# Kirby (KEX.US)

Canonical: https://gigainvestors.com/s/KEX

Analysis as of: 2026-10-16T07:29:35.899Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $137.15 per share; close as of 2026-10-15.

Estimated value: low $53.34 per share, central $62.38 per share, high $72.55 per share. Buy at or below the central value $62.38 per share. Valuation as of 2026-10-16T07:29:35.899Z; scenarios are not confidence intervals.

Expected annual return: 6.1% at the stated quote. About 6.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 2.34×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.04×

- FY2018: 0.05×

- FY2019: 0.09×

- FY2020: -0.19×

- FY2021: -0.11×

- FY2022: 0.07×

- FY2023: 0.11×

- FY2024: 0.12×

- FY2025: 0.15×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.2%

- ROIC, second-lowest year: -5.4%

- Typical minus recent gross margin: -4.7 pp

- Typical gross margin (annual median): 20.6%

- Recent gross margin (lower of latest and 3-year median): 25.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.4%

- ROIC including acquisitions, ten-year median: 3.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.3%

- FY2017: 3.0%

- FY2018: 2.9%

- FY2019: 4.6%

- FY2020: -8.3%

- FY2021: -5.4%

- FY2022: 3.8%

- FY2023: 6.5%

- FY2024: 8.1%

- FY2025: 8.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.20×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $884M

- Net income, five-year total: $740M

- Return on incremental invested capital: 28.3%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -4.3 pp

- Working capital / revenue, final three-year average: 22.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.53×

- FY2022: 1.24×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.0% vs 8.1%

- Per-share earnings: 4.13 to 4.91 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: -1.3%

- Market cap gain: $2.6B

- Cumulative retained earnings: $991M

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: -1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.2%

- Per-share value change: $0.78

- Per-share value, starting three-year median: $4.13

- Per-share value, ending three-year median: $4.91

- Buybacks concentrated in cheaper years (correlation): 0.42

- Average buyback yield: 1.2%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $2.0B

- Cumulative net income, 10 years: $1.1B

- ROIC, first three-year median: 3.0%

- ROIC, last three-year median: 8.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.64

- FY2017: $5.66

- FY2018: $1.31

- FY2019: $2.38

- FY2020: -$4.55

- FY2021: -$4.11

- FY2022: $2.03

- FY2023: $3.72

- FY2024: $4.91

- FY2025: $6.33

### accounting: pass

- Sloan accruals: -5.2%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 2.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.89×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.14×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.4%

- FY2017: -0.8%

- FY2018: -4.6%

- FY2019: -6.1%

- FY2020: -12.1%

- FY2021: -10.5%

- FY2022: -3.1%

- FY2023: -5.5%

- FY2024: -8.0%

- FY2025: -5.2%

## Holders

- [Alex Roepers](https://gigainvestors.com/AIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 11.5% a year for ten years · sales +3%

Story as of 2026-10-16T09:59:00.589Z; price observation 2026-10-15.

Price needs cash profits to grow 11.5% a year for ten years

- 2025-05-12: Kirby Stock Price Increases 4.3% Since Reporting Q1 Earnings Beat ([finance.yahoo.com](https://finance.yahoo.com/news/kirby-stock-price-increases-4-181400343.html))

- 2025-10-30: KEX Q3 Deep Dive: Power Generation Surge and Stable Marine Margins Support Growth ([finance.yahoo.com](https://finance.yahoo.com/news/kex-q3-deep-dive-power-053840969.html))

- 2025-12-03: Kirby Corporation (KEX) Fell Due to Softened Inland Barge Utilization ([finance.yahoo.com](https://finance.yahoo.com/news/kirby-corporation-kex-fell-due-123711315.html))

- 2026-08-25: Is KEX a Buy as Marine Demand Rises but Margins Stay Under Pressure? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/kex-buy-marine-demand-rises-191100286.html))

### Sales · FY2024–2025

sales +3%; source https://www.sec.gov/Archives/edgar/data/56047/000119312526054016/kex-20251231.htm; observed 2026-02-17.

- FY2016: $1.8B 

- FY2017: $2.2B 

- FY2018: $3.0B 

- FY2019: $2.8B 

- FY2020: $2.2B 

- FY2021: $2.2B 

- FY2022: $2.8B 

- FY2023: $3.1B 

- FY2024: $3.3B 

- FY2025: $3.4B 

### Gross margin · FY2025

gross margin 26.3%; source https://www.sec.gov/Archives/edgar/data/56047/000119312526054016/kex-20251231.htm; observed 2026-02-17.

- FY2016: 25.1% 

- FY2017: 20.5% 

- FY2018: 19.7% 

- FY2019: 20.7% 

- FY2020: 20.3% 

- FY2021: 16.9% 

- FY2022: 18.8% 

- FY2023: 22.6% 

- FY2024: 25.3% 

- FY2025: 26.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in marine shipping; annual sales are USD 3.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/56047/000119312526054016/kex-20251231.htm (filed 2026-02-17); FY2025: revenue 3364050000; grossProfit 883423000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KEX.US: Kirby Corporation operates domestic tank barges in the United States. Its Marine Transportation segment provides marine transportation service and towing vessels transporting bulk liquid product, as well as operates tank barges throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along three United States coasts, Alaska, and Hawaii. It transports petrochemicals, black oils, refined petroleum products, and agricultural chemicals by tank barges; and operates offshore dry-bulk barges and tugboat units that are involved in the offshore transportation of dry-bulk cargos in the United States coastal trade. It owns and operates 1,105 inland tank barges, approximately 266 inland towboats, 28 coastal tank barges, 24 coastal tugboats, 2 offshore dry-bulk cargo barges, 3 offshore tugboats, and a docking tugboat. Its Distribution and Services segment sells after-market service and genuine replacement parts for engines, transmissions, reduction gears, electric motors, drives, and controls, electrical distribution and control systems, energy storage battery systems, and related oilfield service equipment; rebuilds component parts or diesel engines, transmissions and reduction gears, and related equipment for use in oilfield services, marine, power generation, on-highway, and other industrial applications; rents generators, industrial compressors, high capacity lift trucks, and refrigeration trailers; and manufactures and remanufactures oilfield service equipment, including pressure pumping units, as well as manufacturers electric power generation equipment, specialized electrical distribution and control equipment, and high capacity energy storage/battery systems. It serves various companies in the United States government, and pleasure crafts. 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.

### Why customers stay

Margins ranged from 22.6% to 26.3% during 2023–25; it earns 4.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: grossProfit / revenue = 22.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: grossProfit / revenue = 25.3%.

- Source: https://www.sec.gov/Archives/edgar/data/56047/000119312526054016/kex-20251231.htm (filed 2026-02-17); FY2025: grossProfit / revenue = 26.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on capital observations [[2016,0.06312629459735765],[2017,0.029741209387961647],[2018,0.029376337064451703],[2019,0.04644062315232395],[2020,-0.08287200448765894],[2021,-0.0540957778117327],[2022,0.03795331478221685],[2023,0.06506835792895248],[2024,0.08098370398136351],[2025,0.08891070873809079]]; median 0.042196968967270404. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 32.7% of cash earnings; earns 28.3% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2016: growth capex 0; upkeep 231066000; cash acquisitions 137072000; owner earnings 111257000. Growth capex plus acquisitions / owner earnings = 1.2320303441581204.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2017: growth capex 0; upkeep 177222000; cash acquisitions 470101000; owner earnings 338846000. Growth capex plus acquisitions / owner earnings = 1.3873588591867692.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2018: growth capex 76889000; upkeep 224972000; cash acquisitions 533897000; owner earnings 78452000. Growth capex plus acquisitions / owner earnings = 7.785473920358946.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2019: growth capex 0; upkeep 248164000; cash acquisitions 262491000; owner earnings 113815000. Growth capex plus acquisitions / owner earnings = 2.306295303782454.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2022: growth capex 0; upkeep 172606000; cash acquisitions 3900000; owner earnings 151128000. Growth capex plus acquisitions / owner earnings = 0.025805939336191838.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: growth capex 161608000; upkeep 240122000; cash acquisitions 37500000; owner earnings 222935000. Growth capex plus acquisitions / owner earnings = 0.8931213133873102.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: growth capex 102338000; upkeep 240322000; cash acquisitions 77863000; owner earnings 286707000. Growth capex plus acquisitions / owner earnings = 0.6285197082736034.

- Source: https://www.sec.gov/Archives/edgar/data/56047/000119312526054016/kex-20251231.htm (filed 2026-02-17); FY2025: growth capex 347000; upkeep 264126000; cash acquisitions 115716000; owner earnings 354569000. Growth capex plus acquisitions / owner earnings = 0.3273354410566068.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Incremental return on capital 0.28280755324497714, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,8438000],[2017,7000],[2018,0],[2019,3712000],[2020,2840000],[2021,2227000],[2022,0],[2023,1],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/56047/000119312526054016/kex-20251231.htm (filed 2026-02-17); FY2025: cash repurchases 354199000 USD.

### Are managers owners

Insiders own 0.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KEX.US SharesStats.PercentInsiders = 0.7929999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.5% yearly over ten years; actual growth was 16.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Ten-year compound average after fade. Initial solved rate 0.15263402311456203. Price 137.15; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.3396746069383139 → FY2025 6.326505486662503. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $58.95 per share

