Kamada (KMDA) AI Stock Analysis

• Market Cap: $1.55B
• Dividend Yield: N/A
• Average Volume (3M): 71.78K
• Price to Earnings (P/E): 21.2
• Beta (1Y): 0.74
• Revenue Growth: 5.22%
• EPS Growth: 23.27%
• Country: IL
• Employees: 420
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): 21.19
• Shares Outstanding: 57,681,590
• 10 Day Avg. Volume: 57,634
• 30 Day Avg. Volume: 71,783
• PEG Ratio: 0.41
• Price to Book (P/B): 1.52
• Price to Sales (P/S): 2.09
• P/FCF Ratio: 24.14
• Enterprise Value/Market Cap: 0.26
• Enterprise Value/Revenue: 2.26
• Enterprise Value/Gross Profit: 5.33
• Enterprise Value/Ebitda: 10.78
• 1Y Price Target: $4,352.77
• Price Target Upside: 62.05% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.51
• Revenue Forecast (FY): $201.58M

• Rating: 74 Outperform
• Price Target: 3,077.00 ▲(14.56% Upside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is driven primarily by improving financial performance and a strong, low-debt balance sheet, tempered by inconsistent cash-flow durability. Technicals are supportive with the stock trading above key moving averages, while valuation is a modest headwind given the P/E and lack of a stated dividend yield. Earnings call commentary is broadly constructive on growth/EBITDA and expansion plans, but includes execution and pipeline timing risks.

Positive Factors

Strong balance sheet

Kamada’s very low leverage and steadily growing equity provide durable financial flexibility. A conservative capital structure supports continued investment in plasma centers, M&A and dividend payments, and cushions the business versus sector cyclicality or short-term revenue swings.

Improving revenue and margins

Consistent 2023–2025 top-line growth with materially improved margins signals structural commercial improvement. Durable margin expansion suggests scalable production and pricing power in specialty plasma products, enabling reinvestment in commercialization and R&D over the medium term.

Vertical integration & commercial expansion

Owning plasma collection and manufacturing reduces input cost and supply risk long-term, improving gross margins and product security. Coupled with biosimilar launches and distribution growth, this strengthens recurring revenue streams and supports sustainable volume-driven scalability.

Negative Factors

Cash-flow volatility

Uneven cash generation limits discretionary capacity for M&A, capital projects and consistent shareholder returns. Variability in free cash flow and weaker cash conversion versus net income increases execution risk and requires conservative liquidity planning over the next 2–6 months.

Clinical trial timing risk

Slow enrollment in the pivotal inhaled AAT trial delays potential commercialization timing and revenue realization. Prolonged trial timelines increase development costs and postpone value inflection points, magnifying near-term execution risk for pipeline-driven growth.

Revenue headwinds from royalties and product sales

Reduction in royalty rates and underperforming Cytogam sales create structural pressure on revenue mix and predictability. These persistent headwinds can blunt topline growth, force greater reliance on new launches and distribution expansion, and complicate medium-term planning.

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 kidney, lung, liver, pancreas, heart, and heart/lung transplant; WINRHO SDF for immune thrombocytopenic purpura and suppression of rhesus isoimmunization; HEPAGAM B for prevention of hepatitis B recurrence liver transplants and post-exposure prophylaxis; VARIZIG for post exposure prophylaxis of varicella; and GLASSIA for intravenous AATD. It also provides KamRho (D) IM for prophylaxis of hemolytic disease of newborns; KamRho (D) IV for immune thermobocytopunic purpura; and snake bite antiserum to treat snake bites by the vipera palaestinae and echis coloratus. In addition, the company distributes BRAMITOB to manage chronic pulmonary infection; FOSTER to treat asthma; PROVOCHOLINE for the diagnosis of bronchial airway hyperactivity; AEROBIKA, an OPEP device; RUPAFIN for Allergic rhinitis and Urticaria; IVIG for immunodeficiency-related conditions; VARITECT for chicken pox and zoster herpes; ZUTECTRA and HEPATECT CP for hepatitis B; MEGALOTECT CP for cytomegalovirus virus; RUCONEST for angioedema attacks; heparin sodium injection for thrombo-embolic disorders and prophylaxis of deep vein thrombosis and thromboembolic events; ALBUMIN for blood plasma; Factor VIII for hemophilia type A; and Factor IX for hemophilia type B. Further, it offers IXIARO for Japanese encephalitis; VIVOTIF for Salmonella Typhi; PROCYSBI for nephropathic cystinosis; LAMZEDE for alpha-mannosidosis ; and ELIGARD for prostate cancer. The company markets its products through strategic partners in the United States, as well as through distributors internationally. Kamada Ltd. has strategic partnerships with Takeda Pharmaceuticals Company Limited; PARI GmbH; and Kedrion Biopharma. The company was incorporated in 1990 and is headquartered in Rehovot, Israel.

