Common Stock Valuation Ratios (Price Multiples)
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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Kinder Morgan Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2010
- Operating Profit Margin since 2010
- Return on Equity (ROE) since 2010
- Debt to Equity since 2010
- Price to Earnings (P/E) since 2010
- Analysis of Revenues
- Analysis of Debt
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Current Valuation Ratios
Kinder Morgan Inc., current price multiples
| Kinder Morgan Inc. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Occidental Petroleum Corp. | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Current share price (P) | ||||||
| No. shares of common stock outstanding | ||||||
| Growth rate (g) | ||||||
| Earnings per share (EPS) | ||||||
| Next year expected EPS | ||||||
| Operating profit per share | ||||||
| Sales per share | ||||||
| Book value per share (BVPS) | ||||||
| Valuation Ratios (Price Multiples) | ||||||
| Price to earnings (P/E) | ||||||
| Price to next year expected earnings | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) | ||||||
Based on: 10-K (reporting date: 2019-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Kinder Morgan Inc., historical price multiples
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio shows significant volatility over the periods analyzed. Starting at a high level of 153.55 in 2015, it decreases sharply to 90.92 in 2016, then spikes dramatically to an extremely high value of 1408.61 in 2017. This peak is followed by a substantial decline in the subsequent years, reaching more moderate levels of 27.54 in 2018 and 22.56 in 2019. The wide fluctuations suggest periods of earnings instability or market valuation adjustments during these years.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio demonstrates a gradual downward trend over the five-year span. Starting at 14.24 in 2015, it slightly decreases to 14.05 in 2016, then follows a more noticeable decline to 10.73 in 2017. This stabilized low level persists through 2018 and 2019 with values of 10.75 and 10.14 respectively. This trend indicates a growing alignment between market price and operating profit, potentially reflecting improved operating profitability or market valuation adjustments.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio exhibits a fluctuating pattern. It begins at 2.42 in 2015, rises significantly to 3.84 in 2016, then drops to 2.78 in 2017. The ratio slightly increases to 2.88 in 2018, followed by a notable rise to 3.74 in 2019. This variability suggests changing sales-based market valuations, possibly influenced by sales growth or shifts in investor perception during the period.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio shows a generally increasing trend with some fluctuations. It starts at 0.99 in 2015, rises to 1.46 in 2016, decreases to 1.13 in 2017, then increases again to 1.21 in 2018, and reaches 1.46 in 2019. This pattern signals a moderate increase in market valuation relative to book value over time, with a slight dip in 2017, indicating possible changes in asset valuation or investor confidence across these years.
Price to Earnings (P/E)
Kinder Morgan Inc., historical P/E 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$) | ||||||
| Net income 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. | ||||||
| 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.
2 2019 Calculation
EPS = Net income available to common stockholders ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Kinder Morgan Inc. Annual Report.
4 2019 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced fluctuations over the five-year period. Starting at $15.62 in 2015, it increased significantly to $22.48 in 2016. In 2017, the price dropped to $17.24, followed by a modest recovery to $18.02 in 2018. The price then increased again to $21.81 in 2019, nearing the previous high levels observed in 2016.
- Earnings Per Share (EPS) Trend
- EPS showed considerable variability. It increased from $0.10 in 2015 to $0.25 in 2016, then sharply declined to $0.01 in 2017. A strong rebound occurred in 2018 with EPS rising to $0.65, and continued growth was observed in 2019, reaching $0.97. This indicates improving profitability especially in the latter years.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio exhibited extreme volatility during the period. Starting at a high 153.55 in 2015, it decreased to 90.92 in 2016, then surged dramatically to 1408.61 in 2017. This spike is likely linked to the very low EPS in 2017, causing the ratio to become disproportionately high. Subsequently, the P/E ratio decreased substantially to 27.54 in 2018 and further to 22.56 in 2019, implying a normalization of earnings relative to the share price.
- Overall Insights
- The fluctuating share price, combined with volatile earnings per share and P/E ratios, suggest periods of earnings instability impacting market valuation perceptions. The very high P/E in 2017, driven by near-zero earnings, indicates market uncertainty or possible investor caution during that year. The recovery in EPS and corresponding normalization of P/E ratios in 2018 and 2019 point to improving financial performance and potentially enhanced investor confidence.
Price to Operating Profit (P/OP)
Kinder Morgan Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| 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.
2 2019 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Kinder Morgan Inc. Annual Report.
