Kinder Morgan
KMI · Oil & Gas Storage & Transportation
$34.43
2.1%Targa Resources
TRGP · Oil & Gas Storage & Transportation
$302.37
4.4%The short version
- Targa Resources is the larger business, with $17.0B of revenue in fiscal 2025 against $16.9B for Kinder Morgan.
- Kinder Morgan grew revenue faster (12.2%, against 4.0%).
- Kinder Morgan kept more of each dollar of sales as operating profit (27.9% operating margin, against 19.6% operating margin).
- Kinder Morgan turned more of its sales into free cash flow (17.1% FCF margin, against 3.4% FCF margin).
- Targa Resources earned a higher return on the capital invested in it (13.3%, against 5.8%).
- Investors pay more for each dollar of Targa Resources’s earnings: a P/E of 28.9x against 21.3x for Kinder Morgan.
| Latest fiscal year | KMI · FY25 | TRGP · FY25 |
|---|---|---|
| Size | ||
| Market cap | $76.7B | $65.1B |
| Revenue | $16.9B | $17.0B |
| Free cash flow | $2.9B | $584M |
| Net income | $3.1B | $1.9B |
| Growth | ||
| Revenue growth | 12.2% | 4.0% |
| 5-year growth | 7.7% | 15.6% |
| Share count change | 0.1% | −2.0% |
| Profitability | ||
| Gross margin | — | 38.3% |
| Operating margin | 27.9% | 19.6% |
| Net margin | 18.0% | 11.3% |
| FCF margin | 17.1% | 3.4% |
| Return on capital | 5.8% | 13.3% |
| Return on equity | 9.9% | 68.0% |
| Balance sheet | ||
| Net debt | $31.9B | $17.6B |
| Net debt / EBITDA | 4.5x | 3.6x |
| Dividends and buybacks | $2.6B | $642M |
| Valuation & quality | ||
| P/E | 21.3x | 28.9x |
| Piotroski F-score | 7 | 6 |
FY16
KMI $13.1B
TRGP $5.6B
FY17
KMI $13.7B
TRGP $8.8B
FY18
KMI $14.1B
TRGP $10.5B
FY19
KMI $13.2B
TRGP $8.7B
FY20
KMI $11.7B
TRGP $8.3B
FY21
KMI $16.6B
TRGP $16.9B
FY22
KMI $19.2B
TRGP $20.9B
FY23
KMI $15.3B
TRGP $16.1B
FY24
KMI $15.1B
TRGP $16.4B
FY25
KMI $16.9B
TRGP $17.0B
KMI
TRGP
FY16
KMI 27.1%
TRGP 1.0%
FY17
KMI 25.8%
TRGP −1.4%
FY18
KMI 26.8%
TRGP 2.3%
FY19
KMI 36.9%
TRGP 2.2%
FY20
KMI 13.3%
TRGP −15.8%
FY21
KMI 17.6%
TRGP 5.1%
FY22
KMI 21.2%
TRGP 8.3%
FY23
KMI 27.8%
TRGP 16.4%
FY24
KMI 29.0%
TRGP 16.5%
FY25
KMI 27.9%
TRGP 19.6%
KMI
TRGP
FY16
KMI $1.9B
TRGP $275M
FY17
KMI $1.4B
TRGP −$358M
FY18
KMI $2.1B
TRGP −$2.0B
FY19
KMI $2.5B
TRGP −$1.5B
FY20
KMI $2.8B
TRGP $793M
FY21
KMI $4.4B
TRGP $1.8B
FY22
KMI $3.3B
TRGP $1.0B
FY23
KMI $4.2B
TRGP $826M
FY24
KMI $3.0B
TRGP $684M
FY25
KMI $2.9B
TRGP $584M
KMI
TRGP
FY16
KMI 2.3%
TRGP 0.4%
FY17
KMI 2.4%
TRGP −0.9%
FY18
KMI 4.1%
TRGP 1.7%
FY19
KMI 5.1%
TRGP 1.0%
FY20
KMI 1.2%
TRGP −7.0%
FY21
KMI 3.8%
TRGP 6.7%
FY22
KMI 5.0%
TRGP 11.3%
FY23
KMI 5.2%
TRGP 12.5%
FY24
KMI 5.5%
TRGP 11.9%
FY25
KMI 5.8%
TRGP 13.3%
KMI
TRGP
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.