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 generates revenue from sales of rabies immune globulin (KEDRAB in the U.S. and KAMRAB in certain markets) and other plasma-derived therapies. Sales are recognized from supplying these products into distribution channels serving hospitals, clinics, and other healthcare providers. (2) CYTOGAM distribution revenue: Kamada markets and distributes CYTOGAM (CMV immune globulin) in the U.S., generating revenue from sales of this product. (3) Partner/contract manufacturing and supply arrangements: Kamada operates plasma fractionation and biologics manufacturing capabilities and can generate revenue by manufacturing products under supply or contract manufacturing agreements for third parties and/or partners, where applicable. (4) Royalties, milestones, and other collaboration-related income (when applicable): For partnered products and development collaborations, Kamada may earn revenue through agreed economics such as milestones or royalties tied to development progress, approvals, or commercial sales; specific amounts and applicability vary by agreement. Revenue is influenced by factors such as demand in targeted therapeutic areas (including post-exposure prophylaxis for rabies and chronic therapy for alpha-1 antitrypsin deficiency), pricing and reimbursement dynamics in key markets, the reliability and cost of plasma supply, manufacturing yields/capacity utilization, regulatory compliance, and the strength of commercial partnerships and distribution networks.

Kamada Financial Statement Overview

Summary

Operating turnaround with solid 2023–2025 revenue growth and improved 2025 profitability, supported by a very low-leverage balance sheet. The main constraint is uneven cash-flow consistency, with 2025 free cash flow stepping down from a very strong 2024 and historical volatility.

Income Statement

Revenue growth has been solid and consistent in recent years (2023–2025), with 2025 accelerating to 11.76% on top of 2024’s 12.93%. Profitability has improved meaningfully versus earlier years, with 2025 showing healthy margins (about 40.1% gross margin, 14.5% operating margin, and 11.2% net margin) and clear progress from the loss-making period in 2021–2022. The main offset is historical volatility—profits and margins were much weaker in 2021–2022, and 2020 was stronger than 2023–2024 on net margin—so the long-term earnings profile is improving but not perfectly stable.

Balance Sheet

The balance sheet looks conservatively financed with very low leverage: debt-to-equity is ~0.04 in 2023–2025 (and even at its peak in 2021 it was ~0.14). Equity has grown steadily (from ~176.8M in 2021 to ~269.1M in 2025), supporting a strong capital base. Returns on equity have also improved (from negative in 2021–2022 to ~8.1% in 2025), though overall returns are still moderate rather than best-in-class.

Cash Flow

Cash generation is positive in the last two years, with 2025 operating cash flow of ~27.6M and free cash flow of ~16.9M. However, cash flow quality and consistency are mixed: 2024 was notably stronger (~47.6M operating cash flow and ~36.9M free cash flow), while 2025 stepped down (free cash flow down 7.6% year over year) and cash conversion relative to earnings weakened (free cash flow is ~61% of net income in 2025 vs ~77% in 2024). Historically, cash flow has also been volatile (notably weak/negative in 2021 and negative free cash flow in 2023).

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

• Technical Analysis Sentiment: Neutral
• Last Price: 2686.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 2686 is below the 20-day moving average (MA) of 2756.00, above the 50-day MA of 2650.28, and above the 200-day MA of 2448.94, indicating a neutral trend. The MACD of 15.86 indicates Positive momentum. The RSI at 48.62 is Neutral, neither overbought nor oversold. The STOCH value of 34.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IL:KMDA.

Kamada Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KMDA	74 Outperform	$1.55B	21.21	7.75%	―	5.22%	23.27%
TEVA	63 Neutral	₪107.24B	23.74	―	―	-5.10%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
INCR	44 Neutral	₪132.60M	―	-17.13%	―	―	―