Kadant (KAI) financial statements
Kadant reported revenue of $1.1B in fiscal 2025, up 10.9% a year over 9 years.
Net income was $102M and the operating margin 14.9%, against 11.3% in 2016.
Free cash flow was $154M, and the company returned $16M in dividends.
The diluted share count rose 6% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Kadant's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $414M | $515M | $634M | $705M | $635M | $787M | $905M | $958M | $1.1B | $1.1B |
| Cost of revenue | $226M | $284M | $356M | $411M | $358M | $449M | $515M | $541M | $587M | $577M |
| Gross profit | $189M | $231M | $278M | $294M | $277M | $337M | $390M | $416M | $466M | $476M |
| Research and development | $7M | $10M | $11M | $11M | $11M | $11M | $13M | $14M | $14M | $15M |
| Selling, general and admin | $135M | $160M | $177M | $193M | $182M | $209M | $224M | $236M | $280M | $302M |
| Operating income | $47M | $62M | $89M | $88M | $81M | $117M | $171M | $166M | $171M | $157M |
| Interest expense | $1M | $4M | $7M | $13M | $7M | $5M | $6M | $8M | $20M | $16M |
| Pre-tax income | $45M | $58M | $80M | $69M | $74M | $112M | $166M | $159M | $153M | $144M |
| Income tax | $12M | $26M | $18M | $16M | $18M | $27M | $44M | $42M | $41M | $40M |
| Net income | $32M | $31M | $60M | $52M | $55M | $84M | $121M | $116M | $112M | $102M |
| EPS (diluted) | $2.88 | $2.75 | $5.30 | $4.54 | $4.77 | $7.21 | $10.35 | $9.90 | $9.48 | $8.65 |
| Diluted shares | 11M | 11M | 11M | 11M | 12M | 12M | 12M | 12M | 12M | 12M |
| Gross margin | 45.5% | 44.9% | 43.9% | 41.7% | 43.7% | 42.9% | 43.1% | 43.5% | 44.3% | 45.2% |
| Operating margin | 11.3% | 12.0% | 14.0% | 12.5% | 12.8% | 14.8% | 18.9% | 17.3% | 16.3% | 14.9% |
| Net margin | 7.7% | 6.0% | 9.5% | 7.4% | 8.7% | 10.7% | 13.4% | 12.1% | 10.6% | 9.7% |
Balance sheet
Fiscal years, from Kadant's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $71M | $75M | $46M | $67M | $66M | $91M | $76M | $104M | $95M | $120M |
| Receivables | $66M | $90M | $93M | $96M | $92M | $117M | $130M | $134M | $142M | $159M |
| Inventory | $55M | $85M | $86M | $103M | $107M | $134M | $164M | $153M | $146M | $207M |
| Total current assets | $207M | $266M | $253M | $298M | $290M | $384M | $415M | $440M | $442M | $542M |
| Property, plant and equipment | $48M | $80M | $80M | $86M | $85M | $108M | $119M | $141M | $170M | $197M |
| Goodwill | $151M | $268M | $258M | $336M | $352M | $397M | $385M | $392M | $479M | $556M |
| Total assets | $471M | $761M | $726M | $939M | $928M | $1.1B | $1.1B | $1.2B | $1.4B | $1.7B |
| Total current liabilities | $89M | $132M | $129M | $146M | $135M | $221M | $213M | $214M | $192M | $228M |
| Long-term debt | $66M | $241M | $174M | $298M | $232M | $264M | $197M | $108M | $285M | $371M |
| Total liabilities | $186M | $429M | $351M | $512M | $431M | $567M | $494M | $399M | $572M | $721M |
| Shareholders' equity | $283M | $331M | $373M | $426M | $495M | $564M | $654M | $774M | $847M | $980M |
| Net debt | -$6M | $166M | $128M | $231M | $168M | $178M | $125M | $7M | $194M | $255M |
Cash flow
Fiscal years, from Kadant's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $51M | $65M | $63M | $97M | $93M | $162M | $103M | $166M | $155M | $171M |
| Capital spending | $6M | $17M | $17M | $10M | $8M | $13M | $28M | $32M | $21M | $17M |
| Free cash flow | $45M | $48M | $46M | $87M | $85M | $150M | $74M | $134M | $134M | $154M |
| Stock-based compensation | $5M | $6M | $7M | $7M | $7M | $9M | $9M | $10M | $11M | $11M |
| Dividends paid | $8M | $9M | $10M | $10M | $11M | $11M | $12M | $13M | $15M | $16M |
| Share buybacks (net) | $0 | $0 | — | — | — | — | — | — | — | — |
| Net borrowing | $33M | $164M | -$60M | $121M | -$74M | $36M | -$63M | -$94M | $181M | $76M |
| Free cash flow margin | 10.9% | 9.3% | 7.3% | 12.4% | 13.4% | 19.0% | 8.2% | 14.0% | 12.7% | 14.7% |
| Dividends per share | $0.72 | $0.80 | $0.85 | $0.89 | $0.94 | $0.98 | $1.03 | $1.13 | $1.25 | $1.34 |
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Open KAI in InvestinglyQuestions
What was Kadant's revenue in 2025?
$1.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Kadant generate?
$154M in fiscal 2025 (operating cash flow minus capital spending).
From Kadant's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.