Revenue growth remains highly inconsistent, ranging from a 19.8% contraction in 2023Q4 to a 22.9% expansion in 2024Q1, while gross margins oscillate between 38.0% and 47.1% due to production yield sensitivities.
| 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 |
|---|
| Sales/Revenue | 181.68M | 180.46M | 160.95M | 142.52M | 129.34M | 103.64M | 133.25M | 127.19M | 114.47M | 102.83M | 77.49M | 70.11M | 71.92M | 70.62M | 72.67M | 55.92M | 36.27M | 14.98M | 15.21M |
| Revenue Growth % | 8.64% | 12.12% | 12.93% | 10.19% | 24.79% | -22.22% | 4.76% | 11.11% | 11.32% | 32.69% | 10.53% | -2.52% | 1.84% | -2.82% | 29.96% | 54.16% | 142.16% | -1.54% | - |
| Cost of Goods Sold | 106.91M | 104.05M | 90.99M | 87.03M | 82.64M | 73.31M | 85.69M | 77.45M | 73M | 70.74M | 55.84M | 54.11M | 56.31M | 44.22M | 49.98M | 40.2M | 30.2M | 15.83M | 15.14M |
| COGS % of Revenue | - | 57.66% | 56.53% | 61.06% | 63.89% | 70.74% | 64.31% | 60.89% | 63.77% | 68.79% | 72.06% | 77.17% | 78.28% | 62.61% | 68.77% | 71.89% | 83.26% | 105.66% | 99.53% |
| Gross Profit | 74.77M | 76.41M | 69.97M | 55.49M | 46.7M | 30.33M | 47.55M | 49.74M | 41.47M | 32.09M | 21.65M | 16M | 15.62M | 26.41M | 22.69M | 15.72M | 6.07M | -847.15K | 70.83K |
| Gross Margin % | 41.16% | 42.34% | 43.47% | 38.94% | 36.11% | 29.26% | 35.69% | 39.11% | 36.23% | 31.21% | 27.94% | 22.83% | 21.72% | 37.39% | 31.23% | 28.11% | 16.74% | -5.66% | 0.47% |
| Gross Profit Growth % | - | 9.2% | 26.09% | 18.81% | 53.99% | -36.22% | -4.39% | 19.93% | 29.24% | 48.21% | 35.27% | 2.47% | -40.85% | 16.37% | 44.36% | 158.9% | 816.74% | -1296% | - |
| Operating Expenses | 49.38M | 50.17M | 49.92M | 45.43M | 42.17M | 31.02M | 28.32M | 26.95M | 22.21M | 24.64M | 27.13M | 27.43M | 26.52M | 22.71M | 18.45M | 18.04M | 16.81M | 14.82M | 17.11M |
| OpEx % of Revenue | - | 27.8% | 31.01% | 31.87% | 32.61% | 29.93% | 21.25% | 21.19% | 19.41% | 23.97% | 35.01% | 39.12% | 36.87% | 32.15% | 25.39% | 32.26% | 46.33% | 98.94% | 112.48% |
| Selling, General & Admin | 35.12M | 33.84M | 30.83M | 27.45M | 25.06M | 17.55M | 14.66M | 12.85M | 12.15M | 12.67M | 10.89M | 10.9M | 10.49M | 9.96M | 6.26M | 7.01M | 7.04M | 14.07M | 4.74M |
| SG&A % of Revenue | - | 18.75% | 19.16% | 19.26% | 19.37% | 16.93% | 11% | 10.1% | 10.62% | 12.32% | 14.05% | 15.54% | 14.59% | 14.11% | 8.62% | 12.54% | 19.42% | 93.93% | 31.15% |
| Research & Development | 10.93M | 12.99M | 15.19M | 13.93M | 13.17M | 11.36M | 13.61M | 13.06M | 9.75M | 11.97M | 16.25M | 16.53M | 16.03M | 12.74M | 11.82M | 11.03M | 9.76M | 0 | 12.37M |
| R&D % of Revenue | - | 7.2% | 9.43% | 9.78% | 10.18% | 10.96% | 10.21% | 10.27% | 8.52% | 11.64% | 20.96% | 23.58% | 22.29% | 18.05% | 16.27% | 19.72% | 26.91% | - | 81.33% |
| Other Operating Expenses | 1000K | 3.34M | 3.9M | 4.04M | 3.94M | 2.12M | 49K | 1.05M | 997K | 0 | 0 | 0 | 0 | 0 | 373K | 0 | 0 | 749.21K | 0 |
| Operating Income | 25.39M | 26.23M | 20.05M | 10.06M | 4.53M | -696K | 19.24M | 22.78M | 19.26M | 7.44M | -5.84M | -11.42M | -10.9M | 3.7M | 4.24M | -2.32M | -10.73M | -16.37M | -17.04M |
| Operating Margin % | 13.98% | 14.54% | 12.46% | 7.06% | 3.5% | -0.67% | 14.44% | 17.91% | 16.82% | 7.24% | -7.54% | -16.29% | -15.16% | 5.24% | 5.83% | -4.14% | -29.59% | -109.31% | -112.02% |
| Operating Income Growth % | - | 30.83% | 99.23% | 122.07% | 751.15% | -103.62% | -15.57% | 18.3% | 158.72% | 227.44% | 48.87% | -4.79% | -394.65% | -12.69% | 282.88% | 78.41% | 34.44% | 3.92% | - |
| EBITDA | 40.55M | 41.15M | 33.86M | 21.53M | 16.69M | 4.91M | 24.48M | 27.3M | 22.82M | 11.09M | -2.48M | -8.2M | -8.11M | 6.7M | 7.28M | 540.72K | -7.96M | -13.9M | -14.67M |
| EBITDA Margin % | 22.32% | 22.8% | 21.04% | 15.11% | 12.9% | 4.74% | 18.37% | 21.47% | 19.94% | 10.79% | -3.21% | -11.69% | -11.28% | 9.49% | 10.02% | 0.97% | -21.93% | -92.79% | -96.45% |
