Detailed financial statements for Key Tronic Corporation (KTCC): 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.
Key Tronic Corporation (KTCC) operates as a contract manufacturer, offering comprehensive services to original equipment manufacturers (OEMs) both within the United States and globally. The company provides an integrated suite of offerings, which includes electronic and mechanical engineering, all aspects of assembly, strategic sourcing and procurement, efficient logistics management, and thorough new product testing.
Analysis Summary
Key Tronic Corporation reported revenue of $386.7M in the most recent fiscal year, growing at a 5-year CAGR of -5.7%.
Trailing-twelve-month margins: gross margin 6.2%, operating margin -5.3%, net margin -12.4%.
At the current price of $2.36, KTCC has negative trailing earnings (P/E not meaningful) and an ROE of -48.61%. Market capitalisation stands at $26M.
Balance sheet quality for KTCC: current ratio of 2.1, net debt of $125.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $467.8M | $446.3M | $464.0M | $449.5M | $518.7M | $531.8M | $605.3M | $566.9M | $467.9M | $386.7M |
| Cost of Revenue | $429.5M | $412.2M | $429.4M | $414.2M | $476.7M | $488.6M | $557.8M | $527.0M | $431.4M | $362.7M |
| Gross Profit | $38.3M | $34.2M | $34.6M | $35.2M | $42.0M | $43.2M | $47.6M | $40.0M | $36.4M | $23.9M |
| Research & Development | $6.4M | $6.2M | $6.6M | $7.4M | $9.8M | $9.8M | $9.7M | $8.3M | $9.2M | $8.0M |
| Selling, General & Admin | $22.4M | $22.3M | $21.6M | $21.0M | $22.7M | $24.6M | $25.7M | $25.2M | $26.7M | $36.5M |
| Operating Expenses | $28.8M | $33.1M | $40.6M | $28.4M | $32.5M | $34.4M | $35.5M | $33.6M | $35.9M | $44.6M |
| Operating Income | $9.5M | $5.6M | $6.5M | $6.8M | $9.5M | $8.8M | $12.1M | $6.4M | $562000 | -$20.6M |
| EBITDA | $16.8M | $13.4M | $1.3M | $12.4M | $16.4M | $16.4M | $26.1M | $17.9M | $10.2M | -$11.1M |
| Interest Expense | $2.3M | $2.6M | $2.8M | $2.5M | $3.6M | $5.1M | $10.0M | $11.9M | $12.5M | $10.1M |
| Pre-tax Income | $7.3M | $3.1M | -$8.7M | $4.3M | $5.9M | $3.7M | $6.3M | -$5.2M | -$12.0M | -$24.8M |
| Income Tax | $1.6M | $117000 | -$758000 | -$439000 | $1.6M | $314000 | $1.1M | -$2.4M | -$3.6M | $23.0M |
| Net Income | $5.6M | -$1.3M | -$8.0M | $4.8M | $4.3M | $3.4M | $5.2M | -$2.8M | -$8.3M | -$47.8M |
| EPS | $0.51 | $-0.12 | $-0.74 | $0.44 | $0.40 | $0.31 | $0.48 | $-0.26 | $-0.77 | $-4.41 |
| EPS (Diluted) | $0.51 | $-0.12 | $-0.74 | $0.44 | $0.39 | $0.31 | $0.47 | $-0.26 | $-0.77 | $-4.41 |
| Shares Outstanding (Diluted) | $11.0M | $10.8M | $10.8M | $10.8M | $11.0M | $11.1M | $10.9M | $10.8M | $10.8M | $10.8M |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $373000 | $343000 | $601000 | $553000 | $3.5M | $1.7M | $3.6M | $4.8M | $1.4M | $584000 |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $65.2M | $70.3M | $80.6M | $109.9M | $135.1M | $157.8M | $180.5M | $153.8M | $113.6M | $107.9M |
| Inventory | $101.6M | $119.7M | $100.4M | $115.0M | $137.3M | $155.7M | $137.9M | $105.1M | $97.3M | $95.8M |
| Total Current Assets | $178.2M | $198.9M | $198.1M | $242.8M | $299.3M | $340.0M | $349.5M | $288.4M | $234.2M | $223.8M |
| Property, Plant & Equipment | $30.5M | $27.5M | $29.4M | $49.3M | $51.5M | $42.7M | $45.1M | $44.2M | $39.1M | $55.4M |
| Goodwill | $10.0M | $10.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $4.8M | $3.7M | $657000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $232.8M | $249.8M | $238.3M | $304.9M | $361.8M | $406.9M | $418.3M | $355.3M | $315.9M | $299.8M |
| Accounts Payable | $53.1M | $76.2M | $73.6M | $80.2M | $92.8M | $121.4M | $115.9M | $79.4M | $63.7M | $76.0M |
| Short-term Debt | $5.8M | $5.8M | $5.8M | $12.0M | $6.4M | $2.2M | $3.1M | $10.1M | $11.7M | $7.2M |
| Total Current Liabilities | $77.8M | $98.7M | $93.4M | $112.2M | $126.7M | $163.7M | $152.0M | $104.2M | $92.0M | $106.5M |
| Long-term Debt | $37.1M | $29.2M | $30.4M | $63.4M | $98.3M | $100.3M | $121.5M | $116.4M | $98.9M | $99.1M |
