Latest Ratios: P/E Ratio 17.2x · EV/EBITDA 9.8x · ROE 10.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.5B | $6.2B | $6.2B | $4.7B | $3.9B | $3.6B | $3.1B | $5.4B | $4.0B | $3.7B | $3.6B |
| Enterprise Value | $7.7B | $7.4B | $7.2B | $5.9B | $5.1B | $4.9B | $4.7B | $6.9B | $5.4B | $4.7B | $4.3B |
| P/E Ratio → | 17.17 | 17.41 | 21.55 | 21.10 | 31.70 | — | — | 37.78 | 51.42 | 11.89 | 25.38 |
| P/S Ratio | 1.80 | 1.84 | 1.89 | 1.52 | 1.39 | 1.59 | 1.43 | 1.89 | 1.35 | 1.67 | 2.01 |
| P/B Ratio | 2.00 | 1.83 | 1.84 | 1.47 | 1.27 | 1.24 | 1.01 | 1.59 | 1.25 | 1.19 | 1.47 |
| P/FCF | — | 15.22 | 14.92 | 33.92 | 31.95 | 15.96 | 10.46 | 20.34 | 89.07 | 20.99 | 19.26 |
| P/OCF | 9.66 | 9.21 | 8.16 | 8.70 | 13.20 | 11.10 | 6.98 | 10.48 | 11.59 | 10.47 | 8.56 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.20 | 2.19 | 1.89 | 1.82 | 2.18 | 2.16 | 2.42 | 1.83 | 2.11 | 2.41 |
| EV / EBITDA | 9.80 | 9.79 | 11.20 | 10.18 | 12.83 | — | — | 14.89 | 14.26 | 15.75 | 9.54 |
| EV / EBIT | 15.67 | 14.29 | 17.38 | 16.91 | 24.14 | — | — | 27.97 | 33.68 | 49.43 | 17.42 |
| EV / FCF | — | 18.24 | 17.30 | 42.27 | 41.64 | 21.88 | 15.80 | 26.08 | 120.14 | 26.51 | 23.15 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.3% | 26.3% | 25.3% | 22.6% | 18.8% | 16.9% | 20.3% | 20.7% | 19.7% | 20.5% | 25.1% |
| Operating Margin | 14.6% | 14.6% | 12.2% | 10.8% | 6.9% | -11.5% | -19.4% | 8.5% | 5.2% | 4.2% | 14.0% |
| Net Profit Margin | 10.5% | 10.5% | 8.8% | 7.2% | 4.4% | -11.0% | -12.6% | 5.0% | 2.6% | 14.1% | 8.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.5% | 10.5% | 8.8% | 7.2% | 4.1% | -8.3% | -8.4% | 4.3% | 2.5% | 11.3% | 6.0% |
| ROA | 6.0% | 6.0% | 5.0% | 4.0% | 2.2% | -4.4% | -4.5% | 2.4% | 1.4% | 6.6% | 3.3% |
| ROIC | 8.2% | 8.2% | 6.9% | 5.9% | 3.4% | -4.4% | -6.6% | 3.8% | 2.7% | 1.9% | 6.0% |
| ROCE | 9.4% | 9.4% | 7.9% | 6.7% | 3.9% | -5.0% | -7.6% | 4.5% | 3.1% | 2.2% | 6.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.39 | 0.39 | 0.32 | 0.37 | 0.41 | 0.47 | 0.54 | 0.46 | 0.44 | 0.32 | 0.30 |
| Debt / EBITDA | 1.73 | 1.73 | 1.66 | 2.07 | 3.19 | — | — | 3.33 | 3.71 | 3.35 | 1.61 |
| Net Debt / Equity | — | 0.36 | 0.29 | 0.36 | 0.39 | 0.46 | 0.51 | 0.45 | 0.44 | 0.31 | 0.30 |
| Net Debt / EBITDA | 1.62 | 1.62 | 1.54 | 2.01 | 2.99 | — | — | 3.27 | 3.69 | 3.28 | 1.60 |
| Debt / FCF | — | 3.02 | 2.38 | 8.35 | 9.69 | 5.91 | 5.34 | 5.73 | 31.07 | 5.52 | 3.88 |
| Interest Coverage | 11.18 | 11.18 | 8.38 | 6.66 | 4.70 | -5.84 | -8.47 | 4.39 | 3.44 | 4.40 | 13.87 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.53 | 1.53 | 1.45 | 1.68 | 1.89 | 1.85 | 2.25 | 1.78 | 1.80 | 1.99 | 1.80 |
| Quick Ratio | 0.96 | 0.96 | 0.92 | 1.01 | 1.17 | 1.24 | 1.58 | 1.10 | 0.97 | 1.34 | 1.29 |
| Cash Ratio | 0.11 | 0.11 | 0.10 | 0.05 | 0.13 | 0.06 | 0.17 | 0.05 | 0.01 | 0.04 | 0.02 |
| Asset Turnover | — | 0.56 | 0.56 | 0.54 | 0.50 | 0.42 | 0.37 | 0.47 | 0.51 | 0.43 | 0.41 |
| Inventory Turnover | 6.23 | 6.23 | 6.20 | 5.26 | 4.90 | 5.63 | 5.59 | 6.40 | 4.70 | 5.58 | 7.15 |
| Days Sales Outstanding | — | 58.93 | 59.99 | 68.32 | 78.38 | 92.27 | 100.89 | 62.16 | 64.12 | 92.05 | 80.91 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.8% | 5.7% | 4.6% | 4.7% | 3.2% | — | — | 2.6% | 1.9% | 8.4% | 3.9% |
| FCF Yield | — | 6.6% | 6.7% | 2.9% | 3.1% | 6.3% | 9.6% | 4.9% | 1.1% | 4.8% | 5.2% |
| Buyback Yield | 5.5% | 5.7% | 2.8% | 2.4% | 0.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% |
| Total Shareholder Yield | 5.5% | 5.7% | 2.8% | 2.4% | 0.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% |
| Shares Outstanding | — | $56M | $58M | $60M | $60M | $60M | $60M | $60M | $60M | $55M | $54M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying KEX stock.
