HAFN vs KEX: Hafnia Limited and Kirby compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Kirby is the larger company, worth $7.2B, about 1.3 times Hafnia Limited.
- Kirby grew revenue faster over the last year (+7.8% vs +7.4%).
- Hafnia Limited keeps more of each dollar of revenue as operating profit (28.1% vs 14.0%).
- On earnings, Hafnia Limited is the cheaper stock (7.1x vs 20.8x).
- Kirby's price assumes faster free cash flow growth: about 3% a year, against -12% for Hafnia Limited (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | HAFN | KEX |
|---|---|---|
| Market cap | $5.4B | $7.2B |
| Share price | $10.72 | $136.25 |
| Revenue (last fiscal year) | $2.9B | $3.4B |
| Free cash flow (last fiscal year) | $981M | $406M |
| Revenue growth, last year | +7.4% | +7.8% |
| Revenue growth per year, last 5 fiscal years | +22.0% | +10.6% |
| Operating margin | 28.1% | 14.0% |
| Net margin | 27.0% | 10.2% |
| Return on equity | 33.6% | 10.3% |
| P/E (trailing) | 7.15x | 20.8x |
| Price / free cash flow | 13.2x | 17.8x |
| EV / EBITDA | 9.29x | 10.8x |
| FCF growth the price implies | -12.4% | 3.5% |
| Dividend yield | 5.0% | — |
| Debt / equity | 0.60x | 0.81x |
| Fundamental grade | B | C |
| Superinvestors holding it | 2 | 7 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Hafnia Limited
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $1.9B | $324M | 42.7% |
| 2023 | $2.7B | $876M | 32.1% |
| 2024 | $2.9B | $981M | 28.1% |
Kirby
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.2B | $224M | -11.5% |
| 2022 | $2.8B | $122M | 6.9% |
| 2023 | $3.1B | $138M | 10.8% |
| 2024 | $3.3B | $414M | 12.2% |
| 2025 | $3.4B | $406M | 14.8% |
Where the revenue comes from
Hafnia Limited · by products, 2025
Revenue from Voyage Charter$1.3B55%
External Vessels in Disponent-Owner Pools$860M38%
Lease Component$114M5%
Non Lease Component$55M2%
Kirby · by segments, 2025
Marine Transportation$1.9B58%
Distribution and Services$1.4B42%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open HAFN in InvestinglyQuestions
Which is bigger, Hafnia Limited or Kirby?
Kirby (KEX), at $7.2B against $5.4B.
Is HAFN or KEX cheaper?
By trailing P/E, Hafnia Limited (7.15x) is cheaper than Kirby (20.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, HAFN or KEX?
Kirby: revenue grew +7.8% over the last year, against +7.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.