A Business at a Glance
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KIRBY CORP
KEX
$8.3B
Mkt Cap
$148.65
-0.30%
KIRBY CORP (KEX) has a current P/E ratio of 23.5, compared to its historical median P/E of 23.5. The stock is currently considered Fair based on its historical valuation range.
KIRBY CORP (KEX) has a 5-year average return on invested capital (ROIC) of 4.0%. This is below average and may indicate limited pricing power.
KIRBY CORP (KEX) has a market capitalization of $9.7B. It is classified as a mid-cap stock.
KIRBY CORP (KEX) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 3.14%.
Based on historical P/E analysis, KIRBY CORP (KEX) appears fair. The current P/E of 23.5 is 0% below its historical median of 23.5. The estimated fair value CAGR (P/E method) is 21.8%.
KIRBY CORP (KEX) operates in the Water Transportation industry, within the Industrials sector.
KIRBY CORP (KEX) reported annual revenue of $3.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Kirby Corporation operates as the nation's largest domestic tank barge operator through its marine transportation segment (KMT), transporting petrochemicals, black oil, refined petroleum products, and agricultural chemicals via tank barge throughout the Mississippi River System, Gulf Intracoastal Waterway, and along all three U.S. coasts, with all vessels operating under the Jones Act; the company does not assume ownership of transported products and generates revenue through transportation services. Through its distribution and services segment (KDS), Kirby provides equipment, after-market parts, and services for power generation systems including behind-the-meter and emergency backup applications, as well as replacement parts and services for engines, transmissions, motors, and controls used across power generation, marine, on-highway, oilfield, and industrial applications; KDS also rents generators, compressors, lift trucks, construction equipment, and refrigeration trailers, and manufactures specialized equipment including pressure pumping units, electric fracturing systems, and electrical distribution systems for data centers and industrial customers. The company operates approximately 5,233 employees primarily in the United States, with marine transportation representing a capital-intensive, service-based model relying on fleet utilization and term contracts, while KDS operates a mixed model combining rental, parts distribution, and manufacturing with recurring service revenue streams. Kirby's competitive advantages include its large domestic barge fleet with limited new construction in the industry, long-term customer relationships with refineries and petrochemical producers, and growing backlog in power generation driven by data center and industrial demand for reliable power solutions.
【Strong power generation momentum】 Management expects continued earnings growth in 2026 supported by improving market fundamentals across both segments, with inland marine benefiting from limited new barge construction, strong refinery utilization, and improving petrochemical demand, while coastal marine maintains balanced supply-demand dynamics with steady customer demand. Power generation remains a standout performer with robust order flow and expanding backlog driven by data center and industrial customers prioritizing reliable power solutions, though OEM engine delivery constraints continue to create near-term timing variability in revenue recognition. The company anticipates solid free cash flow generation in 2026 and maintains a balanced capital allocation approach, using cash flow for share repurchases and opportunistic acquisitions while managing near-term cost headwinds from fuel and medical expenses. Management commentary indicates supportive fundamentals extending into 2027 and 2028, with expectations for continued earnings growth and potential for inland margins to exceed prior cycle peaks over the coming years.
