 | 1.88 | 1.91 | 1.24 | 1.27 | 1.13 | 0.95 | 1.37 | 0.97 | 1.15 | 1.33 |
| P/FCF | 21.89 | 18.99 | 20.24 | 9.51 | 12.20 | 8.12 | 10.88 | 19.34 | 16.08 | 28.52 | 24.24 |
| P/OCF | 11.29 | 9.79 | 10.79 | 6.07 | 8.22 | 6.30 | 6.80 | 10.09 | 6.76 | 8.76 | 9.65 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.51 | 6.17 | 4.75 | 3.70 | 3.92 | 5.60 | 6.23 | 4.76 | 5.69 | 6.61 |
| EV / EBITDA | 14.15 | 12.86 | 13.80 | 11.43 | 10.94 | 9.26 | 11.89 | 13.02 | 10.67 | 13.60 | 14.10 |
| EV / EBIT | 21.36 | 18.59 | 17.63 | 14.37 | 14.94 | 18.49 | 28.62 | 16.54 | 15.40 | 19.43 | 24.24 |
| EV / FCF | — | 29.01 | 30.92 | 17.35 | 21.62 | 15.52 | 22.63 | 33.06 | 32.05 | 54.88 | 44.91 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.7% | 43.7% | 36.7% | 33.9% | 28.1% | 36.3% | 37.3% | 37.2% | 35.1% | 33.2% | 38.2% |
| Operating Margin | 28.4% | 28.4% | 29.1% | 26.7% | 22.6% | 30.1% | 28.3% | 29.5% | 28.5% | 25.3% | 29.8% |
| Net Profit Margin | 18.0% | 18.0% | 17.3% | 15.8% | 13.0% | 10.2% | 1.0% | 16.6% | 11.3% | 1.3% | 5.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.5% | 9.5% | 8.2% | 7.5% | 8.0% | 5.5% | 0.4% | 6.2% | 4.6% | 0.5% | 2.0% |
| ROA | 4.2% | 4.2% | 3.7% | 3.4% | 3.6% | 2.5% | 0.2% | 2.9% | 2.0% | 0.2% | 0.9% |
| ROIC | 5.6% | 5.6% | 5.1% | 4.7% | 5.2% | 6.1% | 3.6% | 4.2% | 4.3% | 3.5% | 3.8% |
| ROCE | 7.0% | 7.0% | 6.7% | 6.4% | 6.8% | 7.9% | 4.8% | 5.5% | 5.6% | 4.7% | 5.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.00 | 1.00 | 1.01 | 1.03 | 1.01 | 1.06 | 1.06 | 0.98 | 1.05 | 1.07 | 1.15 |
| Debt / EBITDA | 4.46 | 4.46 | 4.80 | 5.18 | 4.89 | 4.57 | 6.39 | 5.43 | 5.83 | 6.58 | 6.60 |
| Net Debt / Equity | — | 0.99 | 1.01 | 1.03 | 0.98 | 1.03 | 1.03 | 0.97 | 0.96 | 1.06 | 1.13 |
| Net Debt / EBITDA | 4.44 | 4.44 | 4.77 | 5.17 | 4.77 | 4.42 | 6.17 | 5.40 | 5.32 | 6.53 | 6.49 |
| Debt / FCF | — | 10.02 | 10.69 | 7.85 | 9.42 | 7.40 | 11.75 | 13.72 | 15.97 | 26.36 | 20.66 |
| Interest Coverage | 2.79 | 2.79 | 2.83 | 2.77 | 3.21 | 2.48 | 1.42 | 2.77 | 2.32 | 2.18 | 1.87 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.64 | 0.64 | 0.49 | 0.35 | 0.55 | 0.66 | 0.63 | 0.63 | 0.76 | 0.44 | 0.55 |
| Quick Ratio | 0.50 | 0.50 | 0.39 | 0.28 | 0.46 | 0.56 | 0.56 | 0.56 | 0.71 | 0.37 | 0.48 |
| Cash Ratio | 0.03 | 0.03 | 0.02 | 0.01 | 0.11 | 0.20 | 0.23 | 0.22 | 0.43 | 0.04 | 0.12 |
| Asset Turnover | — | 0.23 | 0.21 | 0.21 | 0.28 | 0.24 | 0.16 | 0.18 | 0.18 | 0.17 | 0.16 |
| Inventory Turnover | 16.64 | 16.64 | 17.20 | 19.09 | 22.16 | 19.87 | 20.68 | 22.27 | 24.06 | 21.44 | 22.40 |
| Days Sales Outstanding | — | 36.91 | 36.47 | 38.24 | 34.35 | 33.54 | 41.11 | 38.25 | 38.30 | 43.24 | 43.71 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.7% | 4.3% | 4.2% | 6.4% | 6.1% | 6.8% | 7.6% | 4.5% | 4.7% | 2.8% | 2.4% |
| Payout Ratio | 85.2% | 85.2% | 97.9% | 105.8% | 98.3% | 136.9% | 1984.9% | 98.8% | 100.6% | 612.0% | 157.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 5.0% | 4.3% | 6.0% | 6.2% | 4.9% | 0.3% | 4.5% | 4.3% | 0.1% | 1.2% |
| FCF Yield | 4.6% | 5.3% | 4.9% | 10.5% | 8.2% | 12.3% | 9.2% | 5.2% | 6.2% | 3.5% | 4.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 1.3% | 0.9% | 0.0% | 0.2% | 0.0% | 0.8% | 0.6% | 0.0% |
| Total Shareholder Yield | 3.7% | 4.3% | 4.2% | 7.7% | 7.0% | 6.8% | 7.8% | 4.5% | 5.5% | 3.4% | 2.4% |
| Shares Outstanding | — | $2.2B | $2.2B | $2.2B | $2.3B | $2.3B | $2.3B | $2.3B | $2.2B | $2.2B | $2.2B |
Tight liquidity and leverage
