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KMDA

Kamada Ltd.

KMDA

Kamada Ltd. • NASDAQ
$6.70 ▼ -1.47% (-0.10)
Market Cap $385.28 M
52w High $9.15
52w Low $5.54
Dividend Yield 0.20%
P/E 19.14
Volume 34.21K
Outstanding Shares 57.51M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $47.01M ▲ $11.946M ▲ $5.296M ▼ 11.266% ▼ $0.09 ▼ $10.348M ▲
Q2-2025 $44.754M ▲ $11.858M ▼ $7.376M ▲ 16.481% ▲ $0.13 ▲ $9.691M ▼
Q1-2025 $44.018M ▲ $12.954M ▲ $3.964M ▲ 9.005% ▼ $0.07 $10.416M ▲
Q4-2024 $39.005M ▼ $11.953M ▲ $3.808M ▼ 9.763% ▲ $0.07 $6.748M ▼
Q3-2024 $41.74M $11.94M $3.863M 9.255% $0.07 $7.356M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $71.997M ▲ $377.21M ▲ $111.978M ▲ $265.232M ▲
Q2-2025 $65.985M ▼ $368.173M ▼ $108.219M ▼ $259.954M ▲
Q1-2025 $76.25M ▼ $375.105M ▲ $123.148M ▲ $251.957M ▼
Q4-2024 $78.435M ▲ $372.255M ▲ $112.791M ▲ $259.464M ▲
Q3-2024 $72.001M $351.209M $95.94M $255.269M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $5.296M ▼ $10.416M ▲ $-3.589M ▼ $-754K ▲ $6.012M ▲ $6.827M ▲
Q2-2025 $7.376M ▲ $8.021M ▲ $-2.014M ▼ $-16.119M ▼ $-10.265M ▼ $6.007M ▲
Q1-2025 $3.964M ▲ $-513K ▼ $-1.46M ▲ $-293K ▲ $-2.185M ▼ $-1.981M ▼
Q4-2024 $3.808M ▼ $10.398M ▼ $-2.924M ▼ $-708K ▲ $6.434M ▼ $7.474M ▼
Q3-2024 $3.863M $22.213M $-2.124M $-4.786M $15.454M $20.089M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been growing at a steady pace over the past several years, and profitability has gradually improved from roughly break-even to clearly positive. Gross margins look healthy for a specialty pharma business, and operating profit has inched up in line with sales. That said, profit levels still appear modest and have shown some volatility from year to year, which is typical for a smaller biopharma company that depends on a focused set of products and markets.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid and gradually stronger over time. Total assets and shareholder equity have both increased, suggesting ongoing reinvestment in the business and retained earnings. Cash on hand has moved up from earlier levels, giving the company more flexibility, while debt remains quite low, which limits financial risk. Overall, the company appears to be financed conservatively, with a cushion to absorb normal business ups and downs.

Cash Flow

Cash Flow The business generally generates cash from its operations, with a clear improvement in the most recent year after some softer periods earlier in the decade. Free cash flow has been positive in most years, helped by relatively modest spending on new equipment and facilities. The pattern suggests that Kamada’s core operations can fund its regular investment needs, although cash flows have not been perfectly smooth and could fluctuate with product demand or clinical and regulatory events.

Competitive Edge

Competitive Edge Kamada operates in a specialized corner of the biopharma world, focused on plasma-derived therapies and rare diseases, which naturally limits the number of direct competitors. Its FDA-approved manufacturing site, proprietary purification technology, and control over plasma collection give it meaningful barriers to entry. A portfolio of several approved niche products and long-term partnerships with larger companies strengthen its position. The flip side is concentration risk: a relatively small set of products and indications, exposure to regulatory changes, and potential competition from much larger pharmaceutical players.

Innovation and R&D

Innovation and R&D Innovation is a clear pillar for Kamada. The company is leveraging its plasma purification technology across several programs, with the inhaled Alpha-1 Antitrypsin candidate as the standout late-stage project. If successful, that program could meaningfully change its growth profile, but it still carries typical clinical and regulatory risks. Early work in plasma-based eye treatments and expansion into biosimilars show an effort to broaden the pipeline and revenue sources. Overall, R&D is focused but not overly diversified, so outcomes of a few key programs will matter a lot.

Summary

Kamada shows a picture of a niche biopharma company that has moved from a more variable past toward steadier growth and profitability, backed by a conservative balance sheet and generally positive cash generation. Its strength lies in specialized plasma-derived products, vertical integration, and a defensible manufacturing and regulatory position. Future performance will hinge on maintaining demand for existing therapies, successfully executing its plasma collection strategy, and, most importantly, advancing its late-stage inhaled AAT program. As with all small-to-midsized biopharma firms, investors face a mix of attractive growth potential and meaningful clinical, regulatory, and concentration risks.

NEWS

November 10, 2025 · 7:00 AM UTC

Kamada Reports Strong Third Quarter and Nine Month 2025 Financial Results with over 30% Year-over-Year Profitability Growth

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November 3, 2025 · 7:00 AM UTC

Kamada to Announce Third Quarter and Nine Months Ended September 30, 2025 Financial Results on November 10, 2025

Read more