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Held by 584 of 2,417 reporting institutions (99th percentile) — extremely crowded.
Data as of Q3 2026
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Ranked against 20 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WMB | $90.9B | 34.7× | 18.3× | 7.6× | 13.8% | — | 21.9% | 20.4% | 6.3% | 4.4× | 566 |
| KMI | $75.5B | 24.7× | 15.0× | 4.5× | 12.2% | — | 18.0% | 9.8% | 4.8% | 4.5× | 584 |
| ET | $72.0B | — | 9.8× | 0.8× | 3.5% | 25.8% | 5.2% | 9.0% | 3.8% | 4.7× | 461 |
| TRGP | $67.5B | 37.1× | 17.5× | 4.0× | 3.9% | 38.3% | 11.3% | 62.7% | 9.4% | 3.6× | 317 |
| LNG | $67.5B | 13.7× | 8.5× | 3.4× | 27.2% | — | 26.7% | 67.3% | 17.3% | 2.1× | 403 |
| OKE | $61.2B | 17.9× | 12.8× | 1.8× | 55.0% | 30.5% | 10.1% | 15.1% | 6.3% | 4.3× | 14 |
| VG | $37.0B | 17.2× | 11.3× | 2.7× | 177% | — | 19.8% | 40.5% | 6.7% | 5.2× | 70 |
| ATO | $29.1B | 23.1× | 16.5× | 6.2× | 12.9% | — | 25.5% | 8.8% | 5.3% | 3.8× | 298 |
| DTM | $12.7B | 28.9× | — | 10.2× | 26.7% | — | 35.5% | 9.3% | 5.5% | — | 171 |
| AM | $10.1B | 25.0× | 16.9× | 8.5× | 7.4% | — | 34.8% | 21.0% | 8.0% | 3.9× | 109 |
| NFG | $7.6B | 14.0× | 7.9× | 3.3× | 17.1% | 90.6% | 22.8% | 16.8% | 9.2% | 2.0× | 164 |
| AROC | $5.6B | 17.3× | — | 3.7× | 28.7% | 48.6% | 21.6% | 21.6% | 8.3% | — | 82 |
| NJR | $5.4B | 16.0× | 8.0× | 4.0× | 9.9% | — | 24.8% | 14.0% | 13.0% | 0.3× | 102 |
| SR | $5.2B | 20.1× | 12.0× | 2.1× | -4.5% | 58.8% | 11.0% | 8.0% | 3.4% | 5.7× | 83 |
| KGS | $4.7B | 52.6× | 11.8× | 3.6× | 12.8% | — | 6.2% | 6.7% | 2.1% | 4.1× | 69 |
| KNTK | $4.6B | 21.5× | 15.3× | 2.6× | 19.0% | — | 10.1% | -31.5% | 5.5% | 7.0× | 65 |
| CPK | $3.4B | 22.9× | 14.2× | 3.7× | 18.1% | — | 15.1% | 8.8% | 4.5% | 4.3× | 77 |
| CTRI | $2.2B | 86.0× | 13.6× | 0.7× | 13.1% | 8.3% | 0.8% | 2.6% | 1.4% | 3.0× | 23 |
| NWN | $2.1B | 18.0× | — | 1.6× | 11.8% | — | 8.8% | 7.7% | 2.9% | — | 64 |
| SMC | $427M | — | — | 0.8× | 30.8% | 73.5% | -1.1% | -1.1% | -0.4% | — | 4 |
| RGCO | $239M | 17.8× | 12.9× | 2.5× | 12.6% | — | 13.9% | 11.7% | 5.1% | 5.0× | 17 |
Peers = companies sharing KMI's sector (Natural Gas Transmission) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $33.87 today, the market must believe free cash flow compounds 14.1%/yr for a decade (off $3.36B on the 3-yr avg basis).
The market's 14.1% is more optimistic than its 9-yr track record.
Default is 10.0% — this company's computed cost of capital (published default — this company's cost of capital could not be computed), the same rate the Analysis tab discounts at.
2-stage DCF · 2.23B shares (market data) · net debt $31.94B
mean 9.1% · volatility σ 32% · implied rate exceeded in 5/9 yrs
Central path = implied 14.1%/yr growth; shaded band = ±1σ (32%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
The dividend takes 90% of free cash flow — sustainable but with limited headroom. Last year: $2.60B dividends + $0 buybacks = $2.60B returned on $2.89B FCF.
