NYSE:KEX

Stock Analysis Report

Executive Summary

Kirby Corporation operates domestic tank barges in the United States.


Snowflake Analysis

Proven track record and fair value.


Similar Companies

Share Price & News

How has Kirby's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: KEX's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-8.8%

KEX

2.1%

US Shipping

-1.1%

US Market


1 Year Return

-47.1%

KEX

-33.3%

US Shipping

-13.6%

US Market

Return vs Industry: KEX underperformed the US Shipping industry which returned -31.2% over the past year.

Return vs Market: KEX underperformed the US Market which returned -10.7% over the past year.


Shareholder returns

KEXIndustryMarket
7 Day-8.8%2.1%-1.1%
30 Day-37.3%-26.1%-17.8%
90 Day-54.8%-46.0%-22.5%
1 Year-47.1%-47.1%-32.0%-33.3%-11.9%-13.6%
3 Year-43.9%-43.9%-35.2%-38.8%12.1%4.9%
5 Year-47.8%-47.8%-66.6%-70.6%30.5%16.3%

Price Volatility Vs. Market

How volatile is Kirby's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Kirby undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: KEX ($43.16) is trading below our estimate of fair value ($205.33)

Significantly Below Fair Value: KEX is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: KEX is poor value based on its PE Ratio (18.2x) compared to the Shipping industry average (7.7x).

PE vs Market: KEX is poor value based on its PE Ratio (18.2x) compared to the US market (13.1x).


Price to Earnings Growth Ratio

PEG Ratio: KEX is good value based on its PEG Ratio (1x)


Price to Book Ratio

PB vs Industry: KEX is overvalued based on its PB Ratio (0.8x) compared to the US Shipping industry average (0.3x).


Next Steps

Future Growth

How is Kirby forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

17.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: KEX's forecast earnings growth (18.3% per year) is above the savings rate (1.7%).

Earnings vs Market: KEX's earnings (18.3% per year) are forecast to grow faster than the US market (12.3% per year).

High Growth Earnings: KEX's earnings are forecast to grow, but not significantly.

Revenue vs Market: KEX's revenue (1.8% per year) is forecast to grow slower than the US market (7.2% per year).

High Growth Revenue: KEX's revenue (1.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if KEX's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Kirby performed over the past 5 years?

-10.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: KEX has high quality earnings.

Growing Profit Margin: KEX's current net profit margins (5%) are higher than last year (2.6%).


Past Earnings Growth Analysis

Earnings Trend: KEX's earnings have declined by -10.7% per year over the past 5 years.

Accelerating Growth: KEX's earnings growth over the past year (81.7%) exceeds its 5-year average (-10.7% per year).

Earnings vs Industry: KEX earnings growth over the past year (81.7%) exceeded the Shipping industry -24.1%.


Return on Equity

High ROE: KEX's Return on Equity (4.2%) is considered low.


Next Steps

Financial Health

How is Kirby's financial position?


Financial Position Analysis

Short Term Liabilities: KEX's short term assets ($917.6M) exceed its short term liabilities ($514.1M).

Long Term Liabilities: KEX's short term assets ($917.6M) do not cover its long term liabilities ($2.2B).


Debt to Equity History and Analysis

Debt Level: KEX's debt to equity ratio (40.6%) is considered high.

Reducing Debt: KEX's debt to equity ratio has increased from 31.7% to 40.6% over the past 5 years.

Debt Coverage: KEX's debt is well covered by operating cash flow (37.4%).

Interest Coverage: KEX's interest payments on its debt are well covered by EBIT (4.3x coverage).


Balance Sheet

Inventory Level: KEX has a high level of physical assets or inventory.

Debt Coverage by Assets: KEX's debt is not covered by short term assets (assets are 0.7x debt).


Next Steps

Dividend

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


Dividend Yield vs Market

Notable Dividend: Unable to evaluate KEX's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate KEX's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if KEX's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if KEX's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of KEX's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.5yrs

Average management tenure


CEO

David Grzebinski (58yo)

6s

Tenure

US$4,684,626

Compensation

Mr. David W. Grzebinski, CFA has been Chief Executive Officer of Kirby Corporation since April 29, 2014 and its President since January 01, 2014. Mr. Grzebinski served as Chief Financial Officer of Kirby C ...


CEO Compensation Analysis

Compensation vs Market: David's total compensation ($USD4.68M) is about average for companies of similar size in the US market ($USD5.53M).

Compensation vs Earnings: David's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
David Grzebinski
President6yrsUS$4.68m0.11% $2.6m
William Harvey
Executive VP & CFO2.17yrsUS$1.56m0.0030% $71.1k
Scott Miller
VP & Chief Information Officer1yrUS$1.30mno data
Joseph Reniers
President of Kirby Distribution & Services2.58yrsUS$1.32m0.038% $907.8k
Christian O'Neil
President of Kirby Inland Marine2.25yrsUS$1.44m0.038% $925.4k
Ronald Dragg
VP, Controller & Assistant Secretaryno datano data0.020% $489.8k
Eric Holcomb
Vice President of Investor Relations2.33yrsno data0.0056% $135.6k
Amy Husted
VP, General Counsel & Secretary3.25yrsUS$1.06m0.029% $690.5k
William Woodruff
Vice President of Public & Government Affairs2.5yrsno data0.0036% $87.2k
Kim Clarke
VP & Chief Human Resource Officer2.5yrsno data0.0045% $109.1k

2.5yrs

Average Tenure

52.5yo

Average Age

Experienced Management: KEX's management team is considered experienced (2.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
David Grzebinski
President6yrsUS$4.68m0.11% $2.6m
Richard Alario
Independent Presiding Directorno dataUS$321.04k0.029% $695.3k
Joseph Pyne
Non-Executive Chairman7yrsUS$425.12k0.23% $5.6m
C. Day
Independent Director24.25yrsUS$321.04k0.11% $2.5m
Barry Davis
Independent Director5.25yrsUS$295.76k0.022% $528.8k
Richard Stewart
Independent Director12.25yrsUS$303.54k0.033% $789.3k
Monte Miller
Independent Director14yrsUS$291.04k0.024% $568.4k
Tanya Beder
Independent Director0.50yrUS$119.28k0.0020% $48.6k
William Waterman
Independent Director7.33yrsUS$317.29k0.37% $9.0m
Anne-Marie Ainsworth
Independent Director4.5yrsUS$283.54k0.020% $487.9k

7.0yrs

Average Tenure

64.5yo

Average Age

Experienced Board: KEX's board of directors are considered experienced (6.9 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: KEX insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Kirby Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Kirby Corporation
  • Ticker: KEX
  • Exchange: NYSE
  • Founded: 1921
  • Industry: Marine
  • Sector: Transportation
  • Market Cap: US$2.404b
  • Shares outstanding: 59.98m
  • Website: https://www.kirbycorp.com

Number of Employees


Location

  • Kirby Corporation
  • 55 Waugh Drive
  • Suite 1000
  • Houston
  • Texas
  • 77007
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
KEXNYSE (New York Stock Exchange)YesCommon StockUSUSDSep 1976
KIYDB (Deutsche Boerse AG)YesCommon StockDEEURSep 1976

Biography

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. As of December 31, 2019, this segment owned and operated 1,053 inland tank barges with 23.4 million barrels of capacity, 299 inland towboats, 49 coastal tank barges with 4.7 million barrels of capacity, 47 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 engines, transmissions, reduction gears, and related oilfield services 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 industrial compressors, railcar movers, and high capacity lift trucks; and manufactures and remanufactures oilfield service equipment, including 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. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/02 11:40
End of Day Share Price2020/04/01 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.