LIVE
KMI
Kinder Morgan, Inc. · Energy - Midstream Pipelines
$31.59
-7.93% this month
VERSUS
⟷
COMPARE
WES
Western Midstream Partners, LP · Energy - Midstream Gathering & Processing
$42.96
-9.23% this month
Scoreboard verdict
Across AI score, momentum, valuation, upside, operating margin
KMI
2
WES
1
Comparison scoreboard
KMI LEADS 2/5AI Score
KMI ✓50.8
WES 36.0
1Y Return
KMI +15.00%
WES ✓+23.38%
Fwd P/E
KMI 21.20
WES N/A
Target Up.
KMI ✓+10.62%
WES +4.75%
Op. Margin
KMI 29.91%
WES N/A
Metrics last refreshed: 6/20/2026
Quick take
KMI vs WES Stock Comparison: AI Score, Valuation, Performance and Upside
KMI (Kinder Morgan) is a large-cap diversified natural gas pipeline C-Corp with a broad national network, while WES (Western Midstream Partners) is a gathering-focused MLP primarily serving Occidental Petroleum. KMI offers simplicity and diversification; WES offers higher yield with Oxy customer concentration risk.
KMI vs WES is large-cap diversified natural gas pipeline C-Corp versus smaller gathering-focused MLP — Kinder Morgan's national scale and C-Corp simplicity against Western Midstream's higher yield with Oxy customer concentration.
Live analysis · updated 6/20/2026
KMI holds the edge across 2 of 5 key metrics in this comparison. WES has delivered stronger 1-year price return (+23.38% vs +15.00% for KMI). Analyst consensus implies meaningfully more upside for KMI (+10.62%) than for WES (+4.75%).
Normalized 1Y performance
KMI
WES
Recent returns
KMI
WES
Analyst price targets & sentiment
KMI
Price target range
analyst mean$35.33
current price$31.59
+10.6% upside to analyst mean
WES · 12 analysts
STRONG BUYHOLDSTRONG SELL
Buy (2.5/5.0)
Price target range
analyst low$38.00
analyst high$54.00
analyst mean$45.00
current price$42.96
+4.7% upside to analyst mean
Who should consider this stock?
KMI may suit investors who:
- →Want large-cap diversified natural gas pipeline infrastructure with C-Corp simplicity (no K-1, retirement account compatible)
- →Value the tailwind from growing natural gas demand for LNG exports and AI data center power generation feeding Kinder Morgan's pipeline network
- →Prefer a dividend growth story over maximum current yield — KMI targets consistent annual distribution growth
WES may suit investors who:
- →Want higher current distribution yield from a gathering-focused MLP with fee-based cash flows tied to Occidental Petroleum's production
- →Value fee-based gathering and processing contracts providing cash flow stability regardless of commodity price movements
- →Accept Oxy customer concentration and MLP K-1 tax complexity in exchange for higher current income than available from larger midstream C-Corps
Performance & AI score
| Metric | KMI | WES |
|---|---|---|
| AI score | 50.8 | 36.0 |
| AI rank | #417 | #1531 |
| Latest close | $31.59 | $42.96 |
| 1M return | -7.93% | -9.23% |
| 6M return | +18.54% | +14.53% |
| 1Y return | +15.00% | +23.38% |
$10,000 invested — hypothetical growth (dividends reinvested)
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | KMI | WES |
|---|---|---|
| 1Y ago | $11.46K (+14.6%) started 2025-06-18 | $13.56K (+35.6%) started 2025-06-18 |
| 5Y ago | $28.48K (+184.8%) started 2021-06-21 | $51.18K (+411.8%) started 2021-06-18 |
| 10Y ago | $50.25K (+402.5%) started 2016-06-20 | $87.26K (+772.6%) started 2016-06-20 |
Hypothetical — past performance does not guarantee future results.
