Price to FCFE (P/FCFE)
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Kinder Morgan Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Operating Profit Margin since 2010
- Return on Equity (ROE) since 2010
- Return on Assets (ROA) since 2010
- Price to Operating Profit (P/OP) since 2010
- Price to Sales (P/S) since 2010
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Free Cash Flow to Equity (FCFE)
Kinder Morgan Inc., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
- Net cash provided by operating activities
- The net cash provided by operating activities shows a fluctuating trend over the observed period. Starting at 5,303 million US dollars in 2015, it decreased to 4,787 million in 2016 and continued to decline to 4,601 million in 2017. The figure then increased to 5,043 million in 2018 before falling again to 4,748 million in 2019. This pattern indicates some variability in cash flows from core business operations, with no consistent upward or downward momentum.
- Free cash flow to equity (FCFE)
- The free cash flow to equity exhibits significant volatility across the years. It began at 583 million US dollars in 2015, decreased to 455 million in 2016, and then sharply turned negative to -853 million in 2017. In 2018, the FCFE rebounded strongly to 2,257 million, representing a substantial positive cash flow for shareholders. However, this was followed by another decline to -720 million in 2019, indicating negative free cash flow available to equity holders again. These swings suggest periods of both cash generation and cash outflow to equity holders, reflecting potential variations in investment activities, financing, or changes in working capital management.
Price to FCFE Ratio, Current
Kinder Morgan Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Chevron Corp. | |
| ConocoPhillips | |
| Exxon Mobil Corp. | |
| Occidental Petroleum Corp. | |
Based on: 10-K (reporting date: 2019-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Kinder Morgan Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 Data adjusted for splits and stock dividends.
3 2019 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Kinder Morgan Inc. Annual Report.
5 2019 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The financial data reveals several noteworthy trends in the key indicators examined over the five-year period.
- Share Price
- The share price demonstrated fluctuation throughout the period. It increased from $15.62 at the end of 2015 to peak at $22.48 in 2016. Subsequently, it declined in 2017 to $17.24 and remained relatively stable in 2018 at $18.02 before rising again to $21.81 in 2019. The price volatility suggests varying market sentiment and external influences affecting valuation.
- Free Cash Flow to Equity (FCFE) per Share
- The FCFE per share showed considerable variability. Starting at $0.26 in 2015, it decreased to $0.20 in 2016, then sharply turned negative to -$0.39 in 2017. There was a marked improvement in 2018 with a positive surge to $1.00, followed by a reversal back to negative territory at -$0.32 in 2019. This inconsistent cash flow performance indicates fluctuating operational and financial conditions impacting the company's free cash flow generation available to shareholders.
- Price-to-Free Cash Flow to Equity (P/FCFE) Ratio
- The P/FCFE ratio exhibited significant instability. It escalated from 59.79 at the end of 2015 to a notably high 110.3 in 2016, reflecting an increased share price relative to FCFE or depressed FCFE values. The ratio for 2017 is not available, likely due to negative FCFE making the ratio non-meaningful. In 2018, the ratio fell sharply to 18.07, corresponding with the improved FCFE per share and a lower relative price. No ratio data is available for 2019, potentially due to negative FCFE values again. This volatility in valuation multiples underscores the unpredictable nature of the underlying cash flows during the period.
Overall, the company experienced fluctuating financial performance, with instability in free cash flow generation reflected in the oscillating share price and valuation ratios. The data points to episodic financial challenges and recoveries impacting investor valuations over these years.