9 consecutive years of dividend increases · 10%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Modest payoff on reinvested capital. Current ROIC on all capital: 5%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $63.0M is below the $1.23B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash of $63.0M is below short-term debt of $1.23B — relies on refinancing/operations.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.94B 100.0% | $15.10B 100.0% | $15.33B 100.0% | $19.20B 100.0% | $16.61B 100.0% | $11.70B 100.0% | $13.21B 100.0% | $14.14B 100.0% | $13.71B 100.0% | $13.06B 100.0% |
| Cost of Revenue | — | — | — | $9.26B 48.2% | $6.49B 39.1% | $2.54B 21.8% | $3.26B 24.7% | $4.42B 31.3% | $4.34B 31.7% | $3.43B 26.3% |
| Cost of Products | — | — | — | — | — | — | — | — | $4.34B 31.7% | $3.43B 26.3% |
| Selling, General & Admin | $744.0M 4.4% | $712.0M 4.7% | $668.0M 4.4% | $637.0M 3.3% | $655.0M 3.9% | $648.0M 5.5% | $590.0M 4.5% | $601.0M 4.2% | $688.0M 5.0% | $703.0M 5.4% |
| Total Operating Expenses | $746.0M 4.4% | $736.0M 4.9% | $759.0M 4.9% | $593.0M 3.1% | $623.0M 3.8% | $10.14B 86.7% | $8.34B 63.1% | $10.35B 73.2% | $10.18B 74.3% | $9.52B 72.9% |
| Operating Income | $4.72B 27.9% | $4.38B 29.0% | $4.26B 27.8% | $4.07B 21.2% | $2.92B 17.6% | $1.56B 13.3% | $4.87B 36.9% | $3.79B 26.8% | $3.53B 25.7% | $3.54B 27.1% |
| Other Income (Expense), net | -$732.0M -4.3% | -$977.0M -6.5% | -$1.06B -6.9% | -$730.0M -3.8% | -$697.0M -4.2% | -$899.0M -7.7% | -$1.71B -12.9% | -$1.29B -9.1% | -$1.37B -10.0% | -$1.90B -14.6% |
| Pretax Income | $3.99B 23.6% | $3.41B 22.6% | $3.20B 20.9% | $3.33B 17.4% | $2.22B 13.4% | $661.0M 5.6% | $3.17B 24.0% | $2.51B 17.7% | $2.16B 15.8% | $1.64B 12.5% |
| Income Tax Expense | $832.0M 4.9% | $687.0M 4.5% | $715.0M 4.7% | $710.0M 3.7% | $369.0M 2.2% | $481.0M 4.1% | $926.0M 7.0% | $587.0M 4.2% | $1.94B 14.1% | $917.0M 7.0% |
| Net Income | $3.06B 18.0% | $2.61B 17.3% | $2.39B 15.6% | $2.55B 13.3% | $1.78B 10.7% | $119.0M 1.0% | $2.19B 16.6% | $1.61B 11.4% | $183.0M 1.3% | $708.0M 5.4% |
| Per Share | ||||||||||
| EPS (Basic) | $1.37 | $1.17 | $1.06 | $1.12 | $0.78 | $0.05 | $0.96 | — | $0.01 | $0.25 |
| EPS (Diluted) | $1.37 | $1.17 | $1.06 | $1.12 | $0.78 | $0.05 | $0.96 | — | $0.01 | $0.25 |
| Weighted Avg Shares (Basic) | 2.22B | 2.22B | 2.23B | 2.26B | 2.27B | 2.26B | 2.26B | — | 2.23B | 2.23B |
| Weighted Avg Shares (Diluted) | 2.22B | 2.22B | 2.23B | 2.26B | 2.27B | 2.26B | 2.26B | — | 2.23B | 2.23B |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
No trend data available for this metric.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-28 | Sanders Dax President | Gift | 1,600 | $0.00 | $0 |
| 2026-10-16 | Garthwaite Michael P. VP (Pres., Products Pipelines) | 10b5-1 plan sale | 1,550 | $33.65 | $52k |
| 2026-09-16 | Garthwaite Michael P. VP (Pres., Products Pipelines) | 10b5-1 plan sale | 1,550 | $30.80 | $48k |
| 2026-08-17 | Garthwaite Michael P. VP (Pres., Products Pipelines) |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| 1,550 |
| $32.65 |
| $51k |
| 2026-07-31 | 3 co-filers President | Option exercise | 130,209 | $0.00 | $0 |
| 2026-07-31 | 3 co-filers VP and General Counsel | Option exercise | 69,445 | $0.00 | $0 |
