Kamada (KMDA) financial statements
Kamada reported revenue of $180M in fiscal 2025, up 9.8% a year over 9 years.
Net income was $20M and the operating margin 14.5%, against -7.1% in 2016.
Free cash flow was $16M, and the company returned $12M in dividends.
The diluted share count rose 60% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Kamada's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $77M | $103M | $114M | $127M | $133M | $104M | $129M | $143M | $161M | $180M |
| Cost of revenue | $56M | $71M | $73M | $77M | $86M | $73M | $83M | $87M | $91M | $104M |
| Gross profit | $21M | $32M | $41M | $50M | $48M | $30M | $47M | $55M | $70M | $76M |
| Research and development | $16M | $12M | $10M | $13M | $14M | $11M | $13M | $14M | $15M | $13M |
| Selling, general and admin | — | — | — | $14M | $15M | $265,000 | $2M | $14M | $16M | $19M |
| Operating income | -$5M | $7M | $19M | $23M | $19M | -$696,000 | $5M | $10M | $20M | $26M |
| Interest expense | $126,000 | $82,000 | $172,000 | $293,000 | $266,000 | $283,000 | $914,000 | $1M | $660,000 | $864,000 |
| Pre-tax income | -$5M | $7M | $20M | $23M | $19M | -$2M | -$2M | $8M | $13M | $23M |
| Income tax | $2M | $269,000 | -$2M | $730,000 | $1M | $345,000 | $62,000 | $145,000 | -$1M | $3M |
| Net income | -$7M | $7M | $22M | $22M | $17M | -$2M | -$2M | $8M | $14M | $20M |
| EPS (diluted) | -$0.18 | $0.18 | $0.55 | $0.55 | $0.38 | -$0.05 | -$0.05 | $0.15 | $0.25 | $0.35 |
| Diluted shares | 36M | 38M | 40M | 41M | 45M | 45M | 45M | 54M | 58M | 58M |
| Gross margin | 27.6% | 31.2% | 36.2% | 39.1% | 35.7% | 29.3% | 36.1% | 38.9% | 43.5% | 42.3% |
| Operating margin | -7.1% | 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% |
Balance sheet
Fiscal years, from Kamada's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $10M | $13M | $18M | $43M | $70M | $19M | $34M | $56M | $78M | $75M |
| Receivables | $20M | $31M | $28M | $23M | $22M | $35M | $27M | $20M | $22M | $27M |
| Inventory | $26M | $21M | $29M | $43M | $42M | $67M | $69M | $88M | $79M | $85M |
| Total current assets | $77M | $97M | $111M | $144M | $178M | $130M | $139M | $170M | $184M | $193M |
| Property, plant and equipment | $23M | $25M | $25M | $25M | $26M | $26M | $26M | $28M | $36M | $41M |
| Goodwill | — | — | — | — | — | — | $147M | $30M | $30M | $30M |
| Total assets | $100M | $122M | $138M | $174M | $211M | $319M | $322M | $355M | $372M | $379M |
| Total current liabilities | $27M | $29M | $24M | $33M | $25M | $54M | $76M | $50M | $49M | $47M |
| Long-term debt | $2M | $2M | $688,000 | $746,000 | $274,000 | $20M | $17M | — | — | — |
| Total liabilities | $33M | $33M | $26M | $38M | $32M | $142M | $146M | $111M | $113M | $110M |
| Shareholders' equity | $67M | $89M | $112M | $135M | $179M | $177M | $176M | $244M | $259M | $269M |
| Net debt | -$8M | -$10M | -$17M | -$41M | -$70M | $4M | -$17M | -$56M | -$78M | -$75M |
Cash flow
Fiscal years, from Kamada's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2M | $4M | $11M | $28M | $19M | -$9M | $29M | $4M | $48M | $25M |
| Capital spending | $3M | $4M | $3M | $2M | $5M | $4M | $4M | $6M | $11M | $10M |
| Free cash flow | -$744,000 | -$559,000 | $8M | $25M | $14M | -$13M | $25M | -$2M | $37M | $16M |
| Stock-based compensation | $1M | $483,000 | $948,000 | $1M | $977,000 | $529,000 | $1M | $1M | $874,000 | $845,000 |
| Dividends paid | — | — | — | — | — | — | — | — | — | $12M |
| Net borrowing | $1M | -$140,000 | -$460,000 | -$476,000 | -$492,000 | $20M | -$3M | -$17M | — | — |
| Free cash flow margin | -1.0% | -0.5% | 6.7% | 19.9% | 10.2% | -12.6% | 19.2% | -1.1% | 22.9% | 8.7% |
| Dividends per share | — | — | — | — | — | — | — | — | — | $0.20 |
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Open KMDA in InvestinglyQuestions
What was Kamada's revenue in 2025?
$180M in fiscal 2025, from its 10-K filing.
How much free cash flow does Kamada generate?
$16M in fiscal 2025 (operating cash flow minus capital spending).
From Kamada's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.