Cash conversion efficiency is highly erratic, evidenced by an operating cash flow to net income ratio that swung from -0.07 in 2026Q1 to 5.75 in 2024Q3, largely driven by significant working capital outflows.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Cash from Operations | 25.96M | 27.59M | 47.59M | 4.32M | 28.59M | -9.17M | 19.11M | 28.44M | 10.55M | 3.89M | 1.9M | -13.98M | -9.92M | -3.85M | -8.26M | 940.36K | 10.63M | -13.09M | -12.72M |
| Operating CF Margin % | - | 15.29% | 29.57% | 3.03% | 22.1% | -8.85% | 14.34% | 22.36% | 9.21% | 3.78% | 2.45% | -19.94% | -13.79% | -5.46% | -11.37% | 1.68% | 29.31% | -87.4% | -83.62% |
| Operating CF Growth % | -77.21% | -42.03% | 1002.99% | -84.91% | 411.82% | -147.98% | -32.83% | 169.69% | 171.11% | 105.06% | 113.57% | -40.95% | -157.34% | 53.35% | -978.6% | -91.15% | 181.2% | -2.92% | - |
| Net Income | 20.37M | 21.86M | 14.46M | 8.28M | -2.32M | -2.32M | 17.14M | 22.95M | 22.3M | 6.9M | -6.73M | -11.27M | -12.64M | 443K | 260K | -3.49M | -15.17M | -22.03M | -12.45M |
| Depreciation & Amortization | 15.24M | 16.15M | 13.81M | 12.71M | 12.15M | 5.83M | 4.9M | 4.66M | 3.7M | 3.52M | 3.5M | 3.23M | 2.79M | 3M | 3.04M | 2.86M | 2.78M | 2.47M | 2.37M |
| Stock-Based Compensation | 1.01M | 0 | 874K | 1.31M | 1.15M | 0 | 977K | 0 | 948K | 483K | 1.07M | 1.91M | 3.75M | 1.33M | 1.27M | 997.11K | 1.78M | 1.67M | 307.91K |
| Deferred Taxes | 707K | 0 | -1.13M | 145K | 62K | 0 | 1.43M | 748.91K | -1.96M | 269K | 1.72M | 699K | 52K | 24K | 523K | -2.04M | -1.77M | -2.62M | -1.45M |
| Other Non-Cash Items | 5.62M | 8.72M | 8.16M | 60K | 5.89M | 2.3M | 1.77M | 1.85M | -380K | 650K | -1.58M | -154K | 1.01M | 2.08M | 900K | 1.18M | 4.44M | 5.71M | -4.6M |
| Working Capital Changes | -17.05M | -19.14M | 11.41M | -18.2M | 11.65M | -14.98M | -7.1M | -1.77M | -14.07M | -7.94M | 3.91M | -8.39M | -4.89M | -10.73M | -14.26M | 1.44M | 18.59M | 1.7M | 3.1M |
| Change in Receivables | -6.58M | -5.92M | -908K | 9.5M | 5.68M | -15.07M | 1.45M | 5.06M | 2.31M | -9.97M | 3.49M | -5.6M | -1.35M | -3.44M | -6.66M | 5.38M | -8.61M | -553.59K | 1.75M |
| Change in Inventory | -6.9M | -6.63M | 9.66M | -19.69M | -1.36M | -2.47M | 1.16M | -14.29M | -8.25M | 4.52M | 742K | -913K | -3.49M | -1.18M | -4.86M | -6.07M | -1.91M | 190.07K | -2.2M |
| Change in Payables | -4.77M | -7.44M | 1.23M | -8.88M | 7.05M | 8.23M | -9.56M | 6.46M | -1.12M | -556K | -2.65M | 887K | 3.26M | 1.58M | -157K | 1.18M | 6.25M | 1.28M | 528.07K |
| Cash from Investing | -49.66M | -10.65M | -10.74M | -5.84M | -3.78M | -63.46M | -13.13M | -581.8K | -5.18M | -15.89M | 1.64M | 11.25M | -26.82M | -3.9M | -2.43M | -1.11M | -23.34M | -5.81M | -3.6M |
| Capital Expenditures | -9.43M | -10.66M | -10.74M | -5.85M | -3.78M | -3.88M | -5.49M | -2.37M | -2.88M | -4.45M | -2.64M | -2.72M | -3.08M | -5.64M | -4.61M | -1.86M | -3.84M | -5.27M | -3.73M |
| CapEx % of Revenue | 5.19% | 5.91% | 6.67% | 4.1% | 2.93% | 3.74% | 4.12% | 1.87% | 2.52% | 4.33% | 3.41% | 3.88% | 4.28% | 7.99% | 6.34% | 3.33% | 10.57% | 35.19% | 24.5% |
| Acquisitions | -166 | 8.66K | 0 | 0 | 0 | -100.21M | 0 | 9.28K | 28.86K | 62.16K | 41.89K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33.04K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 1K | 7K | 0 | 0 | 7K | 0 | -2.29M | -11.44M | 4.28M | 13.97M | -23.74M | 1.74M | 2.18M | 757.49K | 224.07K | -10.82K | -23.26K |
| Cash from Financing | -18.65M | -19.86M | -13.91M | 22.68M | -9.34M | 19.33M | 23.36M | -1.58M | -587K | 15.32M | 1.49M | -6.36M | -7.64M | 49.21M | 2.97M | -378.88K | 7.57M | 36.02M | 25.21M |
| Debt Issued (Net) | -1.35M | -972K | -1.25M | -18.26M | -3.73M | 20.58M | -1.59M | -491.02K | -596K | -251K | 1.49M | -7.61M | -7.73M | -4.31M | -12K | -849.43K | -68.33K | 4.05M | 12.12M |
| Equity Issued (Net) | 62 | 54.12K | 0 | 58.23M | 0 | 19.75K | 24.89M | 16.5K | 0 | 15.57M | 0 | 0 | 0 | 52.95M | 0 | 0 | 0 | 29.97M | 0 |
| Dividends Paid | -11.29M | -12.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -6.01M | -6.45M | -12.66M | -17.3M | -5.62M | -1.27M | 64K | -1.1M | 9K | 3K | 0 | 1.25M | 88K | 562K | 2.98M | 446.43K | 7.64M | 2.27M | 13.09M |
| Net Change in Cash | -43.09M | -2.95M | 22.79M | 21.38M | 15.67M | -51.58M | 27.54M | 24.57M | 5.41M | 2.71M | 4.92M | -9.5M | -44.56M | 42.24M | -7.51M | 495.01K | -6.72M | 17.12M | 9.27M |
