Detailed financial statements for Kinaxis Inc. (KXS.TO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Headquartered in Ottawa, Canada, Kinaxis Inc. specializes in providing cloud-based subscription software to optimize supply chain operations worldwide. Its core offering is the Kinaxis platform, a comprehensive software-as-a-service (SaaS) solution encompassing capabilities for advanced planning, integrated sales and operations planning (S&OP), precise supply and demand forecasting, efficient inventory management, and a centralized command and control center.
Analysis Summary
Kinaxis Inc. reported revenue of $557.6M in the most recent fiscal year, growing at a 5-year CAGR of 20.0%. Net income reached $71.9M, with a 39.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 63.2%, operating margin 17.8%, net margin 14.4%. Free cash flow grew at 19.2% CAGR over 5 years.
At 193.50 CAD (closing price, November 2, 2026), KXS.TO trades at a P/E of 44.22 and an ROE of 20.88%. Market capitalisation stands at CAD 5.3B.
Balance sheet quality for KXS.TO: debt-to-equity ratio of 0.11, current ratio of 1.88 over the last 12 months, net cash position of $276.2M at the end of the last fiscal year. 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 strong: free cash flow of $114.1M represents 159% 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 | $116.0M | $133.3M | $150.7M | $191.5M | $224.2M | $250.7M | $366.9M | $427.0M | $483.1M | $557.6M |
| Cost of Revenue | $35.8M | $39.8M | $47.0M | $53.9M | $70.1M | $86.8M | $131.1M | $168.1M | $188.5M | $219.7M |
| Gross Profit | $80.2M | $93.5M | $103.7M | $137.7M | $154.1M | $164.0M | $235.8M | $258.9M | $294.6M | $337.9M |
| Research & Development | $22.1M | $23.7M | $27.6M | $34.1M | $47.4M | $57.4M | $74.1M | $85.6M | $95.3M | $93.9M |
| Selling, General & Admin | $41.6M | $43.1M | $55.2M | $71.1M | $84.6M | $112.5M | $131.8M | $163.1M | $194.2M | $163.2M |
| Operating Expenses | $63.7M | $66.8M | $82.8M | $105.2M | $133.3M | $162.1M | $207.9M | $244.8M | $281.8M | $257.0M |
| Operating Income | $16.4M | $26.7M | $20.8M | $32.5M | $20.8M | $1.9M | $27.9M | $14.1M | $12.7M | $80.9M |
| EBITDA | $20.4M | $30.3M | $33.5M | $49.0M | $37.6M | $21.1M | $62.7M | $55.6M | $50.1M | $127.7M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | $259,566 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $18.0M | $27.8M | $22.5M | $35.3M | $21.5M | $1.1M | $31.5M | $19.7M | $25.2M | $94.5M |
| Income Tax | $7.3M | $7.4M | $8.1M | $11.9M | $7.7M | $2.3M | $11.4M | $9.7M | $25.1M | $22.6M |
| Net Income | $10.7M | $20.4M | $14.4M | $23.3M | $13.7M | -$1.2M | $20.1M | $10.1M | $56,000 | $71.9M |
| EPS | $0.44 | $0.81 | $0.56 | $0.89 | $0.51 | -$0.04 | $0.73 | $0.35 | $0.00 | $2.56 |
| EPS (Diluted) | $0.41 | $0.77 | $0.54 | $0.87 | $0.49 | -$0.04 | $0.70 | $0.35 | $0.00 | $2.49 |
| Shares Outstanding (Diluted) | 26.0 M | 26.5 M | 26.8 M | 27.0 M | 28.1 M | 27.2 M | 28.6 M | 29.1 M | 28.8 M | 28.8 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $132.9M | $146.5M | $162.9M | $158.8M |
| Gross Profit | $79.6M | $89.6M | $106.4M | $104.4M |
