Kirby vs Matson
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KIRA’s take AI analyst
I put Kirby and Matson side by side, using each one’s latest annual report. Here is what stands out:
- Kirby is the larger business, with $3.4B of revenue in fiscal 2025 against $3.3B for Matson.
- Kirby grew revenue faster (3.0%, against −2.3%).
- Kirby turned more of its sales into free cash flow (12.1% FCF margin, against 4.6%).
- Matson earned a higher return on the capital invested in it (14.3%, against 8.9%).
- Investors pay more for each dollar of Kirby’s earnings: a P/E of 20.7x against 15.4x for Matson.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Kirby
KEX
4/10
Revenue growth5-year growthFCF marginPiotroski F-score
Matson
MATX
6/10
Operating marginNet marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | KEX FY25 | MATX FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.2B | $6.9B |
| Revenue | $3.4B | $3.3B |
| Free cash flow | $406M | $154M |
| Net income | $355M | $445M |
| Growth | ||
| Revenue growth | 3.0% | −2.3% |
| 5-year growth | 9.2% | 7.0% |
| Share count change | −4.0% | −5.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 14.8% | 14.9% |
| Net margin | 10.5% | 13.3% |
| FCF margin | 12.1% | 4.6% |
| Return on capital | 8.9% | 14.3% |
| Return on equity | 10.5% | 16.4% |
| Balance sheet | ||
| Net debt | $841M | $259M |
| Net debt / EBITDA | 1.1x | 0.4x |
| Dividends and buybacks | $354M | $348M |
| Valuation & quality | ||
| P/E | 20.7x | 15.4x |
| Piotroski F-score | 7 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.