Kirby Corporation (KEX) 10-Year Financial Performance & Capital Metrics

KEX • • Industrial / General

IndustrialsMarine ShippingTanker ShippingTanker Operators

AboutKirby Corporation operates domestic tank barges in the United States. Its Marine Transportation segment provides marine transportation service and towing vessel transporting bulk liquid product, as well as operates tank barge throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along three United States coasts, and in Alaska and Hawaii. It also transport petrochemical, black oil, refined petroleum product, and agricultural chemicals by tank barge; and operates offshore dry-bulk barge and tugboat unit that are engaged in the offshore transportation of dry-bulk cargo in the United States coastal trade. As of December 31, 2021, it owned and operated 1,025 inland tank barge, approximately 255 inland towboat, 31 coastal tank barge, 29 coastal tugboat, 4 offshore dry-bulk cargo barge, 4 offshore tugboat, and 1 docking tugboat. Its Distribution and Services segment sells after-market service and genuine replacement part for engine, transmission, reduction gear, electric motor, drive, and control, electrical distribution and control system, energy storage battery system, and related oilfield service equipment; rebuild component parts or diesel engine, transmission and reduction gear, and related equipment used in oilfield service, marine, power generation, on-highway, and other industrial applications; rents generator, industrial compressor, high capacity lift truck, and refrigeration trailer; and manufactures and remanufactures oilfield service equipment, including pressure pumping unit, as well as manufacturers electric power generation equipment, specialized electrical distribution and control equipment, and high capacity energy storage/battery systems for oilfield customer. It serves to various companies and the United States government. The company was formerly known as Kirby Exploration Company, Inc. and changed its name to Kirby Corporation in 1990. Kirby Corporation was founded in 1921 and is headquartered in Houston, Texas.Show more

Revenue $3.27B +5.6%
EBITDA $639M +17.1%
Net Income $287M +28.6%
EPS (Diluted) 4.91 +32.0%
Gross Margin 25.27% +11.6%
EBITDA Margin 19.58% +10.8%
Operating Margin 12.22% +12.7%
Net Margin 8.78% +21.7%
ROE 8.77% +22.5%
ROIC 6.9% +17.5%
Debt/Equity 0.32 -15.4%
Interest Coverage 8.12 +26.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 15.0%
✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 2.5% through buybacks
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.44%

5Y2.85%

3Y13.28%

TTM1.59%

Profit (Net Income) CAGR

10Y0.17%

5Y15.03%

3Y-

TTM-0.07%

EPS CAGR

10Y-0.04%

5Y15.68%

3Y-

TTM3.45%

ROCE

10Y Avg3.24%

5Y Avg1.18%

3Y Avg6.18%

Latest7.85%

Peer Comparison

Tanker Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KNOPKNOT Offshore Partners LP	357.47M	10.50	50	7.54%	10%	5.46%	38.1%	1.48
KEXKirby Corporation	6.85B	126.31	25.73	5.64%	9.22%	9.09%	6.04%	0.32
NATNordic American Tankers Limited	866.06M	4.09	18.59	-10.71%	0.68%	0.41%	14.5%	0.53
ECOOkeanis Eco Tankers Corp.	1.39B	39.25	11.61	-4.81%	21.92%	17.84%	11.05%	1.57
TOROToro Corp.	119.61M	5.57	5.11	-71.46%	24.65%	1.55%	12.08%
TOPSTop Ships Inc.	24.57M	5.31	4.87	3.83%	1.19%	0.8%	70.51%	1.74
HAFNHafnia Limited	2.9B	5.83	3.89	7.37%	18.36%	18.82%	33.78%	0.50
ASCArdmore Shipping Corporation	482.27M	11.85	3.87	2.48%	11.5%	5.42%	20.62%	0.07

