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Forensic Analysis · Midstream Pipelines · as of Nov 9, 2026

Kinder Morgan, Inc. (KMI)

A forensic read on Kinder Morgan, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution
Forensic grade
Distress
Financial health
0.7
Distress distance
Clean
Earnings quality
2
Forensic signals
9.9%
ROE
12.2%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Kinder Morgan, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.7, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

5.4%
FY2025
Return on invested capital. Return on invested capital is 5.4% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.5-point range. After-tax operating profit was $3.3B in FY2023 and $3.7B in FY2025, with operating income at 27.8% of revenue in FY2023, 29.0% in FY2024 and 27.9% in FY2025. The capital base behind it went from $67.8B in FY2023 to $68.9B in FY2025 (+2%), while the revenue it carried went from $15.3B to $16.9B.
90% of FCF
FY2025
Shareholder returns. Returned $2.6B to shareholders (buybacks + dividends) in FY2025 — 90% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet. That ratio has been CLIMBING toward the limit — 73% of free cash flow two years back — not just sitting there.

Key fundamentals

Latest Revenue$16.94B
Revenue Growth YoY+12.2%
Revenue CAGR (2yr)+5.1%
Net Margin18.0%
Free Cash Flow$2.89B
Return on Equity9.9%
Debt / Equity1.03x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.