Stock Analysis on Net
Stock Analysis on Net

Kinder Morgan Inc. (NYSE:KMI)

This company has been moved to the archive! The financial data has not been updated since April 29, 2020.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Kinder Morgan Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Mar 31, 2020 4.01% = 1.81% × 2.22
Dec 31, 2019 6.49% = 2.95% × 2.20
Sep 30, 2019 6.17% = 2.70% × 2.29
Jun 30, 2019 6.84% = 3.00% × 2.28
Mar 31, 2019 4.88% = 2.15% × 2.27
Dec 31, 2018 4.78% = 2.04% × 2.34
Sep 30, 2018 0.33% = 0.14% × 2.36
Jun 30, 2018 -0.76% = -0.32% × 2.37
Mar 31, 2018 0.79% = 0.34% × 2.35
Dec 31, 2017 0.54% = 0.23% × 2.35
Sep 30, 2017 3.97% = 1.74% × 2.28
Jun 30, 2017 2.38% = 1.04% × 2.28
Mar 31, 2017 2.40% = 1.04% × 2.30
Dec 31, 2016 2.06% = 0.88% × 2.33
Sep 30, 2016 -0.57% = -0.24% × 2.36
Jun 30, 2016 0.51% = 0.21% × 2.40
Mar 31, 2016 0.40% = 0.17% × 2.39
Dec 31, 2015 0.72% = 0.30% × 2.39
Sep 30, 2015 — = — × 2.41
Jun 30, 2015 — = — × 2.43
Mar 31, 2015 — = — × 2.46

Based on: 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q1 2020 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Kinder Morgan Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Mar 31, 2020 4.01% = 10.31% × 0.18 × 2.22
Dec 31, 2019 6.49% = 16.58% × 0.18 × 2.20
Sep 30, 2019 6.17% = 15.21% × 0.18 × 2.29
Jun 30, 2019 6.84% = 16.50% × 0.18 × 2.28
Mar 31, 2019 4.88% = 11.59% × 0.19 × 2.27
Dec 31, 2018 4.78% = 11.38% × 0.18 × 2.34
Sep 30, 2018 0.33% = 0.78% × 0.18 × 2.36
Jun 30, 2018 -0.76% = -1.82% × 0.18 × 2.37
Mar 31, 2018 0.79% = 1.95% × 0.17 × 2.35
Dec 31, 2017 0.54% = 1.34% × 0.17 × 2.35
Sep 30, 2017 3.97% = 10.38% × 0.17 × 2.28
Jun 30, 2017 2.38% = 6.19% × 0.17 × 2.28
Mar 31, 2017 2.40% = 6.27% × 0.17 × 2.30
Dec 31, 2016 2.06% = 5.42% × 0.16 × 2.33
Sep 30, 2016 -0.57% = -1.47% × 0.16 × 2.36
Jun 30, 2016 0.51% = 1.30% × 0.16 × 2.40
Mar 31, 2016 0.40% = 0.99% × 0.17 × 2.39
Dec 31, 2015 0.72% = 1.76% × 0.17 × 2.39
Sep 30, 2015 — = — × — × 2.41
Jun 30, 2015 — = — × — × 2.43
Mar 31, 2015 — = — × — × 2.46

Based on: 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q1 2020 is the decrease in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

Kinder Morgan Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Mar 31, 2020 4.01% = 0.62 × 0.55 × 30.41% × 0.18 × 2.22
Dec 31, 2019 6.49% = 0.70 × 0.63 × 37.22% × 0.18 × 2.20
Sep 30, 2019 6.17% = 0.74 × 0.61 × 34.01% × 0.18 × 2.29
Jun 30, 2019 6.84% = 0.74 × 0.63 × 35.40% × 0.18 × 2.28
Mar 31, 2019 4.88% = 0.73 × 0.54 × 29.29% × 0.19 × 2.27
Dec 31, 2018 4.78% = 0.73 × 0.53 × 29.08% × 0.18 × 2.34
Sep 30, 2018 0.33% = 0.06 × 0.48 × 26.01% × 0.18 × 2.36
Jun 30, 2018 -0.76% = -0.19 × 0.42 × 23.48% × 0.18 × 2.37
Mar 31, 2018 0.79% = 0.13 × 0.54 × 28.89% × 0.17 × 2.35
Dec 31, 2017 0.54% = 0.09 × 0.54 × 28.84% × 0.17 × 2.35
Sep 30, 2017 3.97% = 0.64 × 0.55 × 29.73% × 0.17 × 2.28
Jun 30, 2017 2.38% = 0.45 × 0.50 × 27.17% × 0.17 × 2.28
Mar 31, 2017 2.40% = 0.45 × 0.50 × 27.64% × 0.17 × 2.30
Dec 31, 2016 2.06% = 0.44 × 0.47 × 26.28% × 0.16 × 2.33
Sep 30, 2016 -0.57% = -0.33 × 0.24 × 18.80% × 0.16 × 2.36
Jun 30, 2016 0.51% = 0.26 × 0.26 × 19.55% × 0.16 × 2.40
Mar 31, 2016 0.40% = 0.22 × 0.24 × 18.66% × 0.17 × 2.39
Dec 31, 2015 0.72% = 0.31 × 0.28 × 19.91% × 0.17 × 2.39
Sep 30, 2015 — = — × — × — × — × 2.41
Jun 30, 2015 — = — × — × — × — × 2.43
Mar 31, 2015 — = — × — × — × — × 2.46

Based on: 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q1 2020 is the decrease in operating profitability measured by EBIT margin ratio.

