Kirby Corp
KEX
Water Transportation
Mkt Cap
$7.075BPE
28.06Debt
$1.066BCash
$75.22MEV
$8.066BFCF
$237.5MP/E Ratio
28.06Debt
$1.066BCash
$75.22MEV
$8.066BFCF
$237.5MCharts data: {"Earnings":[{"time":"2014-12-30","value":280363000},{"time":"2015-12-30","value":225339000},{"time":"2016-12-30","value":140407000},{"time":"2017-12-30","value":310974000},{"time":"2018-12-30","value":78128000},{"time":"2019-12-30","value":141978000},{"time":"2020-12-30","value":-272546000},{"time":"2021-12-30","value":-246954000},{"time":"2022-12-30","value":122258000},{"time":"2023-12-30","value":222873000}],"Sales":[{"time":"2014-12-30","value":2566318000},{"time":"2015-12-30","value":2147532000},{"time":"2016-12-30","value":1770673000},{"time":"2017-12-30","value":2214418000},{"time":"2018-12-30","value":2970697000},{"time":"2019-12-30","value":2838399000},{"time":"2020-12-30","value":2171408000},{"time":"2021-12-30","value":2246660000},{"time":"2022-12-30","value":2784754000},{"time":"2023-12-30","value":3091640000}],"Net Margins":[{"time":"2014-12-30","value":0.1092471782530458},{"time":"2015-12-30","value":0.10492928626907538},{"time":"2016-12-30","value":0.07929583836202393},{"time":"2017-12-30","value":0.14043148131924504},{"time":"2018-12-30","value":0.02629955192333651},{"time":"2019-12-30","value":0.050020451670114034},{"time":"2020-12-30","value":-0.12551579436015708},{"time":"2021-12-30","value":-0.10992050421514604},{"time":"2022-12-30","value":0.04390262120101093},{"time":"2023-12-30","value":0.0720889236780479}],"Assets":[{"time":"2014-12-30","value":4141909000},{"time":"2015-12-30","value":4156266000},{"time":"2016-12-30","value":4303499000},{"time":"2017-12-30","value":5127427000},{"time":"2018-12-30","value":5871594000},{"time":"2019-12-30","value":6079097000},{"time":"2020-12-30","value":5924174000},{"time":"2021-12-30","value":5399063000},{"time":"2022-12-30","value":5554924000},{"time":"2023-12-30","value":5722197000}],"Stockholders Equity":[{"time":"2014-12-30","value":2264913000},{"time":"2015-12-30","value":2279196000},{"time":"2016-12-30","value":2412867000},{"time":"2017-12-30","value":3114223000},{"time":"2018-12-30","value":3216301000},{"time":"2019-12-30","value":3371592000},{"time":"2020-12-30","value":3087553000},{"time":"2021-12-30","value":2888782000},{"time":"2022-12-30","value":3045168000},{"time":"2023-12-30","value":3186677000}],"ROE":[{"time":"2014-12-30","value":0.1237853286196865},{"time":"2015-12-30","value":0.09886775863067503},{"time":"2016-12-30","value":0.05819094048698084},{"time":"2017-12-30","value":0.09985604755985683},{"time":"2018-12-30","value":0.024291258809421134},{"time":"2019-12-30","value":0.04211007737591025},{"time":"2020-12-30","value":-0.08827249281226913},{"time":"2021-12-30","value":-0.08548723995095511},{"time":"2022-12-30","value":0.04014819543617955},{"time":"2023-12-30","value":0.06993899915178099}],"ROA":[{"time":"2014-12-30","value":0.1148868794558258},{"time":"2015-12-30","value":0.09158749704662791},{"time":"2016-12-30","value":0.05703173162117616},{"time":"2017-12-30","value":0.018427566106743207},{"time":"2018-12-30","value":0.026447503011958935},{"time":"2019-12-30","value":0.039812985382532966},{"time":"2020-12-30","value":-0.07102407863104629},{"time":"2021-12-30","value":-0.04781070344983935},{"time":"2022-12-30","value":0.034723427359222195},{"time":"2023-12-30","value":0.05856002510923689}]}
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 transports petrochemicals, black oils, refined petroleum products, and agricultural chemicals by tank barges; and operates offshore dry-bulk barges and tugboat units that are engaged in the offshore transportation of dry-bulk cargos in the United States coastal trade. As of December 31, 2022, it owned and operated 1,037 inland tank barge, approximately 277 inland towboat, 29 coastal tank barge, 27 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 parts for engines, transmissions, reduction gears, electric motors, drives, and controls, electrical distribution and control systems, energy storage battery systems, and related oilfield service equipment; rebuilds component parts or diesel engines, transmissions and reduction gears, and related equipment used in oilfield services, marine, power generation, on-highway, and other industrial applications; rents generators, industrial compressors, high capacity lift trucks, and refrigeration trailers; and manufactures and remanufactures oilfield service equipment, including pressure pumping units, as well as manufacturers electric power generation equipment, specialized electrical distribution and control equipment, and high capacity energy storage/battery systems. 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.
