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Kadant Inc. supplies technologies and engineered systems worldwide. The company operates through three segments: Flow Control, Industrial Processing, and Material Handling. The Flow Control segment develops, manufactures, and markets fluid-handling systems, equipment, and integrated technologies, such as rotary joints, syphons, Turbulator bars, expansion joints, and engineered steam and condensate systems, as well as doctor systems and holders, doctor blades, cleaning showers and fabric-conditioning systems, forming systems and wear surfaces, and water-filtration systems. The Industrial Processing segment provides ring and rotary debarkers, stranders, chippers, engineered knife systems, and industrial automation and control products. This segment also offers recycling and approach flow systems, virgin pulping process equipment, boiler cleaning technologies, and single and double-screw presses. The Material Handling segment provides vibratory and conveying equipment; individual components and equipment for baling recyclable and waste materials; and fiber-based products. It sells its products and services through direct sales, independent sales agents, and distributors. The company was formerly known as Thermo Fibertek, Inc. and changed its name to Kadant Inc. in July 2001. Kadant Inc. was incorporated in 1991 and is headquartered in Westford, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.1B | $210M | $102M | $154M | 10.4% | -0.1% | -8.6% |
| 2024 | $1.1B | $223M | $112M | $134M | 13.2% | 10.0% | -3.9% |
| 2023 | $958M | $201M | $116M | $134M | 15.0% | 5.9% | -4.0% |
| 2022 | $905M | $207M | $121M | $74M | 18.5% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 904.74 | 957.67 | 1,053.38 | 1,052.25 |
| Operating Revenue | - | 904.74 | 957.67 | 1,053.38 | 1,052.25 |
| Cost Of Revenue | - | 515.18 | 541.37 | 587.24 | 576.52 |
| Gross Profit | - | 389.56 | 416.31 | 466.15 | 475.73 |
| Operating Expense | - | 237.13 | 249.83 | 294.24 | 317.13 |
| Research And Development | - | 12.72 | 13.56 | 14.32 | 15.26 |
| Selling General And Administration | - | 224.40 | 236.26 | 279.92 | 301.86 |
| Total Expenses | - | 752.31 | 791.19 | 881.47 | 893.65 |
| Operating Income | - | 152.43 | 166.48 | 171.91 | 158.60 |
| Total Operating Income As Reported | - | 171.28 | 165.76 | 171.25 | 157.29 |
| EBITDA | - | 207.05 | 200.71 | 222.68 | 210.38 |
| Normalized EBITDA | - | 188.19 | 201.43 | 223.34 | 211.69 |
| EBIT | - | 172.11 | 167.41 | 173.10 | 159.16 |
| Interest Income | - | 0.90 | 1.76 | 1.92 | 1.93 |
| Interest Expense | - | 6.48 | 8.40 | 20.03 | 15.57 |
| Net Interest Income | - | -5.57 | -6.64 | -18.11 | -13.64 |
| Other Non Operating Income Expenses | - | -0.07 | -0.10 | -0.07 | -0.06 |
| Other Income Expense | - | 18.78 | -0.82 | -0.73 | -1.37 |
| Interest Income Non Operating | - | 0.90 | 1.76 | 1.92 | 1.93 |
| Interest Expense Non Operating | - | 6.48 | 8.40 | 20.03 | 15.57 |
| Net Non Operating Interest Income Expense | - | -5.57 | -6.64 | -18.11 | -13.64 |
| Pretax Income | - | 165.64 | 159.02 | 153.07 | 143.58 |
| Tax Provision | - | 43.91 | 42.21 | 40.52 | 39.90 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 5 | -0.19 | -0.17 | -0.37 |
| Net Income Continuous Operations | - | 121.73 | 116.81 | 112.55 | 103.68 |
| Net Income From Continuing And Discontinued Operation | - | 120.93 | 116.07 | 111.60 | 101.97 |
| Net Income From Continuing Operation Net Minority Interest | - | 120.93 | 116.07 | 111.60 | 101.97 |
| Net Income | - | 120.93 | 116.07 | 111.60 | 101.97 |
| Net Income Common Stockholders | - | 120.93 | 116.07 | 111.60 | 101.97 |
| Net Income Including Noncontrolling Interests | - | 121.73 | 116.81 | 112.55 | 103.68 |
| Normalized Income | - | 107.07 | 116.60 | 112.08 | 102.92 |
| Diluted NI Availto Com Stockholders | - | 120.93 | 116.07 | 111.60 | 101.97 |
| Basic Average Shares | - | 11.65 | 11.70 | 11.74 | 11.77 |
| Diluted Average Shares | - | 11.69 | 11.73 | 11.77 | 11.79 |
| Reconciled Depreciation | - | 34.94 | 33.30 | 49.59 | 51.22 |
| Reconciled Cost Of Revenue | - | 515.18 | 541.37 | 587.24 | 576.52 |
| Total Unusual Items | - | 18.86 | -0.72 | -0.66 | -1.31 |
| Total Unusual Items Excluding Goodwill | - | 18.86 | -0.72 | -0.66 | -1.31 |
| Minority Interests | - | -0.80 | -0.74 | -0.96 | -1.71 |
| Special Income Charges | - | 18.86 | -0.72 | -0.66 | -1.31 |
| Other Special Charges | - | - | -0.04 | 0.66 | 0.87 |
| Write Off | 0.80 | 0.73 | 0.04 | - | - |
| Restructuring And Mergern Acquisition | - | 1.33 | 0.77 | 0 | 0.44 |
| Gain On Sale Of Ppe | 0.52 | 20.19 | 0.84 | 0 | - |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Kadant Inc.this co. | KAI | $3.6B | 35.19↑ premium | 3.66 | 10.4% | 18.27 |
| Griffon Corporation | GFF | $3.9B | 77.09 | 53.26 | 69.1% | 18.97 |
| Mueller Water Products, Inc. | MWA | $3.9B | 20.48 | 4.00 | 19.5% | 12.33 |
| Korn Ferry | KFY | $3.7B | 14.92 | 1.97 | 13.2% | 7.26 |
| Otter Tail Corporation | OTTR | $3.6B | 13.16 | 1.95 |
| - |
| - |
| - |
| - |
| 14.8% |
| 8.92 |
| Standex International Corporation | SXI | $3.6B | 64.67 | 5.07 | 7.8% | 32.03 |
| The GEO Group, Inc. | GEO | $3.4B | 13.21 | 2.23 | 16.9% | 7.99 |
| SkyWest, Inc. | SKYW | $3.3B | 7.72 | 1.20 | 15.6% | 5.47 |
| ArcBest Corporation | ARCB | $3.3B | 54.12 | 2.51 | 4.6% | 13.60 |
| Peer Median | - | 17.70 | 2.37 | 15.2% | 10.62 | |