EPD vs KMI: How Enterprise Products Partners and Kinder Morgan Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: EPD is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. EPD and KMI share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined EPD and KMI exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Enterprise Products Partners operates one of the most integrated midstream systems in North America, with tens of thousands of miles of pipelines plus storage, natural gas processing, NGL fractionation, and marine export terminals along the Gulf Coast. The bulk of its cash flow is fee-based, meaning it earns fees for moving and handling volumes rather than taking direct commodity price bets, which historically has produced more stable cash flow than producers. In the first quarter of 2026 the partnership reported record NGL fractionation volumes of about 1.9 million barrels per day and roughly 2.7 billion dollars of EBITDA, up about 10 percent year over year, helped by newly commissioned assets such as the Bahia NGL pipeline and the Neches River export terminal.

Full EPD guide

Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America, operating over 80,000 miles of pipelines and a portfolio of storage and terminal facilities. Its four business segments are Natural Gas Pipelines (the dominant driver), Products Pipelines, Terminals, and CO2. The Natural Gas Pipelines segment transports roughly 40% of all U.S. natural gas consumption and moves approximately 8 billion cubic feet per day to LNG export facilities, with contracted volumes expected to grow to nearly 12 Bcf per day by end of 2028. The company earns the vast majority of its revenue through long-term, fee-based contracts rather than direct commodity exposure, which gives cash flows a utility-like stability.

Full KMI guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• EPD drivers: A 27-year distribution-growth streak; Fee-based, volume-driven cash flow.
• KMI drivers: LNG Export Tailwind; Power and Data-Center Demand.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: EPD's volumes and some margins are still tied to commodity production and global energy demand, so a sustained downturn in oil, natural gas, or NGL activity could pressure cash flow. For KMI, kMI carries approximately $32 billion in net debt, and a debt-to-equity ratio of roughly 1.06 is well above the midstream industry average, meaning that higher-for-longer interest rates or any refinancing at elevated costs could add hundreds of millions of dollars in annual interest expense and compress margins.

Pick EPD if you believe its drivers more; KMI if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the EPD and KMI guides.

EPD. EPD is typically held as an income holding rather than a high-growth one, so investors tend to weigh distribution coverage, leverage, and yield more than earnings multiples. Because it is an MLP, total return blends the cash distribution with modest growth from new projects. Figures are approximate, reflect data around Q1 2026 and mid-2026 unit prices, and move with the market.

KMI. KMI's P/E of approximately 23 times is modestly above the broader energy sector average but below higher-growth midstream peers such as Williams Companies, which traded at roughly 34 times earnings as of mid-2025. The EV/EBITDA of approximately 13 times reflects the market's recognition of stable, contracted cash flows but also a balance sheet that carries roughly $32 billion in net debt at a Net Debt to Adjusted EBITDA ratio of 3.8 times. Investors in fee-based midstream companies typically weigh dividend yield and distributable cash flow coverage alongside traditional earnings multiples, since GAAP net income can understate actual cash generation at capital-intensive pipeline operators.

Headline figures (approximate, 2026-06-26): EPD shows revenue (ttm) ~$51.6 billion, q1 2026 distributable cash flow coverage ~1.8x, distribution yield ~5.8% to 6.1%, annualized distribution per unit ~$2.20; KMI shows revenue (q4 2025, quarterly) ~$4.51 billion, revenue (q1 2025, quarterly) ~$4.24 billion, adjusted ebitda (fy 2025) ~$8.3 billion, adjusted ebitda (fy 2026 budget) ~$8.6 billion.

EPD and KMI are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined EPD and KMI exposure against your real portfolio. It is not an investment adviser.