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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- 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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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), 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 financial ratios exhibit varying trends over the reported periods, reflecting shifts in market valuation metrics relative to earnings, operating profit, sales, and book value.
- Price to Earnings (P/E) Ratio
- The P/E ratio data shows extensive volatility and intermittent availability. Absent in early 2015, it spikes dramatically to values exceeding 600 in late 2015, followed by a decline to around the 30s by the end of 2017. A notable peak occurs in Q1 2018 with a value above 1400, subsequently decreasing and stabilizing around the low to mid-20s from late 2019 through Q1 2020. This fluctuation suggests significant changes in net earnings or market price expectations during the period, with more recent values indicating a more normalized earnings valuation.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio, available starting in Q1 2015, reveals a general downward trend from a high above 21 in late 2016 to values around 9 in Q1 2020. Initial values fluctuate between approximately 14 and 21, but after 2016, the ratio shows a gradual decline, indicating improved operating profit relative to price or a market correction in price valuation. The lower ratio in recent periods might reflect enhanced operational efficiency or adjusted investor sentiment towards operating earnings.
- Price to Sales (P/S) Ratio
- The P/S ratio data points to a rise from approximately 2.4 in early 2015 to near 3.8 by early 2017, followed by a slight decline and some fluctuation within the range of 2.6 to 3.7 through 2020. The initial upward movement suggests increasing market valuation relative to sales, possibly due to growth expectations. The stabilization and oscillation of the ratio in subsequent quarters indicate a balanced market perspective on the company's sales performance relative to price.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio trends downward from a peak of 2.67 in Q1 2015 to below 1 by year-end 2015, which could signal a market reassessment of the company's book value or asset base. After reaching this low, the ratio steadily recovers and stabilizes between roughly 1.1 and 1.5 for the majority of the following periods, with a mild upward trend observable through to mid-2019. However, the ratio dips slightly to around 1.07 by Q1 2020. This pattern reflects a stabilization in valuation relative to the company's net asset value after initial volatility.
In summary, the financial ratios illustrate periods of significant valuation swings, particularly in earnings-related measures, followed by a trend toward stabilization. The reduction in the P/E and P/OP ratios over time indicates improved profitability or market adjustment to earnings realities, whereas the P/S and P/BV ratios suggest a balancing act between growth expectations and asset valuations. Recent data points imply more normalized valuation metrics across these key measures.
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 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||||||
| Occidental Petroleum 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), 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).
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 analysis of the financial metrics over the given periods reveals several notable trends and fluctuations.
- Share Price (US$)
- The share price exhibited significant volatility during the observed periods. Initially, there was a sharp decline from $43.20 at March 2015 to $15.62 at December 2015. Following this, the price experienced modest recovery and stabilization between approximately $16 and $22 from 2016 through the first quarter of 2020, with some fluctuations around the $20 level. The lowest point appears at the end of the timeline in March 2020, where the price dropped to $15.71, indicating a decline possibly linked to external market conditions.
- Earnings per Share (EPS) (US$)
- EPS data begins from December 2015, showing an initial low but positive value of $0.10, followed by a period of volatility including negative EPS at December 2016 (-$0.15), September 2018 (-$0.18), and December 2018 (-$0.02). Beginning in 2017, EPS generally trended upwards, reaching peaks of $0.99 in September 2019 and maintaining relatively strong positive values thereafter. The fluctuations point toward variable profitability but an underlying improvement in earnings performance over time.
- Price to Earnings Ratio (P/E)
- The P/E ratio mirrors the EPS volatility and share price fluctuations, displaying extremely high values during periods of low EPS, such as peaks of 546.43 in June 2016 and 1408.61 in March 2018. These elevated ratios indicate stretched valuations relative to earnings during those quarters. From 2017 onward, the P/E ratio shows a downward trend, stabilizing between approximately 20 to 30, suggesting a normalization of valuation in relation to earnings as profitability improved.
In summary, the share price faced a steep decline in 2015, followed by relative stabilization amid variable earnings. EPS trends suggest an improving profitability trajectory with intermittent negative quarters. The P/E ratio's extreme highs during low earnings periods reduced as the company’s earnings strengthened, indicating a potentially more balanced market valuation relative to the firm’s financial performance toward the later years. The data indicates that while market confidence was shaky during the earlier periods, there was a gradual recovery in both earnings and share valuation through 2019, albeit with some setbacks in early 2020.
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 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 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-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).
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.
The share price exhibited a downward trend from the beginning of the observed period in March 2015, starting at $43.20 and declining steadily to reach a low of approximately $15.62 in December 2015. Subsequently, the share price showed some stabilization and minor fluctuations, generally trading between approximately $15 and $22 in the period from 2016 through early 2020. Notably, there was a slight upward movement in early 2019, peaking around $21.81 in December 2019, before dropping again to $15.71 by March 2020.
