Kennametal

KMT · NYSE · Industrials · Financials, fiscal 2017 to 2026

KMT · Last close · November 6, 2026

$23.00

Kennametal's revenue rose 19.8% to $2.4 billion in fiscal 2026. Its operating margin was 20.1%, up from 7.3% a year earlier. Free cash flow was −$81 million, against $119 million a year earlier. It paid out $71 million in dividends and buybacks. The diluted share count fell 0.6%.

KENNAMETAL INC. Latest fiscal year ended June 30, 2026 10-K filed August 12, 2026 · 0001628280-26-056143 Updated November 5, 2026

Revenue

$2.4B

19.8%

Operating margin

20.1%

12.8 pts

Net income

$342M

267.7%

Free cash flow

−$81M

$119M a year earlier

Return on capital

18.0%

12.0 pts

Market cap

$1.8B

Nov 6 close

P/E

3.0x

On $7.60 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 Kennametal does

Kennametal makes tools and wear-resistant parts from hard materials such as tungsten carbide and ceramics. Manufacturers use its tools to cut metal, and miners, road builders and energy companies use its parts where equipment wears out quickly. It began in 1938 and has been listed on the New York Stock Exchange since 1967.

It has two segments. Metal Cutting makes standard and custom tools for milling, hole making, turning and threading. They are used to make aircraft, engines, trucks, cars, ships and industrial equipment, and are sold under brands such as Kennametal and WIDIA through its own sales force and other channels. Infrastructure makes carbide and ceramic components, earth cutting tools for mining, trenching and road milling, and metallurgical powders. Its end markets are general engineering, transportation, earthworks, energy, and aerospace and defense.

The company has operations around the world, with plants in many US states. Its fiscal year ends on June 30.

Its biggest risks, as it describes them

Downturns in the business cycle, which have historically hit its sales and profits.
Price and availability swings in raw materials such as the metals it uses.
Risks of its international operations, including wars and conflicts in the Middle East and Ukraine.
Competition in a highly competitive industry.
Environmental and safety rules, and the cost of its restructuring efforts.

From Kennametal's annual report on Form 10-K, filed August 12, 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 grew 24.6% a year and net income 24.1% a year, as buybacks cut the share count by 5%.

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	86	106	128	140	96
Debt incl. finance leases	598	599	599	599	685
Net debt (negative means net cash)	513	493	471	459	590
Net debt to EBITDA	1.5x	1.5x	1.5x	1.6x	1.0x
Debt to equity	0.5x	0.5x	0.5x	0.5x	0.4x
Interest coverage	8.4x	6.8x	6.4x	5.7x	16.5x
Current ratio	2.1x	2.4x	2.4x	2.5x	2.6x
Quick ratio	0.9x	1.1x	1.2x	1.2x	1.0x

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 Kennametal'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 Kennametal's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 2 insiders bought $520,118 of Kennametal shares on the open market, and 5 insiders sold $5.7 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 5, 2026	Sanjay ChowbeyPresident and CEO, Director	Bought	7,000	$23.62	$165,368	Form 4
Sep 10, 2026	Sanjay ChowbeyPresident and CEO	Bought	7,000	$29.10	$203,700	Form 4
Sep 8, 2026	Judith L BacchusVice President	Sold	9,676	$30.29	$293,086	Form 4
Sep 4, 2026	Michelle R KeatingVice President	Sold	20,000	$30.54	$610,800	Form 4
Sep 4, 2026	Richard J HarshmanDirector	Bought	5,000	$30.21	$151,050	Form 4
Jun 15, 2026	Judith L BacchusVice President	Sold	5,488	$35.94	$197,239	Form 4
Jun 8, 2026	Sagar A PatelDirector	Sold	29,499	$33.50	$988,203	Form 4
Jun 2, 2026	Carlonda R. ReillyVice President	Sold	12,013	$33.12	$397,871	Form 4
Mar 9, 2026	Carlonda R. ReillyVice President	Sold	13,410	$36.31	$486,917	Form 4
Feb 19, 2026	John Wayne WittVice President	Sold	5,060	$38.29	$193,747	Form 4
Feb 11, 2026	Judith L BacchusVice President	Sold	39,051	$40.23	$1.6 million	Form 4
Feb 11, 2026	Michelle R KeatingVice President	Sold	24,617	$40.22	$990,096	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. 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	5 of 9	6 of 9
Rule of 40	6.8%	2.2%	16.4%
Altman Z''	4.63	4.65	5.89
Accruals ratio	−6.6%	−4.6%	12.1%

