Kewaunee Scientific Corporation (KEQU) 10-Year Financial Performance & Capital Metrics

KEQU • • Industrial / General

Consumer CyclicalHome FurnishingsSpecialized & Commercial FurnitureCommercial & Laboratory Furniture

AboutKewaunee Scientific Corporation designs, manufactures, and installs laboratory, healthcare, and technical furniture and infrastructure products. It operates through two segments, Domestic and International. The company's products include steel, wood, laminate furniture, fume hoods, biological safety cabinets, laminar flow and ductless hoods, adaptable modular and column systems, moveable workstations and carts, epoxy resin worksurfaces, sinks, and accessories and related design services. Its laboratory products are used in chemistry, physics, biology, and other general science laboratories in the pharmaceutical, biotechnology, industrial, chemical, commercial, educational, government, and health care markets; technical products are used in facilities manufacturing computers and light electronics and by users of computer and networking furniture; and laminate caseworks that are used in educational, healthcare, and industrial applications. The company sells its products primarily through dealers, its subidiaries, and a national distributor. Kewaunee Scientific Corporation was founded in 1906 and is headquartered in Statesville, North Carolina.Show more

Revenue $240M +18.0%
EBITDA $23M +5.2%
Net Income $11M -39.2%
EPS (Diluted) 3.83 -40.0%
Gross Margin 28.63% +12.1%
EBITDA Margin 9.36% -10.9%
Operating Margin 7.39% -17.7%
Net Margin 4.74% -48.5%
ROE 18.63% -53.0%
ROIC 18.32% -41.7%
Debt/Equity 0.76 +286.8%
Interest Coverage 5.53 -45.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 20.6%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 10.3%
✓Efficient asset utilization: 1.2x turnover

✗Weaknesses

✗Thin 5Y average net margin of 1.7%
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.3%

5Y10.26%

3Y12.5%

TTM43.02%

Profit (Net Income) CAGR

10Y12.45%

5Y-

3Y-

TTM-37.37%

EPS CAGR

10Y11.16%

5Y-

3Y-

TTM-37.56%

ROCE

10Y Avg7.46%

5Y Avg6.93%

3Y Avg13.65%

Latest15.12%

Peer Comparison

Commercial & Laboratory Furniture

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KEQUKewaunee Scientific Corporation	108.92M	38.00	9.92	18.02%	4.11%	16.37%	11.58%	0.76
VIRCVirco Mfg. Corporation	100.4M	6.37	4.83	-1.07%	5.74%	11.78%	26.73%	0.38
ALHAlliance Laundry Holdings Inc.	4.51B	22.22	0.28	10.5%	7.08%	71.87%	2.26%
EFOIEnergy Focus, Inc.	14M	2.44	-7.63	-14.99%	-24.98%	-30.73%		0.13
MLKNMillerKnoll, Inc.	1.33B	19.50	-36.79	1.14%	-0.68%	-1.78%	7.64%	1.36

