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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 | - | 10.7% | 5.0% |
| 2024 | $423M | $47M | $30M | $44M | 18.5% | 4.2% | -7.7% |
| 2023 | $406M | $61M | $32M | $44M | 20.0% | -4.1% | 37.3% |
| 2022 | $423M | $49M | $24M | $15M | 15.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | 29.98 | 44.60 | 40.51 | 40.92 |
| EBITDA | 48.76 | 60.78 | 47.08 | 49.67 |
| EBIT | 34.53 | 45.03 | 42.82 | 45.08 |
| Pretax Income | 32.51 | 42.98 | 40.70 | 43.02 |
| Tax Provision | 6.68 | 9.80 | 9.87 | 10.36 |
| Net Income | 23.65 | 32.47 | 29.98 | 31.48 |
| Net Income Common Stockholders | 23.65 | 32.47 | 29.98 | 31.48 |
| Total Expenses | 392.97 | 361.05 | 382.12 | 426.82 |
| Interest Expense | 2.02 | 2.04 | 2.12 | 2.06 |
| Interest Income | 2.23 | 1.80 | 2.30 | 2.21 |
| Selling General And Administration | 102.10 | 104.46 | 119.55 | 126.62 |
| Normalized EBITDA | 47.16 | 63.20 | 49.31 | 50.72 |
| Normalized Income | 22.38 | 34.34 | 31.66 | 32.27 |
| Basic EPS | 1.19 | 1.63 | 1.50 | 1.57 |
| Diluted EPS | 1.19 | 1.63 | 1.49 | 1.56 |
| Tax Effect Of Unusual Items | 0.33 | -0.55 | -0.54 | -0.25 |
| Tax Rate For Calcs | 0.20 | 0.23 | 0.24 | 0.24 |
| Total Unusual Items | 1.60 | -2.42 | -2.23 | -1.05 |
| Total Unusual Items Excluding Goodwill | 1.60 | -2.42 | -2.23 | -1.05 |
| Net Income From Continuing Operation Net Minority Interest | 23.65 | 32.47 | 29.98 | 31.48 |
| Reconciled Depreciation | 14.23 | 15.75 | 4.26 | 4.59 |
| Reconciled Cost Of Revenue | 290.87 | 240.84 | 258.30 | 295.61 |
| Net Interest Income | 0.21 | -0.24 | 0.18 | 0.15 |
| Net Income From Continuing And Discontinued Operation | 23.65 | 32.47 | 29.98 | 31.48 |
| Total Operating Income As Reported | 30.02 | 42.08 | 37.76 | 41.41 |
| Diluted Average Shares | 19.93 | 19.98 | 20.12 | 20.18 |
| Basic Average Shares | 19.82 | 19.90 | 20 | 20.06 |
| Diluted NI Availto Com Stockholders | 23.65 | 32.47 | 29.98 | 31.48 |
| Minority Interests | -2.19 | -0.71 | -0.85 | -1.19 |
| Net Income Including Noncontrolling Interests | 25.84 | 33.18 | 30.82 | 32.66 |
| Net Income Continuous Operations | 25.84 | 33.18 | 30.82 | 32.66 |
| Other Income Expense | 2.32 | -1.38 | 0.01 | 1.95 |
| Other Non Operating Income Expenses | 0.72 | 1.04 | 2.24 | 3 |
| Special Income Charges | 0.03 | -2.52 | -2.75 | 0.49 |
| Gain On Sale Of Ppe | 0 | 0 | -2.75 | 0.49 |
| Other Special Charges | 0 | 0 | 0 | 0 |
| Impairment Of Capital Assets | -0.03 | 2.52 | 2.75 | 0 |
| Gain On Sale Of Security | 1.57 | 0.10 | 0.52 | -1.54 |
| Net Non Operating Interest Income Expense | 0.21 | -0.24 | 0.18 | 0.15 |
| Interest Expense Non Operating | 2.02 | 2.04 | 2.12 | 2.06 |
| Interest Income Non Operating | 2.23 | 1.80 | 2.30 | 2.21 |
| Depreciation Amortization Depletion Income Statement | 0 | 3.98 | 4.26 | 4.59 |
| Depreciation And Amortization In Income Statement | 0 | 3.98 | 4.26 | 4.59 |
| Selling And Marketing Expense | 35.84 | 41.49 | 52.29 | 53.84 |
| General And Administrative Expense | 66.26 | 62.97 | 67.27 | 72.78 |
| Other Gand A | 66.26 | 62.97 | 67.27 | 72.78 |
| Operating Revenue | 422.96 | 405.65 | 422.63 | 467.74 |
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 | $568M | 18.23↓ discount | 3.80 | - | 11.91 |
| Cannae Holdings, Inc. | CNNE | $621M | - | 0.61 | -51.8% | -7.30 |
| Microvast Holdings, Inc. | MVST | $601M | - | 1.46 | -7.1% | 11.90 |
| Movado Group, Inc. | MOV | $600M | 23.15 | 1.18 | 5.2% | 11.34 |
| Ethan Allen Interiors Inc. | ETD | $570M | 11.06 |
| 1.18 |
| 10.7% |
| 7.30 |
| ThredUp Inc. | TDUP | $557M | - | 9.27 | -34.1% | -71.31 |
| Johnson Outdoors Inc. | JOUT | $545M | - | 1.30 | -8.2% | 20.50 |
| Miller Industries, Inc. | MLR | $529M | 23.51 | 1.26 | 5.5% | 11.24 |
| Cooper-Standard Holdings Inc. | CPS | $515M | - | -6.13 | 4.5% | 7.47 |
| Peer Median | - | 23.15 | 1.22 | -1.3% | 9.36 | |