World Kinect Corporation (WKC) 10-Year Financial Performance & Capital Metrics

WKC • • Industrial / General

EnergyOil Refining & MarketingSpecialty Products & ServicesMarine & Aviation Fuel Specialists

AboutWorld Kinect Corporation engages in the distribution of fuel and related products and services in the aviation, marine and land transportation industries worldwide. Its Aviation segment supplies fuel and related products and services to commercial airlines, second and third tier airlines, cargo carriers, regional and low-cost carriers, airports, fixed based operators, corporate fleets, charters, fractional operators, private aircraft, the U.S., foreign governments, intergovernmental, and military customers. This segment also offers fuel management, price risk management, ground handling, dispatch services and trip planning services, such as flight planning and scheduling, weather reports and overflight permits. Its Land segment offers fuel, lubricants, heating oil, natural gas, power, and related products and services to retail petroleum operators, as well as industrial, commercial, residential and government customers. This segment also offers energy procurement management, price risk management, and sustainability solutions, such as carbon management and renewable energy solutions; distributes fuel under long-term contracts to branded and unbranded distributors, convenience stores, and retail fuel outlets operated by third parties; and distributes heating oil and unbranded fuel, as well as offers transportation logistics. Its Marine segment markets fuel, lubricants, and related products and services to international container, dry bulk and tanker fleets, commercial cruise lines, yachts and time charter operators, offshore rig owners and operators, the U.S., foreign governments, and other fuel suppliers. Its marine fuel-related services include management services to procure fuel, cost control, quality control, and claims management services. This segment also engages in the fueling of vessels, and transportation and delivery of fuel and fuel-related products. The company was formerly known as World Fuel Services Corporation and changed its name to World Kinect Corporation in June 2023. World Kinect Corporation was incorporated in 1984 and is headquartered in Miami, Florida.Show more

Revenue $42.3B -11.7%
EBITDA $524M -9.8%
Net Income $67M +27.4%
EPS (Diluted) 1.13 +31.4%
Gross Margin 1.69% +3.2%
EBITDA Margin 1.24% +2.2%
Operating Margin 0.99% -0.7%
Net Margin 0.16% +44.3%
ROE 3.45% +28.6%
ROIC 11.7% -10.6%
Debt/Equity 0.54 -2.3%
Interest Coverage 3.60 +2.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.3%
✓Share count reduced 3.6% through buybacks
✓Trading at only 0.9x book value
✓Efficient asset utilization: 6.3x turnover

✗Weaknesses

✗Weak 3Y average ROE of 4.0%
✗Profits declining 17.7% over 5 years
✗Thin 5Y average net margin of 0.2%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-0.24%

5Y2.96%

3Y10.55%

TTM-15.32%

Profit (Net Income) CAGR

10Y-11.23%

5Y-17.74%

3Y-2.93%

TTM-424.78%

EPS CAGR

10Y-9.63%

5Y-15.93%

3Y-0.87%

TTM-489.33%

ROCE

10Y Avg6.9%

5Y Avg6.84%

3Y Avg11.04%

Latest12.62%

Peer Comparison

Marine & Aviation Fuel Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
WKCWorld Kinect Corporation	1.56B	28.06	24.83	-11.71%	-1.16%	-26.84%	12.3%	0.54
TMDETMD Energy Limited	19.13M	0.81	9.99	8.77%	0.27%	9.08%		4.17

