A Business at a Glance
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KADANT INC
KAI
$3.7B
Mkt Cap
$312.36
+1.51%
KADANT INC (KAI) has a current P/E ratio of 36.1, compared to its historical median P/E of 19.7. The stock is currently considered Expensive based on its historical valuation range.
KADANT INC (KAI) has a 5-year average return on invested capital (ROIC) of 12.9%. This indicates solid capital allocation.
KADANT INC (KAI) has a market capitalization of $3.7B. It is classified as a mid-cap stock.
Yes, KADANT INC (KAI) pays a dividend with a trailing twelve-month yield of 0.43%.
Based on historical P/E analysis, KADANT INC (KAI) appears expensive. The current P/E of 36.1 is 83% above its historical median of 19.7. The estimated fair value CAGR (P/E method) is 14.4%.
KADANT INC (KAI) operates in the Special Industry Machinery (No Metalworking Machinery) industry, within the Industrials sector.
KADANT INC (KAI) reported annual revenue of $1.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Throughout this Annual Report on Form 10-K, when we use the terms "we," "us," "our," "Registrant," and the "Company," we mean Kadant Inc., and its consolidated subsidiaries, taken as a whole, unless the context otherwise indicates. Kadant Inc. trades on the New York Stock Exchange under the ticker symbol "KAI." Unless otherwise noted, references to 2025, 2024, and 2023 in this Annual Report on Form 10-K are to our fiscal years ended January 3, 2026, December 28, 2024, and December 30, 2023, respectively. Description of Our Business We are a global supplier of technologies and engineered systems that drive Sustainable Industrial Processing®. Our products and services play an integral role in enhancing efficiency, optimizing energy utilization, and maximizing productivity in process industries while helping our customers advance their sustainability initiatives with products that reduce waste or generate more yield with fewer inputs, particularly fiber, energy, and water.
| Metric | TTM | FY2026 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.1B | 1.1B | 1.1B | 958M | 905M | 635M |
| Net Income | 102M | 102M | 112M | 116M | 121M | 55M |
| EPS | $8.65 | $8.65 | $9.48 | $9.90 | $10.35 | $4.77 |
| Free Cash Flow | 154M | 154M | 134M | 134M | 74M | 85M |
| ROIC | 9.1% | 9.2% | 13.6% | 15.4% | 17.3% | 9.3% |
| Gross Margin | 45.2% | 45.2% | 44.3% | 43.5% | 43.1% | 43.7% |
| Debt/Equity | 0.38 | 0.38 | 0.38 | 0.18 | 0.34 | 0.46 |
| Dividends/Share | $1.34 | $1.36 | $1.28 | $1.16 | $1.04 | $0.96 |
| Operating Income | 157M | 157M | 171M | 166M | 171M | 81M |
| Operating Margin | 14.9% | 14.9% | 16.3% | 17.3% | 18.9% | 12.8% |
| ROE | 10.4% | 10.4% | 13.8% | 16.3% | 21.0% | 11.1% |
| Shares Outstanding | 12M | 12M | 12M | 12M | 12M | 12M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 332M | 344M | 402M | 414M | 515M | 634M | 705M | 635M | 905M | 958M | 1.1B | 1.1B | 1.1B |
| Gross Margin | 43.9% | 45.8% | 44.4% | 45.5% | 44.9% | 43.9% | 41.7% | 43.7% | 43.1% | 43.5% | 44.3% | 45.2% | 45.2% |
| R&D | 6.0M | 6.7M | 6.2M | 7.4M | 9.6M | 11M | 11M | 11M | 13M | 14M | 14M | 15M | 15M |
| SG&A | 103M | 118M | 129M | 135M | 160M | 177M | 193M | 182M | 224M | 236M | 280M | 302M | 302M |
| EBIT | 36M | 33M | 42M | 47M | 62M | 89M | 88M | 81M | 171M | 166M | 171M | 157M | 157M |
