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Kirby (FRA:KIY) Piotroski F-Score : 8 (As of Apr. 27, 2024)


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What is Kirby Piotroski F-Score?

Good Sign:

Piotroski F-Score is 8, indicates a very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Kirby has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Kirby's Piotroski F-Score or its related term are showing as below:

FRA:KIY' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 8
Current: 8

During the past 13 years, the highest Piotroski F-Score of Kirby was 8. The lowest was 4. And the median was 6.


Kirby Piotroski F-Score Historical Data

The historical data trend for Kirby's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Kirby Piotroski F-Score Chart

Kirby Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6.00 4.00 5.00 8.00 8.00

Kirby Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 8.00 8.00 8.00 8.00 8.00

Competitive Comparison of Kirby's Piotroski F-Score

For the Marine Shipping subindustry, Kirby's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Kirby's Piotroski F-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Kirby's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Kirby's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was 38.012 + 52.95 + 58.997 + 56.768 = €207 Mil.
Cash Flow from Operations was 15.392 + 195.186 + 90.212 + 198.073 = €499 Mil.
Revenue was 700.915 + 717.4 + 716.591 + 732.844 = €2,868 Mil.
Gross Profit was 146.876 + 165.662 + 169.396 + 167.388 = €649 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(5243.848 + 5206.815 + 5145.336 + 5324.859 + 5247.255) / 5 = €5233.6226 Mil.
Total Assets at the begining of this year (Dec22) was €5,244 Mil.
Long-Term Debt & Capital Lease Obligation was €1,052 Mil.
Total Current Assets was €1,041 Mil.
Total Current Liabilities was €620 Mil.
Net Income was 15.83 + 26.92 + 39.482 + 35.22 = €117 Mil.

Revenue was 554.59 + 660.274 + 753.301 + 689.276 = €2,657 Mil.
Gross Profit was 100.062 + 117.292 + 144.462 + 137.023 = €499 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(4778.171 + 4887.575 + 5113.278 + 5510.861 + 5243.848) / 5 = €5106.7466 Mil.
Total Assets at the begining of last year (Dec21) was €4,778 Mil.
Long-Term Debt & Capital Lease Obligation was €1,150 Mil.
Total Current Assets was €1,144 Mil.
Total Current Liabilities was €606 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Kirby's current Net Income (TTM) was 207. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Kirby's current Cash Flow from Operations (TTM) was 499. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec22)
=206.727/5243.848
=0.03942277

ROA (Last Year)=Net Income/Total Assets (Dec21)
=117.452/4778.171
=0.02458095

Kirby's return on assets of this year was 0.03942277. Kirby's return on assets of last year was 0.02458095. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Kirby's current Net Income (TTM) was 207. Kirby's current Cash Flow from Operations (TTM) was 499. ==> 499 > 207 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=1052.109/5233.6226
=0.20102882

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=1150.232/5106.7466
=0.22523773

Kirby's gearing of this year was 0.20102882. Kirby's gearing of last year was 0.22523773. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec23)=Total Current Assets/Total Current Liabilities
=1040.943/619.704
=1.67974226

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=1143.9/606.234
=1.88689516

Kirby's current ratio of this year was 1.67974226. Kirby's current ratio of last year was 1.88689516. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Kirby's number of shares in issue this year was 59.329. Kirby's number of shares in issue last year was 60.209. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=649.322/2867.75
=0.22642211

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=498.839/2657.441
=0.18771405

Kirby's gross margin of this year was 0.22642211. Kirby's gross margin of last year was 0.18771405. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec22)
=2867.75/5243.848
=0.54687893

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=2657.441/4778.171
=0.55616281

Kirby's asset turnover of this year was 0.54687893. Kirby's asset turnover of last year was 0.55616281. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+1+0+1+1+0
=7

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Kirby has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Kirby  (FRA:KIY) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Kirby Piotroski F-Score Related Terms

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Kirby (FRA:KIY) Business Description

Traded in Other Exchanges
Address
55 Waugh Drive, Suite 1000, Houston, TX, USA, 77007
Kirby Corp is a domestic tank barge operator, transporting bulk liquid products throughout three United States coasts. The Company transports petrochemicals, black oil, refined petroleum products, and agricultural chemicals by tank barge. The Company conducts operations in two reportable business segments: The Marine transportation segment which provides marine transportation services, operating tank barges and towing vessels transporting bulk liquid products, and the Distribution and services segment, which provides after-market service, and genuine replacement parts for engines, transmissions, reduction gears, and power generation equipment used in oil and gas and commercial and industrial applications. The company's revenue is generated from the Marine Transportation segment.

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