| Operating Income | $18.8M | $24.2M | $39.6M | $24.5M |
| EBITDA | $29.8M | $35.6M | $50.7M | $29.0M |
| Net Income | $16.6M | $19.8M | $28.9M | $21.2M |
| EPS | $0.59 | $0.71 | $1.05 | $0.78 |
| EPS (Diluted) | $0.57 | $0.69 | $1.03 | $0.76 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $126.9M | $101.9M | $126.5M | $177.5M | $182.6M | $201.3M | $177.1M | $173.6M | $172.1M | $149.3M |
| Short-term Investments | 0 | $54.3M | $55.6M | $29.5M | $30.1M | $29.9M | $51.0M | $117.3M | $126.2M | $174.8M |
| Receivables | $25.9M | $32.1M | $64.5M | $79.2M | $83.8M | $88.4M | $159.2M | $155.5M | $156.3M | $165.5M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $156.1M | $192.4M | $252.4M | $292.6M | $305.8M | $329.8M | $401.0M | $461.0M | $472.9M | $505.3M |
| Property, Plant & Equipment | $10.6M | $17.1M | $31.8M | $33.5M | $46.4M | $104.7M | $106.4M | $86.8M | $79.1M | $71.5M |
| Goodwill | 0 | 0 | 0 | 0 | $39.9M | $39.6M | $74.0M | $74.0M | $72.7M | $76.5M |
| Intangible Assets | 0 | 0 | 0 | 0 | $13.0M | $10.7M | $28.5M | $23.2M | $12.9M | $10.8M |
| Total Assets | $166.9M | $209.5M | $298.6M | $341.6M | $427.5M | $515.4M | $654.6M | $687.0M | $684.9M | $723.4M |
| Accounts Payable | $2.2M | $3.3M | $1.4M | $4.2M | $5.9M | $10.5M | $10.5M | $11.6M | $15.6M | $19.0M |
| Short-term Debt | 0 | 0 | $2.6M | $2.2M | $4.5M | $2.5M | $7.1M | $5.8M | $5.6M | $5.9M |
| Total Current Liabilities | $65.4M | $77.1M | $103.0M | $103.9M | $131.6M | $144.4M | $191.9M | $181.8M | $240.4M | $256.6M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $79.9M | $86.6M | $113.4M | $117.5M | $146.4M | $197.2M | $249.3M | $235.4M | $289.7M | $302.6M |
| Retained Earnings | -$22.7M | -$2.4M | $35.9M | $57.6M | $72.7M | $71.0M | $92.6M | $101.1M | $101.8M | $58.4M |
| Total Equity | $87.0M | $122.9M | $185.2M | $224.1M | $281.2M | $318.2M | $405.4M | $451.6M | $395.3M | $420.8M |
| Total Debt | 0 | 0 | $8.9M | $8.9M | $16.6M | $55.2M | $57.5M | $51.4M | $48.9M | $47.9M |
| Net Debt | -$126.9M | -$156.2M | -$173.2M | -$198.2M | -$196.1M | -$176.0M | -$170.5M | -$239.4M | -$249.4M | -$276.2M |
| Working Capital | $90.7M | $115.3M | $149.4M | $188.7M | $174.2M | $185.3M | $209.2M | $279.3M | $232.5M | $248.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $126.2M | $149.3M | $230.3M | $174.6M |
| Total Assets | $716.5M | $723.4M | $742.5M | $702.3M |
| Total Liabilities | $270.5M | $302.6M | $350.1M | $302.8M |
| Total Equity | $446.0M | $420.8M | $392.5M | $399.5M |
| Total Debt | $48.9M | $47.9M | $47.7M | $44.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $10.5M | $20.8M | $13.7M | $23.3M | $14.4M | -$1.1M | $19.5M | $10.2M | $53,310 | $71.9M |
| Depreciation & Amortization | $2.5M | $3.6M | $12.7M | $16.5M | $15.6M | $27.1M | $32.8M | $35.8M | $24.9M | $33.2M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $3.3M | -$2.7M | -$12.6M | -$9.1M | $11.0M | $5.4M | -$47.7M | $5.5M | $856,787 | $3.5M |
| Operating Cash Flow | $30.5M | $34.3M | $26.6M | $36.5M | $62.5M | $49.3M | $23.8M | $80.6M | $94.4M | $119.9M |
