KMDA

MKT CAP:$473M

Kamada Ltd.

Market Cap

$473M

Healthcare·Drug Manufacturers - Specialty & Generic·🇮🇱 Israel·NASDAQ

Healthcare·Drug·🇮🇱·NASDAQ

Stock Price

$8.49+$1.46 (+20.77%)

Apr 17, 2026

Company Details

Kamada Ltd. provides plasma-derived protein therapeutics. It operates in two segments, Proprietary Products and Distribution. The company offers KAMRAB/KEDRAB for prophylaxis of rabies disease; CYTOGAM for prophylaxis of cytomegalovirus dis...

CEO

Amir London

IPO Date

May 31, 2013

Website

www.kamada.com

Key Metrics TTM

Revenue

$181M

+12.7% YoY

Net Income

$20M

EPS (Diluted)

$0.35

Free Cash Flow

$16M

Revenue / Share

$2.94

Gross Margin

42.3%

Operating Margin

14.5%

Net Margin

11.2%

FCF Margin

8.7%

P/S

2.6x

P/E

23.3x

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Mar 11, 2026

$195M+21.4%EPS $0.37

Q4 2025

Mar 11, 2026

$46M+16.9%EPS $0.06

Q3 2025

Nov 10, 2025

$47M+12.6%EPS $0.09

Q2 2025

Aug 13, 2025

$45M+5.4%EPS $0.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$28M	$11M	$246.0K
Q2 22	$24M	$7M	-$2M
Q3 22	$32M	$13M	$3M
Q4 22	$45M	$15M	$4M
Q1 23	$31M	$12M	$289.0K
Q2 23	$37M	$14M	$3M
Q3 23	$38M	$15M	$4M
Q4 23	$36M	$14M	$3M
Q1 24	$38M	$17M	$4M
Q2 24	$42M	$19M	$6M
Q3 24	$42M	$17M	$5M
Q4 24	$39M	$17M	$5M
Q1 25	$44M	$21M	$8M
Q2 25	$45M	$19M	$7M
Q3 25	$47M	$20M	$8M
Q4 25	$46M	$17M	$4M

Valuation

Quarter	P/S	P/E
Q1 22	4.4x	—
Q2 22	4.5x	—
Q3 22	4.1x	—
Q4 22	3.7x	—
Q1 23	3.6x	—
Q2 23	3.2x	137.9x
Q3 23	3.1x	76.7x
Q4 23	3.3x	57.1x
Q1 24	3.2x	38.0x
Q2 24	3.1x	31.4x
Q3 24	3.0x	30.1x
Q4 24	2.9x	32.7x
Q1 25	2.8x	29.5x
Q2 25	2.8x	24.9x
Q3 25	2.7x	23.1x
Q4 25	2.6x	23.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$5M	$5M
Q2 22	$11M	$10M
Q3 22	$5M	$4M
Q4 22	$7M	$6M
Q1 23	-$3M	-$4M
Q2 23	$2M	$770.0K
Q3 23	$921.0K	-$808.0K
Q4 23	$4M	$2M
Q1 24	$1M	-$2M
Q2 24	$14M	$11M
Q3 24	$22M	$20M
Q4 24	$10M	$7M
Q1 25	-$513.0K	-$2M
Q2 25	$8M	$6M
Q3 25	$10M	$7M
Q4 25	$8M	$5M