Two-Component Disaggregation of ROA

Kinder Morgan Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Mar 31, 2020 1.81% = 10.31% × 0.18
Dec 31, 2019 2.95% = 16.58% × 0.18
Sep 30, 2019 2.70% = 15.21% × 0.18
Jun 30, 2019 3.00% = 16.50% × 0.18
Mar 31, 2019 2.15% = 11.59% × 0.19
Dec 31, 2018 2.04% = 11.38% × 0.18
Sep 30, 2018 0.14% = 0.78% × 0.18
Jun 30, 2018 -0.32% = -1.82% × 0.18
Mar 31, 2018 0.34% = 1.95% × 0.17
Dec 31, 2017 0.23% = 1.34% × 0.17
Sep 30, 2017 1.74% = 10.38% × 0.17
Jun 30, 2017 1.04% = 6.19% × 0.17
Mar 31, 2017 1.04% = 6.27% × 0.17
Dec 31, 2016 0.88% = 5.42% × 0.16
Sep 30, 2016 -0.24% = -1.47% × 0.16
Jun 30, 2016 0.21% = 1.30% × 0.16
Mar 31, 2016 0.17% = 0.99% × 0.17
Dec 31, 2015 0.30% = 1.76% × 0.17
Sep 30, 2015 — = — × —
Jun 30, 2015 — = — × —
Mar 31, 2015 — = — × —

Based on: 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q1 2020 is the decrease in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Kinder Morgan Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Mar 31, 2020 1.81% = 0.62 × 0.55 × 30.41% × 0.18
Dec 31, 2019 2.95% = 0.70 × 0.63 × 37.22% × 0.18
Sep 30, 2019 2.70% = 0.74 × 0.61 × 34.01% × 0.18
Jun 30, 2019 3.00% = 0.74 × 0.63 × 35.40% × 0.18
Mar 31, 2019 2.15% = 0.73 × 0.54 × 29.29% × 0.19
Dec 31, 2018 2.04% = 0.73 × 0.53 × 29.08% × 0.18
Sep 30, 2018 0.14% = 0.06 × 0.48 × 26.01% × 0.18
Jun 30, 2018 -0.32% = -0.19 × 0.42 × 23.48% × 0.18
Mar 31, 2018 0.34% = 0.13 × 0.54 × 28.89% × 0.17
Dec 31, 2017 0.23% = 0.09 × 0.54 × 28.84% × 0.17
Sep 30, 2017 1.74% = 0.64 × 0.55 × 29.73% × 0.17
Jun 30, 2017 1.04% = 0.45 × 0.50 × 27.17% × 0.17
Mar 31, 2017 1.04% = 0.45 × 0.50 × 27.64% × 0.17
Dec 31, 2016 0.88% = 0.44 × 0.47 × 26.28% × 0.16
Sep 30, 2016 -0.24% = -0.33 × 0.24 × 18.80% × 0.16
Jun 30, 2016 0.21% = 0.26 × 0.26 × 19.55% × 0.16
Mar 31, 2016 0.17% = 0.22 × 0.24 × 18.66% × 0.17
Dec 31, 2015 0.30% = 0.31 × 0.28 × 19.91% × 0.17
Sep 30, 2015 — = — × — × — × —
Jun 30, 2015 — = — × — × — × —
Mar 31, 2015 — = — × — × — × —

Based on: 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q1 2020 is the decrease in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

Kinder Morgan Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Mar 31, 2020 10.31% = 0.62 × 0.55 × 30.41%
Dec 31, 2019 16.58% = 0.70 × 0.63 × 37.22%
Sep 30, 2019 15.21% = 0.74 × 0.61 × 34.01%
Jun 30, 2019 16.50% = 0.74 × 0.63 × 35.40%
Mar 31, 2019 11.59% = 0.73 × 0.54 × 29.29%
Dec 31, 2018 11.38% = 0.73 × 0.53 × 29.08%
Sep 30, 2018 0.78% = 0.06 × 0.48 × 26.01%
Jun 30, 2018 -1.82% = -0.19 × 0.42 × 23.48%
Mar 31, 2018 1.95% = 0.13 × 0.54 × 28.89%
Dec 31, 2017 1.34% = 0.09 × 0.54 × 28.84%
Sep 30, 2017 10.38% = 0.64 × 0.55 × 29.73%
Jun 30, 2017 6.19% = 0.45 × 0.50 × 27.17%
Mar 31, 2017 6.27% = 0.45 × 0.50 × 27.64%
Dec 31, 2016 5.42% = 0.44 × 0.47 × 26.28%
Sep 30, 2016 -1.47% = -0.33 × 0.24 × 18.80%
Jun 30, 2016 1.30% = 0.26 × 0.26 × 19.55%
Mar 31, 2016 0.99% = 0.22 × 0.24 × 18.66%
Dec 31, 2015 1.76% = 0.31 × 0.28 × 19.91%
Sep 30, 2015 — = — × — × —
Jun 30, 2015 — = — × — × —
Mar 31, 2015 — = — × — × —

Based on: 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).

The primary reason for the decrease in net profit margin ratio over Q1 2020 is the decrease in operating profitability measured by EBIT margin ratio.