Kaltura

KLTR · Nasdaq · Information Technology · Financials, fiscal 2019 to 2025

KLTR · Last close · November 6, 2026

$1.52

Kaltura's revenue rose 1.2% to $181 million in fiscal 2025. Its operating margin was −2.7%, up from −13.5% a year earlier. Free cash flow was $14 million, up 18.5%. It paid out $26 million in dividends and buybacks, 189% of free cash flow. The diluted share count rose 3.4%.

Kaltura, Inc. Latest fiscal year ended December 31, 2025 10-K filed March 16, 2026 · 0001628280-26-018182 Updated November 8, 2026

Revenue

$181M

1.2%

Operating margin

−2.7%

10.7 pts

Net income

−$12M

Free cash flow

$14M

18.5%

Return on equity

−78.6%

35.9 pts

Market cap

$224M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. 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 Kaltura does

Kaltura sells a cloud-based platform for video and other rich media to organizations. Customers use it to create, manage and deliver live and on-demand video for marketing and sales, teaching and training, workplace communication, and entertainment. It started in 2006 with enterprise video management and online video publishing, and later added virtual events, webinars and cloud-based television services.

The platform has three layers: creating media, managing it securely, and delivering it to viewers. Kaltura is adding AI features, including conversational interfaces and workflow automation. Through its acquisition of eSelf AI it added tools for AI-generated video and avatar-based interactions.

Its customers range from large enterprises to small and medium companies in many industries. Kaltura says its customers include about 30% of Fortune 100 companies and more than 40% of U.S. R1 universities, which are the top research universities. Because it runs on public cloud infrastructure, its costs vary with usage.

Its biggest risks, as it describes them

It depends on demand from existing customers, and losing a significant customer would hurt its results.
It has a history of losses and may not reach or keep profitability.
Its markets are new and may develop more slowly or differently than it expects.
Running on public cloud infrastructure has raised its variable costs.
Using AI in its products may bring new legal, regulatory and ethical risks.

From Kaltura's annual report on Form 10-K, filed March 16, 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

Kaltura lost money in fiscal 2025: a net loss of $12 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

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	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	144	86	69	81	52
Debt incl. finance leases	39	36	35	32	29
Net debt (negative means net cash)	−105	−50	−35	−49	−23
Net debt to EBITDA	—	—	—	—	—
Debt to equity	0.5x	0.8x	1.1x	1.3x	—
Interest coverage	−11.0x	−24.5x	−12.2x	−9.0x	−2.2x
Current ratio	1.8x	1.2x	1.1x	1.2x	0.7x
Quick ratio	1.8x	1.2x	1.1x	1.2x	0.7x

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 Kaltura's 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 Kaltura's projections

Insider trades

No officer, director or 10% owner of Kaltura 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	FY23	FY24	FY25
Piotroski F-score	4 of 9	7 of 9	6 of 9
Rule of 40	−2.5%	8.6%	8.9%
Altman Z''	−8.55	−8.44	−11.11
Accruals ratio	−19.5%	−23.9%	−15.4%

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	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	4 of 9	7 of 9	6 of 9

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

Compare

Put Kaltura 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
Kaltura	FY25	1.2%	−2.7%	7.7%	—	—	6
Mitek Systems	FY25	4.4%	9.3%	30.1%	18.3%	−10.4x	6	Compare
SoundHound AI	FY25	99.5%	−13.8%	−58.7%	−18.4%	—	2	Compare
Telos	FY25	52.2%	−24.2%	17.9%	—	—	—	Compare
CS Disco	FY25	8.3%	−30.7%	−11.5%	—	—	—	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.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	97	120	165	169	175	179	181
Revenue growth	—	23.7%	37.0%	2.3%	3.8%	2.0%	1.2%
Gross profit	62	73	103	107	112	119	128
Research and development	24	30	48	57	52	49	46
Operating income	−3	−8	−33	−56	−39	−24	−5
Net income	−16	−59	−59	−68	−46	−31	−12
Diluted EPS (US$)	1.11	2.83	0.95	—	−0.34	−0.21	−0.08
Diluted shares (millions)	23	25	71	130	138	148	153
Cash flow
Cash from operations	0	6	−22	−47	−8	12	14
Capital expenditure	2	1	2	1	3	0	1
Free cash flow	−2	5	−24	−48	−11	12	14
Dividends paid	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	3	26
Acquisitions	0	0	0	0	0	0	7
Stock-based compensation	2	5	17	24	30	26	16
Balance sheet at fiscal year end
Cash and short-term investments	26	28	144	86	69	81	52
Debt incl. finance leases	—	48	39	36	35	32	29
Total assets	—	91	223	206	184	181	165
Total liabilities	—	192	138	163	153	157	158
Shareholders' equity	−210	−261	85	43	30	24	6
Margins and ratios
Gross margin	63.4%	60.4%	62.2%	63.4%	64.1%	66.7%	70.6%
Operating margin	−2.9%	−7.0%	−19.8%	−33.4%	−22.1%	−13.5%	−2.7%
Net margin	−16.0%	−48.8%	−36.0%	−40.6%	−26.5%	−17.5%	−6.7%
Free cash flow margin	−1.9%	3.9%	−14.5%	−28.5%	−6.2%	6.5%	7.7%
Rule of 40 (growth + FCF margin)	—	27.6%	22.5%	−26.2%	−2.5%	8.6%	8.9%
Return on capital	—	—	—	—	—	—	—
Return on equity	—	—	—	−106.5%	−125.9%	−114.5%	−78.6%
Return on assets	—	—	−37.8%	−31.9%	−23.8%	−17.2%	−7.0%
Net debt to EBITDA	—	—	—	—	—	—	—

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