| Metric | Target | Period |
|---|---|---|
| EPS guidance range | up 5% to up 15% | FY2026 |
| Capital expenditure | $220 million to $260 million | FY2026 |
| Operating cash flow | $575 million to $675 million | FY2026 |
| Inland Marine revenue growth | low to mid single-digits | FY2026 |
| Inland Marine operating margins | high-teens to low 20% range | FY2026 |
| Coastal Marine revenue growth | mid single-digit | FY2026 |
| Coastal Marine operating margins | high-teens | FY2026 |
| Distribution and Services segment revenue | flat to slightly up | FY2026 |
| Distribution and Services operating margins | mid to high single digits | FY2026 |
EPS guidance range (FY2026): “we are increasing our EPS guidance range for the year to up 5% to up 15%, which is up from flat to up 12% previously”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.4B | 3.4B | 3.3B | 3.1B | 2.8B | 2.2B |
| Net Income | 360M | 355M | 287M | 223M | 122M | -247M |
| EPS | $5.49 | $6.33 | $4.91 | $3.72 | $2.03 | $-4.11 |
| Free Cash Flow | 497M | 406M | 414M | 138M | 122M | 224M |
| ROIC | 8.7% | 8.7% | 7.4% | 6.1% | 3.5% | -5.7% |
| Gross Margin | - | 34.6% | 31.4% | 30.2% | 26.6% | 11.8% |
| Debt/Equity | 0.29 | 0.33 | 0.31 | 0.37 | 0.41 | 0.47 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 498M | 496M | 399M | 335M | 193M | -258M |
| Operating Margin | 14.6% | 14.8% | 12.2% | 10.8% | 6.9% | -11.5% |
| ROE | 10.5% | 10.5% | 8.8% | 7.2% | 4.1% | -8.3% |
| Shares Outstanding | 66M | 56M | 58M | 60M | 60M | 60M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.6B | 2.1B | 1.8B | 2.2B | 3.0B | 2.8B | 2.2B | 2.2B | 2.8B | 3.1B | 3.3B | 3.4B | 3.4B |
| Gross Margin | 34.2% | 36.5% | 36.2% | 24.3% | 24.6% | 28.0% | 4.9% | 11.8% | 26.6% | 30.2% | 31.4% | 34.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 210M | 193M | 175M | 220M | 304M | 277M | 258M | 267M | 303M | 335M | 337M | 356M | 362M |
| EBIT | 476M | 381M | 247M | 94M | 155M | 242M | -421M | -258M | 193M | 335M | 399M | 496M | 498M |
| Op. Margin | 18.5% | 17.7% | 14.0% | 4.2% | 5.2% | 8.5% | -19.4% | -11.5% | 6.9% | 10.8% | 12.2% | 14.8% | 14.6% |
| Net Income | 280M | 225M | 140M | 311M | 78M | 142M | -273M | -247M | 122M | 223M | 287M | 355M | 360M |
| Net Margin | 10.9% | 10.5% | 7.9% | 14.0% | 2.6% | 5.0% | -12.6% | -11.0% | 4.4% | 7.2% | 8.8% | 10.5% | 10.5% |
| Non-Recurring | 781K | 1.7M | -127K | -4.5M | 4.7M | 8.2M | 388M | 225M | 8.3M | 5.0M | 59M | 4.8M | 4.8M |
| Returns on Capital | |||||||||||||
| ROIC | 10.5% | 8.0% | 5.0% | 8.6% | 2.5% | 3.8% | -5.9% | -5.7% | 3.5% | 6.1% | 7.4% | 8.7% | 8.7% |
| ROE | 13.1% | 10.0% | 6.0% | 11.3% | 2.5% | 4.3% | -8.4% | -8.3% | 4.1% | 7.2% | 8.8% | 10.5% | 10.5% |
| ROA | 7.2% | 5.4% | 3.3% | 6.6% | 1.4% | 2.4% | -4.5% | -4.4% | 2.2% | 4.0% | 5.0% | 6.0% | 5.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 439M | 524M | 416M | 353M | 347M | 512M | 445M | 322M | 294M | 540M | 756M | 670M | 731M |
| Free Cash Flow | 84M | 179M | 185M | 176M | 45M | 264M | 297M | 224M | 122M | 138M | 414M | 406M | 497M |
| Owner Earnings | 258M | 321M | 203M | 139M | 103M | 279M | 210M | 92M | 79M | 314M | 501M | 389M | 443M |
| CapEx | 355M | 345M | 231M | 177M | 302M | 248M | 148M | 98M | 173M | 402M | 343M | 264M | 234M |
| Maint. CapEx | 169M | 192M | 201M | 203M | 225M | 220M | 220M | 214M | 201M | 211M | 240M | 264M | 269M |
| Growth CapEx | 186M | 153M | 30M | 0 | 77M | 29M | 0 | 0 | 0 | 191M | 102M | 347K | 0 |
| D&A | 169M | 192M | 201M | 203M | 225M | 220M | 220M | 214M | 201M | 211M | 240M | 264M | 269M |