Profit & Loss

	Apr 2016	Apr 2017	Apr 2018	Apr 2019	Apr 2020	Apr 2021	Apr 2022	Apr 2023	Apr 2024	Apr 2025
Sales/Revenue+	128.63M	138.56M	158.05M	146.55M	147.54M	147.47M	168.87M	219.49M	203.75M	240.47M
Revenue Growth %	0.08%	0.08%	0.14%	-0.07%	0.01%	-0%	0.15%	0.3%	-0.07%	0.18%
Cost of Goods Sold+	104.92M	111.95M	126.03M	121.23M	124.11M	123.48M	144.65M	183.91M	151.7M	171.62M
COGS % of Revenue	0.82%	0.81%	0.8%	0.83%	0.84%	0.84%	0.86%	0.84%	0.74%	0.71%
Gross Profit+	23.71M	26.61M	32.02M	25.32M	23.43M	23.99M	24.22M	35.59M	52.05M	68.86M
Gross Margin %	0.18%	0.19%	0.2%	0.17%	0.16%	0.16%	0.14%	0.16%	0.26%	0.29%
Gross Profit Growth %	0.09%	0.12%	0.2%	-0.21%	-0.07%	0.02%	0.01%	0.47%	0.46%	0.32%
Operating Expenses+	18.01M	20.07M	22.93M	23.21M	25.77M	25.31M	26.83M	30.22M	33.77M	51.1M
OpEx % of Revenue	0.14%	0.14%	0.15%	0.16%	0.17%	0.17%	0.16%	0.14%	0.17%	0.21%
Selling, General & Admin	16.84M	20.07M	22.24M	23.21M	26.23M	26.46M	26.8M	29.93M	37.95M	51.1M
SG&A % of Revenue	0.13%	0.14%	0.14%	0.16%	0.18%	0.18%	0.16%	0.14%	0.19%	0.21%
Research & Development	1.17M	1.16M	1.54M	1.55M	1.82M	1.41M	990K	1.01M	920K	0
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0%	-
Other Operating Expenses	0	496K	693K	389K	25.32M	24.16M	26.83M	30.22M	-5.1M	0
Operating Income+	5.7M	6.54M	9.09M	2.11M	-2.35M	-1.32M	-2.61M	3.63M	18.28M	17.76M
Operating Margin %	0.04%	0.05%	0.06%	0.01%	-0.02%	-0.01%	-0.02%	0.02%	0.09%	0.07%
Operating Income Growth %	0.09%	0.15%	0.39%	-0.77%	-2.11%	0.44%	-0.98%	2.39%	4.03%	-0.03%
EBITDA+	8.29M	9.24M	11.85M	4.68M	309K	1.37M	161K	6.5M	21.41M	22.52M
EBITDA Margin %	0.06%	0.07%	0.07%	0.03%	0%	0.01%	0%	0.03%	0.11%	0.09%
EBITDA Growth %	0.06%	0.12%	0.28%	-0.6%	-0.93%	3.44%	-0.88%	39.37%	2.29%	0.05%
D&A (Non-Cash Add-back)	2.59M	2.7M	2.76M	2.57M	2.65M	2.69M	2.77M	2.87M	3.13M	4.76M
EBIT	6.38M	6.54M	9.22M	1.82M	-2.37M	-2.23M	-1.85M	5.29M	14.92M	18M
Net Interest Income+	-306K	-292K	-299K	-367K	-493K	-389K	-632K	-1.73M	-1.8M	-3.21M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	306K	292K	299K	367K	493K	389K	632K	1.73M	1.8M	3.21M
Other Income/Expense	41K	204K	-300K	22K	-521K	-1.3M	123K	-866K	-5.16M	-2.97M
Pretax Income+	5.74M	6.75M	9.48M	2.13M	-2.87M	-2.62M	-2.48M	4.5M	13.12M	14.79M
Pretax Margin %	0.04%	0.05%	0.06%	0.01%	-0.02%	-0.02%	-0.01%	0.02%	0.06%	0.06%
Income Tax+	1.86M	2.13M	4.12M	446K	1.76M	990K	3.52M	3.14M	-5.94M	3.2M
Effective Tax Rate %	0.66%	0.67%	0.55%	0.72%	1.61%	1.38%	2.42%	0.3%	1.43%	0.77%
Net Income+	3.8M	4.51M	5.19M	1.53M	-4.62M	-3.61M	-6M	1.36M	18.75M	11.4M
Net Margin %	0.03%	0.03%	0.03%	0.01%	-0.03%	-0.02%	-0.04%	0.01%	0.09%	0.05%
Net Income Growth %	0.08%	0.19%	0.15%	-0.71%	-4.02%	0.22%	-0.66%	1.23%	12.8%	-0.39%
Net Income (Continuing)	3.88M	4.62M	5.46M	1.69M	-4.62M	-3.61M	-6M	1.36M	19.06M	11.58M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	310K	374K	462K	603K	288K	246K	486K	1.08M	1.45M	1.79M
EPS (Diluted)+	1.42	1.66	1.87	0.55	-1.68	-1.31	-2.15	0.47	6.38	3.83
EPS Growth %	0.07%	0.17%	0.13%	-0.71%	-4.05%	0.22%	-0.64%	1.22%	12.57%	-0.4%
EPS (Basic)	1.43	1.67	1.91	0.56	-1.68	-1.31	-2.15	0.48	6.51	3.98
Diluted Shares Outstanding	2.69M	2.73M	2.78M	2.79M	2.75M	2.76M	2.79M	2.9M	2.94M	2.98M
Basic Shares Outstanding	2.67M	2.71M	2.72M	2.74M	2.75M	2.76M	2.79M	2.82M	2.88M	2.86M
Dividend Payout Ratio	0.36%	0.35%	0.35%	1.33%	-	-	-	-	-	-

