Revenue growth remains highly volatile, with quarterly expansion rates fluctuating between 46.9% and 3.3%, while operating margins remain compressed at 3.7% as of 2026Q3.
| Metric | Apr'26 | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 |
|---|
| Sales/Revenue | 282M | 240.47M | 203.75M | 219.49M | 168.87M | 147.47M | 147.54M | 146.55M | 158.05M | 138.56M | 128.63M | 118.83M | 111.17M | 117.12M | 102.85M | 100M | 99.09M | 103.98M | 89.51M | 81.44M | 84.07M | 73.48M | 94.7M | 71.16M | 84.85M | 77.06M | 74.8M | 77.5M | 73M | 62M |
| Revenue Growth % | 17.27% | 18.02% | -7.17% | 29.98% | 14.51% | -0.05% | 0.68% | -7.28% | 14.07% | 7.72% | 8.25% | 6.89% | -5.08% | 13.88% | 2.84% | 0.92% | -4.7% | 16.16% | 9.91% | -3.13% | 14.41% | -22.41% | 33.07% | -16.13% | 10.11% | 3.02% | -3.49% | 6.16% | 17.74% | 7.64% |
| Cost of Goods Sold | 201.56M | 171.62M | 151.7M | 183.91M | 144.65M | 123.48M | 124.11M | 121.23M | 126.03M | 111.95M | 104.92M | 97.06M | 89.13M | 94.86M | 83.69M | 80.72M | 77.69M | 82.61M | 70.34M | 66.36M | 71.66M | 61M | 79.01M | 58.45M | 70.14M | 60.38M | 55.75M | 58.2M | 54.3M | 46.5M |
| COGS % of Revenue | 71.48% | 71.37% | 74.45% | 83.79% | 85.66% | 83.73% | 84.12% | 82.72% | 79.74% | 80.8% | 81.57% | 81.68% | 80.18% | 81% | 81.37% | 80.72% | 78.4% | 79.44% | 78.58% | 81.48% | 85.24% | 83.01% | 83.43% | 82.14% | 82.67% | 78.35% | 74.53% | 75.1% | 74.38% | 75% |
| Gross Profit | 80.44M | 68.86M | 52.05M | 35.59M | 24.22M | 23.99M | 23.43M | 25.32M | 32.02M | 26.61M | 23.71M | 21.77M | 22.03M | 22.26M | 19.16M | 19.28M | 21.4M | 21.37M | 19.17M | 15.09M | 12.41M | 12.48M | 15.69M | 12.71M | 14.71M | 16.68M | 19.05M | 19.3M | 18.7M | 15.5M |
| Gross Margin % | 28.52% | 28.63% | 25.55% | 16.21% | 14.34% | 16.27% | 15.88% | 17.28% | 20.26% | 19.2% | 18.43% | 18.32% | 19.82% | 19% | 18.63% | 19.28% | 21.6% | 20.56% | 21.42% | 18.52% | 14.76% | 16.99% | 16.57% | 17.86% | 17.33% | 21.65% | 25.47% | 24.9% | 25.62% | 25% |
| Gross Profit Growth % | 16.82% | 32.29% | 46.26% | 46.94% | 0.95% | 2.42% | -7.47% | -20.93% | 20.34% | 12.23% | 8.92% | -1.21% | -1.02% | 16.19% | -0.66% | -9.9% | 0.14% | 11.48% | 27.08% | 21.58% | -0.61% | -20.43% | 23.42% | -13.56% | -11.86% | -12.42% | -1.29% | 3.21% | 20.65% | 25% |
| Operating Expenses | 63.73M | 51.1M | 33.77M | 30.22M | 26.83M | 25.31M | 25.77M | 23.21M | 22.93M | 20.07M | 18.01M | 16.54M | 16.07M | 16.98M | 16.44M | 16.13M | 15.58M | 14.29M | 13.56M | 11.73M | 11.29M | 12.7M | 13.49M | 13.48M | 11.8M | 12.16M | 14.4M | 13.9M | 14.4M | 13M |
| OpEx % of Revenue | 22.6% | 21.25% | 16.57% | 13.77% | 15.89% | 17.16% | 17.47% | 15.84% | 14.51% | 14.48% | 14% | 13.92% | 14.45% | 14.5% | 15.99% | 16.13% | 15.72% | 13.74% | 15.15% | 14.4% | 13.43% | 17.28% | 14.25% | 18.94% | 13.91% | 15.77% | 19.25% | 17.94% | 19.73% | 20.97% |
