Kamada (IL:KMDA)
TASE:KMDA
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Kamada
(TASE:KMDA)
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Rating:73Outperform
Price Target:
2,901.00
▲(14.62% Upside)
Action:ReiteratedDate:04/01/26
The score is driven primarily by improving financial performance backed by a very low-leverage balance sheet, plus a constructive earnings outlook with positive 2026 guidance and multi-year revenue visibility. Technical signals are mixed and cap the score in the near term, while valuation is reasonable with a modest dividend yield.
Positive Factors
Very low leverage balance sheet
Kamada's extremely low leverage and rising equity provide durable financial flexibility to fund commercial expansion, dividends, and capex. A conservative balance sheet reduces refinancing risk, supports the planned plasma build-out and biosimilar launches, and underpins multi-year capital investments.
Negative Factors
Volatile cash generation
Cash flow has been inconsistent, with 2025 materially lower than 2024 and historical volatility including weak/negative years. Irregular cash conversion limits predictable reinvestment, constrains buffer for execution risk on multi-year projects, and raises sensitivity to operational setbacks.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage balance sheet
Kamada's extremely low leverage and rising equity provide durable financial flexibility to fund commercial expansion, dividends, and capex. A conservative balance sheet reduces refinancing risk, supports the planned plasma build-out and biosimilar launches, and underpins multi-year capital investments.
Read all positive factors
Kamada (KMDA) vs. iShares MSCI Israel ETF (EIS)
Market Cap
₪1.46B
Dividend YieldN/A
Average Volume (3M)61.37K
Price to Earnings (P/E)20.9
Beta (1Y)0.72
Revenue Growth5.22%
EPS Growth23.27%
CountryIL
Employees420
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)20.38
Shares Outstanding57,686,054
10 Day Avg. Volume46,830
30 Day Avg. Volume61,369
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
₪3,897.28Price Target Upside53.98% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.51
Revenue Forecast (FY)₪201.58M
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:Mar 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 26, 2026
Earnings Call Sentiment Positive
The call was predominantly positive: Kamada reported double-digit revenue growth (+12%), strong adjusted EBITDA expansion (+23%), a 40% increase in net income, solid operating cash generation, a declared dividend, and constructive 2026 organic guidance (+13% revenue midpoint). Commercial strengths include strong KEDRAB performance with multi-year commitments, GLASSIA contribution, VARIZIG growth and secured Canadian tender, plus planned biosimilar launches and plasma collection expansion that provide multi-year upside. Offsetting items include a decline in CYTOGAM revenues due to increased antiviral use, a modest gross margin decline (42% vs 43%), a small reduction in cash balance after dividend and financing uses, higher G&A, Q4 sequential margin pressure, and a multi-year timeline to realize specialty plasma margin benefits. Overall, the positive operational and financial momentum and confident organic guidance materially outweigh the headwinds.Positive Updates
Revenue Growth
Total revenues of $180.5M in 2025, up 12% year-over-year from $161M in 2024.
Negative Updates
CYTOGAM Revenue Decline
Revenues from anti-CMV immunoglobulin CYTOGAM declined in 2025, attributed primarily to increased usage and market access of antivirals (letermovir, maribavir). Company has launched a post-market research program (including the SHIELD study) to try to stem this trend.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Growth
Total revenues of $180.5M in 2025, up 12% year-over-year from $161M in 2024.
Read all positive updates
Company Guidance
Kamada guided 2026 revenues of $200.0–$205.0 million and adjusted EBITDA of $50.0–$53.0 million (guidance based solely on organic growth), which management said represents roughly 13% revenue growth and 23% adjusted-EBITDA growth versus the 2025 midpoints; the outlook excludes potential M&A (which could accelerate growth). For context, 2025 results were $180.5 million in total revenues, $42.0 million adjusted EBITDA, $20.2 million net income ($0.35 diluted EPS), $25.5 million cash from operations and $75.5 million cash at year-end, and the board declared a $0.25/share dividend (~$14.4 million) under a policy targeting at least 50% of annual net income. Key commercial and operational metrics supporting the guidance include KEDRAB sales of ~ $54 million in 2025 with a firm $90 million minimum order commitment for 2026–2027 and a supply agreement through 2031; GLASSIA revenue of $35 million; biosimilars targeted to reach $15–$20 million annual sales within 4–5 years; and plasma-collection expansion (three centers, two U.S. centers with 50 donor beds each and ~50,000 L/year peak capacity per center, expected $8–$10 million annual normal-source plasma revenue per center at full capacity, Houston FDA-approved, San Antonio expected H1 2026, selling normal-source plasma beginning H2 2026, current ramp ~30–40% and full ramp by end-2027 with specialty-plasma gross-margin benefits expected from 2027 onward).Kamada Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
88
Very Positive
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 195.34M | 160.95M | 142.52M | 129.34M | 103.64M |
| Gross Profit | 78.28M | 69.97M | 55.49M | 46.70M | 30.33M |
| EBITDA | 44.54M | 27.80M | 21.53M | 16.69M | 4.01M |
| Net Income | 21.86M | 14.46M | 8.28M | -2.32M | -2.23M |
Balance Sheet | |||||
| Total Assets | 378.79M | 372.25M | 354.91M | 322.38M | 318.67M |
| Cash, Cash Equivalents and Short-Term Investments | 75.48M | 78.44M | 55.64M | 34.26M | 18.59M |
| Total Debt | 11.56M | 11.06M | 8.82M | 20.60M | 24.35M |
| Total Liabilities | 109.66M | 112.79M | 110.89M | 146.36M | 141.84M |
| Stockholders Equity | 269.13M | 259.46M | 244.02M | 176.02M | 176.82M |
Cash Flow | |||||
| Free Cash Flow | 16.93M | 36.85M | -1.53M | 24.80M | -12.55M |
| Operating Cash Flow | 27.59M | 47.59M | 4.32M | 28.59M | -8.82M |
| Investing Cash Flow | -10.65M | -10.74M | -5.84M | -3.78M | -61.05M |
| Financing Cash Flow | -19.86M | -13.91M | 22.68M | -9.34M | 18.59M |
Kamada Technical Analysis
Neutral
2531.00
Price Trends
2595.54
Negative
2442.19
Positive
2393.11
Positive
Market Momentum
-15.04
Positive
43.44
Neutral
19.29
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IL:KMDA, the sentiment is Neutral. The current price of 2531 is below the 20-day moving average (MA) of 2587.18, below the 50-day MA of 2595.54, and above the 200-day MA of 2393.11, indicating a neutral trend. The MACD of -15.04 indicates Positive momentum. The RSI at 43.44 is Neutral, neither overbought nor oversold. The STOCH value of 19.29 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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.