Kirby Corporation (KEX) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Kirby Corporation stock $135, price $121, upside +11.6%, quality 68 out of 100. Rating: undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $47.96 – $152.59 · fair‑value band $80.60 – $174.59 · the $121.00 price screens below the $135.03 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Kirby Corporation operates domestic tank barges in the United States.
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Its Marine Transportation segment provides marine transportation service and towing vessels transporting bulk liquid product, as well as operates tank barges throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along three United States coasts, Alaska, and Hawaii.
It transports petrochemicals, black oils, refined petroleum products, and agricultural chemicals by tank barges; and operates offshore dry-bulk barges and tugboat units that are involved in the offshore transportation of dry-bulk cargos in the United States coastal trade.
It owns and operates 1,105 inland tank barges, approximately 266 inland towboats, 28 coastal tank barges, 24 coastal tugboats, 2 offshore dry-bulk cargo barges, 3 offshore tugboats, and a docking tugboat.
Its Distribution and Services segment sells after-market service and genuine replacement parts for engines, transmissions, reduction gears, electric motors, drives, and controls, electrical distribution and control systems, energy storage battery systems, and related oilfield service equipment; rebuilds component parts or diesel engines, transmissions and reduction gears, and related equipment for use in oilfield services, marine, power generation, on-highway, and other industrial applications; rents generators, industrial compressors, high capacity lift trucks, and refrigeration trailers; and manufactures and remanufactures oilfield service equipment, including pressure pumping units, as well as manufacturers electric power generation equipment, specialized electrical distribution and control equipment, and high capacity energy storage/battery systems.
It serves various companies in the United States government, and pleasure crafts. The company was formerly known as Kirby Exploration Company, Inc. and changed its name to Kirby Corporation in 1990. Kirby Corporation was founded in 1921 and is headquartered in Houston, Texas.
Stock analysis
Kirby Corporation (KEX) currently trades at $121.00, while our model-based Fair Value estimate is $135.03, implying the stock looks roughly 10% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $142.05 per share, and 13 of the 24 models we run sit above the $121.00 price.
Bear case: the Asset-Based group reads lowest at $36.95, and 11 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $80.60 (bear) to $174.59 (bull), the price of $121.00 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 68/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Kirby Corporation reported revenue of $3.4B in FY2025 versus $2.2B in FY2021, a compound +10.6%/yr. Reported net income was $355M in FY2025.
Key figures
Market cap $6.4B Mid · P/E ratio 17.4 · P/S ratio 1.78 · EPS (TTM) $6.95 · Net margin 10.4% · Return on equity 10.4% · Return on assets (EBIT) 3.9% (5-year average) · Operating margin 15.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 13% fair-value upside, at 12%, KEX screens richer than that median.
Fair Value models
Bear$80.60Fair Value $135.03Bull$174.59
Price $121.00 · Upside +11.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($5.94 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 4 officers or directors sold shares worth $4.9M and none bought.
SaleDavid W GrzebinskiCEO, Director3× since Nov 21, 2025: 81,913 shares, avg. $124.43$10.2MNov 2, 2026
SaleAmy D. HustedExec VP General Counsel & Sec3× since Nov 21, 2025: 26,080 shares, avg. $123.05$3.2MMay 15, 2026
SaleChristian G. O'NeilPresident and COO3× since Dec 22, 2025: 33,719 shares, avg. $130.06$4.4MMay 15, 2026
SaleWilliam Matthew WoodruffVP of Public and Govt Affairs2× since Feb 9, 2026: 2,678 shares, avg. $128.33$343,677May 15, 2026
SaleRonald A DraggVice President and Controller3× since Nov 12, 2025: 9,870 shares, avg. $122.80$1.2MMay 4, 2026
SaleRaj KumarExec VP and CFO3,000 shares at $132.70$398,100Mar 2, 2026
SaleBarry E DavisDirector8,480 shares at $128.51$1.1MFeb 19, 2026
SaleScott P MillerVP - CIO3,960 shares at $120.68$477,893Feb 10, 2026
SaleKurt A. NiemietzVP IR & Treasurer1,500 shares at $114.12$171,180Dec 1, 2025
SaleRichard Ross StewartDirector1,923 shares at $107.83$207,357Nov 10, 2025
Plus one other filing such as a grant, option exercise or tax withholding. It is not a market purchase or sale.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.2%
Start year 2020 (pandemic). Over 10 years: +4.6% a year
Revenue growth 40 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.1%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
≈ +43.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +43.4%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.21.6% vs 4.3%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−19% → 15%
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 1.04 per share, median 3.39 in 2015 to 2018). It measures the recovery from the trough, not lasting growth.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+6.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +4.3% a year for the price and +4.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Kirby's main strength is its largest US tank barge fleet with strong utilization for petrochemical and refined product transport, while its main weak point is the absence of any clear durable moat amid thin public data and commodity exposure.
