KADANT INC KAI
Throughout this Annual Report on Form 10-K, when we use the terms "we," "us," "our," "Registrant," and the "Company," we mean Kadant Inc., and its consolidated subsidiaries, taken as a whole, unless the context otherwise indicates. Kadant Inc. trades on the New York Stock Exchange under the ticker symbol "KAI."
We are a global supplier of technologies and engineered systems that drive Sustainable Industrial Processing®. Our products and services play an integral role in enhancing efficiency, optimizing energy utilization, and maximizing productivity in process industries while helping our customers advance their sustainability initiatives with products that reduce waste or generate more yield with fewer inputs, particularly fiber, energy, and water. Producing more while consuming less is a core aspect of Sustainable Industrial Processing and a major element of the strategic focus of our three reportable segments: Flow Control, Industrial Processing, and Material Handling.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.05B | $1.05B | $957.7M | $904.7M | $786.6M | $635.0M | $704.6M | $633.8M | $515.0M | $414.1M |
| Cost of revenue | $576.5M | $587.2M | $541.4M | $515.2M | $449.2M | $357.7M | $410.9M | $355.5M | $283.9M | $225.6M |
| Gross profit | $475.7M | $466.1M | $416.3M | $389.6M | $337.4M | $277.3M | $293.8M | $278.3M | $231.1M | $188.5M |
| R&D | $15.3M | $14.3M | $13.6M | $12.7M | $11.4M | $11.3M | $10.9M | $10.6M | $9.6M | $7.4M |
| SG&A | $301.9M | $279.9M | $236.3M | $224.4M | $208.8M | $181.9M | $192.5M | $177.4M | $159.8M | $134.8M |
| Total operating expenses | $895.0M | $882.1M | $791.9M | $733.5M | $669.9M | $553.9M | $616.8M | $545.2M | $453.4M | $367.5M |
| Operating income | $157.3M | $171.3M | $165.8M | $171.3M | $116.7M | $81.1M | $87.8M | $88.6M | $61.6M | $46.6M |
| Interest expense | $15.6M | $20.0M | $8.4M | $6.5M | $4.8M | $7.4M | $12.8M | $7.0M | $3.5M | $1.3M |
| Pre-tax income | $143.6M | $153.1M | $159.0M | $165.6M | $112.1M | $73.7M | $68.9M | $79.5M | $57.7M | $44.5M |
| Income tax | $39.9M | $40.5M | $42.2M | $43.9M | $27.2M | $17.9M | $16.4M | $18.5M | $26.1M | $12.1M |
| Net income | $102.0M | $111.6M | $116.1M | $120.9M | $84.0M | $55.2M | $52.1M | $60.4M | $31.1M | $32.1M |
| EPS, basic | 8.66 | 9.51 | 9.92 | 10.38 | 7.26 | 4.81 | 4.63 | 5.45 | 2.83 | 2.95 |
| EPS, diluted | 8.65 | 9.48 | 9.90 | 10.35 | 7.21 | 4.77 | 4.54 | 5.30 | 2.75 | 2.88 |
| Shares, diluted (wtd. avg.) | $11.8M | $11.8M | $11.7M | $11.7M | $11.7M | $11.6M | $11.5M | $11.4M | $11.3M | $11.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $119.6M | $94.7M | $103.8M | $79.7M | $94.2M | $66.6M | $68.3M | $46.1M | $76.8M | $73.6M |
| Receivables | $158.6M | $142.5M | $133.9M | $130.3M | $117.2M | $91.5M | $95.7M | $92.6M | $89.6M | $66.0M |
| Inventory | $206.9M | $146.1M | $152.7M | $163.7M | $134.4M | $106.8M | $102.7M | $86.4M | $84.9M | $55.0M |
| Total current assets | $541.9M | $442.3M | $440.2M | $415.4M | $383.9M | $289.8M | $297.6M | $252.8M | $266.0M | $207.3M |
| Property, plant and equipment | — | — | — | — | — | — | $86.0M | $80.2M | $79.7M | $47.7M |
| Goodwill | $555.6M | $479.2M | $392.1M | $385.5M | $396.9M | $351.8M | $336.0M | $258.2M | $268.0M | $151.5M |
| Other intangibles | $350.4M | $279.5M | $159.3M | $175.6M | $199.3M | $161.0M | $173.9M | $113.3M | $133.0M | $52.7M |
| Total assets | $1.71B | $1.43B | $1.18B | $1.15B | $1.13B | $927.6M | $939.4M | $725.7M | $761.1M | $470.7M |
| Accounts payable | $53.4M | $51.1M | $42.1M | $58.1M | $59.2M | $32.3M | $45.9M | $35.7M | $35.5M | $23.9M |
| Short-term debt | $3.1M | $3.4M | $3.2M | $3.8M | $5.4M | $1.5M | — | — | — | — |
| Total current liabilities | $228.2M | $191.6M | $214.4M | $213.5M | $221.5M | $134.7M | $146.2M | $129.0M | $132.2M | $88.9M |
| Long-term debt | $372.7M | $286.5M | $109.1M | $199.2M | $264.6M | $228.0M | $295.1M | — | — | — |
| Retained earnings | $945.6M | $859.7M | $763.1M | $660.6M | $551.8M | $479.4M | $435.2M | $393.6M | $342.9M | $321.1M |
| Total equity | $979.8M | $847.1M | $776.2M | $655.6M | $565.6M | $496.9M | $427.1M | $374.6M | $332.5M | $284.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $171.3M | $155.3M | $165.5M | $102.6M | $162.4M | $92.9M | $97.4M | $63.0M | $65.2M | $51.0M |
| Depreciation and amortisation | $51.2M | $49.6M | $33.3M | $34.9M | $34.3M | $31.3M | $32.4M | $23.6M | $19.4M | $14.3M |
| Stock-based compensation | $11.2M | $10.6M | $9.8M | $8.6M | $8.5M | $6.8M | $6.8M | $7.0M | $5.8M | $5.1M |
| Capital expenditure | $17.0M | $21.0M | $31.9M | $28.2M | $12.8M | $7.6M | $10.0M | $16.6M | $17.3M | $5.8M |
| Investing cash flow | -$205.4M | -$319.1M | -$30.8M | -$29.5M | -$154.5M | -$14.5M | -$187.4M | -$16.4M | -$221.9M | -$62.0M |
| Financing cash flow | $54.0M | $159.9M | -$111.1M | -$80.6M | $22.8M | -$84.6M | $112.5M | -$74.2M | $150.5M | $23.5M |
| Dividends paid | $15.8M | $14.7M | $13.2M | $12.0M | $11.5M | $10.9M | $10.2M | $9.6M | $9.0M | $8.0M |
| Buybacks | — | — | — | — | — | — | — | — | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000886346-26-000018.
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