SeaRiver acquisition
10-K - Mar 5, 2004
The purchase of the SeaRiver fleet, the U.S. marine transportation affiliate of ExxonMobil, included 48 double hull tank barges and seven towboats, and assumption of the leases on 16 double hull tank barges.
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Kirby Corporation
KEXActiveCIK 56047 · Environmental Services Adjacency
Kirby Corporation is a public company in Marine Shipping, tracked in the adjacency and edge-case industrials sub-sector, with $3.4B TTM revenue and $782M TTM EBITDA.
Market data as of May 10, 2026
Financials: LTM / latest available company filings
Sources: FMP, KEX filings, SEC EDGAR
$7,627
Market cap ($MM)
$7,777
Enterprise value ($MM)
$3,422
Revenue · LTM ($MM)
$782
EBITDA · LTM ($MM)
23%
EBITDA margin
2.3x
EV / revenue
9.9x
EV / EBITDA
1.2x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01KEX is a scaled public consolidator in Adjacency, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is RBA, DCI, GRC, CHE, AQN, WAAS.
Balance sheet & capacity
Indicative capacity read: 1.2x net debt / EBITDA with EBITDA of $782MM.
$58
Cash & equiv. ($MM)
$983
Total debt ($MM)
$925
Net debt ($MM)
1.2x
Net debt / EBITDA
Valuation
Where it trades against its peer set
KEX versus the scaled public Environmental Services Adjacency comparables.
EV / EBITDA distribution · peer set
KEX 9.9x
Indexed share-price performance
KEX versus available Environmental Services Adjacency peers and SPY.
+121%
KEX
+38%
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Kirby Corporation | KEX | $3,422 | $782 | 23% | $7,627 | $7,777 | 2.3x | 9.9x | 1.2x |
| RB Global, Inc | RBA | $4,735 | $1,326 | 28% | $19,241 | $22,636 | 4.8x | 17.1x | 1.5x |
| Donaldson Company, Inc. | DCI | $3,753 | $626 | 17% | $9,960 | $10,446 | 2.8x | 16.7x | 0.8x |
| The Gorman-Rupp Company | GRC | $695 | $126 | 18% | $2,041 | $2,304 | 3.3x | 18.3x | 2.1x |
| Chemed Corporation | CHE | $2,541 | $413 | 16% | $5,632 | $5,852 | 2.3x | 14.2x | 0.2x |
| Algonquin Power & Utilities Corp. | AQN | $2,521 | $946 | 38% | $4,689 | $11,324 | 4.5x | 12.2x | 8.2x |
| Consolidated Edison Inc. | ED | $17,215 | $6,975 | 41% | $39,178 | $66,208 | 3.8x | 9.5x | 0.1x |
| Sotera Health Co | SHC | $1,189 | $459 | 39% | $4,500 | $6,454 | 5.4x | 14.1x | 4.0x |
| Environmental Services Adjacency median | $2,982 | $704 | 25% | $6,629 | $9,112 | 3.6x | 14.1x | 1.3x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
KEX's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
18
Active years
18
Named deals
6
Avg / active year
1.0
Acq. cash outflow ($MM)
N/A
Banker read
- 01KEX reads as a programmatic acquirer: 18 disclosed acquisitions across 18 active years, or 1.0 per active year. The chart shows activity in 0 of the last 12 visible years.
- 02In the last three years, the file shows 0 acquisitions versus 0 in the prior three; recent activity is the visible baseline.
- 03Spend changes the read: $3.5B of disclosed spend is concentrated in lumpy years, with FY18 the largest year at $534MM. Recent spend is below the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
KEX count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
0 / 0
Last three years sets the visible baseline vs prior three.
Peak count year
FY14
0 disclosed acquisitions in the peak visible year.
Recent spend
$231MM
is down 37% vs prior three; peak FY18 at $534MM.
