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1. Company Snapshot

1.a. Company Description

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 transport petrochemical, black oil, refined petroleum product, and agricultural chemicals by tank barge; and operates offshore dry-bulk barge and tugboat unit that are engaged in the offshore transportation of dry-bulk cargo in the United States coastal trade.


As of December 31, 2021, it owned and operated 1,025 inland tank barge, approximately 255 inland towboat, 31 coastal tank barge, 29 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 part for engine, transmission, reduction gear, electric motor, drive, and control, electrical distribution and control system, energy storage battery system, and related oilfield service equipment; rebuild component parts or diesel engine, transmission and reduction gear, and related equipment used in oilfield service, marine, power generation, on-highway, and other industrial applications; rents generator, industrial compressor, high capacity lift truck, and refrigeration trailer; and manufactures and remanufactures oilfield service equipment, including pressure pumping unit, as well as manufacturers electric power generation equipment, specialized electrical distribution and control equipment, and high capacity energy storage/battery systems for oilfield customer.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.

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1.b. Last Insights on KEX

Kirby Corporation's recent performance has been driven by robust Q3 earnings, which surpassed estimates, and a solid outlook. The company's distribution and services segment is expanding, particularly in power generation, benefiting from global data center growth trends. A "Moderate Buy" consensus rating from seven analysts, with five assigning a buy rating, indicates positive sentiment (Marketbeat Ratings). Additionally, institutional investors, such as Benson Investment Management Company Inc., have taken new positions in the company, acquiring 39,575 shares valued at approximately $3,303,000.

1.c. Company Highlights

2. Kirby Corporation's Q3 2025 Earnings: Steady Performance Amidst Mixed Market Conditions

Kirby Corporation reported earnings per share (EPS) of $1.65 for the third quarter of 2025, a 6% increase year-over-year, beating analyst estimates of $1.6. The company's financial performance was characterized by steady results across its businesses, driven by robust customer demand in power generation and disciplined operational execution. Revenue growth was supported by the Distribution and Services segment, which achieved solid year-over-year growth in both revenue and operating income.

Publication Date: Oct -31

📋 Highlights
  • EPS Growth: Earnings per share rose 6% YoY to $1.65, reflecting disciplined operations and demand in power generation.
  • Power Generation Surge: Revenue jumped 56% YoY, driven by data centers and prime power, with a $0.5-$1B backlog supporting 2026 growth.
  • Coastal Marine Strength: Barge utilization hit mid- to high-90%, term renewals up mid-teens, and limited vessel supply sustaining pricing momentum.
  • Balance Sheet Resilience: Net debt-to-EBITDA at 1.3x, $227M operating cash flow, and $47M cash, enabling $200M+ Q4 free cash flow for share buybacks.
  • Segment Performance Contrast: Inland marine spot rates fell 1-4%, while coastal marine maintained pricing power, and Distribution & Services saw double-digit growth.

Segment Performance

The inland marine transportation business experienced near-term softness due to favorable seasonal weather and improved navigational conditions, resulting in barge utilization averaging in the mid-80% range. In contrast, the coastal marine transportation segment remained strong, with barge utilization consistently in the mid- to high 90% range, driven by steady customer demand and limited supply of large capacity vessels. The Distribution and Services segment delivered another outstanding quarter, with power generation revenues increasing 56% year-over-year, driven by robust demand for data centers and prime power customers.

Balance Sheet and Cash Flow

The company's balance sheet remained strong, with $47 million of cash, total debt of around $1.05 billion, and a debt-to-cap ratio of 23.8%. Net debt-to-EBITDA was 1.3x, and the company generated $227 million of net cash flow from operating activities in the third quarter. The company's outlook reflects strength in expanding markets, supported by disciplined execution and a focus on growth opportunities.

Outlook and Valuation

Looking ahead to the fourth quarter, the company expects market conditions to remain stable in inland marine, with barge utilization improving to the high 80% range. The Distribution and Services segment is expected to continue its strong performance, with power generation remaining a key driver of growth. With a P/E Ratio of 18.99 and an EV/EBITDA of 8.38, the market appears to be pricing in a certain level of growth. Analysts estimate next year's revenue growth at 4.9%, which may be achievable given the company's strong backlog and expanding customer portfolio.

Growth Opportunities

The company's power generation business is expected to continue its strong performance, fueled by sales and order activity from data centers and industrial customers. David Grzebinski mentioned that the backlog in power gen is between $0.5 billion and $1 billion and continues to grow, with a record mid-teens year-over-year increase. The company's focus on growth opportunities and disciplined execution positions it well for continued growth into 2026.

3. NewsRoom

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RR INVESTOR REMINDER: Richtech Robotics Inc. Investors Have Until April 3, 2026 To Seek Lead Plaintiff Role – Contact Kirby McInerney LLP

Feb -07

Source: businesswire.com

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RALLIANT CORPORATION INVESTOR ALERT: Kirby McInerney LLP Announces Investigation Into Potential Securities Fraud

Feb -06

Source: businesswire.com

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REMINDER: Fermi Inc. Investors With Significant Losses Must Act By March 6, 2026 - Kirby McInerney

Feb -06

Source: globenewswire.com

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INVESTOR ALERT: Securities Class Action Filed Against Plug Power, Inc. – Investors Encouraged to Contact Kirby McInerney LLP

Feb -05

Source: businesswire.com

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Kirby Q4 Earnings Surpass Estimates, Increase Year Over Year

Feb -05

Source: zacks.com

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RR SHAREHOLDER ALERT: Securities Fraud Lawsuit Filed on Behalf of Richtech Robotics Inc. Investors - Contact Kirby McInerney LLP by April 3, 2026

Feb -04

Source: globenewswire.com

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INVESTOR ALERT: Securities Class Action Filed Against Richtech Robotics Inc. – Investors Encouraged to Contact Kirby McInerney LLP

Feb -03

Source: businesswire.com

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INVESTOR ALERT: Securities Class Action Filed Against Ramaco Resources, Inc. – Contact Kirby McInerney LLP

Feb -03

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.94%)

6. Segments

Marine Transportation

Expected Growth: 6.5%

Kirby Corporation's Marine Transportation segment growth of 6.5% is driven by increasing demand for petrochemical transportation, expansion of inland waterway networks, and rising crude oil production. Additionally, strategic acquisitions, improved operational efficiencies, and a strong balance sheet contribute to the segment's growth.

Distribution and Services

Expected Growth: 7.5%

Kirby Corporation's Distribution and Services segment growth of 7.5% is driven by increasing demand for commercial marine transportation, expansion of inland tank barge fleet, and strategic acquisitions. Additionally, growth in oil and gas production, coupled with rising demand for refined products, contributes to the segment's growth.

7. Detailed Products

Inland Tank Barges

Kirby Corporation designs, builds, and operates inland tank barges that transport petrochemicals, refined petroleum products, and black oil

Offshore Dry-Bulk Barges

Kirby Corporation operates offshore dry-bulk barges that transport dry bulk cargoes such as coal, iron ore, and grains

Towing Vessels

Kirby Corporation operates towing vessels that provide towing services to the energy, construction, and other industries

Ship Docking Services

Kirby Corporation provides ship docking services, including ship repair, maintenance, and conversion

Marine Transportation Services

Kirby Corporation provides marine transportation services, including the transportation of cargo and passengers

Diesel Engine Services

Kirby Corporation provides diesel engine services, including repair, maintenance, and overhaul

8. Kirby Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Kirby Corporation operates in the marine transportation industry, which has a moderate threat of substitutes. While there are alternative modes of transportation, such as trucks and trains, they are not always a viable option for transporting large quantities of goods over long distances.

Bargaining Power Of Customers

Kirby Corporation's customers, primarily oil and gas companies, have limited bargaining power due to the specialized nature of the company's services and the lack of alternative providers.

Bargaining Power Of Suppliers

Kirby Corporation's suppliers, primarily shipbuilders and equipment providers, have a moderate level of bargaining power due to the availability of alternative suppliers and the company's dependence on a few key suppliers.

Threat Of New Entrants

The threat of new entrants in the marine transportation industry is low due to the high barriers to entry, including the need for significant capital investment and regulatory compliance.

Intensity Of Rivalry

The marine transportation industry is highly competitive, with several established players competing for market share. Kirby Corporation faces intense rivalry from companies such as Genesis Energy and American Commercial Lines.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 24.79%
Debt Cost 5.77%
Equity Weight 75.21%
Equity Cost 9.66%
WACC 8.70%
Leverage 32.96%

11. Quality Control: Kirby Corporation passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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A-Score: 4.4/10

Value: 4.8

Growth: 6.1

Quality: 5.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

120.46$

Current Price

120.46$

Potential

-0.00%

Expected Cash-Flows