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Kirby

NYSE:KEX
Snowflake Description

Moderate growth potential with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
KEX
NYSE
$5B
Market Cap
  1. Home
  2. US
  3. Transportation
Company description

Kirby Corporation operates domestic tank barges in the United States. The last earnings update was 13 days ago. More info.


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KEX Share Price and Events
7 Day Returns
2.5%
NYSE:KEX
0.2%
US Shipping
0.9%
US Market
1 Year Returns
16%
NYSE:KEX
9.5%
US Shipping
16.8%
US Market
KEX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Kirby (KEX) 2.5% 3.8% 13.2% 16% 28% -17.8%
US Shipping 0.2% -0.1% 7.4% 9.5% 7.3% -59.9%
US Market 0.9% 4.5% 6.2% 16.8% 38% 44.1%
1 Year Return vs Industry and Market
  • KEX outperformed the Shipping industry which returned 9.5% over the past year.
  • KEX matched the United States of America Market (16.8%) over the past year.
Price Volatility
KEX
Industry
5yr Volatility vs Market

KEX Value

 Is Kirby undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Kirby to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Kirby.

NYSE:KEX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.4%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:KEX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Shipping Unlevered Beta Simply Wall St/ S&P Global 0.75
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.75 (1 + (1- 21%) (31.64%))
0.958
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.96
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.958 * 5.96%)
8.44%

Discounted Cash Flow Calculation for NYSE:KEX using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Kirby is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

NYSE:KEX DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8.44%)
2020 282.95 Analyst x2 260.93
2021 310.10 Analyst x1 263.70
2022 330.94 Est @ 6.72% 259.51
2023 349.21 Est @ 5.52% 252.53
2024 365.57 Est @ 4.68% 243.78
2025 380.55 Est @ 4.1% 234.02
2026 394.59 Est @ 3.69% 223.76
2027 408.00 Est @ 3.4% 213.36
2028 421.06 Est @ 3.2% 203.05
2029 433.93 Est @ 3.06% 192.97
Present value of next 10 years cash flows $2,347.00
NYSE:KEX DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $433.93 × (1 + 2.73%) ÷ (8.44% – 2.73%)
$7,805.56
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $7,805.56 ÷ (1 + 8.44%)10
$3,471.09
NYSE:KEX Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $2,347.00 + $3,471.09
$5,818.09
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $5,818.09 / 59.95
$97.05
NYSE:KEX Discount to Share Price
Calculation Result
Value per share (USD) From above. $97.05
Current discount Discount to share price of $84.27
= -1 x ($84.27 - $97.05) / $97.05
13.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Kirby is available for.
Intrinsic value
13%
Share price is $84.27 vs Future cash flow value of $97.05
Current Discount Checks
For Kirby to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Kirby's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Kirby's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Kirby's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Kirby's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:KEX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in USD $1.92
NYSE:KEX Share Price ** NYSE (2019-11-20) in USD $84.27
United States of America Shipping Industry PE Ratio Median Figure of 10 Publicly-Listed Shipping Companies 18.45x
United States of America Market PE Ratio Median Figure of 2,923 Publicly-Listed Companies 18.16x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Kirby.

NYSE:KEX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:KEX Share Price ÷ EPS (both in USD)

= 84.27 ÷ 1.92

43.8x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kirby is overvalued based on earnings compared to the US Shipping industry average.
  • Kirby is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Kirby's expected growth come at a high price?
Raw Data
NYSE:KEX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 43.8x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
25.8%per year
United States of America Shipping Industry PEG Ratio Median Figure of 9 Publicly-Listed Shipping Companies 0.31x
United States of America Market PEG Ratio Median Figure of 2,042 Publicly-Listed Companies 1.45x

*Line of best fit is calculated by linear regression .

