Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2010
- Net Profit Margin since 2010
- Return on Equity (ROE) since 2010
- Price to Book Value (P/BV) since 2010
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Profitability Ratios (Summary)
Kinder Morgan Inc., profitability ratios (quarterly data)
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).
- Gross Profit Margin
- The gross profit margin shows a generally stable and slightly improving trend over the observed periods. It started at 73.17% in March 2016, experienced minor fluctuations through 2016 and 2017, with a slight decline during mid-2017, bottoming near 68.3%. From early 2018, the margin gradually increased, reaching a peak of 76.89% by March 2020. This indicates consistent control over cost of goods sold relative to revenue, with an overall strengthening profitability at the gross level.
- Operating Profit Margin
- The operating profit margin exhibited more volatility across the quarters. Initially around 15.61% in March 2016, it increased to over 27% by the end of 2016. Throughout 2017 and 2018, it showed some decline and fluctuation, dropping to approximately 20.81% mid-2018 before progressively rising to a maximum of 36.89% in December 2019. The margin decreased slightly to 30.25% by March 2020. This pattern suggests shifting operational efficiencies or changing cost structures, but with a clear overall improvement in operational profitability towards the later periods.
- Net Profit Margin
- The net profit margin was relatively low and unstable throughout the periods analyzed. It fluctuated near zero in early 2016, with some negative values occurring in late 2016 and mid-2018, indicating occasional net losses. However, from late 2018 onwards, there was a discernible upward trend in net profitability, peaking at 16.58% in December 2019 before declining to 10.31% by March 2020. This volatility at the net level reflects influences from non-operational factors such as financing costs, taxes, and one-time items.
- Return on Equity (ROE)
- The return on equity followed a pattern similar to the net profit margin, with low and negative returns in early periods, such as -0.57% in September 2016, indicating periods of suppressed shareholder profitability. A general upward trend is observed from 2017, reaching a maximum of 6.84% in September 2019, followed by a slight decrease to 4.01% in March 2020. This suggests improving but still moderate effectiveness in generating shareholder value over the timeframe.
- Return on Assets (ROA)
- The return on assets showed small and fluctuating values, with a negative return of -0.32% in June 2018 and positive peaks reaching up to 3.0% in September 2019. The overall trend shows incremental improvements in asset utilization efficiency from 2016 through the end of 2019, despite some volatility. ROA declined to 1.81% by March 2020, which might reflect diminished asset profitability during that period.
Return on Sales
Return on Investment
Gross Profit Margin
Kinder Morgan Inc., gross profit margin calculation (quarterly data)
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).
1 Q1 2020 Calculation
Gross profit margin = 100
× (Gross profitQ1 2020
+ Gross profitQ4 2019
+ Gross profitQ3 2019
+ Gross profitQ2 2019)
÷ (RevenuesQ1 2020
+ RevenuesQ4 2019
+ RevenuesQ3 2019
+ RevenuesQ2 2019)
= 100 × ( + + + )
÷ ( + + + )
=
- Gross Profit Trend
- Gross profit demonstrated relative stability with some fluctuations over the analyzed quarters. Starting at approximately 2,464 million USD in the first quarter of 2016, it showed a slight downward trend through 2016 and early 2017, reaching a low point near 2,252 million USD in the third quarter of 2017. Subsequently, gross profit recovered gradually, peaking at 2,582 million USD by the end of 2018, before experiencing minor variations and closing at around 2,443 million USD in the first quarter of 2020. Overall, gross profit remained within a moderately tight range without extreme volatility.
- Revenue Trends
- Revenues exhibited a variable pattern across the quarters, showing periods of growth and decline. Revenues began near 3,195 million USD in the first quarter of 2016, fluctuated but generally trended upward through 2016 and 2017, reaching a peak of approximately 3,781 million USD in the fourth quarter of 2018. After this peak, revenues declined notably during 2019 and into early 2020, dropping to about 3,106 million USD by the first quarter of 2020, reflecting some challenges in maintaining revenue growth during the later periods.
- Gross Profit Margin Analysis
- The gross profit margin percentage indicates a downward trend over the early periods, starting from around 73% in early 2016, dipping below 69% during much of 2017 and 2018. However, from late 2018 through early 2020, the margin shows a clear and consistent improvement, rising steadily from approximately 68.74% to nearly 76.89%. This increasing margin suggests an enhancement in cost efficiency or pricing power despite fluctuations in total revenue and gross profit values.
- Overall Insights
- The financial data reveals a scenario where revenue peaked toward the end of 2018 before declining, while gross profit remained more stable throughout, with some minor oscillations. The rising gross profit margin in the later quarters implies improvements in operational efficiency or cost management, which partially offset revenue decreases. This divergence between declining total revenue and increasing profitability margin suggests the company was able to maintain or even improve profitability per unit of revenue. Such trends may indicate strategic adjustments in pricing, cost control, or product mix that strengthened margins in the face of top-line pressure.
Operating Profit Margin
Kinder Morgan Inc., operating profit margin calculation (quarterly data)
| Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Operating income | |||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||
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).