According to current market data, KMI trades at a forward P/E of 22.56, which appears to command a premium relative to peers like Energy Transfer, suggesting investors are pricing in the strategic value of its irreplaceable natural gas network rather than just near-term earnings growth.
The company's valuation multiples, including a P/FCF of 22.93, indicate that the market is willing to pay a higher price for the stability of fee-based cash flows compared to more commodity-sensitive midstream operators. This valuation suggests that the market views KMI's existing right-of-way as a long-term strategic asset that is increasingly difficult to replicate in the current regulatory environment.
As reported in recent financial statements, KMI's ROIC has remained stagnant at approximately 1.2% to 1.7% over the last ten quarters, indicating that the company's massive asset base generates relatively low returns on invested capital compared to the broader energy sector's historical performance benchmarks.
The persistent low ROIC reflects the heavy capital intensity required to maintain an 83,000-mile pipeline network, where significant maintenance capex is a prerequisite for operations. Investors should monitor whether future expansion projects can achieve higher incremental returns, as current levels suggest that the company is primarily a utility-like compounder rather than a high-growth capital allocator.
Based on the latest quarterly figures, KMI's current ratio has plummeted to 0.02, a level that appears exceptionally low and suggests that the company maintains minimal short-term liquidity to cover immediate obligations, necessitating a reliance on revolving credit facilities or consistent cash flow generation.
This liquidity profile is highly unusual for a company of this scale and warrants further investigation into whether this reflects a structural change in working capital management or a temporary reporting anomaly. The lack of a meaningful current ratio buffer implies that any disruption in cash flow timing could potentially strain the company's ability to meet short-term debt service requirements.
The P/E ratio is frequently misapplied to KMI, as it obscures the company's true earning power by failing to account for the massive non-cash depreciation charges inherent in its capital-intensive midstream business model, which significantly depresses reported net income relative to actual cash generation.
Analysts should instead prioritize Distributable Cash Flow (DCF) or EV/EBITDA, as these metrics better capture the recurring, fee-based nature of the pipeline business. Relying on P/E may lead to an incorrect assessment of the company's valuation, as it treats essential maintenance capital expenditures as a reduction in value rather than a necessary cost of sustaining the asset base.
Includes 30+ ratios · 17 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying KMI stock.
Kinder Morgan, Inc.'s current P/E ratio is 23.1x. The historical average is 40.4x. This places it at the 38th percentile of its historical range.
Kinder Morgan, Inc.'s current EV/EBITDA is 14.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.0x.
Kinder Morgan, Inc.'s return on equity (ROE) is 9.5%. The historical average is 4.4%.
Based on historical data, Kinder Morgan, Inc. is trading at a P/E of 23.1x. This is at the 38th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kinder Morgan, Inc.'s current dividend yield is 3.69% with a payout ratio of 85.2%.
Kinder Morgan, Inc. has 43.7% gross margin and 28.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Kinder Morgan, Inc.'s Debt/EBITDA ratio is 4.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.