NYSE:KEX PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 43.8x ÷ 25.8%

1.69x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kirby is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Kirby's assets?
Raw Data
NYSE:KEX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in USD $56.26
NYSE:KEX Share Price * NYSE (2019-11-20) in USD $84.27
United States of America Shipping Industry PB Ratio Median Figure of 23 Publicly-Listed Shipping Companies 0.52x
United States of America Market PB Ratio Median Figure of 5,094 Publicly-Listed Companies 1.76x
NYSE:KEX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:KEX Share Price ÷ Book Value per Share (both in USD)

= 84.27 ÷ 56.26

1.5x

* Primary Listing of Kirby.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kirby is overvalued based on assets compared to the US Shipping industry average.
X
Value checks
We assess Kirby's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Shipping industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Shipping industry average (and greater than 0)? (1 check)
  5. Kirby has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

KEX Future Performance

 How is Kirby expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
25.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Kirby expected to grow at an attractive rate?
  • Kirby's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Kirby's earnings growth is expected to exceed the United States of America market average.
  • Kirby's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:KEX Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:KEX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 25.8%
NYSE:KEX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 3.3%
United States of America Shipping Industry Earnings Growth Rate Market Cap Weighted Average 31.1%
United States of America Shipping Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.4%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:KEX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:KEX Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 3,325 1
2022-12-31 3,255 1
2021-12-31 2,946 550 264 3
2020-12-31 2,823 500 212 8
2019-12-31 2,844 500 174 8
2019-11-20
NYSE:KEX Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-09-30 2,904 462 115
2019-06-30 2,942 381 109
2019-03-31 2,974 367 90
2018-12-31 2,971 347 78
2018-09-30 2,957 366 332
2018-06-30 2,794 313 319
2018-03-31 2,464 287 316
2017-12-31 2,214 353 311
2017-09-30 1,942 337 113
2017-06-30 1,835 398 117
2017-03-31 1,804 388 130
2016-12-31 1,771 416 140

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Kirby's earnings are expected to grow significantly at over 20% yearly.
  • Kirby's revenue is expected to grow by 3.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:KEX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Kirby Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:KEX Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 4.34 5.06 3.75 3.00
2020-12-31 3.54 3.72 3.10 6.00
2019-12-31 2.93 3.01 2.88 6.00
2019-11-20
NYSE:KEX Past Financials Data
Date (Data in USD Millions) EPS *
2019-09-30 1.92
2019-06-30 1.82
2019-03-31 1.51
2018-12-31 1.31
2018-09-30 5.58
2018-06-30 5.47
2018-03-31 5.57
2017-12-31 5.62
2017-09-30 2.11
2017-06-30 2.18
2017-03-31 2.43
2016-12-31 2.63

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Kirby will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Kirby's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Kirby has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

KEX Past Performance

  How has Kirby performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Kirby's growth in the last year to its industry (Shipping).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Kirby's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Kirby's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Kirby's 1-year earnings growth is negative, it can't be compared to the US Shipping industry average.
Earnings and Revenue History
Kirby's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Kirby Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:KEX Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 2,903.97 114.88 267.24
2019-06-30 2,942.00 108.67 272.37
2019-03-31 2,973.63 89.99 296.30
2018-12-31 2,970.70 78.13 293.86
2018-09-30 2,957.32 332.16 302.11
2018-06-30 2,793.74 318.90 284.76
2018-03-31 2,464.40 316.00 239.65
2017-12-31 2,214.42 310.97 216.13
2017-09-30 1,941.96 113.39 185.02
2017-06-30 1,835.39 116.77 174.14
2017-03-31 1,803.65 129.84 170.43
2016-12-31 1,770.67 140.41 175.60
2016-09-30 1,819.16 158.67 172.99
2016-06-30 1,917.02 183.40 180.40
2016-03-31 2,018.59 202.47 186.72
2015-12-31 2,147.53 225.34 191.42
2015-09-30 2,331.69 242.62 202.58
2015-06-30 2,479.85 262.39 203.85
2015-03-31 2,564.75 279.22 206.75
2014-12-31 2,566.32 280.36 208.20
2014-09-30 2,466.42 276.51 202.07
2014-06-30 2,336.80 268.86 203.88
2014-03-31 2,272.66 256.94 198.96
2013-12-31 2,242.20 251.24 195.70
2013-09-30 2,186.35 244.88 192.18
2013-06-30 2,156.57 228.91 185.91
2013-03-31 2,104.51 213.45 181.37
2012-12-31 2,112.66 207.82 179.86

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Kirby has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Kirby used its assets less efficiently than the US Shipping industry average last year based on Return on Assets.
  • Kirby's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Kirby's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Shipping industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Kirby has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

KEX Health

 How is Kirby's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Kirby's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Kirby is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Kirby's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Kirby's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Kirby Company Filings, last reported 1 month ago.