| EBITDA Growth % | 6.74% | 21.54% | 57.24% | 29.05% | 239.65% | -79.93% | -10.33% | 19.64% | 105.71% | 546.69% | 69.7% | -1.02% | -221.09% | -7.98% | 1246.71% | 106.8% | 42.75% | 5.28% | - |
| D&A (Non-Cash Add-back) | 15.16M | 14.92M | 13.81M | 11.47M | 12.15M | 5.61M | 5.25M | 4.52M | 3.56M | 3.65M | 3.36M | 3.23M | 2.79M | 3M | 3.04M | 2.86M | 2.78M | 2.47M | 2.37M |
| EBIT | 23.11M | 24.33M | 13.99M | 10.06M | -1.34M | -1.6M | 20.17M | 23.27M | 19.9M | 7.6M | -4.88M | -10.43M | -11.1M | 3.59M | 4.14M | -144K | -10.14M | -16.1M | -17.04M |
| Net Interest Income | 952K | 1.06M | 1.46M | -710K | -823K | 12K | 761K | 853K | 461.82K | 418K | 343K | -471K | -1.55M | -2.86M | -2.78M | -2.73M | -4.44M | -5.66M | 4.6M |
| Interest Income | 1.81M | 1.92M | 2.12M | 588K | 91K | 295K | 1.03M | 1.15M | 788.95K | 500K | 469K | 463K | 1.48M | 289K | 578K | 2.62M | 589.63K | 116.42K | 85.25K |
| Interest Expense | 860K | 864K | 660K | 1.3M | 914K | 283K | 266K | 293K | 327.13K | 82K | 126K | 934K | 3.03M | 3.15M | 3.35M | 3.79M | 5.03M | 4.04M | 4.6M |
| Other Income/Expense | -3.15M | -2.77M | -6.72M | -1.64M | -6.79M | -1.19M | -672K | 197K | 1.08M | -274K | 470K | 154K | -1.68M | -3.23M | -3.46M | -1.18M | -4.44M | -5.66M | 4.6M |
| Pretax Income | 22.25M | 23.47M | 13.33M | 8.43M | -2.26M | -1.89M | 18.57M | 22.98M | 20.34M | 7.17M | -5.01M | -11.27M | -12.58M | 467K | 783K | -3.49M | -15.17M | -22.03M | -12.45M |
| Pretax Margin % | 12.24% | 13% | 8.28% | 5.91% | -1.75% | -1.82% | 13.93% | 18.07% | 17.77% | 6.97% | -6.47% | -16.07% | -17.49% | 0.66% | 1.08% | -6.25% | -41.83% | -147.09% | -81.81% |
| Income Tax | 1.88M | 3.27M | -1.13M | 145K | 62K | 345K | 1.43M | 730K | -1.96M | 269K | 1.72M | 0 | 52K | 24K | 523K | 3.79M | 0 | 5.66M | 0 |
| Effective Tax Rate % | 8.45% | 13.93% | -8.46% | 1.72% | -2.74% | -18.3% | 7.68% | 3.18% | -9.61% | 3.75% | -34.36% | 0% | -0.41% | 5.14% | 66.79% | -108.53% | 0% | -25.69% | 0% |
| Net Income | 20.37M | 20.2M | 14.46M | 8.28M | -2.32M | -2.23M | 17.14M | 22.25M | 22.3M | 6.9M | -6.73M | -11.27M | -12.64M | 443K | 260K | -3.49M | -15.17M | -22.03M | -12.45M |
| Net Margin % | 11.21% | 11.19% | 8.99% | 5.81% | -1.79% | -2.15% | 12.86% | 17.49% | 19.48% | 6.71% | -8.69% | -16.07% | -17.57% | 0.63% | 0.36% | -6.25% | -41.83% | -147.09% | -81.81% |
| Net Income Growth % | 26.8% | 39.66% | 74.58% | 456.92% | -4.08% | -113.01% | -22.97% | -0.2% | 223.08% | 202.5% | 40.26% | 10.81% | -2952.37% | 70.38% | 107.44% | 76.98% | 31.14% | -77.03% | - |
| Net Income (Continuing) | 20.37M | 20.2M | 14.46M | 8.28M | -2.32M | -2.23M | 17.14M | 22.25M | 22.3M | 6.9M | -6.73M | -11.27M | -13.21M | 443K | 260K | -3.71M | -15.17M | -22.03M | -12.45M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.35 | 0.37 | 0.25 | 0.15 | -0.05 | -0.05 | 0.41 | 0.57 | 0.55 | 0.18 | -0.18 | -0.31 | -0.35 | 0.01 | 0.01 | -0.13 | -0.61 | -0.88 | -0.94 |
| EPS Growth % | 20.34% | 48% | 66.67% | 389.58% | -4.02% | -112.15% | -28.07% | 3.64% | 205.56% | 200% | 41.94% | 11.43% | -3600% | 0% | 107.69% | 78.69% | 30.68% | 6.38% | - |
| EPS (Basic) | - | 0.38 | 0.25 | 0.17 | -0.05 | -0.05 | 0.42 | 0.57 | 0.55 | 0.18 | -0.18 | -0.31 | -0.35 | 0.01 | 0.01 | -0.13 | -0.61 | -0.88 | -0.94 |
| Diluted Shares Outstanding | 59.03M | 58.35M | 57.82M | 53.68M | 44.82M | 44.77M | 44.59M | 40.58M | 40.54M | 38.05M | 36.43M | 36.25M | 35.97M | 33.39M | 28.69M | 27.7M | 25.06M | 25.06M | 13.2M |
| Basic Shares Outstanding | 59.03M | 57.65M | 57.49M | 48.83M | 44.82M | 44.77M | 44.14M | 40.32M | 40.28M | 37.97M | 36.42M | 36.25M | 35.71M | 32.71M | 28.08M | 27.55M | 25.06M | 25.06M | 13.2M |
| Dividend Payout Ratio | - | 61.81% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical manufacturing supply disruption
According to recent financial filings, Kamada's revenue growth has fluctuated significantly, ranging from a 19.8% contraction in 2023Q4 to a 22.9% expansion in 2024Q1, reflecting the inherent unpredictability of transitioning from product-based sales to royalty-heavy income streams within their specialized proprietary biologics portfolio.
