KINDER MORGAN, INC.
KMI, EP-PC · Natural Gas Transmission · 2.22B shares · -0%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $435M (gross $522M, SBC $87M)
Reference price $31.44 · est. market cap ~$69.9B — last insider sale, 2026-06-16 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B72Wide-moat natural-gas pipeline network with strong, predictable cash flow but mid-pack capital returns.
Strengths
- Top-decile FCF ($2.9B, 100th pct) and large EBITDA (83rd pct); FERC-regulated, fee-based, diversified customer base (no >10% customer)
- Revenue up 7.1% with leverage (net-debt/EBITDA 3.4x) reasonable for a midstream operator
Risks
- Returns are only average: ROE 9.8% (42nd pct), ROIC 5.9% (38th pct), ROA 4.2% (50th pct)
- Long-term demand/energy-transition and project-permitting risk; weak current/quick ratios
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Weak liquidityCurrent ratio 0.64 (<1)
- Customer concentration~10% of revenue from one customer/distributor — For each of the years ended December 31, 2025, 2024, and 2023, no revenues from transactions with a single external customer accounted for 10% or more of our total consolidated revenues
- Insider sellingInsider selling — 12 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$2M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
27.9%
Net margin
18.0%
Return on equity
9.8%
Return on assets
4.2%
ROIC
5.9%
Revenue growth (QoQ)
7.1%
Net-income growth
17.0%
Debt / equity
1.0×
Net debt / EBITDA
3.4×
Current ratio
0.6×
Free cash flow
$2.9B
EBITDA
$7.2B
Tangible book value
$9.3B
Cash & investments
$7.6B
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-16 | Garthwaite Michael P. | Sell | 1.6K | $31.44 |
| 2026-06-05 | Schlosser John W | Sell | 6.2K | $31.83 |
| 2026-05-18 | Garthwaite Michael P. | Sell | 1.6K | $33.65 |
| 2026-05-05 | Schlosser John W | Sell | 6.2K | $32.41 |
| 2026-04-16 | Garthwaite Michael P. | Sell | 1.6K | $31.72 |
| 2026-04-06 | Schlosser John W | Sell | 6.2K | $32.93 |
| 2026-03-16 | Garthwaite Michael P. | Sell | 1.6K | $33.30 |
| 2026-03-05 | Schlosser John W | Sell | 6.2K | $33.67 |
| 2026-02-17 | ASHLEY ANTHONY B | Sell | 8.0K | $31.95 |
| 2026-02-05 | Schlosser John W | Sell | 6.2K | $30.09 |
| 2026-02-02 | SMITH WILLIAM A | Buy | 3.0K | $29.75 |
| 2026-01-22 | Michels David Patrick | Sell | 20K | $30.00 |
| 2026-01-20 | VAGT ROBERT F | Grant | 1.8K | $27.96 |
| 2026-01-20 | Chronis Amy W | Grant | 8.9K | $27.96 |
| 2026-01-05 | Schlosser John W | Sell | 6.2K | $27.49 |
| 2025-12-05 | Schlosser John W | Sell | 6.2K | $27.81 |
| 2025-11-17 | Sanders Dax | Gift | 1.5K | — |
| 2025-11-10 | Schlosser John W | Sell | 6.2K | $27.00 |
| 2025-10-31 | Chronis Amy W | Buy | 3.8K | $26.23 |
| 2025-10-30 | Chronis Amy W | Buy | 487 | $26.26 |
| 2025-10-27 | KINDER RICHARD D | Buy | 1.0M | $25.96 |
| 2025-10-06 | Schlosser John W | Sell | 6.2K | $28.17 |
| 2025-09-15 | Grahmann Kevin P | Sell | 24K | $27.61 |
| 2025-09-08 | Schlosser John W | Sell | 6.2K | $27.00 |
| 2025-08-11 | Sanders Dax | Sell | 30K | $27.05 |