NYSE:KEX Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 3,374.50 1,434.43 9.43
2019-06-30 3,322.17 1,594.71 22.52
2019-03-31 3,265.41 1,667.47 7.29
2018-12-31 3,216.30 1,410.19 7.80
2018-09-30 3,233.15 1,399.93 3.62
2018-06-30 3,187.69 1,442.53 4.20
2018-03-31 3,141.87 1,423.29 7.01
2017-12-31 3,114.22 992.41 20.10
2017-09-30 2,876.13 1,033.43 4.83
2017-06-30 2,477.39 591.54 1.58
2017-03-31 2,433.67 674.55 2.76
2016-12-31 2,412.87 722.80 5.63
2016-09-30 2,386.75 726.00 5.38
2016-06-30 2,350.68 798.69 2.86
2016-03-31 2,316.66 712.16 1.72
2015-12-31 2,279.20 774.85 5.89
2015-09-30 2,253.68 810.45 2.52
2015-06-30 2,255.84 808.30 4.99
2015-03-31 2,229.92 818.90 4.49
2014-12-31 2,264.91 716.70 24.30
2014-09-30 2,254.45 649.35 3.68
2014-06-30 2,174.11 649.30 2.93
2014-03-31 2,090.91 708.00 19.24
2013-12-31 2,022.15 749.15 4.02
2013-09-30 1,912.26 860.93 6.48
2013-06-30 1,836.16 1,021.24 5.26
2013-03-31 1,769.44 1,103.46 3.84
2012-12-31 1,707.05 1,136.60 11.06
  • Kirby's level of debt (42.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (28.8% vs 42.5% today).
  • Debt is well covered by operating cash flow (32.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.3x coverage).
X
Financial health checks
We assess Kirby's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Kirby has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

KEX Dividends

 What is Kirby's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Kirby dividends. Estimated to be 0% next year.
If you bought $2,000 of Kirby shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Kirby's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Kirby's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:KEX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
United States of America Shipping Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 4.3%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1955 Stocks 2.3%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:KEX Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 0.00 1.00
2019-12-31 0.00 1.00
2019-11-20

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Kirby has not reported any payouts.
  • Unable to verify if Kirby's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Kirby's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Kirby has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Kirby's dividends in 3 years as they are not expected to pay a notable one for United States of America.
X
Income/ dividend checks
We assess Kirby's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Kirby afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Kirby has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

KEX Management

 What is the CEO of Kirby's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
David Grzebinski
COMPENSATION $5,053,275
AGE 58
TENURE AS CEO 5.6 years
CEO Bio

