Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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Historical Valuation Ratios (Summary)
Kinder Morgan Inc., historical price multiples (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).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits substantial volatility across the periods, with extreme peaks and troughs. Initially, it starts at a very high level around 546.43 in early 2016 and reaches an even higher spike of 1408.61 by the end of 2017. These extreme values indicate significant fluctuations in earnings or price levels, possibly driven by one-off events or earnings anomalies. From late 2018 onward, the P/E ratio stabilizes to more moderate, single-digit and low double-digit values between approximately 20 and 30, suggesting more normalized earnings during these periods.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio demonstrates a general downward trend from early 2016 through the end of the available data, falling from 18.51 to a low of 9.11 by the first quarter of 2020. This consistent decline indicates that the market price is increasingly representing a smaller multiple of the company's operating profit, implying improved operating profitability or more conservative market valuation over time. Minor fluctuations within this downward trend are visible, but the overall pattern is one of steady improvement in relationship to operating profits.
- Price to Sales (P/S) Ratio
- The P/S ratio fluctuates modestly with some volatility but generally remains within a relatively narrow range of about 2.6 to 3.7. There is a slight downward drift in early years, followed by a brief increase in 2019, reaching a peak around 3.74, before dipping to 2.76 in early 2020. These variations suggest modest changes in the market's valuation of sales but do not indicate drastic shifts in revenue expectations or pricing power over the analyzed timeframe.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows moderate fluctuations with initial increases from 1.15 in early 2016 to peaks above 1.40 by the end of 2019. This suggests a gradually increasing market valuation relative to the company's net asset book value, possibly reflecting improved investor confidence or asset quality. By the first quarter of 2020, the ratio declines to 1.07, indicating a reversion closer to book value. Overall, the ratio trends upward with periodic corrections.
Price to Earnings (P/E)
Kinder Morgan Inc., historical P/E 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income (loss) available to common stockholders (in millions) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q1 2020 Calculation
EPS
= (Net income (loss) available to common stockholdersQ1 2020
+ Net income (loss) available to common stockholdersQ4 2019
+ Net income (loss) available to common stockholdersQ3 2019
+ Net income (loss) available to common stockholdersQ2 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Kinder Morgan Inc. Quarterly or Annual Report.
4 Q1 2020 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data indicates notable fluctuations in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed quarters. These metrics exhibit varying trends and reflect changes in market valuation and company performance.
- Share Price
- The share price showed an overall declining trend from March 2016 through March 2018, decreasing from $18.12 to $16.27. After this period, a moderate recovery was observed, reaching up to $21.81 in December 2019. However, a significant decline occurred in the first quarter of 2020, with the share price falling sharply to $15.71. The pattern suggests that the company experienced some market challenges around 2017-2018, followed by partial market confidence recovery by the end of 2019, before facing pressures at the start of 2020.
- Earnings Per Share (EPS)
- EPS displayed considerable volatility throughout the observed timeline. Early periods featured small positive values and occasional losses, such as negative EPS in September 2016 (-$0.15) and June 2018 (-$0.18). From mid-2017 onwards, EPS generally trended upwards, peaking near $0.99 in the third quarter of 2019. The EPS decreased again to $0.59 by March 2020. This fluctuation indicates variability in profitability, with several quarters of modest earnings interspersed with a few losses and a generally improving trend towards late 2019 before a downturn.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio experienced significant variability, characterized by extremely high values, including peaks exceeding 1400 in December 2017 and an exceptionally elevated ratio in the early periods (over 500 in March and June 2016). These extreme values mostly correspond to quarters with low or negative EPS, which can distort the ratio. From 2018 onward, the P/E ratio settled to more moderate levels, ranging largely between 20 and 30, reflecting a stabilization in earnings relative to share price. The elevated P/E values in earlier periods indicate market caution or uncertainty linked to inconsistent earnings.
In summary, the data reflects a period of inconsistent earnings and fluctuating market valuation, with share prices experiencing an initial decline, partial recovery, and then a recent downturn. Earnings showed improvement from mid-2017 to late 2019 but exhibited some weakening early in 2020. The P/E ratio's volatility mainly mirrors EPS unpredictability, with a gradual normalization as earnings stabilized. The sharp decline in share price coupled with reduced EPS in early 2020 may signal increased market uncertainty or adverse conditions affecting performance at that time.
Price to Operating Profit (P/OP)
Kinder Morgan Inc., historical P/OP 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q1 2020 Calculation
Operating profit per share
= (Operating incomeQ1 2020
+ Operating incomeQ4 2019
+ Operating incomeQ3 2019
+ Operating incomeQ2 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Kinder Morgan Inc. Quarterly or Annual Report.
4 Q1 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a general upward trend from the first quarter of 2016 through the end of 2017, starting at $18.12 and reaching a peak close to $22.48 before declining gradually through 2018. A modest recovery occurred in early 2019, with prices hovering around $20, until a significant drop was observed in the first quarter of 2020, where the price declined sharply to $15.71. This pattern indicates periods of volatility with a notable downward correction entering 2020.