Main risk: Swings in industrial equipment cycles could reinforce variability with marine operations and hit demand across the distribution and services segment.
Kirby operates the largest US fleet of tank barges, moving petrochemicals and refined products along inland waterways and coastal routes with strong utilization. Its distribution and services segment adds exposure to power generation equipment and aftermarket engine work. Will consistent marine demand provide a buffer against swings in industrial equipment cycles, or will the two sides reinforce each other's variability?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Marine Shipping · 220 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside+11.6% · Above median
Profitability
Return on equity (12 months)10.4% · Above median
Return on assets5.9% · Above median
Net margin (12 months)10.4% · Below median
Operating margin (12 months)15.5% · Below median
Growth and dividend
Revenue growth (quarter YoY)12.2% · Above median
Balance sheet
Debt / equity0.27× · Above median
Valuation Multiplesvs Marine Shipping median · lower = cheaper
P/E (12 months)17.4× · Pricier than median
P/B1.89× · Priciest 25%
P/S (12 months)1.78× · Cheaper than median
Price / free cash flow (fiscal year)15.8× · Pricier than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Kirby Corporation Fair Value". https://www.fairvalue-calculator.com/stock/KEX
Frequently asked questions
Is Kirby Corporation (KEX) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $135.03 versus a price of $121.00, about +12% upside (undervalued).
What is the fair value of KEX?
Our model-based fair value for Kirby Corporation is $135.03 (as of Nov 8, 2026), built from audited fundamentals. The current price: $121.00.
What is the quality score of KEX?
Kirby Corporation has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Kirby Corporation (KEX)?
Our model-based price target is the fair value of $135.03 (as of Nov 8, 2026) from 24 valuation models. Cautious scenario $80.60, optimistic scenario $174.59. It is a calculation from audited fundamentals, not an analyst target.
What is the Kirby Corporation stock forecast for 2026?
Our models put fair value at $135.03, about +12% upside versus a price of $121.00 (undervalued). Cautious scenario $80.60, optimistic scenario $174.59. The calculation is refreshed regularly with new filings.
What is the revenue of Kirby Corporation (KEX)?
Kirby Corporation reported trailing-twelve-month revenue of about $3.6B (latest available figure, as of Nov 8, 2026).
What growth is priced into Kirby Corporation (KEX)?
For today's price to be fair in a discounted-cash-flow model, Kirby Corporation would have to grow free cash flow by +6.8 % per year for five years (discount rate 9.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.2 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of KEX use?
Our models discount Kirby Corporation at 9.3 %: a base by market capitalisation (mid), damped by beta 0.84, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Kirby Corporation that is +6.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.3 %) and the same formula as our fair value.
How much growth has Kirby Corporation (KEX) delivered so far?
Over the past 5 years revenue at Kirby Corporation grew +9.2 % a year. The price currently implies free-cash-flow growth of +6.8 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Kirby Corporation (KEX) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Kirby Corporation (+6.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Kirby Corporation (KEX)?