| 2026-07-31 | 3 co-filers Chief Executive Officer | Option exercise | 636,575 | $0.00 | $0 |
| 2026-07-31 | 3 co-filers V.P., Corporate Development | Option exercise | 40,510 | $0.00 | $0 |
| 2026-07-31 | 3 co-filers VP and Chief Financial Officer | Option exercise | 121,528 | $0.00 | $0 |
| 2026-07-31 | 3 co-filers VP and COO | Option exercise | 130,209 | $0.00 | $0 |
| 2026-07-31 | 3 co-filers VP (President, CO2 and ETV) | Option exercise | 104,167 | $0.00 | $0 |
| 2026-07-31 | 3 co-filers V.P. (Pres.,Nat Gas Pipelines) | Option exercise | 115,741 | $0.00 | $0 |
| 2026-07-31 | 3 co-filers VP and COO | Tax withholding | 50,993 | $32.18 | $1.6m |
| 2026-07-31 | 3 co-filers VP and Chief Financial Officer | Tax withholding | 47,573 | $32.18 | $1.5m |
| 2026-07-31 | 3 co-filers President | Tax withholding | 51,238 | $32.18 | $1.6m |
| 2026-07-31 | 3 co-filers Chief Executive Officer | Tax withholding | 250,233 | $32.18 | $8.1m |
| 2026-07-31 | 3 co-filers VP (President, CO2 and ETV) | Tax withholding | 40,275 | $32.18 | $1.3m |
| 2026-07-31 | 3 co-filers V.P., Corporate Development | Tax withholding | 13,576 | $32.18 | $437k |
| 2026-07-31 | 3 co-filers VP and General Counsel | Tax withholding | 26,760 | $32.18 | $861k |
| 2026-07-31 | 3 co-filers V.P. (Pres.,Nat Gas Pipelines) | Tax withholding | 45,545 | $32.18 | $1.5m |
| 2026-07-31 | 3 co-filers VP and Chief Financial Officer | Option exercise | 121,528 | $0.00 | — |
| 2026-07-31 | 3 co-filers V.P., Corporate Development | Option exercise | 40,510 | $0.00 | — |
| 2026-07-31 | 3 co-filers President | Option exercise | 130,209 | $0.00 | — |
| 2026-07-31 | 3 co-filers V.P. (Pres.,Nat Gas Pipelines) | Option exercise | 115,741 | $0.00 | — |
| 2026-07-31 | 3 co-filers VP and COO | Option exercise | 130,209 | $0.00 | — |
| 2026-07-31 | 3 co-filers VP and General Counsel | Option exercise | 69,445 | $0.00 | — |
| 2026-07-31 | 3 co-filers VP (President, CO2 and ETV) | Option exercise | 104,167 | $0.00 | — |
| 2026-07-31 | 3 co-filers Chief Executive Officer | Option exercise | 636,575 | $0.00 | — |
| 2026-07-21 | Schlosser John W V.P. (President, Terminals) | Grant | 80,297 | $0.00 | — |
| 2026-07-21 | Pitta Michael J VP and Chief Admin. Officer | Grant | 24,707 | $0.00 | — |
| 2026-07-21 | James Catherine C. VP and General Counsel | Grant | 49,414 | $0.00 | — |
| 2026-07-21 | Dang Kimberly A Chief Executive Officer | Grant | 399,167 | $0.00 | — |
| 2026-07-21 | Ashley Anthony B VP (President, CO2 and ETV) | Grant | 66,400 | $0.00 | — |
| 2026-07-21 | Mody Sital K V.P. (Pres.,Nat Gas Pipelines) | Grant | 154,417 | $0.00 | — |
| 2026-07-21 | Garthwaite Michael P. VP (Pres., Products Pipelines) | Grant | 61,767 | $0.00 | — |
| 2026-07-21 | Michels David Patrick VP and Chief Financial Officer | Grant | 84,929 | $0.00 | — |
| 2026-07-21 | Sanders Dax President | Grant | 98,827 | $0.00 | — |
| 2026-07-21 | Grahmann Kevin P V.P., Corporate Development | Grant | 30,884 | $0.00 | — |
| 2026-07-18 | 3 co-filers VP and Chief Admin. Officer | Option exercise | 14,468 | $0.00 | $0 |
| 2026-07-18 | 3 co-filers VP and Chief Admin. Officer | Tax withholding | 3,523 | $32.30 | $114k |
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 88th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 10% against ROIC 5% — 5% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 31.3 | 24.7 | 21.8 | 39.1 | 48.2 | — | — | — |