The inconsistent top-line performance appears to be driven by the lumpy nature of international distribution shipments and the strategic pivot away from direct product sales for key assets like Glassia. Investors should monitor whether the current 2.8% growth rate in 2026Q1 represents a stabilization phase or a structural deceleration as the company shifts its business model toward higher-margin royalty arrangements.
As reported in quarterly statements, Kamada's gross margin has oscillated between 38.0% and 47.1% over the last ten quarters, suggesting that the company's specialized fractionation facility remains highly sensitive to production yields and the fluctuating costs of procuring raw human plasma for its hyperimmune portfolio.
The variability in gross margins implies that the company lacks the pricing power of larger peers, making profitability vulnerable to input cost spikes. The recent compression to 42.3% in 2026Q1 warrants further investigation into whether this reflects higher plasma acquisition costs or a shift in the product mix toward lower-margin distribution activities.
Based on the provided income statement data, Kamada's operating income has failed to scale consistently with gross profit, as evidenced by operating margins that have hovered between 7.6% and 17.7% despite significant fluctuations in quarterly revenue and varying levels of investment in research and development.
The lack of clear operating leverage suggests that SG&A expenses are relatively fixed or tied to commercialization efforts that have not yet yielded sustained margin expansion. This may indicate that the company is currently in a high-investment phase, where overhead costs are absorbing the gains from gross profit improvements.
Analysis of the income statement reveals that stock-based compensation, which reached $800,000 in 2026Q1, periodically creates noise in net income figures, complicating the assessment of true operational profitability and the underlying cash-generating capacity of the firm's core specialty pharmaceutical business model.
While the company maintains a positive net income, the volatility in EPS—ranging from $0.04 to $0.13—suggests that non-operating items and accounting adjustments play a meaningful role in bottom-line results. Investors should be cautious of relying on headline EPS, as the transition to royalty-based revenue may mask underlying operational trends in the short term.
Data from recent financial disclosures highlights that Kamada's primary manufacturing hub is located in Israel, creating a concentrated risk profile where regional geopolitical tensions could potentially disrupt the supply chain and jeopardize the company's ability to fulfill critical global contracts for its proprietary therapeutics.
Short-sellers may focus on this geographic concentration as a potential point of failure that could lead to significant inventory write-downs or lost revenue if export logistics are compromised. The reliance on a single facility for high-barrier plasma fractionation appears to be a structural vulnerability that is not fully captured by current valuation multiples.
Quick answers to the most common questions about buying KMDA stock.
For fiscal year 2025, Kamada Ltd. (KMDA) reported total revenue of $180.5M. This represents a 1086.2% increase compared to $15.2M in 2008.
Kamada Ltd. (KMDA) is profitable, generating $20.2M in net income for the fiscal year ending 2025 with a net profit margin of 11.2%.
Kamada Ltd. (KMDA) reported an operating income of $26.2M, resulting in an operating profit margin of 14.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Kamada Ltd. (KMDA) generated $76.4M in gross profit for the year, representing a gross profit margin of 42.3%. This demonstrates the company's core pricing power and production efficiency.