Kirby Corporation (KEX)

Financial leverage 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
Total assets	US$ in thousands	5,722,200	5,682,880	5,574,580	5,574,750	5,554,920	5,456,300	5,405,160	5,382,790	5,399,060	5,389,880	5,767,820	5,788,090	5,924,170	5,981,120	6,017,010	6,263,330	6,079,100	6,127,880	6,232,890	6,300,690
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
Financial leverage ratio		1.80	1.80	1.79	1.81	1.83	1.84	1.85	1.85	1.87	1.90	1.86	1.88	1.92	1.94	1.97	12.43	1.80	1.82	1.88	1.93

December 31, 2023 calculation

Financial leverage ratio = Total assets ÷ Total stockholders’ equity
= $5,722,200K ÷ $3,185,430K
= 1.80

The financial leverage ratio of Kirby Corp. has been relatively stable over the past eight quarters, ranging from 1.79 to 1.85. The financial leverage ratio measures the degree to which a company relies on debt financing as opposed to equity financing. A ratio above 1 indicates that the company has more debt than equity in its capital structure.

Kirby Corp.'s financial leverage ratio of around 1.80 to 1.85 suggests that the company has a moderate reliance on debt to finance its operations and investments. The stability of the ratio over time indicates a consistent approach to managing the company's capital structure.

While the financial leverage ratio provides insight into the company's debt levels, it is important to consider other factors such as profitability, liquidity, and cash flow when evaluating Kirby Corp.'s overall financial health and risk profile.