Mr. David W. Grzebinski, CFA has been the Chief Executive Officer of Kirby Corporation since April 29, 2014 and as its President since January 01, 2014. Mr. Grzebinski served as Chief Financial Officer of Kirby Corp since March 2010 to April 2014. Mr. Grzebinski served as an Interim Chief Financial Officer of Kirby Corp since September 7, 2017. Mr. Grzebinski served as Chief Operating Officer of Kirby Corporation from January 01, 2014 to April 2014. Mr. Grzebinski served as the Chief Financial Officer of Kirby Corporation from March 2010 to April 2014 and as Executive Vice President from March 2010 to January 2014. He served as the Chairman of Kirby Corporation's principal offshore marine transportation subsidiary from February 2012 to April 2013. He joined Kirby Corporation in February 2010. He served as Treasurer of FMC Technologies Inc. from January 1, 2005 to May 9, 2008. He served as the Director of Industry Relations and Global SAP for FMC Technologies' energy businesses since August 2003. Prior to being appointed Director of Industry Relations and Global SAP, Mr. Grzebinski served as a Director of Corporate Development & Investor Relations of FMC Technologies. He managed FMC Technologies' pension funds. Mr. Grzebinski joined FMC Technologies' former parent company, FMC Corporation, in 1998. He was FMC's Director of Capital Markets and Pensions prior to being named to his corporate development and investor relations position with FMC Technologies in 2001. Prior to joining FMC, Mr. Grzebinski was employed by The Dow Chemical Company. He has been a Director of Kirby Corporation since 2014. He holds the Chartered Financial Analyst the Association for Investment Management and Research. Mr. Grzebinski received a degree in chemical engineering from the University of South Florida and an M.B.A. from Tulane University.

CEO Compensation
  • David's compensation has been consistent with company performance over the past year, both up more than 20%.
  • David's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Kirby management team in years:

2
Average Tenure
52.5
Average Age
  • The tenure for the Kirby management team is about average.
Management Team

David Grzebinski

TITLE
President
COMPENSATION
$5M
AGE
58
TENURE
5.6 yrs

Dick Alario

TITLE
Interim CEO & Independent Director
COMPENSATION
$321K
AGE
64

Bill Harvey

TITLE
Executive VP & CFO
COMPENSATION
$1M
AGE
61
TENURE
1.8 yrs

Amy Husted

TITLE
VP & General Counsel
COMPENSATION
$1M
AGE
50
TENURE
2.8 yrs

Joseph Reniers

TITLE
President of Kirby Distribution & Services
COMPENSATION
$2M
AGE
44
TENURE
2.2 yrs

Christian O'Neil

TITLE
President of Kirby Inland Marine & Kirby Offshore Marine
COMPENSATION
$2M
AGE
46
TENURE
1.8 yrs

Ronald Dragg

TITLE
VP, Controller & Assistant Secretary
AGE
55

Scott Miller

TITLE
VP & Chief Information Officer
AGE
40
TENURE
0.8 yrs

Eric Holcomb

TITLE
Vice President of Investor Relations
AGE
44
TENURE
1.9 yrs

William Woodruff

TITLE
Vice President of Public & Government Affairs
AGE
58
TENURE
2.1 yrs
Board of Directors Tenure

Average tenure and age of the Kirby board of directors in years:

6.8
Average Tenure
64.5
Average Age
  • The tenure for the Kirby board of directors is about average.
Board of Directors

Joe Pyne

TITLE
Non-Executive Chairman
COMPENSATION
$18M
AGE
71
TENURE
6.6 yrs

David Grzebinski

TITLE
President
COMPENSATION
$5M
AGE
58
TENURE
5.8 yrs

Dick Alario

TITLE
Interim CEO & Independent Director
COMPENSATION
$321K
AGE
64
TENURE
8.5 yrs

