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Specialty industrial machinery · Industrials · Fiscal year ends Jan 2
Kadant reported revenue of $1.1B in the fiscal year ended Jan 2026, down 0.1% from the year before. Operating income was $157M, an operating margin of 14.9%, and net income was $102M. Operating cash flow of $171M less capital expenditure of $17M left free cash flow of $154M. Net debt was $256M.
Ranks among the 34 specialty industrial machinery companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | 787 | 905 | 958 | 1,053 | 1,052 |
| Cost of revenue | 449 | 515 | 541 | 587 | 577 |
| Gross profit | 337 | 390 | 416 | 466 | 476 |
| Research & development | 11.4 | 12.7 | 13.6 | 14.3 | 15.3 |
| Selling, general & admin | 209 | 224 | 236 | 280 | 302 |
| Operating income | 117 | 171 | 166 | 171 | 157 |
| Net interest incomeBanks | −4.6 | −5.6 | −6.6 | – | – |
| Interest expense | 4.8 | 6.5 | 8.4 | 20.0 | 15.6 |
| Pre-tax income | 112 | 166 | 159 | 153 | 144 |
| Income tax | 27.2 | 43.9 | 42.2 | 40.5 | 39.9 |
| Net income | 84.0 | 121 | 116 | 112 | 102 |
| Diluted EPS | 7.21 | 10.35 | 9.90 | 9.48 | 8.65 |
| Diluted shares | 11.7 | 11.7 | 11.7 | 11.8 | 11.8 |
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 91.2 | 76.4 | 104 | 94.7 | 120 |
| Receivables | 117 | 130 | 134 | 142 | 159 |
| Inventory | 134 | 164 | 153 | 146 | 207 |
| Current assets | 384 | 415 | 440 | 442 | 542 |
| Net PP&E | 108 | 119 | 141 | 170 | 197 |
| Goodwill | 397 | 385 | 392 | 479 | 556 |
| Total assets | 1,132 | 1,150 | 1,176 | 1,430 | 1,712 |
| Payables | 59.3 | 58.1 | 42.1 | 51.1 | 53.4 |
| Deferred revenue | 77.0 | 82.4 | 79.4 | 46.1 | 69.1 |
| Current liabilities | 221 | 213 | 214 | 192 | 228 |
| Short-term debt | 5.4 | 3.8 | 3.2 | 3.4 | 3.1 |
| Long-term debt | 265 | 199 | 109 | 287 | 373 |
| Total liabilities | 567 | 494 | 399 | 572 | 721 |
| Shareholders' equity | 564 | 654 | 774 | 847 | 980 |
| Backlog (remaining obligations) | 37.9 | 49.9 | 38.5 | – | 29.2 |
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 162 | 103 | 166 | 155 | 171 |
| Capital expenditure | 12.8 | 28.2 | 31.9 | 21.0 | 17.0 |
| Free cash flow | 150 | 74.4 | 134 | 134 | 154 |
| Depreciation & amortisation | 34.3 | 34.9 | 33.3 | 49.6 | 51.2 |
| Stock-based compensation | 8.5 | 8.6 | 9.8 | 10.6 | 11.2 |
| Acquisitions | 144 | 3.5 | 0.9 | 300 | 190 |
| Dividends paid | 11.5 | 12.0 | 13.2 | 14.7 | 15.8 |
| Dividend per share | 1.00 | 1.04 | 1.16 | 1.28 | 1.36 |
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 15.0% | 5.9% | 10.0% | −0.1% |
| Operating income growth (YoY) | – | 46.8% | −3.2% | 3.3% | −8.2% |
| EPS growth (YoY) | – | 43.6% | −4.3% | −4.2% | −8.8% |
| Gross margin | 42.9% | 43.1% | 43.5% | 44.3% | 45.2% |
| Operating margin | 14.8% | 18.9% | 17.3% | 16.3% | 14.9% |
| Net margin | 10.7% | 13.4% | 12.1% | 10.6% | 9.7% |
| Return on equityBlank when equity is negative | 14.9% | 18.5% | 15.0% | 13.2% | 10.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.8% | 18.3% | 17.2% | 13.8% | 10.6% |
| Free cash flow margin | 19.0% | 8.2% | 14.0% | 12.7% | 14.7% |
| Cash conversion (CFO ÷ net income) | 1.93x | 0.85x | 1.43x | 1.39x | 1.68x |
| Receivable days | 54 | 53 | 51 | 49 | 55 |
| Inventory days | 109 | 116 | 103 | 91 | 131 |
| Payable days | 48 | 41 | 28 | 32 | 34 |
| Interest cover | 24.2x | 26.4x | 19.7x | 8.55x | 10.1x |
| Debt ÷ equity | 0.48x | 0.31x | 0.15x | 0.34x | 0.38x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 179 | 127 | 8.5 | 195 | 256 |
| Current ratio | 1.73x | 1.95x | 2.05x | 2.31x | 2.38x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.