Kamada Ltd. (KMDA) vs Tilray Brands, Inc. (TLRY)

Kamada Ltd. and Tilray Brands, Inc. are both Drug Manufacturers Specialty & Generic companies. Tilray Brands, Inc. is the larger, with a market value of $603.0M against $509.4M — 1.2× the size. Tilray Brands, Inc. has negative trailing earnings, so its P/E is not meaningful; Kamada Ltd. trades at 22.9×. Kamada Ltd. grew revenue faster over the last twelve months: 13.2% against 11.5%. Kamada Ltd. has the higher net margin (11.6% vs −13.3%) and the higher return on invested capital (8.47% vs −2.27%). Across the 20 metrics below, Kamada Ltd. leads on 15 and Tilray Brands, Inc. on 5.

Valuation

Metric KMDA TLRY Drug Manufacturers Specialty & Generic median
P/E 22.95 n/m 20.14
P/S 2.63 0.50 2.25
P/B 1.87 0.29 1.90
Price to free cash flow 19.18 n/m 16.54
EV/EBITDA 10.33 48.33 12.29
EV/Sales 2.32 0.66 2.56
Earnings yield 4.36% (26.15%) (2.99%)
Free cash flow yield 5.21% (32.87%) 0.00%

Profitability

Metric KMDA TLRY Drug Manufacturers Specialty & Generic median
Gross margin 40.82% 28.45% 53.94%
Operating margin 14.51% (6.88%) 0.00%
Net margin 11.60% (13.26%) 0.00%
Free cash flow margin 13.72% (10.77%) 0.00%
Return on equity 8.40% (7.87%) (0.40%)
Return on assets 5.92% (5.52%) (3.32%)
Return on invested capital 8.47% (2.27%) 0.00%

Growth

Metric KMDA TLRY Drug Manufacturers Specialty & Generic median
Revenue growth (TTM) 13.17% 11.46% 10.01%
EPS growth (last fiscal year) 40.00% 95.57% —
Revenue growth, 5-year CAGR 6.25% 7.82% 6.74%
Net income growth, 5-year CAGR 3.34% 0.00% 0.00%

Health

Metric KMDA TLRY Drug Manufacturers Specialty & Generic median
Debt to equity 0.02 0.24 0.05
Current ratio 4.06 2.21 2.31
Net debt to EBITDA (1.59) 11.34 0.85

Dividend

Metric KMDA TLRY Drug Manufacturers Specialty & Generic median
Dividend yield — — 1.70%
Payout ratio 0.00 0.00 0.00

Size

Metric KMDA TLRY Drug Manufacturers Specialty & Generic median
Market cap 509.40m 602.95m 337.35m

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