| CapEx/OCF | 80.9% | 66.3% | 55.6% | 50.2% | 87.0% | 48.5% | 33.3% | 30.5% | 58.7% | 74.4% | 45.3% | 39.5% | 32.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 15M | 241M | 1.8M | 0 | 776K | 0 | 0 | 0 | 23M | 113M | 175M | 354M | 305M |
| Buyback Yield | 0.3% | 8.2% | 0.1% | N/A | 0.0% | N/A | N/A | N/A | 0.6% | 2.4% | 2.8% | 5.7% | 3.1% |
| Stock-Based Comp | 12M | 11M | 12M | 11M | 19M | 14M | 15M | 16M | 14M | 15M | 16M | 18M | 20M |
| Debt Repayment | 108M | 100M | 0 | 14M | 0 | 125M | 150M | 60M | 395M | 350M | 100M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 692M | 769M | 717M | 972M | 1.4B | 1.5B | 1.6B | 1.3B | 1.2B | 1.1B | 976M | 1.0B | 919M |
| Cash & Equiv. | 24M | 5.9M | 5.6M | 20M | 7.8M | 25M | 80M | 35M | 81M | 33M | 74M | 79M | 58M |
| Long-Term Debt | 600M | 775M | 723M | 992M | 1.4B | 1.4B | 1.5B | 1.2B | 1.1B | 1.0B | 867M | 912M | 977M |
| Debt/Equity | 0.32 | 0.34 | 0.30 | 0.32 | 0.44 | 0.46 | 0.54 | 0.47 | 0.41 | 0.37 | 0.31 | 0.33 | 0.29 |
| Interest Coverage | 22.2 | 20.3 | 14.0 | 4.4 | 3.3 | 4.3 | -8.6 | -6.1 | 4.3 | 6.4 | 8.1 | 10.7 | 10.8 |
| Equity | 2.3B | 2.3B | 2.4B | 3.1B | 3.2B | 3.4B | 3.1B | 2.9B | 3.0B | 3.2B | 3.4B | 3.4B | 3.4B |
| Total Assets | 4.1B | 4.1B | 4.3B | 5.1B | 5.9B | 6.1B | 5.9B | 5.4B | 5.6B | 5.7B | 5.9B | 6.0B | 6.1B |
| Total Liabilities | 668M | 733M | 786M | 509M | 650M | 756M | 771M | 754M | 774M | 803M | 810M | 854M | 201M |
| Intangibles | N/A | N/A | 87M | 233M | 224M | 211M | 69M | 60M | 51M | 43M | 34M | 30M | 28M |
| Retained Earnings | 2.0B | 2.2B | 2.3B | 2.6B | 2.7B | 2.9B | 2.6B | 2.3B | 2.5B | 2.7B | 3.0B | 3.3B | 3.4B |
| Working Capital | 209M | 279M | 275M | 477M | 489M | 403M | 582M | 460M | 570M | 459M | 334M | 371M | 425M |
| Current Assets | 803M | 641M | 633M | 957M | 1.1B | 918M | 1.0B | 1.0B | 1.2B | 1.1B | 1.1B | 1.1B | 1.1B |
| Current Liabilities | 594M | 362M | 358M | 480M | 608M | 514M | 466M | 544M | 642M | 676M | 735M | 707M | 717M |
| Per Share Data | |||||||||||||
| EPS | 4.93 | 4.11 | 2.62 | 5.62 | 1.31 | 2.37 | -4.55 | -4.11 | 2.03 | 3.72 | 4.91 | 6.33 | 5.49 |
| Owner EPS | 4.54 | 5.85 | 3.79 | 2.51 | 1.73 | 4.65 | 3.51 | 1.53 | 1.31 | 5.24 | 8.57 | 6.94 | 6.76 |
| Book Value | 39.64 | 41.38 | 44.96 | 56.22 | 53.88 | 56.23 | 51.49 | 48.04 | 50.52 | 53.17 | 57.41 | 60.36 | 52.13 |
| Cash Flow/Share | 7.72 | 9.56 | 7.76 | 6.39 | 5.82 | 8.54 | 7.43 | 5.35 | 4.88 | 9.02 | 12.96 | 11.97 | 9.59 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 56.9M | 54.8M | 53.6M | 55.3M | 59.6M | 59.9M | 59.9M | 60.1M | 60.2M | 59.9M | 58.4M | 56.0M | 65.5M |
| Valuation | |||||||||||||
| P/E Ratio | 16.7 | 12.9 | 25.5 | 11.9 | 50.7 | 37.3 | N/A | N/A | 31.0 | 21.2 | 21.6 | 17.5 | 27.1 |
| P/FCF | 56.0 | 16.3 | 19.4 | 21.1 | 87.8 | 20.1 | 10.4 | 16.0 | 31.2 | 34.2 | 15.0 | 15.3 | 19.6 |
| EV/EBIT | 11.6 | 9.7 | 17.6 | 50.1 | 34.6 | 27.4 | N/A | N/A | 24.4 | 17.0 | 17.3 | 14.1 | 21.4 |
| Price/Book | 2.1 | 1.3 | 1.5 | 1.2 | 1.2 | 1.6 | 1.0 | 1.2 | 1.2 | 1.5 | 1.8 | 1.8 | 2.9 |
| Price/Sales | 2.4 | 1.9 | 1.8 | 1.7 | 1.6 | 1.7 | 1.4 | 1.6 | 1.4 | 1.5 | 2.0 | 1.7 | 2.8 |
| FCF Yield | 1.8% | 6.1% | 5.1% | 4.7% | 1.1% | 5.0% | 9.6% | 6.2% | 3.2% | 2.9% | 6.7% | 6.5% | 5.1% |
| Market Cap | 4.7B | 2.9B | 3.6B | 3.7B | 4.0B | 5.3B | 3.1B | 3.6B | 3.8B | 4.7B | 6.2B | 6.2B | 9.7B |
| Avg. Price | 106.85 | 72.49 | 60.08 | 66.32 | 79.89 | 78.02 | 52.37 | 58.80 | 65.54 | 74.87 | 109.15 | 102.74 | 148.65 |
| Year-End Price | 82.43 | 53.13 | 66.75 | 67.15 | 66.47 | 88.49 | 51.50 | 59.64 | 62.99 | 78.96 | 105.98 | 110.89 | 148.65 |
KIRBY CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
