KEX - Kirby Corp Stock Price, Fair Value and News

111.22USD-0.94 (-0.84%)Delayed as of 26 Apr 2024, 11:06 am ET

Market Summary

USD111.22-0.94

Delayedas of 26 Apr 2024, 11:06 am

-0.84%

KEX Alerts

3 major insider sales recently.

KEX Stock Price

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KEX RSI Chart

KEX Valuation

Market Cap

6.6B

Price/Earnings (Trailing)

29.44

Price/Sales (Trailing)

2.12

EV/EBITDA

13.53

Price/Free Cashflow

12.15

KEX Price/Sales (Trailing)

KEX Profitability

EBT Margin

9.51%

Return on Equity

Return on Assets

3.9%

Free Cashflow Yield

8.23%

KEX Fundamentals

KEX Revenue

Revenue (TTM)

3.1B

Rev. Growth (Yr)

9.45%

Rev. Growth (Qtr)

4.5%

KEX Earnings

Earnings (TTM)

222.9M

Earnings Growth (Yr)

65.93%

Earnings Growth (Qtr)

-1.68%

Breaking Down KEX Revenue

52 Week Range

69.22112.55

(Low)(High)

Last 7 days

18.0%

Last 30 days

17.9%

Last 90 days

40.4%

Trailing 12 Months

68.3%

How does KEX drawdown profile look like?

KEX Financial Health

Current Ratio

1.68

Debt/Equity

0.32

Debt/Cashflow

0.54

KEX Investor Care

Buy Backs (1Y)

2.49%

Diluted EPS (TTM)

3.72

Historical Charts for Stock Metrics

Get all data in R, Python etc through our Historical Stock Data APIs

Net sales

Year	Q1	Q2	Q3	Q4
2023	2.9B	3.0B	3.0B	3.1B
2022	2.4B	2.5B	2.6B	2.8B
2021	2.0B	2.0B	2.1B	2.2B
2020	2.7B	2.5B	2.3B	2.2B
2019	3.0B	2.9B	2.9B	2.8B
2018	2.5B	2.8B	3.0B	3.0B
2017	1.8B	1.8B	1.9B	2.2B
2016	2.0B	1.9B	1.8B	1.8B
2015	2.6B	2.5B	2.3B	2.1B
2014	2.3B	2.3B	2.5B	2.6B
2013	2.1B	2.2B	2.2B	2.2B
2012	2.1B	2.2B	2.2B	2.1B
2011	1.1B	1.3B	1.6B	1.9B
2010	1.1B	1.1B	1.1B	1.1B
2009	0	1.3B	1.2B	1.1B
2008	0	0	0	1.4B

Get all data in R, Python etc through our Historical Stock Data APIs

GRUFITY'S FAIR VALUE MODEL

Stocks Marked 'Very Cheap' by Grufity's Fair Value Model Have Outperformed Russell 2000 Index

Small Caps and Mid Caps are mostly overlooked by investors as all the focus goes to Magnificent 7. These stocks that are not part of the beauty contest require a deeper look. However, all large cap stocks were once small caps. Grufity's Fair Value model opens up this unverse as it separates high-performing, rewarding stocks from low-performing risky stocks. <b>Russell 2000 stocks that were marked 'Very Cheap' by the model doubled in three years while the index was flat.</b>

Returns of $10,000 invested in:

Very Cheap Stocks: $21,859
Russell 2000 Index: $10,334
Very Expensive Stocks: $8,224

Russell 2000 stocks considered 'Very Cheap' by the model greatly outperformed Russell 2000 index and the 'Very Expensive' bucket over past three years.

Russell 2000 Index

Very Expensive Stocks

Very Cheap Stocks

Try For Just $1.99

Tracking the Latest Insider Buys and Sells of Kirby Corp

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
Apr 11, 2024	miller scott p	sold	-48,592	99.78	-487	vp - cio
Apr 08, 2024	miller scott p	acquired	-	-	803	vp - cio
Apr 08, 2024	miller scott p	sold (taxes)	-31,457	99.55	-316	vp - cio
Apr 01, 2024	niemietz kurt a.	acquired	-	-	367	vp ir & treasurer
Apr 01, 2024	niemietz kurt a.	sold (taxes)	-8,518	94.65	-90.00	vp ir & treasurer
Mar 27, 2024	strahan dorman lynn	sold	-325,562	95.11	-3,423	president-kirby engine systems
Mar 27, 2024	strahan dorman lynn	acquired	258,436	75.5	3,423	president-kirby engine systems
Mar 26, 2024	miller scott p	acquired	569,254	84.9	6,705	vp - cio
Mar 26, 2024	miller scott p	sold	-637,310	95.05	-6,705	vp - cio
Mar 22, 2024	kumar raj	sold	-204,976	92.00	-2,228	exec vp and cfo

