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Kadant Inc. (KAI) 10-Year Financial Performance & Capital Metrics

KAI • • Industrial / General
IndustrialsIndustrial MachineryFluid Handling & Pumping SystemsIndustrial Pumps & Valves
AboutKadant Inc. supplies technologies and engineered systems worldwide. It operates through three segments: Flow Control, Industrial Processing, and Material Handling. The Flow Control segment develops, manufactures, and markets fluid-handling systems and equipment, such as rotary joints, syphons, turbulator bars, expansion joints, and engineered steam and condensate systems; and doctoring, cleaning, and filtration systems and related consumables, consisting of doctor systems and holders, doctor blades, shower and fabric-conditioning systems, formation systems, and water-filtration systems. The Industrial Processing segment develops, manufactures, and markets ring and rotary debarkers, stranders, chippers, logging machinery, industrial automation and control systems, recycling and approach flow systems, and virgin pulping process equipment for use in the packaging, tissue, wood products, and alternative fuel industries. The Material Handling segment offers conveying and vibratory equipment, and balers and related equipment; and manufactures and sells biodegradable absorbent granules for carriers in as carriers in agricultural, home lawn and garden, professional lawn, turf, and ornamental applications, as well as for oil and grease absorption. The company was formerly known as Thermo Fibertek Inc. and changed its name to Kadant Inc. in July 2001. Kadant Inc. was incorporated in 1991 and is headquartered in Westford, Massachusetts.Show more
  • Revenue $1.05B +10.0%
  • EBITDA $221M +10.9%
  • Net Income $112M -3.9%
  • EPS (Diluted) 9.48 -4.2%
  • Gross Margin 44.25% +1.8%
  • EBITDA Margin 20.96% +0.9%
  • Operating Margin 16.26% -6.1%
  • Net Margin 10.59% -12.6%
  • ROE 13.66% -15.8%
  • ROIC 13.58% -12.4%
  • Debt/Equity 0.38 +115.3%
  • Interest Coverage 8.55 -56.7%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 16.5%
  • ✓12 consecutive years of dividend growth
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Good 3Y average ROE of 16.6%
  • ✓Healthy 5Y average net margin of 11.1%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.11%
5Y8.37%
3Y10.23%
TTM1.74%

Profit (Net Income) CAGR

10Y14.56%
5Y16.47%
3Y9.91%
TTM-7.35%

EPS CAGR

10Y13.99%
5Y15.86%
3Y9.55%
TTM-7.61%

ROCE

10Y Avg13.4%
5Y Avg15.1%
3Y Avg17.19%
Latest15.57%

Peer Comparison

Industrial Pumps & Valves
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
GHMGraham Corporation793M72.1765.0213.13%6%10.71%0.68%0.06
HLIOHelios Technologies, Inc.2.04B61.4352.50-3.55%4.18%3.68%4.67%0.55
SPXCSPX Technologies, Inc.10.39B208.5648.6213.94%10.34%10.41%2.39%0.48
IRIngersoll Rand Inc.34B86.0441.775.22%7.31%5.35%3.67%0.49
FLSFlowserve Corporation9.39B73.8434.505.49%9.66%19.48%3.67%0.82
PHParker-Hannifin Corporation117.22B928.9434.25-0.4%18.18%26.41%2.85%0.69
GRCThe Gorman-Rupp Company1.35B51.2533.500.02%7.41%12.4%4.12%1.04
KAIKadant Inc.3.65B309.9232.699.99%10.33%11.29%3.68%0.38

