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Relative valuation derived from Industrials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 45.8GRADE C
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
10.4%
Sector: 8.9%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, KIRBY CORP (KEX) receives a "Hold" rating with a composite score of 51.0/100, ranked #290 out of 4446 stocks. Key factor scores: Quality 46/100, Value 63/100, Momentum 62/100. This is quantitative analysis only — not investment advice.
KIRBY CORP (KEX) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does KIRBY CORP Do?
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 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. KIRBY CORP (KEX) is classified as a mid-cap stock in the Industrials sector, specifically within the Transportation industry. The company is led by CEO David W. Grzebinski and employs approximately 5,200 people, headquartered in Carson City, Texas. With a market capitalization of $7.2B, KEX is one of the notable companies in the Industrials sector.
KIRBY CORP (KEX) Stock Rating — Hold (April 2026)
As of April 2026, KIRBY CORP receives a Hold rating with a composite score of 51.0/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.KEX ranks #290 out of 4,446 stocks in our coverage universe. Within the Industrials sector, KIRBY CORP ranks #52 of 752 stocks, placing it in the top 10% of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
KEX Stock Price and 52-Week Range
KIRBY CORP (KEX) currently trades at $140.38. The stock lost $1.21 (0.9%) in the most recent trading session. The 52-week high for KEX is $134.69, which means the stock is currently trading 4.2% from its annual peak. The 52-week low is $79.52, putting the stock 76.5% above its annual trough. Recent trading volume was 455K shares, suggesting relatively thin trading activity.
Is KEX Overvalued or Undervalued? — Valuation Analysis
KIRBY CORP (KEX) carries a value factor score of 63/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 21.32x, compared to the Industrials sector average of 28.33x — a discount of 25%. The price-to-book ratio stands at 2.23x, versus the sector average of 2.23x. The price-to-sales ratio is 2.25x, compared to 0.50x for the average Industrials stock. On an enterprise value basis, KEX trades at 17.13x EV/EBITDA, versus 5.70x for the sector.
Overall, KEX's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
KIRBY CORP Profitability — ROE, Margins, and Quality Score
KIRBY CORP (KEX) earns a quality factor score of 46/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 10.4%, compared to the Industrials sector average of 8.9%, which is within a healthy range. Return on assets (ROA) comes in at 5.9% versus the sector average of 3.3%.
On a margin basis, KIRBY CORP reports gross margins of 33.6%, compared to 35.8% for the sector. The operating margin is 14.7% (sector: 6.2%). Net profit margin stands at 10.6%, versus 3.9% for the average Industrials stock. Revenue growth is running at 5.7% on a trailing basis, compared to 6.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
KEX Debt, Balance Sheet, and Financial Health
KIRBY CORP has a debt-to-equity ratio of 27.0%, compared to the Industrials sector average of 70.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 1.53x, suggesting adequate working capital coverage. Total debt on the balance sheet is $919M. Cash and equivalents stand at $47M.
KEX has a beta of 0.96, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for KIRBY CORP is 63/100, reflecting average volatility within the normal range for its sector.
KIRBY CORP Revenue and Earnings History — Quarterly Trend
In TTM 2026, KIRBY CORP reported revenue of $3.34B and earnings per share (EPS) of $6.37. Net income for the quarter was $353M. Gross margin was 33.6%. Operating income came in at $494M.
In FY 2025, KIRBY CORP reported revenue of $3.36B and earnings per share (EPS) of $6.37. Net income for the quarter was $355M. Revenue grew 3.0% year-over-year compared to FY 2024. Operating income came in at $496M.
In Q3 2025, KIRBY CORP reported revenue of $871M and earnings per share (EPS) of $1.66. Net income for the quarter was $93M. Revenue grew 4.8% year-over-year compared to Q3 2024. Operating income came in at $129M.