Which funds bought or sold KEX recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
Apr 24, 2024	V-Square Quantitative Management LLC	unchanged	-	40,273	234,119	0.03%
Apr 24, 2024	Krilogy Financial LLC	reduced	-4.44	141,790	1,024,690	0.08%
Apr 24, 2024	BROWN ADVISORY INC	reduced	-10.57	275,636	3,474,800	-%
Apr 24, 2024	RAYMOND JAMES TRUST N.A.	new	-	215,137	215,137	-%
Apr 24, 2024	Simplicity Wealth,LLC	new	-	544,658	544,658	0.01%
Apr 24, 2024	Keene & Associates, Inc.	added	6.39	127,352	563,151	0.42%
Apr 24, 2024	Assenagon Asset Management S.A.	added	1.77	1,729,040	9,051,300	0.02%
Apr 23, 2024	RICE HALL JAMES & ASSOCIATES, LLC	reduced	-43.03	-248,211	557,622	0.03%
Apr 23, 2024	Gradient Investments LLC	sold off	-100	-706	-	-%
Apr 23, 2024	MUHLENKAMP & CO INC	added	0.66	2,938,120	16,139,000	4.69%

Are Funds Buying or Selling KEX?

Are funds buying KEX calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own KEX

No. of Funds

KEX Alerts

3 major insider sales recently.

Unveiling Kirby Corp's Major ShareHolders

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 13, 2024	neuberger berman group llc	5.97%	3,531,182	SC 13G/A
Feb 13, 2024	vanguard group inc	10.32%	6,097,723	SC 13G/A
Feb 08, 2024	morgan stanley	6.8%	4,044,933	SC 13G/A
Jan 25, 2024	blackrock inc.	8.6%	5,057,639	SC 13G/A
Sep 11, 2023	vanguard group inc	10.15%	6,039,100	SC 13G/A
Feb 10, 2023	neuberger berman group llc	5.69%	3,410,183	SC 13G
Feb 09, 2023	morgan stanley	7.0%	4,183,389	SC 13G/A
Feb 09, 2023	fmr llc	-	0	SC 13G/A
Feb 09, 2023	vanguard group inc	9.55%	5,722,820	SC 13G/A
Jan 25, 2023	blackrock inc.	8.8%	5,299,329	SC 13G/A

Recent SEC filings of Kirby Corp

View All Filings

Date Filed	Form Type	Document
Apr 25, 2024	8-K	Current Report
Apr 11, 2024	144	Notice of Insider Sale Intent
Apr 11, 2024	4	Insider Trading
Apr 11, 2024	4	Insider Trading
Apr 11, 2024	DEFA14A	DEFA14A
Mar 28, 2024	4	Insider Trading
Mar 28, 2024	4	Insider Trading
Mar 27, 2024	144	Notice of Insider Sale Intent
Mar 26, 2024	144	Notice of Insider Sale Intent
Mar 25, 2024	4	Insider Trading

Peers (Alternatives to Kirby Corp)

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
MID-CAP
KEX	6.6B	3.1B	17.86%	68.32%	29.44	2.12	11.02%	82.30%
MATX	3.8B	3.1B	0.76%	75.34%	12.74	1.22	-28.75%	-72.07%
SMALL-CAP
GNK	907.2M	383.8M	7.23%	39.61%	-71.05	2.36	-28.52%	-108.04%
EGLE	693.2M	393.8M	0.58%	45.82%	30.5	1.76	-45.29%	-90.84%
SMHI	339.5M	279.5M	-9.36%	55.93%	-36.45	1.21	28.61%	87.00%
PANL	323.3M	499.3M	2.82%	14.00%	12.29	0.65	-28.64%	-66.88%

Kirby Corp News

Latest updates

Kirby Corp Earnings Report: Key Takeaways & Analysis

Income Statement (Last 12 Months)

