Kirby Corporation (KEX) vs Navios Maritime Partners LP (NMM)

Kirby Corporation and Navios Maritime Partners LP are both Marine Shipping companies. Kirby Corporation is the larger, with a market value of $6.9B against $2.6B — 2.7× the size. Navios Maritime Partners LP trades at the lower P/E: 6.0× against 19.7×. Navios Maritime Partners LP grew revenue faster over the last twelve months: 13.4% against 6.56%. Navios Maritime Partners LP has the higher net margin (29.6% vs 10.2%) and the lower return on invested capital (6.14% vs 6.89%). Across the 21 metrics below, Navios Maritime Partners LP leads on 15 and Kirby Corporation on 6.

Valuation

Metric KEX NMM Marine Shipping median
P/E 19.71 5.98 6.89
P/S 1.97 1.76 1.92
P/B 2.00 0.72 0.90
Price to free cash flow 13.71 4.52 4.62
EV/EBITDA 9.79 4.91 6.57
EV/Sales 2.27 2.97 2.73
Earnings yield 5.07% 16.73% 9.59%
Free cash flow yield 7.29% 22.14% 16.76%

Profitability

Metric KEX NMM Marine Shipping median
Gross margin 33.20% 64.47% 60.61%
Operating margin 14.01% 35.74% 27.74%
Net margin 10.18% 29.64% 25.21%
Free cash flow margin 14.38% 38.92% 17.29%
Return on equity 10.39% 12.93% 8.62%
Return on assets 5.78% 7.22% 5.35%
Return on invested capital 6.89% 6.14% 5.32%

Growth

Metric KEX NMM Marine Shipping median
Revenue growth (TTM) 6.56% 13.38% 13.26%
EPS growth (last fiscal year) 28.92% (19.95%) —
Revenue growth, 5-year CAGR 9.15% 42.75% 11.77%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric KEX NMM Marine Shipping median
Debt to equity 0.30 0.63 0.52
Current ratio 1.68 1.53 1.63
Net debt to EBITDA 1.03 2.29 2.34

Dividend

Metric KEX NMM Marine Shipping median
Dividend yield — 0.70% 5.54%
Payout ratio 0.00 — 0.13

Size

Metric KEX NMM Marine Shipping median
Market cap 6.88b 2.55b 420.73m

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