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+390.11M414.13M515.03M633.79M704.64M635.03M786.58M904.74M957.67M1.05B
Revenue Growth %-0.03%0.06%0.24%0.23%0.11%-0.1%0.24%0.15%0.06%0.1%
Cost of Goods Sold+209.98M225.74M284M355.5M410.88M357.72M449.21M515.18M541.37M587.24M
COGS % of Revenue0.54%0.55%0.55%0.56%0.58%0.56%0.57%0.57%0.57%0.56%
Gross Profit+180.13M188.39M231.03M278.28M293.76M277.31M337.37M389.56M416.31M466.15M
Gross Margin %0.46%0.45%0.45%0.44%0.42%0.44%0.43%0.43%0.43%0.44%
Gross Profit Growth %0.01%0.05%0.23%0.2%0.06%-0.06%0.22%0.15%0.07%0.12%
Operating Expenses+129.49M143.13M170.08M187.97M205.94M196.18M220.66M218.27M250.55M294.24M
OpEx % of Revenue0.33%0.35%0.33%0.3%0.29%0.31%0.28%0.24%0.26%0.28%
Selling, General & Admin122.81M135.75M160.51M177.41M192.53M181.91M208.79M224.41M236.26M279.92M
SG&A % of Revenue0.31%0.33%0.31%0.28%0.27%0.29%0.27%0.25%0.25%0.27%
Research & Development6.68M7.38M9.56M10.55M10.88M11.3M11.4M12.72M13.56M14.32M
R&D % of Revenue0.02%0.02%0.02%0.02%0.02%0.02%0.01%0.01%0.01%0.01%
Other Operating Expenses00002.53M3.34M465K-18.45M723K0
Operating Income+50.12M45.57M60.75M88.6M87.82M81.12M116.71M171.28M165.76M171.25M
Operating Margin %0.13%0.11%0.12%0.14%0.12%0.13%0.15%0.19%0.17%0.16%
Operating Income Growth %0.19%-0.09%0.33%0.46%-0.01%-0.08%0.44%0.47%-0.03%0.03%
EBITDA+60.94M59.9M80.13M112.17M120.21M112.46M151.01M206.22M199.05M220.84M
EBITDA Margin %0.16%0.14%0.16%0.18%0.17%0.18%0.19%0.23%0.21%0.21%
EBITDA Growth %0.14%-0.02%0.34%0.4%0.07%-0.06%0.34%0.37%-0.03%0.11%
D&A (Non-Cash Add-back)10.82M14.33M19.38M23.57M32.39M31.33M34.3M34.94M33.3M49.59M
EBIT50.32M45.84M61.2M86.56M81.68M81.11M116.87M172.11M167.41M173.1M
Net Interest Income+-748K-1.02M-3.1M-6.65M-12.54M-7.24M-4.55M-5.57M-6.64M-18.11M
Interest Income200K269K447K379K213K181K267K904K1.76M1.92M
Interest Expense948K1.29M3.55M7.03M12.76M7.42M4.82M6.48M8.4M20.03M
Other Income/Expense-748K-1.02M-3.97M-9.07M-18.9M-7.44M-4.66M-5.65M-6.74M-18.18M
Pretax Income+49.37M44.55M57.65M79.53M68.92M73.69M112.05M165.64M159.02M153.07M
Pretax Margin %0.13%0.11%0.11%0.13%0.1%0.12%0.14%0.18%0.17%0.15%
Income Tax+14.76M12.08M26.07M18.48M16.36M17.95M27.17M43.91M42.21M40.52M
Effective Tax Rate %0.7%0.72%0.54%0.76%0.76%0.75%0.75%0.73%0.73%0.73%
Net Income+34.39M32.08M31.09M60.41M52.07M55.2M84.04M120.93M116.07M111.6M
Net Margin %0.09%0.08%0.06%0.1%0.07%0.09%0.11%0.13%0.12%0.11%
Net Income Growth %0.2%-0.07%-0.03%0.94%-0.14%0.06%0.52%0.44%-0.04%-0.04%
Net Income (Continuing)34.61M32.47M31.58M61.05M52.56M55.74M84.88M121.73M116.81M112.55M
Discontinued Operations74K3K00000000
Minority Interest1.34M1.65M1.51M1.6M1.38M1.55M1.68M1.72M2.54M11M
EPS (Diluted)+3.102.882.755.304.544.777.2110.359.909.48
EPS Growth %0.21%-0.07%-0.05%0.93%-0.14%0.05%0.51%0.44%-0.04%-0.04%
EPS (Basic)3.162.952.835.454.634.817.2610.389.929.51
Diluted Shares Outstanding11.09M11.15M11.31M11.4M11.46M11.56M11.65M11.69M11.73M11.77M
Basic Shares Outstanding10.87M10.87M10.99M11.09M11.23M11.48M11.58M11.65M11.7M11.74M
Dividend Payout Ratio0.21%0.25%0.29%0.16%0.2%0.2%0.14%0.1%0.11%0.13%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+205.12M207.35M266.02M240.85M297.58M289.82M383.88M415.41M440.18M442.33M
Cash & Short-Term Investments66.94M73.57M76.85M46.12M68.27M66.64M94.16M79.72M106.45M94.66M
Cash Only66.94M73.57M76.85M46.12M68.27M66.64M94.16M79.72M106.45M94.66M
Short-Term Investments0000000000
