Forensic Analysis · Energy / Oil & Gas · as of Aug 10, 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.

B · Sound & dependable

Forensic grade

Grey Zone

Financial health

1.6

Distress distance

Clean

Earnings quality

Forensic signals

20.1

P / E (ttm)

9.8%

ROE

$69.7B

Market cap

3.80%

Dividend yield

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 (red flags, auditor quality, say on pay, board independence). 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 B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 1.6, placing it in the Grey zone. 4 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 — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.

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.

$1.6B

FY2020–FY2020

Goodwill impairments. Took $1.6B of goodwill writedowns across 1 year (FY2020 ($1.6B)) — about 1345% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.

-74%

FY2015→FY2016

Dividend — cut. The payout was CUT ~74% in FY2016 (from FY2015) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies. Measured on total dividend dollars rather than per share: the reported share count steps sharply around FY2015, a stock-split seam between filing vintages rather than a change in the payout, and a split leaves the dollars paid untouched.

Key fundamentals

Latest Revenue$16.94B

Revenue Growth YoY+12.2%

Net Margin18.0%

Free Cash Flow$2.89B

Return on Equity9.8%

Debt / Equity1.03x

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Data from SEC EDGAR public filings · metrics as of Aug 10, 2026. Forensic signals flag probability, not certainty.