Kornit Digital Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Kornit Digital Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	109	114	142	180	193	322	272	220	204	208
Cost of revenue	59.3	60	72.5	97.8	106	170	175	153	112	116
Gross profit	49.4	54.1	69.9	82.1	87.8	152	96.5	67	91.8	92.3
Research and development	17.4	20.8	21.9	22.4	31.5	43.7	56	50.1	41.6	37.7
Selling and marketing	18.3	21.3	25.6	33.6	36.4	58.8	71.1	66.8	58.4	58.7
General and administrative	12.3	13.6	16.4	18.5	26.7	36.6	39.3	37.6	29.1	30.4
Operating expenses	48	56.2	64.3	74.5	94.5	139	166	154	129	127
Operating income	1.43	-2.08	5.6	7.6	-6.73	12.8	-69.9	-87.5	-37.3	-34.6
Interest income						3.24	6.47	7.34	7.54	5.33
Other non-operating income						2.6	13.4	24.2	22.4	21.9
Pre-tax income	1.48	-1.63	7.04	10.9	-3.23	15.4	-56.5	-63.4	-15	-12.7
Income tax	0.65	0.38	-5.39	0.74	1.55	-0.14	22.6	0.97	1.84	0.87
Net income	0.83	-2.02	12.4	10.2	-4.78	15.5	-79.1	-64.4	-16.8	-13.5
EBITDA	4.39	2.73	10.6	12	-2.02	19.9	-56.3	-72.8	-24.3	-22.7
EPS, basic	0.03	-0.06	0.36	0.27	-0.11	0.33	-1.59	-1.31	-0.35	-0.30
EPS, diluted	0.03	-0.06	0.35	0.26	-0.11	0.32	-1.59	-1.31	-0.35	-0.30
Shares, diluted (weighted)	31.7	33.6	35.4	39.3	42.3	48.6	49.8	49.2	47.5	45.2

Balance sheet

	FY2016	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	22.8	18.6	74.1	40.7	126	612	105	39.6	35	35.5
Short-term investments	16.5	4.5	5	95	13.7	28.1	275	236	206	53.9
Receivables	31.6	23.2	22	40.5	51.6	0.29	67.4	93.6	65.5	60.8
Inventory	24.1	34.9	30	37.5	52.5	63	89.4	67.7	60.3	47.2
Other current assets	3.74	2.66	5.66	6.99	9.18	13.7	22.1	28.5	25.7	29.7
Total current assets	98.8	89.4	141	253	478	775	579	522	615	596
Property, plant and equipment	9.25	11.2	15	17.5	29.3	45	60.5	50.9	59.2	69.5
Lease right-of-use assets			15	22.8	21.1	25.2	27.1	23.8	19.1	17.2
Goodwill	5.09	5.09	5.09	5.56	16.5	25.4	29.2	29.2	29.2	29.2
Intangible assets	3.39	2.08	1.01	2.49	7.22	10.1	9.89	7.65	5.72	9.43
Long-term investments	21.7	68.8	44.6	95.4	71.6	149	246	223	48.1	33.3
Other non-current assets	0.61	0.63	0.74			0.86	5.93
Total assets	140	178	215	405	629	1,041	958	866	787	771
Accounts payable	16.4	12.4	16.6	23.4	32	46.4	14.8	6.94	9.02	6.06
Accrued liabilities	1.28	0.63	1.55	3.09	6.76	6.84	18	18.3	10.8	12.4
Deferred revenue	1.68	1.7	3.63				5.7	2.16	2.34	1.53
Short-term debt						9.17	275
Total current liabilities	30.1	25.5	33.2	45.6	89.6	96.7	65.4	50.1	44.3	42
Lease liabilities				19.2	18.7	21.9	21	18.5	15.1	14.7
Other non-current liabilities	0.39	0.59	1.46	1.32	0.44	1.2	1.22	0.2	0.14	0.06
Total liabilities	32.9	27.7	35.7	67.2	110	121	88.8	69.9	60.6	57.9
Paid-in capital	95	140	157	305	488	875	922	958	966	1,007
Retained earnings	12.2	10.1	22.6	32.7	28	43.5	-35.6	-99.9	-117	-130
Treasury stock								-55.8	-122	-167
Other comprehensive income	-0.08	0.3	-0.24	0.84	2.73	0.57	-17.4	-7.21	-0.87	2.62
Shareholders' equity	107	151	179	338	519	920	869	796	727	713
Total equity	107	151	179	338	519	920	869	796	727	713
Total liabilities and equity	140	178	215	405	629	1,041	958	866	787	771
Shares outstanding	31	34.1	35.1	40.7	46	49.6	50	47.7	46.1	45.1

