Kamada Ltd.
KMDAHealthcare|Drug Manufacturers - Specialty & Generic|IL
$7.23
+0.36 (+5.24%)
DCF Value
$35.01
Tangible Book / Share
$2.51
Graham Number
$6.35
Cash / Share
$1.21
Financials
Financial Snapshot
Market Cap
$417.1M
Enterprise Value
$399.5M
Revenue (TTM)
$191.8M
Net Income (TTM)
$22.3M
Cash & Investments
$70.1M
Net Cash
$58.3M
Free Cash Flow (TTM)
$26.5M
Operating CF (TTM)
$36.0M
Debt/Equity
0.04
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $28.6M | $43.0M | $50.6M | $73.9M | $109.3M | $18.6M | $34.3M | $55.6M | $78.4M | $75.5M | $70.1M | |
| Operating Cash Flow | $1.9M | $3.9M | $10.5M | $28.4M | $19.1M | -$9.2M | $28.6M | $4.3M | $47.6M | $27.6M | $36.0M | |
| Free Cash Flow | -$744.0K | -$559.0K | $7.7M | $26.1M | $13.6M | -$13.0M | $24.8M | -$1.5M | $36.9M | $16.9M | $26.5M | |
| Capital Expenditure | -$2.6M | -$4.4M | -$2.9M | -$2.4M | -$5.5M | -$3.9M | -$3.8M | -$5.8M | -$10.7M | -$10.7M | -$9.5M | |
| Financing Cash Flow | $1.5M | $15.3M | -$587.0K | -$1.6M | $23.4M | $19.3M | -$9.3M | $22.7M | -$13.9M | -$19.9M | -$21.5M |
R&D Spending
R&D (TTM)
$9.9M
R&D Intensity
5.2%
R&D Growth vs Prior
-23.7%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $77.5M | $102.8M | $114.5M | $127.2M | $133.2M | $103.6M | $129.3M | $142.5M | $161.0M | $180.5M | $191.8M | |
| R&D Expense | $16.2M | $12.0M | $9.7M | $13.1M | $13.6M | $11.4M | $13.2M | $13.9M | $15.2M | $13.0M | $9.9M | |
| R&D % of Revenue | 21.0% | 11.6% | 8.5% | 10.3% | 10.2% | 11.0% | 10.2% | 9.8% | 9.4% | 7.2% | 5.2% | |
| SG&A | $10.9M | $12.7M | $12.2M | $12.8M | $14.7M | $17.6M | $25.1M | $27.4M | $30.8M | $33.8M | $37.2M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $77.5M | $102.8M | $114.5M | $127.2M | $133.2M | $103.6M | $129.3M | $142.5M | $161.0M | $180.5M | $191.8M | |
| Cost of Revenue | $55.8M | $70.7M | $73.0M | $77.5M | $85.7M | $73.3M | $82.6M | $87.0M | $91.0M | $104.1M | $113.5M | |
| Gross Profit | $21.6M | $32.1M | $41.5M | $49.7M | $47.6M | $30.3M | $46.7M | $55.5M | $70.0M | $76.4M | $78.3M | |
| R&D | $16.2M | $12.0M | $9.7M | $13.1M | $13.6M | $11.4M | $13.2M | $13.9M | $15.2M | $13.0M | $9.9M | |
| SG&A | $10.9M | $12.7M | $12.2M | $12.8M | $14.7M | $17.6M | $25.1M | $27.4M | $30.8M | $33.8M | $37.2M | |
| Operating Income | -$5.8M | $7.4M | $19.3M | $22.8M | $19.2M | -$696.0K | $4.5M | $10.1M | $20.1M | $26.2M | $27.8M | |
| Interest Expense | $126.0K | $82.0K | $327.1K | $293.0K | $266.0K | $283.0K | $914.0K | $1.3M | $660.0K | $864.0K | $1.0M | |
| Pretax Income | -$5.0M | $7.2M | $20.3M | $23.0M | $18.6M | -$1.9M | -$2.3M | $8.4M | $13.3M | $23.5M | $26.7M | |
| Net Income | -$6.7M | $6.9M | $22.3M | $22.3M | $17.1M | -$2.2M | -$2.3M | $8.3M | $14.5M | $20.2M | $22.3M | |