Balance Sheet

	Apr 2016	Apr 2017	Apr 2018	Apr 2019	Apr 2020	Apr 2021	Apr 2022	Apr 2023	Apr 2024	Apr 2025
Total Current Assets+	50.96M	59.81M	63.5M	65.36M	54.23M	60.46M	91.56M	87.92M	96.82M	118.36M
Cash & Short-Term Investments	5.22M	12.51M	9.72M	10.65M	4.37M	5.21M	4.43M	8.08M	23.27M	14.94M
Cash Only	5.22M	12.51M	9.72M	10.65M	4.37M	5.21M	4.43M	8.08M	23.27M	14.94M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	27.84M	29.89M	32.66M	33.26M	28.06M	32.88M	54.71M	46.08M	45.06M	62.38M
Days Sales Outstanding	78.99	78.74	75.42	82.84	69.42	81.39	118.25	76.63	80.73	94.69
Inventory	15.63M	14.94M	17.66M	17.21M	15.33M	16.52M	23.8M	21.89M	20.68M	32.85M
Days Inventory Outstanding	54.36	48.69	51.15	51.8	45.08	48.82	60.04	43.44	49.75	69.86
Other Current Assets	1.57M	1.44M	1.24M	509K	3.57M	1.48M	2.46M	11.87M	4.82M	8.19M
Total Non-Current Assets+	21.45M	20.59M	20.85M	21.87M	29.7M	28.93M	27.21M	30.98M	37.95M	76.29M
Property, Plant & Equipment	14.12M	14.03M	14.66M	16.46M	25.58M	25.26M	22.69M	25.57M	25.1M	36.14M
Fixed Asset Turnover	9.11x	9.88x	10.78x	8.90x	5.77x	5.84x	7.44x	8.58x	8.12x	6.65x
Goodwill	0	0	0	0	0	0	0	0	0	12.49M
Intangible Assets	0	0	0	0	0	0	0	0	0	17.83M
Long-Term Investments	0	0	4.05M	3.06M	2.48M	1.3M	1.22M	1.1M	0	1.86M
Other Non-Current Assets	3.94M	3.4M	4.16M	3.58M	3.78M	2.37M	4.09M	4.46M	5.45M	3.98M
Total Assets+	72.41M	80.4M	84.36M	87.22M	83.93M	89.38M	118.77M	118.9M	134.77M	194.65M
Asset Turnover	1.78x	1.72x	1.87x	1.68x	1.76x	1.65x	1.42x	1.85x	1.51x	1.24x
Asset Growth %	0.04%	0.11%	0.05%	0.03%	-0.04%	0.06%	0.33%	0%	0.13%	0.44%
Total Current Liabilities+	20.95M	26.93M	27.56M	32.73M	27.06M	34.18M	42.29M	40.05M	40.78M	53.71M
Accounts Payable	11.72M	11.99M	14.75M	15.19M	13.11M	16.78M	27.32M	23.6M	23.26M	27.03M
Days Payables Outstanding	40.78	39.11	42.73	45.73	38.57	49.6	68.93	46.84	55.97	57.5
Short-Term Debt	4.24M	4.51M	5.05M	10.68M	4.72M	6.83M	2.16M	3.59M	3.1M	3.89M