| Op. Margin | 11.0% | 9.7% | 10.5% | 11.3% | 12.0% | 14.0% | 12.5% | 12.8% | 18.9% | 17.3% | 16.3% | 14.9% | 14.9% |
| Net Income | 32M | 23M | 29M | 32M | 31M | 60M | 52M | 55M | 121M | 116M | 112M | 102M | 102M |
| Net Margin | 9.5% | 6.8% | 7.1% | 7.7% | 6.0% | 9.5% | 7.4% | 8.7% | 13.4% | 12.1% | 10.6% | 9.7% | 9.7% |
| Non-Recurring | 214K | 2.0M | 118K | 865K | 161K | 1.6M | 2.6M | 1.1M | 22M | 802K | 658K | 729K | 729K |
| Returns on Capital | |||||||||||||
| ROIC | 16.3% | 10.4% | 12.0% | 12.9% | 9.6% | 13.6% | 11.5% | 9.3% | 17.3% | 15.4% | 13.6% | 9.2% | 9.1% |
| ROE | 13.4% | 9.0% | 10.8% | 11.7% | 10.1% | 17.2% | 13.0% | 11.1% | 21.0% | 16.3% | 13.8% | 10.4% | 10.4% |
| ROA | 8.8% | 5.8% | 6.9% | 7.3% | 5.0% | 8.1% | 6.3% | 6.0% | 11.6% | 10.0% | 8.6% | 6.0% | 6.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 29M | 40M | 51M | 51M | 65M | 63M | 97M | 93M | 103M | 166M | 155M | 171M | 171M |
| Free Cash Flow | 25M | 34M | 44M | 45M | 48M | 46M | 87M | 85M | 74M | 134M | 134M | 154M | 154M |
| Owner Earnings | 16M | 25M | 34M | 32M | 40M | 32M | 58M | 55M | 59M | 122M | 95M | 109M | 109M |
| CapEx | 4.3M | 6.3M | 6.8M | 5.8M | 17M | 17M | 10.0M | 7.6M | 28M | 32M | 21M | 17M | 17M |
| Maint. CapEx | 8.4M | 9.8M | 11M | 14M | 19M | 24M | 32M | 31M | 35M | 33M | 50M | 51M | 51M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 8.4M | 9.8M | 11M | 14M | 19M | 24M | 32M | 31M | 35M | 33M | 50M | 51M | 51M |
| CapEx/OCF | 14.6% | 15.6% | 13.8% | 13.6% | 26.5% | 26.3% | 10.2% | 8.2% | 27.5% | 19.2% | 13.5% | N/A | 10.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 4.2M | 6.3M | 8.0M | 9.0M | 9.6M | 10M | 11M | 12M | 13M | 15M | 16M | 16M |
| Dividend Yield | N/A | 1.8% | 1.6% | 1.8% | 1.7% | 1.1% | 1.0% | 0.9% | 0.5% | 0.6% | 0.6% | N/A | 0.4% |
| Share Buybacks | 14M | 5.4M | 15M | 9.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 5.8% | 2.0% | 3.7% | 2.6% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 4.8M | 5.2M | 5.8M | 5.1M | 5.8M | 7.0M | 6.8M | 6.8M | 8.6M | 9.8M | 11M | 11M | 11M |
| Debt Repayment | 10M | 22M | 37M | 18M | 68M | 110M | 126M | 100M | 86M | 94M | 124M | 123M | 123M |
| Balance Sheet | |||||||||||||
| Net Debt | -48M | -11M | -20M | -469K | 166M | 130M | 234M | 164M | 147M | 32M | 228M | 256M | 256M |
| Cash & Equiv. | 55M | 50M | 45M | 71M | 75M | 46M | 67M | 66M | 76M | 104M | 95M | 120M | 120M |
| Long-Term Debt | 6.3M | 38M | 25M | 66M | 241M | 174M | 298M | 228M | 197M | 108M | 285M | 373M | 373M |
| Debt/Equity | 0.03 | 0.14 | 0.10 | 0.25 | 0.73 | 0.47 | 0.71 | 0.46 | 0.34 | 0.18 | 0.38 | 0.38 | 0.38 |
| Interest Coverage | 43.8 | 37.0 | 43.6 | 36.1 | 17.4 | 12.6 | 6.9 | 10.9 | 26.4 | 19.7 | 8.6 | 10.1 | 10.1 |
| Equity | 249M | 269M | 264M | 283M | 331M | 373M | 426M | 495M | 654M | 774M | 847M | 980M | 980M |
| Total Assets | 359M | 442M | 414M | 471M | 761M | 726M | 939M | 928M | 1.1B | 1.2B | 1.4B | 1.7B | 1.7B |
| Total Liabilities | 109M | 172M | 112M | 186M | 429M | 351M | 512M | 432M | 494M | 399M | 572M | 732M | 732M |
| Intangibles | 26M | 48M | 47M | 53M | 133M | 113M | 174M | 161M | 176M | 159M | 279M | 350M | 350M |
| Retained Earnings | 230M | 248M | 270M | 321M | 343M | 394M | 435M | 479M | 661M | 763M | 860M | 946M | 946M |
