Kirby Corp. (KEX)
NYSE:KEX
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Kirby
(NYSE:KEX)
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Rating:79Outperform
Price Target:
$154.00
▲(8.08% Upside)
Action:ReiteratedDate:03/31/26
The score is driven primarily by materially improved financial strength (strong profitability trend and sharp deleveraging) and a bullish technical backdrop. Earnings call guidance supports continued growth and cash generation, while valuation appears fair and near-term execution risks (cash conversion variability, guidance range uncertainty, and weather/shipyard/medical-cost headwinds) temper the upside.
Positive Factors
Balance Sheet Strength
Material deleveraging meaningfully reduces financial risk and supports durable capital allocation. Low leverage increases flexibility to fund fleet investment, buybacks, selective M&A, and weather cyclical downturns without forcing asset sales or deep cuts to operations, improving resilience.
Negative Factors
Cash Conversion Volatility
Irregular cash conversion implies working-capital swings and timing variability that can weaken the predictability of free cash flow. Over several quarters this complicates planning for buybacks, debt paydown, and reinvestment, and raises execution risk if adverse working-capital dynamics recur.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Material deleveraging meaningfully reduces financial risk and supports durable capital allocation. Low leverage increases flexibility to fund fleet investment, buybacks, selective M&A, and weather cyclical downturns without forcing asset sales or deep cuts to operations, improving resilience.
Read all positive factors
Kirby (KEX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.64B
Dividend YieldN/A
Average Volume (3M)738.51K
Price to Earnings (P/E)17.3
Beta (1Y)1.28
Revenue Growth1.59%
EPS Growth3.35%
CountryUS
Employees5,414
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)1.68
Shares Outstanding53,621,000
10 Day Avg. Volume562,279
30 Day Avg. Volume738,509
Financial Highlights & Ratios
PEG Ratio0.60
Price to Book (P/B)1.82
Price to Sales (P/S)1.82
P/FCF Ratio15.12
Enterprise Value/Market Cap1.17
Enterprise Value/Revenue2.65
Enterprise Value/Gross Profit10.10
Enterprise Value/Ebitda11.41
Forecast
1Y Price Target
$153.80Price Target Upside7.94% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)6.84
Revenue Forecast (FY)$3.47B
Kirby Business Overview & Revenue Model
Company Description
Kirby Corporation operates domestic tank barges in the United States. Its Marine Transportation segment provides marine transportation service and towing vessel transporting bulk liquid product, as well as operates tank barge throughout the Missis...
How the Company Makes Money
Kirby primarily makes money by providing marine transportation services under its Marine Transportation segment, earning revenue by moving bulk liquid commodities for customers on inland waterways and, to a lesser extent, in coastal trade. Revenue...
Kirby Key Performance Indicators (KPIs)
Any
Revenue by Segment
Reveals how different parts of the business contribute to overall sales, highlighting areas of strength and potential vulnerability within the company's operations.
Reveals how different parts of the business contribute to overall sales, highlighting areas of strength and potential vulnerability within the company's operations.
Data provided by:
The Fly
The FlyKirby Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call presented a decidedly positive operational and financial picture overall: record 2025 earnings, strong free cash flow ($406M), aggressive capital returns (>$100M buybacks) and debt reduction (~$130M) underpin a healthy balance sheet and confident outlook. Growth engines include a very strong coastal business and a rapidly expanding power generation business (power gen +47% YoY, backlog +30% YoY) that offset weakness in a small but volatile oil & gas subsegment. Near-term challenges (notably weather-related Q4 disruptions, rising medical costs, OEM/supply-chain lumpiness, shipyard activity and pronounced oil & gas declines) introduce some execution and timing risk for 2026 and explain the wide guidance range. On balance, the positive drivers (record cash generation, coastal strength, power generation momentum, balance-sheet improvements and share repurchases) outweigh the lowlights, supporting an overall constructive outlook for 2026.Positive Updates
Record 2025 Earnings and Strong Free Cash Flow
Kirby reported a record year in 2025, generating strong cash flow metrics: $670 million of cash flow from operations for the year, $406 million of free cash flow for 2025 (exceeding guidance), and just over $265 million of free cash flow in Q4.
Negative Updates
Significant Weather-Related Disruptions in Q4
Typical seasonal winter weather and Gulf Coast storms produced an 82% sequential increase in delay days in Q4, negatively impacting operations and efficiency and pressuring Q4 revenues and margins.
Read all updates
Q4-2025 Updates
Positive
Negative
Record 2025 Earnings and Strong Free Cash Flow
Kirby reported a record year in 2025, generating strong cash flow metrics: $670 million of cash flow from operations for the year, $406 million of free cash flow for 2025 (exceeding guidance), and just over $265 million of free cash flow in Q4.