- 2016-11: $63.45 per share

- 2016-12: $66.50 per share

- 2017-01: $64.45 per share

- 2017-02: $69.20 per share

- 2017-03: $70.55 per share

- 2017-04: $70.60 per share

- 2017-05: $66.25 per share

- 2017-06: $66.85 per share

- 2017-07: $60.90 per share

- 2017-08: $62.60 per share

- 2017-09: $65.95 per share

- 2017-10: $70.85 per share

- 2017-11: $67.30 per share

- 2017-12: $66.80 per share

- 2018-01: $74.90 per share

- 2018-02: $75.00 per share

- 2018-03: $76.95 per share

- 2018-04: $85.30 per share

- 2018-05: $90.70 per share

- 2018-06: $83.60 per share

- 2018-07: $83.45 per share

- 2018-08: $87.30 per share

- 2018-09: $82.25 per share

- 2018-10: $71.94 per share

- 2018-11: $76.34 per share

- 2018-12: $67.36 per share

- 2019-01: $74.91 per share

- 2019-02: $74.22 per share

- 2019-03: $75.11 per share

- 2019-04: $81.72 per share

- 2019-05: $77.38 per share

- 2019-06: $79.00 per share

- 2019-07: $78.36 per share

- 2019-08: $73.59 per share

- 2019-09: $82.16 per share

- 2019-10: $79.16 per share

- 2019-11: $84.37 per share

- 2019-12: $89.53 per share

- 2020-01: $73.29 per share

- 2020-02: $63.75 per share

- 2020-03: $43.47 per share

- 2020-04: $53.42 per share

- 2020-05: $51.28 per share

- 2020-06: $53.56 per share

- 2020-07: $46.24 per share

- 2020-08: $42.44 per share

- 2020-09: $36.17 per share

- 2020-10: $38.49 per share

- 2020-11: $50.60 per share

- 2020-12: $51.83 per share

- 2021-01: $50.76 per share

- 2021-02: $62.56 per share

- 2021-03: $60.28 per share

- 2021-04: $63.70 per share

- 2021-05: $65.33 per share

- 2021-06: $60.64 per share

- 2021-07: $57.91 per share

- 2021-08: $53.59 per share

- 2021-09: $47.96 per share

- 2021-10: $52.41 per share

- 2021-11: $52.22 per share

- 2021-12: $59.42 per share

- 2022-01: $65.18 per share

- 2022-02: $65.15 per share

- 2022-03: $72.19 per share

- 2022-04: $65.20 per share

- 2022-05: $67.53 per share

- 2022-06: $60.84 per share

- 2022-07: $63.44 per share

- 2022-08: $67.06 per share

- 2022-09: $60.77 per share

- 2022-10: $69.75 per share

- 2022-11: $69.79 per share

- 2022-12: $64.35 per share

- 2023-01: $70.78 per share

- 2023-02: $72.53 per share

- 2023-03: $69.70 per share

- 2023-04: $71.84 per share

- 2023-05: $71.56 per share

- 2023-06: $76.95 per share

- 2023-07: $81.48 per share

- 2023-08: $82.83 per share

- 2023-09: $82.80 per share

- 2023-10: $74.70 per share

- 2023-11: $76.75 per share

- 2023-12: $78.48 per share

- 2024-01: $78.66 per share

- 2024-02: $87.72 per share

- 2024-03: $95.32 per share

- 2024-04: $109.13 per share

- 2024-05: $124.17 per share

- 2024-06: $119.73 per share

- 2024-07: $122.88 per share

- 2024-08: $119.92 per share

- 2024-09: $122.43 per share

- 2024-10: $114.76 per share

- 2024-11: $126.51 per share

- 2024-12: $105.80 per share

- 2025-01: $109.15 per share

- 2025-02: $104.22 per share

- 2025-03: $101.01 per share

- 2025-04: $96.37 per share

- 2025-05: $110.64 per share

- 2025-06: $113.41 per share

- 2025-07: $95.31 per share

- 2025-08: $97.20 per share

- 2025-09: $83.45 per share

- 2025-10: $103.48 per share

- 2025-11: $113.52 per share

- 2025-12: $110.18 per share

- 2026-01: $117.66 per share

- 2026-02: $129.80 per share

- 2026-03: $132.88 per share

- 2026-04: $150.54 per share

- 2026-05: $140.59 per share

- 2026-06: $135.97 per share

- 2026-07: $131.14 per share

- 2026-08: $141.86 per share

- 2026-09: $131.25 per share

- 2026-10: $137.15 per share

## Annual estimated value (USD per share)

- FY2016: low $35.85 per share, central $40.80 per share, high $47.38 per share

- FY2017: low $48.04 per share, central $54.67 per share, high $63.49 per share

- FY2018: low $34.18 per share, central $38.89 per share, high $45.17 per share

- FY2019: low $22.02 per share, central $26.65 per share, high $31.05 per share

- FY2020: low $16.50 per share, central $18.69 per share, high $21.61 per share

- FY2021: low $10.80 per share, central $12.29 per share, high $14.27 per share

- FY2022: low $13.74 per share, central $15.57 per share, high $18.02 per share

- FY2023: low $22.64 per share, central $25.76 per share, high $29.91 per share

- FY2024: low $33.35 per share, central $37.93 per share, high $44.02 per share

- FY2025: low $48.76 per share, central $56.98 per share, high $66.24 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/56047/000119312526054016/kex-20251231.htm); period 2025-12-31, filed 2026-02-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.