XVARY Composite Score
55
/ 100
Below Average
Combines growth, value, risk, and momentum factors into a single institutional-grade score.
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What it is
Kamada makes plasma-based drugs for rare diseases and also distributes imported medicines in Israel.
How it gets paid
Last year Kamada made $180M in revenue. Alpha-1 Antitrypsin products was the main engine at $72M, or 40% of sales.
Why it's growing
Revenue grew 12.1% last year. Revenue was up 189% vs. prior year, and EPS was up 222%.
What just happened
Kamada posted $136M of quarterly revenue and $0.29 EPS, with gross margin at 43.8%.
At a Glance
B+ balance sheet — decent shape, but not bulletproof
30/100 earnings predictability — expect surprises
20.1x trailing p/e — priced about right
2.9% dividend yield — cash in your pocket every quarter
5.6% return on capital — nothing to write home about
XVARY composite: 55/100 — below average
What They Do
Kamada makes plasma-based drugs for rare diseases and also distributes imported medicines in Israel.
You are buying a niche business with 420 employees and 2 operating segments. That is small enough to stay focused and big enough to keep the lights on. The real lever is a 1-trial Phase 3 program for inhaled AAT, which is late-stage human testing, so one readout can move how investors price the stock.
How They Make Money
$180M
annual revenue · their business grew +12.1% last year
Alpha-1 Antitrypsin products
$72M
+6.0%
Other proprietary plasma products
$36M
+4.0%
Immune globulins
$30M
+8.0%
Distribution
$42M
+15.0%
The Products That Matter
Marketed rare-disease therapies
Plasma-derived Therapies
core commercial base
This is the franchise the page keeps returning to, because on a company with $180M in annual revenue, existing products are what fund the next move.
core
Existing commercial portfolio
Marketed Product Portfolio
$180M revenue base
A $180M revenue base means this is not a pre-revenue lab story. It gives management operating room that many small biotechs do not have.
funds the story
Development-stage assets
Pipeline & Biosimilars
$200M–$205M guide
Management is guiding to $200M–$205M next year, so these programs matter only if they help extend today's 12.1% growth into something durable.
next leg
Key Numbers
$180M
annual revenue
This is the size of the whole business, so every segment matters.
21.4%
operating margin
You keep 21 cents of every sales dollar before taxes and financing.
20.1x
trailing p/e
You pay about $20 for each $1 of trailing earnings.
$10M
long-term debt
The debt load is tiny at 2% of capital, so leverage is not the problem.
Financial Health
B+
Strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 50 / 100
- long-term debt $10M (2% of capital)
B+ — functional but not a standout on the balance sheet.
Total Return vs. Market
source: institutional data · return history unavailable
What Just Happened
beat estimates
Kamada posted $136M of quarterly revenue and $0.29 EPS, with gross margin at 43.8%.
Revenue was up 189% vs. prior year, and EPS was up 222%. The ugly-simple fact is that the business got much bigger, not just a little better.
$136M
revenue
$0.29
eps
43.8%
gross margin
the number that mattered
43.8% gross margin mattered most because it shows Kamada kept a lot of each sales dollar after product costs.
source: company earnings report, 2026
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What Could Go Wrong
The top risk here is commercial concentration around Plasma-derived Therapies. KMDA has real revenue, but this page still reads like one franchise carries the burden of proof.
Med
Plasma-derived Therapies slows
When one franchise does most of the storytelling, any slowdown lands harder. That would make the jump from $180M in revenue to the $200M–$205M guidance range harder to believe.
Impact: missing that revenue range would erase the planned 13% top-line step-up management just promised.
Med
Pipeline and biosimilar timelines slip
The stock needs more than a stable base business. If development programs slip or contribute less than hoped, the company stays a $180M commercial story for longer.
Impact: the projected 23% adjusted EBITDA growth becomes harder to deliver if growth has to come from the same base alone.
Med
Low earnings predictability keeps the multiple capped
A 30/100 predictability score means quarterly results can still surprise you. That is manageable at times, but it rarely earns a premium valuation.
Impact: at 20.1x trailing earnings, KMDA has less room for messy execution than a deep-value stock would.
These risks run straight through management's own targets: if revenue falls short of the $200M floor or adjusted EBITDA does not approach the planned 23% growth, the case for a rerating weakens fast.
Source: institutional data · regulatory filings · risk analysis
Pay Attention To
Metric
The $200M revenue threshold
Guidance is $200M–$205M. Crossing $200M matters because it turns this from a respectable $180M business into a company proving it can scale.
Calendar
The next earnings update
You want two things at once: progress toward the 2026 guide and cleaner quarter-to-quarter execution. One without the other will not fully settle the debate.
Trend
Earnings predictability
30/100 is the number that tells you why the stock still trades like a prove-it story. If that score improves, the market can get more generous.
Risk
Whether one franchise is still carrying the page
If every update keeps coming back to Plasma-derived Therapies, diversification is still more aspiration than reality. That makes the stock more fragile than the headline revenue suggests.
Analyst Rankings
short-term outlook
mixed
analyst target data is thin here. in human-speak: nobody has a clean consensus, so price moves can look more dramatic than the underlying thesis changes.
risk profile
volatile
small-cap healthcare names rarely move in straight lines. KMDA's 30/100 predictability score tells you this one probably will not either.
chart momentum
stock-specific
this name is more likely to trade on company execution and product updates than broad sector enthusiasm.
earnings predictability
30/100
translation: the business is established enough to model, but not stable enough to trust blindly quarter after quarter.
Source: institutional data
Institutional Activity
institutional ownership data for KMDA is being compiled.
Source: institutional data
Price Targets
3-5 year target range
$7
Current price
Target midpoint · from current
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