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	Fail
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Fail
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Fail	Pass
Revenue rose relative to assets	Fail	Fail	Pass
F-score	5 of 9	5 of 9	6 of 9

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

Compare

Put Kennametal 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
Kennametal	FY26	19.8%	20.1%	−3.4%	18.0%	1.0x	6
Crane	FY25	8.2%	18.4%	14.8%	15.2%	1.4x	6	Compare
SPX Technologies	FY25	14.2%	15.5%	10.7%	13.0%	0.3x	8	Compare
Graco	FY25	5.8%	27.9%	28.5%	25.8%	−0.8x	4	Compare
Franklin Electric	FY25	5.4%	12.6%	9.1%	16.0%	0.2x	6	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	2,058	2,368	2,375	1,885	1,841	2,012	2,078	2,047	1,967	2,357
Revenue growth	−1.9%	15.0%	0.3%	−20.6%	−2.3%	9.3%	3.3%	−1.5%	−3.9%	19.8%
Gross profit	645	820	832	530	552	648	646	627	598	970
Research and development	38	39	39	39	40	42	43	44	44	43
Operating income	95	290	329	22	102	218	192	170	143	472
Net income	49	200	242	−6	54	145	118	109	93	342
Diluted EPS (US$)	0.61	2.42	2.90	−0.07	0.65	1.72	1.46	1.37	1.20	4.42
Diluted shares (millions)	81	83	83	83	84	84	81	80	78	77
Cash flow
Cash from operations	195	277	300	224	236	−181	258	277	208	−4
Capital expenditure	118	171	212	244	127	97	94	108	89	77
Free cash flow	77	106	88	−20	108	−278	164	170	119	−81
Dividends paid	64	65	66	66	67	67	64	63	62	61
Share buybacks	0	0	0	0	0	86	49	66	60	10
Acquisitions	0	0	0	0	0	0	0	4	0	0
Stock-based compensation	21	21	23	16	25	21	25	24	22	35
Balance sheet at fiscal year end
Cash and short-term investments	191	556	182	607	154	86	106	128	140	96
Debt incl. finance leases	700	998	598	598	598	598	599	599	599	685
Total assets	2,416	2,926	2,656	3,038	2,666	2,574	2,547	2,504	2,545	3,167
Total liabilities	1,363	1,695	1,282	1,769	1,298	1,282	1,233	1,215	1,221	1,553
Shareholders' equity	1,017	1,194	1,335	1,230	1,330	1,253	1,275	1,250	1,284	1,570
Margins and ratios
Gross margin	31.3%	34.6%	35.0%	28.1%	30.0%	32.2%	31.1%	30.6%	30.4%	41.2%
Operating margin	4.6%	12.3%	13.8%	1.2%	5.5%	10.8%	9.3%	8.3%	7.3%	20.1%
Net margin	2.4%	8.4%	10.2%	−0.3%	3.0%	7.2%	5.7%	5.3%	4.7%	14.5%
Free cash flow margin	3.8%	4.5%	3.7%	−1.1%	5.9%	−13.8%	7.9%	8.3%	6.1%	−3.4%
Rule of 40 (growth + FCF margin)	1.9%	19.5%	4.0%	−21.7%	3.6%	−4.5%	11.1%	6.8%	2.2%	16.4%
Return on capital	3.9%	13.4%	15.1%	0.7%	6.0%	8.8%	8.2%	7.5%	6.0%	18.0%
Return on equity	5.0%	18.1%	19.1%	−0.4%	4.2%	11.2%	9.4%	8.7%	7.3%	24.0%
Return on assets	2.1%	7.5%	8.7%	−0.2%	1.9%	5.5%	4.6%	4.3%	3.7%	12.0%
Net debt to EBITDA	2.5x	1.1x	0.9x	−0.1x	1.9x	1.5x	1.5x	1.5x	1.6x	1.0x

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