Operating profit per share data is available starting from March 2016. Initially, operating profit per share was at $1.10 and saw a slight decrease to just below $1.00 in June 2016. It then generally increased over time, reaching a peak of $2.15 in December 2019. This suggests improving operating profitability per share, especially notable in the period between 2017 and the end of 2019, with only a moderation back to $1.72 by March 2020.
The price-to-operating-profit (P/OP) ratio demonstrated considerable volatility early in the covered period. Starting at around 14.24 in March 2016, this ratio increased sharply, peaking above 21 by the third quarter of 2016. Thereafter, the P/OP ratio generally trended downward, stabilizing between roughly 9.11 and 14.24 through late 2018 and 2019. This decline suggests that the market price became more aligned with or undervalued relative to the operating profit per share over time. The ratio slightly increased again toward the end of 2019, then decreased to 9.11 by March 2020, indicating a potentially more attractive valuation in terms of operating profit at that time.
Overall, the data suggest an initial phase of declining market valuation followed by a period of stabilization. Operating profit per share improved steadily after early 2016, while the P/OP ratio declined and stabilized, reflecting a possible market adjustment to better match operating performance. The recent decrease in share price coupled with relatively high operating profit per share could indicate a potential undervaluation as of the first quarter of 2020.
Price to Sales (P/S)
Kinder Morgan Inc., historical P/S calculation (quarterly data)
| Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| 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-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).
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 data reveals notable fluctuations and trends in the share price, sales per share, and price-to-sales (P/S) ratio over the periods from March 2015 through March 2020.
- Share Price
- The share price displayed a significant decline from March 2015 (US$43.20) to December 2015 (US$15.62), representing a steep drop over this brief period. Subsequently, from early 2016 to the end of 2019, the share price showed relative stability, fluctuating mostly between approximately US$16 and US$22. The highest prices in this period barely reached the level observed in early 2015. Towards March 2020, the share price again declined to US$15.71, nearing the low points from late 2015.
- Sales Per Share
- Data for sales per share begins in March 2016 at US$6.45 and shows a gradual and modest downward trend overall. Starting from US$6.45, sales per share decrease slowly to US$5.70 by March 2020. This suggests some erosion in sales performance on a per-share basis over the nearly four-year span.
- Price-to-Sales (P/S) Ratio
- The P/S ratio starts at 2.42 in March 2016 and generally trends upward with fluctuations, peaking at 3.84 in March 2017. Following this peak, the P/S ratio shows some volatility, declining to a low near 2.62 in June 2018, then rising again to reach a higher value of 3.74 in March 2020. This variability indicates changing market valuation relative to sales, with periods where the share price is valued more highly compared to sales, and others where valuation contracts.
- Interrelationship and Overall Observations
- The initial steep decline in share price from 2015 was not accompanied by sales data, thus direct causation cannot be inferred. In the subsequent period with available data, sales per share exhibited a mild downward trend, while the P/S ratio fluctuated noticeably, suggesting changing investor sentiment or market conditions affecting valuation multiples. The share price maintained relative stability with moderate fluctuations, responding variably to minor sales declines and shifting valuation multiples. The drop in share price in the first quarter of 2020 is notable, coinciding with an elevated P/S ratio compared to earlier years, implying a larger investor reassessment of value under declining sales.
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 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 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-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).
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 demonstrated considerable volatility over the observed period. It started at $43.20 in March 2015, declining sharply to a low of $15.62 by December 2015. This significant decrease was followed by a fluctuating recovery phase where prices oscillated around the $20 mark between 2016 and early 2020. Notably, the share price showed intermittent peaks and troughs during these years, with a moderate rebound to around $21.81 in December 2019 before declining again to $15.71 by March 2020.
- Book Value per Share (BVPS) Trend
- The book value per share remained relatively stable throughout the entire period, exhibiting only minor fluctuations. Starting at $16.16 per share in March 2015, BVPS gradually decreased to around $14.64 by March 2020. This suggests a slow but steady erosion in book value per share over the nearly five-year span, albeit the changes were not pronounced.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio underwent substantial changes during the period. Initially, it was relatively high at 2.67 in March 2015, reflecting a share price significantly above book value per share. By December 2015, the ratio fell sharply to 0.99, indicating the share price had dropped below the book value per share. After this low point, the ratio generally hovered slightly above 1.0 for most of the subsequent periods, suggesting that the market valued the shares close to their book value. There were modest increases in the ratio in the periods before 2020, peaking at 1.46 in both December 2016 and December 2019, which may indicate temporary improvements in market sentiment or company prospects.
- Overall Observations
- There was a sharp decline in share price and P/BV ratio in late 2015, reflecting either adverse market conditions, company-specific difficulties, or valuation corrections. Following this phase, the market consistently valued the company at or slightly above its book value, signaling a period of stabilization. Meanwhile, the gradual decrease in BVPS over time may imply some erosion in the company’s net asset base. The discrepancy between the volatile share price and relatively stable book value and P/BV ratio points to market-driven price fluctuations rather than fundamental value shifts.