Karat Packaging Inc. (KRT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.51	$1.48	+190.2%	—	$136.3M	—
Q1 26	$0.32	$0.34	+6.3%	—	$116.9M	—
Q4 25	$0.28	$0.34	+21.4%	—	$115.6M	—
Q3 25	$0.39	$0.37	-5.1%	—	$124.5M	—
Q2 25	$0.6	$0.57	-5.0%	—	$124M	—
Q1 25	$0.28	$0.33	+17.9%	—	$103.6M	—
Q4 24	$0.36	$0.29	-19.4%	—	$101.6M	—
Q3 24	$0.49	$0.47	-4.1%	—	$112.8M	—
Q2 24	$0.6	$0.49	-18.3%	—	$112.6M	—
Q1 24	$0.45	$0.4	-11.1%	—	$95.6M	—
Q4 23	$0.45	$0.24	-46.7%	—	$95.6M	—
Q3 23	$0.44	$0.45	+2.3%	—	$105.5M	—
Q2 23	$0.31	$0.69	+122.6%	—	$108.7M	—
Q1 23	$0.31	$0.46	+48.4%	—	$95.8M	—
Q4 22	$0.33	$0.3	-9.1%	—	$92.7M	—
Q3 22	$0.34	$0.33	-2.9%	—	$110M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.57	—	—	$467.7M	—
FY24	—	$1.5	—	—	$422.6M	—
FY23	—	$1.63	—	—	$405.7M	—
FY22	—	$1.19	—	—	$423M	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$140.1M	$175.4M	$224.9M	$295.5M	$364.2M	$423M	$405.7M	$422.6M	$467.7M
YoY change	—	+25.3%	+28.2%	+31.4%	+23.3%	+16.1%	-4.09%	+4.19%	+10.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	140.1M	175.4M	224.9M	295.5M	364.2M	423M	405.7M	422.6M	467.7M
Cost of revenue	98.8M	132M	163.9M	206.4M	256.4M	290.9M	252.6M	258.3M	295.6M
Gross profit	41.3M	43.5M	61M	89.1M	107.8M	132.1M	153M	164.3M	172.1M
Gross margin	29.5%	24.8%	27.1%	30.2%	29.6%	31.2%	37.7%	38.9%	36.8%
Research & development	—	—	—	—	—	—	—	—	—
Selling, general & administrative	35.3M	41.3M	55.2M	61.4M	84.7M	102.1M	108.4M	119.6M	126.6M
Operating expenses	35.3M	41.3M	55.2M	61.4M	84.7M	102.1M	108.4M	119.6M	126.6M
Operating income	6M	2.1M	5.8M	27.7M	23.1M	30M	44.6M	40.5M	40.9M
Operating margin	4.29%	1.22%	2.59%	9.37%	6.35%	7.09%	11%	9.59%	8.75%
Non-operating income, net	-85K	870K	1.9M	-278K	5.8M	2.3M	-1.4M	6K	1.9M
Pretax income	4.6M	1.5M	2.9M	21.9M	27.5M	32.5M	43M	40.7M	43M
Income tax	96K	1.7M	781K	5.3M	5.1M	6.7M	9.8M	9.9M	10.4M
Net income	4.5M	-124K	2.2M	16.7M	22.4M	25.8M	33.2M	30.8M	32.7M
Net margin	3.25%	-0.07%	0.96%	5.64%	6.16%	6.11%	8.18%	7.29%	6.98%
EBITDA	9.4M	6.6M	11.6M	36.7M	35.9M	47.2M	63.2M	63.3M	50.7M
EPS	0.21	0	0.09	0.87	1.13	1.19	1.63	1.5	1.57
Diluted EPS	0.21	0	0.09	0.87	1.12	1.19	1.63	1.49	1.56

