World Kinect Corp (WKC)

Price$35.15Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because cheap earnings multiples rest on unusually favorable fuel markets.

Using 51.2 million June shares, the observed quote implies about $1.81 billion of market value. It equals roughly 10.7 times management’s $3.20–$3.40 adjusted 2026 earnings guidance and 1.4 times June book value. Those figures appear inexpensive, but adjusted earnings exclude restructuring and exit costs, while second-quarter profits benefited from exceptional fuel-price swings. A fair-priced verdict balances that discount against roughly $610 million of net debt and uncertain cash conversion.

Big pictureReported earnings have rebounded, but cash has not yet confirmed their durability.

Second-quarter reported earnings reached $48.4 million, while adjusted earnings were $66.4 million. For all of 2025, operating cash flow was $292.9 million and capital spending was $65.6 million, leaving about $227 million of free cash flow, meaning cash left after running and investing in the business. However, the first half of 2026 used $67.7 million operationally and spent $27.6 million on equipment. Rising fuel prices absorbed cash through receivables, inventory, and supplier payments, showing that accounting profit can outpace available cash.

Business strengthLiquidity is adequate, while debt and aggressive buybacks leave less room for error.

June current assets of $4.22 billion only modestly exceeded current liabilities of $3.99 billion, and cash was $135 million against $745 million of debt. The $1.65 billion credit facility provides working-capital flexibility, but $350 million of convertible notes mature in 2028. World Kinect repurchased $89.3 million of shares and paid $20.9 million of dividends during the first half; outstanding shares fell about 10% from December 2024. That benefits each remaining share, though the company also borrowed $49.7 million while operations consumed cash.

What could change the storyThe valuation improves if stronger profits become cash, but fades when fuel markets calm.

The strongest bull case is that the streamlined land business stays profitable while aviation and marine retain more of their recent gains. The bear case is that Middle East-driven fuel volatility fades: second-quarter volumes already fell 8%, despite record gross profit. Credit-loss provisions also rose to $35.5 million as certain customers weakened. Evidence favoring undervaluation would be adjusted earnings near or above $3.20 per share plus positive second-half cash flow covering investment and payouts. A guidance cut or further borrowing would weaken the case.

AI: News

Record quarter lifts outlookRecord quarterly profit and a second guidance increase strengthened expectations for the streamlined business.

On July 23, World Kinect reported $365 million of gross profit, $48 million of reported net income, and $66 million of adjusted net income. Aviation and marine posted record gross profit as fuel-price volatility created trading and supply opportunities. Management lifted adjusted 2026 earnings guidance by about 20% to $3.20–$3.40 per share. The shares closed 5.2% higher the next session; that timing is consistent with a favorable response, though it does not prove causation.

Land portfolio sale closesSelling lower-quality land operations reduced complexity and released cash for the remaining business.

In June, World Kinect completed the sale of most of its land fuel transportation and lubricants operations for $82.8 million, subject to adjustments. The assets had already produced an $85.1 million impairment during late 2025, so the sale generated only a $1.2 million second-quarter gain. The transaction removes activities management considered unprofitable or strategically unsuitable. Its value depends on whether the retained land operations can sustain their recent return to profit without repeated exit charges.

Dividend increasedA larger dividend signals confidence, although weak recent cash flow makes coverage worth watching.

On June 18, the board increased the quarterly dividend by 15%, from $0.20 to $0.23 per share. At the observed market value, the new annualized payment represents a yield of roughly 2.6%. The higher payout complements substantial share repurchases, but first-half operations consumed $67.7 million of cash. The increase is therefore encouraging rather than conclusive evidence of durable cash generation; future coverage should be judged after working-capital demands normalize.

