Kirby Corporation (KEX)
Activity ratios
Short-term
Turnover ratios
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Inventory turnover | 6.04 | 5.65 | 5.44 | 5.39 | 5.26 | 4.67 | 4.71 | 4.96 | 4.90 | 5.51 | 5.56 | 5.41 | 5.63 | 5.76 | 5.15 | 5.02 | 5.59 | 5.78 | 5.88 | 6.35 |
| Receivables turnover | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Payables turnover | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Working capital turnover | 9.78 | 7.00 | 6.63 | 6.00 | 6.73 | — | — | — | 4.89 | 4.76 | 4.89 | 4.71 | 4.88 | 4.60 | 4.39 | 4.01 | 3.73 | 3.83 | 4.18 | 3.14 |
Activity ratios provide insight into how efficiently a company is managing its assets and generating revenue. Let's analyze the activity ratios of Kirby Corporation based on the provided data.
1. Inventory Turnover:
The inventory turnover ratio measures how many times a company's inventory is sold and replaced over a period. From March 31, 2020, to December 31, 2024, Kirby Corporation's inventory turnover ranged from 4.90 to 6.04 times per year. A decreasing trend is observed over the years, indicating a potential slowdown in inventory management efficiency.
2. Receivables Turnover:
Unfortunately, the data for receivables turnover is missing, making it challenging to assess how quickly Kirby Corporation is collecting on its receivables. The absence of this information may indicate limitations in analyzing the company's efficiency in collecting outstanding invoices.
3. Payables Turnover:
Similar to receivables turnover, data for payables turnover is not provided, hindering the analysis of how effectively Kirby Corporation is managing its trade payables. This missing information limits insights into the company's ability to optimize its payment terms with suppliers.
4. Working Capital Turnover:
The working capital turnover ratio indicates how effectively Kirby Corporation is utilizing its working capital to generate sales. The company's working capital turnover improved from 3.14 to 9.78 over the period, with fluctuations observed. Higher ratios generally suggest efficient use of working capital to drive revenue growth, but a significant increase in the ratio should be scrutinized for potential implications on liquidity and operational efficiency.
In conclusion, while the inventory turnover and working capital turnover ratios provide some insights into Kirby Corporation's operational efficiency, the absence of data for receivables and payables turnover limits a comprehensive assessment of the company's overall activity management. It is essential for investors and stakeholders to consider these activity ratios alongside other performance indicators for a holistic evaluation of Kirby Corporation's financial health.
Average number of days
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Days of inventory on hand (DOH) | days | 60.46 | 64.64 | 67.09 | 67.76 | 69.35 | 78.18 | 77.41 | 73.65 | 74.51 | 66.27 | 65.67 | 67.49 | 64.79 | 63.31 | 70.90 | 72.69 | 65.31 | 63.10 | 62.04 | 57.52 |
| Days of sales outstanding (DSO) | days | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Number of days of payables | days | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Based on the provided data on Kirby Corporation's activity ratios, we can see a trend in the Days of Inventory on Hand (DOH) metric over the past few periods. The DOH increased from 57.52 days as of March 31, 2020, to 74.51 days as of December 31, 2022, but then decreased to 60.46 days as of December 31, 2024. This trend indicates fluctuations in the efficiency of managing inventory levels.
Unfortunately, data regarding the Days of Sales Outstanding (DSO) and Number of Days of Payables is not available for analysis. The absence of information on DSO and payables days makes it challenging to assess Kirby Corporation's ability to collect receivables and manage payables effectively.
In conclusion, while the trend in the DOH ratio indicates some variability in inventory management efficiency, the lack of data on DSO and payables days limits the comprehensive analysis of Kirby Corporation's overall activity ratios and working capital management.
Long-term
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed asset turnover | — | — | — | — | — | 0.77 | 0.78 | 0.80 | 0.74 | 0.73 | 0.66 | 0.64 | 0.61 | 0.58 | 0.51 | 0.52 | 0.55 | 0.59 | 0.63 | 0.70 |
| Total asset turnover | 0.56 | 0.56 | 0.54 | 0.55 | 0.54 | 0.53 | 0.54 | 0.52 | 0.50 | 0.48 | 0.46 | 0.44 | 0.42 | 0.40 | 0.35 | 0.35 | 0.37 | 0.39 | 0.42 | 0.45 |
Kirby Corporation's fixed asset turnover ratio has shown a declining trend over the past few years, from 0.70 in March 2020 to 0.66 in June 2022. However, there was a notable increase in the ratio to 0.80 in March 2023, suggesting an improvement in the company's efficiency in generating sales from its fixed assets. The ratio remained relatively stable in subsequent periods, indicating consistent performance.
In contrast, the total asset turnover ratio has fluctuated but generally increased from 0.45 in March 2020 to 0.56 in December 2024. This indicates that Kirby Corporation has been more effective in utilizing its total assets to generate revenue over time. The ratio peaked at 0.56 in December 2024, suggesting that the company's asset utilization efficiency has improved.
Overall, while the fixed asset turnover ratio fluctuated with a recent improvement, the total asset turnover ratio showed a more consistent increase, reflecting Kirby Corporation's ability to generate more sales relative to its total assets.