| EPS (Diluted) | -0.18 | 0.18 | 0.55 | 0.57 | 0.41 | -0.05 | -0.05 | 0.15 | 0.25 | 0.37 | 0.38 | |
| EBITDA | -$1.4M | $11.1M | $23.6M | $27.8M | $25.1M | $4.0M | $10.8M | $22.4M | $27.8M | $39.2M | $42.0M | |
| Shares Out. (M) | 36.43 | 38.05 | 40.54 | 40.58 | 44.59 | 44.77 | 44.82 | 53.68 | 57.82 | 58.35 | 57.89 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $10.0M | $12.7M | $18.1M | $42.7M | $70.2M | $18.6M | $34.3M | $55.6M | $78.4M | $75.5M | $29.5M | |
| Short-Term Investments | $18.7M | $30.3M | $32.5M | $31.2M | $39.1M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $40.7M | |
| Total Current Assets | $77.1M | $96.9M | $110.9M | $143.6M | $177.9M | $130.0M | $139.0M | $170.0M | $184.3M | $193.1M | $199.6M | |
| Total Assets | $99.7M | $122.1M | $138.1M | $173.8M | $210.7M | $318.7M | $322.4M | $354.9M | $372.3M | $378.8M | $383.2M | |
| Total Current Liabilities | $27.2M | $29.4M | $23.6M | $32.7M | $25.0M | $54.1M | $75.7M | $49.6M | $49.4M | $47.4M | $49.2M | |
| Long-Term Debt | $1.4M | $1.4M | $688.0K | $257.0K | $36.0K | $17.4M | $13.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $33.0M | $32.6M | $25.7M | $38.5M | $32.0M | $141.8M | $146.4M | $110.9M | $112.8M | $109.7M | $113.6M | |
| Stockholders' Equity | $66.7M | $89.5M | $112.4M | $135.3M | $178.6M | $176.8M | $176.0M | $244.0M | $259.5M | $269.1M | $269.6M | |
| Retained Earnings | -$111.5M | -$104.6M | -$83.0M | -$61.1M | -$43.9M | -$46.2M | -$48.5M | -$40.2M | -$25.7M | -$17.1M | -$18.1M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.9M | $3.9M | $10.5M | $28.4M | $19.1M | -$9.2M | $28.6M | $4.3M | $47.6M | $27.6M | $36.0M | |
| Capital Expenditure | -$2.6M | -$4.4M | -$2.9M | -$2.4M | -$5.5M | -$3.9M | -$3.8M | -$5.8M | -$10.7M | -$10.7M | -$9.5M | |
| Free Cash Flow | -$744.0K | -$559.0K | $7.7M | $26.1M | $13.6M | -$13.0M | $24.8M | -$1.5M | $36.9M | $16.9M | $26.5M | |
| Investing Cash Flow | $1.6M | -$15.9M | -$5.2M | -$581.8K | -$13.1M | -$63.5M | -$3.8M | -$5.8M | -$10.7M | -$10.6M | -$50.2M | |
| Financing Cash Flow | $1.5M | $15.3M | -$587.0K | -$1.6M | $23.4M | $19.3M | -$9.3M | $22.7M | -$13.9M | -$19.9M | -$21.5M | |
| Issuance of Stock | $0.00 | $0.00 | $8.7K | $16.5K | $24.9M | $19.8K | $0.00 | $58.2M | $0.00 | $54.1K | $61.79 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $1.5M | -$251.0K | -$596.0K | -$491.0K | -$1.6M | $20.6M | -$3.7M | -$18.3M | -$1.3M | -$972.0K | -$1.4M | |
| Stock Based Comp. | $1.1M | $483.0K | $948.0K | $0.00 | $977.0K | $0.00 | $1.2M | $1.3M | $874.0K | $0.00 | $917.0K | |
| Net Change in Cash | $4.9M | $2.7M | $5.4M | $24.6M | $27.5M | -$51.6M | $15.7M | $21.4M | $22.8M | -$3.0M | -$36.3M |