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue	$36.92B	$42.17B	$47.71B	$59.04B	$31.34B	$20.36B	$36.82B	$39.75B	$33.70B	$27.02B	$30.38B	$43.39B	$41.56B	$38.95B	$34.62B	$19.13B	$11.30B	$18.51B
Gross profit	$947.8M	$1.03B	$1.06B	$1.09B	$788.2M	$851.8M	$1.11B	$1.02B	$932.2M	$899.0M	$861.0M	$819.1M	$752.8M	$673.4M	$635.0M	$442.1M	$375.6M	$395.4M
Gross margin	2.57%	2.43%	2.22%	1.84%	2.52%	4.18%	3.02%	2.56%	2.77%	3.33%	2.83%	1.89%	1.81%	1.73%	1.83%	2.31%	3.33%	2.14%
Operating expenses	$1.51B	$815.7M	$860.2M	$815.8M	$645.6M	$714.0M	$812.3M	$758.8M	$886.6M	$710.1M	$615.3M	$542.4M	$488.3M	$416.4M	$378.0M	$261.3M	$221.6M	$241.6M
Operating income	−$564.7M	$210.6M	$198.0M	$273.2M	$142.6M	$137.9M	$299.7M	$259.7M	$45.6M	$188.9M	$245.7M	$276.7M	$264.5M	$257.0M	$257.0M	$180.9M	$154.0M	$153.7M
Operating margin	−1.53%	0.50%	0.42%	0.46%	0.46%	0.68%	0.81%	0.65%	0.14%	0.70%	0.81%	0.64%	0.64%	0.66%	0.74%	0.95%	1.36%	0.83%
EBITDA	−$466.5M	$317.0M	$302.5M	$381.0M	$223.6M	$223.7M	$387.1M	$341.2M	$131.6M	$271.2M	$311.2M	$334.0M	$309.2M	$293.7M	$297.5M	$200.0M	$171.0M	$167.6M
EBITDA margin	−1.26%	0.75%	0.63%	0.65%	0.71%	1.10%	1.05%	0.86%	0.39%	1.00%	1.02%	0.77%	0.74%	0.75%	0.86%	1.05%	1.51%	0.91%
Net income	−$614.4M	$67.4M	$52.9M	$114.1M	$73.7M	$109.6M	$178.9M	$127.7M	−$170.2M	$126.5M	$174.5M	$221.1M	$207.2M	$201.4M	$199.2M	$146.9M	$117.1M	$105.0M
Net profit margin	−1.66%	0.16%	0.11%	0.19%	0.24%	0.54%	0.49%	0.32%	−0.51%	0.47%	0.57%	0.51%	0.50%	0.52%	0.58%	0.77%	1.04%	0.57%
Basic EPSper basic share	-$10.99	$1.14	$0.86	$1.83	$1.17	$1.72	$2.71	$1.89	-$2.50	$1.82	$2.49	$3.17	$2.85	$2.66	$2.74	$2.36	$1.99	$1.82
Diluted EPSper diluted share	-$10.99	$1.13	$0.86	$1.82	$1.16	$1.71	$2.69	$1.89	-$2.50	$1.81	$2.47	$3.15	$2.83	$2.64	$2.71	$2.31	$1.96	$1.80

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

19.01%of listed shares

BlackRock, Inc.9.73M shares · Jun 30, 2026

View holders

Top 20 reported holders of WKC
Holder	% owned
BlackRock, Inc.	19.01%9.73M shares
BRANDES INVESTMENT PARTNERS, LP	8.59%4.4M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	7.48%3.83M shares
STATE STREET CORP	6.56%3.36M shares
DIMENSIONAL FUND ADVISORS LP	5.72%2.93M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.36%2.23M shares
LSV ASSET MANAGEMENT	3.85%1.97M shares
Invesco Ltd.	3.79%1.94M shares
AMERICAN CENTURY COMPANIES INC	3.21%1.64M shares
AQR CAPITAL MANAGEMENT LLC	2.70%1.38M shares
GEODE CAPITAL MANAGEMENT, LLC	2.56%1.31M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	2.09%1.07M shares
KASBAR MICHAEL J	≈2.00%1.02M shares
MORGAN STANLEY	1.87%956.64K shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	1.83%935.57K shares
EVR Research LP	1.72%880K shares
TWO SIGMA INVESTMENTS, LP	1.68%861.09K shares
FMR LLC	1.43%731.09K shares
WELLS FARGO & COMPANY/MN	1.37%703.02K shares
BANK OF MONTREAL /CAN/	1.30%664.01K shares

Percentages use 51.2M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)21$7.59M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 8, 2026Form 4 · 10b5-1	KASBAR MICHAEL JExecutive Chairman	SellCommon Stock	19.3K	$30.17	$582.3K	1.02M
Jun 5, 2026Form 4 · 10b5-1	KASBAR MICHAEL JExecutive Chairman	SellCommon Stock	700	$30.00	$21.0K	1.04M
Jun 2, 2026Form 4 · 10b5-1	KASBAR MICHAEL JExecutive Chairman	SellCommon Stock	10.0K	$29.15	$291.5K	1.04M
May 11, 2026Form 4	KASSAR RICHARD ADirector	SellCommon Stock	10.0K	$26.97	$269.7K	53.8K
May 5, 2026Form 4	STEBBINS PAUL HDirector	SellCommon Stock	20.8K	$27.69	$576.7K	40.7K

Review ownership filings at SEC.gov ↗

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World Kinect Corp (WKC)

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