Kewaunee Scientific Corp /De/ (NASDAQ: KEQU)

Sector: Consumer Cyclical Industry: Furnishings, Fixtures & Appliances CIK: 0000055529
Market Cap 114.84 Mn
P/B 1.64
P/E 9.78
P/S 0.40
ROIC (Qtr) 9.99
Div Yield % 0.00
Rev 1y % (Qtr) 46.75
Total Debt (Qtr) 73.73 Mn
Debt/Equity (Qtr) 1.06
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About

Investment thesis

Bull case

  • Operating cash flow of 8.67M provides exceptional 30.41x coverage of minority interest expenses 285000, showing strong core operations.
  • Tangible assets of 159.53M provide exceptional 36.74x coverage of deferred revenue 4.34M, showing strong service capability backing.
  • Tangible assets of 159.53M provide robust 10.74x coverage of other current liabilities 14.86M, indicating strong asset backing.
  • Cash position of 13.68M provides exceptional 48x coverage of minority interest expenses 285000, indicating strong liquidity.
  • Operating cash flow of 8.67M fully covers other non-current liabilities 1.77M by 4.90x, showing strong long-term stability.

Bear case

  • Operating cash flow of 8.67M barely covers its investment activities of (32.28M), with a coverage ratio of -0.27, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Cash reserves of 13.68M provide limited coverage of acquisition spending of (28.73M), which is -0.48x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • The company's operating cash flow of 8.67M shows concerning coverage of stock compensation expenses of 1.83M, with a 4.73 ratio indicating potential earnings quality issues.
  • High depreciation of 6.27M relative to operating cash flow of 8.67M, which is 0.72x suggests significant maintenance capital requirements affecting free cash flow.
  • Retained earnings of 64.46M provide limited buffer against comprehensive income items of (4.38M), which is -14.73x, indicating elevated exposure to market risks.

Segments Breakdown of Revenue (2025)

Timing of Transfer of Good or Service Breakdown of Revenue (2025)

Peer comparison

Companies in the Furnishings, Fixtures & Appliances
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 SGI Somnigroup International Inc. 18.99 Bn 125.40 7.03 6.62 Bn
2 SN SharkNinja, Inc. 18.48 Bn 32.14 3.04 0.89 Bn
3 MHK Mohawk Industries Inc 8.23 Bn 19.54 0.77 2.34 Bn
4 PATK Patrick Industries Inc 5.10 Bn 175.24 10.70 1.53 Bn
5 WHR Whirlpool Corp /De/ 4.88 Bn 15.36 0.31 7.19 Bn
6 HNI Hni Corp 2.23 Bn 44.66 1.16 0.46 Bn
7 TILE Interface Inc 2.17 Bn 30.23 2.24 0.39 Bn
8 LEG Leggett & Platt Inc 1.59 Bn 5.64 0.39 1.66 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.90 0.98
EV to Cash from Ops. EV/CFO 19.63 -9.92
EV to Debt EV to Debt 2.31 25.70
EV to EBIT EV/EBIT 8.53 17.69
EV to EBITDA EV/EBITDA 6.56 15.96
EV to Free Cash Flow [EV/FCF] EV/FCF 33.22 17.28
EV to Market Cap EV to Market Cap 1.48 1.76
EV to Revenue EV/Rev 0.60 1.40
Price to Book Value [P/B] P/B 1.64 9.34
Price to Earnings [P/E] P/E 9.78 16.89
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 1.74
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 9.37
Dividend per Basic Share Div per Share (Qtr) 0.00 0.51
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 28.74
Interest Coverage Int. cover (Qtr) 4.51 -23.23
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -46.83 -9.80
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -53.89 70.23
Dividend Growth (1y) % Div 1y % (Qtr) 0.00 0.00
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -31.43 -367.80
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 66.94 -34.93
EBIT Growth (1y) % EBIT 1y % (Qtr) 54.30 -198.55
EBT Growth (1y) % EBT 1y % (Qtr) 40.94 -72.49
EPS Growth (1y) % EPS 1y % (Qtr) -37.27 -131.79
FCF Growth (1y) % FCF 1y % (Qtr) -67.74 0.53
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 56.41 -2.36
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 1.51 1.16
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.13
Cash Ratio Cash Ratio (Qtr) 0.30 0.30
Current Ratio Curr Ratio (Qtr) 2.48 1.96
Debt to Equity Ratio Debt/Equity (Qtr) 1.06 0.57
Interest Cover Ratio Int Coverage (Qtr) 4.51 -23.23
Times Interest Earned Times Interest Earned (Qtr) 4.51 -23.23
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 9.20 -2.26
EBIT Margin % EBIT Margin % (Qtr) 6.98 -4.46
EBT Margin % EBT Margin % (Qtr) 5.43 -7.49
Gross Margin % Gross Margin % (Qtr) 29.10 33.73
Net Profit Margin % Net Margin % (Qtr) 4.10 -8.04