KIRBY CORP trades at 23.5x trailing earnings, compared to its 15-year median P/E of 23.5x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 19.7x vs a median of 19.7x. The company's 5-year average ROIC is 4.0% with a gross margin of 26.9%. Total shareholder yield (buybacks) is 3.1%. At current prices, the estimated annualized return to fair value is +7.0%.
KIRBY CORP (KEX) has a net profit margin of 10.5%. This is a healthy margin.
KIRBY CORP (KEX) generated $406 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
KIRBY CORP (KEX) has a debt-to-equity ratio of 0.33. This indicates a conservatively financed balance sheet.
KIRBY CORP (KEX) reported earnings per share (EPS) of $6.33 in its most recent fiscal year.
KIRBY CORP (KEX) has a return on equity (ROE) of 10.5%. This indicates moderate shareholder returns.
KIRBY CORP (KEX) has a 5-year average gross margin of 26.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for KIRBY CORP (KEX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
KIRBY CORP (KEX) has a book value per share of $60.36, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued earnings growth in 2026 supported by improving market fundamentals across both segments, with inland marine benefiting from limited new barge construction, strong refinery utilization, and improving petrochemical demand, while coastal marine maintains balanced supply-demand dynamics with steady customer demand. Power generation remains a standout performer with robust order flow and expanding backlog driven by data center and industrial customers prioritizing reliable power solutions, though OEM engine delivery constraints continue to create near-term timing variability in revenue recognition. The company anticipates solid free cash flow generation in 2026 and maintains a balanced capital allocation approach, using cash flow for share repurchases and opportunistic acquisitions while managing near-term cost headwinds from fuel and medical expenses. Management commentary indicates supportive fundamentals extending into 2027 and 2028, with expectations for continued earnings growth and potential for inland margins to exceed prior cycle peaks over the coming years.
Based on recent SEC filings and earnings calls, KIRBY CORP (KEX) has provided the following forward guidance: EPS guidance range: up 5% to up 15% (FY2026); Capital expenditure: $220 million to $260 million (FY2026); Operating cash flow: $575 million to $675 million (FY2026); Inland Marine revenue growth: low to mid single-digits (FY2026); Inland Marine operating margins: high-teens to low 20% range (FY2026), plus 4 additional metrics.
Capital expenditure (FY2026): “we continue to expect capital spending to range between $220 million and $260 million for the year”
Operating cash flow (FY2026): “We remain on track to generate cash flow from operations of $575 million-$675 million for the year”
Inland Marine revenue growth (FY2026): “Overall, we expect inland revenues to grow in the low to mid single- digits on a year-over-year basis”
Inland Marine operating margins (FY2026): “with margins averaging in the high- teens to low 20% range for the full year”
Coastal Marine revenue growth (FY2026): “we continue to expect mid single-digit revenue growth year-over-year”
Coastal Marine operating margins (FY2026): “driven by gradual pricing improvements as term contracts renew”
Distribution and Services segment revenue (FY2026): “Overall, the company expects segment revenues to be flat to slightly up for the full year”
No recent press releases.