KMI · Intrinsic value
Is Kinder Morgan, Inc. (KMI) overvalued or undervalued?
Kinder Morgan, Inc. (KMI) trades at the delayed market price of $33.50 a share. That price already implies revenue growth of 12.5% a year for 5 years. TickerWorth's fair value is $18.76 a share (79% above fair value), as of Oct 19, 2026. It is a model estimate, and every input behind it is sourced below.
Model by Miraaj Patel · generated from SEC filings and market data · Updated Oct 19, 2026 · How these pages are made
Is KMI overvalued?
- Fair value
- $18.76
- Market price
- $33.50
- Downside to fair value
- 44.0%
- Verdict
- 79% above fair value
Reverse DCF: Today's price implies revenue growth of 12.5% a year for 5 years; our model assumes 5.2% a year on average over the same horizon.
What is KMI's TickerWorth Score?
Scores lower than almost every company we compare it with
Compared with Energy companies in US
Its weakest point: balance sheet looks stretched.
- Value · 27 of 100
Cheaper than 27% of Energy companies in US
- Price vs worth · 15 of 100
- Quality · 50 of 100
More profitable than 50% of Energy companies in US
- Financial health · 11 of 100
Financially stronger than 11% of Energy companies in US
- Growth · 28 of 100
Growing faster than 28% of Energy companies in US
- Momentum · 46 of 100
Outperformed 46% of Energy companies in US over the past year
Confidence: High confidence · Scored
Get the Undervalued Company of the Week.
KMI DCF valuation: what the price assumes
At a recent price of $33.50, Kinder Morgan, Inc. (KMI) trades 79% above TickerWorth's blended fair value of $18.76 per share — a discounted-cash-flow model cross-checked against peer multiples and asset value — meaning the market currently prices KMI overvalued vs our estimate of what the business is intrinsically worth. Our fair value sits below the market, an implied -44.0% move to close the gap if the business performs in line with our assumptions. This is an educational model, not a price target or a recommendation — the value moves with the inputs, which you can test yourself using the WACC slider below.
Read the full reasoning
One of the lenses behind that blended figure is a discounted-cash-flow model, which on its own values KMI at about $18.12 per share. The rest of this page walks through that DCF — its assumptions, reverse-DCF and discount-rate sensitivity — because it is the auditable anchor of the blend.
The valuation discounts Kinder Morgan, Inc.'s projected free cash flows at a weighted-average cost of capital (WACC) of 7.2%, with a long-run terminal growth rate of 2.5%. About 81% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.
Running the DCF in reverse — solving for the growth the current price already assumes — the market is implying roughly 12.5% annual revenue growth for KMI. Our base case instead compounds to about 5.2% a year over the same forecast, so the market is pricing in materially faster growth than our base case. The reverse-DCF is a quick sanity check: it reframes 'is this stock cheap?' as 'do I believe the growth the price requires?' rather than arguing over a single point estimate of fair value.
Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, KMI's modeled DCF value ranges from about $6.74 to $55.80 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.
How to read this page: the DCF fair value is what Kinder Morgan, Inc. would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of KMI's intrinsic value. Figures update as new filings and prices come in.
Every input behind KMI's DCF
| Input | Value |
|---|---|
| Base-year revenueKINDER MORGAN, INC. FY2025 10-K (accession 0001506307-26-000011): us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, FY2025 full year. | $15,202,000,000 |
| Base EBIT marginKINDER MORGAN, INC. FY2025 10-K (accession 0001506307-26-000011): us-gaap:OperatingIncomeLoss 4,724,000,000 / revenue 15,202,000,000 = 31.07%, FY2025. | 31.1% |
| Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast | 6% → 6% → 5% → 5% → 4% |
| Risk-free rateLive feed — US 10-year Treasury yield (^TNX) | 5.2% |
| BetaLive feed — yfinance, 5-year monthly beta vs the S&P 500 (clamped to 0.4–2.5) | 0.55 |
| Terminal growthESTIMATEAssumption — TickerWorth house default 2.5%, held below WACC | 2.5% |
| Diluted sharesKINDER MORGAN, INC. FY2025 10-K (accession 0001506307-26-000011): WeightedAverageNumberOfDilutedSharesOutstanding = 2,223,000,000 shares, FY2025. | 2,223M |
| Market priceBackup price feed · as of 2026-10-19 15:22 UTC | $33.50 |
Change KMI's assumptions
The discount-rate dial and the editable model
ProChange growth, margin and WACC yourself — Pro (7-day free trial, card required).
What does Kinder Morgan, Inc. do?
What does it do?
Kinder Morgan, Inc. operates as an energy infrastructure company primarily in North America. It operates in the Oil & Gas Midstream industry (Energy sector), headquartered in United States. The company employs roughly 11,028 people.
How does it make money?
The business turns $18.0B in annual revenue into profit. Out of every $100 of sales, about $30 is left as operating profit (operating margin of 30.1%), after a 49% gross margin on the products/services it sells. After all costs, taxes and interest, 19.3% of revenue becomes bottom-line net profit.
Is it financially healthy?
Financially it looks stretched: carries modest debt (1.0× equity), may struggle to cover its short-term bills (0.5× current ratio), and is currently profitable.
Who at KMI filed insider trades?
| Date | Insider | Relationship | What happened | Value | Filing |
|---|---|---|---|---|---|
| Garthwaite Michael P. | VP (Pres., Products Pipelines) | Open-market sale | $47,744.65 | Form 4 for Garthwaite Michael P. (opens sec.gov in a new tab) | |
| Garthwaite Michael P. | VP (Pres., Products Pipelines) | Open-market sale | $50,612.15 | Form 4 for Garthwaite Michael P. (opens sec.gov in a new tab) |
A disclosure, not a signal to trade. Source: SEC EDGAR (Form 4).
Common questions
What is KMI's intrinsic value?
TickerWorth's blended fair value for Kinder Morgan, Inc. (KMI) is $18.76 per share, versus a market price of $33.50 (79% above fair value).
Is KMI overvalued or undervalued?
On our blended fair value KMI looks overvalued vs fair value at $33.50. This is an educational estimate, not advice.
What discount rate is used for KMI?
A WACC of 7.2% and a terminal growth rate of 2.5%.
Is Kinder Morgan stock undervalued?
TickerWorth's fair value for Kinder Morgan, Inc. (KMI) is $18.76 against a market price of $33.50. Our read: 79% above fair value. This is a model estimate, not investment advice.
Kinder Morgan (KMI) DCF valuation and fair value
Our fair value for Kinder Morgan, Inc. (KMI) is $18.76, built on a 7.2% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into Kinder Morgan stock?
Today's price implies revenue growth of 12.5% a year for 5 years; our model assumes 5.2% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $33.50. A model estimate, not investment advice.
Kinder Morgan (KMI) insider trading
The most recent insider filing (SEC Form 4) for Kinder Morgan, Inc. (KMI): Garthwaite Michael P., VP (Pres., Products Pipelines), open-market sale on 2026-09-16. The latest filings are listed on this page. A disclosure, not a signal to trade.
Stocks below our fair value instead
Not investment advice. TickerWorth Score is a model output.
Educational tool. Every output reflects the assumptions shown — not a prediction and not investment advice. TickerWorth is not a licensed investment adviser, and these figures are estimates from public filings and market data that can be wrong.