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Income Statement (Quarterly)																					(In Millions)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Revenue	4.5%	799	765	777	750	730	746	698	611	591	599	560	497	490	497	541	644	656	667	771	745	721
Costs and Expenses	5.2%	706	671	690	689	672	687	651	581	560	916	536	494	465	467	507	1,154	640	589	695	673	741
S&GA Expenses	6.6%	84.00	79.00	83.00	89.00	81.00	75.00	71.00	76.00	68.00	66.00	63.00	70.00	59.00	62.00	66.00	72.00	71.00	65.00	69.00	73.00	65.00
EBITDA Margin	4.5%	0.18*	0.17*	0.16*	0.15*	0.15*	0.14*	0.00*	-0.01*	-0.02*	-0.02*	0.15*	-	-	-	-	-	-	-	-	-	-
Interest Expenses	-2.0%	13.00	13.00	12.00	13.00	12.00	12.00	11.00	10.00	10.00	11.00	11.00	11.00	11.00	12.00	13.00	13.00	13.00	14.00	16.00	13.00	12.00
Income Taxes	4.1%	19.00	19.00	19.00	14.00	13.00	12.00	11.00	6.00	12.00	-60.44	5.00	-0.89	-7.10	-8.42	-1.43	-172	1.00	16.00	15.00	14.00	-5.96
Earnings Before Taxes	-0.3%	81.00	82.00	76.00	55.00	51.00	51.00	40.00	24.00	23.00	-325	16.00	-4.01	15.00	19.00	24.00	-519	4.00	64.00	63.00	58.00	-30.29
EBT Margin	9.2%	0.10*	0.09*	0.08*	0.07*	0.06*	0.05*	-0.10*	-0.11*	-0.13*	-0.14*	0.02*	-	-	-	-	-	-	-	-	-	-
Net Income	-1.7%	62.00	63.00	57.00	41.00	37.00	39.00	28.00	17.00	11.00	-264	10.00	-3.37	22.00	27.00	25.00	-347	3.00	48.00	47.00	44.00	-24.44
Net Income Margin	9.9%	0.07*	0.07*	0.06*	0.05*	0.04*	0.04*	-0.08*	-0.10*	-0.11*	-0.11*	0.03*	-	-	-	-	-	-	-	-	-	-
Free Cashflow	124.4%	216	96.00	211	16.00	133	66.00	63.00	32.00	41.00	83.00	95.00	-	-	-	-	-	-	-	-	-	-

Balance Sheet

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Balance Sheet																					(In Millions)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Assets	0.7%	5,722	5,683	5,575	5,575	5,555	5,456	5,405	5,383	5,399	5,390	5,768	5,788	5,924	5,981	6,017	6,010	6,079	6,128	6,233	6,301	5,872
Current Assets	-5.1%	1,135	1,196	1,169	1,200	1,212	1,126	1,052	1,015	1,004	979	963	959	1,048	1,061	1,078	1,368	918	959	1,054	1,118	1,096
Cash Equivalents	-22.6%	33.00	42.00	37.00	27.00	81.00	37.00	25.00	32.00	35.00	54.00	53.00	52.00	80.00	120	108	323	25.00	9.00	23.00	7.00	8.00
Inventory	-10.1%	454	506	505	475	462	392	370	360	331	309	326	326	310	321	336	341	351	410	428	492	507
Net PPE	2.1%	3,861	3,782	3,698	3,666	3,633	3,641	3,653	3,660	3,679	3,705	3,863	3,881	3,917	3,958	3,976	3,777	3,777	3,794	3,796	3,792	3,540
Goodwill	0%	439	439	439	439	439	439	439	439	439	439	658	658	658	658	658	82.00	10.00	954	954	954	954
Current Liabilities	6.3%	676	636	656	615	642	571	541	514	544	512	498	453	466	450	479	496	514	517	526	583	608
Long Term Debt	-4.7%	1,009	1,058	991	1,076	1,076	1,115	1,132	1,152	1,161	1,206	1,274	1,349	1,469	1,578	1,643	1,702	1,370	1,434	1,595	1,667	1,410
LT Debt, Non Current	-4.7%	1,009	1,058	991	1,076	1,076	1,115	1,132	1,152	1,161	1,206	1,274	1,349	1,469	1,578	1,643	1,702	1,370	1,434	1,595	1,667	1,410
Shareholder's Equity	0.9%	3,185	3,157	3,113	3,085	3,043	2,975	2,930	2,912	2,889	2,846	3,105	3,089	3,088	3,078	3,052	3,026	3,372	3,374	3,322	3,265	3,216
Retained Earnings	2.4%	2,692	2,630	2,567	2,509	2,469	2,431	2,392	2,364	2,346	2,335	2,600	2,590	2,593	2,571	2,544	2,519	2,866	2,863	2,815	2,768	2,724
Additional Paid-In Capital	0.2%	864	862	858	857	859	858	855	854	855	852	848	846	845	842	839	838	836	833	829	827	823
Accumulated Depreciation	-100.0%	-	1,928	1,882	1,867	1,819	1,794	1,764	1,732	1,714	1,680	1,731	1,704	1,698	1,671	1,635	1,590	1,547	1,518	1,508	1,473	1,472
Minority Interest	4.7%	1.00	1.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	4.00	3.00	3.00	3.00	3.00	3.00	3.00	3.00	3.00	3.00	3.00
Float	-	-	-	4,500	-	-	-	3,600	-	-	-	3,606	-	-	-	3,179	-	-	-	4,675	-	-

