Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Kinder Morgan, Inc. (KMI) Halal?

FAIL

Kinder Morgan, Inc. · NYSE: KMI · Energy

The short answer

No -- Kinder Morgan, Inc. (KMI) fails this Shariah stock screen at the debt gate. Per its own FY2025 10-K, interest-bearing debt was $33,002M ($2,009M current portion of debt plus $30,777M of long-term debt per Note 8, including $180M of debt fair-value adjustments, plus $216M of operating lease liabilities per Note 16), which is about 48.59% of its ~$67.92B market cap ($30.53 latest close retrieved October 2, 2026; 2,224,806,397 shares outstanding) -- far above the ~33% ceiling, and it still fails at about 48.27% even excluding the leases. The business-activity gate passes: KMI is a North American energy infrastructure company (natural gas pipelines, products pipelines, terminals, CO2) with no haram segments. The non-compliant income gate also passes: the 10-K reports Interest, net of $(1,801)M (a net expense, interest income netted within it and not separately disclosed), so non-compliant income is ~0.00% of $16,937M revenue, below the 5% ceiling. All three third-party screeners agree: Zoya flags KMI not Shariah-compliant, Musaffa rates it not halal (October 2026), and ShariaPortfolio says it is not Shariah Compliant because it fails the financial ratios -- honestly reported, not invented.

Gate 1 — Business activity: PASS

Kinder Morgan, Inc. (NYSE: KMI), based in Houston, Texas, is a North American energy infrastructure company operating through four reporting segments per its FY2025 10-K: Natural Gas Pipelines (about 42,000 miles of wholly owned natural gas pipelines plus equity interests in entities with about 25,000 more miles, plus storage, LNG, and NGL fractionation facilities); Products Pipelines (refined petroleum products, crude oil, and condensate pipelines, transmix and condensate processing facilities); Terminals (liquids and bulk terminal facilities plus Jones Act-qualified product tankers); and CO2 (production, transportation, and marketing of CO2). Business screen (factual, from the filing): the company's business is fee-based energy transportation, storage, and terminaling. It is not a conventional bank, lender, or insurer, and no segment produces or distributes beverage alcohol, gambling, pork, tobacco, or weapons. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: FAIL

Per Kinder Morgan's FY2025 10-K (fiscal year ended December 31, 2025), interest-bearing debt was $33,002M -- the $2,009M current portion of debt plus $30,777M of long-term debt (corporate and subsidiary senior notes per Note 8, including $180M of debt fair-value adjustments) plus $216M of operating lease liabilities ($49M short-term and $167M long-term per Note 16; financing leases are immaterial). Accrued interest ($543M) is not counted as debt principal. Against a market cap of about $67.92B ($30.53 latest close retrieved October 2, 2026; 2,224,806,397 shares outstanding per the 10-K cover), debt divided by market cap is about 48.59%, far above the ~33% ceiling -- and it still fails at about 48.27% even excluding the lease liabilities. Cash and cash equivalents of $63M are about 0.09% of market cap. Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: PASS

Kinder Morgan's FY2025 10-K income statement reports total revenues of $16,937M and an "Interest, net" line of $(1,801)M -- a net interest expense. The filing states interest is reported net, with interest income and capitalized interest subtracted from total interest expense, and no separate interest income line is disclosed; Zoya's KMI stock page likewise reports $0 of interest income against FY2025 revenue. With no separately disclosed interest-type income, non-compliant income is about 0.00% of revenue, comfortably below the 5% ceiling. Gate 3 passes. Facts only.

Key figures used

Frequently asked questions

What does Kinder Morgan do?

Kinder Morgan, Inc. (NYSE: KMI), based in Houston, Texas, is a North American energy infrastructure company. Per its FY2025 10-K, it operates through four reporting segments: Natural Gas Pipelines (about 42,000 miles of wholly owned natural gas pipelines plus equity interests in entities with about 25,000 more miles, along with storage, LNG, and NGL fractionation facilities), Products Pipelines (refined petroleum products, crude oil, and condensate pipelines plus transmix and condensate processing), Terminals (liquids and bulk terminal facilities plus Jones Act-qualified product tankers), and CO2 (production, transportation, and marketing of CO2). The company says its strategy is to focus on stable, fee-based energy transportation and storage assets. It reported four business segments and none of the non-compliant business activities screened at Gate 1.

Why does Kinder Morgan fail this Shariah stock screen?

Kinder Morgan fails this screen at the financial-leverage gate (Gate 2). Per its own FY2025 10-K, interest-bearing debt was $33,002M -- current portion of debt $2,009M plus long-term debt of $30,777M (including $180M of debt fair-value adjustments per Note 8) plus $216M of operating lease liabilities per Note 16. Against a market cap of about $67.92B ($30.53 latest close retrieved October 2, 2026; 2,224,806,397 shares outstanding per the 10-K cover), debt divided by market cap is about 48.59% -- well above the ~33% ceiling. Its business activity passes Gate 1 (energy infrastructure, no haram segments) and its non-compliant income passes Gate 3, but the debt ratio alone is enough for a FAIL. This is a factual screen, not a religious ruling -- consult a qualified scholar for personal rulings.

What is Kinder Morgan's interest-bearing debt ratio?

Per Kinder Morgan's FY2025 10-K (fiscal year ended December 31, 2025), interest-bearing debt was $33,002M -- the $2,009M current portion of debt plus $30,777M of long-term debt (senior notes and other debt per Note 8, including $180M of debt fair-value adjustments) plus $216M of operating lease liabilities ($49M short-term and $167M long-term per Note 16; financing leases are immaterial). Accrued interest ($543M) is not counted as debt principal. Against a market cap of about $67.92B ($30.53 latest close retrieved October 2, 2026; 2,224,806,397 shares outstanding per the 10-K cover), debt divided by market cap is about 48.59% -- far above the ~33% ceiling. Cash and cash equivalents were only $63M, about 0.09% of market cap. Gate 2 fails.

What is Kinder Morgan's non-compliant income ratio?

Kinder Morgan's FY2025 10-K income statement reports total revenues of $16,937M ($9,490M services, $7,255M commodity sales, $192M other) and an "Interest, net" line of $(1,801)M -- a net interest expense, not income. The filing states interest is reported net, with interest income and capitalized interest subtracted from total interest expense; no separate interest income line is disclosed, and Note 8 debt disclosures show interest-bearing liabilities as the debt burden. Zoya's KMI stock page likewise reports $0 of interest income against FY2025 revenue. With no separately disclosed interest-type income, the non-compliant income ratio is about 0.00% of revenue -- comfortably below the 5% ceiling. Gate 3 passes.

Do Zoya, Musaffa, or ShariaPortfolio cover Kinder Morgan?

All three cover it, and all three say no. Zoya covers KMI and flags it as not Shariah-compliant (zoya.finance/stocks/kmi; the page's displayed assessment date was blank when accessed in October 2026) -- it also reports $0 interest income against FY2025 revenue of $16,950M, consistent with the 10-K's net interest expense presentation. Musaffa covers KMI and classifies it as "not halal" as of October 2026 under its AAOIFI methodology (musaffa.com/stock/KMI/). ShariaPortfolio has a KMI screener page stating Kinder Morgan, Inc. "is not Shariah Compliant because it fails the financial ratios." All three coverage statements are consistent with this page's own FAIL outcome (driven by the debt ratio). This page applies the screen directly from Kinder Morgan's own filings and reports these positions honestly.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).