Capital Expenditures

Quarter	CapEx
Q1 22	$513.0K
Q2 22	$678.0K
Q3 22	$2M
Q4 22	$977.0K
Q1 23	$1M
Q2 23	$1M
Q3 23	$2M
Q4 23	$2M
Q1 24	$3M
Q2 24	$3M
Q3 24	$2M
Q4 24	$3M
Q1 25	$1M
Q2 25	$2M
Q3 25	$4M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+12.8%	+23.6%
Q2 22	-2.7%	+11.6%
Q3 22	+39.9%	+24.4%
Q4 22	+44.4%	+19.1%
Q1 23	+9.3%	+9.2%
Q2 23	+58.7%	+34.5%
Q3 23	+17.7%	+13.2%
Q4 23	-19.8%	-18.7%
Q1 24	+22.9%	+10.8%
Q2 24	+13.4%	+5.8%
Q3 24	+10.0%	+8.6%
Q4 24	+7.1%	+0.8%
Q1 25	+16.6%	+7.5%
Q2 25	+5.4%	+2.3%
Q3 25	+12.6%	+7.5%
Q4 25	+16.9%	+23.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$193.0K	0.7%
Q2 22	$376.0K	1.6%
Q3 22	$366.0K	1.1%
Q4 22	$218.0K	0.5%
Q1 23	$415.0K	1.4%
Q2 23	$214.0K	0.6%
Q3 23	$312.0K	0.8%
Q4 23	$373.0K	1.0%
Q1 24	$241.0K	0.6%
Q2 24	$235.0K	0.6%
Q3 24	$224.0K	0.5%
Q4 24	$174.0K	0.4%
Q1 25	$175.0K	0.4%
Q2 25	$95.0K	0.2%
Q3 25	$117.0K	0.2%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$4M	$3M	$3M	—
Q2 22	$3M	$3M	$3M	—
Q3 22	$3M	$3M	$4M	—
Q4 22	$3M	$6M	—	—
Q1 23	$3M	$3M	$4M	—
Q2 23	$4M	$3M	$4M	—
Q3 23	$3M	$4M	$4M	—
Q4 23	$3M	$8M	—	—
Q1 24	$4M	$4M	$5M	—
Q2 24	$5M	$4M	$5M	—
Q3 24	$3M	$4M	$5M	—
Q4 24	$3M	$9M	—	—
Q1 25	$4M	$4M	$5M	—
Q2 25	$3M	$4M	$5M	—
Q3 25	$3M	$5M	$5M	—
Q4 25	$3M	—	—	$11M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$22M	$0	$22M
Q2 22	$30M	$0	$30M
Q3 22	$31M	$0	$31M
Q4 22	$34M	$0	$34M
Q1 23	$27M	$0	$27M
Q2 23	$22M	$0	$22M
Q3 23	$53M	$0	$53M
Q4 23	$56M	$0	$56M
Q1 24	$48M	$0	$48M
Q2 24	$57M	$0	$57M
Q3 24	$72M	$0	$72M
Q4 24	$78M	$0	$78M
Q1 25	$76M	$0	$76M
Q2 25	$66M	$0	$66M
Q3 25	$72M	$0	$72M
Q4 25	$75M	$0	$75M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	46M	+0.4%	+2.0%
Q2 22	44M	-4.7%	-7.0%
Q3 22	48M	+11.1%	+14.6%
Q4 22	45M	-7.4%	-1.5%
Q1 23	45M	-0.0%	-1.9%
Q2 23	45M	+0.0%	+2.9%
Q3 23	54M	+19.8%	+11.0%
Q4 23	57M	+7.0%	+28.2%
Q1 24	57M	-0.0%	+28.2%
Q2 24	55M	-3.7%	+23.4%
Q3 24	55M	-0.3%	+2.7%
Q4 24	54M	-1.4%	-5.4%
Q1 25	57M	+4.1%	-1.5%
Q2 25	57M	+0.2%	+2.6%
Q3 25	59M	+3.7%	+6.6%
Q4 25	62M	+4.8%	+13.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$78.7K	357
Q2 22	$66.1K	357
Q3 22	$90.2K	357
Q4 22	$119.6K	380
Q1 23	$80.8K	380
Q2 23	$98.5K	380
Q3 23	$99.8K	380
Q4 23	$105.0K	347
Q1 24	$108.7K	347
Q2 24	$122.4K	347
Q3 24	$120.3K	347
Q4 24	$97.5K	400
Q1 25	$110.0K	400
Q2 25	$111.9K	400
Q3 25	$117.5K	400
Q4 25	$114.0K	400

Revenue / Employee