In Q2 2025, KIRBY CORP reported revenue of $855M and earnings per share (EPS) of $1.68. Net income for the quarter was $94M. Revenue grew 3.8% year-over-year compared to Q2 2024. Operating income came in at $132M.
Over the past 8 quarters, KIRBY CORP has demonstrated a growth trajectory, with revenue expanding from $824M to $3.34B. Investors analyzing KEX stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
KEX Dividend Yield and Income Analysis
KIRBY CORP (KEX) does not currently pay a dividend. This is common among smaller companies in the Transportation industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.
KEX Momentum and Technical Analysis Profile
KIRBY CORP (KEX) has a momentum factor score of 62/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 31/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 28/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
KEX vs Competitors — Industrials Sector Ranking and Peer Comparison
Comparing KEX against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full KEX vs S&P 500 (SPY) comparison to assess how KIRBY CORP stacks up against the broader market across all factor dimensions.
KEX Next Earnings Date
No upcoming earnings date has been announced for KIRBY CORP (KEX) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy KEX? — Investment Thesis Summary
KIRBY CORP presents a balanced picture with arguments on both sides. The value score of 63/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 62/100, suggesting the trend favors buyers. Low volatility (stability score 63/100) reduces downside risk.
In summary, KIRBY CORP (KEX) earns a Hold rating with a composite score of 51.0/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on KEX stock.
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Institutional Research Dossier
KIRBY CORP (KEX) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We initiate coverage of Kirby Corp (KEX) with a Buy rating. This rating is predicated on the company's dominant position in the inland tank barge industry, its improving operational efficiency, and the favorable long-term outlook for petrochemical and refined product transportation. While recent free cash flow generation has been negative, we believe this is a temporary situation driven by capital expenditures related to fleet maintenance and expansion, and that Kirby's strong underlying profitability will translate into robust cash flow in the coming years.
The most critical takeaway is Kirby's ability to capitalize on the increasing demand for domestic energy transportation, particularly as infrastructure constraints limit pipeline capacity. The company's strategic investments in its fleet and its focus on operational excellence position it to benefit significantly from these trends, making it an attractive investment for long-term growth.
Business Strategy & Overview
Kirby Corporation operates primarily in two segments: Marine Transportation and Distribution and Services. The Marine Transportation segment, which constitutes the majority of Kirby's revenue, involves the transportation of bulk liquid products via inland tank barges. This segment operates on the Mississippi River System, the Gulf Intracoastal Waterway, and along the U.S. coasts, transporting petrochemicals, black oil, refined petroleum products, and agricultural chemicals. The company's extensive fleet of barges and towboats provides a critical link in the supply chain for these essential commodities.
Kirby's strategic positioning within the energy transportation sector is crucial to its success. With limited pipeline capacity in certain regions, barge transportation offers a cost-effective and reliable alternative for moving large volumes of liquids. The company's focus on safety and environmental compliance further enhances its reputation and strengthens its relationships with customers. Kirby also benefits from long-term contracts with major energy producers and refiners, providing a stable revenue stream.
The Distribution and Services segment supports the Marine Transportation segment and serves other industries, including oilfield services, power generation, and on-highway transportation. This segment sells aftermarket parts, rebuilds components, and rents equipment such as generators and compressors. The diversification provided by this segment helps to mitigate some of the cyclicality associated with the energy sector.
Kirby's management team has demonstrated a commitment to operational excellence and strategic capital allocation. The company has invested heavily in its fleet, upgrading older barges and adding new, more efficient vessels. These investments improve fuel efficiency, reduce emissions, and enhance safety. Kirby also focuses on optimizing its barge utilization rates and minimizing downtime, which contributes to higher profitability. The company's acquisition strategy has also been a key driver of growth, with targeted acquisitions expanding its geographic reach and service offerings.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
5.7%
Sector: 6.4%
-11% VS SCTR
Economic Moat Analysis
Kirby Corporation possesses a narrow economic moat, primarily derived from cost advantages and, to a lesser extent, efficient scale. The inland tank barge industry is characterized by high capital intensity and significant regulatory hurdles, which create barriers to entry for new competitors. Kirby's extensive fleet and established infrastructure provide it with a cost advantage over smaller players who lack the scale to achieve similar efficiencies.