Cashflow (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Cashflow (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Cashflow From Operations	124.4%	216,001	96,278	211,469	16,480	132,943	65,541	63,422	32,222	41,214	82,544	95,260	102,558	85,177	117,619	170,643	71,501	124,214	199,402	149,668	38,529	74,695
Share Based Compensation	-22.6%	2,631	3,398	3,104	5,808	2,417	2,893	2,590	5,965	2,920	3,645	3,426	5,722	2,656	3,414	3,321	5,331	2,533	3,172	3,007	4,900	2,455
Cashflow From Investing	12.4%	-122,532	-139,901	-85,548	-65,168	-48,342	-31,611	-34,953	-24,695	-15,513	-11,167	-19,810	-9,298	-14,242	-41,446	-324,505	-105,654	-45,880	-50,374	-61,529	-295,215	-79,443
Cashflow From Financing	-309.6%	-103,008	49,136	-116,017	-5,190	-41,015	-22,043	-35,763	-9,942	-45,265	-70,052	-74,731	-121,265	-110,183	-65,058	-60,238	331,987	-63,022	-162,124	-72,907	256,175	8,931
Buy Backs	122.6%	51,893	23,310	34,416	3,184	-	4,816	18,085	-	-	-	-	-	-	-	-	-	-	-	-	-	-

KEX Income Statement

2023-12-31

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues [Abstract]
Revenues	$ 3,091,640	$ 2,784,754	$ 2,246,660
Costs and expenses:
Costs of sales and operating expenses	2,180,422	2,060,941	1,652,961
Selling, General and Administrative Expense	335,213	302,692	266,911
Taxes, other than on income	34,766	35,071	36,251
Depreciation, Depletion and Amortization	211,156	201,443	213,718
Impairments and other charges	0	0	340,713
Gain on disposition of assets	(5,009)	(8,279)	(5,761)
Total costs and expenses	2,756,548	2,591,868	2,504,793
Operating income (loss)	335,092	192,886	(258,133)
Other income	11,041	16,677	10,001
Interest expense	(52,008)	(44,588)	(42,469)
Earnings (loss) before taxes on income	294,125	164,975	(290,601)
(Provision) benefit for taxes on income	(71,220)	(42,214)	43,830
Net earnings (loss)	222,905	122,761	(246,771)
Less: Net (earnings) loss attributable to noncontrolling interests	30	(470)	(183)
Net earnings (loss) attributable to Kirby	$ 222,935	$ 122,291	$ (246,954)
Net earnings (loss) per share attributable to Kirby common stockholders:
Earnings Per Share, Basic	$ 3.74	$ 2.04	$ (4.11)
Earnings Per Share, Diluted	$ 3.72	$ 2.03	$ (4.11)
Marine Transportation [Member]
Revenues [Abstract]
Revenues	$ 1,721,937	$ 1,616,967	$ 1,322,918
Distribution and Services [Member]
Revenues [Abstract]
Revenues	$ 1,369,703	$ 1,167,787	$ 923,742

KEX Balance Sheet

2023-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 32,577	$ 80,577
Accounts receivable:
Trade - less allowance for doubtful accounts of $7,636 ($7,684 in 2022)	526,691	483,406
Other	52,025	114,556
Inventories - net	454,389	461,848
Prepaid expenses and other current assets	69,479	71,372
Total current assets	1,135,161	1,211,759
Property and equipment - net	3,861,105	3,633,462
Operating lease right-of-use assets	152,216	154,507
Investment in affiliates	2,576	2,171
Goodwill	438,748	438,748
Other intangibles, net	42,927	51,463
Other assets	89,464	62,814
Total assets	5,722,197	5,554,924
Current liabilities:
Bank notes payable	8,068	3,292
Income taxes payable	1,486	323
Accounts payable	269,378	278,081
Accrued liabilities:
Interest	13,114	11,630
Insurance premiums and claims	84,825	65,088
Employee compensation	69,075	55,851
Taxes - other than on income	31,555	30,169
Other	30,377	42,014
Current portion of operating lease liabilities	33,340	36,444
Deferred revenues	134,577	119,305
Total current liabilities	675,795	642,197
Long-term debt, net - less current portion	1,008,527	1,076,326
Deferred income taxes	696,557	625,884
Operating lease liabilities - less current portion	138,811	142,140
Other long-term liabilities	15,830	23,209
Total long-term liabilities	1,859,725	1,867,559
Contingencies and commitments	0	0
Kirby stockholders' equity:
Common stock, $0.10 par value per share. Authorized 120,000,000 shares, issued 65,472,000	6,547	6,547
Additional paid-in capital	863,963	859,345
Accumulated other comprehensive income - net	35,006	16,853
Retained earnings	2,691,665	2,468,730
Treasury stock - at cost, 6,843,000 shares in 2023 and 5,565,000 shares in 2022	(411,750)	(308,598)
Total Kirby stockholders' equity	3,185,431	3,042,877
Noncontrolling interests	1,246	2,291
Total equity	3,186,677	3,045,168
Total liabilities and equity	$ 5,722,197	$ 5,554,924

