Kirby (KEX) AI Stock Analysis

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Kirby

(NYSE:KEX)

Rating:63Neutral

Price Target:

$103.00

▲(4.81% Upside)

Kirby's overall score is driven by solid financial performance and positive earnings call insights. However, bearish technical indicators and challenges in revenue growth and cash flow management weigh on the score.

Positive Factors

Barge Activity

Improving barge activity combined with nil fleet growth points to improving barge pricing which should continue to push margins higher.

Volume Growth

Upper river barge volumes are tracking up ~25% year-over-year and up ~35% quarter-over-quarter, driven by growth in refined products, petchems, and crude volume activity.

Negative Factors

Chemical Market Dynamics

Modest pressure in chemicals is tied to European market dynamics.

Weather Delays

Despite weather delays, utilization is higher due to increased demand, reaching 95%.

Kirby (KEX) vs. SPDR S&P 500 ETF (SPY)

Market Cap

$5.48B

Dividend YieldN/A

Average Volume (3M)749.97K

Price to Earnings (P/E)18.6

Beta (1Y)1.33

Revenue Growth2.45%

EPS Growth11.97%

CountryUS

Employees5,414

SectorIndustrials

Sector Strength76

IndustryMarine Shipping

Share Statistics

EPS (TTM)1.67

Shares Outstanding55,800,000

10 Day Avg. Volume548,612

30 Day Avg. Volume749,971

Financial Highlights & Ratios

PEG Ratio0.66

Price to Book (P/B)1.83

Price to Sales (P/S)1.88

P/FCF Ratio14.81

Enterprise Value/Market Cap1.39

Enterprise Value/Revenue2.35

Enterprise Value/Gross Profit9.14

Enterprise Value/Ebitda11.50

Forecast

1Y Price Target

$124.00

Price Target Upside26.18% Upside

Rating ConsensusStrong Buy

Number of Analyst Covering3

Kirby Business Overview & Revenue Model

Company DescriptionKirby 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 Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along three United States coasts, and in Alaska and Hawaii. It also transport petrochemical, black oil, refined petroleum product, and agricultural chemicals by tank barge; and operates offshore dry-bulk barge and tugboat unit that are engaged in the offshore transportation of dry-bulk cargo in the United States coastal trade. As of December 31, 2021, it owned and operated 1,025 inland tank barge, approximately 255 inland towboat, 31 coastal tank barge, 29 coastal tugboat, 4 offshore dry-bulk cargo barge, 4 offshore tugboat, and 1 docking tugboat. Its Distribution and Services segment sells after-market service and genuine replacement part for engine, transmission, reduction gear, electric motor, drive, and control, electrical distribution and control system, energy storage battery system, and related oilfield service equipment; rebuild component parts or diesel engine, transmission and reduction gear, and related equipment used in oilfield service, marine, power generation, on-highway, and other industrial applications; rents generator, industrial compressor, high capacity lift truck, and refrigeration trailer; and manufactures and remanufactures oilfield service equipment, including pressure pumping unit, as well as manufacturers electric power generation equipment, specialized electrical distribution and control equipment, and high capacity energy storage/battery systems for oilfield customer. It serves to various companies and the United States government. 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.

How the Company Makes MoneyKirby generates revenue through several key streams. The primary source of income comes from its marine transportation segment, which involves the chartering of its fleet for the movement of bulk liquids. This segment benefits from long-term contracts with major companies in the petrochemical and refining industries, providing a stable revenue base. Additionally, Kirby's industrial equipment segment contributes to its earnings by selling, leasing, and servicing diesel engines and related equipment, catering to various sectors including oil and gas, marine, and power generation. The company also engages in maintenance and repair services for marine vessels, which further enhances its revenue. Strategic partnerships with major industry players and ongoing investments in fleet expansion and modernization are significant factors that support Kirby's financial performance.

Kirby Key Performance Indicators (KPIs)

Any

Total Ton Miles

Total Ton Miles
Measures the volume of cargo transported over distance, indicating operational scale and efficiency in the company's logistics and transportation services.