1 Q1 2020 Calculation
Operating profit margin = 100
× (Operating incomeQ1 2020
+ Operating incomeQ4 2019
+ Operating incomeQ3 2019
+ Operating incomeQ2 2019)
÷ (RevenuesQ1 2020
+ RevenuesQ4 2019
+ RevenuesQ3 2019
+ RevenuesQ2 2019)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Operating Income
- The operating income exhibited notable volatility across the observed quarters. From the first quarter of 2016 through 2017, values fluctuated between a low of 812 million USD and a high of 980 million USD. The year 2018 featured a sharp dip especially in the second quarter, where operating income dropped to 272 million USD, followed by a recovery peaking at 1,515 million USD at the third quarter. In 2019, the trend generally remained steady with figures ranging from approximately 951 to 1,931 million USD, with the highest income recorded in the final quarter of 2019. However, the first quarter of 2020 revealed a dramatic decrease to 43 million USD, indicating significant strain or unusual expense in that period.
- Revenues
- Revenues presented comparatively stable trends with moderate fluctuations over the quarters. Starting from around 3,195 million USD in Q1 2016, revenues gradually increased reaching a peak of 3,781 million USD in the last quarter of 2018. Subsequently, the revenue figures trended slightly downward in 2019, fluctuating between approximately 3,214 million and 3,429 million USD. The first quarter of 2020 showed a further decline to 3,106 million USD, though this drop was less pronounced compared to the fall in operating income. Overall, revenue changes were less volatile and did not exhibit sharp contractions.
- Operating Profit Margin
- The operating profit margin exhibited considerable variability, reflecting changes in operational efficiency and cost management. In 2016, margins ranged broadly from 15.61% to 27.35%, with a general upward trend entering 2017, where margins mostly stabilized above 25%. During 2018, the margin fluctuated but remained relatively strong, maintaining values generally between 20.81% and 26.82%. The year 2019 witnessed a further improvement with margins reaching a peak of 36.89% in the final quarter, suggesting enhanced profitability or cost control. The margin in the first quarter of 2020 fell back to 30.25%, still reflecting effective profitability despite other financial pressures.
- Summary Insights
- While revenue figures demonstrated steady and moderate growth with limited volatility, operational profitability exhibited considerable fluctuations across the quarters. The sharp decline in operating income in early 2020 contrasts with a comparatively smoother revenue trend, indicating potential increases in costs or impairments affecting profitability. The operating profit margin suggests periods of strong margin expansion, especially notable in late 2019, signifying episodes of operational efficiency or favorable market conditions. The divergent trends between income and revenue in some periods highlight variabilities in cost structures or extraordinary items impacting net operating results.
Net Profit Margin
Kinder Morgan Inc., net profit margin calculation (quarterly data)
| Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net income (loss) attributable to Kinder Morgan, Inc. | |||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||
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).
1 Q1 2020 Calculation
Net profit margin = 100
× (Net income (loss) attributable to Kinder Morgan, Inc.Q1 2020
+ Net income (loss) attributable to Kinder Morgan, Inc.Q4 2019
+ Net income (loss) attributable to Kinder Morgan, Inc.Q3 2019
+ Net income (loss) attributable to Kinder Morgan, Inc.Q2 2019)
÷ (RevenuesQ1 2020
+ RevenuesQ4 2019
+ RevenuesQ3 2019
+ RevenuesQ2 2019)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial performance analysis over the reported quarters reveals several notable patterns and fluctuations in profitability and revenue trends.
- Net Income (Loss) Trend
- The net income attributable to the company displayed considerable volatility throughout the periods. There were quarters with significant positive earnings, peaking at 610 million US dollars in the quarter ending December 31, 2019. However, this was interspersed with some quarters reporting substantial losses, notably the quarter ending December 31, 2017, with a loss of 1,006 million US dollars and the quarter ending March 31, 2020, with a loss of 306 million US dollars. The fluctuations indicate episodic challenges affecting profitability, despite periods of stable or growing earnings.
- Revenue Trends
- Revenues showed moderate variability but generally remained within a range of approximately 3,100 to 3,800 million US dollars per quarter. The highest revenue was recorded in the quarter ending December 31, 2018, at 3,781 million US dollars. There was no clear upward or downward long-term trend, indicating relatively stable revenue generation with slight seasonal or operational fluctuations.
- Net Profit Margin Analysis
- The net profit margin percentage showed marked volatility consistent with the earnings pattern. There were quarters with strong profitability indicated by margins exceeding 15%, particularly in several quarters of 2019. Conversely, some quarters showed negative margins, reflecting losses during those periods. The margin fluctuated from negative values as low as -1.82% to positive peaks around 16.58%, demonstrating variable efficiency in converting revenues into net income.
- Overall Observations
- The data indicate that while the company maintained relatively stable revenue streams, net income and profitability margins experienced substantial swings. The occurrence of significant losses in isolated quarters suggests episodic adverse events or non-recurring charges impacting financial outcomes. The recovery to positive earnings and strong margins in subsequent quarters points to resilience but also highlights potential volatility in earnings quality. The net profit margin variations suggest that operational efficiency and cost management may have periods of strain or improvement influencing profitability beyond revenue changes.
