Latest Ratios: P/E Ratio 19.8x · EV/EBITDA 8.7x · ROE 7.6%. (2008–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $422M | $412M | $352M | $328M | $180M | $295M | $289M | $277M | $203M | $181M | $199M |
| Enterprise Value | $358M | $348M | $285M | $282M | $166M | $300M | $224M | $240M | $186M | $170M | $190M |
| P/E Ratio → | 19.76 | 19.08 | 24.36 | 40.80 | — | — | 15.80 | 11.98 | 9.09 | 26.39 | — |
| P/S Ratio | 2.34 | 2.28 | 2.19 | 2.30 | 1.39 | 2.84 | 2.17 | 2.18 | 1.77 | 1.76 | 2.56 |
| P/B Ratio | 1.58 | 1.53 | 1.36 | 1.35 | 1.02 | 1.67 | 1.62 | 2.05 | 1.80 | 2.02 | 2.97 |
| P/FCF | 24.90 | 24.32 | 9.55 | — | 7.25 | — | 21.22 | 10.63 | 26.45 | — | — |
| P/OCF | 15.28 | 14.93 | 7.40 | 76.13 | 6.29 | — | 15.12 | 9.75 | 19.22 | 46.46 | 104.65 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.93 | 1.77 | 1.98 | 1.28 | 2.90 | 1.68 | 1.89 | 1.62 | 1.65 | 2.46 |
| EV / EBITDA | 8.69 | 8.46 | 8.41 | 13.08 | 9.95 | 61.14 | 9.14 | 8.80 | 8.14 | 15.32 | — |
| EV / EBIT | 13.64 | 14.30 | 20.35 | 27.99 | — | — | 11.09 | 10.32 | 9.34 | 22.38 | — |
| EV / FCF | — | 20.55 | 7.73 | — | 6.70 | — | 16.43 | 9.22 | 24.26 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 42.3% | 42.3% | 43.5% | 38.9% | 36.1% | 29.3% | 35.7% | 39.1% | 36.2% | 31.2% | 27.9% |
| Operating Margin | 14.5% | 14.5% | 12.5% | 7.1% | 3.5% | -0.7% | 14.4% | 17.9% | 16.8% | 7.2% | -7.5% |
| Net Profit Margin | 11.2% | 11.2% | 9.0% | 5.8% | -1.8% | -2.2% | 12.9% | 17.5% | 19.5% | 6.7% | -8.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.6% | 7.6% | 5.7% | 3.9% | -1.3% | -1.3% | 10.9% | 18.0% | 22.1% | 8.8% | -9.7% |
| ROA | 5.4% | 5.4% | 4.0% | 2.4% | -0.7% | -0.8% | 8.9% | 14.3% | 17.1% | 6.2% | -6.7% |
| ROIC | 9.9% | 9.9% | 7.7% | 4.2% | 2.0% | -0.4% | 13.6% | 17.6% | 16.6% | 8.1% | -6.9% |
| ROCE | 8.0% | 8.0% | 6.4% | 3.6% | 1.8% | -0.3% | 11.8% | 17.8% | 18.6% | 9.0% | -7.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.04 | 0.04 | 0.12 | 0.14 | 0.03 | 0.04 | 0.01 | 0.02 | 0.03 |
| Debt / EBITDA | 0.28 | 0.28 | 0.33 | 0.41 | 1.23 | 4.96 | 0.20 | 0.21 | 0.06 | 0.18 | — |
| Net Debt / Equity | — | -0.24 | -0.26 | -0.19 | -0.08 | 0.03 | -0.37 | -0.27 | -0.15 | -0.12 | -0.12 |
| Net Debt / EBITDA | -1.55 | -1.55 | -1.99 | -2.17 | -0.82 | 1.17 | -2.67 | -1.35 | -0.74 | -0.96 | — |
| Debt / FCF | — | -3.77 | -1.83 | — | -0.55 | — | -4.79 | -1.42 | -2.19 | — | — |
| Interest Coverage | 28.16 | 28.16 | 21.20 | 7.75 | -1.47 | -5.66 | 75.83 | 79.43 | 60.83 | 92.64 | -38.77 |
Net cash position: cash ($75M) exceeds total debt ($12M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.07 | 4.07 | 3.73 | 3.43 | 1.84 | 2.41 | 7.13 | 4.39 | 4.70 | 3.30 | 2.83 |
| Quick Ratio | 2.28 | 2.28 | 2.14 | 1.64 | 0.88 | 1.08 | 5.40 | 3.07 | 3.46 | 2.58 | 1.89 |
| Cash Ratio | 1.59 | 1.59 | 1.59 | 1.12 | 0.45 | 0.34 | 4.38 | 2.26 | 2.15 | 1.46 | 1.05 |
| Asset Turnover | — | 0.48 | 0.43 | 0.40 | 0.40 | 0.33 | 0.63 | 0.73 | 0.83 | 0.84 | 0.78 |
| Inventory Turnover | 1.22 | 1.22 | 1.15 | 0.98 | 1.14 | 1.02 | 1.99 | 1.79 | 2.49 | 3.36 | 2.18 |
| Days Sales Outstanding | — | 58.75 | 52.60 | 54.52 | 80.02 | 125.24 | 63.15 | 72.40 | 94.06 | 113.49 | 102.65 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.9% | 3.0% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 61.8% | 61.8% | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.1% | 5.2% | 4.1% | 2.5% | — | — | 6.3% | 8.3% | 11.0% | 3.8% | — |
| FCF Yield | 4.0% | 4.1% | 10.5% | — | 13.8% | — | 4.7% | 9.4% | 3.8% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.9% | 3.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $58M | $58M | $54M | $45M | $45M | $45M | $41M | $41M | $38M | $36M |
Geopolitical manufacturing supply disruption
With a TTM P/E of 19.62 and a forward P/E of 16.98, Kamada's valuation appears to discount the volatility of its business model transition, as reported in recent financial statements, suggesting the market is pricing in a shift toward higher-margin royalty income rather than historical product-based growth.