Named evidence
6 rows
33% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Jan 1, 2003 | SeaRiver | Adjacency and edge-case industrials | $35,566 | The purchase of the SeaRiver fleet, the U.S. marine transportation affiliate of ExxonMobil, included 48 double hull tank barges and seven towboats, and assumption of the leases... | 10-K† |
| Jul 1, 2011 | K-Sea Transportation Partners L.P. | Adjacency and edge-case industrials | $603 | On July 1, 2011, the Company completed the acquisition of K-Sea Transportation Partners L.P. (“K-Sea”) an operator of tank barges and tugboats participating in the coastal trans... | 10-K† |
| Dec 14, 2012 | Penn Maritime Inc. and Maritime Investments LLC | Adjacency and edge-case industrials | $301 | On December 14, 2012, the Company completed the acquisition of Penn Maritime Inc. and Maritime Investments LLC (“Penn”), an operator of tank barges and tugboats participating in... | 10-K† |
| Nov 1, 2012 | Allied Transportation Company assets | Adjacency and edge-case industrials | $119 | On November 1, 2012, the Company purchased from Allied Transportation Company (“Allied”) 10 coastal tank barges with a total capacity of 680,000 barrels, three offshore dry-bulk... | 10-K† |
| Nov 1, 2012 | Allied Transportation Company | Adjacency and edge-case industrials | $107 | On November 1, 2012, the Company purchased from Allied Transportation Company “(Allied”) 10 coastal tank barges with a total capacity of 680,000 barrels, three offshore dry-bulk... | 10-K† |
| Apr 16, 2004 | Osprey | Adjacency and edge-case industrials | $4 | On April 16, 2004, the Company purchased a one-third interest in Osprey for $4,220,000. The purchase price consisted of cash of $2,920,000 and notes payable of $1,300,000 due an... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 12 SEC-backed facts across 5 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
0
Named deal filings
4
Recent SEC filings
10
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.0 rows+-
No filing source clears this category.
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.4 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 24, 2014 | 10-K | K-Sea Transportation Partners L.P.; Penn Maritime Inc. and Maritime Investments LLC; Allied Transportation Company assets | Named deals | SEC filing |
| Feb 27, 2013 | 10-K | Allied Transportation Company | Named deals | SEC filing |
| Feb 28, 2007 | 10-K | Osprey | Named deals | SEC filing |
| Mar 5, 2004 | 10-K | SeaRiver | Named deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.10 rows+-
| Filing date | Form | Items | Description | Support | Source |
|---|---|---|---|---|---|
| May 8, 2026 | 10-Q | N/A | 10-Q | Recent SEC | SEC filing |
| May 1, 2026 | 10-Q | N/A | Quarterly report from SEC company index | Recent SEC | SEC filing |
| Apr 30, 2026 | 8-K | 2.02,5.02,5.07,9.01 | 8-K | Recent SEC | SEC filing |
| Mar 30, 2026 | 8-K | 1.01,2.03,9.01 | 8-K | Recent SEC | SEC filing |
| Mar 6, 2026 | DEFA14A | N/A | DEFA14A | Recent SEC | SEC filing |
| Mar 6, 2026 | DEF 14A | N/A | DEF 14A | Recent SEC | SEC filing |
| Feb 20, 2026 | 8-K | 5.02,9.01 | 8-K | Recent SEC | SEC filing |
| Feb 17, 2026 | 10-K | N/A | 10-K | FinancialsRecent SEC | SEC filing |
| Feb 1, 2026 | 10-K | N/A | Annual report from SEC company index | Recent SEC | SEC filing |
| Jan 29, 2026 | 8-K | 2.02,9.01 | 8-K | Recent SEC | SEC filing |
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+-
Medium
K-Sea Transportation Partners L.P.
10-K - Feb 24, 2014
On July 1, 2011, the Company completed the acquisition of K-Sea Transportation Partners L.P. (“K-Sea”) an operator of tank barges and tugboats participating in the coastal transportation primarily of refined petroleum p…
Penn Maritime Inc. and Maritime Investments LLC
10-K - Feb 24, 2014
On December 14, 2012, the Company completed the acquisition of Penn Maritime Inc. and Maritime Investments LLC (“Penn”), an operator of tank barges and tugboats participating in the coastal transportation of primarily r…
Allied Transportation Company assets
10-K - Feb 24, 2014
On November 1, 2012, the Company purchased from Allied Transportation Company (“Allied”) 10 coastal tank barges with a total capacity of 680,000 barrels, three offshore dry-bulk barges with a total capacity of 48,000 de…
Allied Transportation Company Asset Purchase
10-K - Feb 27, 2013
On November 1, 2012, the Company purchased from Allied Transportation Company “(Allied”) 10 coastal tank barges with a total capacity of 680,000 barrels, three offshore dry-bulk barges with a total capacity of 48,000 de…
Osprey interest acquisition
10-K - Feb 28, 2007
On April 16, 2004, the Company purchased a one-third interest in Osprey for $4,220,000. The purchase price consisted of cash of $2,920,000 and notes payable of $1,300,000 due and paid in April 2005.
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.