| Free Cash Flow | 16.53M | 16.93M | 36.85M | -1.53M | 24.8M | -13.04M | 13.62M | 26.07M | 7.66M | -559K | -744K | -16.7M | -12.99M | -9.5M | -12.87M | -922.75K | 6.8M | -18.36M | -16.45M |
| FCF Margin % | 9.1% | 9.38% | 22.9% | -1.08% | 19.18% | -12.59% | 10.22% | 20.5% | 6.69% | -0.54% | -0.96% | -23.81% | -18.07% | -13.45% | -17.71% | -1.65% | 18.73% | -122.59% | -108.12% |
| FCF Growth % | -54.76% | -54.05% | 2500.91% | -106.19% | 290.13% | -195.8% | -47.76% | 240.23% | 1470.66% | 24.87% | 95.54% | -28.5% | -36.82% | 26.21% | -1294.85% | -113.58% | 137.01% | -11.64% | - |
| FCF per Share | 0.28 | 0.29 | 0.64 | -0.03 | 0.55 | -0.29 | 0.31 | 0.64 | 0.19 | -0.01 | -0.02 | -0.46 | -0.36 | -0.28 | -0.45 | -0.03 | 0.27 | -0.73 | -1.25 |
| FCF Conversion (FCF/Net Income) | 0.81x | 1.37x | 3.29x | 0.52x | -12.32x | 4.11x | 1.11x | 1.28x | 0.47x | 0.56x | -0.28x | 1.24x | 0.78x | -8.70x | -31.78x | -0.27x | -0.70x | 0.59x | 1.02x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geopolitical manufacturing supply disruption
As reported in recent financial statements, Kamada's operating cash flow to net income ratio has fluctuated wildly, reaching a low of -0.07 in 2026Q1 and a high of 5.75 in 2024Q3, indicating significant disconnects between accounting profits and the actual cash generated from core operations.
The extreme variance in the OCF/NI ratio suggests that net income is a poor proxy for the company's immediate liquidity, likely driven by the lumpy nature of international shipments and working capital swings. Investors should monitor whether this divergence is a temporary byproduct of the Takeda royalty transition or a structural issue in the cash conversion cycle.
Based on the provided quarterly data, Kamada's free cash flow margins have exhibited extreme volatility, swinging from a peak of 48.1% in 2024Q3 to negative territory in multiple periods, reflecting the inherent difficulty in maintaining consistent cash generation within a specialized, high-cost manufacturing business model.
The inability to sustain positive free cash flow suggests that the company's capital-intensive operations require constant reinvestment, which may limit the ability to fund future growth internally. This erratic trajectory warrants further investigation into whether the recent negative FCF periods are indicative of strategic investment phases or operational inefficiencies.
According to recent SEC filings, Kamada experienced significant working capital outflows, including a $12.1 million drain in 2026Q1, which highlights the company's vulnerability to inventory build-ups and the timing of collections inherent in the specialty pharmaceutical distribution and proprietary product sales business model.
These large, periodic working capital outflows appear to be the primary driver of the company's inconsistent operating cash flow performance. The data suggests that management's ability to optimize the cash conversion cycle is currently limited by the complexities of managing cold-chain logistics and international distribution channels.
As reported in financial statements, Kamada's capital expenditure as a percentage of revenue has remained relatively contained, fluctuating between 2.2% and 7.6% over the last ten quarters, suggesting a disciplined approach to maintaining its specialized fractionation facility despite the broader volatility in cash flows.
While the capital intensity appears manageable, the consistent need for maintenance capex suggests that the Beit Kama facility requires ongoing investment to meet stringent regulatory standards. Investors should monitor whether future growth initiatives, such as the inhaled AAT pipeline, will necessitate a significant step-up in capital intensity that could further pressure free cash flow.
Quick answers to the most common questions about buying KMDA stock.
Kamada Ltd. (KMDA) generated $27.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kamada Ltd. (KMDA) generated $16.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Kamada Ltd. (KMDA) spent $10.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Kamada Ltd. (KMDA) returned $12.5M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.