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Karat Packaging Inc., together with its subsidiaries, engages in the manufacture and distribution of single-use disposable products in plastic, paper, biopolymer-based, and other compostable forms used in various restaurant and foodservice settings. It offers food and take-out containers, bags, boxes, tableware, cups, lids, cutlery, straws, specialty beverage ingredients, gloves, utensils, janitorial and warehouse supplies, and other products under the Karat Earth brand. The company also distributes food and beverage items, such as syrups, boba tea, and coffee drinks; and provides new product development, design, printing, and logistics services. It offers its products to national and regional distributors, restaurant chains, retail establishments, and online customers. Karat Packaging Inc. was founded in 2000 and is based in Chino, California.
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 | $468M | $50M | $31M | $29M | 20.6% | 10.7% | 5.0% |
| 2024 | $423M | $47M | $30M | $44M | 19.2% | 4.2% | -7.7% |
| 2023 | $406M | $61M | $32M | $44M | 21.1% | -4.1% | 37.3% |
| 2022 | $423M | $49M | $24M | $15M | 16.7% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 422.96 | 405.65 | 422.63 | 467.74 |
| Operating Revenue | - | 422.96 | 405.65 | 422.63 | 467.74 |
| Cost Of Revenue | - | 290.87 | 252.61 | 258.30 | 295.61 |
| Gross Profit | - | 132.09 | 153.04 | 164.33 | 172.14 |
| Operating Expense | - | 102.10 | 108.44 | 123.82 | 131.22 |
| Selling General And Administration | - | 102.10 | 104.46 | 119.55 | 126.62 |
| Total Expenses | - | 392.97 | 361.05 | 382.12 | 426.82 |
| Operating Income | - | 29.98 | 44.60 | 40.51 | 40.92 |
| Total Operating Income As Reported | - | 30.02 | 42.08 | 37.76 | 41.41 |
| EBITDA | - | 48.76 | 60.78 | 47.08 | 49.67 |
| Normalized EBITDA | - | 47.16 | 63.20 | 49.31 | 50.72 |
| EBIT | - | 34.53 | 45.03 | 42.82 | 45.08 |
| Interest Income | - | 2.23 | 1.80 | 2.30 | 2.21 |
| Interest Expense | - | 2.02 | 2.04 | 2.12 | 2.06 |
| Net Interest Income | - | 0.21 | -0.24 | 0.18 | 0.16 |
| Other Non Operating Income Expenses | - | 0.72 | 1.04 | 2.24 | 3 |
| Other Income Expense | - | 2.32 | -1.38 | 0.01 | 1.95 |
| Interest Income Non Operating | - | 2.23 | 1.80 | 2.30 | 2.21 |
| Interest Expense Non Operating | - | 2.02 | 2.04 | 2.12 | 2.06 |
| Net Non Operating Interest Income Expense | - | 0.21 | -0.24 | 0.18 | 0.16 |
| Pretax Income | - | 32.51 | 42.98 | 40.70 | 43.02 |
| Tax Provision | - | 6.68 | 9.80 | 9.87 | 10.36 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.33 | -0.55 | -0.54 | -0.25 |
| Net Income Continuous Operations | - | 25.84 | 33.18 | 30.82 | 32.66 |
| Net Income From Continuing And Discontinued Operation | - | 23.65 | 32.47 | 29.98 | 31.48 |
| Net Income From Continuing Operation Net Minority Interest | - | 23.65 | 32.47 | 29.98 | 31.48 |
| Net Income | - | 23.65 | 32.47 | 29.98 | 31.48 |
| Net Income Common Stockholders | - | 23.65 | 32.47 | 29.98 | 31.48 |
| Net Income Including Noncontrolling Interests | - | 25.84 | 33.18 | 30.82 | 32.66 |
| Normalized Income | - | 22.38 | 34.34 | 31.66 | 32.27 |
| Diluted NI Availto Com Stockholders | - | 23.65 | 32.47 | 29.98 | 31.48 |
| Basic Average Shares | - | 19.82 | 19.90 | 20 | 20.06 |
| Diluted Average Shares | - | 19.93 | 19.98 | 20.12 | 20.18 |
| Reconciled Depreciation | - | 14.23 | 15.75 | 4.26 | 4.59 |
| Reconciled Cost Of Revenue | - | 290.87 | 240.84 | 258.30 | 295.61 |
| Total Unusual Items | - | 1.60 | -2.42 | -2.23 | -1.05 |
| Total Unusual Items Excluding Goodwill | - | 1.60 | -2.42 | -2.23 | -1.05 |
| Minority Interests | - | -2.19 | -0.71 | -0.85 | -1.19 |
| Special Income Charges | - | 0.03 | -2.52 | -2.75 | 0.49 |
| Other Special Charges | -5 | - | - | - | - |
| Impairment Of Capital Assets | - | -0.03 | 2.52 | 2.75 | - |
| Gain On Sale Of Security | - | 1.57 | 0.10 | 0.52 | -1.54 |
| Depreciation Amortization Depletion Income Statement | - | - | 3.98 | 4.26 | 4.59 |
| Depreciation And Amortization In Income Statement | - | - | 3.98 | 4.26 | 4.59 |
| General And Administrative Expense | - | 66.26 | 62.97 | 67.27 | 72.78 |
| Other Gand A | - | 66.26 | 62.97 | 67.27 | 72.78 |
| Gain On Sale Of Ppe | 0 | - | - | -2.75 | 0.49 |
| Selling And Marketing Expense | - | 35.84 | 41.49 | 52.29 | 53.84 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Karat Packaging Inc.this co. | KRT | $561M | 17.83↑ premium | 3.68 | 20.6% | 11.43 |
| Ranpak Holdings Corp. | PACK | $589M | -15.37 | 1.10 | -7.2% | 17.86 |
| Legacy Housing Corporation | LEGH | $557M | 13.33 | 1.05 | 7.9% | 10.31 |
| Kura Sushi USA, Inc. | KRUS | $556M | - | 2.41 | -0.8% | 53.56 |
| Miller Industries, Inc. | MLR | $553M |
| - |
| - |
| - |
| - |
| - |
| 24.04 |
| 1.32 |
| 5.5% |
| 11.57 |
| Cooper-Standard Holdings Inc. | CPS | $548M | -131.68 | -6.57 | 5.0% | 8.19 |
| MasterCraft Boat Holdings, Inc. | MCFT | $542M | 76.93 | 2.95 | 3.8% | 21.07 |
| Malibu Boats, Inc. | MBUU | $532M | 35.72 | 1.03 | 2.9% | 8.48 |
| Ethan Allen Interiors Inc. | ETD | $529M | 10.25 | 1.10 | 10.7% | 6.81 |
| Peer Median | - | 13.33 | 1.10 | 4.4% | 10.94 | |