Financials Kinder Morgan, Inc.

Equities

KMI

US49456B1017

Oil & Gas Transportation Services

Market Closed - Nyse Other stock markets 04:00:02 2024-05-17 pm EDT			5-day change	1st Jan Change
19.7 ^USD	+0.51%		+3.25%	+11.68%

May. 14	Sector Update: Energy Stocks Decline Late Afternoon	MT
May. 14	Sector Update: Energy	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	47,949	30,946	35,961	40,639	39,210	43,500	-	-
Enterprise Value (EV) ¹	82,156	62,988	67,239	71,567	71,243	75,887	76,101	76,024
P/E ratio	22.1 x	273 x	20.3 x	16.1 x	16.6 x	16.1 x	15.2 x	14.3 x
Yield	4.72%	7.68%	6.81%	6.14%	6.41%	5.87%	6.02%	6.22%
Capitalization / Revenue	3.63 x	2.64 x	2.17 x	2.12 x	2.56 x	2.57 x	2.46 x	2.3 x
EV / Revenue	6.22 x	5.38 x	4.05 x	3.73 x	4.65 x	4.49 x	4.3 x	4.02 x
EV / EBITDA	10.8 x	9.05 x	8.46 x	9.52 x	9.42 x	9.37 x	9.16 x	8.9 x
EV / FCF	38.2 x	22.2 x	15.2 x	21.4 x	17.1 x	30.8 x	22.7 x	20.8 x
FCF Yield	2.62%	4.51%	6.58%	4.68%	5.86%	3.24%	4.41%	4.81%
Price to Book	1.42 x	0.98 x	1.16 x	1.33 x	1.3 x	1.45 x	1.45 x	1.45 x
Nbr of stocks (in thousands)	2,264,965	2,263,794	2,267,426	2,247,742	2,222,774	2,219,384	-	-
Reference price ²	21.17	13.67	15.86	18.08	17.64	19.60	19.60	19.60
Announcement Date	1/22/20	1/20/21	1/19/22	1/18/23	1/17/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,209	11,700	16,610	19,200	15,334	16,917	17,711	18,891
EBITDA ¹	7,618	6,962	7,946	7,516	7,561	8,103	8,307	8,546
EBIT ¹	4,873	1,560	2,916	4,065	4,263	4,511	4,632	4,743
Operating Margin	36.89%	13.33%	17.56%	21.17%	27.8%	26.66%	26.15%	25.11%
Earnings before Tax (EBT) ¹	3,165	661	2,219	3,335	3,201	3,636	3,504	3,784
Net income ¹	2,190	119	1,784	2,548	2,391	2,703	2,801	2,970
Net margin	16.58%	1.02%	10.74%	13.27%	15.59%	15.98%	15.81%	15.72%
EPS ²	0.9600	0.0500	0.7800	1.120	1.060	1.220	1.288	1.371
Free Cash Flow ¹	2,153	2,843	4,427	3,346	4,174	2,462	3,355	3,654
FCF margin	16.3%	24.3%	26.65%	17.43%	27.22%	14.55%	18.94%	19.34%
FCF Conversion (EBITDA)	28.26%	40.84%	55.71%	44.52%	55.2%	30.38%	40.39%	42.75%
FCF Conversion (Net income)	98.31%	2,389.08%	248.15%	131.32%	174.57%	91.09%	119.8%	123.01%
Dividend per Share ²	1.000	1.050	1.080	1.110	1.130	1.151	1.181	1.219
Announcement Date	1/22/20	1/20/21	1/19/22	1/18/23	1/17/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	4,425	4,293	5,151	5,177	4,579	3,888	3,501	3,907	4,038	3,842	4,119	4,352	4,375	4,240	3,825
EBITDA ¹	1,804	1,967	1,819	1,773	1,957	1,996	1,805	1,835	1,925	2,137	1,910	1,931	2,125	2,158	1,987
EBIT ¹	950	1,024	1,006	931	1,104	1,194	1,030	938	1,101	1,223	1,005	1,021	1,243	1,264	1,094
Operating Margin	21.47%	23.85%	19.53%	17.98%	24.11%	30.71%	29.42%	24.01%	27.27%	31.83%	24.4%	23.45%	28.41%	29.8%	28.59%
Earnings before Tax (EBT) ¹	775	878	837	729	891	899	778	700	824	982	766.6	731.1	1,023	983.5	822
Net income ¹	637	667	635	576	670	679	586	532	594	746	557.1	603.6	785.4	778.1	524.7
Net margin	14.4%	15.54%	12.33%	11.13%	14.63%	17.46%	16.74%	13.62%	14.71%	19.42%	13.53%	13.87%	17.95%	18.35%	13.72%
EPS ²	0.2800	0.2900	0.2800	0.2500	0.3000	0.3000	0.2600	0.2400	0.2700	0.3300	0.2627	0.2785	0.3447	0.3361	0.2530
Dividend per Share ²	0.2700	0.2775	0.2775	0.2775	0.2775	0.2825	0.2825	0.2825	0.2825	0.2875	0.2888	0.2888	0.2888	0.2967	0.2970
Announcement Date	1/19/22	4/20/22	7/20/22	10/19/22	1/18/23	4/19/23	7/19/23	10/18/23	1/17/24	4/17/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	34,207	32,042	31,278	30,928	32,033	32,387	32,601	32,524
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.49 x	4.602 x	3.936 x	4.115 x	4.237 x	3.997 x	3.924 x	3.806 x
Free Cash Flow ¹	2,153	2,843	4,427	3,346	4,174	2,462	3,355	3,654
ROE (net income / shareholders' equity)	6.5%	0.37%	5.73%	8.28%	7.9%	8.89%	9.12%	9.85%
ROA (Net income/ Total Assets)	2.86%	2.75%	2.51%	3.63%	3.39%	4.2%	4.4%	4.7%
Assets ¹	76,512	4,324	71,195	70,247	70,549	64,357	63,652	63,195
Book Value Per Share ²	14.90	13.90	13.60	13.60	13.60	13.50	13.50	13.50
Cash Flow per Share ²	2.200	2.010	2.520	2.200	2.910	2.540	2.780	2.840
Capex ¹	3,569	1,707	1,281	1,621	2,317	3,258	3,356	3,325
Capex / Sales	27.02%	14.59%	7.71%	8.44%	15.11%	19.26%	18.95%	17.6%
Announcement Date	1/22/20	1/20/21	1/19/22	1/18/23	1/17/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Kinder Morgan, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

19.7 USD

Average target price

20.47 USD

Spread / Average Target

+3.91%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Transportation Services

	1st Jan change	Capi.
KINDER MORGAN, INC.	+11.68%	43.5B
ENBRIDGE INC.	+4.91%	78.17B
ENTERPRISE PRODUCTS PARTNERS L.P.	+8.39%	62.13B
WILLIAMS COMPANIES	+18.49%	49.91B
ONEOK, INC..	+17.67%	48B
MPLX LP	+10.16%	41.3B
TC ENERGY CORPORATION	+2.30%	40.58B
TARGA RESOURCES CORP.	+35.46%	25.75B
CHENIERE ENERGY PARTNERS, L.P.	-0.54%	23.28B
PEMBINA PIPELINE CORPORATION	+10.26%	21.51B

Other Oil & Gas Transportation Services