Business Description

Kennametal Inc. is a global industrial technology company that develops and manufactures high-performance metal cutting tools, tooling systems, and wear-resistant engineered components. Headquartered in Pittsburgh, Pennsylvania, the company serves customers across the aerospace, defense, earthworks, energy, transportation, and general engineering sectors. Kennametal is distinctive for its deep expertise in materials science, particularly in the development of tungsten carbide, ceramics, and super-hard materials.

Financial Statements

In thousands, USD
FY 2026FY 2025FY 2024FY 2023
Total Revenues2,356,6981,966,8452,046,8992,078,184
Cost of Sales1,386,7421,368,7751,419,8061,431,745
Gross Profit969,956598,070627,093646,439
Selling, General & Administrative Expenses478,993430,835433,161437,292
Depreciation & Amortization Expenses9,52210,78711,55712,624
Other Operating Expenses8,90913,32512,1524,106
Operating Profit472,532143,123170,223192,417
Interest Expense(28,561)(24,930)(26,472)(28,496)
Non-Operating Income17,35813,811699(4,300)
Total Non-Operating Income(11,203)(11,119)(25,773)(32,796)
Income Before Provision for Income Taxes461,329132,004144,450159,621
Provision for Income Taxes110,91533,29630,80936,255
Consolidated Net Income350,41498,708113,641123,366
Net Income Attributable to Minority Interests and Other8,0255,5834,3184,907
Net Income Attributable to Common Shareholders342,38993,125109,323118,459
Basic EPS4.491.211.381.47
Diluted EPS4.421.201.371.46
Basic Weighted Average Shares Outstanding76,21577,26479,39080,803
Diluted Weighted Average Shares Outstanding77,42477,89479,96581,402
Shares Outstanding76,21576,20978,58579,835
FY 2026FY 2025FY 2024FY 2023
Cash and Cash Equivalents95,791140,540127,971106,021
Total Cash and Cash Equivalents95,791140,540127,971106,021
Accounts Receivable408,438295,401302,810307,313
Total Trade Receivables408,438295,401302,810307,313
Inventories1,108,450538,237514,632557,630
Other Current Assets159,09265,09257,17955,825
Total Current Assets1,771,7711,039,2701,002,5921,026,789
Net Property, Plant & Equipment889,387965,135986,2051,012,104
Net Intangible Assets55,88667,20981,42193,164
Goodwill279,213282,726271,567269,551
Other Long-Term Assets170,495191,072161,973145,626
Total Assets3,166,7522,545,4122,503,7582,547,234
Accounts Payable369,841195,929191,541203,341
Accrued Expenses83,89164,13066,16580,778
Short-Term Debt32,1709771,377689
Current Portion of Leases11,71812,18712,76611,379
Other Current Liabilities179,088149,106144,112137,788
Total Current Liabilities676,708422,329415,961433,975
Long-Term Debt685,280596,788595,980595,172
Leases34,53833,40835,63132,178
Other Long-Term Liabilities156,789168,239167,587171,741
Total Long-Term Liabilities876,607798,435799,198799,091
Total Liabilities1,553,3151,220,7641,215,1591,233,066
Common Stock95,26795,01597,36199,794
Additional Paid-in Capital390,310373,902416,620465,406
Accumulated Other Comprehensive Income(399,030)(386,693)(434,588)(414,343)
Retained Earnings1,483,2971,201,7551,170,4821,124,590
Total Common Shareholders' Equity1,569,8441,283,9791,249,8751,275,447
Minority Interests and Other43,59340,66938,72438,721
Total Shareholders' Equity1,613,4371,324,6481,288,5991,314,168
Total Liabilities and Shareholders' Equity3,166,7522,545,4122,503,7582,547,234
FY 2026FY 2025FY 2024FY 2023
Net Income350,41498,708113,641123,366
Depreciation & Amortization143,155136,496134,687134,025
Share-Based Compensation Expense34,85122,11524,34024,657
Other Adjustments62,104(9,811)5,5401,966
Changes in Trade Receivables(116,866)9,068(2,624)(11,543)
Changes in Inventories(593,396)(17,396)36,83517,582
Changes in Accounts Payable226,097(6,157)(6,086)(32,514)
Changes in Income Taxes Payable11,006(12,267)(16,219)852
Changes in Other Operating Activities(121,373)(12,432)(13,006)(446)
Cash from Operating Activities(4,008)208,324277,108257,945
Capital Expenditure(76,905)(88,971)(107,561)(94,385)
Proceeds from Sale of Property, Plant & Equipment1,7751,8415,4255,029
Payments for Business Acquisitions——(4,010)—
Proceeds from Business Divestments—18,689——
Other Investing Activities3,8356,616(3,280)126
Cash from Investing Activities(71,295)(61,825)(109,426)(89,230)
Issuance of Short-Term Debt31,293(459)714(20,270)
Net Issuance / (Repayments) of Short-Term Debt31,293(459)714(20,270)
Issuance of Long-Term Debt296,994———
Repayments of Long-Term Debt(209,387)———
Net Issuance / (Repayments) of Long-Term Debt87,607———
Issuance of Common Shares(8,086)(7,059)(9,982)(6,042)
Repurchases of Common Shares(10,106)(60,120)(65,574)(49,290)
Net Issuance / (Repurchases) of Common Shares(18,192)(67,179)(75,556)(55,332)
Common Share Dividends Paid(60,847)(61,852)(63,431)(64,524)
Other Financing Activities(8,227)(4,429)(3,474)(2,982)
Cash from Financing Activities31,634(133,919)(141,747)(143,108)
Effect of Exchange Rate Changes on Cash and Cash Equivalents(1,080)(11)(3,985)(5,172)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash(44,749)12,56921,95020,435

Key Metrics & Ratios

MetricValue
Market Cap$2.67B
P/E7.93x
P/S1.13x
EV/EBITDA5.49x
Return on Equity23.9%
Return on Invested Capital16.2%
Current Ratio2.62x
Dividend Yield2.3%
Free Cash Flow Margin-3.4%

Margins

Gross margin
41.2%
Operating margin
20.1%
Net margin
14.5%

Quarterly Trend

QuarterRevenueYoY growthOperating marginOperating income
Q4 2026 $737M +42.6% 41.1% $303M
Q3 2026 $593M +21.8% 13.4% $79M
Q2 2026 $530M +9.8% 9.9% $53M
Q1 2026 $498M +3.3% 7.5% $38M
Q4 2025 $516M — 6.1% $31M
Q3 2025 $486M — 9.1% $44M
Q2 2025 $482M — 6.6% $32M
Q1 2025 $482M — 7.5% $36M

More on Kennametal Inc.

Figures compiled from public company filings.

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