| Selling, General & Admin | 0 | 51.1M | 37.95M | 29.93M | 26.8M | 26.46M | 26.23M | 23.21M | 22.24M | 20.07M | 16.84M | 16.54M | 16.07M | 16.98M | 0 | 0 | 0 | 14.29M | 13.56M | 11.73M | 12.18M | 12.7M | 13.49M | 13.48M | 11.8M | 12.16M | 12.43M | 12.3M | 13.1M | 11.5M |
| SG&A % of Revenue | - | 21.25% | 18.62% | 13.64% | 15.87% | 17.94% | 17.78% | 15.84% | 14.07% | 14.48% | 13.09% | 13.92% | 14.45% | 14.5% | - | - | - | 13.74% | 15.15% | 14.4% | 14.48% | 17.28% | 14.25% | 18.94% | 13.91% | 15.77% | 16.62% | 15.87% | 17.95% | 18.55% |
| Research & Development | 0 | 0 | 920K | 1.01M | 990K | 1.41M | 1.82M | 1.55M | 1.54M | 1.16M | 1.17M | 936K | 842K | 872K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.45% | 0.46% | 0.59% | 0.95% | 1.23% | 1.06% | 0.97% | 0.84% | 0.91% | 0.79% | 0.76% | 0.74% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 63.73M | 51.1M | -5.1M | 30.22M | 26.83M | 24.16M | 25.32M | 389K | 693K | 496K | 0 | 484K | 395K | 306K | 16.44M | 16.13M | 15.58M | 0 | 0 | 0 | -884K | 0 | 0 | 0 | 0 | 0 | 1.97M | 1.6M | 1.3M | 1.5M |
| Operating Income | 16.71M | 17.76M | 18.28M | 3.63M | -2.61M | -1.32M | -2.35M | 2.11M | 9.09M | 6.54M | 5.7M | 5.23M | 5.96M | 5.28M | 2.71M | 3.16M | 5.83M | 7.08M | 5.61M | 3.36M | 1.12M | -215K | 2.2M | -764K | 2.9M | 2.36M | 4.65M | 5.4M | 4.3M | 2.5M |
| Operating Margin % | 5.93% | 7.39% | 8.97% | 1.65% | -1.54% | -0.89% | -1.59% | 1.44% | 5.75% | 4.72% | 4.43% | 4.4% | 5.36% | 4.51% | 2.64% | 3.16% | 5.88% | 6.81% | 6.27% | 4.12% | 1.33% | -0.29% | 2.32% | -1.07% | 3.42% | 3.06% | 6.22% | 6.97% | 5.89% | 4.03% |
| Operating Income Growth % | -5.88% | -2.86% | 403.33% | 239.26% | -98.18% | 43.88% | -211.03% | -76.76% | 38.89% | 14.81% | 9.03% | -12.37% | 13.02% | 94.51% | -14.06% | -45.82% | -17.74% | 26.21% | 67.15% | 200.63% | 619.53% | -109.78% | 387.7% | -126.3% | 23.09% | -49.29% | -13.81% | 25.58% | 72% | 150% |
| EBITDA | 21.47M | 22.52M | 21.41M | 6.5M | 161K | 1.37M | 309K | 4.68M | 11.85M | 9.24M | 8.29M | 7.84M | 8.51M | 7.93M | 5.38M | 5.64M | 8.18M | 9.35M | 7.59M | 5.31M | 3.14M | 1.83M | 4.25M | 1.54M | 5.08M | 4.53M | 6.62M | 7M | 5.6M | 4M |
| EBITDA Margin % | 7.61% | 9.36% | 10.51% | 2.96% | 0.1% | 0.93% | 0.21% | 3.2% | 7.5% | 6.67% | 6.44% | 6.6% | 7.66% | 6.77% | 5.23% | 5.64% | 8.25% | 8.99% | 8.48% | 6.52% | 3.74% | 2.49% | 4.48% | 2.17% | 5.98% | 5.88% | 8.85% | 9.03% | 7.67% | 6.45% |
| EBITDA Growth % | -4.64% | 5.19% | 229.37% | 3936.65% | -88.26% | 343.69% | -93.4% | -60.47% | 28.16% | 11.51% | 5.73% | -7.89% | 7.35% | 47.48% | -4.73% | -30.96% | -12.54% | 23.08% | 43.01% | 68.89% | 71.52% | -56.83% | 175.18% | -69.61% | 12.15% | -31.62% | -5.4% | 25% | 40% | 53.85% |
| D&A (Non-Cash Add-back) | 4.76M | 4.76M | 3.13M | 2.87M | 2.77M | 2.69M | 2.65M | 2.57M | 2.76M | 2.7M | 2.59M | 2.62M | 2.55M | 2.65M | 2.66M | 2.49M | 2.35M | 2.26M | 1.98M | 1.95M | 2.03M | 2.05M | 2.05M | 2.31M | 2.17M | 2.17M | 1.97M | 1.6M | 1.3M | 1.5M |
