Kirby Corporation (KEX)

Debt-to-capital ratio

		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
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
Debt-to-capital ratio		0.24	0.25	0.24	0.26	0.26	0.27	0.28	0.28	0.29	0.30	0.29	0.30	0.32	0.34	0.35	0.77	0.29	0.30	0.32	0.34

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 shown relatively stable values over the past eight quarters, ranging from 0.24 to 0.28. This ratio measures the proportion of the company's capital structure financed by debt. A lower ratio indicates that a company relies less on debt financing, which can be seen as a favorable sign of financial stability and lower financial risk.

Kirby Corp.'s debt-to-capital ratio fluctuated within a narrow range, suggesting a consistent approach to managing its capital structure. The company has maintained a conservative level of debt relative to its capital base, which could signify a prudent financial strategy. However, the slight increase in the ratio from Q1 2023 to Q3 2022 may indicate a slight uptick in debt usage during that period.

Overall, a debt-to-capital ratio between 0.24 and 0.28 indicates that Kirby Corp. has a balanced mix of debt and equity in its capital structure, potentially providing the company with flexibility in funding its operations and growth initiatives. Monitoring this ratio over time can help assess the company's financial health and risk profile.