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	30.12B	26.97B	33.74B	39.62B	36.56B	20.09B	31.3B	58.98B	47.91B	42.3B
Revenue Growth %	-0.3%	-0.1%	0.25%	0.17%	-0.08%	-0.45%	0.56%	0.88%	-0.19%	-0.12%
Cost of Goods Sold+	29.69B	26.51B	33.25B	39.1B	35.99B	19.57B	31.24B	58.46B	47.12B	41.58B
COGS % of Revenue	0.99%	0.98%	0.99%	0.99%	0.98%	0.97%	1%	0.99%	0.98%	0.98%
Gross Profit+	429.6M	457.5M	490.4M	526.3M	564.1M	522.6M	66.1M	522M	784.33M	714.7M
Gross Margin %	0.01%	0.02%	0.01%	0.01%	0.02%	0.03%	0%	0.01%	0.02%	0.02%
Gross Profit Growth %	-0.03%	0.06%	0.07%	0.07%	0.07%	-0.07%	-0.87%	6.9%	0.5%	-0.09%
Operating Expenses+	249.6M	296.8M	306.9M	299.6M	322.2M	311.1M	247.6M	308.7M	308M	297.1M
OpEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%
Selling, General & Admin	249.6M	296.8M	306.9M	299.6M	322.2M	311.1M	247.6M	308.7M	308M	297.1M
SG&A % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	180M	160.7M	183.5M	226.7M	241.9M	211.5M	-181.5M	213.3M	476.33M	417.6M
Operating Margin %	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	-0.01%	0%	0.01%	0.01%
Operating Income Growth %	-0.17%	-0.11%	0.14%	0.24%	0.07%	-0.13%	-1.86%	2.18%	1.23%	-0.12%
EBITDA+	243.4M	243M	269.5M	308.2M	329.3M	297.3M	-100.5M	321.1M	580.83M	524M
EBITDA Margin %	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	-0%	0.01%	0.01%	0.01%
EBITDA Growth %	-0.12%	-0%	0.11%	0.14%	0.07%	-0.1%	-1.34%	4.2%	0.81%	-0.1%
D&A (Non-Cash Add-back)	63.4M	82.3M	86M	81.5M	87.4M	85.8M	81M	107.8M	104.5M	106.4M
EBIT	252.6M	185.8M	45.2M	259.8M	317.4M	209.8M	145.8M	258.3M	218.83M	226M
Net Interest Income+	-29.9M	-39.2M	-60.3M	-70.9M	-73.8M	-45M	-40.2M	-110.6M	-127.7M	-102.2M
Interest Income	5M	4.5M	6M	3.9M	6.2M	3.6M	7M	6.8M	7.8M	13.8M
Interest Expense	34.9M	43.7M	66.3M	74.8M	80M	48.6M	47.2M	117.4M	135.5M	116M
Other Income/Expense	37.7M	-18.6M	-204.6M	-41.8M	-4.6M	-49.8M	281.5M	-68.2M	-409.63M	-322.1M
Pretax Income+	219.3M	142.1M	-21.1M	184.9M	237.3M	161.7M	100M	145.1M	66.7M	95.5M
Pretax Margin %	0.01%	0.01%	-0%	0%	0.01%	0.01%	0%	0%	0%	0%
Income Tax+	47.2M	15.7M	149.2M	55.9M	56.2M	52.1M	25.8M	29.2M	13M	27.6M
Effective Tax Rate %	0.85%	0.89%	8.07%	0.69%	0.75%	0.68%	0.74%	0.79%	0.79%	0.71%
Net Income+	186.9M	126.5M	-170.2M	127.7M	178.9M	109.6M	73.7M	114.1M	52.9M	67.4M
Net Margin %	0.01%	0%	-0.01%	0%	0%	0.01%	0%	0%	0%	0%
Net Income Growth %	-0.16%	-0.32%	-2.35%	1.75%	0.4%	-0.39%	-0.33%	0.55%	-0.54%	0.27%
Net Income (Continuing)	170.5M	126.4M	-170.3M	129M	181.1M	109.6M	74.2M	115.9M	53.7M	67.9M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	10M	15M	16M	16.1M	3.5M	3.6M	4.1M	5.9M	6.7M	7.2M
EPS (Diluted)+	2.64	1.81	-2.50	1.89	2.69	1.71	1.16	1.82	0.86	1.13
EPS Growth %	-0.15%	-0.31%	-2.38%	1.76%	0.42%	-0.36%	-0.32%	0.57%	-0.53%	0.31%
EPS (Basic)	2.66	1.82	-2.50	1.89	2.71	1.72	1.17	1.83	0.86	1.14
Diluted Shares Outstanding	70.7M	69.8M	68.1M	67.7M	66.5M	64M	63.3M	62.7M	61.7M	59.5M
Basic Shares Outstanding	70.2M	69.3M	68.1M	67.4M	66.1M	63.7M	62.9M	62.3M	61.4M	59M
Dividend Payout Ratio	0.08%	0.13%	-	0.13%	0.12%	0.23%	0.39%	0.27%	0.64%	0.57%

