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Friday 6 November 2026
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Kirby Corporation
KEX Industrials Marine Shipping
Kirby Corporation’s revenue for fiscal 2025 (year ended December 2025) was $3.4 billion, up 3.01% from fiscal 2024.
- Revenue
- +12.2%
- EPS
- +26.8%
- Free cash flow
- −78.1%
- Total debt
- −7.19%
Quarter to September 2026, against a year earlier
119.08
9.04
−7.06%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 1,771 | 2,214 | 2,971 | 2,838 | 2,171 | 2,247 | 2,785 | 3,092 | 3,266 | 3,364 | 3,595 | +7.4% | 3,691 | 3,953 | 4,192 | +7.6% | |
| Gross margin, % | 36.48 | 29.64 | 27.26 | 28.48 | 30.42 | 26.43 | 25.99 | 29.47 | 32.63 | 34.11 | 33.20 | (2.4) pt | ||||||
| EBT | 228 | 73 | 114 | 190 | (461) | (291) | 165 | 294 | 363 | 471 | 494 | +8.4% | ||||||
| EBT margin, % | 12.86 | 3.30 | 3.84 | 6.69 | (21.25) | (12.93) | 5.92 | 9.51 | 11.11 | 14.01 | 13.75 | +1.2 pt | ||||||
| Net income | 143 | 314 | 79 | 143 | (272) | (247) | 123 | 223 | 287 | 355 | 356 | +10.7% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 33.13 | 40.04 | 49.88 | 47.50 | 36.24 | 37.41 | 46.38 | 51.93 | 56.36 | 60.40 | 68.24 | +6.9% | |||||
| Earnings | 2.63 | 5.62 | 1.31 | 2.38 | (4.55) | (4.11) | 2.04 | 3.74 | 4.95 | 6.37 | 6.98 | +10.3% | ||||||
| Cash flow | 7.78 | 6.39 | 5.83 | 8.57 | 7.43 | 5.35 | 4.90 | 9.07 | 13.05 | 12.03 | 0.00 | +5.0% | ||||||
| Capex | (3.97) | (3.20) | (4.18) | (3.19) | (2.18) | (0.78) | (2.26) | (6.31) | (5.56) | (4.19) | 0.00 | +0.6% | ||||||
| Free cash flow | 3.80 | 3.19 | 1.65 | 5.38 | 5.24 | 4.58 | 2.64 | 2.76 | 7.49 | 7.84 | 0.00 | +8.4% | ||||||
| Book value | 45.14 | 56.31 | 54.00 | 56.43 | 51.53 | 48.10 | 50.72 | 53.53 | 57.87 | 60.74 | 0.00 | +3.4% | ||||||
| Shares, m | 53 | 55 | 60 | 60 | 60 | 60 | 60 | 60 | 58 | 56 | 54 | +0.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 25.29 | 12.58 | 51.42 | 37.62 | 0.00 | 0.00 | 31.21 | 21.06 | 21.37 | 17.32 | 17.05 | 21.8 | |||||
| P/S | 2.00 | 1.69 | 1.35 | 1.88 | 1.43 | 1.59 | 1.37 | 1.52 | 1.88 | 1.82 | 1.75 | 1.7 | ||||||
| P/B | 1.47 | 1.20 | 1.25 | 1.59 | 1.01 | 1.24 | 1.25 | 1.48 | 1.83 | 1.81 | 1.82 | 1.4 | ||||||
| EV/Sales | 2.47 | 2.13 | 1.82 | 2.36 | 2.07 | 2.09 | 1.72 | 1.84 | 2.12 | 2.07 | 2.02 | 2.1 | ||||||
| EV/FCF | 21.52 | 26.82 | 55.10 | 20.84 | 14.31 | 17.08 | 30.31 | 34.51 | 15.95 | 15.96 | 14.49 | 25.2 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 416 | 353 | 347 | 512 | 445 | 322 | 294 | 540 | 756 | 670 | 710 | +5.4% | |||||
| Capex | (212) | (177) | (249) | (191) | (131) | (47) | (136) | (376) | (322) | (233) | (208) | +1.1% | ||||||
| Free cash flow | 203 | 176 | 98 | 321 | 314 | 275 | 158 | 165 | 434 | 437 | 502 | +8.9% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 275 | 477 | 489 | 403 | 582 | 460 | 570 | 459 | 334 | 371 | 504 | +3.4% | |||||
| Net debt | 717 | 972 | 1,402 | 1,345 | 1,388 | 1,127 | 996 | 976 | 792 | 833 | 992 | +1.7% | ||||||
| Shareholders’ equity | 2,413 | 3,114 | 3,216 | 3,372 | 3,088 | 2,889 | 3,045 | 3,187 | 3,353 | 3,383 | 3,445 | +3.8% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 3.33 | 6.60 | 1.42 | 2.38 | (4.54) | (4.36) | 2.23 | 3.95 | 4.95 | 5.98 | 0.00 | +2.6 pt | |||||
| ROIC | 4.94 | 1.43 | 2.10 | 3.21 | (5.88) | (4.02) | 2.98 | 5.03 | 6.02 | 7.36 | 0.00 | +2.4 pt | ||||||
| ROE | 5.98 | 11.25 | 2.47 | 4.31 | (8.44) | (8.26) | 4.12 | 7.15 | 8.77 | 10.53 | 0.00 | +4.6 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 3,100 | 5,775 | 2,500 | 5,700 | 5,400 | 5,125 | 5,200 | 5,450 | 5,414 | 5,233 | — | +6.0% | |||||
| Revenue/emp, $m | 0.57 | 0.38 | 1.19 | 0.50 | 0.40 | 0.44 | 0.54 | 0.57 | 0.60 | 0.64 | — | +1.3% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Marine Transportation | 1,935 | 57.53% |
|---|---|---|
| Distribution and Services | 1,429 | 42.47% |
| Gross margin | 34.11% | |
| Operating margin | 14.75% | |
| Pre-tax margin | 14.01% |
