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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.83 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Kinder Morgan's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Kinder Morgan was -2.14. The lowest was -3.13. And the median was -2.77.
The historical data trend for Kinder Morgan's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Kinder Morgan Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.81 | -2.81 | -2.26 | -2.44 | -3.08 |
Kinder Morgan Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.77 | -3.13 | -3.08 | -3.08 | -2.83 |
For the Oil & Gas Midstream subindustry, Kinder Morgan's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Oil & Gas industry and Energy sector, Kinder Morgan's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kinder Morgan's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Kinder Morgan for today is based on a combination of the following eight different indices:
M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
= | -4.84 | + | 0.92 * 1.3066 | + | 0.528 * 0.7955 | + | 0.404 * 0.991 | + | 0.892 * 0.8134 | + | 0.115 * 1.0186 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.2864 | + | 4.679 * -0.067151 | - | 0.327 * 0.9923 | |||||||
= | -2.83 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $1,404 Mil. Revenue was 3842 + 4038 + 3907 + 3501 = $15,288 Mil. Gross Profit was 2148 + 2124 + 1941 + 1973 = $8,186 Mil. Total Current Assets was $2,307 Mil. Total Assets was $70,736 Mil. Property, Plant and Equipment(Net PPE) was $37,313 Mil. Depreciation, Depletion and Amortization(DDA) was $2,272 Mil. Selling, General, & Admin. Expense(SGA) was $677 Mil. Total Current Liabilities was $4,575 Mil. Long-Term Debt & Capital Lease Obligation was $30,171 Mil. Net Income was 746 + 594 + 532 + 586 = $2,458 Mil. Non Operating Income was 263 + 172 + 222 + 204 = $861 Mil. Cash Flow from Operations was 1189 + 2322 + 1286 + 1550 = $6,347 Mil. |
Total Receivables was $1,321 Mil. Revenue was 3888 + 4579 + 5177 + 5151 = $18,795 Mil. Gross Profit was 2108 + 2064 + 1909 + 1925 = $8,006 Mil. Total Current Assets was $2,696 Mil. Total Assets was $68,931 Mil. Property, Plant and Equipment(Net PPE) was $35,639 Mil. Depreciation, Depletion and Amortization(DDA) was $2,213 Mil. Selling, General, & Admin. Expense(SGA) was $647 Mil. Total Current Liabilities was $4,775 Mil. Long-Term Debt & Capital Lease Obligation was $29,346 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
= | (1404 / 15288) | / | (1321 / 18795) | |
= | 0.091837 | / | 0.070285 | |
= | 1.3066 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
= | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) | |
= | (8006 / 18795) | / | (8186 / 15288) | |
= | 0.425964 | / | 0.535453 | |
= | 0.7955 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
= | (1 - (2307 + 37313) / 70736) | / | (1 - (2696 + 35639) / 68931) | |
= | 0.439889 | / | 0.443864 | |
= | 0.991 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
SGI | = | Sales_t | / | Sales_t-1 |
= | Revenue_t | / | Revenue_t-1 | |
= | 15288 | / | 18795 | |
= | 0.8134 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
= | (2213 / (2213 + 35639)) | / | (2272 / (2272 + 37313)) | |
= | 0.058465 | / | 0.057395 | |
= | 1.0186 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
= | (677 / 15288) | / | (647 / 18795) | |
= | 0.044283 | / | 0.034424 | |
= | 1.2864 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((30171 + 4575) / 70736) | / | ((29346 + 4775) / 68931) | |
= | 0.491207 | / | 0.495002 | |
= | 0.9923 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
= | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t | |
= | (2458 - 861 | - | 6347) | / | 70736 | |
= | -0.067151 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Kinder Morgan has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Kinder Morgan's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
John W Schlosser | officer: V.P. (President, Terminals) | 1001 LOUISIANA, SUITE 1000, HOUSTON TX 77002 |
Dax Sanders | officer: V.P., Corporate Development | 1001 LOUISIANA, SUITE 1000, HOUSTON TX 77002 |
Denise R Mathews | officer: VP, Human Resources/Admin/IT | 1001 LOUISIANA STREET, SUITE 1000, HOUSTON TX 77002 |
Sital K Mody | officer: V.P. (Pres.,Nat Gas Pipelines) | 1001 LOUISIANA STREET SUITE 1000, HOUSTON TX 77002 |
Anthony B Ashley | officer: VP (President, CO2 and ETV) | 1001 LOUISIANA STREET, SUITE 1000, HOUSTON TX 77002 |
Jesse Arenivas | officer: VP(President, CO2) | 1001 LOUISIANA, SUITE 1000, HOUSTON TX 77002 |
Deborah Macdonald | director | KINDER MORGAN, INC., 1001 LOUISIANA, SUITE 1000, HOUSTON TX 77002 |
Gary Hultquist | director | 1001 LOUISIANA, SUITE 1000, HOUSTON TX 77002 |
Robert F Vagt | director | 5300 MEMORIAL DR, STE 800, HOUSTON TX 77007 |
Thomas A Martin | officer: VP (Pres., Natural Gas Pipeln) | 1001 LOUISIANA, SUITE 1000, HOUSTON TX 77002 |
William A Smith | director | KINDER MORGAN, 1001 LOUISIANA, SUITE 1000, HOUSTON TX 77002 |
Richard D Kinder | director, officer: Chairman & CEO | 1001 LOUISIANA, SUITE 1000, HOUSTON TX 77002 |
Perry M Waughtal | director | 1001 LOUISIANA, SUITE 1000, HOUSTON TX 77002 |
Kevin P Grahmann | officer: V.P., Corporate Development | 1001 LOUISIANA STREET, SUITE 1000, HOUSTON TX 77002 |
Steven J Kean | director, officer: Exec VP & COO | 1001 LOUISIANA, SUITE 1000, HOUSTON TX 77002 |
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