C. Day

TITLE
Independent Director
COMPENSATION
$321K
AGE
69
TENURE
23.8 yrs

Rick Stewart

TITLE
Independent Director
COMPENSATION
$440K
AGE
70
TENURE
11.8 yrs

Monte Miller

TITLE
Independent Director
COMPENSATION
$291K
AGE
75
TENURE
13.6 yrs

Bill Waterman

TITLE
Independent Director
COMPENSATION
$284K
AGE
65
TENURE
6.9 yrs

Barry Davis

TITLE
Independent Director
COMPENSATION
$297K
AGE
57
TENURE
4.8 yrs

Anne-Marie Ainsworth

TITLE
Independent Director
COMPENSATION
$284K
AGE
63
TENURE
4.1 yrs

Tanya Beder

TITLE
Director
AGE
63
TENURE
0.1 yrs
Who owns this company?
Recent Insider Trading
  • Kirby individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
19. Nov 19 Sell Christian O'Neil Individual 15. Nov 19 15. Nov 19 -725 $83.32 $-60,404
07. Nov 19 Sell William Waterman Individual 06. Nov 19 06. Nov 19 -20,000 $82.67 $-1,653,426
05. Nov 19 Sell William Waterman Individual 04. Nov 19 05. Nov 19 -30,000 $84.54 $-2,535,636
29. Aug 19 Sell Eric Holcomb Individual 29. Aug 19 29. Aug 19 -70 $74.96 $-5,247
01. Aug 19 Sell Dorman Strahan Individual 31. Jul 19 31. Jul 19 -1,500 $78.72 $-118,074
11. Jun 19 Sell William Waterman Individual 10. Jun 19 10. Jun 19 -20,000 $82.35 $-1,647,020
07. May 19 Sell Christian O'Neil Individual 03. May 19 03. May 19 -2,000 $84.82 $-169,638
07. May 19 Sell Ronald Dragg Individual 07. May 19 07. May 19 -500 $84.00 $-42,000
07. May 19 Sell Dorman Strahan Individual 03. May 19 03. May 19 -3,071 $85.23 $-260,698
07. May 19 Sell Monte Miller Individual 03. May 19 03. May 19 -4,937 $84.91 $-419,214
08. Mar 19 Sell Richard Stewart Individual 07. Mar 19 07. Mar 19 -2,500 $71.54 $-178,859
05. Mar 19 Sell Richard Stewart Individual 01. Mar 19 01. Mar 19 -2,500 $74.67 $-186,668
19. Feb 19 Sell Joseph Reniers Individual 15. Feb 19 15. Feb 19 -3,463 $77.40 $-268,039
X
Management checks
We assess Kirby's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Kirby has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

KEX News

Simply Wall St News

A Note On Kirby Corporation's (NYSE:KEX) ROE and Debt To Equity

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Kirby: 3.3% = US$109m ÷ US$3.3b (Based on the trailing twelve months to June 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … A company that can achieve a high return on equity without debt could be considered a high quality business. … If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.

Simply Wall St -

Have Kirby Corporation (NYSE:KEX) Insiders Been Selling Their Stock?

Anyone interested in Kirby Corporation (NYSE:KEX) should probably be aware that the , Dorman Strahan, recently divested US$118k worth of shares in the company, at an average price of US$78.72 each. … For a common shareholder, it is worth checking how many shares are held by company insiders. … It's great to see that Kirby insiders own 4.0% of the company, worth about US$182m.

Simply Wall St -

Is Kirby (NYSE:KEX) A Risky Investment?

The first step when considering a company's debt levels is to consider its cash and debt together. … NYSE:KEX Historical Debt, July 30th 2019 How Strong Is Kirby's Balance Sheet? … Kirby has a market capitalization of US$4.69b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose.

Simply Wall St -

Kirby Corporation (NYSE:KEX): What Does Its Beta Value Mean For Your Portfolio?

Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market. … In comparison a stock with a beta of over one tends to be move in a similar direction to the market in the long term, but with greater changes in price.

Simply Wall St -

Did Kirby Corporation (NYSE:KEX) Insiders Sell Shares?

So we'll take a look at whether insiders have been buying or selling shares in Kirby Corporation (NYSE:KEX). … View our latest analysis for Kirby The Last 12 Months Of Insider Transactions At Kirby In the last twelve months, the biggest single sale by an insider was when the Non-Executive Chairman, Joseph Pyne, sold US$4.7m worth of shares at a price of US$87.88 per share. … Kirby Insiders Are Selling The Stock Over the last three months, we've seen significant insider selling at Kirby.

Simply Wall St -

Should We Be Cautious About Kirby Corporation's (NYSE:KEX) ROE Of 2.8%?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Kirby: 2.8% = US$90m ÷ US$3.3b (Based on the trailing twelve months to March 2019.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … Conservative use of debt to boost returns is usually a good move for shareholders, though it does leave the company more exposed to interest rate rises. … If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.

Simply Wall St -

Is There An Opportunity With Kirby Corporation's (NYSE:KEX) 45% Undervaluation?

Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Kirby Corporation (NYSE:KEX) as an investment opportunity by estimating the company's future cash flows and discounting them to their present value. … Generally we assume that a dollar today is more valuable than a dollar in the future, so we discount the value of these future cash flows to their estimated value in today's dollars: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF ($, Millions) $201.93 $303.00 $386.20 $454.68 $514.83 $566.73 $611.36 $650.07 $684.21 $714.96 Growth Rate Estimate Source Analyst x3 Analyst x3 Analyst x1 Est @ 17.73% Est @ 13.23% Est @ 10.08% Est @ 7.88% Est @ 6.33% Est @ 5.25% Est @ 4.49% Present Value ($, Millions) Discounted @ 8.28% $186.49 $258.42 $304.19 $330.73 $345.85 $351.59 $350.27 $343.96 $334.33 $322.64 Present Value of 10-year Cash Flow (PVCF)= $3.13b "Est" = FCF growth rate estimated by Simply Wall St The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 8.3%.

Simply Wall St -

Should We Worry About Kirby Corporation's (NYSE:KEX) P/E Ratio?

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … Kirby has a price to earnings ratio of 56.29, based on the last twelve months. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

What Investors Should Know About Kirby Corporation's (NYSE:KEX) Financial Strength

While small-cap stocks, such as Kirby Corporation (NYSE:KEX) with its market cap of US$4.8b, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … Understanding the company's financial health becomes. … The following basic checks can help you get a picture of the company's balance sheet strength.

Simply Wall St -

How Kirby Corporation (NYSE:KEX) Can Impact Your Portfolio Volatility

The second type is the broader market volatility, which you cannot diversify away, since it arises from macroeconomic factors which directly affects all the stocks on the market. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta greater than one is more sensitive to broader market movements than a stock with a beta of less than one.

Simply Wall St -

KEX Company Info

Description

Kirby Corporation operates domestic tank barges in the United States. Its Marine Transportation segment provides marine transportation services and towing vessels transporting bulk liquid products, as well as operates tank barges throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along three United States coasts, and in Alaska and Hawaii. This segment also transports petrochemicals, black oil, refined petroleum products, and agricultural chemicals by tank barges; and operates offshore dry-bulk barge and tugboat units that are engaged in the offshore transportation of dry-bulk cargoes in the United States coastal trade. It serves oil refining and petrochemical companies. As of February 22, 2019, this segment owned or operated 1,003 inland tank barges with 21.8 million barrels of capacity, 285 inland towboats, 53 coastal tank barges with 5.1 million barrels of capacity, 50 coastal tugboats, 4 offshore dry-bulk cargo barges, 4 offshore tugboats, and 1 docking tugboat. The company’s Distribution and Services segment sells replacement parts; provides service mechanics to overhaul and repair medium-speed and high-speed diesel engines, transmissions, reduction gears, and related oilfield services equipment; rebuilds component parts or diesel engines, transmissions, reduction gears, and related equipment used in oilfield services, marine, mining, power generation, on-highway, and other industrial applications; rents generators, fork lifts, and pumps and compressors; and manufactures and remanufactures pressure pumping units. It serves oilfield service, on-highway transportation, marine transportation, commercial fishing, construction, and power generation companies, as well as oil and gas operators and producers, 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.

Details
Name: Kirby Corporation
KEX
Exchange: NYSE
Founded: 1921
$5,051,733,690
59,947,000
Website: http://www.kirbycorp.com
Address: Kirby Corporation
55 Waugh Drive,
Suite 1000,
Houston,
Texas, 77007,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE KEX Common Stock New York Stock Exchange US USD 13. Sep 1976
DB KIY Common Stock Deutsche Boerse AG DE EUR 13. Sep 1976
Number of employees
Current staff
Staff numbers
5,550
Kirby employees.
Industry
Marine
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/20 23:39
End of day share price update: 2019/11/20 00:00
Last estimates confirmation: 2019/11/15
Last earnings filing: 2019/11/07
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.