KEQU earnings analysis
What we found in KEQU's 10-K: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Kewaunee Scientific Corporation reported a year-over-year revenue increase of 17.3% for fiscal year 2026, totaling $282 million, driven by growth in both the Lab Products Group and International segments, largely aided by the acquisition of Nu Aire. However, net earnings decreased from $11.4 million in the previous year to $9.6 million, influenced by rising operating expenses and challenges in project delivery, particularly in the fourth quarter, which also saw an EPS drop from $1.63 to $1.13.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth in FY 2026
- Total revenue for FY 2026 was $282 million, up 17.3% from FY 2025's $240 million.
- Acquisition of Nu Aire Boosts Capabilities
- The acquisition completed in November 2024 for $55 million expands Kewaunee's product offerings and market presence.
- Cash Flow from Operations Positive
- Cash provided by operating activities was $18.6 million in FY 2026.
- Backlog Stable Despite Challenges
- Order backlog was $165.9 million as of April 30, 2026, though down from $214.6 million a year prior.
- Dividends Not Paid
- No dividends were declared during the last two fiscal years; future dividends depend on various factors.
- Share Repurchase Program Active
- The share repurchase program, authorized to buy back 100,000 shares, remains active with 100,603 shares available as of April 30, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Profitability Challenges
- Net earnings fell to $9.62 million in FY 2026 from $11.4 million in FY 2025 due to rising operating expenses.
- Customer Concentration Risk
- 34% of sales in FY 2026 were from three domestic partners, indicating vulnerability if any of these relationships change.
- International Revenue Dependence
- 28% of revenues come from international markets, heightening exposure to regulatory, economic, and political risks.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $3.22
- Gross margin
- 28.5%
- Operating margin
- 5.9%
- Segment
- Lab Products Group
- Segment
- International
What they said about what is next.
Management did not provide numeric guidance for fiscal year 2027.
The filing reads about the same as the one before it.
What came before.
- 10-Q · March 13, 2026
- Kewaunee Scientific Corporation's Q3 results for fiscal year 2026 reflect a modest revenue increase but a significant decline in profitability. Revenue increased to $69.4 million, a rise from $67.2 million year-on-year,…
- 10-Q · December 12, 2025
- KEWAUNEE SCIENTIFIC CORPORATION's Q2 2025 results show a significant year-on-year revenue increase driven by the acquisition of Nu Aire, with revenues reaching $70.1 million, up 46.6% from $47.8 million a year earlier.…
- 10-Q · September 12, 2025
- Kewaunee Scientific Corporation reported strong Q1 results for fiscal year 2026, with a revenue increase to $71.1 million, a 47.0% rise year-over-year. The diluted EPS also grew to $1.04 from $0.74, despite increased…
- 10-K · July 2, 2025
- Kewaunee Scientific Corporation's fiscal year 2025 10-K demonstrates strong growth driven by the acquisition of Nu Aire, which significantly contributed to revenue from its domestic segment. The company's total revenue…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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