Kirby Corporation vs peers in Marine Shipping (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| MATX Matson, Inc. | $6.4B | 12.0× | 13.6× | +26.52% (above 0%: growing) | +64.25% (above 0%: growing) | +148.10% (above 0%: growing) | 29.63% | 22.92% | Compare |
| KEX Kirby Corporation | $6.3B | 17.0× | 19.9× | +12.17% (above 0%: growing) | +26.80% (above 0%: growing) | −78.14% (below 0%: shrinking) | 33.35% | 15.44% | |
| HAFN Hafnia Limited | $5.0B | 7.1× | — | +47.21% (above 0%: growing) | +273.33% (above 0%: growing) | +193.17% (above 0%: growing) | 37.79% | 34.33% | Compare |
| ZIM ZIM Integrated Shipping Services Ltd. | $3.3B | 23.7× | 3.4× | +8.86% (above 0%: growing) | +178.95% (above 0%: growing) | −9.51% (below 0%: shrinking) | 14.32% | 8.10% | Compare |
| ECO Okeanis Eco Tankers Corp. | $3.1B | 7.6× | 5.0× | +239.40% (above 0%: growing) | +602.38% (above 0%: growing) | +196.66% (above 0%: growing) | 80.71% | 74.97% | Compare |
| SBLK Star Bulk Carriers Corp. | $3.0B | 10.4× | 6.1× | +44.46% (above 0%: growing) | +433,233.33% (above 0%: growing) | +25.84% (above 0%: growing) | 56.88% | 43.38% | Compare |
| DAC Danaos Corporation | $2.7B | 5.0× | 5.4× | +4.66% (above 0%: growing) | +16.81% (above 0%: growing) | −81.11% (below 0%: shrinking) | 72.84% | 48.38% | Compare |
| NMM Navios Maritime Partners LP | $2.4B | 5.5× | 4.5× | +25.22% (above 0%: growing) | +147.01% (above 0%: growing) | +252.84% (above 0%: growing) | 65.58% | 39.64% | Compare |
| SFL SFL Corporation Ltd. | $1.7B | 22.9× | 29.1× | +4.25% (above 0%: growing) | +2,400.00% (above 0%: growing) | −18.32% (below 0%: shrinking) | 63.23% | 32.49% | Compare |
| Median of peers | $3.0B | 9.0× | 5.4× | +25.87% | +226.14% | +86.97% | 60.05% | 36.99% |
From the latest earnings call
- CEO David Grzebinski said higher fuel costs temporarily pressured inland margins, but he expected contractual recovery to reverse the impact largely in the third quarter.
- Grzebinski said power generation demand had increased the backlog, while President Christian O’Neil announced a service operation focused on the aftermarket for data center customers.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
101.10%
Held by the ten largest
49.08%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 5.50m | 10.41% | +38.99k |
| BlackRock | 5.39m | 10.21% | +115.75k |
| Dimensional Fund Advisors | 2.76m | 5.23% | +142.35k |
| Goldman Sachs | 2.66m | 5.03% | −171.96k |
| Morgan Stanley | 2.43m | 4.61% | −237.50k |
| State Street | 1.65m | 3.12% | +9.31k |
| First Trust | 1.62m | 3.07% | +214.15k |
| KING LUTHER CAPITAL MANAGEMENT CORP | 1.46m | 2.76% | −102.87k |
| Neuberger Berman | 1.26m | 2.39% | −473.16k |
| Geode Capital Management | 1.19m | 2.25% | +168.44k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 6 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 6.74m | 7.09m | 212.58 |
| 2024 | 7.11m | 9.44m | 118.17 |
| 2023 | 7.80m | 9.26m | 87.66 |
| 2022 | 6.24m | 6.77m | 71.88 |
| 2021 | 5.90m | 6.89m | 66.37 |
Ownership
Directors and executive officers, together
0.80%
BlackRock Inc.
10.40%
The Vanguard Group
10.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Kirby Corporation (KEX) Latest News
29 Oct
28 Oct
25 Aug
29 Jul
KEX metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Kirby Corporation transports bulk liquids by tank barge and sells equipment, parts and services to businesses that operate engines and power systems. It was founded in 1921 and is headquartered in Houston. David W. Grzebinski is chief executive officer.
Its marine transportation business moves petrochemicals, black oil, refined petroleum products and agricultural chemicals for customers including refiners and chemical producers. Towboats push groups of inland barges along rivers and canals; coastal tugboats move barges along the United States coast. Kirby also transports dry-bulk cargoes in coastal trade. It generally provides the transportation service without taking ownership of the products aboard.