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	105.5M	95.6M	95.6M	112.6M	112.8M	101.6M	103.6M	124M	124.5M	115.6M	116.9M	136.3M
Cost of revenue	66.6M	61.5M	58M	69.2M	69.3M	61.8M	62.9M	74.9M	81.6M	76.3M	75.4M	59.1M
Gross profit	38.9M	34.1M	37.6M	43.4M	43.5M	39.8M	40.8M	49.1M	42.9M	39.3M	41.5M	77.2M
Gross margin	36.9%	35.7%	39.3%	38.5%	38.6%	39.2%	39.3%	39.6%	34.5%	34%	35.5%	56.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	27.9M	29.2M	27.5M	31.8M	32.3M	28M	31.8M	32.8M	33.6M	29.5M	31.9M	38.3M
Operating expenses	27.9M	29.2M	27.5M	31.8M	32.3M	28M	31.8M	32.8M	33.6M	29.5M	31.9M	38.3M
Operating income	11.1M	4.9M	10.1M	11.6M	11.2M	7.6M	7.8M	16.3M	8.2M	8.7M	8.5M	37.7M
Operating margin	10.5%	5.15%	10.5%	10.3%	9.97%	7.43%	7.53%	13.1%	6.56%	7.51%	7.24%	27.6%
Non-operating income, net	1.1M	-219K	-1.5M	437K	381K	714K	1.1M	-1.9M	1.9M	920K	1M	628K
Pretax income	12M	4.9M	8.5M	12.1M	11.9M	8.3M	8.9M	14.5M	9.9M	9.7M	9.4M	39M
Income tax	2.9M	759K	2M	2.8M	2.6M	2.5M	2.1M	3.5M	2.3M	2.5M	2.2M	9.4M
Net income	9.1M	4.2M	6.5M	9.2M	9.3M	5.9M	6.8M	11.1M	7.6M	7.2M	7.1M	29.6M
Net margin	8.66%	4.37%	6.77%	8.19%	8.21%	5.76%	6.58%	8.91%	6.11%	6.22%	6.11%	21.8%
EBITDA	15.9M	10.1M	14.9M	17.5M	17.4M	13.6M	14.1M	22.9M	14.8M	11.1M	15M	45.1M
EPS	0.46	0.2	0.31	0.46	0.45	0.28	0.32	0.55	0.36	0.34	0.34	1.47
Diluted EPS	0.45	0.19	0.31	0.45	0.45	0.28	0.32	0.54	0.36	0.34	0.34	1.46

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	372.1M	284.9M	494.6M	605.3M	452.7M	1.1B
Enterprise value	—	—	—	—	402.1M	327.5M	516.2M	638.2M	446.9M	1.1B
Shares outstanding	14.7M	19.1M	19.1M	19.1M	18.4M	19.8M	19.9M	20M	20.1M	20.1M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	16.6	11	14.9	19.6	13.9	21.3
P/S	—	—	—	—	1.02	0.67	1.22	1.43	0.97	2.15
P/B	—	—	—	—	2.82	1.88	3.04	3.73	2.97	6.37
EV/EBITDA	—	—	—	—	11.2	6.94	8.17	10.1	8.81	22.5
EV/Sales	—	—	—	—	1.1	0.77	1.27	1.51	0.96	2.2
Earnings yield	—	—	—	—	6.03%	9.07%	6.71%	5.09%	7.22%	4.7%
FCF yield	—	—	—	—	-1%	5.17%	8.91%	7.26%	6.47%	2.95%
PEG	—	—	—	—	—	—	—	—	—	0.13

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	29.5%	24.8%	27.1%	30.2%	29.6%	31.2%	37.7%	38.9%	36.8%	56.6%
Operating margin	4.29%	1.22%	2.59%	9.37%	6.35%	7.09%	11%	9.59%	8.75%	8.71%
Net margin	3.25%	-0.07%	0.96%	5.64%	6.16%	6.11%	8.18%	7.29%	6.98%	10.2%
ROE	42.5%	-0.57%	9%	41.8%	17%	17%	20.4%	19%	21.4%	30.6%
ROA	7.1%	-0.13%	1.62%	9.2%	10.8%	10.2%	12%	10.5%	11.4%	7.29%
ROIC	13.8%	0%	4.36%	15.3%	11.6%	12.2%	18.7%	15.7%	21.2%	33.3%
Return on tangible assets	7.1%	-0.13%	1.62%	9.53%	11.2%	10.6%	12.3%	10.7%	11.5%	16.5%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.93	0.79	1.7	1.85	3.34	3.15	3.49	3.47	2.3	2.25
Quick ratio	0.3	0.3	0.71	0.71	1.44	1.34	1.88	1.94	1.13	1.25
Debt / equity	3.07	2.27	3.13	2.47	0.28	0.39	0.44	0.57	0.21	0.42
Debt / assets	0.51	0.52	0.56	0.54	0.18	0.23	0.26	0.32	0.11	0.08
Net debt / EBITDA	3.41	7.42	6.43	2.68	0.84	0.9	0.34	0.52	-0.11	-0.33
Interest coverage	4.63	2.06	1.62	4.99	10.5	17.1	22	20.2	21.9	37.6
Effective tax rate	2.07%	100%	26.5%	24%	18.5%	20.5%	22.8%	24.3%	24.1%	24.1%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	9.51	9.18	11.8	15.5	19.8	21.3	20.4	21.1	23.3	24.7
EPS (basic)	0.21	0	0.09	0.87	1.13	1.19	1.63	1.5	1.57	1.57
EPS (diluted)	0.21	0	0.09	0.87	1.12	1.19	1.63	1.49	1.56	2.5
Book value per share	0.73	1.15	1.26	2.09	7.17	7.66	8.17	8.11	7.61	8.36
FCF per share	-0.31	-1.53	-1.82	-1.15	-0.2	0.74	2.21	2.2	1.46	2.54
Cash per share	0.05	0.05	0.04	0.02	0.35	0.81	2.48	3	1.89	2.72
Capex per share	0.35	1.66	1.29	1.91	0.67	0.74	0.43	0.2	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.64%	18.1%	11%	12.3%	3.4%	3.47%	2.09%	0.93%	—	—
Capex / operating cash flow	-10.6K%	537.8%	6.6K%	285.9%	93.1%	61.6%	18.7%	9.99%	—	—
Payout ratio	15.4%	-1K%	0%	3.64%	0%	27%	69.9%	100.6%	—	72%
Dividend yield	—	—	—	—	0%	2.44%	4.69%	5.12%	—	3.54%