Accounts Receivable70.9M69.03M92M108.36M108.9M99.12M125.83M145.19M142.29M160.87M
Days Sales Outstanding66.3460.8465.262.4156.4156.9758.3958.5854.2355.74
Inventory56.76M54.95M84.93M86.37M102.72M106.81M134.36M163.67M152.68M146.09M
Days Inventory Outstanding98.6688.85109.1688.6891.24108.99109.17115.96102.9490.8
Other Current Assets11.93M11.88M13.67M12.19M17.69M17.25M29.53M26.82M38.76M40.7M
Total Non-Current Assets+210.38M263.34M495.07M484.89M641.81M637.75M748.33M734.47M735.48M988.02M
Property, Plant & Equipment42.29M47.7M79.72M80.16M113.17M110.1M132.99M141.5M165.63M170.33M
Fixed Asset Turnover9.22x8.68x6.46x7.91x6.23x5.77x5.91x6.39x5.78x6.18x
Goodwill119.05M151.46M268M258.17M336.03M351.75M396.89M385.45M392.08M479.17M
Intangible Assets38.03M52.73M133.04M113.35M173.9M160.97M199.34M175.65M159.29M279.49M
Long-Term Investments-8.99M-14.63M-29.09M-22.96M901K1.25M1.41M000
Other Non-Current Assets11M11.45M14.31M33.22M17.81M13.68M17.7M31.87M18.48M59.02M
Total Assets+415.5M470.69M761.09M725.75M939.39M927.57M1.13B1.15B1.18B1.43B
Asset Turnover0.94x0.88x0.68x0.87x0.75x0.68x0.69x0.79x0.81x0.74x
Asset Growth %0%0.13%0.62%-0.05%0.29%-0.01%0.22%0.02%0.02%0.22%
Total Current Liabilities+24.42M23.93M35.46M35.72M146.17M134.69M221.5M213.46M214.41M191.56M
Accounts Payable24.42M23.93M35.46M35.72M45.85M32.26M59.25M58.06M42.1M51.06M
Days Payables Outstanding42.4438.6945.5836.6740.7332.9248.1441.1328.3931.74
Short-Term Debt5.25M643K696K1.67M7.04M5.87M9.95M8.28M8.6M2.3M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities21.92M22.66M-67.73M60.7M49.92M56.87M103.15M103.43M109.61M43.24M
Current Ratio8.40x8.67x7.50x6.74x2.04x2.15x1.73x1.95x2.05x2.31x
Quick Ratio6.08x6.37x5.11x4.32x1.33x1.36x1.13x1.18x1.34x1.55x
Cash Conversion Cycle122.55111128.78114.41106.92133.04119.42133.4128.78114.81
Total Non-Current Liabilities+123.14M162.48M393.13M315.46M366.14M295.98M345.1M280.85M185.02M380.65M
Long-Term Debt26M61.91M241.38M174.15M296.98M231.28M263.41M196.38M106.86M285.15M
Capital Lease Obligations004.63M3.57M25.6M22.91M20.71M18.78M20.16M28.72M
Deferred Tax Liabilities8.99M14.63M29.09M22.96M19.74M21.67M34.94M38.74M36.4M41.85M
Other Non-Current Liabilities15.93M20.96M118.03M21.5M23.82M20.11M26.04M26.95M21.6M25.88M
Total Liabilities147.55M186.41M428.59M351.18M512.31M430.67M566.6M494.31M399.43M572.22M
Total Debt+31.25M66.41M242.08M175.82M329.62M260.07M294.07M223.44M135.61M322.84M
Net Debt-35.69M-7.16M165.23M129.7M261.35M193.43M199.91M143.71M29.16M228.18M
Debt / Equity0.12x0.23x0.72x0.47x0.77x0.52x0.52x0.34x0.17x0.38x
Debt / EBITDA0.51x1.11x3.02x1.57x2.74x2.31x1.95x1.08x0.68x1.46x
Net Debt / EBITDA-0.59x-0.12x2.06x1.16x2.17x1.72x1.32x0.70x0.15x1.03x
Interest Coverage52.87x35.25x17.13x12.60x6.89x10.93x24.21x26.44x19.74x8.55x
Total Equity+269.28M285.93M334.02M376.17M427.08M496.9M565.62M655.57M776.24M858.13M
Equity Growth %0.01%0.06%0.17%0.13%0.14%0.16%0.14%0.16%0.18%0.11%
Book Value per Share24.2725.6529.5333.0037.2842.9748.5356.0966.1872.90
Total Shareholders' Equity267.94M284.28M332.5M374.57M425.69M495.36M563.94M653.85M773.7M847.13M
Common Stock146K146K146K146K146K146K146K146K146K146K
Retained Earnings297.26M321.05M342.89M393.58M435.25M479.4M551.85M660.64M763.13M859.69M
Treasury Stock-94.36M-90.33M-88.55M-86.11M-78.78M-75.52M-73.6M-72.29M-71.45M-70.52M
Accumulated OCI-36.97M-49.64M-26.71M-39.38M-37.62M-19.49M-30.35M-54.58M-43.06M-72.37M
Minority Interest1.34M1.65M1.51M1.6M1.38M1.55M1.68M1.72M2.54M11M