| Working Capital | 100M | 106M | 97M | 118M | 134M | 124M | 151M | 155M | 202M | 226M | 251M | 314M | 314M |
| Current Assets | 176M | 206M | 184M | 207M | 266M | 253M | 298M | 290M | 415M | 440M | 442M | 542M | 542M |
| Current Liabilities | 75M | 100M | 87M | 89M | 132M | 129M | 146M | 135M | 213M | 214M | 192M | 228M | 228M |
| Per Share Data | |||||||||||||
| EPS | 2.73 | 2.07 | 2.56 | 2.88 | 2.75 | 5.30 | 4.54 | 4.77 | 10.35 | 9.90 | 9.48 | 8.65 | 8.65 |
| Owner EPS | 1.38 | 2.22 | 3.05 | 2.84 | 3.54 | 2.84 | 5.08 | 4.73 | 5.06 | 10.45 | 8.07 | 9.24 | 9.24 |
| Book Value | 21.46 | 23.82 | 23.61 | 25.38 | 29.28 | 32.72 | 37.12 | 42.81 | 55.96 | 65.99 | 71.96 | 83.12 | 83.12 |
| Cash Flow/Share | 2.51 | 3.54 | 4.57 | 4.58 | 5.76 | 5.53 | 8.49 | 8.03 | 8.78 | 14.12 | 13.19 | 14.53 | 12.99 |
| Dividends/Share | 0.00 | 0.50 | 0.60 | 0.76 | 0.84 | 0.88 | 0.92 | 0.96 | 1.04 | 1.16 | 1.28 | 1.36 | 1.34 |
| Shares Out. | 11.6M | 11.3M | 11.2M | 11.1M | 11.3M | 11.4M | 11.5M | 11.6M | 11.7M | 11.7M | 11.8M | 11.8M | 11.8M |
| Valuation | |||||||||||||
| P/E Ratio | 7.9 | 11.5 | 14.2 | 11.1 | 21.3 | 18.1 | 17.8 | 29.4 | 19.7 | 20.0 | 28.7 | N/A | 36.1 |
| P/FCF | 10.1 | 8.0 | 9.2 | 8.5 | 13.8 | 23.6 | 10.6 | 19.1 | 32.0 | 17.3 | 23.8 | N/A | 23.9 |
| EV/EBIT | 4.1 | 6.3 | 8.2 | 6.1 | 12.2 | 13.3 | 12.5 | 21.3 | 14.2 | 13.4 | 19.3 | N/A | 25.0 |
| Price/Book | 1.0 | 1.0 | 1.5 | 1.4 | 2.0 | 2.9 | 2.2 | 3.3 | 3.6 | 3.0 | 3.8 | N/A | 3.8 |
| Price/Sales | 0.7 | 0.7 | 1.0 | 1.2 | 1.1 | 1.4 | 1.5 | 1.9 | 2.5 | 2.3 | 2.5 | N/A | 3.5 |
| FCF Yield | 9.9% | 12.5% | 10.9% | 11.8% | 7.2% | 4.2% | 9.4% | 5.2% | 3.1% | 5.8% | 4.2% | N/A | 4.2% |
| Market Cap | 250M | 270M | 407M | 382M | 662M | 1.1B | 927M | 1.6B | 2.4B | 2.3B | 3.2B | 0 | 3.7B |
| Avg. Price | 21.28 | 20.95 | 35.03 | 40.68 | 47.99 | 77.26 | 91.08 | 105.90 | 189.83 | 183.93 | 220.50 | 0.00 | 312.36 |
| Year-End Price | 21.60 | 23.90 | 36.35 | 34.48 | 58.51 | 96.19 | 80.79 | 140.42 | 204.04 | 197.83 | 271.79 | 0.00 | 312.36 |
KADANT INC passes 3 of 9 quality checks, indicating weak fundamentals.
KADANT INC trades at 36.1x trailing earnings, compared to its 15-year median P/E of 19.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 25.2x vs a median of 17.3x. The company's 5-year average ROIC is 12.9% with a gross margin of 43.9%. Total shareholder yield (dividends) is 0.4%. At current prices, the estimated annualized return to fair value is +7.1%.
KADANT INC (KAI) has a net profit margin of 9.7%. This is a modest margin.
KADANT INC (KAI) generated $154 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
KADANT INC (KAI) has a debt-to-equity ratio of 0.38. This indicates a conservatively financed balance sheet.
KADANT INC (KAI) reported earnings per share (EPS) of $8.65 in its most recent fiscal year.
KADANT INC (KAI) has a return on equity (ROE) of 10.4%. This indicates moderate shareholder returns.
KADANT INC (KAI) has a 5-year average gross margin of 43.9%. This indicates decent pricing power.
The Ledger Terminal provides 14 years of financial data for KADANT INC (KAI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
KADANT INC (KAI) has a book value per share of $83.12, based on its most recent annual SEC filing.
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