The current EV/EBITDA multiple of 8.62, compared to a forward multiple of 4.44, implies that investors are anticipating a significant expansion in operational profitability as the Glassia manufacturing transition matures. This valuation gap suggests that the market is currently hesitant to assign a premium until the company demonstrates consistent, non-lumpy earnings growth independent of its distribution segment.
Based on reported figures, Kamada's ROIC has struggled to gain momentum, fluctuating between 1.1% and 3.1% over the last ten quarters, which indicates that the company is currently failing to generate returns on invested capital that meaningfully exceed its cost of capital in the current environment.
The low ROIC trend appears to be driven by the high capital intensity of the Beit Kama fractionation facility and the ongoing costs associated with maintaining regulatory compliance for niche orphan indications. Investors should monitor whether the shift toward a royalty-based model can improve capital efficiency by reducing the need for heavy, fixed-asset investment in manufacturing capacity.
According to recent quarterly data, Kamada's cash conversion cycle remains elevated, peaking at 334 days in 2024Q1, which highlights significant inefficiencies in inventory management and the extended time required to convert raw plasma inputs into high-value proprietary therapeutics for global distribution partners.
The persistent DIO (days inventory outstanding) levels, often exceeding 280 days, suggest that the company carries substantial inventory risk, likely due to the long lead times inherent in plasma-derived product manufacturing. This working capital drag appears to be a structural feature of the business model that limits the company's ability to generate consistent free cash flow.
As reported in financial statements, Kamada maintains a robust liquidity position with a current ratio consistently above 3.30, providing a substantial safety net that allows the company to navigate the inherent volatility of its specialty pharmaceutical manufacturing and distribution operations without relying on external debt financing.
The company's ability to maintain such high liquidity, despite the lumpy nature of its revenue and working capital swings, suggests a conservative balance sheet management strategy. This liquidity buffer is critical given the company's exposure to geopolitical risks in Israel, ensuring that operations can continue even if supply chain or export logistics face temporary disruptions.
Investors frequently misapply top-line revenue growth as a primary indicator of Kamada's health, failing to account for the strategic transition from product sales to royalty income, which, as noted in recent filings, can artificially deflate revenue figures while simultaneously improving the underlying quality of earnings.
Using revenue growth as a proxy for success obscures the fact that the company is intentionally shifting toward a higher-margin, lower-risk royalty model with partners like Takeda. A more appropriate metric for evaluating this business model would be operating margin expansion or free cash flow yield, which better capture the value being created through the company's intellectual property and regulatory moats.
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying KMDA stock.
Kamada Ltd.'s current P/E ratio is 19.8x. The historical average is 21.1x. This places it at the 57th percentile of its historical range.
Kamada Ltd.'s current EV/EBITDA is 8.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.0x.
Kamada Ltd.'s return on equity (ROE) is 7.6%. The historical average is -12.9%.
Based on historical data, Kamada Ltd. is trading at a P/E of 19.8x. This is at the 57th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kamada Ltd.'s current dividend yield is 2.93% with a payout ratio of 61.8%.
Kamada Ltd. has 42.3% gross margin and 14.5% operating margin. Operating margin between 10-20% is typical for established companies.
Kamada Ltd.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.