Deferred Revenue (Current)	785K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.87M	1.85M	2.12M	3.74M	1.26M	1.35M	3.34M	4.95M	6.75M	10M
Current Ratio	2.43x	2.22x	2.30x	2.00x	2.00x	1.77x	2.17x	2.20x	2.37x	2.20x
Quick Ratio	1.69x	1.67x	1.66x	1.47x	1.44x	1.29x	1.60x	1.65x	1.87x	1.59x
Cash Conversion Cycle	92.57	88.32	83.85	88.91	75.94	80.61	109.37	73.23	74.51	107.06
Total Non-Current Liabilities+	12.9M	9.33M	9.28M	6.79M	18.17M	13.72M	40.3M	40.36M	37.78M	74.7M
Long-Term Debt	3.35M	2.43M	1.26M	97K	0	0	28.77M	28.13M	0	33.95M
Capital Lease Obligations	0	0	0	132K	7.89M	7.95M	35.18M	35.42M	5.67M	8.95M
Deferred Tax Liabilities	0	0	0	0	401K	307K	428K	943K	1.22M	1.1M
Other Non-Current Liabilities	9.55M	8.3M	8.01M	6.56M	9.87M	5.46M	-24.09M	-24.13M	30.89M	30.7M
Total Liabilities	33.85M	36.26M	36.84M	39.52M	45.23M	47.9M	82.59M	80.41M	78.56M	128.41M
Total Debt+	4.24M	4.51M	5.05M	10.93M	13.8M	16.15M	67.56M	12.92M	11M	50.16M
Net Debt	-983K	-8M	-4.66M	279K	9.44M	10.94M	63.13M	4.84M	-12.27M	35.21M
Debt / Equity	0.11x	0.10x	0.11x	0.23x	0.36x	0.39x	1.87x	0.34x	0.20x	0.76x
Debt / EBITDA	0.51x	0.49x	0.43x	2.33x	44.66x	11.78x	419.66x	1.99x	0.51x	2.23x
Net Debt / EBITDA	-0.12x	-0.87x	-0.39x	0.06x	30.53x	7.98x	392.12x	0.75x	-0.57x	1.56x
Interest Coverage	18.62x	22.40x	30.39x	5.75x	-4.76x	-3.38x	-4.13x	2.09x	10.16x	5.53x
Total Equity+	38.55M	44.14M	47.52M	47.7M	38.7M	41.49M	36.18M	38.48M	56.21M	66.25M
Equity Growth %	0.1%	0.14%	0.08%	0%	-0.19%	0.07%	-0.13%	0.06%	0.46%	0.18%
Book Value per Share	14.35	16.19	17.11	17.07	14.07	15.03	12.99	13.26	19.13	22.24
Total Shareholders' Equity	38.24M	43.76M	47.06M	47.1M	38.41M	41.24M	35.69M	37.41M	54.76M	64.46M
Common Stock	6.72M	6.79M	6.84M	6.88M	6.88M	6.92M	6.98M	7.08M	7.27M	7.35M
Retained Earnings	36.83M	39.77M	43.16M	43.55M	37.82M	34.15M	28.02M	28.76M	47.51M	58.92M
Treasury Stock	-53K	-53K	-53K	-53K	-53K	-53K	-53K	-53K	-2.05M	-3.65M
Accumulated OCI	-7.63M	-6.32M	-5.9M	-6.41M	-9.6M	-3.58M	-3.74M	-3.44M	-3.38M	-3.8M
Minority Interest	310K	374K	462K	603K	288K	246K	486K	1.08M	1.45M	1.79M