Yield

3.54%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.47

ex-dividend Aug 21, 2026

Payout ratio

72%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 21, 2026	$0.47
May 21, 2026	$0.45
Feb 20, 2026	$0.45
Nov 21, 2025	$0.45
Aug 20, 2025	$0.45
May 16, 2025	$0.45
Feb 24, 2025	$0.45
Nov 20, 2024	$0.40

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$105.5M	$95.6M	$95.6M	$112.6M	$112.8M	$101.6M	$103.6M	$124M	$124.5M	$115.6M	$116.9M	$136.3M
YoY change	-4.06%	+3.15%	-0.2%	+3.55%	+6.86%	+6.35%	+8.38%	+10.1%	+10.4%	+13.7%	+12.9%	+9.93%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	791K	965K	802K	448K	6.5M	16M	49.4M	59.9M	37.9M
Receivables	11.2M	14.7M	21M	23.8M	32.8M	29.9M	27.8M	26.7M	36.4M
Inventory	28.5M	29.5M	35.4M	49M	58.5M	71.2M	71.5M	70.7M	81.7M
Total current assets	42.3M	47.6M	61M	79.8M	102.9M	123.8M	154.9M	161M	161.2M
Property, plant & equipment	19.5M	37.8M	41.8M	61.4M	58.1M	74.7M	77.5M	89.8M	31.1M
Goodwill & intangibles	—	—	0	6.2M	7.8M	7.7M	7.7M	7.6M	3.5M
Total assets	64.1M	96M	133.4M	181.1M	207.6M	252.2M	276.4M	294.5M	287.7M
Accounts payable	11.6M	15.1M	19M	20.1M	18.5M	18.6M	18.4M	17.8M	26.3M
Short-term debt	25.1M	37.6M	7.2M	11.7M	1.2M	5.5M	5.9M	10.2M	—
Total current liabilities	45.6M	60.5M	35.9M	43.1M	30.8M	39.3M	44.4M	46.4M	70.2M
Long-term debt	7.8M	12M	68M	86.9M	35.3M	53.2M	65.1M	82.7M	32.1M
Total liabilities	53.4M	74.1M	109.3M	141.2M	75.6M	100.2M	113.7M	132.3M	70.2M
Shareholders' equity	10.7M	21.9M	24.1M	39.9M	132M	151.9M	162.7M	162.2M	152.6M
Total debt	32.9M	49.6M	75.2M	98.6M	36.5M	58.6M	71M	92.9M	32.1M
Net debt	32.1M	48.6M	74.4M	98.1M	30M	42.6M	47.9M	61.3M	-5.8M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	46.2M	49.4M	46.7M	52.1M	60.4M	59.9M	56.3M	57M	44M	37.9M	34.4M	54.1M
Receivables	34M	27.8M	30.1M	33.7M	33.9M	26.7M	32.4M	36.4M	37.9M	36.4M	42.3M	49.2M
Inventory	71.7M	71.5M	79.3M	79.8M	70.9M	70.7M	79.9M	88.8M	84.1M	81.7M	80M	89.1M
Total current assets	158.7M	154.9M	160.5M	169.8M	170.1M	161M	172M	186.3M	170.7M	161.2M	161M	199.3M
Property, plant & equipment	75.3M	77.5M	74.4M	96.9M	92.7M	89.8M	96.2M	90.9M	88.3M	31.1M	77.8M	31.5M
Goodwill & intangibles	7.7M	7.7M	7.7M	7.6M	7.6M	7.6M	7.6M	7.6M	7.6M	3.5M	7.6M	3.5M
Total assets	280M	276.4M	279M	310.7M	306.8M	294.5M	312.2M	321M	302.8M	287.7M	282.7M	316.8M
Accounts payable	19.4M	18.4M	21.4M	24.3M	23.4M	17.8M	24.5M	33.2M	25.3M	26.3M	24.3M	34M
Short-term debt	6M	5.9M	5.6M	8.9M	9.8M	10.2M	12.2M	12.8M	33.7M	—	25M	—
