Kirby Corporation (KEX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+95.4%

$278.46

vs $142.52 price

Levered DCF

$215.99

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

139.57

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	17.3×	21.37×	20.98×	31.54×	-14.46×	-11.39×	37.62×	51.42×
P/B	1.82×	1.83×	1.47×	1.27×	1.24×	1.01×	1.59×	1.25×
P/S	1.82×	1.88×	1.51×	1.39×	1.59×	1.43×	1.88×	1.35×
EV / EBITDA	9.42×	10.91×	9.94×	12.27×	-142.11×	-24.34×	14.74×	14.03×
Gross margin	26.3%	25.3%	22.6%	18.8%	16.9%	20.3%	20.7%	19.7%
Operating margin	14.6%	12.2%	10.8%	6.9%	-11.5%	-19.4%	8.5%	5.2%
Net margin	10.5%	8.8%	7.2%	4.4%	-11.0%	-12.6%	5.0%	2.6%
Current ratio	1.53×	1.45×	1.68×	1.89×	1.85×	2.25×	1.78×	1.8×
Debt / equity	0.39×	0.32×	0.37×	0.41×	0.47×	0.54×	0.46×	0.44×
Interest coverage	10.61×	8.12×	6.44×	4.33×	-6.08×	-8.63×	4.32×	3.31×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.5%	8.6%	7.0%	4.0%	-8.6%	-8.8%	4.2%	2.4%
Return on invested capital	6.9%	6.1%	5.0%	2.9%	-4.5%	-4.5%	3.3%	2.0%
Return on assets	5.9%	4.9%	3.9%	2.2%	-4.6%	-4.6%	2.3%	1.3%
Free cash flow yield	6.6%	6.8%	3.0%	3.1%	6.3%	9.6%	4.9%	1.1%
Earnings yield	5.8%	4.7%	4.8%	3.2%	-6.9%	-8.8%	2.7%	2.0%
Enterprise value	$7.4B	$7.1B	$5.8B	$5B	$4.9B	$4.7B	$6.9B	$5.4B
Net debt / EBITDA	1.57×	1.51×	1.97×	2.87×	-38.42×	-8.22×	3.25×	3.63×
Cash conversion cycle (days)	85	81	97	108	118	132	86	99