Kirby Corporation (KEX)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	1,008,530	1,076,330	1,161,430	1,468,550	1,369,750
Total stockholders’ equity	US$ in thousands	3,185,430	3,042,880	2,886,320	3,084,310	3,368,620
Debt-to-capital ratio		0.24	0.26	0.29	0.32	0.29

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $1,008,530K ÷ ($1,008,530K + $3,185,430K)
= 0.24

The debt-to-capital ratio of Kirby Corp. has been relatively stable over the last five years, declining from 0.29 in 2019 to 0.24 in 2023. This ratio measures the proportion of the company's total debt to its total capital, which includes both debt and equity.

A lower debt-to-capital ratio indicates that Kirby Corp. relies less on debt financing and has a stronger financial position. The downward trend in the ratio from 2019 to 2023 suggests that the company has been reducing its debt levels or increasing its equity compared to its total capital.

Overall, Kirby Corp.'s decreasing debt-to-capital ratio over the years indicates improved financial health and a potentially lower financial risk due to a reduced reliance on debt to fund its operations.