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.15B	1.77B	2.21B	2.97B	2.84B	2.17B	2.25B	2.78B	3.09B	3.27B
Revenue Growth %	-0.16%	-0.18%	0.25%	0.34%	-0.04%	-0.23%	0.03%	0.24%	0.11%	0.06%
Cost of Goods Sold+	1.55B	1.33B	1.76B	2.39B	2.25B	1.73B	1.87B	2.26B	2.39B	2.44B
COGS % of Revenue	0.72%	0.75%	0.8%	0.8%	0.79%	0.8%	0.83%	0.81%	0.77%	0.75%
Gross Profit+	592.93M	445.09M	453.44M	584.78M	588.72M	440.67M	379.98M	522.37M	700.06M	825.2M
Gross Margin %	0.28%	0.25%	0.2%	0.2%	0.21%	0.2%	0.17%	0.19%	0.23%	0.25%
Gross Profit Growth %	-0.16%	-0.25%	0.02%	0.29%	0.01%	-0.25%	-0.14%	0.37%	0.34%	0.18%
Operating Expenses+	212.26M	197.72M	359.81M	429.49M	346.69M	861.43M	638.11M	329.48M	364.97M	426.1M
OpEx % of Revenue	0.1%	0.11%	0.16%	0.14%	0.12%	0.4%	0.28%	0.12%	0.12%	0.13%
Selling, General & Admin	193.24M	174.86M	220.45M	304.4M	277.39M	258.27M	266.91M	302.69M	335.21M	337.1M
SG&A % of Revenue	0.09%	0.1%	0.1%	0.1%	0.1%	0.12%	0.12%	0.11%	0.11%	0.1%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	19.03M	22.86M	139.36M	125.09M	69.31M	603.16M	371.2M	26.79M	29.76M	89.01M
Operating Income+	380.66M	247.37M	93.63M	155.29M	242.03M	-420.76M	-258.13M	192.89M	335.09M	399.1M
Operating Margin %	0.18%	0.14%	0.04%	0.05%	0.09%	-0.19%	-0.11%	0.07%	0.11%	0.12%
Operating Income Growth %	-0.2%	-0.35%	-0.62%	0.66%	0.56%	-2.74%	0.39%	1.75%	0.74%	0.19%
EBITDA+	572.9M	448.29M	296.51M	380.26M	461.66M	-200.84M	-44.41M	394.33M	546.25M	639.42M
EBITDA Margin %	0.27%	0.25%	0.13%	0.13%	0.16%	-0.09%	-0.02%	0.14%	0.18%	0.2%
EBITDA Growth %	-0.11%	-0.22%	-0.34%	0.28%	0.21%	-1.44%	0.78%	9.88%	0.39%	0.17%
D&A (Non-Cash Add-back)	192.24M	200.92M	202.88M	224.97M	219.63M	219.92M	213.72M	201.44M	211.16M	240.32M
EBIT	380.45M	245.44M	94.49M	161.01M	245.81M	-412.61M	-248.13M	209.56M	346.13M	411.89M
Net Interest Income+	-18.74M	-17.69M	-21.47M	-46.86M	-55.99M	-48.74M	-42.47M	-44.59M	-52.01M	-49.13M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	18.74M	17.69M	21.47M	46.86M	55.99M	48.74M	42.47M	44.59M	52.01M	49.13M
Other Income/Expense	-18.95M	-19.62M	-20.61M	-41.13M	-52.21M	-40.59M	-32.47M	-27.91M	-40.97M	-36.33M
Pretax Income+	361.71M	227.75M	73.01M	114.16M	189.82M	-461.35M	-290.6M	164.97M	294.13M	362.76M
Pretax Margin %	0.17%	0.13%	0.03%	0.04%	0.07%	-0.21%	-0.13%	0.06%	0.1%	0.11%
Income Tax+	133.74M	84.94M	-240.89M	35.08M	46.8M	-189.76M	-43.83M	42.21M	71.22M	75.87M
Effective Tax Rate %	0.63%	0.62%	4.29%	0.69%	0.75%	0.59%	0.85%	0.74%	0.76%	0.79%
Net Income+	226.68M	141.41M	313.19M	78.45M	142.35M	-272.55M	-246.95M	122.29M	222.94M	286.71M
Net Margin %	0.11%	0.08%	0.14%	0.03%	0.05%	-0.13%	-0.11%	0.04%	0.07%	0.09%
Net Income Growth %	-0.2%	-0.38%	1.21%	-0.75%	0.81%	-2.91%	0.09%	1.5%	0.82%	0.29%
Net Income (Continuing)	227.97M	142.8M	313.9M	79.08M	143.02M	-271.59M	-246.77M	122.76M	222.91M	286.9M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	10.38M	3.55M	3.4M	3.11M	2.97M	3.25M	2.46M	2.29M	1.25M	1.44M
