# Kirby Corporation (KEX)

> Source: Nexqual · https://nexqual.com/KEX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Kirby Corporation (KEX), nexqual.com/KEX" · informational, not investment advice.

**Price:** USD 131.5 (-4.18% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 137.24 · day 131.02–137.23 · 52w 85.1–157.69 · market cap $6.94B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.49B, net income $355M (10.2% margin), free cash flow $476M (SEC filings).
- Valuation: P/E 19.5x (avg 20.0x at the last 3 fiscal year-ends), EV/EBITDA 10.4x, net debt $998M.
- 1 of 80 tracked superinvestors hold KEX (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $2.6M; 4 not under a Rule 10b5-1 plan ($2.6M); 3 by opportunistic insiders (3 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.86 on a 1–5 scale) (7 analysts), mean target USD 169 (range 156–200).
- Total return with dividends: 1Y +53.2% vs S&P 500 +14.9%; 5Y +131.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 1.98, revenue estimate $941M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.25B | $2.78B | $3.09B | $3.27B | $3.36B | $3.49B |
| Operating income | -$258M | $193M | $335M | $399M | $496M | $489M |
| Net income | -$247M | $122M | $223M | $287M | $355M | $355M |
| EPS (diluted) | -$4.11 | $2.03 | $3.72 | $4.91 | $6.33 | — |
| Free cash flow | $224M | $122M | $138M | $414M | $406M | $476M |
| Operating margin | -11.5% | 6.9% | 10.8% | 12.2% | 14.8% | 14.0% |
| Net margin | -11.0% | 4.4% | 7.2% | 8.8% | 10.5% | 10.2% |
| Revenue growth | +3.5% | +24.0% | +11.0% | +5.6% | +3.0% | — |
| Cash + short-term investments | $34.8M | $80.6M | $32.6M | $74.4M | $78.8M | — |
| Total debt | $1.16B | $1.08B | $1.02B | $875M | $919M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 19.5x · P/S 2.0x · EV/EBITDA 10.4x · EV/Sales 2.3x · P/FCF 14.6x · P/B 2.0x · FCF yield 6.85% · Earnings yield 5.12% · Buyback yield (TTM) 4.81% · Net debt $998M · EV $7.94B
P/E at fiscal year-ends: Dec 2025 17.4x, Dec 2024 21.5x, Dec 2023 21.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold KEX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Alex Roepers | Atlantic Investment Management | 13.22% | $25.4M | Reduced -27.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-15 | Woodruff William Matthew | VP of Public and Govt Affairs | 678 | $100K | 98.7% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-15 | O'Neil Christian G. | President and COO | 11,287 | $1.6M | 100% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-15 | Husted Amy D. | Exec VP General Counsel & Sec | 4,000 | $582K | 27% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-04 | Dragg Ronald A | Vice President and Controller | 1,726 | $250K | 16.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.86 on a 1–5 scale), 7 analysts; mean target USD 169 (low 156, high 200).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | JP Morgan | Initiated | Overweight | $200 |
| 2026-10-08 | Citigroup | Target lowered | Buy | $170 → $169 |
| 2026-07-31 | Citigroup | Target raised | Buy | $165 → $170 |
| 2026-07-29 | BTIG | Reiterated | Buy | $170 |
| 2026-07-14 | BTIG | Reiterated | Buy | $170 |
| 2026-07-13 | Citigroup | Target raised | Buy | $160 → $165 |
| 2026-07-08 | B of A Securities | Target raised | Buy | $169 → $182 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +53.2% | +131.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +53.4% | +18.2% |
| Volatility (annualized) | 29.0% | 33.5% |
| Max drawdown | -15.5% (Apr 2026→Sep 2026) | -37.7% (Nov 2024→Oct 2025) |

## Peers (Marine Shipping)
MATX (Matson, Inc.) USD 227.48 -3.23% · HAFN (Hafnia Limited) USD 10.33 -1.90% · ECO (Okeanis Eco Tankers Corp.) USD 90.05 -1.29% · ZIM (ZIM Integrated Shipping Service) USD 29.08 -0.24% · SBLK (Star Bulk Carriers Corp.) USD 28.65 -0.59% · NMM (Navios Maritime Partners LP) USD 88.28 -0.02%

## More
Full page: https://nexqual.com/KEX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Marine Transportation | $537.0M | 58.2% | +9.0% |
| Distribution & Services | $385.4M | 41.8% | +6.2% |
| Total revenue | $922.4M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Inland Transportation | $431.9M | 46.8% | +8.8% |
| Commercial & Industrial | $193.9M | 21.0% | +11.7% |
| Power Generation | $151.3M | 16.4% | +7.5% |
| Coastal Transportation | $105.1M | 11.4% | +10.1% |
| Oil & Gas | $40.2M | 4.4% | -17.2% |
| Total revenue | $922.4M | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "Commenting on the outlook for the remainder of 2026, Mr."
- "Based on current market conditions, we remain comfortable with our full-year earnings per share growth guidance of 5% to 15% and currently expect results to trend toward the upper end of the range." In inland marine, market fundamentals remain constructive, supported by strong refinery utilization and healthy petrochemical activity."
- "Barge utilization is expected to remain in the low-90% range, while both spot pricing and term contract renewal rates are expected to improve further during the second half of the year."
- "Overall, inland revenues are expected to grow in the mid-to-high-single-digit range, with operating margins expected to be in the high-teens to low-20% range for the full year."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.98 | $1.93 | +2.2% | $941.2M | 7 |
| Next quarter (ends 2026-12-31) | $1.94 | $1.92 | +0.9% | $927.4M | 7 |
| Current fiscal year (ends 2026-12-31) | $7.09 | $7.02 | +1.0% | $3.64B | 7 |
| Next fiscal year (ends 2027-12-31) | $8.26 | $8.26 | +0.0% | $3.89B | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±9.7%; last 8 reports averaged ±9.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 42.5% | ±9.7% |
| 2026-12-18 | 56 | 36.6% | ±11.7% |
| 2027-03-19 | 147 | 35.8% | ±18.3% |
| 2027-06-17 | 237 | 34.9% | ±22.6% |