Kadant (KAI) FY2024 results: revenue $1.1 billion, up 10.0% on the year

Kadant Inc. (KAI) reported revenue of $1.1 billion for fiscal 2024, the year ended 28 December 2024, up 10.0% on the year before. Net income was $112 million, down 3.9%, and diluted earnings per share $9.48. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2025.

Revenue

$1.1 billion

+10.0% on the year

FY2017FY2024

Operating margin

16.3%

17.3% a year earlier

FY2017FY2024

Net income

$112 million

-3.9% on the year

FY2017FY2024

Diluted EPS

$9.48

-4.2% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,053	958	905	+10.0%
Cost of revenue	587	541	515	+8.5%
Gross profit	466	416	390	+12.0%
Gross margin	44.3%	43.5%	43.1%
Research and development	14.3	13.6	12.7	+5.6%
Selling, general and administrative	280	236	224	+18.5%
Operating income	171	166	171	+3.3%
Operating margin	16.3%	17.3%	18.9%
Interest expense	20.0	8.4	6.5	+138.5%
Pre-tax income	153	159	166	-3.7%
Income tax	40.5	42.2	43.9	-4.0%
Effective tax rate	26.5%	26.5%	26.5%
Net income	112	116	121	-3.9%
Net margin	10.6%	12.1%	13.4%
Diluted EPS	$9.48	$9.90	$10.35	-4.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	155	166	103	-6.2%
Capital expenditure	21.0	31.9	28.2	-34.1%
Free cash flow	134	134	74.4	+0.4%
Free cash flow margin	12.7%	14.0%	8.2%
Cash from investing	-319	-30.8	-29.5
Cash from financing	160	-111	-80.6
Depreciation and amortisation	49.6	33.3	34.9	+48.9%
Share-based compensation	10.6	9.8	8.6	+9.0%
Dividends paid	14.7	13.2	12.0	+11.0%
Dividend per share	$1.28	$1.16	$1.04	+10.3%
Diluted shares, weighted	12m	12m	12m	+0.4%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	847	774	654	+9.5%
Non-controlling interest	11.0	2.5	1.7	+333.5%
Debt	289	111	201	+160.2%
Operating lease liabilities	27.8	19.4	17.8	+43.5%
Finance lease liabilities	0.9	0.8	1.0	+17.6%
Other liabilities	255	268	274	-5.0%
Total liabilities and equity	1,430	1,176	1,150	+21.7%
Goodwill	479	392	385	+22.2%
Intangible assets	279	159	176	+75.5%
Cash and equivalents	94.7	104	76.4	-8.8%
Receivables	142	134	130	+6.4%
Inventory	146	153	164	-4.3%
Other assets	288	234	218	+23.4%
Total assets	1,430	1,176	1,150	+21.7%

10-K for the year ended 28 December 2024, filed 25 February 2025: the filing.