| EBIT | 16.71M | 18M | 14.92M | 5.29M | -1.85M | -2.23M | -2.37M | 1.82M | 9.22M | 6.54M | 6.38M | 5.23M | 5.96M | 5.58M | 2.98M | 3.16M | 5.83M | 7.06M | 5.66M | 3.36M | 1.12M | -215K | 2.2M | -764K | 2.9M | 4.53M | 4.65M | 5.4M | 4.3M | 2.5M |
| Net Interest Income | -3.86M | -3.21M | -1.8M | -1.73M | -632K | -389K | -493K | -367K | -299K | -292K | -306K | -325K | -373K | -362K | -445K | -199K | -157K | -280K | -294K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.86M | 3.21M | 1.8M | 1.73M | 632K | 389K | 493K | 367K | 299K | 292K | 306K | 325K | 373K | 362K | 445K | 199K | 157K | 280K | 294K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -2.98M | -2.97M | -5.16M | -866K | 123K | -1.3M | -521K | 22K | -300K | 204K | 41K | 159K | 22K | -56K | -174K | -195K | -156K | -308K | -247K | -617K | -420K | -308K | 18.09M | -127K | -212K | -522K | 157K | 200K | 0 | -100K |
| Pretax Income | 13.73M | 14.79M | 13.12M | 4.5M | -2.48M | -2.62M | -2.87M | 2.13M | 9.48M | 6.75M | 5.74M | 5.38M | 5.99M | 5.22M | 2.54M | 2.96M | 5.67M | 6.78M | 5.37M | 2.74M | 697K | -523K | 20.28M | -891K | 2.69M | 1.84M | 4.81M | 5.6M | 4.3M | 2.4M |
| Pretax Margin % | 4.87% | 6.15% | 6.44% | 2.05% | -1.47% | -1.77% | -1.94% | 1.46% | 6% | 4.87% | 4.46% | 4.53% | 5.38% | 4.46% | 2.47% | 2.96% | 5.72% | 6.52% | 5.99% | 3.37% | 0.83% | -0.71% | 21.42% | -1.25% | 3.17% | 2.39% | 6.43% | 7.23% | 5.89% | 3.87% |
| Income Tax | 3.27M | 3.2M | -5.94M | 3.14M | 3.52M | 990K | 1.76M | 446K | 4.12M | 2.13M | 1.86M | 1.75M | 1.98M | 1.54M | 739K | 864K | 1.92M | 2.26M | 1.73M | 902K | 288K | -488K | 621K | -549K | 793K | 561K | 1.25M | 2.2M | 1.7M | 100K |
| Effective Tax Rate % | 23.8% | 21.66% | -45.26% | 69.79% | -141.57% | -37.83% | -61.34% | 20.9% | 43.41% | 31.51% | 32.44% | 32.4% | 33.13% | 29.5% | 29.11% | 29.17% | 33.87% | 33.41% | 32.3% | 32.91% | 41.32% | 93.31% | 3.06% | 61.62% | 29.45% | 30.52% | 25.98% | 39.29% | 39.53% | 4.17% |
| Net Income | 9.62M | 11.4M | 18.75M | 1.36M | -6M | -3.61M | -4.62M | 1.53M | 5.19M | 4.51M | 3.8M | 3.53M | 3.9M | 3.04M | 1.03M | 1.85M | 3.57M | 4.25M | 3.13M | 1.54M | 193K | -147K | 1.46M | -342K | 1.9M | 1.28M | 3.56M | 3.4M | 2.6M | 2.3M |
| Net Margin % | 3.41% | 4.74% | 9.2% | 0.62% | -3.55% | -2.45% | -3.13% | 1.04% | 3.28% | 3.26% | 2.96% | 2.97% | 3.5% | 2.6% | 1% | 1.85% | 3.6% | 4.08% | 3.5% | 1.89% | 0.23% | -0.2% | 1.54% | -0.48% | 2.24% | 1.66% | 4.76% | 4.39% | 3.56% | 3.71% |
| Net Income Growth % | -15.67% | -39.18% | 1279.91% | 122.64% | -66.43% | 21.99% | -402.42% | -70.53% | 14.91% | 18.75% | 7.74% | -9.4% | 27.96% | 195.25% | -44.27% | -48.21% | -15.89% | 35.51% | 103.51% | 697.93% | 231.29% | -110.05% | 527.49% | -118% | 48.79% | -64.14% | 4.74% | 30.77% | 13.04% | 475% |