DCF
Discounted Cash Flow Valuation of Kirby Corp
Value
Growth
%
%
Discount
%
%
Multiple
| g\r | +10% | +11% | +12% | +13% | +14% |
|---|---|---|---|---|---|
| 0% | 10 | 9 | 8 | 8 | 7 |
| +1% | 11 | 10 | 9 | 8 | 8 |
| +2% | 13 | 11 | 10 | 9 | 8 |
| +3% | 14 | 13 | 11 | 10 | 9 |
| +4% | 17 | 14 | 12 | 11 | 10 |
| Years | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | TV |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF | $237.5M | $240.7M | $244.1M | $247.4M | $250.9M | $254.3M | $257.9M | $261.4M | $265M | $268.7M | $272.4M | $2.724B |
| DCF | $209.3M | $184.6M | $162.7M | $143.4M | $126.5M | $111.5M | $98.28M | $86.64M | $76.38M | $67.34M | $673.4M | |
| Value | $1.94B | |||||||||||
In the chart Earnings are multiplied by this value.
Earnings Growth -3.1%
Earnings Stability -24%
Competitiveness and MOAT
High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.
| Years | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | 12-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 10% | 7.9% | 14% | 2.6% | 5% | -13% | -11% | 4.4% | 7.2% | 8% |
| ROA | 9.2% | 5.7% | 1.8% | 2.6% | 4% | -7.1% | -4.8% | 3.5% | 5.9% | 6.5% |
| ROE | 9.9% | 5.8% | 10% | 2.4% | 4.2% | -8.8% | -8.5% | 4% | 7% | 7.8% |
What is the average Net Margin?
The average Net Margin over the past 5 years is -0.72%.
What is the trend of Net Margin?
The trend of Net Margin over the past 5 years is +0.65%.
What is the average Return on Assets (ROA)?
The average ROA over the past 5 years is +0.68%.
What is the trend of Return on Assets (ROA)?
The trend of ROA over the past 5 years is +0.48%.
What is the average Return on Equity (ROE)?
The average ROE over the past 5 years is +0.05%.
What is the trend of Return on Equity (ROE)?
The trend of ROE over the past 5 years is +0.64%.
Safety & Stabiliy
Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.
| Years | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | 12-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt FCF | 4.36 | 3.93 | 5.65 | 31.40 | 5.22 | 4.97 | 5.22 | 8.91 | 7.38 | 4.49 |
| Debt Equity | 0.34 | 0.30 | 0.32 | 0.44 | 0.41 | 0.48 | 0.40 | 0.36 | 0.32 | 0.33 |
| MIN | ||||||||||
| Graham Stability | - | - | 100% | 35% | 80% | -150% | - | - | - | -150% |
What is the Debt/FCF?
The Debt/FCF trailing twelve month is 4.49.
What is the trend of Debt/FCF?
The trend of Debt/FCF over the past 5 years is -3.11.
What is the Graham’s Stability?
Graham’s Stability measure stands at -1.54.
Growth
Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.
| Years | 12-2016 | 12-2018 | 12-2020 | 12-2022 | Trend |
|---|---|---|---|---|---|
| Revenue | 8.3% | 0.8% | 12% | 11% | 2.2% |
| Net Income | 6.8% | 23% | - | 82% | 13% |
| Stockholders Equity | 4.1% | -0.18% | 1.1% | 4.6% | -1.1% |
| FCF | -4% | 25% | -22% | 14% | -8.3% |
What is the 5 year Revenue CAGR?
The Revenue CAGR over the past 5 years is +0.8%.
What is the trend of Revenue growth?
The trend of Revenue growth rate over the past 5 years is +2.22%.
What is the 5 year Earnings CAGR?
The Earnings CAGR over the past 5 years is +23.32%.
What is the trend of Earnings growth?
The trend of Earnings growth rate over the past 5 years is +12.65%.
What is the 5 year Equity CAGR?
The Equity CAGR over the past 5 years is -0.18%.
What is the trend of Equity growth?
The trend of Equity growth rate over the past 5 years is -1.13%.
What is the 5 year FCF CAGR?
The FCF CAGR over the past 5 years is +25.14%.
What is the trend of FCF growth?
The trend of FCF growth rate over the past 5 years is -8.3%.