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+	3.25B	3.84B	3.94B	3.99B	4.17B	2.64B	4.02B	5.24B	4.5B	3.96B
Cash & Short-Term Investments	582.5M	698.6M	372.3M	211.7M	245.6M	658.8M	652.2M	298.4M	304.3M	382.9M
Cash Only	582.5M	698.6M	372.3M	211.7M	186.1M	658.8M	652.2M	298.4M	304.3M	382.9M
Short-Term Investments	0	0	0	0	59.5M	0	0	0	0	0
Accounts Receivable	1.81B	2.34B	2.71B	2.74B	2.89B	1.24B	2.36B	3.29B	2.74B	2.43B
Days Sales Outstanding	21.97	31.72	29.27	25.24	28.87	22.49	27.46	20.39	20.84	20.99
Inventory	359.1M	458M	505M	523.1M	593.3M	344.3M	477.9M	779.9M	664.6M	513.5M
Days Inventory Outstanding	4.41	6.3	5.54	4.88	6.02	6.42	5.58	4.87	5.15	4.51
Other Current Assets	433.9M	289.5M	293.1M	434.7M	358.7M	346.7M	475.1M	782M	721.8M	558.8M
Total Non-Current Assets+	1.29B	1.58B	1.65B	1.7B	1.82B	1.86B	1.92B	2.93B	2.87B	2.77B
Property, Plant & Equipment	225.6M	311.2M	329.8M	349.1M	514.5M	407.8M	499.5M	672.7M	695.8M	513.2M
Fixed Asset Turnover	133.51x	86.67x	102.30x	113.51x	71.06x	49.28x	62.67x	87.67x	68.85x	82.42x
Goodwill	675.8M	835.8M	845.5M	852.7M	843.7M	858.6M	861.9M	1.23B	1.24B	1.18B
Intangible Assets	210.9M	429.1M	472.1M	499M	221.7M	278.4M	189.1M	336.2M	299.7M	261.2M
Long-Term Investments	71.1M	67.2M	70.9M	73.7M	85.1M	0	117.7M	305.9M	142.9M	70.1M
Other Non-Current Assets	95.9M	79.5M	121.5M	180M	157.3M	316.2M	254.5M	310.8M	411.7M	746.4M
Total Assets+	4.55B	5.41B	5.59B	5.69B	5.99B	4.5B	5.94B	8.16B	7.38B	6.73B
Asset Turnover	6.62x	4.98x	6.04x	6.97x	6.10x	4.47x	5.27x	7.22x	6.50x	6.28x
Asset Growth %	-0.07%	0.19%	0.03%	0.02%	0.05%	-0.25%	0.32%	0.37%	-0.1%	-0.09%
Total Current Liabilities+	1.76B	2.18B	2.72B	2.95B	3.16B	1.68B	3.1B	4.61B	4.05B	3.44B
Accounts Payable	1.35B	1.77B	2.24B	2.4B	2.6B	1.21B	2.4B	3.53B	3.1B	2.73B
Days Payables Outstanding	16.59	24.37	24.59	22.4	26.39	22.65	28.04	22.04	23.99	23.93
Short-Term Debt	25.5M	15.4M	25.6M	41.1M	89.7M	19.1M	61.7M	51.7M	111M	116.1M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	0	0
Other Current Liabilities	126.9M	90.9M	140.4M	118.2M	470M	213.2M	635.5M	1.03B	841.1M	595.2M
Current Ratio	1.85x	1.76x	1.45x	1.35x	1.32x	1.57x	1.30x	1.14x	1.11x	1.15x
Quick Ratio	1.64x	1.55x	1.26x	1.18x	1.13x	1.36x	1.14x	0.97x	0.95x	1.00x
Cash Conversion Cycle	9.79	13.65	10.23	7.72	8.5	6.26	5.01	3.22	2	1.57
Total Non-Current Liabilities+	865.2M	1.29B	1.13B	908.7M	936.1M	903.4M	928.8M	1.57B	1.38B	1.34B
Long-Term Debt	746.7M	1.17B	884.6M	659.1M	560.3M	487.4M	461.5M	818.2M	796.7M	774.4M
Capital Lease Obligations	0	0	10.4M	13.8M	139.1M	138.7M	150.4M	175.9M	170.3M	166.5M
Deferred Tax Liabilities	0	0	0	0	0	0	0	77.9M	59.2M	0
Other Non-Current Liabilities	118.5M	119.1M	236.3M	235.8M	236.7M	277.3M	316.9M	493.1M	349.8M	397.2M
Total Liabilities	2.63B	3.47B	3.85B	3.86B	4.1B	2.59B	4.03B	6.17B	5.43B	4.78B
Total Debt+	772.2M	1.19B	910.2M	699.8M	789.1M	682.2M	673.6M	1.05B	1.08B	1.06B
Net Debt	189.7M	487.6M	537.9M	488.1M	603M	23.4M	21.4M	747.4M	773.7M	674.1M
Debt / Equity	0.40x	0.61x	0.52x	0.38x	0.42x	0.36x	0.35x	0.53x	0.55x	0.54x
Debt / EBITDA	3.17x	4.88x	3.38x	2.27x	2.40x	2.29x	-	3.26x	1.86x	2.02x
Net Debt / EBITDA	0.78x	2.01x	2.00x	1.58x	1.83x	0.08x	-	2.33x	1.33x	1.29x
Interest Coverage	5.16x	3.68x	2.77x	3.03x	3.02x	4.35x	-3.85x	1.82x	3.52x	3.60x
Total Equity+	1.92B	1.94B	1.74B	1.83B	1.89B	1.91B	1.92B	1.99B	1.95B	1.96B
Equity Growth %	0.03%	0.01%	-0.1%	0.05%	0.03%	0.01%	0%	0.04%	-0.02%	0%
Book Value per Share	27.18	27.79	25.52	27.05	28.48	29.89	30.28	31.75	31.60	32.87
Total Shareholders' Equity	1.91B	1.93B	1.72B	1.82B	1.89B	1.91B	1.91B	1.98B	1.94B	1.95B
Common Stock	700K	700K	700K	700K	700K	600K	600K	600K	600K	600K
Retained Earnings	1.59B	1.68B	1.49B	1.61B	1.76B	1.84B	1.88B	1.96B	1.98B	2.01B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-113.2M	-154.8M	-126.5M	-131.7M	-146.3M	-132.6M	-136.7M	-160.6M	-148.9M	-91M
Minority Interest	10M	15M	16M	16.1M	3.5M	3.6M	4.1M	5.9M	6.7M	7.2M