| Net Income (Continuing) | 10.46M | 11.58M | 19.06M | 1.36M | -6M | -3.61M | -4.62M | 1.69M | 5.46M | 4.62M | 3.88M | 3.64M | 4M | 3.68M | 1.8M | 2.1M | 3.75M | 4.51M | 3.63M | 1.54M | 193K | -35K | 1.46M | -342K | 1.9M | 1.28M | 3.56M | 3.4M | 2.6M | 2.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.09M | 1.79M | 1.45M | 1.08M | 486K | 246K | 288K | 603K | 462K | 374K | 310K | 323K | 265K | 2.02M | 2.15M | 1.52M | 1.24M | 1.31M | 1.77M | 1.18M | 818K | 600K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.22 | 3.83 | 6.38 | 0.47 | -2.15 | -1.31 | -1.68 | 0.55 | 1.87 | 1.66 | 1.42 | 1.33 | 1.48 | 1.17 | 0.40 | 0.72 | 1.39 | 1.66 | 1.23 | 0.62 | 0.08 | -0.06 | 0.59 | -0.14 | 0.77 | 0.51 | 1.44 | 1.38 | 1.06 | 0.96 |
| EPS Growth % | -15.93% | -39.97% | 1257.45% | 121.86% | -64.12% | 22.02% | -405.45% | -70.59% | 12.65% | 16.9% | 6.77% | -10.14% | 26.5% | 192.5% | -44.44% | -48.2% | -16.27% | 34.96% | 98.39% | 675% | 235.82% | -109.98% | 521.43% | -118.18% | 50.98% | -64.58% | 4.35% | 30.19% | 10.42% | 540% |
| EPS (Basic) | 3.36 | 3.98 | 6.51 | 0.48 | -2.15 | -1.31 | -1.68 | 0.56 | 1.91 | 1.67 | 1.43 | 1.34 | 1.49 | 1.18 | 0.40 | 0.72 | 1.39 | 1.66 | 1.24 | 0.62 | 0.08 | -0.06 | 0.59 | -0.14 | 0.77 | 0.52 | 1.45 | 1.40 | 1.07 | 0.96 |
| Diluted Shares Outstanding | 2.98M | 2.98M | 2.94M | 2.9M | 2.79M | 2.76M | 2.75M | 2.79M | 2.78M | 2.73M | 2.69M | 2.66M | 2.63M | 2.6M | 2.58M | 2.58M | 2.58M | 2.56M | 2.56M | 2.5M | 2.49M | 2.5M | 2.5M | 2.48M | 2.48M | 2.49M | 2.48M | 2.46M | 2.42M | 2.37M |
| Basic Shares Outstanding | 2.86M | 2.86M | 2.88M | 2.82M | 2.79M | 2.76M | 2.75M | 2.74M | 2.72M | 2.71M | 2.67M | 2.63M | 2.61M | 2.59M | 2.58M | 2.58M | 2.56M | 2.56M | 2.53M | 2.49M | 2.49M | 2.49M | 2.49M | 2.48M | 2.47M | 2.47M | 2.46M | 2.43M | 2.39M | 2.37M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 132.77% | 34.58% | 34.77% | 35.8% | 34.97% | 28.81% | 34% | 100% | 55.68% | 27.32% | 19.26% | 22.59% | 45.32% | 361.66% | - | 47.61% | - | 36.42% | 54.03% | 17.94% | 14.71% | 15.38% | 8.7% |
Project-based revenue lumpiness
As reported in recent financial filings, Kewaunee Scientific experienced significant revenue fluctuations, with quarterly growth rates swinging from a 46.9% expansion in 2026Q1 to a 3.3% increase by 2026Q3, highlighting the inherent instability of their project-based business model within the laboratory infrastructure sector.
The wide variance in quarterly revenue growth suggests that the company remains highly susceptible to the timing of large-scale construction milestones rather than consistent organic demand. Investors should monitor whether this volatility reflects genuine project delays or a broader cooling in the pharmaceutical and biotech capital expenditure cycles.