The company's cost advantages stem from several factors, including its ability to negotiate favorable rates with suppliers, its efficient barge utilization rates, and its investments in fuel-efficient vessels. Kirby's large scale also allows it to spread fixed costs over a larger revenue base, further reducing its unit costs. These cost advantages enable Kirby to offer competitive pricing while maintaining healthy profit margins.
Efficient scale also contributes to Kirby's moat. The inland tank barge market is not large enough to support numerous competitors of Kirby's size. The company's dominant market share and extensive network of terminals and fleeting locations give it a significant advantage in serving its customers. New entrants would face significant challenges in replicating Kirby's infrastructure and customer relationships.
However, the moat is not wide due to the relatively low switching costs for customers. While Kirby has long-term contracts with many of its customers, these contracts are typically renegotiated periodically, and customers can switch to alternative transportation methods, such as pipelines or rail, if prices become too high. The industry is also subject to cyclical fluctuations in demand, which can impact Kirby's profitability. Furthermore, the company faces competition from other barge operators, although none are as large or well-established as Kirby.
The moat's strength is also influenced by regulatory factors. Increased environmental regulations could raise costs for all operators, but Kirby's size and resources give it an advantage in complying with these regulations. Conversely, changes in regulations that favor pipelines or other transportation modes could weaken Kirby's competitive position.
Financial Health & Profitability
Kirby Corporation's financial health is generally sound, although recent free cash flow generation has been a concern. The company has demonstrated consistent revenue growth over the past several years, with revenue increasing from $3.09 billion in FY2023 to $3.36 billion in FY2025. This growth has been driven by increased demand for energy transportation and the company's strategic acquisitions.
Kirby's profitability metrics are also strong, with a gross margin of 33.6% and an operating margin of 14.7% for the trailing twelve months. These margins are significantly higher than the sector averages, indicating Kirby's superior operational efficiency. The company's net margin of 10.6% is also well above the sector average of 3.7%, reflecting its ability to translate revenue into profits.
However, Kirby's free cash flow has been negative in the most recent period, primarily due to capital expenditures related to fleet maintenance and expansion. This is a temporary situation, and we expect free cash flow to improve as these investments begin to generate returns. The company's strong underlying profitability provides a solid foundation for future cash flow generation.
Kirby's balance sheet is moderately leveraged, with total debt of $919.28 million and a debt-to-equity ratio of 27.00. While this is higher than some of its peers, the company's strong cash flow generation and asset base provide adequate coverage for its debt obligations. The current ratio of 1.53 indicates that Kirby has sufficient liquid assets to meet its short-term liabilities.
Looking at the quarterly financial history, we can see a consistent upward trend in revenue and net income. Revenue has increased steadily from $750.44 million in Q1 2023 to $871.16 million in Q3 2025. Net income has also shown improvement, rising from $40.62 million in Q1 2023 to $92.74 million in Q3 2025. This positive trend suggests that Kirby is successfully executing its growth strategy and improving its operational efficiency.
Valuation Assessment
Kirby Corporation's valuation appears attractive based on several key metrics. The company's price-to-earnings (P/E) ratio of 20.5x is lower than the sector average of 27.7x, suggesting that the stock is undervalued relative to its peers. Similarly, Kirby's enterprise value-to-EBITDA (EV/EBITDA) ratio of 4.0x is significantly lower than the sector average of 5.7x, further supporting the view that the stock is undervalued.
However, it is important to consider Kirby's negative free cash flow when assessing its valuation. While the company's strong profitability and growth prospects suggest that free cash flow will improve in the future, the current negative figure warrants caution. Investors should carefully monitor Kirby's capital expenditures and working capital management to ensure that free cash flow generation returns to positive territory.