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+	447.5M	205.2M	205.2M	-181.4M	228.8M	604.1M	150.4M	138.5M	102.4M	259.9M
Operating CF Margin %	0.01%	0.01%	0.01%	-0%	0.01%	0.03%	0%	0%	0%	0.01%
Operating CF Growth %	2.17%	-0.54%	0%	-1.88%	2.26%	1.64%	-0.75%	-0.08%	-0.26%	1.54%
Net Income	183M	126.4M	-170.3M	129M	181.1M	109.6M	73.7M	115.9M	52.9M	67.9M
Depreciation & Amortization	63.4M	82.3M	86M	81.5M	87.4M	85.8M	81M	107.8M	104.5M	106.4M
Stock-Based Compensation	17M	19.2M	21.2M	8.3M	23.6M	-900K	0	17.6M	0	28.1M
Deferred Taxes	-7.2M	-36M	13.2M	-3.2M	3.3M	-14.4M	-7.6M	-18.5M	-30.7M	-15.3M
Other Non-Cash Items	-3.4M	-3.8M	99.4M	30.4M	33.8M	-13.6M	39.3M	216.1M	-163.8M	164.3M
Working Capital Changes	194.7M	17.1M	155.7M	-427.4M	-100.4M	437.6M	-36M	-300.4M	139.5M	-91.5M
Change in Receivables	483.2M	-506.8M	-362M	-456.9M	-164.1M	1.3B	-1.13B	-870.7M	569.2M	259.1M
Change in Inventory	81.4M	-49.5M	-43.9M	-11.8M	-61.3M	251M	-135.2M	-252.1M	186.8M	133M
Change in Payables	-481.5M	423.4M	451.2M	177.7M	143.7M	-1.22B	1.14B	1.06B	-441.9M	-355.9M
Cash from Investing+	-144.7M	-428.5M	-180.1M	287.6M	-50.5M	72.8M	-58.4M	-724.9M	-101.1M	64.5M
Capital Expenditures	-51M	-36.1M	-54M	-70.7M	-80.9M	-51.3M	-39.2M	-78.6M	-87.6M	-68.2M
CapEx % of Revenue	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-50.7M	-25.7M	-59.4M	379.6M	-400K	-6.9M	-7.1M	-2.4M	-9.1M	172.7M
Cash from Financing+	-17.1M	340.9M	-361.6M	-259.8M	-204.9M	-213M	-113.6M	237.3M	-152.4M	-230.6M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-15.3M	-16.6M	-16.3M	-16.2M	-21.1M	-25.6M	-28.7M	-31M	-34M	-38.5M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-10.4M	-9M	-6.4M	-2M	-39.9M	-7.1M	-10.5M	-16.7M	-75.2M	-59.9M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	396.5M	169.1M	151.2M	-252.1M	147.9M	552.8M	111.2M	59.9M	14.8M	191.7M
FCF Margin %	0.01%	0.01%	0%	-0.01%	0%	0.03%	0%	0%	0%	0%
FCF Growth %	3.36%	-0.57%	-0.11%	-2.67%	1.59%	2.74%	-0.8%	-0.46%	-0.75%	11.95%
FCF per Share	5.61	2.42	2.22	-3.72	2.22	8.64	1.76	0.96	0.24	3.22
FCF Conversion (FCF/Net Income)	2.39x	1.62x	-1.21x	-1.42x	1.28x	5.51x	2.04x	1.21x	1.94x	3.86x
Interest Paid	33.1M	40.7M	64.9M	73.8M	77M	45.1M	0	113.4M	0	113.6M
Taxes Paid	44M	37.5M	50.8M	85.3M	82.9M	68.5M	0	66.6M	0	60.6M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.87%	6.55%	-9.26%	7.16%	9.6%	5.76%	3.85%	5.84%	2.68%	3.45%
Return on Invested Capital (ROIC)	6.19%	5.31%	5.85%	7.4%	7.53%	7.16%	-7.03%	6.84%	13.08%	11.7%
Gross Margin	1.43%	1.7%	1.45%	1.33%	1.54%	2.6%	0.21%	0.89%	1.64%	1.69%
Net Margin	0.62%	0.47%	-0.5%	0.32%	0.49%	0.55%	0.24%	0.19%	0.11%	0.16%
Debt / Equity	0.40x	0.61x	0.52x	0.38x	0.42x	0.36x	0.35x	0.53x	0.55x	0.54x
Interest Coverage	5.16x	3.68x	2.77x	3.03x	3.02x	4.35x	-3.85x	1.82x	3.52x	3.60x
FCF Conversion	2.39x	1.62x	-1.21x	-1.42x	1.28x	5.51x	2.04x	1.21x	1.94x	3.86x
Revenue Growth	-30.47%	-10.45%	25.09%	17.44%	-7.74%	-45.03%	55.78%	88.4%	-18.77%	-11.71%

