Kimball Electronics

KE · Nasdaq · Information Technology · Financials, fiscal 2017 to 2026

KE · Last close · November 6, 2026

$19.26

Kimball Electronics' revenue fell 3.7% to $1.4 billion in fiscal 2026. Its operating margin was 4.6%, up from 3.1% a year earlier. Free cash flow was $21 million, down 86.2%. It paid out $12 million in dividends and buybacks, 57% of free cash flow. The diluted share count fell 1.0%.

KIMBALL ELECTRONICS, INC. Latest fiscal year ended June 30, 2026 10-K filed August 19, 2026 · 0001606757-26-000032 Updated November 7, 2026

Revenue

$1.4B

3.7%

Operating margin

4.6%

1.6 pts

Net income

$28M

64.6%

Free cash flow

$21M

86.2%

Return on capital

5.6%

1.3 pts

Market cap

$474M

Nov 6 close

P/E

22.9x

On $0.84 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Kimball Electronics does

Kimball Electronics is a contract manufacturer. It builds electronic products, and the assemblies that go with them, for other companies that sell them under their own brands. Its customers are in the automotive, medical and industrial markets. The company was founded in 1961 and is based in Jasper, Indiana.

It makes money by manufacturing to its customers' designs and orders, and it also offers engineering and design help. It reports one segment. Through a platform it calls Kimball Solutions, it also offers medical disposables, drug delivery devices and precision molded plastics, including contract development and manufacturing for drug and device makers.

It has factories in the United States, China, India, Mexico, The Netherlands, Poland, Romania and Thailand. On July 1, 2026, after its fiscal year ended, it bought Helvoet Polymer Technologies, which makes precision molded plastics and medical device parts in India and The Netherlands. The company plans to rename itself Kimball Solutions, Inc., if shareholders approve at its November 2026 annual meeting.

Its biggest risks, as it describes them

Depending on a small number of large customers whose orders can change.
Supply chain disruptions that limit the parts and materials it needs.
Tariffs and other changes in trade policy.
Not gaining the expected benefits from the Helvoet acquisition or other deals.
Intense competition among manufacturing services companies.

From Kimball Electronics's annual report on Form 10-K, filed August 19, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2017 to 2026, earnings per share fell 1.0% a year and net income 2.2% a year, while buybacks cut the share count by 10%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	50	43	78	89	89
Debt incl. finance leases	—	—	295	147	116
Net debt (negative means net cash)	—	—	217	58	27
Net debt to EBITDA	—	—	2.5x	0.7x	0.3x
Debt to equity	—	—	0.6x	0.3x	0.2x
Interest coverage	19.8x	5.4x	2.2x	3.1x	7.8x
Current ratio	1.9x	2.0x	2.3x	2.2x	2.1x
Quick ratio	0.9x	1.0x	1.4x	1.3x	1.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Kimball Electronics' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Kimball Electronics' projections

Insider trades

No officer, director or 10% owner of Kimball Electronics reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY24	FY25	FY26
Piotroski F-score	—	5 of 9	8 of 9
Rule of 40	−4.4%	−3.1%	−2.3%
Altman Z''	4.54	4.79	4.87
Accruals ratio	−4.3%	−14.6%	−4.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	Pass	Pass
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Fail	Pass	Pass
Gross margin rose	Fail	Fail	Pass
Revenue rose relative to assets	Fail	Fail	Pass
F-score	—	5 of 9	8 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Kimball Electronics side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Kimball Electronics	FY26	−3.7%	4.6%	1.4%	5.6%	0.3x	8
IPG Photonics	FY25	2.7%	1.3%	−0.3%	0.8%	−10.5x	7	Compare
Benchmark Electronics	FY25	0.1%	2.9%	3.3%	3.7%	−0.9x	6	Compare
TTM Technologies	FY25	19.0%	9.1%	−0.0%	10.7%	1.1x	7	Compare
CTS	FY25	5.2%	15.3%	16.0%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	931	1,072	1,182	1,200	1,292	1,350	1,823	1,714	1,487	1,431
Revenue growth	10.6%	15.2%	10.2%	1.6%	7.6%	4.5%	35.1%	−6.0%	−13.3%	−3.7%
Gross profit	75	86	88	84	118	105	156	140	104	118
Research and development	10	11	15	17	21	24	24	18	18	19
Operating income	43	42	42	32	66	52	88	49	46	66
Net income	34	17	32	18	57	31	56	20	17	28
Diluted EPS (US$)	1.24	0.62	1.21	0.71	2.24	1.24	2.22	0.81	0.68	1.13
Diluted shares (millions)	28	27	26	25	25	25	25	25	25	25
Cash flow
Cash from operations	47	40	−7	73	130	−83	−14	73	184	72
Capital expenditure	33	26	25	38	38	74	89	46	33	52
Free cash flow	14	14	−31	34	92	−157	−103	27	151	21
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	22	10	23	9	3	9	0	3	12	12
Acquisitions	2	0	44	0	0	0	0	0	0	0
Stock-based compensation	4	5	6	4	4	6	7	7	6	8
Balance sheet at fiscal year end
Cash and short-term investments	45	46	49	65	106	50	43	78	89	89
Debt incl. finance leases	—	—	—	—	—	—	—	295	147	116
Total assets	555	609	764	775	814	1,036	1,260	1,208	1,077	1,092
Total liabilities	213	253	394	396	372	582	736	668	507	507
Shareholders' equity	342	356	370	379	442	454	524	540	570	585
Margins and ratios
Gross margin	8.1%	8.0%	7.5%	7.0%	9.1%	7.8%	8.6%	8.2%	7.0%	8.2%
Operating margin	4.6%	3.9%	3.6%	2.7%	5.1%	3.9%	4.8%	2.9%	3.1%	4.6%
Net margin	3.7%	1.6%	2.7%	1.5%	4.4%	2.3%	3.1%	1.2%	1.1%	1.9%
Free cash flow margin	1.4%	1.3%	−2.7%	2.9%	7.1%	−11.6%	−5.7%	1.6%	10.1%	1.4%
Rule of 40 (growth + FCF margin)	12.0%	16.5%	7.6%	4.5%	14.7%	−7.2%	29.5%	−4.4%	−3.1%	−2.3%
Return on capital	—	—	—	—	—	—	—	—	4.3%	5.6%
Return on equity	10.2%	4.8%	8.7%	4.9%	13.8%	7.0%	11.4%	3.9%	3.1%	4.8%
Return on assets	6.4%	2.9%	4.6%	2.4%	7.2%	3.4%	4.9%	1.7%	1.5%	2.6%
Net debt to EBITDA	—	—	—	—	—	—	—	2.5x	0.7x	0.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Kimball Electronics' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Kimball Electronics.