Dilution Tracker
Shares outstanding grew 30.8% over 5 years — significant dilution
Shares Outstanding
58M
5-Year Share Growth
+30.8%
Stock Issuance (TTM)
$61.79
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 36.43 | 38.05 | 40.54 | 40.58 | 44.59 | 44.77 | 44.82 | 53.68 | 57.82 | 58.35 | 57.89 | |
| Change vs Prior % | — | 4.4% | 6.6% | 0.1% | 9.9% | 0.4% | 0.1% | 19.8% | 7.7% | 0.9% | -0.8% | |
| Stock Issuance | $0.00 | $0.00 | $8.7K | $16.5K | $24.9M | $19.8K | $0.00 | $58.2M | $0.00 | $54.1K | $61.79 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.1M | $483.0K | $948.0K | $0.00 | $977.0K | $0.00 | $1.2M | $1.3M | $874.0K | $0.00 | $917.0K |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 27.9% | 31.2% | 36.2% | 39.1% | 35.7% | 29.3% | 36.1% | 38.9% | 43.5% | 42.3% | 40.8% | |
| Operating Margin % | -7.5% | 7.2% | 16.8% | 17.9% | 14.4% | -0.7% | 3.5% | 7.1% | 12.5% | 14.5% | 14.5% | |
| Net Margin % | -8.7% | 6.7% | 19.5% | 17.5% | 12.9% | -2.2% | -1.8% | 5.8% | 9.0% | 11.2% | 11.6% | |
| EBITDA Margin % | -1.8% | 10.8% | 20.6% | 21.9% | 18.8% | 3.9% | 8.4% | 15.7% | 17.3% | 21.7% | 21.9% | |
| FCF Margin % | -1.0% | -0.5% | 6.7% | 20.5% | 10.2% | -12.6% | 19.2% | -1.1% | 22.9% | 9.4% | 13.8% | |
| ROE % | -10.1% | 7.7% | 19.8% | 16.4% | 9.6% | -1.3% | -1.3% | 3.4% | 5.6% | 7.5% | 8.4% | |
| ROA % | -6.8% | 5.7% | 16.1% | 12.8% | 8.1% | -0.7% | -0.7% | 2.3% | 3.9% | 5.3% | 5.8% | |
| ROIC % | -8.0% | 7.7% | 16.7% | 15.5% | 9.5% | -0.3% | 1.8% | 3.2% | 6.2% | 6.8% | 6.9% | |
| R&D / Revenue % | 21.0% | 11.6% | 8.5% | 10.3% | 10.2% | 11.0% | 10.2% | 9.8% | 9.4% | 7.2% | 5.2% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 10.5% | 32.7% | 11.3% | 11.1% | 4.8% | -22.2% | 24.8% | 10.2% | 12.9% | 12.1% | |
| Gross Profit | 35.3% | 48.2% | 29.2% | 19.9% | -4.4% | -36.2% | 54.0% | 18.8% | 26.1% | 9.2% | |
| Operating Income | 48.9% | 227.4% | 158.7% | 18.3% | -15.6% | -103.6% | 751.1% | 122.1% | 99.2% | 30.8% | |
| Net Income | 40.3% | 202.5% | 223.1% | -0.2% | -23.0% | -113.0% | -4.1% | 456.9% | 74.6% | 39.7% | |
| EPS (Diluted) | 41.9% | 200.0% | 205.6% | 3.6% | -28.1% | -112.1% | -4.0% | 389.6% | 66.7% | 48.0% | |
| Operating Cash Flow | 113.6% | 105.1% | 171.1% | 169.7% | -32.8% | -148.0% | 411.8% | -84.9% | 1003.0% | -42.0% | |
| Free Cash Flow | 95.5% | 24.9% | 1470.7% | 240.2% | -47.8% | -195.8% | 290.1% | -106.2% | 2500.9% | -54.1% | |
| R&D Expense | -1.7% | -26.3% | -18.6% | 34.0% | 4.2% | -16.5% | 16.0% | 5.8% | 9.0% | -14.4% | |
| SG&A Expense | -0.1% | 16.4% | -4.1% | 5.7% | 14.1% | 19.7% | 42.8% | 9.5% | 12.3% | 9.8% | |
| Total Assets | -2.3% | 22.5% | 13.1% | 25.8% | 21.2% | 51.3% | 1.2% | 10.1% | 4.9% | 1.8% | |