| SG&A | 4.2 | 4.5 | 5.5 | 3.9 | 3.3 | 4.4 | 4.7 | 4.4 |
| Operating Income | 26.8 | 36.9 | 13.3 | 17.6 | 21.2 | 27.8 | 29.0 | 27.9 |
| Income Tax | 4.2 | 7.0 | 4.1 | 2.2 | 3.7 | 4.7 | 4.5 | 4.9 |
| Net Income | 11.4 | 16.6 | 1.0 | 10.7 | 13.3 | 15.6 | 17.3 | 18.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on KMI: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 0.56pts above its cost of capital, but margins are compressing.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 5.6% | 5.3% (today's — no rate published for this year) | 0.3pts |
| FY2020 | 1.9% | 5.3% (today's — no rate published for this year) | -3.4pts |
| FY2021 | 3.6% | 5.3% (today's — no rate published for this year) | -1.7pts |
| FY2022 | 5.1% | 5.3% (today's — no rate published for this year) | -0.2pts |
| FY2023 | 5.4% | 5.3% (today's — no rate published for this year) | 0.1pts |
| FY2024 | 5.5% | 5.3% (today's — no rate published for this year) | 0.2pts |
| FY2025 | 5.9% | 5.3% (today's — no rate published for this year) | 0.6pts |
| Now | 4.8% | 5.3% | -0.5pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 73.7% | 27.1% | 5.4% |
| FY2017 | 68.3% | 25.7% | 1.3% |
| FY2018 | 68.7% | 26.8% | 11.4% |
| FY2019 | 75.3% | 36.9% | 16.6% |
| FY2020 | 78.2% | 13.3% | 1.0% |
| FY2021 | 60.9% | 17.6% | 10.7% |
| FY2022 | 51.8% | 21.2% | 13.3% |
| FY2023 | not reported | 27.8% | 15.6% |
| FY2024 | not reported | 29.0% | 17.3% |
| FY2025 | not reported | 27.9% | 18.0% |
Leverage and buybacks account for 5 points of the 10% return on equity in FY2025. The business earns 5% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$20.1B of goodwill — 32% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is 8.56% against 5.86% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.53x of reported profit into free cash flow over 5 years, with accruals negative.
Conversion has deteriorated: 1.28x over three years against 1.53x over 5.
Missing from our data, so excluded from this answer: share_based_compensation.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: interest_expense.
At $33.87, free cash flow must compound 14.12%/yr for 10 years. It has done 2.6%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 14.7% | 14.1% |
| FY2021 | 55.7% | 14.1% |
| FY2022 | −24.4% | 14.1% |
| FY2023 | 24.7% | 14.1% |
| FY2024 | −28.0% | 14.1% |
| FY2025 | −3.8% | 14.1% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $3.06B | $3.06B |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $2.86B | $5.92B |
| Operating cash flow | $5.92B | $5.92B |
| Capex | −$3.03B | $2.89B |
| Free cash flow | $2.89B | $2.89B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -11.4% | not reported | not reported |
| FY2021 | 42.0% | not reported | not reported |
| FY2022 | 15.6% | not reported | not reported |
| FY2023 | -20.1% | not reported | not reported |
| FY2024 | -1.5% | not reported | not reported |
| FY2025 | 12.2% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.5 percent |
| FY2020 | -6.2 percent |
| FY2021 | -5.6 percent |
| FY2022 | -3.5 percent |
| FY2023 | -5.8 percent |
| FY2024 | -4.2 percent |
| FY2025 | -3.9 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.