Cash flow statement

	FY2016	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	0.83	-2.02	12.4	10.2	-4.78	15.5	-79.1	-64.4	-16.8	-13.5
Depreciation and amortization	2.96	4.81	4.97	4.44	4.71	7.1	13.6	14.7	13	11.9
Stock-based compensation	2.99	4.41	5.55	6.61	10	15.1	22.6	22.6	21.8	21.9
Deferred income tax	-0.18	-0.13	-6.48	0.07	1.34	0.42	9.95	-0.49
Change in receivables	-9.26	9.08	1.07	-18.6	-9.53	1.78	-15.9	-19.2	28.2	4.66
Change in inventory	-6.06	-10.6	4.04	-4.18	-15.8	-14.1	-29	11	3.01	9.68
Cash from operations	0.96	5.99	33.4	11	32.4	53.6	-99.3	-34.7	48.7	24.6
Capital expenditures	-5.46	-5.66	-7.29	-5.42	-13.5	-14.5	-18	-7.01	-15.1	-21.3
Acquisitions	-9.21			-4.72	-15.5	-15	-14.7
Purchases of investments	-11.5	-83.2	-22.7	-116	-35.9	-110	-138	-34	-62.7	-60.2
Sales and maturities of investments	4.5	7.24	6.56	3	21.7	13.5	27.9	20.5	56.6	222
Cash from investing	2.46	-46.7	16.7	-179	-115	89.8	-407	26.2	31.5	2.95
Stock issued	0.96	2.76	6.43	5.9	5.66	4.85	0.62	0.29	0.72	0.81
Share buybacks								-55.8	-84.1	-26.1
Cash from financing	0.94	36.4	5.53	135	167	342	-0.33	-56.5	-84.8	-27.1
Exchange rate effect	-0.03	0.16	-0.07	-0.03	0.21
Net change in cash			55.5	-33.4	85	486	-507	-65	-4.6	0.47
Free cash flow	-4.51	0.33	26.1	5.59	18.9	39.2	-117	-41.7	33.6	3.36
Income taxes paid	0.59	0.85	1.8	0.35	1.03	0.44	13.2	1.95	1.84	0.94

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $15.56 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	44.3%	Gross profit / revenue.
Operating margin	-16.6%	Operating income / revenue.
EBITDA margin	-10.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-6.1%	Pre-tax income / revenue.
Net margin	-6.5%	Net income / revenue.
FCF margin	1.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.8%	Cash from operations / revenue.
Return on equity (ROE)	-1.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.7%	Net income / average total assets.
Return on invested capital (ROIC)	-4.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	18.1%	Research and development expense / revenue.
Stock-based pay / revenue	10.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	10.2%	Capital expenditures / revenue.
D&A / revenue	5.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-8.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-49.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-5.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-90.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-29.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-2.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-6.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	14.2x	Current assets / current liabilities.
Quick ratio	3.58x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.13x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	7.5%	Total liabilities / total assets.
Working capital	$553.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$674.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.27x	Revenue / average total assets.
Fixed asset turnover	3.24x	Revenue / average property, plant and equipment.
Inventory turnover	2.16x	Cost of revenue / average inventory.
Days inventory	169 days	365 x average inventory / cost of revenue.
Receivables turnover	3.30x	Revenue / average receivables.
Days sales outstanding	111 days	365 x average receivables / revenue.
Days payables	24 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	256 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	86.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.30	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.30	Net income per basic share, as reported (split-adjusted).
Revenue per share	$4.60	Revenue / diluted weighted shares.
FCF per share	$0.07	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.54	Cash from operations / diluted weighted shares.
Book value per share	$15.81	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14.96	Tangible book value / shares outstanding.
Cash per share	$1.98	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	776.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$721.1M	Share price x shares outstanding.
Enterprise value	$631.7M	Market cap + total debt - cash - short-term investments.
P/S	3.46x	Market cap / revenue.
P/B	1.01x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.07x	Market cap / tangible book value, when positive.
P/FCF	215x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	29.3x	Market cap / cash from operations, when positive.
EV/Sales	3.03x	Enterprise value / revenue.
EV/FCF	188x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.5%	Free cash flow / market cap.
Earnings yield	-1.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	3.6%	(Dividends paid + share buybacks) / market cap.

What was Kornit Digital Ltd.'s revenue in fiscal 2025?

Kornit Digital Ltd. reported revenue of $208.2M for fiscal 2025, 2.1% higher than the year before.

Was Kornit Digital Ltd. profitable in fiscal 2025?

No. It reported a net loss of $13.5M.

How much free cash flow did Kornit Digital Ltd. generate in fiscal 2025?

Cash from operations of $24.6M minus capital expenditures of $21.3M left free cash flow of $3.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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