EPS (Diluted)+	4.11	2.62	5.62	1.31	2.37	-4.55	-4.11	2.03	3.72	4.91
EPS Growth %	-0.17%	-0.36%	1.15%	-0.77%	0.81%	-2.92%	0.1%	1.49%	0.83%	0.32%
EPS (Basic)	4.12	2.63	5.62	1.31	2.38	-4.55	-4.11	2.04	3.74	4.95
Diluted Shares Outstanding	54.83M	53.51M	55.36M	59.69M	59.91M	59.91M	60.05M	60.33M	59.86M	58.35M
Basic Shares Outstanding	54.73M	53.45M	55.31M	59.56M	59.75M	59.91M	60.05M	60.04M	59.53M	57.95M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	640.78M	646.55M	957.08M	1.1B	917.58M	1.05B	1B	1.21B	1.14B	1.07B
Cash & Short-Term Investments	5.88M	5.63M	20.1M	7.8M	24.74M	80.34M	34.81M	80.58M	32.58M	74.44M
Cash Only	5.88M	5.63M	20.1M	7.8M	24.74M	80.34M	34.81M	80.58M	32.58M	74.44M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	393.37M	392.5M	558.45M	521.88M	483.35M	600.18M	567.92M	597.96M	578.72M	536.75M
Days Sales Outstanding	66.86	80.91	92.05	64.12	62.16	100.89	92.27	78.38	68.32	59.99
Inventory	184.51M	185.4M	315.73M	507.44M	351.4M	309.68M	331.35M	461.85M	454.39M	393.9M
Days Inventory Outstanding	43.32	51.05	65.44	77.63	57.01	65.31	64.79	74.51	69.35	58.91
Other Current Assets	11.72M	13.6M	0	0	0	0	0	71.37M	69.48M	63.47M
Total Non-Current Assets+	3.51B	3.66B	4.17B	4.78B	5.16B	4.88B	4.4B	4.34B	4.59B	4.78B
Property, Plant & Equipment	2.78B	2.92B	2.96B	3.54B	3.94B	4.09B	3.85B	3.79B	4.01B	4.18B
Fixed Asset Turnover	0.77x	0.61x	0.75x	0.84x	0.72x	0.53x	0.58x	0.74x	0.77x	0.78x
Goodwill	586.72M	598.13M	935.13M	953.83M	953.83M	657.8M	438.75M	438.75M	438.75M	438.75M
Intangible Assets	0	0	232.81M	224.2M	210.68M	68.98M	60.07M	51.46M	42.93M	34.41M
Long-Term Investments	2.09M	2.62M	1.89M	2.5M	2.02M	2.69M	2.13M	2.17M	2.58M	2.9M
Other Non-Current Assets	143.72M	121.21M	41.25M	54.78M	58.23M	55.35M	48M	62.81M	89.46M	125.38M
Total Assets+	4.16B	4.3B	5.13B	5.87B	6.08B	5.92B	5.4B	5.55B	5.72B	5.85B
Asset Turnover	0.52x	0.41x	0.43x	0.51x	0.47x	0.37x	0.42x	0.50x	0.54x	0.56x
Asset Growth %	0%	0.04%	0.19%	0.15%	0.04%	-0.03%	-0.09%	0.03%	0.03%	0.02%
Total Current Liabilities+	361.92M	358.34M	480.31M	607.78M	514.12M	466.03M	543.77M	642.2M	675.79M	734.75M
Accounts Payable	132.8M	134.57M	222M	278.06M	206.78M	162.51M	199.09M	278.08M	269.38M	251.35M
Days Payables Outstanding	31.18	37.05	46.02	42.54	33.55	34.27	38.93	44.86	41.11	37.59
Short-Term Debt	0	0	3K	19K	16K	40K	1.93M	3.29M	8.07M	8.23M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	157.56M	67.98M	0	0	192.41M	196.75M	149.22M	161.36M	-35.85M
Current Ratio	1.77x	1.80x	1.99x	1.80x	1.78x	2.25x	1.85x	1.89x	1.68x	1.45x
Quick Ratio	1.26x	1.29x	1.34x	0.97x	1.10x	1.58x	1.24x	1.17x	1.01x	0.92x
Cash Conversion Cycle	79	94.91	111.48	99.21	85.62	131.92	118.13	108.02	96.56	81.3
Total Non-Current Liabilities+	1.51B	1.52B	1.53B	2.05B	2.19B	2.37B	1.97B	1.87B	1.86B	1.76B
Long-Term Debt	774.85M	722.8M	992.4M	1.41B	1.37B	1.47B	1.16B	1.08B	1.01B	866.72M
