KMIKINDER MORGAN, INC.

Natural Gas Transmission

Revenue: $15.2B; 13% YoY
Operating margin: 31.1%; 4.4% YoY
EBITDA: $7.2B; 6.5% YoY
Market cap: $75.5B
Employees: 100; $152M revenue each
Net debt / EBITDA: 4.7×; $34.1B net debt
AI in 10-K: 0.5; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
194% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
44% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
27% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$152M · 98th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 21st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$75.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$16.2B	$18.1B	$13.6B	$13.5B	$15.2B	13%
Operating income	$2.9B	$4.1B	$4.3B	$4.4B	$4.7B	7.8%
Net income	$1.8B	$2.5B	$2.4B	$2.6B	$3.1B	17%
Operating cash flow	$5.7B	$5.0B	$6.5B	$5.6B	$5.9B	5.0%
Capex	$1.3B	$1.6B	$2.3B	$2.6B	$3.0B	15%
Buybacks	$0	$368M	$522M	$7M	$0	100%
Dividends	$2.4B	$2.5B	$2.5B	$2.6B	$2.6B	1.8%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $89K · 1
Open-market sells, 12 mo: $3M · 19
Net: −$3M

Pay vs performance

No pay-versus-performance disclosure yet.