KINDER MORGAN, INC. (KMI)

Natural Gas Transmission

Latest Price

$30.86

TTM P/E

19.78

Normalized P/E

25.50

Div Yield

3.81%

Book Value

14.22

P/B Ratio

2.17

Valuation metrics

EPS: $1.37

Book value / share: $14.01

Formula: √(22.5 × EPS × BVPS)

Graham Number

$20.78

33% downside

Norm. op. income: $4.3B (median of 7yr)

Tax rate: 21%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$0.73

98% downside

Base FCF: $3.3B (median of recent 5yr)

Growth: 5%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$12.16

61% downside

EPS: $1.37

Target P/E: 26×

Formula: EPS × P/E

P/E Fair Value

$35.62

+15% upside

69.6% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	175.83M	$5.62B	7.90%	+1.88M	2026-06-30
STATE STREET CORP	130.86M	$4.18B	5.88%	+5.36M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	125.59M	$4.01B	5.64%	+636.8K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	67.89M	$2.17B	3.05%	+571.5K	2026-06-30
BANK OF AMERICA CORP /DE/	61.46M	$1.96B	2.76%	-562.4K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	55.69M	$1.77B	2.50%	+751.4K	2026-06-30
NORGES BANK	37.60M	$1.20B	1.69%	-3.59M	2026-06-30
JPMORGAN CHASE & CO	32.41M	$1.04B	1.46%	+4.11M	2026-06-30
MORGAN STANLEY	30.48M	$974.0M	1.37%	+207.0K	2026-06-30
Sixth Street Partners Management Company, L.P.	29.77M	$952.0M	1.34%	--	2026-06-30