Detailed financial statements for Kamada Ltd. (KMDA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Kamada Ltd. is a biopharmaceutical firm focused on developing, manufacturing, and distributing protein therapeutics derived from human plasma. The company operates through two core business areas: its proprietary product segment and its distribution division.
Analysis Summary
Kamada Ltd. reported revenue of $180.5M in the most recent fiscal year, growing at a 5-year CAGR of 6.3%. Net income reached $20.2M, with a 3.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 40.8%, operating margin 14.5%, net margin 11.6%. Free cash flow grew at 4.5% CAGR over 5 years.
At the current price of $8.19, KMDA trades at a P/E of 20.76 and an ROE of 8.37%. Market capitalisation stands at $473M.
Balance sheet quality for KMDA: current ratio of 4.1, net cash position of $63.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $16.9M represents 84% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $77.5M | $102.8M | $114.5M | $127.2M | $133.2M | $103.6M | $129.3M | $142.5M | $161.0M | $180.5M |
| Cost of Revenue | $55.8M | $70.7M | $73.0M | $77.5M | $85.7M | $73.3M | $82.6M | $87.0M | $91.0M | $104.1M |
| Gross Profit | $21.6M | $32.1M | $41.5M | $49.7M | $47.6M | $30.3M | $46.7M | $55.5M | $70.0M | $76.4M |
| Research & Development | $16.2M | $12.0M | $9.7M | $13.1M | $13.6M | $11.4M | $13.2M | $13.9M | $15.2M | $13.0M |
| Selling, General & Admin | $10.9M | $12.7M | $12.2M | $12.8M | $14.7M | $17.6M | $25.1M | $27.4M | $30.8M | $33.8M |
| Operating Expenses | $27.1M | $24.6M | $22.2M | $27.0M | $28.3M | $31.0M | $42.2M | $45.4M | $49.9M | $50.2M |
| Operating Income | -$5.8M | $7.4M | $19.3M | $22.8M | $19.2M | -$696000 | $4.5M | $10.1M | $20.1M | $26.2M |
| EBITDA | -$2.0M | $11.2M | $23.5M | $27.8M | $25.4M | $4.0M | $10.8M | $21.2M | $27.8M | $39.2M |
| Interest Expense | $126000 | $82000 | $327126 | $293000 | $266000 | $283000 | $914000 | $1.3M | $660000 | $864000 |
| Pre-tax Income | -$5.0M | $7.2M | $20.3M | $23.0M | $18.6M | -$1.9M | -$2.3M | $8.4M | $13.3M | $23.5M |
| Income Tax | $1.7M | $269000 | -$2.0M | $730000 | $1.4M | $345000 | $62000 | $145000 | -$1.1M | $3.3M |
| Net Income | -$6.7M | $6.9M | $22.3M | $22.3M | $17.1M | -$2.2M | -$2.3M | $8.3M | $14.5M | $20.2M |
| EPS | $-0.18 | $0.18 | $0.55 | $0.57 | $0.42 | $-0.05 | $-0.05 | $0.17 | $0.25 | $0.38 |
| EPS (Diluted) | $-0.18 | $0.18 | $0.55 | $0.57 | $0.41 | $-0.05 | $-0.05 | $0.15 | $0.25 | $0.37 |
| Shares Outstanding (Diluted) | $36.4M | $38.0M | $40.5M | $40.6M | $44.6M | $44.8M | $44.8M | $53.7M | $57.8M | $58.3M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $10.0M | $12.7M | $18.1M | $42.7M | $70.2M | $18.6M | $34.3M | $55.6M | $78.4M | $75.5M |
| Short-term Investments | $18.7M | $30.3M | $32.5M | $31.2M | $39.1M | 0 | 0 | 0 | 0 | 0 |
| Receivables | $21.8M | $32.0M | $29.5M | $25.2M | $23.1M | $35.6M | $28.4M | $21.3M | $23.2M | $29.0M |
| Inventory | $25.6M | $21.1M | $29.3M | $43.2M | $43.0M | $71.8M | $72.5M | $88.5M | $78.8M | $85.0M |
| Total Current Assets | $77.1M | $96.9M | $110.9M | $143.6M | $177.9M | $130.0M | $139.0M | $170.0M | $184.3M | $193.1M |
| Property, Plant & Equipment | $22.2M | $25.2M | $25.0M | $28.6M | $29.1M | $29.4M | $28.7M | $36.0M | $45.9M | $50.3M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | $30.3M | $30.3M | $30.3M | $30.3M | $30.3M |
| Intangible Assets | $21.8M | 0 | $123000 | $298000 | $1.5M | $123.3M | $116.7M | $109.6M | $101.9M | $96.1M |
| Total Assets | $99.7M | $122.1M | $138.1M | $173.8M | $210.7M | $318.7M | $322.4M | $354.9M | $372.3M | $378.8M |
| Accounts Payable | $16.3M | $18.0M | $17.3M | $24.8M | $16.1M | $25.1M | $32.9M | $24.8M | $27.7M | $23.2M |
| Short-term Debt | $412000 | $614000 | $452000 | $489000 | $238000 | $2.6M | $4.4M | 0 | 0 | $2.1M |
| Total Current Liabilities | $27.2M | $29.4M | $23.6M | $32.7M | $25.0M | $54.1M | $75.7M | $49.6M | $49.4M | $47.4M |
| Long-term Debt | $1.4M | $1.4M | $688000 | $257000 | $36000 | $17.4M | $13.0M | 0 | 0 | 0 |