4 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price demonstrated a generally positive trajectory over the analyzed period. Starting at $15.62 in 2015, it increased significantly to $22.48 in 2016, reflecting a strong rise. This was followed by a decline to $17.24 in 2017, indicating some volatility. Subsequently, the price showed moderate recovery to $18.02 in 2018 and further growth to $21.81 by 2019. Overall, despite some fluctuations, the share price exhibited upward momentum with a peak in 2016 and a recovery towards the end of the period.
- Operating Profit Per Share (OPPS)
- Operating profit per share increased steadily throughout the period, beginning at $1.10 in 2015 and rising each year to reach $2.15 by 2019. This represents nearly a doubling of operating profit per share over five years, indicating consistent operational improvement and potential profitability enhancement.
- Price to Operating Profit Ratio (P/OP)
- The price to operating profit ratio exhibited a clear downward trend from 14.24 in 2015 to 10.14 in 2019. The ratio decreased steadily, with small fluctuations between 2017 and 2018 but an overall decline. This suggests that the share price relative to operating profit became more favorable, potentially indicating improved valuation or increased earnings power per unit of price.
- Summary
- The data reveals a company experiencing growing operating profitability per share over the analyzed timeframe. The share price reflects some volatility but generally trends upward, especially after the dip in 2017. Correspondingly, the P/OP ratio declined, emphasizing improving earnings relative to price. This combination of rising operating profit per share and decreasing valuation multiples may suggest an improving fundamental performance and potentially attractive investment valuation.
Price to Sales (P/S)
Kinder Morgan Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| 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.
2 2019 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Kinder Morgan Inc. Annual Report.
4 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a fluctuating trend over the five-year period. It increased notably from $15.62 at the end of 2015 to a peak of $22.48 in 2016, showing a significant gain. However, it then declined to $17.24 in 2017 before slightly recovering to $18.02 in 2018. By the end of 2019, the share price rose again to $21.81, approaching the earlier high observed in 2016.
- Sales per Share Trend
- Sales per share displayed a relatively stable but slightly declining pattern throughout the observed period. Starting at $6.45 in 2015, it decreased to $5.85 in 2016, followed by a partial recovery to $6.21 in 2017 and a marginal increase to $6.25 in 2018. However, by the end of 2019, sales per share declined to $5.83, marking the lowest point in the five-year span.
- Price-to-Sales Ratio (P/S) Analysis
- The price-to-sales ratio demonstrated considerable volatility, reflecting the interplay between share price movements and sales per share. It surged from 2.42 in 2015 to 3.84 in 2016, indicating a significant increase in valuation relative to sales. Subsequently, the ratio decreased to 2.78 in 2017, then rose slightly to 2.88 in 2018, before climbing again to 3.74 in 2019. This pattern suggests fluctuating market perceptions of value relative to sales over the period.
- Overall Insights
- Overall, the data suggests that while sales per share remained relatively consistent with a slight downward trend, the share price and P/S ratio experienced higher volatility. The share price's increases and decreases indicate market responsiveness that may not be directly correlated with sales performance alone. The P/S ratio fluctuations underscore variations in market valuation, with peaks potentially reflecting investor optimism or other external factors driving pricing beyond sales fundamentals.
Price to Book Value (P/BV)
Kinder Morgan Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| 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.
2 2019 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. Annual Report.
4 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price experienced significant fluctuations over the five-year period. It increased notably from 15.62 USD at the end of 2015 to a peak of 22.48 USD in 2016, representing strong market appreciation. However, the price declined in 2017 to 17.24 USD, followed by a modest recovery in 2018 to 18.02 USD. In 2019, the share price rose again to 21.81 USD, indicating renewed investor confidence toward the end of the period.
- Book Value per Share (BVPS)
- The BVPS showed a gradual but consistent downward trend throughout the period. Starting at 15.74 USD in 2015, it decreased marginally each year, reaching 14.90 USD by the end of 2019. This decline suggests a slight erosion of net asset value on a per-share basis over the five years.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio followed a pattern closely linked to the share price movements, with values ranging from 0.99 to 1.46. It rose sharply from 0.99 in 2015 to 1.46 in 2016, dropped to 1.13 in 2017, then increased slightly to 1.21 in 2018, before climbing back to 1.46 in 2019. This indicates fluctuating investor perceptions regarding the company’s valuation relative to its net assets, with peaks correlating to higher share price levels and troughs aligning with share price declines.