Kirby Corporation
- Open
- 141.81
- Day high
- 144.16
- Day low
- 141.44
- Prev close
- 143.36
- Volume
- 1.1M
- Mkt cap
- $7.7B
- P/E (TTM)
- 22.1
- EPS (TTM)
- $6.52
- P/B
- 2.3
- P/S
- 2.2
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$2.6M over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions mixed (13F)
Kirby Corporation (KEX) is a Industrials company listed on NYSE. The stock is up 24% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4).
Kirby Corporation (KEX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
KEX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $1.41 | $1.50 | +6.4% | $844M | +1.4% |
| Jan 29, 2026 | $1.62 | $1.68 | +3.7% | $852M | +2.2% |
| Oct 29, 2025 | $1.63 | $1.65 | +1.2% | $871M | +3.0% |
| May 1, 2025 | $1.27 | $1.33 | +4.7% | $786M | -9.3% |
| Jan 30, 2025 | $1.30 | $1.29 | -0.8% | $802M | -0.2% |
| Oct 30, 2024 | $1.47 | $1.55 | +5.4% | $831M | +0.5% |
| Aug 1, 2024 | $1.32 | $1.43 | +8.3% | $824M | +0.3% |
| Apr 25, 2024 | $0.98 | $1.19 | +21.4% | $808M | +3.0% |
| Feb 1, 2024 | $1.03 | $1.04 | +1.0% | $799M | +2.7% |
| Oct 26, 2023 | $1.02 | $1.05 | +2.9% | $765M | -3.5% |
| Jul 27, 2023 | $0.85 | $0.95 | +11.8% | $777M | -0.4% |
| Apr 27, 2023 | $0.64 | $0.68 | +6.3% | $750M | +3.7% |
KEX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 18, 2026 | Husted Amy D.officer: Exec VP General Counsel & Sec | Sell | 4,000 | $145.43 |
| May 18, 2026 | O'Neil Christian G.officer: President and COO | Sell | 11,287 | $145.93 |
| May 18, 2026 | Woodruff William Matthewofficer: VP of Public and Govt Affairs | Sell | 678 | $147.37 |
| May 6, 2026 | DRAGG RONALD Aofficer: Vice President and Controller | Sell | 1,726 | $145.01 |
| May 6, 2026 | DAVIS BARRY Edirector | Grant | 1,392 | — |
| May 6, 2026 | Waterman William M.director | Grant | 1,392 | — |
| May 6, 2026 | Beder Tanya Sdirector | Grant | 1,392 | — |
| May 6, 2026 | ALARIO RICHARD Jdirector | Grant | 1,392 | — |
| May 6, 2026 | Ainsworth Anne-Mariedirector | Grant | 1,392 | — |
| May 6, 2026 | Embree Tracy Adirector | Grant | 1,392 | — |
| May 6, 2026 | Williams Shawn D.director | Grant | 1,392 | — |
| May 6, 2026 | Dio Susan Lesliedirector | Grant | 1,392 | — |
| Mar 4, 2026 | Kumar Rajofficer: Exec VP and CFO | Sell | 3,000 | $132.70 |
| Mar 4, 2026 | O'Neil Christian G.officer: President and COO | Sell | 11,287 | $132.34 |
| Feb 26, 2026 | Grzebinski David Wdirector, officer: CEO | Sell | 34,152 | $130.05 |
Source: KEX SEC Form 4 filings, latest May 18, 2026. For informational purposes only — not investment advice.
See the full KEX insider & 13F page →Kirby Corporation company profile
Overview
Kirby Corporation (NYSE:KEX) is a leading marine transportation and distribution services company founded in 1921 and headquartered in Houston, Texas. Originally established as Kirby Exploration Company, the company changed its name to Kirby Corporation in 1990 and went public in 1980. Over more than a century of operations, Kirby has evolved into the largest domestic tank barge operator in the United States, serving critical transportation needs for liquid bulk commodities across America's inland waterway system and coastal regions.
Business
Kirby Corporation operates through two primary business segments that serve distinct but complementary markets in the industrial transportation and equipment sectors. Marine Transportation Segment represents the company's core business, accounting for approximately 60% of total revenues. This segment operates the largest fleet of inland tank barges in the United States, providing marine transportation services for bulk liquid products throughout the Mississippi River System, Gulf Intracoastal Waterway, and along all three U.S. coasts, including Alaska and Hawaii. The company transports petrochemicals (refined petroleum products like gasoline, diesel, and jet fuel), black oil (heavy fuel oils and crude oil), and agricultural chemicals (fertilizers and pesticides) using a fleet of over 1,000 inland tank barges and approximately 250 inland towboats. The coastal operations utilize 31 coastal tank barges and 29 coastal tugboats to serve refineries and chemical plants along the coastlines. Additionally, Kirby operates offshore dry-bulk cargo barges and tugboats for transporting materials like sand, gravel, and construction materials in coastal trade. Distribution and Services Segment contributes approximately 40% of total revenues and operates as an aftermarket parts and services provider for industrial equipment. This segment sells replacement parts and provides repair services for engines, transmissions, electrical systems, and oilfield service equipment. The business rebuilds and remanufactures diesel engines and related equipment used across marine, oilfield service, power generation, and other industrial applications. A growing component of this segment is the rental business for generators, industrial compressors, and specialized equipment. The segment also manufactures electric power generation equipment and high-capacity energy storage systems, particularly for backup power applications serving data centers, hospitals, and industrial facilities.
