Kamada Ltd.
KMDA Healthcare Drug Manufacturers Specialty & Generic
Kamada Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $180.5 million, up 12.1% from fiscal 2024. In the quarter to June 2026, revenue grew 22.7%, EPS grew 23.1%, free cash flow grew 165.7% and total debt fell 38.8%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Kamada Ltd. (KMDA) Altman Z-score
Kamada Ltd.'s Altman Z-score for fiscal 2025 is 3.33, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.33 | 0.52 |
| FY2024 | 2.81 | 0.45 |
| FY2023 | 2.36 | 1.15 |
| FY2022 | 1.21 | (0.44) |
| FY2021 | 1.65 | (5.22) |
| FY2020 | 6.87 | 1.14 |
| FY2019 | 5.73 | (0.17) |
| FY2018 | 5.90 | 2.07 |
| FY2017 | 3.83 | 0.58 |
| FY2016 | 3.24 | 0.63 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.38 | — | 0.46 | |
| Retained earnings / total assets | (0.05) | — | −0.06 | |
| EBIT / total assets | 0.07 | — | 0.23 | |
| Market value of equity / total liabilities | 3.71 | — | 2.23 | |
| Sales / total assets | 0.48 | — | 0.48 | |
| Altman Z-score | Safe zone | 3.33 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.42 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| KMDA Kamada Ltd. | 3.3× |
| TKNO Alpha Teknova, Inc. compare | 1.8× |
| EBS Emergent Biosolutions Inc. compare | 1.6× |
| EVO Evotec AG compare | 0.6× |
| EOLS Evolus, Inc. compare | −1.9× |
| TLRY Tilray Brands, Inc. compare | −2.0× |
| AQST Aquestive Therapeutics, Inc. compare | −2.2× |
| IRWD Ironwood Pharmaceuticals, Inc. compare | −3.7× |
| CGC Canopy Growth Corporation compare | −13.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets