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1. Company Snapshot

1.a. Company Description

World Kinect Corporation engages in the distribution of fuel and related products and services in the aviation, marine and land transportation industries worldwide.Its Aviation segment supplies fuel and related products and services to commercial airlines, second and third tier airlines, cargo carriers, regional and low-cost carriers, airports, fixed based operators, corporate fleets, charters, fractional operators, private aircraft, the U.S., foreign governments, intergovernmental, and military customers.This segment also offers fuel management, price risk management, ground handling, dispatch services and trip planning services, such as flight planning and scheduling, weather reports and overflight permits.


Its Land segment offers fuel, lubricants, heating oil, natural gas, power, and related products and services to retail petroleum operators, as well as industrial, commercial, residential and government customers.This segment also offers energy procurement management, price risk management, and sustainability solutions, such as carbon management and renewable energy solutions; distributes fuel under long-term contracts to branded and unbranded distributors, convenience stores, and retail fuel outlets operated by third parties; and distributes heating oil and unbranded fuel, as well as offers transportation logistics.Its Marine segment markets fuel, lubricants, and related products and services to international container, dry bulk and tanker fleets, commercial cruise lines, yachts and time charter operators, offshore rig owners and operators, the U.S., foreign governments, and other fuel suppliers.


Its marine fuel-related services include management services to procure fuel, cost control, quality control, and claims management services.This segment also engages in the fueling of vessels, and transportation and delivery of fuel and fuel-related products.The company was formerly known as World Fuel Services Corporation and changed its name to World Kinect Corporation in June 2023.


World Kinect Corporation was incorporated in 1984 and is headquartered in Miami, Florida.

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1.b. Last Insights on WKC

World Kinect Corporation's recent performance was driven by several factors. The company's Q4 2025 earnings release revealed a GAAP net loss of $280 million, but adjusted net income was $17 million. A $150 million share repurchase authorization was announced, which could positively impact shareholder value. Additionally, the company completed the acquisition of Universal Weather and Aviation. Analysts had expected earnings of $0.47 per share, but the company reported $0.30 per share. According to Marketbeat.com, the stock has a consensus recommendation of "Reduce" from six analysts.

1.c. Company Highlights

2. World Kinect's Transformation Yields Mixed Q4 Results

World Kinect Corporation reported fourth-quarter 2025 earnings that were slightly below expectations, with consolidated gross profit at $235 million, down 9% year-over-year. The company's EPS was $0.3, missing estimates of $0.47. The Aviation segment drove growth, with gross profit increasing 8% year-over-year to $130 million, thanks to the Universal Trip Support acquisition, which added approximately $70 million in gross profit. However, the Land segment struggled, with gross profit declining 32% year-over-year to $71 million due to unfavorable market conditions and exit activities. The company's non-GAAP adjustments in the fourth quarter were significant, at $325 million or $296 million after tax, primarily due to noncash intangible and other asset impairments.

Publication Date: Mar -09

📋 Highlights
  • Portfolio Repositioning:: Sold tank wagon & lubricants businesses for $100M cash + working capital, exiting underperforming European power/energy services.
  • Aviation Growth:: Trip Support acquisition drove 8% YoY gross profit increase to $130M, adding $70M in gross profit.
  • Land Segment Challenges:: Gross profit fell 32% to $71M due to exit activities and unfavorable market conditions in 2025.
  • 2026 Guidance:: Adjusted EPS projected at $2.20–$2.40, with land operating income expected to nearly double from repositioning.
  • Financial Flexibility:: Extended $2B credit facility to 2030 with improved pricing, generated $227M free cash flow in 2025, and authorized $150M share repurchases.

Redeployment of Assets and Business Simplification

The company continues to reshape its business, simplifying its model and concentrating on businesses that deliver more attractive returns. As part of its portfolio repositioning, World Kinect agreed to sell its tank wagon delivery and lubricants businesses to Diesel Direct, expected to close in the second quarter of 2026. The sale is expected to result in the exit of about 1 billion gallons of volume, with $100 million in cash proceeds and return of working capital. The company's land business will focus on North American operations, anchored around higher-margin cardlock, retail, and natural gas activities.

Guidance and Outlook

For 2026, World Kinect expects adjusted operating income in its refocused land business to nearly double, driven by exiting underperforming businesses and a materially improved cost structure. The company expects consolidated gross profit to be down in the first quarter of 2026, driven by exit activity in land. Analysts estimate next year's revenue growth at 3.4%. The company's 2026 adjusted EPS is expected to be in the range of $2.20 to $2.40, representing solid year-over-year growth.

Valuation and Cash Flow

With a current P/E Ratio of -2.18, the market is pricing in significant challenges for the company. However, the Free Cash Flow Yield is 16.75%, indicating a potentially attractive return for investors. The company's ROE is -38.16%, reflecting the challenges it faces, but its ROIC is 8.19%, suggesting that its core operations are still viable. The sale of non-core assets and focus on higher-margin businesses should help improve the company's overall financial health.

3. NewsRoom

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American Century Companies Inc. Grows Stock Position in World Kinect Corporation $WKC

Mar -09

Source: defenseworld.net

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World Kinect Q4 Earnings Call Highlights

Feb -24

Source: defenseworld.net

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World Kinect (WKC) Q4 Earnings: Taking a Look at Key Metrics Versus Estimates

Feb -20

Source: zacks.com

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World Kinect Corporation (WKC) Q4 2025 Earnings Call Transcript

Feb -20

Source: seekingalpha.com

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World Kinect (WKC) Q4 Earnings and Revenues Lag Estimates

Feb -20

Source: zacks.com

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World Kinect Corporation Reports Fourth Quarter and Full Year 2025 Results

Feb -19

Source: businesswire.com

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World Kinect (WKC) Q4 Earnings on the Horizon: Analysts' Insights on Key Performance Measures

Feb -18

Source: zacks.com

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World Kinect (WKC) Expected to Announce Quarterly Earnings on Thursday

Feb -17

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.92%)

6. Segments

Aviation

Expected Growth: 2.0%

World Kinect Corporation's 2.0% growth in Aviation is driven by increasing air travel demand, fueled by rising middle-class incomes and business travel. Additionally, the company's focus on modernizing its fleet with fuel-efficient aircraft, expanding into emerging markets, and investing in digital technologies to enhance customer experience are contributing to its growth momentum.

Land

Expected Growth: 1.8%

World Kinect Corporation's 1.8% growth in Land segment is driven by increasing demand for industrial and logistics spaces, government initiatives to boost infrastructure development, and strategic acquisitions to expand land bank. Additionally, rising e-commerce penetration and growing need for data centers are contributing to the segment's growth.

Marine

Expected Growth: 1.9%

The 1.9% growth of Marine segment at World Kinect Corporation is driven by increasing global seaborne trade, rising demand for energy efficient vessels, and growing adoption of digitalization and automation in the maritime industry, leading to higher sales of marine equipment and services.

7. Detailed Products

Risk Management

World Kinect Corporation's Risk Management services help organizations identify, assess, and mitigate risks that could impact their business operations.

Compliance Solutions

World Kinect Corporation's Compliance Solutions provide organizations with the tools and expertise needed to comply with regulatory requirements and industry standards.

Insurance and Benefits

World Kinect Corporation's Insurance and Benefits services offer customized insurance solutions and employee benefits programs to organizations.

Human Capital Management

World Kinect Corporation's Human Capital Management services help organizations manage their workforce, from recruitment to retirement.

Global Expansion

World Kinect Corporation's Global Expansion services provide organizations with the expertise and resources needed to expand their business globally.

8. World Kinect Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for World Kinect Corporation is medium due to the availability of alternative gaming consoles and entertainment systems.

Bargaining Power Of Customers

The bargaining power of customers is high due to the large number of gamers and the availability of alternative gaming options.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the company's strong relationships with its suppliers and the availability of multiple suppliers.

Threat Of New Entrants

The threat of new entrants is medium due to the high barriers to entry in the gaming industry and the need for significant investments in research and development.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the gaming industry and the presence of well-established competitors.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 31.36%
Debt Cost 10.29%
Equity Weight 68.64%
Equity Cost 10.29%
WACC 10.29%
Leverage 45.70%

11. Quality Control: World Kinect Corporation passed 2 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

Stock-Card
Star

A-Score: 7.2/10

Value: 8.5

Growth: 5.7

Quality: 5.3

Yield: 10.0

Momentum: 4.5

Volatility: 9.0

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CrossAmerica Partners

A-Score: 6.5/10

Value: 6.5

Growth: 4.6

Quality: 3.7

Yield: 10.0

Momentum: 5.5

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
World Kinect

A-Score: 5.7/10

Value: 9.8

Growth: 4.7

Quality: 3.7

Yield: 5.0

Momentum: 3.5

Volatility: 7.7

1-Year Total Return ->

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Par Pacific

A-Score: 5.7/10

Value: 8.8

Growth: 5.4

Quality: 6.4

Yield: 0.0

Momentum: 10.0

Volatility: 3.3

1-Year Total Return ->

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Delek US Holdings

A-Score: 5.6/10

Value: 7.9

Growth: 2.0

Quality: 4.3

Yield: 6.0

Momentum: 10.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Aemetis

A-Score: 2.7/10

Value: 8.7

Growth: 1.6

Quality: 4.1

Yield: 0.0

Momentum: 1.0

Volatility: 1.0

1-Year Total Return ->

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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

23.57$

Current Price

23.57$

Potential

-0.00%

Expected Cash-Flows