Kirby CorporationKEX
NYSE•Industrials•Marine Shipping
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.
Kirby Corporation (KEX) reported trailing twelve months revenue of $3.42B as of March 2026, a 5.5% increase year-over-year. Quarterly revenue reached $844.10M, reflecting continued top-line momentum.
Kirby Corporation generated $359.78M in TTM net income, with quarterly EBITDA of $175.91M. The operating margin contracted from 13.4% to 12.8%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (12.8%) and net margin (9.6%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 9.7% a year ago, reflecting increased costs or interest expense.
KEX trades at a P/E of 20.9x (in line with broad market averages) and a P/S of 2.2x. The price-to-book ratio of 2.2x reflects a moderate premium to book value.
The company generated $49.39M in free cash flow over the trailing twelve months, a 217.2% increase year-over-year, indicating cash generation ability. The balance sheet shows $6.12B in total assets with $977.29M in long-term debt against $3.41B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~13.5%, suggesting durable pricing power and cost discipline.
ROE is positive at ~9.3% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~7.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~14.6% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 7.8% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation