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what it is
Kewaunee makes lab, healthcare, and technical furniture for research spaces and hospitals.
how it gets paid
Last year Kewaunee Scientific made $240M in revenue. Laboratory furniture was the main engine at $144M, or 60% of sales.
why it's growing
Revenue grew 18.0% last year. The $211M quarter matters because it was almost the size of a full year of sales for many small manufacturers.
what just happened
The latest quarter put $211M of revenue on the board, up 203% vs. prior year.
At a glance
C++ balance sheet — some cracks in the foundation
15/100 earnings predictability — expect surprises
10.6x trailing p/e — the market's not buying it — or you found a deal
11.3% return on capital — nothing to write home about
$3.83 fy2024 eps est
xvary composite: 27/100 — weak
What they do
Kewaunee makes lab, healthcare, and technical furniture for research spaces and hospitals.
Your lab cannot run on folding tables. Kewaunee sells the built-in stuff: casework (fixed lab cabinets), fume hoods (vented workstations), and modular systems (reconfigurable furniture). It was founded in 1906, and 1,239 employees still keep the factory know-how in-house.
How they make money
$240M
annual revenue · their business grew +18.0% last year
Laboratory furniture
$144M
Healthcare furniture
$36M
Technical furniture
$24M
Other products and services
$36M
The products that matter
custom laboratory furniture and casework
Lab-Grade Casework
core business · tied to the $240.0M revenue base
This is the bread-and-butter offering. It follows construction and renovation budgets, not recurring subscriptions, so your outcome depends more on backlog quality and installation execution than on branding.
core revenue base
specialized safety and airflow equipment
Fume Hoods & Adaptable Systems
technical product line · no separate revenue disclosed
These products are more specialized than basic cabinetry. The catch is disclosure stays thin, so you cannot cleanly separate the higher-value pieces from the rest of the mix. That limits how much precision you can bring to the bull case.
specialized, not broken out
overseas manufacturing and sales exposure
International Operations
$29.4M · 12% of revenue
This part of the company adds some diversification, but only some. At $29.4M and flat in the latest period, it is too small to offset domestic weakness by itself.
12% of revenue
Key numbers
$2.0B
FY2026 sales model
That is 8.3x trailing $240M. Either the model is huge, or the bar is absurdly high.
$240M
ttm revenue
This is the real base. It is a small company selling into a much bigger-looking forecast.
28.1%
gross margin
You keep 28.1 cents of every sales dollar before overhead.
11.3%
capital return
You get $11.30 of operating profit for every $100 tied up in the business.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 20 / 100
- long-term debt $65M (39% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for KEQU right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The latest quarter put $211M of revenue on the board, up 203% vs. prior year.
EPS was $2.09, and gross margin was 28.1%. Bigger sales and better margins did the work.
$211M
revenue
$2.09
profit per share
28.1%
gross margin
the number that mattered
The $211M quarter matters because it was almost the size of a full year of sales for many small manufacturers.
source: company earnings report, 2026
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What could go wrong
Your biggest risk is not demand disappearing overnight. It is a thin-margin project business turning one bad quarter into a pattern while still carrying $65M of debt.
med
Domestic margin compression
Domestic EBITDA fell 22% to $4.1M even as sales rose 3.3%. When the core segment grows and profit still falls, you are usually looking at pricing pressure, labor cost issues, product mix problems, or execution misses. None are small in a 28.1% gross-margin business.
Impact: domestic operations drive 88% of revenue, so weakness here is company-wide by default.
med
Cash burn lasting longer than one quarter
Free cash flow was negative $5M. One quarter of weak cash generation is survivable. A repeat while margins stay under pressure is where the problem gets more expensive, because operations, debt service, and project delivery all still need funding.
Impact: when cash disappears, balance-sheet risk stops being background noise and starts driving the story.
med
Debt load versus company size
Long-term debt is $65M, equal to 39% of capital, against a market cap of roughly $101M. That is manageable only if operations cooperate. If they do not, flexibility shrinks fast for a company this small.
Impact: refinancing terms, lender tolerance, and interest burden matter more here than they would at a larger industrial name.
med
Project timing in research, healthcare, and education
Kewaunee sells into customer buildouts and upgrades, which means budgets can slip. International revenue was only $29.4M and flat, so there is not much geographic offset if domestic lab spending pauses.
Impact: most of the $240.0M revenue base still depends on customers deciding this is the year to build or renovate.
A company with a 28.1% gross margin, negative $5M in free cash flow, and $65M of debt does not need a collapse to disappoint you. It just needs weak execution to stick around longer than expected.
source: institutional data · regulatory filings · risk analysis
Pay attention to
core metric
Domestic EBITDA needs to stop falling
Last quarter's 22% drop to $4.1M mattered more than the 3.3% sales increase. If this line stays weak, the cheap multiple will keep looking earned.
calendar
Q4 FY2026 results
You need the next report to tell you whether Q3 was a one-quarter squeeze or the start of a longer margin problem.
balance sheet
Debt and liquidity
With $65M in long-term debt and negative $5M in free cash flow, financing flexibility matters almost as much as revenue growth.
demand trend
Lab construction and renovation budgets
This is a project business. If research, healthcare, or education customers delay buildouts, the domestic segment has very little diversification to hide behind.
Analyst rankings
earnings predictability
15 / 100
Low predictability means the numbers can move around more than you want. In human-speak, analysts see a business where one quarter can look acceptable and the next can rewrite the whole conversation.
balance sheet quality
C++
That grade says financing risk belongs in your thesis, not in the footnotes. Not a crisis grade, but nowhere close to a shrug-it-off grade either.
source: institutional data
Institutional activity
institutional ownership data for KEQU is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$42
current price
n/a
target midpoint · n/a from current
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