Kirby Corp. (KEX) intrinsic value & 10-year financials
Kirby Corp. (KEX) has a Graham intrinsic value of $133.80 per share. At $136.43 on Oct 17, 2026, the stock trades 2% above that value. Over the last 10 fiscal years revenue grew 7.4% a year to $3.4B, with an average return on invested capital of 2.9%.
- Graham intrinsic value
- $133.80
- Share price (Oct 17, 2026)
- $136.43
- Price vs Graham value
- 2% above
- Market cap
- $7.6B
- Revenue (FY2025)
- $3.4B
- Revenue growth (10-yr CAGR)
- 7.4%
- ROIC (10-yr avg)
- 2.9%
- Free cash flow (FY2025)
- $405.7M
KEX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.4B | $354.6M | $6.33 | $405.7M | 14.8% | 8.6% |
| FY2024 | $3.3B | $286.7M | $4.91 | $413.8M | 12.2% | 7.3% |
| FY2023 | $3.1B | $222.9M | $3.72 | $138.5M | 10.8% | 6.0% |
| FY2022 | $2.8B | $122.3M | $2.03 | $121.5M | 6.9% | 3.4% |
| FY2021 | $2.2B | -$247.0M | -$0.00 | $223.6M | -11.5% | -5.0% |
| FY2020 | $2.2B | -$272.5M | -$0.00 | $296.8M | -19.4% | -5.2% |
| FY2019 | $2.8B | $142.3M | $0.00 | $263.6M | 8.5% | 3.8% |
| FY2018 | $3.0B | $78.5M | $0.00 | $45.1M | 5.2% | 2.5% |
| FY2017 | $2.2B | $313.2M | $0.01 | $176.2M | 4.3% | 2.6% |
| FY2016 | $1.8B | $141.4M | $0.00 | $184.7M | 13.8% | 4.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
KIRBY CORP has demonstrated mature, steady growth, with revenue compounding at 7.4% annually over the past decade.
KIRBY CORP has historically struggled to out-earn its cost of capital, averaging just 2.9% ROIC.
Over the decade, KIRBY CORP shows that management has aggressively returned capital to shareholders by retiring 99.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, KIRBY CORP is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $133.80 per share.