Chart InsightsKirby's Total Ton Miles have shown a modest recovery in 2025, rebounding from a dip in 2024. This aligns with the company's strong performance in coastal marine transportation, where utilization rates and contract renewals have driven growth. However, challenges in inland marine transportation, including navigational delays and chemical volume pullbacks, may temper further gains. Despite these hurdles, Kirby's strategic focus on capital allocation and potential share repurchases suggests confidence in sustaining growth, supported by robust earnings and operational efficiency improvements.

Data provided by:

Main Street Data

Kirby Earnings Call Summary

Earnings Call Date:Jul 31, 2025

(Q2-2025)

% Change Since: |

Next Earnings Date:Oct 23, 2025

Earnings Call Sentiment Positive

The earnings call reflected a generally positive performance with strong earnings growth and robust performance across several segments, particularly in power generation and coastal marine. However, there were challenges in the inland marine segment due to demand softness and navigational issues, as well as ongoing complexities in the macro environment affecting certain sectors.

Q2-2025 Updates

Positive Updates

Earnings Per Share Increase

Second quarter earnings per share increased by 17% year-over-year, from $1.43 in the second quarter of 2024 to $1.67 in 2025.

Strong Marine Segment Performance

Marine Transportation segment revenues were $493 million with operating income of $99 million and an operating margin of 20.1%. Revenues increased 2% year-over-year and operating income by 4%.

Power Generation Revenue Growth

Revenues in Power Generation increased by 31% year-over-year, driven by robust demand from data centers and industrial customers.

Significant Oil and Gas Profitability Increase

Despite a 27% revenue decline year-over-year in oil and gas, operating income increased by 182% year-over-year due to strong execution and cost management.

Coastal Marine Transportation Margins

Coastal Marine achieved operating margins in the high teens, driven by strong pricing and improved asset availability.

Negative Updates

Navigational Challenges and Supply Delays

Marine segment faced navigational challenges and supply delays which affected operational efficiency.

Inland Marine Demand Softness

Inland Marine is experiencing a slight moderation in barge utilization and demand, with expected utilization in the low 90% range for the third quarter.

Softness in Conventional Oil and Gas Activity

Continued softness in conventional frac-related equipment and a decline in revenues by 27% year-over-year in the oil and gas segment.

Macro Environment Complexity

Recent trade policy shifts are introducing uncertainty and affecting customer purchasing behavior, particularly in chemicals and power generation.

Company Guidance

During the Kirby Corporation 2025 Second Quarter Earnings Call, the company provided guidance on several key metrics. They reported a 17% increase in earnings per share year-over-year, reaching $1.67. Inland Marine Transportation had barge utilization rates in the low to mid-90% range, with spot market rates increasing in the low single digits sequentially and mid-single digits year-over-year. Coastal Marine Transportation saw barge utilization in the mid- to high 90% range, with term contract renewals rising by mid-20% year-over-year, leading to operating margins in the high teens. Distribution and Services reported a 31% year-over-year revenue increase in Power Generation, with a 24% rise in operating income, supported by robust demand from data centers and industrial customers. The company anticipates 15% to 25% year-over-year growth in earnings for 2025, with potential challenges due to macroeconomic factors. Operating margins for Inland Marine are expected to remain in the low 20% range, while Coastal Marine revenues are projected to grow in the high single to low double-digit range, with margins improving to the mid- to high teens.

Kirby Financial Statement Overview

Summary

Kirby's financial performance is solid with strong profitability and operational efficiency. The income statement highlights healthy margins, although revenue growth is slightly negative. The balance sheet is stable with a manageable Debt-to-Equity Ratio, but cash flow challenges remain due to negative free cash flow growth.

Income Statement

Positive

Kirby's income statement shows a strong improvement trajectory. The Gross Profit Margin stands at 25.75% for TTM, indicating efficient cost management. While the Net Profit Margin for TTM is 9.02%, showing profitability, the Revenue Growth Rate is slightly negative at -0.68%, suggesting a need for revenue growth strategies. The EBIT and EBITDA margins are healthy at 12.43% and 20.45% respectively, reflecting strong operational performance.

Balance Sheet

Positive

The balance sheet reflects a stable financial position with a Debt-to-Equity Ratio of 0.38 for TTM, suggesting manageable leverage. ROE is moderate at 8.79%, indicating decent returns for equity holders. The Equity Ratio of 55.31% points to a strong equity base, providing financial stability. However, the company should monitor its debt levels for future growth opportunities.

Cash Flow

Neutral

Cash flow analysis reveals challenges, with a negative Free Cash Flow Growth Rate of -179.15% for TTM. The Operating Cash Flow to Net Income Ratio of 1.75 indicates strong cash generation from operations. However, the Free Cash Flow to Net Income Ratio is negative, highlighting potential issues in capital expenditure management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.24B	3.27B	3.09B	2.78B	2.25B	2.17B
Gross Profit	835.09M	825.20M	700.06M	522.37M	379.98M	440.67M
EBITDA	663.49M	652.21M	546.04M	399.95M	-31.88M	-162.48M
Net Income	292.63M	286.71M	222.94M	122.29M	-246.95M	-272.55M
Balance Sheet
Total Assets	6.01B	5.85B	5.72B	5.55B	5.40B	5.92B
Cash, Cash Equivalents and Short-Term Investments	51.08M	74.44M	32.58M	80.58M	34.81M	80.34M
Total Debt	1.28B	1.06B	1.19B	1.26B	1.36B	1.66B
Total Liabilities	2.69B	2.50B	2.54B	2.51B	2.51B	2.84B
Stockholders Equity	3.33B	3.35B	3.19B	3.04B	2.89B	3.08B
Cash Flow
Free Cash Flow	170.60M	413.83M	138.50M	121.52M	223.56M	296.75M
Operating Cash Flow	669.75M	756.49M	540.23M	294.13M	321.58M	444.94M
Investing Cash Flow	-497.35M	-400.13M	-413.15M	-139.60M	-55.79M	-485.85M
Financing Cash Flow	-196.54M	-314.50M	-175.08M	-108.76M	-311.31M	96.51M

Kirby Technical Analysis

Technical Analysis Sentiment

Negative

Last Price98.27

Price Trends

50DMA

109.15

Negative

100DMA

106.23

Negative

200DMA

108.24

Negative

Market Momentum

MACD

-3.36

Negative

RSI

40.40

Neutral

STOCH

60.01

Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KEX, the sentiment is Negative. The current price of 98.27 is below the 20-day moving average (MA) of 99.49, below the 50-day MA of 109.15, and below the 200-day MA of 108.24, indicating a bearish trend. The MACD of -3.36 indicates Negative momentum. The RSI at 40.40 is Neutral, neither overbought nor oversold. The STOCH value of 60.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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

Overall Rating

UnderperformOutperform

Sector (65)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DAC	80 Outperform	$1.68B	3.81	13.38%	3.69%	5.63%	-17.54%
SBLK	74 Outperform	$2.21B	18.17	5.11%	4.16%	2.95%	-61.74%
MATX	70 Outperform	$3.33B	7.03	19.70%	1.31%	8.75%	56.21%
GOGL	67 Neutral	$1.59B	14.04	6.06%	10.03%	-7.73%	-39.13%
Sector *	65 Neutral	$2.63B	15.35	15.18%	3.65%	0.27%	30.08%
KEX	63 Neutral	$5.48B	18.61	9.11%	―	2.45%	11.97%
ZIM	60 Neutral	$1.74B	0.85	59.06%	59.75%	43.57%	―

* Industrials Sector Average

Performance Comparison

KEX

Kirby

98.27

-20.47

-17.24%

DAC

Danaos

92.04

13.63

17.38%

SBLK

Star Bulk Carriers

19.01

-1.38

-6.77%

MATX

Matson

105.31

-30.07

-22.21%

GOGL

Golden Ocean Group

7.98

-3.38

-29.75%

ZIM

14.21

1.99

16.28%

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.Date of analysis: Aug 19, 2025