Revenue model
Kirby Corporation generates revenue through multiple complementary business models across its two operating segments. The Marine Transportation segment operates on a transportation service model, earning revenue by moving liquid bulk commodities for chemical companies, oil refiners, and agricultural firms. The company charges customers based on daily rates for barge and towboat services, with pricing structured through both long-term contracts (typically 65-70% of business) and spot market transactions (30-35% of business). Contract rates provide stable baseline revenue with annual escalations, while spot rates capture market premiums during periods of high demand. Customers include major petrochemical companies, oil refiners like ExxonMobil and Chevron, and agricultural chemical producers who rely on Kirby's barges to transport their products from production facilities to distribution centers and end markets. The Distribution and Services segment employs multiple revenue streams including product sales of aftermarket parts and rebuilt equipment, service fees for maintenance and repair work, and rental income from generator and industrial equipment leasing. The power generation business has emerged as a particularly strong growth driver, with customers including data centers requiring backup power, hospitals needing reliable emergency power systems, and industrial facilities seeking on-site power generation. Revenue in this segment is driven by equipment replacement cycles, industrial activity levels, and the growing demand for reliable backup power infrastructure. Several factors influence Kirby's profitability margins. Positive margin drivers include tight supply-demand dynamics in marine transportation due to limited new barge construction, the company's ability to pass through fuel costs to customers, and growing demand for backup power generation equipment driven by data center expansion and grid reliability concerns. Margin pressures come from inflation in labor costs (particularly acute mariner shortages), steel and construction material price increases, weather-related operational disruptions that reduce utilization rates, and cyclical downturns in oil and gas activity that affect both transportation volumes and distribution services demand.
Competitive moat
Kirby Corporation possesses a moderate but defensible competitive moat built primarily on operational scale, regulatory barriers, and specialized infrastructure that would be difficult and expensive for competitors to replicate. The company's strongest competitive advantage lies in its dominant market position as the largest domestic tank barge operator, controlling approximately 25-30% of the U.S. inland tank barge market. This scale provides operational efficiencies, route optimization capabilities, and negotiating power with customers that smaller competitors cannot match. The marine transportation business benefits from high barriers to entry including substantial capital requirements (new barges cost $3-4 million each), complex regulatory compliance requirements from the Coast Guard and EPA, and the need for experienced mariners who are in critically short supply industry-wide. Infrastructure advantages include Kirby's extensive network of strategically located fleeting areas, maintenance facilities, and customer relationships built over decades. The company's integrated operations across inland and coastal markets provide operational flexibility and diversification that pure-play regional operators lack. Additionally, the essential nature of the transportation services creates customer stickiness, as petrochemical and refining companies require reliable, compliant transportation that cannot easily be substituted. However, the moat faces several challenges. Competitive threats include potential new entrants if barge day rates rise sufficiently to justify new construction (estimated at $14,000+ per day), competition from pipeline transportation for certain products, and the long-term risk of demand shifts due to energy transition trends. The Distribution and Services segment operates in more fragmented, competitive markets with lower barriers to entry, though the power generation business benefits from specialized expertise and customer relationships that provide some protection. Overall, while Kirby's marine transportation moat is meaningful, it is not insurmountable and depends on continued industry consolidation and supply constraints to maintain pricing power.
Risks & safety
Kirby Corporation presents a moderate margin of safety with manageable financial risk but some cyclical vulnerabilities. Liquidity and Solvency: - Cash position of $51 million with current ratio of 0.07, indicating tight short-term liquidity - Total debt-to-equity ratio of 0.0% suggests minimal leverage risk - Strong operating cash flow generation of $756 million in 2024, though Q1 2025 showed negative $122 million due to working capital timing - Free cash flow of $414 million in 2024 demonstrates solid cash generation capability Valuation Metrics: - Trading at 18.9x trailing P/E ratio, reasonable for industrial transportation - EV/EBITDA of 8.2x appears attractive relative to historical averages - Price-to-book ratio of 1.73x suggests modest premium to asset value - Graham number of $41.88 indicates potential undervaluation at current $108.81 price Other Considerations: - Cyclical business model creates earnings volatility risk during economic downturns - Capital-intensive operations require ongoing maintenance capex - Mariner shortage represents operational constraint that could limit growth
Recent development
Over the past few years, Kirby Corporation has executed several strategic initiatives to strengthen its market position and diversify its revenue streams while navigating challenging market conditions. The company's most significant strategic development has been aggressive fleet modernization and expansion through both organic investment and selective acquisitions. Kirby has focused on retiring older, less efficient barges while investing in newer, larger-capacity vessels that meet stricter environmental regulations. The company has also expanded its coastal operations and entered the offshore wind market through a partnership with Maersk, planning to construct specialized deck barges with hybrid electric tugboats for offshore wind farm construction projects beginning in late 2025. In the Distribution and Services segment, Kirby has pivoted toward higher-margin power generation equipment, achieving the milestone of delivering 1 gigawatt of natural gas power generation products. The company has capitalized on growing demand from data centers, hospitals, and industrial facilities requiring backup power systems. This strategic shift has helped offset weakness in traditional oil and gas markets, with power generation now representing 34-39% of the segment's revenues compared to historically lower levels. Operational efficiency improvements have been a key focus, with management implementing cost control initiatives and optimizing fleet utilization. The company has maintained barge utilization rates in the low-to-mid 90% range despite weather challenges and navigational delays. Kirby has also been disciplined in capital allocation, generating strong free cash flow that has been used for debt reduction, share repurchases totaling $33 million in Q4 2024, and selective reinvestment in high-return opportunities. The company has positioned itself to benefit from favorable supply-demand dynamics in marine transportation, with limited new barge construction expected industry-wide due to high capital costs and mariner shortages. This has enabled Kirby to achieve pricing improvements, with spot rates up high single-digits year-over-year and term contract renewals showing similar increases.
KEX company profile · for informational purposes only — not investment advice.
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