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Kamada
(TASE:KMDA)
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Rating:72Outperform
Price Target:
2,739.00
▲(8.13% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by solid financial strength (sustained profitability, very low leverage, and improved operating cash flow) and a constructive earnings update with reiterated growth guidance and a significant $50M supply agreement. Offsetting factors are mixed technical momentum (negative MACD and price below longer-term moving averages) and some operational/execution risks highlighted on the call (gross margin mix pressure and CFO departure). Valuation is supportive with a reasonable P/E and a strong dividend yield.
Positive Factors
Low leverage and improving profitability
Very low leverage gives Kamada financial flexibility to fund growth, withstand operating volatility, and limit refinancing exposure. At the same time, sustained profitability and improved returns on equity indicate that the business has developed stronger earnings power than in its loss-making 2021–2022 period.
Negative Factors
Cooling underlying growth
Although the latest quarter was strong, the broader reported trend shows that revenue growth has cooled materially from earlier expansion. Slower underlying growth could make future earnings increasingly dependent on new launches, partnerships, or execution rather than a steadily expanding core business.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage and improving profitability
Very low leverage gives Kamada financial flexibility to fund growth, withstand operating volatility, and limit refinancing exposure. At the same time, sustained profitability and improved returns on equity indicate that the business has developed stronger earnings power than in its loss-making 2021–2022 period.
Read all positive factors
Kamada (KMDA) vs. iShares MSCI Israel ETF (EIS)
Market Cap
₪1.42B
Dividend Yield5.24%
Average Volume (3M)124.42K
Price to Earnings (P/E)21.1
Beta (1Y)0.72
Revenue Growth-1.88%
EPS Growth0.42%
CountryIL
Employees462
SectorGeneral
Sector StrengthN/A
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)0.38
Shares Outstanding57,694,270
10 Day Avg. Volume76,680
30 Day Avg. Volume124,423
Financial Highlights & Ratios
PEG Ratio0.40
Price to Book (P/B)1.52
Price to Sales (P/S)2.09
P/FCF Ratio24.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₪4,288.85Price Target Upside69.32% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.49
Revenue Forecast (FY)₪203.52M
Kamada Business Overview & Revenue Model
Company Description
Kamada Ltd. is a biopharmaceutical firm specializing in protein therapies derived from blood plasma. Its operations are divided into two primary areas: developing and marketing its own proprietary products, and distributing a portfolio of third-pa...
How the Company Makes Money
Kamada makes money primarily through (1) product sales of its proprietary and distributed plasma-derived therapeutics, and (2) services revenue from contract development and manufacturing activities.
1) Product revenue (commercial sales):
- KEDRA...
Kamada Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Positive
The call was predominantly positive: management reported record revenues, strong adjusted EBITDA and margins, sizable operating cash flow improvement, and secured a meaningful $50M plasma supply agreement while expanding distribution and biosimilar initiatives. Notable risks and concerns include a quarter-to-quarter gross profit shift due to product mix, a planned CFO departure, modest decline in cash after a dividend, and management's decision not to raise guidance despite strong H1 results. Overall, the positive financial momentum and strategic commercial wins outweigh the limited operational and corporate governance headwinds.Positive Updates
Record Revenue Performance
Total revenues of $100.2M for the first 6 months (+13% YoY) and a record Q2 revenue of $54.9M (+23% YoY), with H1 representing ~50% of the midpoint of 2026 guidance.
Negative Updates
Gross Profit / Gross Margin Pressure
Management noted a quarter-to-quarter decline in gross profit driven by shifting product and market mix; no improvement in gross margin was reported despite increased vertical integration.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue Performance
Total revenues of $100.2M for the first 6 months (+13% YoY) and a record Q2 revenue of $54.9M (+23% YoY), with H1 representing ~50% of the midpoint of 2026 guidance.
Read all positive updates
Company Guidance
Kamada reiterated 2026 annual guidance of $200.0–$205.0 million in revenues and $50.0–$53.0 million of adjusted EBITDA (guidance midpoints imply ~12% revenue growth and ~23% adjusted EBITDA growth versus 2025); through June 30 the company reported H1 revenues of $100.2M and adjusted EBITDA of $25.7M (each ~50% of the guidance midpoint) with a 26% adjusted EBITDA margin, H1 net income of $13.4M (+18% YoY, $0.23 diluted EPS), Q2 revenues of $54.9M (+23% YoY), Q2 adjusted EBITDA of $14.1M (+29% YoY) and Q2 net income of $9.3M (+26% YoY), cash provided by operations of ~$17.8M in H1 (vs. $7.5M LY), cash and short-term investments of $70.1M as of June 30 (down from $73.1M at March 31) and a $14.4M dividend paid in Q2; management said expected initial commercial plasma sales under the new 3‑year $50M supply agreement will be recognized in Q4 and are already included in the 2026 guidance.Kamada Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
88
Very Positive
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 192.04M | 195.34M | 160.95M | 142.52M | 129.34M | 103.64M |
| Gross Profit | 78.36M | 78.28M | 69.97M | 55.49M | 46.70M | 30.33M |
| EBITDA | 40.50M | 44.54M | 27.80M | 22.78M | 16.69M | 4.01M |
| Net Income | 22.20M | 21.86M | 14.46M | 8.28M | -2.32M | -2.23M |
Balance Sheet | ||||||
| Total Assets | 380.59M | 378.79M | 372.25M | 354.91M | 322.38M | 318.67M |
| Cash, Cash Equivalents and Short-Term Investments | 69.66M | 75.47M | 78.44M | 55.64M | 34.26M | 18.59M |
| Total Debt | 11.72M | 11.56M | 11.06M | 8.82M | 20.60M | 24.35M |
| Total Liabilities | 112.84M | 109.66M | 112.79M | 110.89M | 146.36M | 141.84M |
| Stockholders Equity | 267.75M | 269.13M | 259.46M | 244.02M | 176.02M | 176.82M |
Cash Flow | ||||||
| Free Cash Flow | 26.71M | 16.93M | 36.85M | -1.53M | 24.80M | -12.55M |
| Operating Cash Flow | 36.23M | 27.59M | 47.59M | 4.32M | 28.59M | -8.82M |
| Investing Cash Flow | -49.07M | -10.65M | -10.74M | -5.84M | -3.78M | -61.05M |
| Financing Cash Flow | -21.73M | -19.86M | -13.91M | 22.68M | -9.34M | 18.59M |
Kamada Technical Analysis
Positive
2533.00
Price Trends
2374.84
Positive
2259.45
Positive
2349.75
Positive
Market Momentum
8.75
Positive
46.48
Neutral
18.05
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IL:KMDA, the sentiment is Positive. The current price of 2533 is above the 20-day moving average (MA) of 2525.10, above the 50-day MA of 2374.84, and above the 200-day MA of 2349.75, indicating a neutral trend. The MACD of 8.75 indicates Positive momentum. The RSI at 46.48 is Neutral, neither overbought nor oversold. The STOCH value of 18.05 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IL:KMDA.
Kamada Peers Comparison
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.