About Kirby Corp

Kirby Corporation operates domestic tank barges in the United States. Its Marine Transportation segment provides marine transportation service and towing vessel transporting bulk liquid product, as well as operates tank barge throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along three United States coasts, and in Alaska and Hawaii. It also transports petrochemicals, black oils, refined petroleum products, and agricultural chemicals by tank barges; and operates offshore dry-bulk barges and tugboat units that are engaged in the offshore transportation of dry-bulk cargos in the United States coastal trade. As of December 31, 2022, it owned and operated 1,037 inland tank barge, approximately 277 inland towboat, 29 coastal tank barge, 27 coastal tugboat, 4 offshore dry-bulk cargo barge, 4 offshore tugboat, and 1 docking tugboat. Its Distribution and Services segment sells after-market service and genuine replacement parts for engines, transmissions, reduction gears, electric motors, drives, and controls, electrical distribution and control systems, energy storage battery systems, and related oilfield service equipment; rebuilds component parts or diesel engines, transmissions and reduction gears, and related equipment used in oilfield services, marine, power generation, on-highway, and other industrial applications; rents generators, industrial compressors, high capacity lift trucks, and refrigeration trailers; and manufactures and remanufactures oilfield service equipment, including pressure pumping units, as well as manufacturers electric power generation equipment, specialized electrical distribution and control equipment, and high capacity energy storage/battery systems. It serves to various companies and the United States government. The company was formerly known as Kirby Exploration Company, Inc. and changed its name to Kirby Corporation in 1990. Kirby Corporation was founded in 1921 and is headquartered in Houston, Texas.

CEO	Mr. David W. Grzebinski C.F.A.
WEBSITE	https://kirbycorp.com
INDUSTRY	Marine Shipping
EMPLOYEES	5200

Kirby Corp Frequently Asked Questions

What is the ticker symbol for Kirby Corp? What does KEX stand for in stocks?

KEX is the stock ticker symbol of Kirby Corp. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of Kirby Corp (KEX)?

As of Thu Apr 25 2024, market cap of Kirby Corp is 6.56 Billion. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of KEX stock?

You can check KEX's fair value in chart for subscribers.

What is the fair value of KEX stock?

You can check KEX's fair value in chart for subscribers. The fair value of Kirby Corp is provided for various growth and macro-economic scenarios from very pessimiatic to very optimistic assumptions. These fair values are estimates from Grufity's Fair Value model based on company's past performance. However, past performance of Kirby Corp is no guarantee of future performance. These fairvalue estimates should only be used as one of the inputs in your stock analysis. We provide model's historical fair value estimates for KEX so that you know how good or bad the model has been in the past so you can discard it if needed. There are others that provide fair values of stocks such as wallmine, finbox, gurufocus and finviz. Most provide point in time estimates. We provide a history of our models fair value estimates so that you can get a sense of it's usefulness. Otherwise this data point is of little use.

Is Kirby Corp a good stock to buy?

The fair value guage provides a quick view whether KEX is over valued or under valued. Whether Kirby Corp is cheap or expensive depends on the assumptions which impact Kirby Corp's fair value. We provide several scenarios of inflation and growth to encompass these range of assumptions for KEX.

What is Kirby Corp's Price to Earnings (PE) and Price to sales (PS) ratio?

As of Thu Apr 25 2024, KEX's PE ratio (Price to Earnings) is 29.44 and Price to Sales (PS) ratio is 2.12. The price to earnings and price to sales ratio are two most important valuation metrics for any company. PE ratio tell us the number of years of earnings investors are ready to pay for owning the company. Historically, S&P500 price to earnings ratio has fallen below 12 during periods of gloom and gone past 30 during periods of euphoria. KEX PE ratio will change depending on the future growth rate expectations of investors.

What is 5 year return on Kirby Corp's stock?

In the past 10 years, Kirby Corp has provided 0.012 (multiply by 100 for percentage) rate of return.