KMI vs WES
Kinder Morgan, Inc. and Western Midstream Partners, LP, side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | KMI | WES |
|---|---|---|
| Revenue | $16.9B | $3.8B |
| Net income | $3.1B | $1.2B |
| Gross margin | 67.4% | 94.6% |
| Net margin | 18.7% | 31.5% |
| Return on equity | 9.9% | · |
| Diluted EPS | $1.37 | · |
| Dividend / share | $1.17 | · |
| Payout ratio | 85.2% | 121.2% |
| Free cash flow | $2.9B | · |
| Equity | $31.2B | · |
| Net debt / equity | 1.02× | · |
| Current ratio | 0.64× | 1.34× |
| Revenue CAGR 5y | 7.7% | 6.7% |
| Profit CAGR 5y | 91.4% | 17.5% |
KMI bills 4.4× the revenue of WES, and WES keeps more of each dollar of revenue as profit (31.5% against 18.7%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | KMI | WES |
|---|---|---|
| FY2025 | $16.9B | $3.8B |
| FY2024 | $15.1B | $3.6B |
| FY2023 | $15.3B | $3.1B |
| FY2022 | $19.2B | $3.3B |
| FY2021 | $16.6B | $2.9B |
| FY2020 | $11.7B | $2.8B |
| FY2019 | $13.2B | $2.7B |
| FY2018 | $14.1B | $2.3B |
| FY2017 | $13.7B | $2.4B |
| FY2016 | $13.1B | $1.8B |
Bottom line
| Fiscal year | KMI | WES |
|---|---|---|
| FY2025 | $3.1B | $1.2B |
| FY2024 | $2.6B | $1.6B |
| FY2023 | $2.4B | $1.0B |
| FY2022 | $2.5B | $1.2B |
| FY2021 | $1.8B | $916.3M |
| FY2020 | $119.0M | $527.0M |
| FY2019 | $2.2B | $697.2M |
| FY2018 | $1.6B | $551.6M |
| FY2017 | $183.0M | $540.8M |
| FY2016 | $708.0M | $345.8M |
15 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$13,093,597,000 | KMI |
| FY2024 | +$11,494,777,000 | KMI |
| FY2023 | +$12,227,524,000 | KMI |
| FY2022 | +$15,948,279,000 | KMI |
| FY2021 | +$13,732,845,000 | KMI |
| FY2020 | +$8,927,408,000 | KMI |
| FY2019 | +$10,462,826,000 | KMI |
| FY2018 | +$11,838,592,000 | KMI |
| FY2017 | +$11,275,386,000 | KMI |
| FY2016 | +$11,253,730,000 | KMI |
| FY2015 | +$12,650,928,000 | KMI |
| FY2014 | +$14,692,623,000 | KMI |
| FY2013 | +$12,984,518,000 | KMI |
| FY2012 | +$9,078,524,000 | KMI |
| FY2011 | +$7,073,595,000 | KMI |
KMI has reported the higher revenue in every one of these 15 fiscal years. The gap has widened since the earliest year compared.
15 of 17 comparable fiscal years — a year missing data on either side is not counted.
15 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −12.9 pp | WES |
| FY2024 | −26.7 pp | WES |
| FY2023 | −17.5 pp | WES |
| FY2022 | −24.8 pp | WES |
| FY2021 | −21.7 pp | WES |
| FY2020 | −17.1 pp | WES |
| FY2019 | −12.5 pp | WES |
| FY2018 | −13.8 pp | WES |
| FY2017 | −28.7 pp | WES |
| FY2016 | −27.6 pp | WES |
| FY2015 | +0.8 pp | KMI |
| FY2014 | −14.5 pp | WES |
| FY2013 | −7.2 pp | WES |
| FY2012 | −9.2 pp | WES |
| FY2011 | −12.4 pp | WES |
The higher net margin has changed hands between KMI and WES over this period.
15 of 17 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
WES's net margin has been more volatile than KMI's over the 15 comparable fiscal years — 10.3 percentage points of standard deviation against 6.4.
15 of 17 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between KMI and WES over these 15 fiscal years — KMI led in 1 and WES in 14.
15 of 17 comparable fiscal years — a year missing data on either side is not counted.