KINDER MORGAN, INC. vs TC ENERGY CORPORATION, two Utilities stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Both companies are natural-gas pipeline operators, tolling volume for fees, though Kinder Morgan books as a U.S. C-corporation and TC Energy runs mostly Canadian and cross-border pipe. TC Energy keeps a wider net margin, 23.09 percent to Kinder Morgan's 18.92, and converts more to cash, a 7.45 percent free cash yield against 4.31. Kinder Morgan earns a touch more on equity, 10.17 percent to 9.54, and trades cheaper, 22.27 times earnings versus 28.98 and 2.27 times book versus 2.67. The dividends nearly match at 3.53 and 3.59 percent. They are almost the same size, 73.8 billion and 72.5, making the split largely one of margin against multiple.
Comparison updated 2026-07-11.
| Metric | KMI | TRP |
|---|---|---|
| Price | $32.13 | $67.32 |
| Market cap | $71.5B | $70.0B |
| Sector | Utilities | Utilities |
| Stage | Mature | Mature |
| Implied growth (priced in) | +13.5% | -2.2% |
| P/E | 21.6 | 28.0 |
| P/B | 2.19 | 2.58 |
| P/S | 4.08 | 6.25 |
| EV/EBITDA | 13.8 | 8.9 |
| Revenue growth | +13.0% | +3.5% |
| Operating margin | 29.9% | 52.7% |
| Net margin | 18.9% | 23.1% |
| Return on equity | 10.2% | 9.5% |
| Return on assets | 4.5% | 3.0% |
| Return on invested capital | 6.0% | 16.5% |
| FCF yield | 4.5% | 7.7% |
| Dividend yield | 3.6% | 3.7% |
| Debt / equity | 0.98 | 0.04 |
| Current ratio | 0.52 | 0.63 |
| Altman Z (solvency) | 1.13 | 0.94 |
| Piotroski F (quality) | 7 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.