Kamada Ltd. (KMDA) intrinsic value & 10-year financials
Kamada Ltd. (KMDA) has a Graham intrinsic value of $7.80 per share. Over the last 10 fiscal years revenue grew 9.8% a year to $180.5M, with an average return on invested capital of 9.3%.
- Graham intrinsic value
- $7.80
- Revenue (FY2025)
- $180.5M
- Revenue growth (10-yr CAGR)
- 9.8%
- ROIC (10-yr avg)
- 9.3%
- Free cash flow (FY2025)
- —
KMDA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $180.5M | $20.2M | $0.35 | — | 14.5% | 11.4% |
| FY2024 | $161.0M | $14.5M | $0.25 | — | 12.5% | 10.2% |
| FY2023 | $142.5M | $8.3M | $0.15 | — | 7.1% | 5.4% |
| FY2022 | $129.3M | -$2.3M | -$0.05 | — | 3.5% | 2.8% |
| FY2021 | $103.6M | -$2.2M | -$0.05 | — | -0.7% | -0.5% |
| FY2020 | $133.2M | $17.1M | $0.38 | — | 14.4% | 17.5% |
| FY2019 | $127.2M | $22.3M | $0.55 | — | 17.9% | 23.3% |
| FY2018 | $114.5M | $22.3M | $0.55 | — | 16.8% | 22.0% |
| FY2017 | $102.8M | $6.9M | $0.18 | — | 7.2% | 10.4% |
| FY2016 | $77.5M | -$6.7M | -$0.18 | — | -7.1% | -9.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
KAMADA LTD is a consistent compounder, expanding top-line revenue at 9.8% annually over the past decade.
KAMADA LTD returns on capital have been average, hovering around 9.3% ROIC over the decade.
KAMADA LTD has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, KAMADA LTD is modeled at 8.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $7.80 per share.