- Operating Profit Per Share
- Operating profit per share showed an overall increasing trajectory from 2016 to 2019, rising from $0.98 in the first quarter of 2016 to a high of $2.15 at the end of 2019. This indicates improved operational efficiency or profitability over this period. Despite some fluctuations, the operating profit per share generally trended upward, demonstrating growth in core earnings. There was a slight decline in the first quarter of 2020 to $1.72, which may reflect emerging operational challenges.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio decreased significantly from a high of around 21.21 in mid-2016 to approximately 9.11 in the first quarter of 2020, signaling that the share price became progressively less expensive relative to its operating profit per share. This decline suggests either a market reassessment of the company's growth prospects or a correction in stock price relative to earnings. The decline in P/OP accompanied the rise in operating profit per share and the share price decline observed in 2020, reinforcing the view of a more attractive valuation at the end of the period observed.
- Overall Insights
- The company demonstrated strong operational performance over the years, with consistently rising operating profits per share. However, the share price did not always reflect this growth proportionally, showing volatility and ultimately a marked decrease in early 2020. The decreasing P/OP ratio over the period indicates market valuation adjustments, possibly linked to external economic factors or internal company developments affecting investor sentiment. The decline in share price paired with robust operating profits suggests increased market risk perception or sector-wide pressures during the latest quarter.
Price to Sales (P/S)
Kinder Morgan Inc., historical P/S calculation (quarterly data)
| Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Revenues (in millions) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q1 2020 Calculation
Sales per share
= (RevenuesQ1 2020
+ RevenuesQ4 2019
+ RevenuesQ3 2019
+ RevenuesQ2 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Kinder Morgan Inc. Quarterly or Annual Report.
4 Q1 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price of the company exhibited fluctuations throughout the observed period, starting at $18.12 in the first quarter of 2016 and reaching a peak of $22.48 by the end of that year. Subsequently, there was a downward trend with intermittent recoveries, culminating in a decline to $15.71 by the first quarter of 2020. This reflects volatility with a general tendency toward lower valuations in the later quarters.
Sales per share demonstrated relative stability over the examined periods. The figures hovered around the $6.00 mark, with minor fluctuations between 5.7 and 6.34. There was a slight declining trend beginning in late 2018, continuing into early 2020, indicating a modest decrease in revenue generated per share over time.
The Price-to-Sales ratio (P/S) followed a variable pattern, initially increasing from 2.89 in the first quarter of 2016 to a higher level near 3.84 by the end of 2016. Following this peak, the ratio declined and fluctuated between approximately 2.6 and 3.7 over the succeeding quarters. The P/S ratio's movement corresponds with changes in share price relative to sales per share, suggesting periodic shifts in market valuation relative to sales performance, with a notable decrease to 2.76 by the first quarter of 2020.
- Share Price Trends
- Behavior characterized by initial growth in 2016, followed by a general downtrend with fluctuations, ending significantly lower in early 2020.
- Sales per Share Trends
- Remained relatively stable with a slight downward trend appearing after 2018, indicating consistent yet mildly decreasing sales efficiency per share.
- Price-to-Sales Ratio Trends
- Experienced peaks and troughs aligning with share price changes, reflecting varying market expectations and valuations of revenue over time, culminating in a decline by early 2020.
Price to Book Value (P/BV)
Kinder Morgan Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Total Kinder Morgan, Inc.’s stockholders’ equity (in millions) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q1 2020 Calculation
BVPS = Total Kinder Morgan, Inc.’s stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Kinder Morgan Inc. Quarterly or Annual Report.
4 Q1 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited notable fluctuations over the observed periods. Initially, it showed an upward trend from $18.12 at the end of Q1 2016 to a peak of $22.48 by Q4 2016. Following this, there was a general decline across 2017, reaching a low around $17.24 in Q4 2017. During 2018, prices remained relatively stable within the $16.27 to $18.02 range. In 2019, the share price regained strength, climbing from approximately $20.08 to $21.81 by year-end. However, this upward trend reversed sharply in Q1 2020, with the price dropping to $15.71, indicating increased volatility and potential market uncertainty in early 2020.
- Book Value per Share (BVPS) Stability
- BVPS remained relatively stable throughout the analyzed periods, fluctuating modestly between approximately $14.64 and $15.77. The highest values were observed in 2016 and early 2017, while a slight decline occurred towards early 2020. This stability suggests consistent equity per share despite variations in market value.
- Price-to-Book Value Ratio (P/BV) Analysis
- The P/BV ratio reflected the interaction between market price and book value. It peaked twice during the timeline: once at 1.46 in Q4 2016 and again in Q4 2019. Lower points were noted in Q1 2018 (1.07) and Q1 2020 (1.07), correlating with lower share prices while BVPS remained steady. Overall, the ratio indicates that the equity market valued the shares at a premium over book value, though the premium varied, reflecting market sentiments and valuation adjustments over time.
- Insights and Implications
- The divergence between relatively stable book value and volatile share price suggests external market factors predominantly influenced the company's equity value rather than changes in fundamental book equity. The sharp decrease in share price and P/BV ratio at the start of 2020 could signify emerging pressures or uncertainties affecting investor confidence. The stability in BVPS may denote steady underlying asset values or retained earnings, implying resilience in the company’s balance sheet despite market fluctuations.