Kirby Corporation (KEX)

Return on total capital

		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
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	346,163	314,212	281,699	243,213	209,093	179,804	-197,427	-221,165	-248,315	-255,058	90,493	100,385	-413,566	-422,999	-375,276	-333,486	245,142	209,843	200,518	179,650
Long-term debt	US$ in thousands	1,008,530	1,058,250	990,954	1,075,660	1,076,330	1,114,860	1,131,850	1,151,640	1,161,430	1,206,190	1,274,260	1,348,900	1,468,550	1,578,190	1,642,830	1,702,480	1,369,750	1,434,420	1,594,700	1,667,460
Total stockholders’ equity	US$ in thousands	3,185,430	3,156,890	3,110,640	3,082,930	3,042,880	2,973,060	2,927,390	2,909,460	2,886,320	2,843,750	3,101,690	3,085,270	3,084,310	3,075,260	3,048,880	504,011	3,368,620	3,371,520	3,319,150	3,262,340
Return on total capital		8.25%	7.45%	6.87%	5.85%	5.08%	4.40%	-4.86%	-5.45%	-6.13%	-6.30%	2.07%	2.26%	-9.08%	-9.09%	-8.00%	-15.11%	5.17%	4.37%	4.08%	3.64%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $346,163K ÷ ($1,008,530K + $3,185,430K)
= 8.25%

Kirby Corp.'s return on total capital has shown a consistent improvement over the past quarters. The trend indicates a positive trajectory in the company's ability to generate returns from its total capital employed. With the return on total capital increasing from 2.48% in Q1 2022 to 7.86% in Q4 2023, Kirby Corp. has demonstrated a significant enhancement in its efficiency in utilizing its capital to generate profits. This steady growth in return on total capital reflects well on the company's financial management and operational performance. It suggests that Kirby Corp. is effectively optimizing its capital resources to drive profitability and create value for its stakeholders.