Kirby Corporation (KEX)

Working capital turnover

		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
Revenue (ttm)	US$ in thousands	3,265,876	3,262,737	3,196,360	3,149,218	3,091,640	3,022,629	3,003,700	2,924,416	2,784,754	2,645,855	2,498,932	2,360,592	2,246,660	2,145,150	2,042,797	2,024,332	2,171,408	2,337,579	2,507,821	2,737,704
Total current assets	US$ in thousands	1,068,560	1,164,330	1,166,620	1,175,480	1,135,160	42,116	36,603	26,699	1,211,760	1,126,380	1,052,260	1,015,330	1,003,860	978,591	963,143	958,517	1,047,970	1,060,720	1,078,310	1,368,010
Total current liabilities	US$ in thousands	734,753	697,978	684,623	650,394	675,795	635,852	656,297	614,788	642,197	570,561	541,372	513,835	543,772	512,197	498,222	453,443	466,032	450,065	478,696	496,332
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

December 31, 2024 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $3,265,876K ÷ ($1,068,560K – $734,753K)
= 9.78

The working capital turnover ratio for Kirby Corporation has shown a generally increasing trend over the past few years, indicating improved efficiency in managing working capital. The ratio increased from 3.14 in March 2020 to 9.78 in December 2024.

A higher working capital turnover ratio indicates that the company is effectively utilizing its working capital to generate sales. This could be attributed to better inventory management, more efficient accounts receivable collection, or tighter control over accounts payable.

It is important to note that the working capital turnover ratio has fluctuated over the period, which may suggest varying levels of operational efficiency or changes in business conditions. However, the overall increasing trend is a positive sign of the company's ability to efficiently utilize its working capital to support its operations and generate revenue.

Further analysis of the company's working capital policies and operational performance could provide insights into the factors driving the changes in the working capital turnover ratio over time.