Kirby Corporation (KEX)

Debt-to-equity 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-equity ratio		0.32	0.35	0.40	0.48	0.41

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $1,008,530K ÷ $3,185,430K
= 0.32

The debt-to-equity ratio of Kirby Corp. has been showing a declining trend over the past five years. From 0.41 in 2019, the ratio decreased to 0.32 in 2023. This indicates that the company has been relying less on debt financing and more on equity financing during this period.

A decreasing debt-to-equity ratio generally suggests that the company is becoming less leveraged and is relying more on equity to fund its operations and investments. This can be seen as a positive sign, as a lower ratio indicates a lower financial risk and a stronger financial position.

Kirby Corp.'s decreasing debt-to-equity ratio may be a result of various factors such as increased profitability, better management of debt levels, or successful equity fundraising activities. Overall, the trend suggests that the company has been effectively managing its capital structure and maintaining a healthy balance between debt and equity in its financing activities.