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+37.91M51M65.16M62.98M97.41M92.88M162.42M102.63M165.54M155.26M
Operating CF Margin %0.1%0.12%0.13%0.1%0.14%0.15%0.21%0.11%0.17%0.15%
Operating CF Growth %-0.22%0.35%0.28%-0.03%0.55%-0.05%0.75%-0.37%0.61%-0.06%
Net Income34.61M32.47M31.58M61.05M52.56M55.74M84.04M120.93M116.07M111.6M
Depreciation & Amortization10.82M14.33M19.38M23.57M32.39M31.33M34.3M34.94M33.3M49.59M
Stock-Based Compensation5.74M5.07M5.8M7.03M6.82M6.78M8.53M8.58M9.77M10.64M
Deferred Taxes-1.71M-613K578K-4.24M-2.49M142K-1.38M7.16M-1.95M1.23M
Other Non-Cash Items-785K385K818K3.2M6.16M1.53M6.77M-11.64M5.08M9.5M
Working Capital Changes-10.77M-633K7.01M-27.62M1.97M-2.64M29.33M-58.14M3.29M-27.3M
Change in Receivables-10.64M1M-10.91M-7.02M6.55M7.12M-16.74M-18.52M4.76M721K
Change in Inventory-6.49M3.55M1.16M-6.58M-3.08M-89K-11.17M-36.12M14.09M23.95M
Change in Payables-1.75M-5.24M-522K5.42M7.36M-15.62M26.35M1.36M-19.9M10.58M
Cash from Investing+-5.45M-61.99M-221.88M-16.36M-187.36M-14.54M-154.47M-29.52M-30.79M-319.14M
Capital Expenditures-5.48M-5.8M-17.28M-16.56M-9.96M-7.59M-12.77M-28.2M-31.85M-21M
CapEx % of Revenue0.01%0.01%0.03%0.03%0.01%0.01%0.02%0.03%0.03%0.02%
Acquisitions----------
Investments----------
Other Investing30K428K130K195K398K145K2.28M2.15M1.97M2.2M
Cash from Financing+-13.63M22.67M151.36M-74.16M112.45M-84.56M22.81M-80.57M-111.11M159.91M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-7.18M-8.04M-9.01M-9.64M-10.2M-10.9M-11.46M-12M-13.22M-14.67M
Share Repurchases----------
Other Financing569K-4.26M-4.34M-4.8M4.46M-3.31M-3.99M-6.49M-3.92M-7.75M
Net Change in Cash----------
Free Cash Flow+32.43M45.2M47.88M46.43M87.46M85.29M149.65M74.43M133.69M134.26M
FCF Margin %0.08%0.11%0.09%0.07%0.12%0.13%0.19%0.08%0.14%0.13%
FCF Growth %-0.23%0.39%0.06%-0.03%0.88%-0.02%0.75%-0.5%0.8%0%
FCF per Share2.924.054.234.077.637.3812.846.3711.4011.41
FCF Conversion (FCF/Net Income)1.10x1.59x2.10x1.04x1.87x1.68x1.93x0.85x1.43x1.39x
Interest Paid616K1.18M2.62M7.55M004.44M6.05M8.07M19.7M
Taxes Paid11.5M15.63M20.56M25.65M0024.17M36.97M47.52M42.29M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)12.83%11.55%10.03%17.01%12.96%11.95%15.82%19.8%16.21%13.66%
Return on Invested Capital (ROIC)15.65%13.34%11.71%13.22%11.03%8.83%12.02%16.42%15.49%13.58%
Gross Margin46.17%45.49%44.86%43.91%41.69%43.67%42.89%43.06%43.47%44.25%
Net Margin8.82%7.75%6.04%9.53%7.39%8.69%10.68%13.37%12.12%10.59%
Debt / Equity0.12x0.23x0.72x0.47x0.77x0.52x0.52x0.34x0.17x0.38x
Interest Coverage52.87x35.25x17.13x12.60x6.89x10.93x24.21x26.44x19.74x8.55x
FCF Conversion1.10x1.59x2.10x1.04x1.87x1.68x1.93x0.85x1.43x1.39x
Revenue Growth-2.99%6.16%24.37%23.06%11.18%-9.88%23.87%15.02%5.85%9.99%