Cash Flow

	Apr 2016	Apr 2017	Apr 2018	Apr 2019	Apr 2020	Apr 2021	Apr 2022	Apr 2023	Apr 2024	Apr 2025
Cash from Operations+	7.27M	11.66M	3.18M	2.49M	4.16M	912K	-7.88M	-3.79M	19.56M	14.78M
Operating CF Margin %	0.06%	0.08%	0.02%	0.02%	0.03%	0.01%	-0.05%	-0.02%	0.1%	0.06%
Operating CF Growth %	2.17%	0.6%	-0.73%	-0.22%	0.67%	-0.78%	-9.65%	0.52%	6.16%	-0.24%
Net Income	3.88M	4.62M	5.37M	1.69M	-4.62M	-3.61M	-6M	1.36M	18.75M	11.58M
Depreciation & Amortization	2.59M	2.7M	2.76M	2.57M	2.65M	2.69M	2.77M	2.87M	3.13M	4.76M
Stock-Based Compensation	192K	199K	355K	197K	251K	634K	729K	886K	1.03M	1.44M
Deferred Taxes	-335K	234K	1.13M	202K	1.9M	1.66M	120K	516K	-7.13M	-2.2M
Other Non-Cash Items	74K	37K	344K	65K	364K	53K	92K	120K	580K	1.22M
Working Capital Changes	871K	3.87M	-6.77M	-2.23M	3.62M	-517K	-5.59M	-9.54M	3.21M	-2.02M
Change in Receivables	1.2M	-2.09M	-3.12M	-664K	4.83M	-6.09M	-8.46M	-4.95M	741K	-6.74M
Change in Inventory	-2.88M	691K	-2.73M	456K	1.88M	-1.19M	-7.28M	1.91M	1.21M	3.35M
Change in Payables	1.35M	686K	4.56M	-55K	-2.02M	6.33M	11.89M	-5.56M	0	0
Cash from Investing+	-1.48M	-2.48M	-3.2M	-4.21M	-2.46M	-2.4M	-1.91M	-4.15M	-4.37M	-30.9M
Capital Expenditures	-2.19M	-2.61M	-3.4M	-4.21M	-2.46M	-2.4M	-1.91M	-4.15M	-4.37M	-2.17M
CapEx % of Revenue	0.02%	0.02%	0.02%	0.03%	0.02%	0.02%	0.01%	0.02%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	709K	132K	193K	0	0	0	0	0	0	0
Cash from Financing+	-3.4M	-2.08M	-2.48M	2.33M	-7.46M	1.98M	11.03M	14.93M	-3.01M	7.41M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.36M	-1.57M	-1.79M	-2.03M	-1.04M	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-963K	134K	-66K	-87K	-338K	-108K	0	-575K	-488K	-1.76M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	5.08M	9.05M	-212K	-1.72M	1.7M	-1.49M	-9.79M	-7.94M	15.19M	12.62M
FCF Margin %	0.04%	0.07%	-0%	-0.01%	0.01%	-0.01%	-0.06%	-0.04%	0.07%	0.05%
FCF Growth %	19.35%	0.78%	-1.02%	-7.13%	1.98%	-1.88%	-5.59%	0.19%	2.91%	-0.17%
FCF per Share	1.89	3.32	-0.08	-0.62	0.62	-0.54	-3.52	-2.74	5.17	4.24
FCF Conversion (FCF/Net Income)	1.91x	2.58x	0.61x	1.63x	-0.90x	-0.25x	1.31x	-2.79x	1.04x	1.30x
Interest Paid	306K	292K	295K	352K	513K	0	480K	1.86M	1.8M	3.37M
Taxes Paid	2.39M	2.62M	2.87M	2.46M	188K	0	1.01M	3.16M	6.24M	3.97M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	10.31%	10.92%	11.32%	3.21%	-10.7%	-9%	-15.46%	3.64%	39.61%	18.63%
Return on Invested Capital (ROIC)	11.38%	13.31%	17.25%	3.49%	-3.66%	-1.96%	-2.58%	3.82%	31.42%	18.32%
Gross Margin	18.43%	19.2%	20.26%	17.28%	15.88%	16.27%	14.34%	16.21%	25.55%	28.63%
Net Margin	2.96%	3.26%	3.28%	1.04%	-3.13%	-2.45%	-3.55%	0.62%	9.2%	4.74%
Debt / Equity	0.11x	0.10x	0.11x	0.23x	0.36x	0.39x	1.87x	0.34x	0.20x	0.76x
Interest Coverage	18.62x	22.40x	30.39x	5.75x	-4.76x	-3.38x	-4.13x	2.09x	10.16x	5.53x
FCF Conversion	1.91x	2.58x	0.61x	1.63x	-0.90x	-0.25x	1.31x	-2.79x	1.04x	1.30x
Revenue Growth	8.25%	7.72%	14.07%	-7.28%	0.68%	-0.05%	14.51%	29.98%	-7.17%	18.02%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Domestic Operations	106.66M	117.54M	127.39M	122.72M	120.73M	111.03M	129.05M	150.88M	137.24M	179.4M
Domestic Operations Growth	-	10.21%	8.38%	-3.67%	-1.62%	-8.03%	16.22%	16.92%	-9.04%	30.72%
International Operations	28.89M	29.17M	91.02M	63.26M	67.15M	36.43M	87.57M	155.38M	66.52M	61.07M
International Operations Growth	-	0.97%	212.04%	-30.50%	6.16%	-45.74%	140.34%	77.44%	-57.19%	-8.18%

Frequently Asked Questions

Valuation & Price

Kewaunee Scientific Corporation (KEQU) has a price-to-earnings (P/E) ratio of 9.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Kewaunee Scientific Corporation (KEQU) reported $285.5M in revenue for fiscal year 2025. This represents a 178% increase from $102.8M in 2012.

Kewaunee Scientific Corporation (KEQU) grew revenue by 18.0% over the past year. This is strong growth.

Yes, Kewaunee Scientific Corporation (KEQU) is profitable, generating $11.7M in net income for fiscal year 2025 (4.7% net margin).

Dividend & Returns

Kewaunee Scientific Corporation (KEQU) has a return on equity (ROE) of 18.6%. This is reasonable for most industries.

Kewaunee Scientific Corporation (KEQU) generated $5.1M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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