Capital Lease Obligations	0	0	0	0	139.46M	163.5M	159.67M	142.14M	138.81M	148.17M
Deferred Tax Liabilities	669.81M	719.06M	468.45M	542.78M	588.2M	606.84M	574.15M	625.88M	696.56M	739.47M
Other Non-Current Liabilities	66.51M	76.83M	72.04M	94.56M	95.98M	131.7M	71.25M	23.21M	15.83M	9.59M
Total Liabilities	1.88B	1.89B	2.01B	2.66B	2.71B	2.84B	2.51B	2.51B	2.54B	2.5B
Total Debt+	774.85M	722.8M	992.41M	1.41B	1.54B	1.66B	1.36B	1.26B	1.19B	1.06B
Net Debt	768.96M	717.17M	972.3M	1.4B	1.51B	1.58B	1.32B	1.18B	1.16B	984.4M
Debt / Equity	0.34x	0.30x	0.32x	0.44x	0.46x	0.54x	0.47x	0.41x	0.37x	0.32x
Debt / EBITDA	1.35x	1.61x	3.35x	3.71x	3.33x	-	-	3.19x	2.18x	1.66x
Net Debt / EBITDA	1.34x	1.60x	3.28x	3.69x	3.27x	-	-	2.99x	2.12x	1.54x
Interest Coverage	20.31x	13.98x	4.36x	3.31x	4.32x	-8.63x	-6.08x	4.33x	6.44x	8.12x
Total Equity+	2.28B	2.41B	3.11B	3.22B	3.37B	3.09B	2.89B	3.05B	3.19B	3.35B
Equity Growth %	0.01%	0.06%	0.29%	0.03%	0.05%	-0.08%	-0.06%	0.05%	0.05%	0.05%
Book Value per Share	41.57	45.09	56.25	53.88	56.28	51.53	48.10	50.48	53.24	57.46
Total Shareholders' Equity	2.27B	2.41B	3.11B	3.21B	3.37B	3.08B	2.89B	3.04B	3.19B	3.35B
Common Stock	5.98M	5.98M	6.55M	6.55M	6.55M	6.55M	6.55M	6.55M	6.55M	6.55M
Retained Earnings	2.2B	2.34B	2.65B	2.72B	2.87B	2.59B	2.35B	2.47B	2.69B	2.98B
Treasury Stock	-328.09M	-320.35M	-313.22M	-306.79M	-301.96M	-299.16M	-295.21M	-308.6M	-411.75M	-573.06M
Accumulated OCI	-44.69M	-51.01M	-32.41M	-33.51M	-37.8M	-61.45M	-25.97M	16.85M	35.01M	71.19M
Minority Interest	10.38M	3.55M	3.4M	3.11M	2.97M	3.25M	2.46M	2.29M	1.25M	1.44M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	521.3M	415.79M	353.38M	347M	511.81M	444.94M	321.58M	294.13M	540.23M	756.49M
Operating CF Margin %	0.24%	0.23%	0.16%	0.12%	0.18%	0.2%	0.14%	0.11%	0.17%	0.23%
Operating CF Growth %	0.19%	-0.2%	-0.15%	-0.02%	0.47%	-0.13%	-0.28%	-0.09%	0.84%	0.4%
Net Income	227.97M	142.8M	310.97M	79.08M	143.02M	-271.59M	-246.77M	122.76M	222.87M	286.9M
Depreciation & Amortization	192.24M	200.92M	202.88M	224.97M	219.63M	219.92M	213.72M	201.44M	240.12M	240.32M
Stock-Based Compensation	11.1M	11.68M	11.46M	19.1M	13.61M	14.72M	15.71M	13.87M	14.94M	15.55M
Deferred Taxes	62.76M	51.3M	-256.26M	34.88M	46.84M	25.16M	-44.42M	37.78M	65.3M	31.39M
Other Non-Cash Items	20.73M	19.8M	136.28M	106.35M	52.15M	595M	367.39M	21.65M	-7.91M	89.28M
Working Capital Changes	6.5M	-10.7M	-51.95M	-117.39M	36.57M	-138.27M	15.95M	-103.38M	4.91M	93.06M
Change in Receivables	-184.82M	-302.11M	-569.16M	-484.03M	43.08M	-124.94M	29.13M	-31.55M	-50.13M	40.46M
Change in Inventory	-7.32M	3.18M	19.67M	-144.69M	122.77M	47.08M	-19.25M	-127.09M	7.69M	12.15M
Change in Payables	-81.81M	-1.74M	20.76M	22.62M	-57.41M	-39.8M	15.95M	76M	-18.27M	-11.16M
Cash from Investing+	-362.3M	-349.52M	-593.09M	-782.62M	-453M	-485.85M	-55.79M	-139.6M	-413.15M	-400.13M