Read all positive updates
Company Guidance
Kirby's 2026 guidance calls for steady, year‑over‑year earnings growth with inland barge utilization averaging in the low‑90% range (Q4 exit ≈90%; Q4 avg mid–high‑80%), inland revenues up low‑to‑mid single digits and inland margins averaging high‑teens to low‑20s; coastal utilization to remain mid‑90s with mid‑single‑digit revenue growth and coastal margins in the high‑teens; Distribution & Services revenues flat to slightly higher with segment margins mid‑to‑high single digits (power generation a key growth driver after +47% quarterly revenue and backlog up ~30% YoY); companywide CapEx $220–$260M for 2026, operating cash flow guidance $575–$675M, meaningful free cash flow expected (2025 FCF was $406M), 2025 CapEx $264M, inland fleet ~1,105 barges (24.5M barrels) flat in 2026, Q4 cash $79M, total liquidity ≈$542M, total debt ≈$920M (debt/capital 21.4%), and continued capital returns (Q4 buybacks ≈$102M) alongside disciplined M&A.Kirby Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
88
Very Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.36B | 3.27B | 3.09B | 2.78B | 2.25B |
| Gross Profit | 883.42M | 825.20M | 700.06M | 522.37M | 379.98M |
| EBITDA | 781.86M | 652.21M | 557.29M | 411.01M | -34.41M |
| Net Income | 354.57M | 286.71M | 222.94M | 122.29M | -246.95M |
Balance Sheet | |||||
| Total Assets | 6.04B | 5.85B | 5.72B | 5.55B | 5.40B |
| Cash, Cash Equivalents and Short-Term Investments | 78.78M | 74.44M | 32.58M | 80.58M | 34.81M |
| Total Debt | 1.30B | 1.06B | 1.19B | 1.26B | 1.36B |
| Total Liabilities | 2.65B | 2.50B | 2.54B | 2.51B | 2.51B |
| Stockholders Equity | 3.38B | 3.35B | 3.19B | 3.04B | 2.89B |
Cash Flow | |||||
| Free Cash Flow | 405.73M | 413.83M | 138.50M | 121.52M | 223.56M |
| Operating Cash Flow | 670.20M | 756.49M | 540.23M | 294.13M | 321.58M |
| Investing Cash Flow | -352.18M | -400.13M | -413.15M | -139.60M | -55.79M |
| Financing Cash Flow | -313.69M | -314.50M | -175.08M | -108.76M | -311.31M |
Kirby Technical Analysis
Positive
142.49
Price Trends
130.36
Positive
123.47
Positive
110.88
Positive
Market Momentum
3.63
Negative
70.21
Negative
89.96
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KEX, the sentiment is Positive. The current price of 142.49 is above the 20-day moving average (MA) of 136.25, above the 50-day MA of 130.36, and above the 200-day MA of 110.88, indicating a bullish trend. The MACD of 3.63 indicates Negative momentum. The RSI at 70.21 is Negative, neither overbought nor oversold. The STOCH value of 89.96 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for KEX.
Kirby Risk Analysis
Kirby disclosed 28 risk factors in its most recent earnings report. Kirby reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Kirby Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $2.12B | 3.51 | 13.56% | 3.64% | 3.82% | -13.73% | |
79 Outperform | $7.64B | 17.31 | 10.54% | ― | 1.59% | 3.35% | |
76 Outperform | $5.19B | 8.56 | 16.63% | 1.13% | 1.88% | 9.30% | |
72 Outperform | $2.08B | 5.21 | 16.86% | 2.94% | -29.82% | -16.77% | |
64 Neutral | $3.22B | 5.34 | 12.06% | 20.35% | 1.63% | -30.30% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $2.81B | 26.26 | 3.46% | 1.59% | -13.87% | -82.48% |
* Industrials Sector Average
KEX
Kirby
143.48
48.15
50.51%
CMRE
Costamare
17.08
10.65
165.59%
DAC
Danaos
118.78
44.83
60.63%
SBLK
Star Bulk Carriers
24.53
11.11
82.72%
MATX
Matson
174.63
77.51
79.81%
ZIM
ZIM
26.95
14.43
115.19%
Kirby Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Kirby Expands and Extends Revolving Credit Facility Commitment
Positive
Mar 30, 2026
On March 26, 2026, Kirby Corporation amended and restated its main bank credit facility, extending its maturity to March 26, 2031 and increasing revolving commitments to $750 million while eliminating the prior term loan component. The agreement p...
Business Operations and StrategyExecutive/Board Changes
Kirby Expands Board, Appoints Tracy Embree as Director
Positive
Feb 20, 2026
Kirby Corporation announced on February 20, 2026, that it has expanded its board from nine to ten members and appointed Tracy A. Embree as an independent director effective February 16, 2026, with her term running as a Class I director until the 2...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.