Compared to its historical valuation, Kirby's current P/E ratio is slightly below its historical average, indicating that the stock is trading at a reasonable discount. The company's EV/EBITDA ratio is also below its historical average, further supporting the view that the stock is undervalued.
Overall, Kirby's valuation appears attractive based on its P/E ratio, EV/EBITDA ratio, and historical valuation. While the negative free cash flow is a concern, we believe that the company's strong profitability, growth prospects, and strategic investments will ultimately translate into improved cash flow generation. Therefore, we believe that the stock is undervalued and offers attractive upside potential.
A discounted cash flow (DCF) analysis, while not explicitly provided with the data, would be beneficial to further refine the valuation. Estimating future cash flows based on projected revenue growth, margin expansion, and capital expenditure requirements would provide a more comprehensive assessment of Kirby's intrinsic value. However, based on the available data, the relative valuation metrics suggest that the stock is trading at a discount to its peers and historical averages.
Risk & Uncertainty
Kirby Corporation faces several risks and uncertainties that could impact its financial performance and stock price. One of the most significant risks is the cyclical nature of the energy industry. Demand for energy transportation is closely tied to oil and gas production, which can fluctuate significantly based on global economic conditions and geopolitical events. A decline in oil and gas production could reduce demand for Kirby's services and negatively impact its revenue and profitability.
Another risk is the potential for increased competition from other transportation modes, such as pipelines and rail. While barge transportation offers certain advantages, such as cost-effectiveness and flexibility, pipelines and rail may be more efficient or cost-effective in certain situations. Increased investment in pipeline infrastructure could reduce demand for barge transportation and negatively impact Kirby's market share.
Regulatory risks also pose a threat to Kirby's business. The company is subject to numerous environmental regulations, safety regulations, and other government regulations. Changes in these regulations could increase Kirby's operating costs and reduce its profitability. For example, stricter environmental regulations could require Kirby to invest in new, more environmentally friendly vessels, which could be costly.
Furthermore, Kirby faces operational risks related to its marine transportation business. Accidents, spills, and other incidents could result in significant financial losses, including property damage, environmental cleanup costs, and legal liabilities. The company's insurance coverage may not be sufficient to cover all of these losses.
Finally, Kirby's acquisition strategy also carries risks. The company has grown significantly through acquisitions, and future acquisitions may not be as successful as past acquisitions. Integrating acquired businesses can be challenging, and Kirby may not be able to achieve the expected synergies or cost savings. Overpaying for acquisitions could also negatively impact Kirby's financial performance.
Bulls Say / Bears Say
The Bull Case
BULL VIEWKirby's dominant market share in the inland tank barge industry provides a significant competitive advantage and allows it to capitalize on increasing demand for energy transportation.
BULL VIEWThe company's strategic investments in its fleet and its focus on operational excellence will drive improved profitability and free cash flow generation in the coming years.
BULL VIEWFavorable long-term trends in the petrochemical and refined product markets, coupled with infrastructure constraints limiting pipeline capacity, will create sustained demand for Kirby's services.
The Bear Case
BEAR VIEWKirby's negative free cash flow generation raises concerns about its ability to fund future growth and maintain its dividend.
BEAR VIEWIncreased competition from pipelines and rail could erode Kirby's market share and negatively impact its revenue and profitability.
BEAR VIEWA significant downturn in the energy industry could reduce demand for Kirby's services and lead to a decline in its stock price.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score KEX and 4,400+ other equities.
KIRBY CORP exhibits a 132% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
5.9%
Sector: 3.3%
Gross Margin
Pricing power and cost efficiency
33.6%
Sector: 35.8%
Operating Margin
Core business profitability
14.7%
Sector: 6.2%
Net Margin
Bottom-line profitability
10.6%
Sector: 3.9%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