Capital Expenditures	-345.48M	-231.07M	-177.22M	-301.86M	-248.16M	-148.19M	-98.02M	-172.61M	-401.73M	-342.66M
CapEx % of Revenue	0.16%	0.13%	0.08%	0.1%	0.09%	0.07%	0.04%	0.06%	0.13%	0.1%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	24.43M	18.62M	54.23M	53.14M	57.66M	17.31M	51.34M	36.91M	26.08M	20.4M
Cash from Financing+	-177.42M	-66.52M	254.18M	423.31M	-41.88M	96.51M	-311.31M	-108.76M	-175.08M	-314.5M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	5.87M	-11.85M	-1.95M	8.07M	498K	-3.52M	-3.21M	-2.22M	-1.05M	3.92M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	175.83M	184.73M	176.16M	45.14M	263.65M	296.75M	223.56M	121.52M	138.5M	413.83M
FCF Margin %	0.08%	0.1%	0.08%	0.02%	0.09%	0.14%	0.1%	0.04%	0.04%	0.13%
FCF Growth %	1.1%	0.05%	-0.05%	-0.74%	4.84%	0.13%	-0.25%	-0.46%	0.14%	1.99%
FCF per Share	3.21	3.45	3.18	0.76	4.40	4.95	3.72	2.01	2.31	7.09
FCF Conversion (FCF/Net Income)	2.30x	2.94x	1.13x	4.42x	3.60x	-1.63x	-1.30x	2.41x	2.42x	2.64x
Interest Paid	20.59M	19.88M	21.66M	40.77M	55.77M	48.72M	40.88M	42.82M	49.32M	49.06M
Taxes Paid	69.58M	18.16M	27.2M	640K	2.93M	0	0	2.55M	0	19.57M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.98%	6.03%	11.33%	2.48%	4.32%	-8.44%	-8.26%	4.12%	7.15%	8.77%
Return on Invested Capital (ROIC)	9.51%	6.01%	1.95%	2.68%	3.82%	-6.6%	-4.36%	3.43%	5.87%	6.9%
Gross Margin	27.61%	25.14%	20.48%	19.68%	20.74%	20.29%	16.91%	18.76%	22.64%	25.27%
Net Margin	10.56%	7.99%	14.14%	2.64%	5.01%	-12.55%	-10.99%	4.39%	7.21%	8.78%
Debt / Equity	0.34x	0.30x	0.32x	0.44x	0.46x	0.54x	0.47x	0.41x	0.37x	0.32x
Interest Coverage	20.31x	13.98x	4.36x	3.31x	4.32x	-8.63x	-6.08x	4.33x	6.44x	8.12x
FCF Conversion	2.30x	2.94x	1.13x	4.42x	3.60x	-1.63x	-1.30x	2.41x	2.42x	2.64x
Revenue Growth	-16.32%	-17.55%	25.06%	34.15%	-4.45%	-23.5%	3.47%	23.95%	11.02%	5.64%

Revenue by Segment

	2015	2017	2022	2023	2024
Marine Transportation	26.2M	1.32B	1.62B	1.72B	1.91B
Marine Transportation Growth	-	4953.26%	22.12%	6.49%	11.10%
Distribution And Services	-	890.31M	1.17B	1.37B	1.35B
Distribution And Services Growth	-	-	31.17%	17.29%	-1.23%

Frequently Asked Questions

Valuation & Price

Kirby Corporation (KEX) has a price-to-earnings (P/E) ratio of 25.7x. This suggests investors expect higher future growth.

Growth & Financials

Kirby Corporation (KEX) reported $3.31B in revenue for fiscal year 2024. This represents a 79% increase from $1.85B in 2011.

Kirby Corporation (KEX) grew revenue by 5.6% over the past year. This is steady growth.

Yes, Kirby Corporation (KEX) is profitable, generating $305.6M in net income for fiscal year 2024 (8.8% net margin).

Dividend & Returns

Kirby Corporation (KEX) has a return on equity (ROE) of 8.8%. This is below average, suggesting room for improvement.

Kirby Corporation (KEX) generated $291.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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