KEXKirby Corporation
Is the business good?
A genuinely good business: earnings fully cash-backed (1.9×) and margins widening.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 10% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is KEX?
Kirby Corporation earns 8.7% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 0.29 points below what the capital costs: growth destroys value
- Operating margin
- 14%
Operating margin · Marine Shipping median 26% · 12 months to Q2 2026
- Cash conversion
- 1.92×
Cash conversion · 1.79× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −4.9%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −19% |
| FY2021 | −11% |
| FY2022 | 6.9% |
| FY2023 | 11% |
| FY2024 | 12% |
| FY2025 | 15% |
Details›
- Operating margin12 months to Q2 2026
- 14%
- Net margin12 months to Q2 2026
- 10%
- Free cash flow margin
- 14%
- Revenue, trailing twelve months
- $3.49B
- Free cash flow, trailing twelve months
- $476M
- Net income, trailing twelve months
- $355M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 8.7%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.