KADANT INC KAI

Industrials SIC 3550 - Special Industry Machinery (No Metalworking Machinery) NAICS Manufacturing › Machinery Manufacturing › Industrial Machinery Manufacturing derived NYSE

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.

Last close 262.39 2026-10-23
Market cap $3.10B 2026-07-04 share count
52-week range 244.87 - 354.07

Valuation FY2025 figures against the last close

P/S2.9x
P/E30.3x
P/FCF20.1x
EV/EBITDA16.1x
Dividend yield0.5%
Diluted EPS8.65

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Other
  • Canada
  • China
  • Germany
Revenue by geography, 5 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 534M (50.8%) 51% United States Other, FY2025: 307.2M (29.2%) 29% Other Canada, FY2025: 104.2M (9.9%) 10% Canada China, FY2025: 62.6M (5.9%) 6% China Germany, FY2025: 44.2M (4.2%) 4% FY2024 United States, FY2024: 521.5M (49.5%) 50% Other, FY2024: 297.8M (28.3%) 28% Canada, FY2024: 114.3M (10.8%) 11% China, FY2024: 75.9M (7.2%) 7% Germany, FY2024: 43.9M (4.2%) 4% FY2023 United States, FY2023: 448.6M (46.8%) 47% Other, FY2023: 311.4M (32.5%) 33% Canada, FY2023: 73.2M (7.6%) 8% China, FY2023: 81.5M (8.5%) 9% Germany, FY2023: 43M (4.5%) 4%
Region FY2025FY2024FY2023
United States $534.0M $521.5M $448.6M
Other $307.2M $297.8M $311.4M
Canada $104.2M $114.3M $73.2M
China $62.6M $75.9M $81.5M
Germany $44.2M $43.9M $43.0M

As the company reported it, from the “Business Segment and Geographical Information - Summary of Revenue and Long-Lived Assets by Geographical Area (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 8.669.519.9210.387.264.814.635.452.832.95
EPS, diluted 8.659.489.9010.357.214.774.545.302.752.88
Shares, diluted (wtd. avg.) 11.8M11.8M11.7M11.7M11.7M11.6M11.5M11.4M11.3M11.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 500M 1B 1.5B Revenue, FY2016: 414.1M Gross profit, FY2016: 188.5M Net income, FY2016: 32.1M Revenue, FY2017: 515M Gross profit, FY2017: 231.1M Net income, FY2017: 31.1M Revenue, FY2018: 633.8M Gross profit, FY2018: 278.3M Net income, FY2018: 60.4M Revenue, FY2019: 704.6M Gross profit, FY2019: 293.8M Net income, FY2019: 52.1M Revenue, FY2020: 635M Gross profit, FY2020: 277.3M Net income, FY2020: 55.2M Revenue, FY2021: 786.6M Gross profit, FY2021: 337.4M Net income, FY2021: 84M Revenue, FY2022: 904.7M Gross profit, FY2022: 389.6M Net income, FY2022: 120.9M Revenue, FY2023: 957.7M Gross profit, FY2023: 416.3M Net income, FY2023: 116.1M Revenue, FY2024: 1.1B Gross profit, FY2024: 466.1M Net income, FY2024: 111.6M Revenue, FY2025: 1.1B Gross profit, FY2025: 475.7M Net income, FY2025: 102M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $414.1M $515.0M $633.8M $704.6M $635.0M $786.6M $904.7M $957.7M $1.05B $1.05B
Gross profit $188.5M $231.1M $278.3M $293.8M $277.3M $337.4M $389.6M $416.3M $466.1M $475.7M
Net income $32.1M $31.1M $60.4M $52.1M $55.2M $84.0M $120.9M $116.1M $111.6M $102.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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