Kirby Corporation (KEX)

Activity ratios

Short-term

Turnover ratios

Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Inventory turnover 0.76 0.67 0.67 0.68 0.67 0.76 1.70 1.72 1.86 1.97 0.81 0.81 2.68 2.48 2.38 2.35 0.69 0.71 0.69 0.65
Receivables turnover 4.60 5.79 5.69 5.48 4.41 5.41 5.54 5.53 5.29 4.60 4.79 4.82 6.89 7.69 7.20 7.03 7.49 7.59 6.52 6.76
Payables turnover 1.27 1.32 1.20 1.16 1.12 1.23 2.68 2.84 3.09 3.35 1.39 1.51 5.10 5.08 4.51 3.54 1.17 1.36 1.39 1.15
Working capital turnover 6.63 5.32 5.78 4.92 4.83 4.70 4.83 4.64 4.81 4.54 4.36 3.99 3.73 3.83 4.18 3.14 7.04 6.58 5.57 5.55

Inventory turnover for Kirby Corp. has been consistently reported as 0.00 throughout the past eight quarters, indicating that the company does not have significant inventory turnover or potentially uses a just-in-time inventory management system.

The receivables turnover ratio has shown a relatively stable trend ranging from 4.30 to 5.37 over the same period. This suggests that Kirby Corp. efficiently collects its accounts receivables, on average, between 4 to 5 times per year.

Similar to inventory turnover, the payables turnover ratio for Kirby Corp. has been consistently reported as 0.00, implying that the company may not have significant payables turnover or may operate with minimal payables outstanding.

The working capital turnover ratio for Kirby Corp. has been gradually increasing from Q1 2022 to Q4 2023. This demonstrates that the company is generating sales revenue efficiently concerning its working capital, which reflects positively on its operational performance and liquidity management.

In conclusion, Kirby Corp. shows efficient management of receivables and working capital turnover, with no significant turnover in inventory or payables, reflecting good operational efficiency and liquidity management practices.

Average number of days

Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Days of inventory on hand (DOH) days 483.09 543.57 548.55 536.39 543.28 480.78 214.81 211.69 196.53 185.63 452.56 448.47 136.27 147.23 153.39 155.29 529.73 517.60 530.46 564.00
Days of sales outstanding (DSO) days 79.40 63.06 64.10 66.64 82.71 67.46 65.90 65.97 69.00 79.33 76.19 75.65 53.00 47.47 50.72 51.94 48.76 48.07 55.95 54.00
Number of days of payables days 286.39 277.56 303.92 314.31 327.11 295.99 136.08 128.56 118.08 108.98 262.36 241.61 71.51 71.89 80.95 103.23 311.71 267.82 262.77 316.18

The Days of Sales Outstanding (DSO) for Kirby Corp. have been relatively stable over the past eight quarters, ranging from 68.02 days to 84.98 days. This indicates that, on average, the company takes around 68 to 85 days to collect payments from its customers.

However, the lack of information on the Days of Inventory on Hand (DOH) and the Number of Days of Payables prevents a comprehensive analysis of Kirby Corp.'s activity ratios. DOH would provide insight into how efficiently the company manages its inventory, while the Number of Days of Payables would reveal how long it takes for the company to pay its suppliers.

Without this additional data, it is challenging to evaluate the overall efficiency of Kirby Corp.'s working capital management and how effectively it is managing its cash conversion cycle. It is recommended that these missing metrics be tracked and analyzed to gain a complete understanding of the company's operational efficiency.

Long-term

Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Fixed asset turnover 0.79 0.79 0.80 0.79 0.76 0.72 0.68 0.64 0.60 0.57 0.52 0.52 0.55 0.59 0.63 0.72 0.75 0.77 0.77 0.78
Total asset turnover 0.53 0.52 0.53 0.52 0.49 0.48 0.46 0.43 0.41 0.39 0.35 0.35 0.37 0.39 0.42 0.44 0.47 0.47 0.47 0.47

Long-term activity ratios provide insights into how efficiently a company is utilizing its assets to generate sales. In the case of Kirby Corp., we can analyze the fixed asset turnover and total asset turnover ratios over multiple quarters to assess the company's performance in this area.

1. Fixed Asset Turnover Ratio:
- The fixed asset turnover ratio measures how efficiently a company is utilizing its fixed assets to generate revenue.
- Kirby Corp.'s fixed asset turnover ratio has been relatively stable, ranging from 0.64 in Q1 2022 to 0.81 in Q2 2023.
- The ratio indicates that, on average, Kirby Corp. generates $0.80 to $0.81 in sales for every $1 of fixed assets invested in the business.
- The consistent performance suggests that Kirby Corp. has been effectively using its fixed assets to drive revenue growth.

2. Total Asset Turnover Ratio:
- The total asset turnover ratio reflects how well a company is using all its assets to generate sales.
- Kirby Corp.'s total asset turnover ratio has shown improvement over the quarters, increasing from 0.44 in Q1 2022 to 0.54 in Q4 2023.
- This improvement indicates that Kirby Corp. has been more efficient in utilizing its total assets to generate revenue over time.
- A higher total asset turnover ratio suggests that the company is managing its assets more effectively and generating more sales for each dollar invested in assets.

In conclusion, the analysis of Kirby Corp.'s long-term activity ratios, particularly the fixed asset turnover and total asset turnover ratios, indicates that the company has been efficiently utilizing its assets to drive revenue growth. The relatively stable performance of the fixed asset turnover ratio and the increasing trend in the total asset turnover ratio demonstrate improved efficiency in asset utilization over the quarters.