Kirby Corporation's current P/E ratio is 17.2x. The historical average is 21.9x. This places it at the 29th percentile of its historical range.
Kirby Corporation's current EV/EBITDA is 9.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.5x.
Kirby Corporation's return on equity (ROE) is 10.5%. The historical average is 9.4%.
Based on historical data, Kirby Corporation is trading at a P/E of 17.2x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kirby Corporation has 26.3% gross margin and 14.6% operating margin. Operating margin between 10-20% is typical for established companies.
Kirby Corporation's Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Volatile quarterly cash flow
Metrics are mathematically derived from official filings.
Discount to Peers Despite Steady Earnings
Based on the supplied multiples, KEX trades at a trailing P/E of 19.12 and EV/EBITDA of 10.19, a modest premium to MATX on earnings yet roughly in line on enterprise value, suggesting the market prices Kirby as a mid-cycle industrial rather than a pure shipping name.
The forward P/E of 16.73 implies earnings growth is expected to resume, but the trailing-to-forward compression is modest, so the market appears to be discounting only limited near-term acceleration. Relative to its own ten-quarter ROE band of roughly 1.3% to 2.8%, the current valuation rests more on the durability of margin recovery than on balance sheet returns, which warrants monitoring. The P/FCF of 15.96 is reasonable only if the recent negative free cash flow quarter proves timing-driven rather than structural.
Margin Recovery Outpacing Revenue Growth
As reported in the quarterly data, KEX's operating margin rose to 15.5% in 2026Q3 from 13.2% in 2026Q2, while gross margin held between roughly 23.9% and 26.7%, pointing to cost discipline rather than volume-driven expansion.
Operating margin remains well below the 15.4% peak of mid-2025 only in certain quarters, and the 6.3% trough in 2024Q4 shows how sharply earnings can compress when volumes soften. Net margin of 11.3% trails TTM figures suggesting below-the-line items are contributing to per-share gains. Net margin at 10.5% TTM sits between MATX at 13.3% and the weaker shipping peers, so KEX is solid but not leading the group.
Low Returns Constrain Capital Compounding
Based on Kirby's reported figures, ROIC has stayed between roughly 0.9% and 2.3% across the ten quarters, with the latest reading of 2.8% still well below MATX's 10.8%, indicating capital is not compounding efficiently.
The gap versus peers appears structural, reflecting a large asset base in tank barges and vessels that dilutes return on capital even when margins improve. ROE of 3.2% in the latest quarter is modest and partly reflects the very low leverage that compresses equity returns. Returns trending higher since the 2024Q4 trough is encouraging, but investors should verify whether this reflects sustained efficiency or a cyclical rebound.
Conservative Leverage With Debt Stable
According to the supplied ratio history, KEX's debt-to-equity has stayed between 0.32 and 0.39 through 2025, with interest coverage improving to 13.46x in 2026Q3, suggesting debt service is becoming more comfortable.
Debt has been held near $1.1B to $1.3B rather than expanded, which suggests management is deliberately managing the balance sheet rather than funding growth with borrowing. The sharp shift in debt-to-EBITDA between periods, including a 0.83x reading in 2026Q3, may reflect timing or data discontinuities rather than a true deleveraging, so this should be verified. Refinancing risk appears limited based on reported figures, though the full debt maturity profile is not provided.
Low D/E May Reflect Data Gaps
Because several quarters show zero goodwill, PPE, and retained earnings in the supplied data, the headline D/E of 0.39 and current ratio near 1.5 to 1.7 may be misleading and could understate true leverage.
The most commonly misapplied ratio for a business like Kirby is debt-to-equity taken at face value, since a capital-intensive fleet business typically carries heavy lease and vessel-financing obligations that a book-value D/E can obscure. Investors should consider lease-adjusted leverage and EBITDA-to-fixed-charge coverage instead. The reported figures suggest a conservative posture, but this conclusion depends on whether the balance sheet capture is complete.