Kamada Ltd (IL:KMDA)
NASDAQ:KMDA
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Kamada
(NASDAQ:KMDA)
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Rating:70Outperform
Price Target:
2,518.00
▲(0.64% Upside)
Action:Upgraded
Date:05/22/26
The score is driven primarily by solid financial performance (improved profitability, strong recent growth, and very low leverage) and a constructive earnings outlook with reaffirmed 2026 guidance and commercial milestones. These positives are tempered by weak current technical momentum (price below key moving averages and negative MACD) and cash flow consistency/cash conversion risks, while valuation and dividend yield are supportive.
Positive Factors
Balance Sheet Strength
Kamada's very low leverage and sizable equity base provide durable financial flexibility: supports ongoing capex for plasma centers, funds dividends and potential M&A, and reduces refinancing risk during cyclical revenue swings, enabling steadier execution of strategic growth plans.
Negative Factors
Cash Flow Volatility
Free cash flow has been inconsistent: TTM FCF covered only ~61% of net income and prior years included negative FCF. This uneven conversion constrains capital allocation flexibility, raises sensitivity to revenue timing, and could pressure dividend sustainability or fund investment without external financing.
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Positive Factors
Negative Factors
Balance Sheet Strength
Kamada's very low leverage and sizable equity base provide durable financial flexibility: supports ongoing capex for plasma centers, funds dividends and potential M&A, and reduces refinancing risk during cyclical revenue swings, enabling steadier execution of strategic growth plans.
Read all positive factors
Kamada (KMDA) vs. iShares MSCI Israel ETF (EIS)
Market Cap
₪1.28B
Dividend YieldN/A
Average Volume (3M)61.53K
Price to Earnings (P/E)22.6
Beta (1Y)0.72
Revenue Growth-1.93%
EPS Growth15.68%
CountryIL
Employees420
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)0.35
Shares Outstanding57,686,054
10 Day Avg. Volume102,707
30 Day Avg. Volume61,533
Financial Highlights & Ratios
PEG Ratio0.41
Price to Book (P/B)1.52
Price to Sales (P/S)2.09
P/FCF Ratio24.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₪3,669.16Price Target Upside46.65% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.44
Revenue Forecast (FY)₪202.22M
Kamada Business Overview & Revenue Model
Company Description
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 disease in...
How the Company Makes Money
Kamada makes money primarily by selling plasma-derived therapeutics and earning revenue through a mix of direct product sales and partner-based commercialization. Key revenue streams include: (1) Product sales of its commercial biologics: Kamada g...
Kamada Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Positive
The call balanced clear operational progress and strategic catalysts—reaffirmed 2026 guidance, FDA approval of a plasma center, expanding commercial and distribution initiatives, growing utilization of key products, and a maintained dividend—with near‑term headwinds including a shipment delay, gross margin compression, and slight cash reduction following the dividend. Management emphasized organic growth drivers and M&A/business development opportunities, and adjusted EBITDA and net income trends were stable to modestly improved, supporting a constructive outlook despite some quarter‑specific challenges.Positive Updates
Reaffirmed 2026 Guidance
Company reiterated full-year 2026 guidance of $200M–$205M in revenues and $50M–$53M in adjusted EBITDA, which management states represents ~12% revenue growth and ~23% adjusted EBITDA growth at the guidance midpoint versus 2025, based solely on organic growth.
Negative Updates
Quarterly Revenue Level and Reporting Quirk
Total revenues for Q1 2026 reported at $42.5M (management characterized as roughly in line with expectations); transcript notes a '3% increase' versus prior year which is inconsistent with the absolute figures, indicating revenue essentially flat to modestly down year‑over‑year.
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Q1-2026 Updates
Positive
Negative
Reaffirmed 2026 Guidance
Company reiterated full-year 2026 guidance of $200M–$205M in revenues and $50M–$53M in adjusted EBITDA, which management states represents ~12% revenue growth and ~23% adjusted EBITDA growth at the guidance midpoint versus 2025, based solely on organic growth.
Read all positive updates
Company Guidance
Kamada reiterated 2026 guidance of $200–$205 million in revenues and $50–$53 million in adjusted EBITDA (guidance midpoint implying ~12% revenue and ~23% adjusted EBITDA growth vs. 2025), based solely on organic growth, noting a temporary ~$2.4 million delayed shipment that depressed Q1 results but was delivered in April. Q1 actuals: $42.5M revenue, $19.1M gross profit (42% gross margin) vs. $20.7M and 47% in Q1 2025, $12.1M operating expenses, $4.1M net income ($0.07 diluted EPS), $11.6M adjusted EBITDA, and $73.1M cash (vs. $75.5M at 12/31/25); the company declared a $0.25/share dividend (~$14.4M) and targets distributing at least 50% of annual net income. Management also highlighted commercial milestones including Kedrion supply (minimum $90M sales in 2026–2027; agreement through 2031), a biosimilars target of $15–$20M annual sales within 4–5 years, and that the Houston and San Antonio plasma centers are each expected to generate $8–$10M of normal‑source plasma sales at full capacity (end‑2027/early‑2028).Kamada Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 182.60M | 195.34M | 160.95M | 142.52M | 129.34M | 103.64M |
| Gross Profit | 75.12M | 78.28M | 69.97M | 55.49M | 46.70M | 30.33M |
| EBITDA | 36.97M | 44.54M | 27.80M | 21.53M | 16.69M | 4.01M |
| Net Income | 20.44M | 21.86M | 14.46M | 8.28M | -2.32M | -2.23M |
Balance Sheet | ||||||
| Total Assets | 383.02M | 378.79M | 372.25M | 354.91M | 322.38M | 318.67M |
| Cash, Cash Equivalents and Short-Term Investments | 73.15M | 75.47M | 78.44M | 55.64M | 34.26M | 18.59M |
| Total Debt | 11.64M | 11.56M | 11.06M | 8.82M | 20.60M | 24.35M |
| Total Liabilities | 123.63M | 109.66M | 112.79M | 110.89M | 146.36M | 141.84M |
| Stockholders Equity | 259.39M | 269.13M | 259.46M | 244.02M | 176.02M | 176.82M |
Cash Flow | ||||||
| Free Cash Flow | 16.53M | 16.93M | 36.85M | -1.53M | 24.80M | -12.55M |
| Operating Cash Flow | 25.96M | 27.59M | 47.59M | 4.32M | 28.59M | -8.82M |
| Investing Cash Flow | -49.66M | -10.65M | -10.74M | -5.84M | -3.78M | -61.05M |
| Financing Cash Flow | -18.65M | -19.86M | -13.91M | 22.68M | -9.34M | 18.59M |
Kamada Technical Analysis
Negative
2502.00
Price Trends
2475.70
Negative
2495.38
Negative
2374.44
Negative
Market Momentum
-69.49
Positive
32.47
Neutral
12.28
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IL:KMDA, the sentiment is Negative. The current price of 2502 is above the 20-day moving average (MA) of 2354.05, above the 50-day MA of 2475.70, and above the 200-day MA of 2374.44, indicating a bearish trend. The MACD of -69.49 indicates Positive momentum. The RSI at 32.47 is Neutral, neither overbought nor oversold. The STOCH value of 12.28 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IL:KMDA.
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.