Return on Equity (ROE)
Kinder Morgan Inc., ROE calculation (quarterly data)
| Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net income (loss) attributable to Kinder Morgan, Inc. | |||||||||||||||||||||||
| Total Kinder Morgan, Inc.’s stockholders’ equity | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| ROE1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||
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).
1 Q1 2020 Calculation
ROE = 100
× (Net income (loss) attributable to Kinder Morgan, Inc.Q1 2020
+ Net income (loss) attributable to Kinder Morgan, Inc.Q4 2019
+ Net income (loss) attributable to Kinder Morgan, Inc.Q3 2019
+ Net income (loss) attributable to Kinder Morgan, Inc.Q2 2019)
÷ Total Kinder Morgan, Inc.’s stockholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Income (Loss) Attributable to Kinder Morgan, Inc.
- The net income figures exhibit considerable volatility over the reported quarters. From March 2016 to December 2016, net income fluctuated, notably turning negative in September 2016 with a significant loss of 188 million USD. The first quarter of 2017 shows a strong recovery with net income peaking at 440 million USD and maintaining positive results through September 2017. However, December 2017 experienced a sharp decline, resulting in a substantial loss of 1,006 million USD. Subsequently, net income recovered again through 2018 and 2019, with values mostly above 500 million USD, aside from some dips, such as a slight loss in June 2018 and a moderate reduction in March 2019. The first quarter of 2020 shows a return to negative net income, recording a loss of 306 million USD. Overall, net income demonstrates cycles of recovery and decline with significant negative spikes at the end of 2016, late 2017, and the onset of 2020.
- Total Stockholders' Equity
- Stockholders’ equity remained relatively stable throughout the period, with values ranging between approximately 33.1 billion USD and 35.1 billion USD. Starting at 35.2 billion USD in March 2016, equity slightly decreased towards the end of 2016, bottoming at around 33.6 billion USD by December 2017 before recovering marginally and stabilizing near 33.7 billion USD through 2019 and early 2020. The overall trend indicates minimal fluctuation in equity, suggesting consistent capital structure without major equity issuance or repurchases affecting the base significantly.
- Return on Equity (ROE)
- The ROE percentage shows an oscillating pattern that aligns to some extent with the net income fluctuations. Initially, values hovered near zero to slightly positive in early 2016 but turned negative in September 2016 (-0.57%), reflecting the loss recorded in the same quarter. A recovery followed into 2017, reaching a peak of nearly 3.97% in September. A notable reduction occurred in December 2017, falling to 0.54%, consistent with the substantial net loss reported. The ROE improved significantly during 2018 and 2019, peaking at 6.84% in September 2019, indicating an increase in profitability relative to equity. Despite this strong performance, the ROE declined to 4.01% by March 2020, aligning with the net loss in that quarter. The data suggests a modest yet positive return trend over the years, interspersed with occasional setbacks corresponding with net income variability.
Return on Assets (ROA)
Kinder Morgan Inc., ROA calculation (quarterly data)
| Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net income (loss) attributable to Kinder Morgan, Inc. | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| ROA1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||
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).
1 Q1 2020 Calculation
ROA = 100
× (Net income (loss) attributable to Kinder Morgan, Inc.Q1 2020
+ Net income (loss) attributable to Kinder Morgan, Inc.Q4 2019
+ Net income (loss) attributable to Kinder Morgan, Inc.Q3 2019
+ Net income (loss) attributable to Kinder Morgan, Inc.Q2 2019)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct fluctuations and trends across the evaluated periods. The net income attributable to the company exhibits considerable volatility, with alternating positive and negative values over the quarters. Notably, there is a significant loss recorded in the fourth quarter of 2017, reaching -1006 million US dollars, followed by a recovery with gains in subsequent quarters. Negative net income also appears in mid-2018 and the first quarter of 2020, indicating periodic challenges or extraordinary events impacting profitability.
Total assets display a generally downward trend throughout the examined timeframe. Starting from a high point above 84 billion US dollars in early 2016, assets gradually decline to approximately 73.5 billion US dollars by the first quarter of 2020. This decline suggests a possible reduction in asset base, which may be due to disposals, depreciation, or other strategic shifts in asset management.
The Return on Assets (ROA) percentage mirrors the fluctuations seen in net income but remains positive for most quarters. ROA peaks at 3.00% in the third quarter of 2019, indicating relatively efficient asset utilization during this period. However, there are quarters with negative ROA, such as September 2016 and June 2018, consistent with the periods of net losses. Overall, ROA trends show a recovery from negative to positive values after each downturn, highlighting variable profitability performance relative to asset size.
- Net Income (Loss)
- Significant volatility with alternating profits and losses; extreme loss in Q4 2017; intermittent negative quarters in mid-2018 and early 2020.
- Total Assets
- Gradual decline over time from above 84 billion to approximately 73.5 billion US dollars, indicating a contracting asset base.
- Return on Assets (ROA)
- Generally positive with peaks exceeding 3%; reflects volatile profitability; aligns with net income trends, showing recovery post-loss periods.