Valuation & upside potential
| Metric | KMI | WES |
|---|---|---|
| Market cap | $71.06B | $17.75B |
| Trailing P/E | 21.44 | 14.13 |
| Forward P/E | 21.20 | N/A |
| Price/Sales | N/A | 4.38 |
| EV/Revenue | 5.96 | 6.28 |
| Analyst target | $35.33 | $45.00 |
| Target upside | +10.62% | +4.75% |
Growth, profitability & risk
| Metric | KMI | WES |
|---|---|---|
| Revenue growth | 13.80% | 22.50% |
| Earnings growth | 36.00% | 7.60% |
| EPS growth | +36.00% | +7.60% |
| FCF margin | +9.40% | +21.91% |
| Operating margin | 29.91% | N/A |
| Profit margin | 18.92% | 29.51% |
| ROIC proxy | 10.60% | 36.69% |
| Return on equity | 10.60% | 36.69% |
| Dividend yield | 3.68% | 8.38% |
| Beta | 0.54 | 0.65 |
| Debt/equity | 98.84 | 248.29 |
| Current ratio | 0.52 | 1.09 |
| Quick ratio | 0.32 | 1.06 |
Drawdown & downside risk
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
1Y risk snapshot
KMI max drawdown12.11%
WES max drawdown9.42%
KMI max wkly drop8.70%
WES max wkly drop6.65%
5Y risk snapshot
KMI max drawdown20.31%
WES max drawdown23.54%
KMI max wkly drop15.66%
WES max wkly drop16.85%
10Y risk snapshot
KMI max drawdown55.13%
WES max drawdown92.01%
KMI max wkly drop35.61%
WES max wkly drop63.53%
Performance metrics by period
| Period | Metric | KMI | WES |
|---|---|---|---|
| 1Y | Growth | +14.58% | +23.38% |
| CAGR | +14.60% | +23.40% | |
| Sharpe ratio | 0.55 | 0.92 | |
| Max drawdown | 12.11% | 9.42% | |
| Max daily drop | 4.75% | 5.49% | |
| Max wkly drop | 8.70% | 6.65% | |
| 5Y | Growth | +118.63% | +206.08% |
| CAGR | +16.96% | +25.08% | |
| Sharpe ratio | 0.61 | 0.76 | |
| Max drawdown | 20.31% | 23.54% | |
| Max daily drop | 9.28% | 7.96% | |
| Max wkly drop | 15.66% | 16.85% | |
| 10Y | Growth | +178.32% | +158.54% |
| CAGR | +10.78% | +9.97% | |
| Sharpe ratio | 0.35 | 0.36 | |
| Max drawdown | 55.13% | 92.01% | |
| Max daily drop | 21.04% | 54.79% | |
| Max wkly drop | 35.61% | 63.53% |
Business comparison
| Category | KMI | WES |
|---|---|---|
| Company | Kinder Morgan, Inc. | Western Midstream Partners, LP |
| Sector | Energy | Energy - Midstream Gathering & Processing |
| Industry | N/A | N/A |
| Core business | Kinder Morgan is one of North America's largest energy infrastructure companies, operating approximately 83,000 miles of natural gas pipelines and 139 terminals for the storage and handling of petroleum products, chemicals, and bulk materials — structured as a C-Corp rather than an MLP. | Western Midstream Partners is a master limited partnership (MLP) operating natural gas gathering, compression, treatment, processing, and water pipeline systems — primarily serving Occidental Petroleum's upstream operations in the DJ Basin, Delaware Basin, and other areas. |
| Investor focus | Investors track Kinder Morgan's distributable cash flow (DCF), dividend coverage ratio, leverage metrics, natural gas pipeline throughput, and the growing opportunity from LNG export pipeline demand and AI data center natural gas power demand. | Investors track Western Midstream's distribution per unit, distribution coverage, Occidental relationship (as primary customer), gathering system throughput volumes, and leverage ratios. |
KMI strengths
- →One of the largest natural gas pipeline networks in North America provides irreplaceable infrastructure with multi-decade operational history and regulatory protection
- →C-Corp structure (versus MLP) simplifies tax treatment for investors — no K-1 form, eligible for retirement accounts without UBTI concerns
- →Natural gas pipeline demand growth from LNG exports and AI data center electricity demand creates meaningful volume growth tailwind
WES strengths
- →Strong relationship with Occidental Petroleum as the primary customer provides revenue visibility through long-term gathering contracts tied to Oxy's production development plans
- →High distribution yield from MLP structure appeals to income investors seeking above-average midstream distributions
- →Fee-based revenue model (charging per unit of gas gathered, processed, or transported) provides more stable cash flows than commodity price-exposed businesses
Risks to watch — KMI
- →Kinder Morgan went through a significant dividend cut in 2015-2016 to shore up its balance sheet — investors remember this overhang even though the company has since rebuilt its distribution
- →Natural gas pipeline rates are regulated by FERC — rate cases and regulatory decisions can affect revenue on regulated pipeline segments
- →Long-term shift to renewable energy could reduce natural gas demand, though the timeline for this to affect pipeline volumes remains highly uncertain
Risks to watch — WES
- →Heavy customer concentration with Occidental Petroleum means WES is significantly exposed to OXY's production decisions and financial health
- →MLP K-1 tax form can create complications for retirement accounts (UBTI exposure) and requires more complex tax filings than regular stock dividends
- →MLP sector generally trades at a discount to comparable C-Corp energy infrastructure companies due to tax complexity and investor base narrowness
Frequently asked questions
Free public comparison
Want deeper AI forecasts?
This comparison page is public and free forever. Subscribers can unlock saved watchlists, full AI rankings, detailed forecasts, and interactive analysis tools.
Related comparisons
More comparisons
Browse all 1,000 comparisons →