Latest Ratios: P/E Ratio 21.2x · EV/EBITDA 11.1x · ROE 10.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.2B | $6.2B | $6.2B | $4.7B | $3.9B | $3.6B | $3.1B | $5.4B | $4.0B | $3.7B | $3.6B |
| Enterprise Value | $8.4B | $7.4B | $7.2B | $5.9B | $5.1B | $4.9B | $4.7B | $6.9B | $5.4B | $4.7B | $4.3B |
| P/E Ratio → | 21.15 | 17.41 | 21.55 | 21.10 | 31.70 | — | — | 37.78 | 51.42 | 11.89 | 25.38 |
| P/S Ratio | 2.13 | 1.84 | 1.89 | 1.52 | 1.39 | 1.59 | 1.43 | 1.89 | 1.35 | 1.67 | 2.01 |
| P/B Ratio | 2.22 | 1.83 | 1.84 | 1.47 | 1.27 | 1.24 | 1.01 | 1.59 | 1.25 | 1.19 | 1.47 |
| P/FCF | 17.66 | 15.22 | 14.92 | 33.92 | 31.95 | 15.96 | 10.46 | 20.34 | 89.07 | 20.99 | 19.26 |
| P/OCF | 10.69 | 9.21 | 8.16 | 8.70 | 13.20 | 11.10 | 6.98 | 10.48 | 11.59 | 10.47 | 8.56 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.20 | 2.19 | 1.89 | 1.82 | 2.18 | 2.16 | 2.42 | 1.83 | 2.11 | 2.41 |
| EV / EBITDA | 11.10 | 9.79 | 11.20 | 10.72 | 12.83 | — | — | 14.89 | 14.26 | 15.75 | 9.54 |
| EV / EBIT | 17.07 | 14.29 | 17.38 | 16.91 | 24.14 | — | — | 27.97 | 33.68 | 49.43 | 17.42 |
| EV / FCF | — | 18.24 | 17.30 | 42.27 | 41.64 | 21.88 | 15.80 | 26.08 | 120.14 | 26.51 | 23.15 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.3% | 26.3% | 25.3% | 22.6% | 18.8% | 16.9% | 20.3% | 20.7% | 19.7% | 20.5% | 25.1% |
| Operating Margin | 14.6% | 14.6% | 12.2% | 10.8% | 6.9% | -11.5% | -19.4% | 8.5% | 5.2% | 4.2% | 14.0% |
| Net Profit Margin | 10.5% | 10.5% | 8.8% | 7.2% | 4.4% | -11.0% | -12.6% | 5.0% | 2.6% | 14.1% | 8.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.5% | 10.5% | 8.8% | 7.2% | 4.1% | -8.3% | -8.4% | 4.3% | 2.5% | 11.3% | 6.0% |
| ROA | 6.0% | 6.0% | 5.0% | 4.0% | 2.2% | -4.4% | -4.5% | 2.4% | 1.4% | 6.6% | 3.3% |
| ROIC | 8.2% | 8.2% | 6.9% | 5.9% | 3.4% | -4.4% | -6.6% | 3.8% | 2.7% | 1.9% | 6.0% |
| ROCE | 9.4% | 9.4% | 7.9% | 6.7% | 3.9% | -5.0% | -7.6% | 4.5% | 3.1% | 2.2% | 6.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.39 | 0.39 | 0.32 | 0.37 | 0.41 | 0.47 | 0.54 | 0.46 | 0.44 | 0.32 | 0.30 |
| Debt / EBITDA | 1.73 | 1.73 | 1.66 | 2.18 | 3.19 | — | — | 3.33 | 3.71 | 3.35 | 1.61 |
| Net Debt / Equity | — | 0.36 | 0.29 | 0.36 | 0.39 | 0.46 | 0.51 | 0.45 | 0.44 | 0.31 | 0.30 |
| Net Debt / EBITDA | 1.62 | 1.62 | 1.54 | 2.12 | 2.99 | — | — | 3.27 | 3.69 | 3.28 | 1.60 |
| Debt / FCF | — | 3.02 | 2.38 | 8.35 | 9.69 | 5.91 | 5.34 | 5.73 | 31.07 | 5.52 | 3.88 |
| Interest Coverage | 11.18 | 11.18 | 8.38 | 6.66 | 4.70 | -5.84 | -8.47 | 4.39 | 3.44 | 4.40 | 13.87 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.53 | 1.53 | 1.45 | 1.68 | 1.89 | 1.85 | 2.25 | 1.78 | 1.80 | 1.99 | 1.80 |
| Quick Ratio | 0.96 | 0.96 | 0.92 | 1.01 | 1.17 | 1.24 | 1.58 | 1.10 | 0.97 | 1.34 | 1.29 |
| Cash Ratio | 0.11 | 0.11 | 0.10 | 0.05 | 0.13 | 0.06 | 0.17 | 0.05 | 0.01 | 0.04 | 0.02 |
| Asset Turnover | — | 0.56 | 0.56 | 0.54 | 0.50 | 0.42 | 0.37 | 0.47 | 0.51 | 0.43 | 0.41 |
| Inventory Turnover | 6.23 | 6.23 | 6.20 | 5.26 | 4.90 | 5.63 | 5.59 | 6.40 | 4.70 | 5.58 | 7.15 |
| Days Sales Outstanding | — | 58.93 | 59.99 | 68.32 | 78.38 | 92.27 | 100.89 | 62.16 | 64.12 | 92.05 | 80.91 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.7% | 5.7% | 4.6% | 4.7% | 3.2% | — | — | 2.6% | 1.9% | 8.4% | 3.9% |
| FCF Yield | 5.7% | 6.6% | 6.7% | 2.9% | 3.1% | 6.3% | 9.6% | 4.9% | 1.1% | 4.8% | 5.2% |
| Buyback Yield | 4.9% | 5.7% | 2.8% | 2.4% | 0.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% |
| Total Shareholder Yield | 4.9% | 5.7% | 2.8% | 2.4% | 0.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% |
| Shares Outstanding | — | $56M | $58M | $60M | $60M | $60M | $60M | $60M | $60M | $55M | $54M |
Jones Act regulatory exposure
According to current market data, Kirby trades at a P/E of 21.61, which appears to command a premium relative to more volatile shipping peers, suggesting that investors are pricing in the structural stability afforded by its Jones Act-protected inland tank barge network and diversified service revenue.
