Kinder Morgan, Inc.

Utilities
Natural Gas Distribution
www.kindermorgan.com

Earnings Score
Moat Score
Safety Score

Market Cap $61.65B
PE 24
Debt $32.03B
Cash $133.00M
EV $93.55B
FCF $3.96B

Earnings

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Sales & Net Margins

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Earnings	$2.54B
EBIT	$4.38B
ROE	8%
ROA	6%
FCF	$3.96B
Equity	$31.75B
Growth Stability	5%
PE	24.27
PEG	0.49
PB	1.94
P/FCF	15.56
P/S	4.07
Price/Cash	0
Debt/Equity	1.01
Debt/FCF	8.08
Net Margins	18%
Gross Margins	71%
Op. Margins	29%
Earnings CAGR	37%
Sales Growth YoY	-5%
Sales Growth QoQ	4%
Sales CAGR	3%
FCF CAGR	14%
Equity CAGR	-2%
Earnings Stability	0.4
Earnings Growth YoY	17%
Earnings Growth QoQ	9%
Earnings CAGR 5Y	50%

Sales CAGR 5Y	7%
FCF CAGR 5Y	6%
Equity CAGR 5Y	-1%
Earnings CAGR 3Y	-5%
Sales CAGR 3Y	-5%
FCF CAGR 3Y	3%
Equity CAGR 3Y	-0%
Market Cap	$61.65B
Revenue	$15.15B
Dividend Yield	4%
Payout Ratio	100%
Assets	$70.88B
Total Debt	$32.03B
Cash	$133.00M
Shares Outstanding	2.22B
EV	93.55B
Earnings Score	49%
Moat Score	85%
Safety Score	48%
Final Score	60%
Working Capital	-2.55B
Current Ratio	0.46
Gross Profit	$10.71B
Shares Growth 3y	-1%
Equity Growth QoQ	0%
Equity Growth YoY	1%

Assets & ROA

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Stockholders Equity & ROE

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Kinder Morgan is one of the largest midstream energy firms in North America, with an interest in or an operator on about 83,000 miles in pipelines and over 140 storage terminals. The company is active in the transportation, storage, and processing of natural gas, crude oil, refined products, natural gas liquids, and carbon dioxide. The majority of Kinder Morgan's cash flows stem from fee-based contracts for handling, moving, and storing fossil fuel products.

SEC Filings

Direct access to Kinder Morgan, Inc. (KMI) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Kinder Morgan, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Kinder Morgan, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 37%

Stability 40%

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Kinder Morgan, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Kinder Morgan, Inc..

Years

Calculation mode

= $106B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$4B	$4.5B	$5.2B	$5.9B	$6.7B	$7.7B	$8.7B	$10B	$11B	$13B	$15B	$148B
DCF		$4.1B	$4.3B	$4.4B	$4.6B	$4.8B	$4.9B	$5.1B	$5.3B	$5.5B	$5.7B	$57B
Value	$106B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	6%	1%	4%	0%	10%	17%	1%	11%	13%	16%	18%
ROA	-	3%	4%	4%	5%	7%	2%	4%	6%	6%	6%
ROE	-	1%	2%	0%	4%	6%	0%	6%	8%	8%	8%

Good Net Margins (17.51%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	30.85	21.84	28.13	17.45	13.88	12.65	7.92	10.48	8.62	8.08
Debt over Equity	1.25	1.23	1.2	1.13	1.08	1.01	1.13	1.1	1.09	1.13	1.01
Growth Stability	-	-	-	5%	100%	100%	10%	100%	100%	100%	5%

Bad Debt/FCF ratio (8.08)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Neutral Debt/Equity ratio (1.01)

The company has a balance between equity and debt that is not too good nor too bad.

Bad Graham’s Stability (5%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-11%	-9%	5%	3%	-7%	-11%	42%	16%	-20%	7%
Earnings YoY growth	-	-80%	165%	-95%	5K%	48%	-95%	1K%	43%	-6%	50%
Equity YoY growth	-	3%	-2%	1%	-2%	-1%	-7%	0%	1%	-1%	-1%
FCF YoY growth	-	66%	35%	-26%	51%	16%	15%	56%	-24%	25%	6%