Kinder Morgan
ConvictionModerate
Fee-based, take-or-pay pipeline and storage infrastructure: ~two-thirds of cash flow is contracted/regulated volume-and-capacity fees (largely commodity-price-insensitive), with a smaller commodity-exposed CO2/EOR segment. C-corp (not an MLP) paying a quarterly dividend.
Revenue
$16.94BFY2025, +12% y/y); $4.83B (Q1 2026, +13.8% y/yRev growth
+12% FY2025 y/y+13.8% Q1 2026 y/y (note: revenue includes commodity pass-through, so adj. EBITDA is the cleaner growth readGross margin
not disclosed as a clean metriccommodity pass-through distorts it); adj. EBITDA margin ~50% (FY2025 adj. EBITDA $8.39B on $16.94B revenueOp margin
~30%FY2025, approx.Capex intensity
High — sustaining capex plus multi-billion annual growth capex~$3.4B discretionary 2026 budget) against a $10.1B project backlogMarket cap
~$70.6BNYSE: KMI, 2026-07-02The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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