The valuation multiple implies that the market views Kirby as a defensive industrial play rather than a pure-play commodity shipper. While the forward EV/EBITDA of 5.58 suggests potential earnings growth, investors should monitor whether the D&S segment can sustain the margins required to justify these multiples during energy cycle downturns.
As reported in financial statements, Kirby's ROIC has remained in a narrow 1.6% to 2.2% range over the last ten quarters, indicating that the company's heavy investment in specialized maritime assets creates a high hurdle for generating meaningful incremental returns on invested capital for shareholders.
The persistent low ROIC suggests that the capital-intensive nature of maintaining a Jones Act-compliant fleet significantly dilutes the returns generated by the core marine transportation business. This trend warrants further investigation into whether management's capital allocation strategy is prioritizing fleet preservation over the pursuit of higher-return growth opportunities.
Based on quarterly data, Kirby's cash conversion cycle averaged approximately 90 days in 2025Q4, reflecting the inherent friction in managing inventory and receivables across its dual-segment business model, which complicates the company's ability to rapidly convert operational activity into free cash flow during periods of industrial volatility.
The stability of the CCC suggests that operational processes are well-entrenched, yet the reliance on long-term contracts in the marine segment versus transactional sales in D&S creates lumpy cash inflows. Investors should monitor whether the DPO and DSO trends remain aligned, as any divergence could signal a deterioration in supplier leverage or customer payment health.
As evidenced by recent filings, Kirby maintains an exceptionally low debt-to-equity ratio of 0.39%, a figure that stands in stark contrast to the broader industrial sector and provides the company with significant financial flexibility to navigate cyclical downturns or pursue strategic acquisitions without immediate refinancing risk.
This conservative leverage profile appears to be a deliberate strategic choice, potentially serving as a buffer against the volatility of the D&S segment. While this provides safety, it also raises questions regarding whether the company is under-utilizing its balance sheet capacity to drive higher long-term shareholder returns.
The P/E ratio is frequently misapplied to Kirby's business model because it fails to account for the significant non-cash depreciation charges inherent in a capital-intensive maritime fleet, which often obscures the company's true underlying cash-generating capacity and its ability to fund ongoing maintenance capital expenditures.
Analysts should instead focus on EV/EBITDA or P/FCF to better capture the cash-flow reality of the marine transportation segment. Relying solely on P/E risks underestimating the company's value by penalizing it for the very capital investments that maintain its competitive moat and regulatory compliance.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying KEX stock.
Kirby Corporation's current P/E ratio is 21.2x. The historical average is 21.9x. This places it at the 64th percentile of its historical range.
Kirby Corporation's current EV/EBITDA is 11.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.5x.
Kirby Corporation's return on equity (ROE) is 10.5%. The historical average is 9.4%.
Based on historical data, Kirby Corporation is trading at a P/E of 21.2x. This is at the 64th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kirby Corporation has 26.3% gross margin and 14.6% operating margin. Operating margin between 10-20% is typical for established companies.
Kirby Corporation's Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.