Kirby Corporation (KEX)

Debt-to-equity 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-equity ratio		0.32	0.34	0.32	0.35	0.35	0.37	0.39	0.40	0.40	0.42	0.41	0.44	0.48	0.51	0.54	3.38	0.41	0.43	0.48	0.51

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 relatively stable over the past eight quarters, ranging from 0.32 to 0.40. This ratio indicates the proportion of the company's financing that comes from debt compared to equity. A lower ratio suggests that the company relies more on equity financing, which can be considered a positive sign for investors as it signifies lower financial risk.

Kirby Corp.'s decreasing trend in debt-to-equity ratio from Q1 2022 (0.40) to Q4 2023 (0.32) may indicate a reduction in the company's reliance on debt to fund its operations or investments. This could mean that Kirby Corp. is managing its debt levels effectively and potentially improving its financial stability.

Overall, the consistency of the debt-to-equity ratio within a narrow range, coupled with the downward trend observed over the period, suggests that Kirby Corp. has maintained a balanced capital structure and is potentially becoming less leveraged over time. This can be seen as a positive signal for investors and stakeholders regarding the company's financial health and risk management strategies.