Revenue by Segment

	2024
Aviation	20.47B
Aviation Growth	-
Land	12.81B
Land Growth	-
Marine	8.89B
Marine Growth	-

Revenue by Geography

	2024
UNITED STATES	20.91B
UNITED STATES Growth	-
EMEA	9.67B
EMEA Growth	-
Americas Excluding United States	6.22B
Americas Excluding United States Growth	-
Asia Pacific	5.4B
Asia Pacific Growth	-
SINGAPORE	5.3B
SINGAPORE Growth	-

Frequently Asked Questions

Valuation & Price

World Kinect Corporation (WKC) has a price-to-earnings (P/E) ratio of 24.8x. This is roughly in line with market averages.

Growth & Financials

World Kinect Corporation (WKC) reported $37.63B in revenue for fiscal year 2024. This represents a 9% increase from $34.62B in 2011.

World Kinect Corporation (WKC) saw revenue decline by 11.7% over the past year.

World Kinect Corporation (WKC) reported a net loss of $436.5M for fiscal year 2024.

Dividend & Returns

Yes, World Kinect Corporation (WKC) pays a dividend with a yield of 2.31%. This makes it attractive for income-focused investors.

World Kinect Corporation (WKC) has a return on equity (ROE) of 3.5%. This is below average, suggesting room for improvement.

World Kinect Corporation (WKC) generated $317.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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