Total current liabilities	45.7M	44.4M	48.2M	55.6M	54.5M	46.4M	60.1M	69.5M	79.6M	70.2M	70.4M	88.6M
Long-term debt	61.5M	65.1M	65.9M	86.7M	84.2M	82.7M	88.5M	85.4M	58.3M	32.1M	51.5M	25.8M
Total liabilities	115.2M	113.7M	118.6M	146.9M	143.2M	132.3M	152M	158.3M	141.3M	70.2M	127.5M	88.6M
Shareholders' equity	164.8M	162.7M	160.4M	163.8M	163.6M	162.2M	160.2M	162.7M	161.6M	152.6M	155.2M	171.7M
Total debt	67.6M	71M	71.4M	95.6M	93.9M	92.9M	100.7M	98.1M	92M	32.1M	76.6M	25.8M
Net debt	39.4M	47.9M	58.3M	76.3M	55M	61.3M	68.2M	67.6M	68M	-5.8M	47.9M	-12.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	4.5M	-124K	2.2M	16.7M	22.4M	25.8M	33.2M	30.8M	32.7M
Depreciation & amortization	3.1M	4M	6M	8.6M	10M	14.2M	15.8M	18.3M	—
Stock-based compensation	—	—	—	0	2M	2M	770K	2.1M	1.2M
Change in working capital	-7.7M	422K	-8.3M	-16.4M	-20.7M	-17.9M	-3.2M	-7.7M	-14.3M
Operating cash flow	-48K	5.9M	377K	12.8M	13.3M	23.8M	45.4M	39.4M	33.8M
Capital expenditure	-5.1M	-31.8M	-24.8M	-36.5M	-12.4M	-14.7M	-8.5M	-3.9M	—
Investing cash flow	-6.4M	-24.3M	-24.8M	-37.4M	-13.3M	-17.8M	-30.2M	-5.9M	28.4M
Dividends paid	-700K	-1.2M	0	-606K	0	-7M	-23.2M	-31M	—
Share repurchases	—	—	0	-248K	0	—	—	—	-3M
Financing cash flow	10.8M	25.1M	28.5M	28.9M	-22.6M	-23.2M	-16.3M	-34.3M	-68.9M
Net change in cash	4.4M	6.8M	4.1M	4.3M	-22.6M	-17.3M	-1M	-829K	-6.7M
Free cash flow	-4.5M	-29.2M	-34.8M	-21.9M	-3.7M	14.7M	44M	43.9M	29.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	9.1M	4.2M	6.5M	9.2M	9.3M	5.9M	6.8M	11.1M	7.6M	7.2M	7.1M	29.6M
Depreciation & amortization	4M	4.1M	4.1M	4.7M	4.7M	4.8M	4.9M	5.3M	5.4M	—	5.5M	5.5M
Stock-based compensation	250K	27K	375K	940K	400K	350K	346K	445K	253K	138K	242K	596K
Change in working capital	-1.1M	5.8M	-9.1M	-3.6M	5.9M	-997K	-10.2M	-6.4M	-8.8M	165K	-9M	-10M
Operating cash flow	12.3M	14M	1.8M	11.1M	20.4M	9.9M	1.8M	9.8M	982K	15.4M	7.2M	33.2M
Capital expenditure	-2M	-1.1M	-901K	-1.5M	-825K	-743K	-1M	—	—	—	—	—
Investing cash flow	8M	-9.3M	-7.9M	-520K	10.3M	-7.7M	3.5M	-2.6M	6.5M	19.9M	-6M	-10M
Dividends paid	-10M	-6.3M	-6M	-7M	-10M	-8M	-9M	-9M	-9M	—	-9M	-9M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-10.2M	-6.6M	-8.6M	-7.3M	-10.3M	-8.2M	-10.4M	-9.5M	-16.4M	-61.3M	-9.5M	-10.1M
Net change in cash	10.1M	-1.9M	-14.8M	3.3M	20.4M	-6M	-5M	-2.4M	-8.9M	-26M	-8.3M	13.1M
Free cash flow	9.4M	9.4M	5.6M	12.2M	18.6M	7.5M	6.6M	9.6M	-1.5M	14.6M	6.3M	31.8M

Karat Packaging Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement