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Kirby
(NYSE:KEX)
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Rating:74Outperform
Price Target:
$163.00
▲(9.65% Upside)
Action:Upgraded
Date:07/29/26
The score is driven primarily by improved fundamentals (stronger profitability and manageable leverage) and a constructive earnings outlook with reaffirmed guidance trending toward the high end. Technicals are supportive with price above major moving averages, while valuation is a modest drag due to a P/E of 22.23 and no dividend yield data; cash-flow conversion and recent FCF softness remain the main financial risk.
Positive Factors
High contracted mix and fleet utilization
A large share of revenue on term contracts and sustained high utilization provide durable revenue visibility and reduce exposure to spot volatility. This mix supports pricing renewal power, steadier cash flow and margin stability across cycles, improving the predictability of earnings over the next several quarters.
Negative Factors
Weak free cash flow conversion
Sub‑par cash conversion and a meaningful TTM FCF decline signal working capital and investment absorption that constrain durable cash available for debt reduction, growth capex or buybacks. Persistent conversion gaps increase reliance on financing or slower balance‑sheet repair if working capital normalizes slowly.
Read all positive and negative factors
Positive Factors
Negative Factors
High contracted mix and fleet utilization
A large share of revenue on term contracts and sustained high utilization provide durable revenue visibility and reduce exposure to spot volatility. This mix supports pricing renewal power, steadier cash flow and margin stability across cycles, improving the predictability of earnings over the next several quarters.
Read all positive factors
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 (KEX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.02B
Dividend YieldN/A
Average Volume (3M)586.16K
Price to Earnings (P/E)20.1
Beta (1Y)1.13
Revenue Growth6.56%
EPS Growth23.19%
CountryUS
Employees5,233
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)6.54
Shares Outstanding53,500,000
10 Day Avg. Volume560,104
30 Day Avg. Volume586,156
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$171.00Price Target Upside15.04% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)7.1
Revenue Forecast (FY)$3.59B
Kirby Business Overview & Revenue Model
Company Description
Kirby Corporation is a leading operator of domestic tank barges within the United States. Its Marine Transportation division specializes in moving bulk liquid products, providing comprehensive marine transport and towing services. These operations...
How the Company Makes Money
Kirby makes money primarily by providing transportation services and equipment distribution/services across two main business segments.
1) Marine Transportation (service revenue): The company earns revenue by transporting bulk liquid commodities ...
Kirby Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call highlighted solid operational execution with strong utilization, sequential pricing momentum inland, year‑over‑year revenue growth across segments, an expanded Power Generation backlog and continued share repurchases. Near‑term headwinds (temporary fuel cost impact, elevated shipyard activity affecting coastal margins, elevated working capital and pockets of weaker oil & gas activity) weighed on operating income in the quarter but are described as transitory or manageable. Management reaffirmed full‑year guidance (5%–15% EPS growth) and expects results toward the upper end based on inland pricing momentum, recovery of fuel impacts, healthy utilization and Power Generation backlog conversion.Positive Updates
Earnings per Share and Top-Line Performance
Reported EPS of $1.67, up 11% sequentially and in line with the prior-year quarter. Company reaffirmed full-year EPS growth guidance of 5%–15% and said results are trending toward the upper end of that range.
Negative Updates
Marine Operating Income Decline Year‑over‑Year
Despite revenue growth, Marine Transportation operating income decreased $11 million or 11% year‑over‑year (and decreased 2% sequentially), primarily due to temporary higher fuel costs and elevated shipyard activity in coastal marine.
Read all updates
Q2-2026 Updates
Positive
Negative
Earnings per Share and Top-Line Performance
Reported EPS of $1.67, up 11% sequentially and in line with the prior-year quarter. Company reaffirmed full-year EPS growth guidance of 5%–15% and said results are trending toward the upper end of that range.
Read all positive updates
Company Guidance
Kirby reaffirmed full‑year EPS growth guidance of 5%–15% (saying results are trending toward the upper end) and gave detailed segment and balance‑sheet targets: Marine Transportation Q2 revenue was $537M with operating income $88M (16.4% margin); inland revenues are expected to grow high‑teens to 20% for the year with barge utilization in the low‑90% range, ~65% of inland revenue under long‑term contracts (57% time charters / 43% COAs), spot rates up low‑ to mid‑single‑digits sequentially and inland margins in the high‑teens; coastal revenues are expected mid‑single‑digit for the year with utilization in the high‑90% range, ~93% of coastal revenue on term contracts (≈100% time charters) and full‑year coastal margins in the mid‑ to high‑teens (Q2 coastal margins were low‑to‑mid‑teens after elevated shipyard activity); Distribution & Services Q2 revenue was $385M with $38M operating income (10% margin) and the segment is expected to grow mid‑single‑digits for the year with mid‑ to high‑single‑digit operating margins (Power Generation +8% YoY, ~40% of segment, high‑single‑digit margins, backlog now $1.0B–$1.5B; Commercial & Industrial +12% YoY, low‑double‑digit margins; Oil & Gas ~10% of segment, revenues +20% sequentially, mid‑to‑high‑single‑digit margins). Financial posture and capital allocation assumptions: Q2 cash $39M, total debt $1.04B, debt‑to‑capital 23.1%, available liquidity $566M; Q2 operating cash flow $72.2M, capex $71.5M; full‑year capex $220M–$260M (≈$170M–$210M marine maintenance; ~$65M growth); full‑year cash flow from operations $575M–$675M; working capital normalization should meaningfully improve free cash flow in H2; Q2 share repurchases totaled $59.7M (avg. $142) with an additional ~$25M–$29M repurchased in Q3-to-date (avg. $140); and a temporary fuel‑cost headwind (~$0.05–$0.10 EPS in Q2) is expected to reverse as contractual recovery mechanisms take effect.Kirby Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.49B | 3.36B | 3.27B | 3.09B | 2.78B | 2.25B |
| Gross Profit | 885.05M | 883.42M | 825.20M | 700.06M | 522.37M | 379.98M |
| EBITDA | 780.13M | 781.86M | 652.21M | 557.29M | 411.01M | -34.41M |
| Net Income | 355.23M | 354.57M | 286.71M | 222.94M | 122.29M | -246.95M |
Balance Sheet | ||||||
| Total Assets | 38.95M | 6.04B | 5.85B | 5.72B | 5.55B | 5.40B |
| Cash, Cash Equivalents and Short-Term Investments | 38.95M | 78.78M | 74.44M | 32.58M | 80.58M | 34.81M |
| Total Debt | 0.00 | 1.30B | 1.06B | 1.19B | 1.26B | 1.36B |
| Total Liabilities | -3.41B | 2.65B | 2.50B | 2.54B | 2.51B | 2.51B |
| Stockholders Equity | 3.42B | 3.38B | 3.35B | 3.19B | 3.04B | 2.89B |
Cash Flow | ||||||
| Free Cash Flow | 474.69M | 405.73M | 413.83M | 138.50M | 121.52M | 223.56M |
| Operating Cash Flow | 637.26M | 670.20M | 756.49M | 540.23M | 294.13M | 321.58M |
| Investing Cash Flow | -240.30M | -352.18M | -400.13M | -413.15M | -139.60M | -55.79M |
| Financing Cash Flow | -407.33M | -313.69M | -314.50M | -175.08M | -108.76M | -311.31M |
Kirby Technical Analysis
Negative
148.65
Price Trends
140.76
Negative
140.52
Negative
127.54
Positive
Market Momentum
-1.70
Positive
33.71
Neutral
9.95
Positive
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 148.65 is above the 20-day moving average (MA) of 141.74, above the 50-day MA of 140.76, and above the 200-day MA of 127.54, indicating a neutral trend. The MACD of -1.70 indicates Positive momentum. The RSI at 33.71 is Neutral, neither overbought nor oversold. The STOCH value of 9.95 is Positive, 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
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $2.58B | 4.98 | 13.85% | 2.57% | 2.95% | 15.92% | |
74 Outperform | $7.02B | 20.05 | 10.45% | ― | 6.56% | 23.19% | |
73 Outperform | $6.13B | 14.79 | 16.94% | 0.68% | -4.64% | -10.76% | |
72 Outperform | $3.27B | 22.81 | 5.87% | 3.66% | -11.62% | -37.75% | |
65 Neutral | $1.88B | 5.92 | 15.97% | 2.99% | -52.60% | 11.51% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
54 Neutral | $3.04B | 30.72 | 2.48% | 7.99% | -29.06% | -95.84% |
* Industrials Sector Average
KEX
Kirby
132.42
30.26
29.62%
CMRE
Costamare
15.28
4.63
43.51%
DAC
Danaos
138.72
49.59
55.64%
SBLK
Star Bulk Carriers
28.22
9.71
52.47%
MATX
Matson
213.44
103.00
93.26%
ZIM
ZIM
27.29
12.20
80.85%
Kirby Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A TransactionsPrivate Placements and FinancingShareholder Meetings
Kirby Shareholders Approve Governance Changes and Executive Compensation
Positive
Apr 30, 2026
On April 27, 2026, Kirby stockholders re-elected three Class I directors to serve until 2029, ratified KPMG as independent auditor for 2026, approved executive pay on an advisory basis, and adopted amendments to both its 2005 Stock and Incentive P...
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.