Revenue by Segment

2015201620172018201920202021202220232024
Parts and Consumables---374.43M440.7M417.55M511.77M572.99M598.34M693.61M
Parts and Consumables Growth----17.70%-5.25%22.57%11.96%4.43%15.92%
Capital---259.35M263.94M217.48M274.81M331.75M359.33M359.77M
Capital Growth----1.77%-17.60%26.36%20.72%8.31%0.12%
Fiber based Products11.06M10.81M12.38M-------
Fiber based Products Growth--2.21%14.42%-------

Revenue by Geography

2015201620172018201920202021202220232024
North America---305.62M386.95M360.06M420.38M508.9M538.66M661.02M
North America Growth----26.61%-6.95%16.75%21.06%5.85%22.72%
Europe---174.68M180.89M161.53M220.58M233.79M245.15M230.14M
Europe Growth----3.55%-10.70%36.56%5.99%4.86%-6.12%
Asia---109.69M84.7M72.27M103.81M113.93M113.51M101.71M
Asia Growth-----22.78%-14.68%43.65%9.75%-0.37%-10.39%
World---43.8M52.1M41.17M41.81M48.12M60.35M60.51M
World Growth----18.95%-20.97%1.55%15.09%25.42%0.27%
Segment, Geographical, Groups of Countries, Other Countries145.91M205.49M188.7M-------
Segment, Geographical, Groups of Countries, Other Countries Growth-40.83%-8.17%-------
UNITED STATES193.38M165.34M182.79M-------
UNITED STATES Growth--14.50%10.56%-------
CHINA50.81M43.3M63.91M-------
CHINA Growth--14.79%47.60%-------
CANADA--47.61M-------
CANADA Growth----------
GERMANY--32.03M-------
GERMANY Growth----------

Frequently Asked Questions

Valuation & Price

Kadant Inc. (KAI) has a price-to-earnings (P/E) ratio of 32.7x. This suggests investors expect higher future growth.

Growth & Financials

Kadant Inc. (KAI) reported $1.02B in revenue for fiscal year 2024. This represents a 205% increase from $335.5M in 2011.

Kadant Inc. (KAI) grew revenue by 10.0% over the past year. This is steady growth.

Yes, Kadant Inc. (KAI) is profitable, generating $105.8M in net income for fiscal year 2024 (10.6% net margin).

Dividend & Returns

Yes, Kadant Inc. (KAI) pays a dividend with a yield of 0.40%. This makes it attractive for income-focused investors.

Kadant Inc. (KAI) has a return on equity (ROE) of 13.7%. This is reasonable for most industries.

Kadant Inc. (KAI) generated $150.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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