Kinder Morgan Inc (KMI) is slightly undervalued and MPLX LP (MPLX) is slightly undervalued.
Against our estimates of intrinsic value, MPLX trades at the wider discount: a margin of safety of +16%, against +9% for KMI.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.4% (average of 3 methods) values the shares at $34.28; the price of $31.27 is 9% below that value, and 79% of that value comes from beyond year five.
Leak Score 43/100 on 10 of 12 signals
Discounting its cash flows at 7.7% (average of 3 methods) values the shares at $70.27; the price of $59.16 is 16% below that value, and 81% of that value comes from beyond year five.
Leak Score 69/100 on 9 of 12 signals
| Metric | KMI | MPLX |
|---|---|---|
| Verdict | Slightly undervalued | Slightly undervalued |
| Price | $31.27 | $59.16 |
| Intrinsic value | $34.28 | $70.27 |
| Margin of safety | +9% | +16% |
| Leak Score | 43/100 (10/12) | 69/100 (9/12) |
| Market cap | $69.6B | $60.0B |
| Revenue growth, 5 years | 7.9% | 6.8% |
| Operating margin | 29.6% | 38.8% |
| Net margin | 19.3% | 39.3% |
| Return on equity | 11.1% | 33.9% |
| Debt to equity | 1.02 | 1.86 |
| P/E | 20.2x | 12.7x |
| Forward P/E | 20.3x | 12.3x |
| P/B | 2.2x | 4.3x |
| Dividend yield | 3.8% | 7.7% |