| 2025-08-05 | Schlosser John W | Sell | 6.2K | $27.80 |
| 2025-08-04 | Michels David Patrick | Sell | 40K | $28.19 |
| 2025-08-01 | Mody Sital K | Sell | 46K | $27.96 |
| 2025-07-31 | James Catherine C. | Option exercise | 52K | — |
| 2025-07-31 | ASHLEY ANTHONY B | Option exercise | 87K | — |
| 2025-07-31 | ASHLEY ANTHONY B | Tax withheld | 33K | $28.06 |
| 2025-07-31 | Dang Kimberly A | Option exercise | 289K | — |
| 2025-07-31 | Dang Kimberly A | Tax withheld | 113K | $28.06 |
| 2025-07-31 | Grahmann Kevin P | Option exercise | 35K | — |
| 2025-07-31 | Grahmann Kevin P | Tax withheld | 11K | $28.06 |
| 2025-07-31 | Michels David Patrick | Option exercise | 87K | — |
| 2025-07-31 | Michels David Patrick | Tax withheld | 34K | $28.06 |
| 2025-07-31 | Holland James E | Option exercise | 108K | — |
| 2025-07-31 | Holland James E | Tax withheld | 42K | $28.06 |
| 2025-07-31 | James Catherine C. | Tax withheld | 20K | $28.06 |
| 2025-07-31 | MARTIN THOMAS A | Option exercise | 383K | — |
| 2025-07-31 | MARTIN THOMAS A | Tax withheld | 151K | $28.06 |
| 2025-07-31 | Sanders Dax | Option exercise | 108K | — |
| 2025-07-31 | Sanders Dax | Tax withheld | 42K | $28.06 |
| 2025-07-31 | Schlosser John W | Option exercise | 29K | — |
| 2025-07-31 | Schlosser John W | Tax withheld | 11K | $28.06 |
| 2025-07-28 | Chronis Amy W | Buy | 2.8K | $27.21 |
| 2025-07-19 | Mody Sital K | Option exercise | 75K | — |
| 2025-07-19 | Mody Sital K | Tax withheld | 30K | $27.88 |
| 2025-07-19 | Pitta Michael J | Option exercise | 14K | — |
| 2025-07-19 | Pitta Michael J | Tax withheld | 3.5K | $27.88 |
| 2025-06-04 | MARTIN THOMAS A | Sell | 18K | $28.26 |
| 2025-05-07 | MARTIN THOMAS A | Sell | 18K | $27.57 |
| 2025-04-02 | MARTIN THOMAS A | Sell | 18K | $28.75 |
| 2025-03-05 | MARTIN THOMAS A | Sell | 18K | $26.61 |
| 2025-02-19 | MORGAN MICHAEL C | Sell | 100K | $26.83 |
| 2025-02-19 | MORGAN MICHAEL C | Sell | 60K | $26.88 |
| 2025-02-18 | Schlosser John W | Sell | 75K | $26.65 |
| 2025-02-05 | MARTIN THOMAS A | Sell | 18K | $27.70 |
| 2025-01-31 | Schlosser John W | Option exercise | 480K | — |
| 2025-01-31 | Schlosser John W | Tax withheld | 188K | $27.48 |
| 2025-01-21 | VAGT ROBERT F | Grant | 1.6K | $31.22 |
| 2025-01-21 | Chronis Amy W | Grant | 8.0K | $31.22 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-28 | 2026-05-21 | 0001506307-26-000049 ↗ |
| 8-K | 2026-05-19 | 2026-05-13 | 0001506307-26-000043 ↗ |
| 8-K | 2026-05-15 | 2026-05-14 | 0001506307-26-000041 ↗ |
| 8-K | 2026-04-27 | 2026-04-24 | 0001506307-26-000037 ↗ |
| 10-Q | 2026-04-24 | 2026-03-31 | 0001506307-26-000035 ↗ |
| 8-K | 2026-04-22 | 2026-04-22 | 0001506307-26-000033 ↗ |
| 8-K | 2026-02-23 | 2026-02-20 | 0001506307-26-000016 ↗ |
| 10-K | 2026-02-13 | 2025-12-31 | 0001506307-26-000011 ↗ |
| 8-K | 2026-01-29 | 2026-01-28 | 0001506307-26-000007 ↗ |
| 8-K | 2026-01-21 | 2026-01-21 | 0001506307-26-000002 ↗ |
| 8-K | 2025-12-05 | 2025-12-04 | 0001506307-25-000071 ↗ |
| 8-K | 2025-11-07 | 2025-11-06 | 0001506307-25-000069 ↗ |