Kinder Morgan: A Record Second Quarter That Still Does Not Move My Rating
We bridge the gap between financial information and actionable insight by providing unrivaled coverage on all asset classes and access to best-in-class tools. KMI's fee-based, contract-backed business model offers stability, but current valuation—21.7x 2027 P/E and 11.6x EV/EBITDA—limits upside. Backlog conversion, project execution, and leverage management are key; shadow backlog and signed contracts could shift the investment case.
- ▪We bridge the gap between financial information and actionable insight by providing unrivaled coverage on all asset classes and access to best-in-class tools.
- ▪KMI's fee-based, contract-backed business model offers stability, but current valuation—21.7x 2027 P/E and 11.6x EV/EBITDA—limits upside.
- ▪Backlog conversion, project execution, and leverage management are key; shadow backlog and signed contracts could shift the investment case.
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