Kirby Corp key statistics and ratios

In fiscal 2025, Kirby Corp had return on equity of 10.5%, an operating margin of 14.8%, debt equal to 27.3% of equity and a current ratio of 1.53. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Kirby Corp: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Operating margin	20.0%	18.0%	16.9%	17.3%	19.5%	18.5%	17.7%	14.0%	4.2%	5.2%	8.5%	−19.4%	−11.5%	6.9%	10.8%	12.2%	14.8%	14.0%
Net margin	11.6%	10.5%	9.9%	9.9%	11.3%	11.0%	10.6%	8.0%	14.1%	2.6%	5.0%	−12.6%	−11.0%	4.4%	7.2%	8.8%	10.5%	10.2%
Free-cash-flow margin	11.8%	9.8%	4.6%	0.6%	15.5%	3.3%	8.3%	10.4%	8.0%	1.5%	9.3%	13.7%	10.0%	4.4%	4.5%	12.7%	12.1%	13.6%
Return on equity	12.0%	10.5%	14.1%	13.4%	13.7%	13.2%	10.0%	6.0%	11.3%	2.5%	4.3%	−8.4%	−8.3%	4.1%	7.2%	8.8%	10.5%	10.4%
Return on assets	7.7%	6.8%	7.7%	6.3%	6.9%	7.2%	5.5%	3.4%	6.7%	1.4%	2.4%	−4.5%	−4.4%	2.2%	4.0%	5.0%	6.0%	5.8%
Asset turnover	0.66	0.65	0.78	0.64	0.61	0.66	0.52	0.42	0.47	0.54	0.47	0.36	0.40	0.51	0.55	0.56	0.57	0.57
Current ratio	2.19	2.66	1.48	1.68	1.57	1.35	1.77	1.77	1.99	1.80	1.78	2.25	1.85	1.89	1.68	1.45	1.53	1.68
Debt to equity	19.0%	17.3%	55.6%	67.0%	37.3%	31.8%	34.3%	30.1%	32.0%	44.1%	40.8%	47.8%	40.4%	35.6%	32.1%	26.2%	27.3%	30.2%
Interest cover (operating income ÷ interest)	19.5x	18.3x	17.4x	15.0x	15.6x	22.2x	20.3x	14.0x	4.4x	3.3x	4.3x	n/m	n/m	4.3x	6.4x	8.1x	10.7x	11.0x
Effective tax rate	38.0%	38.1%	37.1%	37.6%	37.3%	37.4%	—	37.3%	—	30.7%	24.7%	—	—	25.6%	24.2%	20.9%	24.6%	24.3%
SG&A as % of revenue	11.2%	10.6%	9.2%	8.4%	7.9%	8.2%	9.0%	9.9%	10.0%	10.2%	9.8%	11.9%	11.9%	10.9%	10.8%	10.3%	10.6%	10.5%
Capital spending as % of revenue	17.8%	12.3%	12.2%	14.8%	11.3%	13.8%	16.1%	13.0%	8.0%	10.2%	8.7%	6.8%	4.4%	6.2%	13.0%	10.5%	7.9%	6.7%
Free cash flow ÷ net income	101.0%	93.3%	46.9%	6.5%	137.4%	29.7%	78.9%	130.6%	56.2%	57.5%	185.2%	—	—	99.4%	62.1%	144.3%	114.4%	133.9%
Dividends and buybacks ÷ free cash flow	0.5%	21.9%	0.0%	0.0%	0.0%	18.3%	134.8%	1.0%	0.0%	1.7%	0.0%	0.0%	0.0%	18.8%	81.4%	42.2%	87.3%	70.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Kirby Corp: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	15.3%	6.3%	13.4%	15.4%	14.8%	15.2%	12.8%	13.3%
Net margin	10.8%	5.3%	9.7%	11.0%	10.6%	10.8%	9.6%	9.7%
Free-cash-flow margin	15.7%	18.8%	−5.4%	2.6%	18.4%	31.1%	5.9%	0.1%
Current ratio	1.67	1.45	1.58	1.74	1.70	1.53	1.59	1.68
Debt to equity	29.4%	25.9%	32.8%	32.8%	31.0%	27.0%	28.6%	30.0%
SG&A as % of revenue	10.1%	10.3%	12.1%	10.0%	10.1%	10.3%	12.0%	9.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

5 of 6 checks passed · June 30, 2026

What it owns · $6.2bn

Short-term assets $1.2bnLonger-term assets $5.0bn

What it owes, and who funded it · $4.2bn

Short-term liabilities $736mShareholders' equity $3.4bn

Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $736m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $39m of cash against $1.0bn of debt.
Debt below 40% of shareholders' equity Debt is 30% of equity.
Debt burden no higher than five years ago Debt to equity moved from 40% to 30% over five years.
A year's operating cash flow covers at least 20% of debt $710m of operating cash flow against $1.0bn of debt.
Operating profit covers interest at least five times over Operating income of $489m against $44m of interest.

From Kirby Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

39 /100

Weak moat

How hard Kirby's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 2 / 20

Net income has been a median 3.0% of total assets over 10 years.
Durability 1 / 20

Operating margin has been a median 7.8%; its worst year was -15.2%.
Cash conversion 14 / 20

Free cash flow was positive in 10 of 10 years, at a median 7.3% of revenue.
Discipline 19 / 20

The diluted share count fell 6.5% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (44 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Kirby Corp's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Kirby Corp.