| Capital Expenditure | -$5.7M | -$10.4M | -$11.7M | -$11.7M | -$15.2M | -$33.3M | -$17.7M | -$2.3M | -$4.3M | -$5.8M |
| Acquisitions | 0 | 0 | 0 | 0 | -$64.9M | -$786,565 | -$35.6M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$37.2M | -$93.6M | -$98.7M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $24.8M | $23.9M | $14.9M | $24.8M | $47.3M | $16.0M | $6.1M | $78.3M | $90.2M | $114.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $33.0M | $31.5M | $58.1M | $30.7M |
| Capital Expenditure | -$717,511 | -$747,285 | -$973,772 | -$1.5M |
| Free Cash Flow | $32.3M | $30.8M | $57.1M | $29.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | $12.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +15.0% | +13.1% | +27.1% | +17.0% | +11.8% | +46.3% | +16.4% | +13.1% | +15.4% | |
| Net Income Growth (YoY) | +89.7% | -29.3% | +61.9% | -41.2% | -108.5% | +1,823.6% | -49.9% | -99.4% | +128,358.3% | |
| EPS Growth (YoY) | +84.1% | -30.9% | +58.9% | -42.7% | -108.4% | +1,805.6% | -52.1% | -99.4% | +127,900.0% | |
| Shares Change (YoY) | +1.9% | +1.3% | +0.5% | +4.3% | -3.2% | +5.0% | +1.9% | -1.2% | +0.1% | |
| FCF Growth (YoY) | -3.8% | -37.8% | +66.9% | +90.8% | -66.1% | -62.1% | +1,187.4% | +15.1% | +26.5% | |
| Gross Margin | 69.1% | 70.2% | 68.8% | 71.9% | 68.7% | 65.4% | 64.3% | 60.6% | 61.0% | 60.6% |
| Operating Margin | 14.2% | 20.0% | 13.8% | 16.9% | 9.3% | 0.8% | 7.6% | 3.3% | 2.6% | 14.5% |
| EBITDA Margin | 17.6% | 22.7% | 22.3% | 25.6% | 16.7% | 8.4% | 17.1% | 13.0% | 10.4% | 22.9% |
| Net Margin | 9.3% | 15.3% | 9.6% | 12.2% | 6.1% | -0.5% | 5.5% | 2.4% | 0.0% | 12.9% |
| FCF Margin | 21.4% | 17.9% | 9.9% | 12.9% | 21.1% | 6.4% | 1.7% | 18.3% | 18.7% | 20.5% |
| Effective Tax Rate | 40.3% | 26.6% | 35.9% | 33.8% | 36.1% | 206.2% | 36.2% | 49.0% | 99.8% | 23.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.96 | $0.90 | $0.55 | $0.92 | $1.68 | $0.59 | $0.21 | $2.69 | $3.13 | $3.95 |
| 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) | 24.7 M | 25.3 M | 25.8 M | 26.2 M | 28.0 M | 27.2 M | 27.7 M | 28.7 M | 28.2 M | 28.2 M |
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 | 20.88% |
| Return on Invested Capital | 17.27% |
| Return on Assets | 12.33% |
| Gross Margin | 63.23% |
| Operating Margin | 17.81% |
| Net Margin | 14.40% |
Financial Health
| Debt / Equity | 0.11 |
| Current Ratio | 1.88 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 8.70 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 105.57 | 74.72 | 86.23 | 86.47 | 277.51 | -3,275.63 | 153.51 | 320.33 | 60,157.49 | 49.23 |
| P/B | 13.16 | 12.46 | 6.73 | 8.99 | 14.10 | 12.01 | 7.65 | 7.14 | 8.59 | 8.43 |
| P/S | 9.88 | 11.49 | 8.27 | 10.52 | 17.69 | 15.24 | 8.45 | 7.55 | 7.03 | 6.36 |
| Gross Margin | 69.1% | 70.2% | 68.8% | 71.9% | 68.7% | 65.4% | 64.3% | 60.6% | 61.0% | 60.6% |
| Operating Margin | 14.2% | 20.0% | 13.8% | 16.9% | 9.3% | 0.8% | 7.6% | 3.3% | 2.6% | 14.5% |
| Net Margin | 9.3% | 15.3% | 9.6% | 12.2% | 6.1% | -0.5% | 5.5% | 2.4% | 0.0% | 12.9% |
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Explore sector: Technology · Software - Application
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