| Total Liabilities | $33.0M | $32.6M | $25.7M | $38.5M | $32.0M | $141.8M | $146.4M | $110.9M | $112.8M | $109.7M |
| Retained Earnings | -$111.5M | -$104.6M | -$83.0M | -$61.1M | -$43.9M | -$46.2M | -$48.5M | -$40.2M | -$25.7M | -$17.1M |
| Total Equity | $66.7M | $89.5M | $112.4M | $135.3M | $178.6M | $176.8M | $176.0M | $244.0M | $259.5M | $269.1M |
| Total Debt | $1.8M | $2.0M | $1.3M | $5.7M | $4.9M | $24.4M | $20.6M | $8.8M | $11.1M | $11.6M |
| Net Debt | -$26.9M | -$41.0M | -$49.3M | -$68.2M | -$104.3M | $5.8M | -$13.7M | -$46.8M | -$67.4M | -$63.9M |
| Working Capital | $49.9M | $67.5M | $87.3M | $110.8M | $152.9M | $76.0M | $63.3M | $120.4M | $135.0M | $145.7M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$6.7M | $6.9M | $22.3M | $23.0M | $17.1M | -$2.3M | -$2.3M | $8.3M | $14.5M | $21.9M |
| Depreciation & Amortization | $3.5M | $3.5M | $3.7M | $4.7M | $4.9M | $5.8M | $12.2M | $12.7M | $13.8M | $16.1M |
| Stock-based Compensation | $1.1M | $483000 | $948000 | 0 | $977000 | 0 | $1.2M | $1.3M | $874000 | 0 |
| Change in Working Capital | $3.9M | -$7.9M | -$14.1M | -$1.8M | -$7.1M | -$15.0M | $11.6M | -$18.2M | $11.4M | -$19.1M |
| Operating Cash Flow | $1.9M | $3.9M | $10.5M | $28.4M | $19.1M | -$9.2M | $28.6M | $4.3M | $47.6M | $27.6M |
| Capital Expenditure | -$2.6M | -$4.4M | -$2.9M | -$2.4M | -$5.5M | -$3.9M | -$3.8M | -$5.8M | -$10.7M | -$10.7M |
| Acquisitions | $41892 | $62165 | $28864 | $9284 | 0 | -$100.2M | 0 | 0 | 0 | $8659 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$12.5M |
| Free Cash Flow | -$744000 | -$559000 | $7.7M | $26.1M | $13.6M | -$13.0M | $24.8M | -$1.5M | $36.9M | $16.9M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +32.7% | +11.3% | +11.1% | +4.8% | -22.2% | +24.8% | +10.2% | +12.9% | +12.1% | |
| Net Income Growth (YoY) | +202.5% | +223.1% | -0.2% | -23.0% | -113.0% | -4.1% | +456.9% | +74.6% | +39.7% | |
| EPS Growth (YoY) | +200.0% | +205.6% | +3.6% | -26.3% | -111.9% | -4.0% | +428.2% | +47.1% | +52.0% | |
| Shares Change (YoY) | +4.4% | +6.6% | +0.1% | +9.9% | +0.4% | +0.1% | +19.8% | +7.7% | +0.9% | |
| FCF Growth (YoY) | +24.9% | +1470.7% | +240.2% | -47.8% | -195.8% | +290.1% | -106.2% | +2500.9% | -54.1% | |
| Gross Margin | 27.9% | 31.2% | 36.2% | 39.1% | 35.7% | 29.3% | 36.1% | 38.9% | 43.5% | 42.3% |
| Operating Margin | -7.5% | 7.2% | 16.8% | 17.9% | 14.4% | -0.7% | 3.5% | 7.1% | 12.5% | 14.5% |
| EBITDA Margin | -2.6% | 10.9% | 20.5% | 21.9% | 19.1% | 3.9% | 8.4% | 14.9% | 17.3% | 21.7% |
| Net Margin | -8.7% | 6.7% | 19.5% | 17.5% | 12.9% | -2.2% | -1.8% | 5.8% | 9.0% | 11.2% |
| FCF Margin | -1.0% | -0.5% | 6.7% | 20.5% | 10.2% | -12.6% | 19.2% | -1.1% | 22.9% | 9.4% |
| Effective Tax Rate | -34.4% | 3.8% | -9.6% | 3.2% | 7.7% | -18.3% | -2.7% | 1.7% | -8.5% | 13.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.02 | $-0.01 | $0.19 | $0.64 | $0.31 | $-0.29 | $0.55 | $-0.03 | $0.64 | $0.29 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.21 |
| Shares Outstanding (Basic) | $36.4M | $38.0M | $40.3M | $40.3M | $44.1M | $44.8M | $44.8M | $48.8M | $57.5M | $57.6M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 8.37% |
| Return on Invested Capital | 6.90% |
| Return on Assets | 5.81% |
| Gross Margin | 40.82% |
| Operating Margin | 14.51% |
| Net Margin | 11.60% |
Financial Health
| Debt / Equity | 0.04 |
| Current Ratio | 4.06 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -30.28 | 26.67 | 9.09 | 11.98 | 15.43 | -132.13 | -77.41 | 36.00 | 24.36 | 18.58 |
| P/B | 2.97 | 2.04 | 1.79 | 2.04 | 1.60 | 1.67 | 1.02 | 1.22 | 1.35 | 1.51 |
| P/S | 2.56 | 1.77 | 1.76 | 2.17 | 2.15 | 2.84 | 1.39 | 2.10 | 2.18 | 2.26 |
| Gross Margin | 27.9% | 31.2% | 36.2% | 39.1% | 35.7% | 29.3% | 36.1% | 38.9% | 43.5% | 42.3% |
| Operating Margin | -7.5% | 7.2% | 16.8% | 17.9% | 14.4% | -0.7% | 3.5% | 7.1% | 12.5% | 14.5% |
| Net Margin | -8.7% | 6.7% | 19.5% | 17.5% | 12.9% | -2.2% | -1.8% | 5.8% | 9.0% | 11.2% |
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