Kinder Morgan vs Oneok
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The short version
- Oneok is the larger business, with $33.6B of revenue in fiscal 2025 against $16.9B for Kinder Morgan, about 2.0 times as much.
- Oneok grew revenue faster (55.0%, against 12.2%).
- Kinder Morgan kept more of each dollar of sales as operating profit (27.9% operating margin, against 17.1%).
- Kinder Morgan turned more of its sales into free cash flow (17.1% FCF margin, against 7.3%).
- Oneok earned a higher return on the capital invested in it (8.1%, against 5.8%).
- Investors pay more for each dollar of Kinder Morgan’s earnings: a P/E of 21.3x against 16.5x for Oneok.
| Latest fiscal year | KMI · FY25 | OKE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $76.7B | $60.6B |
| Revenue | $16.9B | $33.6B |
| Free cash flow | $2.9B | $2.4B |
| Net income | $3.1B | $3.4B |
| Growth | ||
| Revenue growth | 12.2% | 55.0% |
| 5-year growth | 7.7% | 31.5% |
| Share count change | 0.1% | 6.7% |
| Profitability | ||
| Gross margin | — | 30.5% |
| Operating margin | 27.9% | 17.1% |
| Net margin | 18.0% | 10.1% |
| FCF margin | 17.1% | 7.3% |
| Return on capital | 5.8% | 8.1% |
| Return on equity | 9.9% | 17.2% |
| Balance sheet | ||
| Net debt | $31.9B | $32.7B |
| Net debt / EBITDA | 4.5x | 4.5x |
| Dividends and buybacks | $2.6B | $2.7B |
| Valuation & quality | ||
| P/E | 21.3x | 16.5x |
| Piotroski F-score | 7 | 5 |
Revenue
FY16
KMI $13.1B
OKE $8.9B
FY17
KMI $13.7B
OKE $12.2B
FY18
KMI $14.1B
OKE $12.6B
FY19
KMI $13.2B
OKE $10.2B
FY20
KMI $11.7B
OKE $8.5B
FY21
KMI $16.6B
OKE $16.5B
FY22
KMI $19.2B
OKE $22.4B
FY23
KMI $15.3B
OKE $17.7B
FY24
KMI $15.1B
OKE $21.7B
FY25
KMI $16.9B
OKE $33.6B
KMI
OKE
Operating margin
FY16
KMI 27.1%
OKE 14.5%
FY17
KMI 25.8%
OKE 11.4%
FY18
KMI 26.8%
OKE 14.6%
FY19
KMI 36.9%
OKE 18.8%
FY20
KMI 13.3%
OKE 15.9%
FY21
KMI 17.6%
OKE 15.7%
FY22
KMI 21.2%
OKE 12.5%
FY23
KMI 27.8%
OKE 23.0%
FY24
KMI 29.0%
OKE 23.0%
FY25
KMI 27.9%
OKE 17.1%
KMI
OKE
Free cash flow
FY16
KMI $1.9B
OKE $729M
FY17
KMI $1.4B
OKE $803M
FY18
KMI $2.1B
OKE $45.2M
FY19
KMI $2.5B
OKE −$1.9B
FY20
KMI $2.8B
OKE −$296M
FY21
KMI $4.4B
OKE $1.8B
FY22
KMI $3.3B
OKE $1.7B
FY23
KMI $4.2B
OKE $2.8B
FY24
KMI $3.0B
OKE $2.9B
FY25
KMI $2.9B
OKE $2.4B
KMI
OKE
Return on capital
FY16
KMI 2.3%
OKE 8.0%
FY17
KMI 2.4%
OKE 5.8%
FY18
KMI 4.1%
OKE 9.1%
FY19
KMI 5.1%
OKE 8.5%
FY20
KMI 1.2%
OKE 5.4%
FY21
KMI 3.8%
OKE 10.0%
FY22
KMI 5.0%
OKE 10.9%
FY23
KMI 5.2%
OKE 10.7%
FY24
KMI 5.5%
OKE 8.3%
FY25
KMI 5.8%
OKE 8.1%
KMI
OKE
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.