Energy stock comparison
| Company fact | KMI | TRGP |
|---|---|---|
| Company | Kinder Morgan, Inc. | Targa Resources Corp. |
| Exchange | NYSE | NYSE |
| Headquarters | Houston, Texas | — |
| Founded | 1997 | — |
| SEC industry | Natural Gas Transmission | Natural Gas Transmission |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-13 | 10-K · 2026-02-19 |
TRGP reported revenue roughly in line with KMI in the latest audited fiscal year. On profitability, KMI converted a larger share of revenue into net income (18.0% versus 11.3%). Scale and margin are starting facts for the thesis, not the verdict.
| Metric | KMI | TRGP |
|---|---|---|
| Revenue | $16.9B | $17.0B |
| Net income | $3.1B | $1.9B |
| Operating cash flow | $5.9B | $3.9B |
| Diluted EPS | $1.37 | $8.49 |
| Net margin | 18.0% | 11.3% |
KMI: FY ending 2025-12-31 · TRGP: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
KMI and TRGP share the SEC industry classification “Natural Gas Transmission,” giving the comparison a primary-source operating relationship. A shared classification or theme makes the pair useful for a defined research question; it does not mean the companies have identical products, economics, or risks.
Kinder Morgan owns one of the largest energy-infrastructure networks in North America, moving natural gas, refined products, and carbon dioxide through its pipelines and terminals. Long-term contracts underpin its income-oriented profile.
Targa Resources gathers, processes, and transports natural gas and natural-gas liquids.
The useful starting point is not which ticker has performed better. It is whether the two companies convert the same economic forces into revenue and cash flow in the same way. KMI is classified by the SEC as Natural Gas Transmission, while TRGP is classified as Natural Gas Transmission. The matching industry code strengthens the peer comparison, although product mix can still differ materially.
Members-only research
Sep 22, 2026
Meta jumped 11%. What must happen next to justify the price?A member research report on Meta’s AI rally: Muse, subscription economics, the cash-flow burden, legal costs and the earnings assumptions behind the new price.
Feb 23, 2026
Newmont and the gap between a gold rally and shareholder cashA February 23, 2026 historical cutoff tests whether portfolio simplification and cost control could turn stronger gold economics into cash.
The thesis, the numbers behind it, and what would break it. Full access is $15 a month.
Read the full researchUse the distinction below to decide which filing deserves deeper work. It is a research routing rule, not a recommendation or prediction.
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable.KMI's fiscal year ends December 31, while TRGP's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 17matched transaction rows for KMIand 6 for TRGP. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
Kinder Morgan, Inc. and Targa Resources Corp. share the SEC industry classification “Natural Gas Transmission.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Kinder Morgan, Inc. and Targa Resources Corp. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-09-25. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-09-25. Independent educational research; not investment advice.
KMI vs TRGP shows how the businesses differ. Membership is the monthly sourced view of who could benefit, what could break, and what evidence matters next. $15/month or $150/year.
Members-only research
$15/mo or $150/yr · cancel future renewals anytime · sources included