KMDAKamada Ltd.
Is the business good?
A genuinely good business: earnings fully cash-backed (1.1×) and margins widening.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is KMDA?
Kamada Ltd. earns 12% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 3.5 points above what the capital costs: growth creates value
- Operating margin
- 15%
Operating margin · Drug Manufacturers - Specialty & Generic median 11% · 12 months to Q4 2025
- Cash conversion
- 1.13×
Cash conversion · 3.00× a year ago · operating cash flow covers the operating profit after tax
- R&D as % of revenue
- 7.2%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 14% |
| FY2021 | −0.67% |
| FY2022 | 3.5% |
| FY2023 | 7.1% |
| FY2024 | 12% |
| FY2025 | 15% |
Details›
- Gross margin12 months to Q4 2025
- 42%
- Operating margin12 months to Q4 2025
- 15%
- R&D as % of revenue
- 7.2%
- Revenue, trailing twelve months
- $180M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 12%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Drug Manufacturers, Specialty & Generic
Ranks #10 of 41 by RyuScore