Kinder Morgan vs Kinetik
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KIRA’s take AI analyst
I put Kinder Morgan and Kinetik side by side, using each one’s latest annual report. Here is what stands out:
- Kinder Morgan is the larger business, with $16.9B of revenue in fiscal 2025 against $1.8B for Kinetik, about 9.6 times as much.
- Kinetik grew revenue faster (19.0%, against 12.2%).
- Kinder Morgan kept more of each dollar of sales as operating profit (27.9% operating margin, against 9.4%).
- Kinder Morgan turned more of its sales into free cash flow (17.1% FCF margin, against 6.3%).
- Kinetik earned a higher return on the capital invested in it (8.6%, against 5.8%).
- Investors pay more for each dollar of Kinder Morgan’s earnings: a P/E of 21.0x against 19.8x for Kinetik.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Kinder Morgan
KMI
6/9
Operating marginNet marginFCF marginPiotroski F-scoreNet debt / EBITDAShare count change
Kinetik
KNTK
3/9
Revenue growth5-year growthReturn on capital
Side by side
Best in the row
| Latest fiscal year | KMI FY25 | KNTK FY25 |
|---|---|---|
| Size | ||
| Market cap | $75.6B | $4.2B |
| Revenue | $16.9B | $1.8B |
| Free cash flow | $2.9B | $112M |
| Net income | $3.1B | $178M |
| Growth | ||
| Revenue growth | 12.2% | 19.0% |
| 5-year growth | 7.7% | 64.1% |
| Share count change | 0.1% | 4.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 27.9% | 9.4% |
| Net margin | 18.0% | 10.1% |
| FCF margin | 17.1% | 6.3% |
| Return on capital | 5.8% | 8.6% |
| Return on equity | 9.9% | — |
| Balance sheet | ||
| Net debt | $31.9B | $3.6B |
| Net debt / EBITDA | 4.5x | 6.7x |
| Dividends and buybacks | $2.6B | $370M |
| Valuation & quality | ||
| P/E | 21.0x | 19.8x |
| Piotroski F-score | 7 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.