| Book Value / Share | -8.4% | 28.6% | 18.4% | 20.3% | 20.6% | -2.4% | -0.6% | 27.2% | -9.7% | 3.4% | |
| Debt | 844.7% | 11.7% | -35.6% | 349.7% | -14.1% | 393.1% | -15.4% | -57.2% | 25.4% | 4.5% | |
| Diluted Shares | 0.5% | 4.4% | 6.6% | 0.1% | 9.9% | 0.4% | 0.1% | 19.8% | 7.7% | 0.9% |
Valuation
P/E (TTM)18.88
10Y Low / Med / High9.09 / 18.58 / 36.00
P/S2.17
10Y Low / Med / High1.39 / 2.17 / 2.84
P/B1.55
10Y Low / Med / High1.02 / 1.67 / 2.97
EV/EBITDA9.52
10Y Low / Med / High7.82 / 10.17 / 74.96
EV/Revenue2.08
10Y Low / Med / High1.28 / 1.77 / 2.90
P/FCF15.75
10Y Low / Med / High7.25 / 21.01 / 26.28
Intrinsic Value Models (per share)
DCF Value
$35.01
Tangible Book / Share
$2.51
Net Current Assets / Share
$1.49
Graham Number
$6.35
Graham Net-Net
$0.48
Cash / Share
$1.21
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -30.28 | 26.39 | 9.09 | 11.98 | 15.43 | -132.13 | -77.41 | 36.00 | 24.36 | 18.58 | 18.88 | |
| P/S Ratio | 2.56 | 1.75 | 1.76 | 2.17 | 2.15 | 2.84 | 1.39 | 2.10 | 2.18 | 2.26 | 2.17 | |
| P/B Ratio | 2.97 | 2.02 | 1.79 | 2.04 | 1.60 | 1.67 | 1.02 | 1.22 | 1.35 | 1.51 | 1.55 | |
| EV/EBITDA | -137.49 | 15.26 | 7.82 | 8.58 | 8.81 | 74.96 | 15.36 | 11.23 | 10.17 | 8.74 | 9.52 | |
| EV/Revenue | 2.46 | 1.65 | 1.61 | 1.88 | 1.66 | 2.90 | 1.28 | 1.77 | 1.76 | 1.90 | 2.08 |
Analyst Estimates & Quality
Altman Z-Score
3.34
Safe
Piotroski F-Score
6
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $203.0M | $228.2M | $248.3M |
| Net Income | $26.5M | $32.1M | $38.1M |
| EPS | $0.48 | $0.58 | $0.65 |
| # Analysts (EPS) | 3 | 3 | 1 |
Dividends
Dividend/Share (TTM)
$0.42
Dividend Yield
5.81%
Frequency
Semi-Annual
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Aug 27, 2026 | Sep 17, 2026 | $0.17 | Semi-Annual |
| Mar 23, 2026 | Apr 7, 2026 | $0.25 | Irregular |
| Mar 17, 2025 | Apr 7, 2025 | $0.20 | Special |
Revenue Segments
By Product
| Segment | 2025 |
|---|---|
| Distribution Member | $24.3M |
By Geography
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| OtherCountriesMember | $59.0K | $134.0K | — | — | — | — |
| OtherForeignCountriesMember | $36.1M | $35.8M | — | — | — | — |
| OtherForeignCountriesOneMember | $766.0K | $3.2M | — | — | — | — |
| OtherForeignCountriesThreeMember | $4.5M | $5.7M | — | — | — | — |
| OtherForeignCountriesTwoMember | $6.9M | $9.1M | — | — | — | — |
| Other Countries Member | — | — | $305.0K | $157.0K | $62.0K | $56.0K |
| Other Foreign Countries Member | — | — | $32.0M | $31.3M | $25.0M | $29.6M |
| Asia | — | — | — | $6.1M | $2.4M | $6.7M |
| CANADA | — | — | — | $11.2M | $9.5M | $10.8M |
| Latin America | — | — | — | $12.9M | $18.6M | $24.2M |