Based on the company's historical income statements, gross margins have fluctuated between 25.7% and 31.2%, indicating that Kewaunee Scientific's profitability is heavily tethered to raw material price volatility and the company's ability to pass through costs within its specialized laboratory furniture and fume hood segments.
The compression of gross margins toward the 26.7% level in 2026Q3 suggests that the company may be struggling to maintain pricing power against rising input costs or competitive bidding pressures. This margin profile warrants further investigation into whether the firm can successfully shift its product mix toward higher-complexity, proprietary safety equipment to insulate itself from commodity-linked furniture pricing.
According to the provided quarterly data, operating income has failed to scale consistently with revenue, as evidenced by the 2026Q3 operating margin of 3.7% despite significant top-line activity, suggesting that the company's fixed-cost manufacturing footprint creates substantial operational drag during periods of lower project throughput.
The lack of clear operating leverage implies that Kewaunee Scientific has not yet achieved the necessary scale to decouple its overhead from its project-based revenue stream. Analysts should scrutinize whether the recent increase in SG&A expenses is a temporary investment in growth or a structural inefficiency that will continue to weigh on bottom-line profitability.
Based on reported figures, net income has exhibited extreme variability, ranging from a high of $11.0 million in 2024Q4 to a low of $692,000 in 2026Q3, which suggests that non-operating items or project-specific accounting milestones may be significantly distorting the underlying earnings power of the business.
The sharp decline in EPS growth during recent quarters, despite revenue growth, indicates that investors should be cautious about relying on headline net income as a proxy for operational health. The presence of stock-based compensation, while relatively modest, further complicates the assessment of true cash-generative capacity for shareholders.
Quick answers to the most common questions about buying KEQU stock.
For fiscal year 2026, Kewaunee Scientific Corporation (KEQU) reported total revenue of $282.0M. This represents a 354.8% increase compared to $62.0M in 1997.
Kewaunee Scientific Corporation (KEQU) is profitable, generating $9.6M in net income for the fiscal year ending 2026 with a net profit margin of 3.4%.
Kewaunee Scientific Corporation (KEQU) reported an operating income of $16.7M, resulting in an operating profit margin of 5.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Kewaunee Scientific Corporation (KEQU) generated $80.4M in gross profit for the year, representing a gross profit margin of 28.5%. This demonstrates the company's core pricing power and production efficiency.