The free-cash-flow yield on the price is 6.24 %: that much free cash flow Kirby Corporation produces per unit of market value. When it exceeds the discount rate of our models (9.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Kirby Corporation (KEX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kirby Corporation it is $135.03 per share (as of Nov 8, 2026), against a price of $121.00. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Kirby Corporation stock overvalued or undervalued in 2026?
As of Nov 8, 2026, KEX trades below its calculated fair value: price $121.00, fair value $135.03, a gap of about +12% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of KEX?
No. The price is what the market pays today ($121.00); the fair value is what the company's own numbers justify ($135.03). For Kirby Corporation the two are $14.03 per share apart. That gap is exactly why we show both numbers side by side.
How much is Kirby Corporation worth?
The market values Kirby Corporation at about $6.4B (market capitalisation, as of Nov 8, 2026). Per share that is $121.00; our models calculate a fair value of $135.03 per share.
What do the bullish and bearish scenarios say about KEX?
Our models span a range for Kirby Corporation: cautious scenario $80.60, base $135.03, optimistic $174.59 per share (as of Nov 8, 2026, price $121.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KEX?
Kirby Corporation trades at a price-to-earnings ratio of 17.4 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $135.03 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, 7 of the years ex one-offs: 27.5. Other multiples: PEG 2.6, P/B 1.9, P/S 1.8, EV/EBITDA 9.0.
What is the PEG ratio of KEX?
The PEG ratio of Kirby Corporation is 2.63 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Kirby Corporation (KEX)?
Balance-sheet figures for Kirby Corporation (as of Nov 8, 2026): return on equity 10.4%, debt of 0.27 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is KEX from its 52-week high?
Kirby Corporation trades at $121.00, about 21% below its 52-week high of $152.59 and 14% above the low of $105.84 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $135.03 is for.
Which stocks are comparable to Kirby Corporation?
From the same area (Industrials) we also value Adani Ports and Special Economic Zone Limited, COSCO SHIPPING Holdings, Hapag-Lloyd Aktiengesellschaft,, Shanghai International Port (Group) Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Kirby Corporation stock attractive at the current price?
The data as of Nov 8, 2026: price $121.00, calculated fair value $135.03 (+12%), Quality Score 68/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of KEX calculated?
We run Kirby Corporation through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $135.03 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Kirby Corporation currently trades 10% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Kirby Corporation (KEX)?
The closing price on Nov 6, 2026 was $121.00. Our model-based fair value is $135.03, about +12% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kirby Corporation right now?
A fairly wide model range ($80.60 to $174.59) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Kirby Corporation (KEX) come from?
Earnings per share at Kirby Corporation grew +2.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.0 %, EBIT margin −3.3 %, tax rate +2.3 %, residual (interest, one-offs) −0.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Kirby Corporation
How large is the market capitalisation of Kirby Corporation (KEX)?
The market capitalisation of Kirby Corporation is $6.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Kirby Corporation (KEX)?
The price-to-sales ratio of Kirby Corporation is 1.78 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Kirby Corporation (KEX)?
Earnings per share at Kirby Corporation are $6.95 (price ÷ EPS = P/E 17.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Kirby Corporation (KEX)?
The net margin of Kirby Corporation is 10.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Kirby Corporation (KEX)?
The return on equity (ROE) of Kirby Corporation is 10.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Kirby Corporation (KEX)?
On an EBIT basis the return on assets of Kirby Corporation is 3.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Kirby Corporation (KEX)?
The operating margin of Kirby Corporation is 15.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kirby Corporation (KEX)?
Revenue at Kirby Corporation is growing +12.2% versus a year earlier (3y avg +6.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Kirby Corporation (KEX)?
Earnings per share at Kirby Corporation are growing +26.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Kirby Corporation (KEX) carry?
The net debt of Kirby Corporation is $1.2B (fiscal year 2025, ≈ 3.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 8, 2026