| Total Liabilities | $116.3M | $128.4M | $123.9M | $189.3M | $238.1M | $282.0M | $287.7M | $231.4M | $198.7M | $230.6M |
| Retained Earnings | $73.5M | $72.8M | $65.4M | $70.1M | $74.5M | $77.8M | $83.0M | $76.9M | $68.6M | $20.8M |
| Total Equity | $116.6M | $118.1M | $114.5M | $115.6M | $123.7M | $124.9M | $130.6M | $124.0M | $117.1M | $69.2M |
| Total Debt | $42.9M | $35.0M | $36.3M | $88.0M | $116.1M | $119.2M | $135.0M | $137.0M | $118.5M | $126.3M |
| Net Debt | $42.6M | $34.7M | $35.7M | $87.4M | $112.6M | $117.5M | $131.4M | $132.3M | $117.1M | $125.8M |
| Working Capital | $100.4M | $100.1M | $104.7M | $130.5M | $172.5M | $176.3M | $197.6M | $184.2M | $142.2M | $117.3M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $5.6M | -$1.3M | -$8.0M | $4.8M | $4.3M | $3.4M | $5.2M | -$2.8M | -$8.3M | -$47.8M |
| Depreciation & Amortization | $7.2M | $7.8M | $7.3M | $5.6M | $6.9M | $7.6M | $9.5M | $11.0M | $9.6M | 0 |
| Stock-based Compensation | $692000 | $447000 | $436000 | $266000 | $192000 | $293000 | $254000 | -$444000 | $218000 | $633000 |
| Change in Working Capital | -$4.3M | $10.6M | -$17.1M | -$41.7M | -$26.8M | -$22.8M | -$26.9M | $8.8M | $15.8M | 0 |
| Operating Cash Flow | $9.4M | $11.5M | $919000 | -$31.0M | -$15.1M | -$4.9M | -$11.3M | $13.8M | $18.9M | 0 |
| Capital Expenditure | -$9.3M | -$4.5M | -$8.4M | -$8.6M | -$10.6M | -$6.8M | -$9.8M | -$4.0M | -$4.1M | 0 |
| Acquisitions | $834000 | $1.0M | $22000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$122000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $118000 | $6.9M | -$7.5M | -$39.6M | -$25.7M | -$11.7M | -$21.1M | $9.8M | $14.8M | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -4.6% | +4.0% | -3.1% | +15.4% | +2.5% | +13.8% | -6.3% | -17.5% | -17.4% | |
| Net Income Growth (YoY) | -123.6% | -502.4% | +159.6% | -8.8% | -22.2% | +52.7% | -154.0% | -198.5% | -474.6% | |
| EPS Growth (YoY) | -123.5% | -516.7% | +159.5% | -9.1% | -22.5% | +54.8% | -154.2% | -196.2% | -472.7% | |
| Shares Change (YoY) | -2.3% | +0.0% | +0.5% | +2.1% | +0.2% | -1.1% | -1.6% | +0.0% | +0.7% | |
| FCF Growth (YoY) | +5776.3% | -207.7% | -430.7% | +35.3% | +54.3% | -79.9% | +146.6% | +51.1% | -100.0% | |
| Gross Margin | 8.2% | 7.7% | 7.5% | 7.8% | 8.1% | 8.1% | 7.9% | 7.0% | 7.8% | 6.2% |
| Operating Margin | 2.0% | 1.3% | 1.4% | 1.5% | 1.8% | 1.7% | 2.0% | 1.1% | 0.1% | -5.3% |
| EBITDA Margin | 3.6% | 3.0% | 0.3% | 2.8% | 3.2% | 3.1% | 4.3% | 3.2% | 2.2% | -2.9% |
| Net Margin | 1.2% | -0.3% | -1.7% | 1.1% | 0.8% | 0.6% | 0.9% | -0.5% | -1.8% | -12.4% |
| FCF Margin | 0.0% | 1.6% | -1.6% | -8.8% | -4.9% | -2.2% | -3.5% | 1.7% | 3.2% | 0.0% |
| Effective Tax Rate | 22.6% | 3.8% | 8.7% | -10.2% | 26.6% | 8.5% | 18.1% | 46.3% | 30.5% | -92.8% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.01 | $0.64 | $-0.69 | $-3.66 | $-2.32 | $-1.06 | $-1.93 | $0.91 | $1.38 | $0.00 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $10.9M | $10.8M | $10.8M | $10.8M | $10.8M | $10.8M | $10.8M | $10.8M | $10.8M | $10.8M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -48.61% |
| Return on Invested Capital | -10.29% |
| Return on Assets | -15.94% |
| Gross Margin | 6.19% |
| Operating Margin | -5.33% |
| Net Margin | -12.36% |
Financial Health
| Debt / Equity | 1.83 |
| Current Ratio | 2.10 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 2.42 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 13.90 | -63.17 | -6.84 | 11.95 | 16.38 | 13.77 | 11.81 | -15.58 | -3.55 | -0.94 |
| P/B | 0.66 | 0.69 | 0.48 | 0.49 | 0.57 | 0.37 | 0.47 | 0.35 | 0.25 | 0.65 |
| P/S | 0.17 | 0.18 | 0.12 | 0.13 | 0.14 | 0.09 | 0.10 | 0.08 | 0.06 | 0.12 |
| Gross Margin | 8.2% | 7.7% | 7.5% | 7.8% | 8.1% | 8.1% | 7.9% | 7.0% | 7.8% | 6.2% |
| Operating Margin | 2.0% | 1.3% | 1.4% | 1.5% | 1.8% | 1.7% | 2.0% | 1.1% | 0.1% | -5.3% |
| Net Margin | 1.2% | -0.3% | -1.7% | 1.1% | 0.8% | 0.6% | 0.9% | -0.5% | -1.8% | -12.4% |
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