Karat Packaging Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Karat Packaging Inc. 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

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	296	364	423	406	423	468
Cost of revenue	206	256	291	253	258	296
Gross profit	89.1	108	132	153	164	172
General and administrative	39.2	52.4	66.3	67	71.5	77.4
Operating expenses	61.4	84.7	102	111	127	131
Operating income	27.7	23.1	30	42.1	37.8	41.4
Interest expense		2.91	2.02	2.04	2.12	2.06
Interest income		1.51	2.23	1.8	2.3	2.21
Other non-operating income	-5.77	4.38	2.5	0.91	2.93	1.61
Pre-tax income	21.9	27.5	32.5	43	40.7	43
Income tax	5.26	5.09	6.68	9.8	9.87	10.4
Net income to minority interests	-0.85	1.66	2.19	0.71	0.85	1.19
Net income	17.5	20.8	23.6	32.5	30	31.5
EBITDA	36.3	33.2	40.4	52.9	48.4	52.3
EPS, basic	1.15	1.13	1.19	1.63	1.50	1.57
EPS, diluted	1.13	1.12	1.19	1.63	1.49	1.56
Shares, basic (weighted)	15.2	18.4	19.8	19.9	20	20.1
Shares, diluted (weighted)	15.4	18.6	19.9	20	20.1	20.2
Dividend per share	0.04		0.35	1.05	1.55	1.80

Balance sheet

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.45	6.48	16	23.1	31.6	37.9
Short-term investments			0	26.3	28.3	0
Receivables	23.8	32.8	29.9	27.8	26.7	36.4
Inventory	49	58.5	71.2	71.5	70.7	81.7
Other current assets	6.53	5.14	6.64	6.22	3.61	5.22
Total current assets	79.8	103	124	155	161	161
Property, plant and equipment	95.5	93.5	95.6	95.2	88	81.2
Lease right-of-use assets		0	15.7	20.7	40.6	40.3
Goodwill	3.11	3.51	3.51	3.51	3.51	3.51
Intangible assets	0	0.38	0.35	0.33	0.3	0.27
Other non-current assets	0.16	0.48	0.82	0.62	1.07	1
Total assets	181	208	252	276	295	288
Accounts payable	20.1	18.5	18.6
Accrued liabilities	4.96	7.81	9.01	10.6	13.6	13.5
Deferred revenue	0.55	1.22	1.28	0.95	0.74	0.71
Short-term debt	11.4	1.18	0.96	1.12	1.18	12.9
Total current liabilities	43.1	30.8	39.3	44.4	46.4	70.2
Long-term debt	0.1	0.2	0.22	0.2
Lease liabilities		0	11.6	16.7	35.4	32.1
Other non-current liabilities	5.05	3.84	2.65	0.03	2.74	2.72
Total liabilities	141	75.6	100	114	132	131
Total debt	11.5	1.38	1.17	1.33	1.18	12.9
Paid-in capital	14	83.7	85.8	86.7	89.5	90.9
Retained earnings	18.7	39.4	56.1	67.7	66.3	61.7
Treasury stock	-0.25	-0.25	-0.25	-0.25	-0.25	-3.25
Shareholders' equity	32.4	123	142	154	156	149
Minority interests	7.46	9.13	10.3	8.57	6.63	7.45
Total equity	39.9	132	152	163	162	157
Total liabilities and equity	181	208	252	276	295	288
Shares outstanding	15.2	19.8	19.9	20	20	20

Cash flow statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	16.7	22.4	25.8	33.2	30.8	32.7
Depreciation and amortization	8.57	10	10.4	10.8	10.7	10.9
Stock-based compensation	0	2.03	2.05	0.77	2.07	1.18
Deferred income tax	3.94	-0.48	-0.48	-0.96	-3.77	2.26
Change in receivables	-2.86	-8.94	1.85	2.86	0.56	-9.83
Change in inventory	-13.8	-10.9	-16.2	-3.82	-0.94	-11.9
Change in payables	1	-1.6	0.09	0.7	-0.26	7.79
Cash from operations	14.5	8.68	29.5	53.4	48	33.8
Capital expenditures	-29.5	-4.18	-2.66	-2.84	-0.93	-0.76
Acquisitions	0	-0.9	0
Purchases of investments			0	-49.2	-50.8	-16.3
Cash from investing	-37.4	-13.3	-17.8	-30.2	-5.86	25.4
Debt issued	24.5	16
Debt repaid	-7.36	-39.3	-21.6	-1.01	-1.12	-12.7
Stock issued	0	0.1	0.05	0.12	0.73	0.3
Share buybacks	-0.25	0			0	-3
Dividends paid	-0.61	0	-6.96	-20.9	-31	-36.1
Cash from financing	22.5	10.6	-2.07	-16.2	-33.6	-52.9
Net change in cash	-0.35	6.04	9.56	7.04	8.51	6.3
Free cash flow	-15	4.5	26.8	50.5	47	33.1
Interest paid	3.89	2.9	1.98	2	2.03	1.91
Income taxes paid	2.5	4.84	8.3	11.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $53.09 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	40.7%	Gross profit / revenue.
Operating margin	12.8%	Operating income / revenue.
EBITDA margin	15.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.8%	Pre-tax income / revenue.
Net margin	10.2%	Net income / revenue.
FCF margin	11.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.5%	Cash from operations / revenue.
Effective tax rate	24.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	30.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	15.8%	Net income / average total assets.
Return on invested capital (ROIC)	34.2%	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%.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.2%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.2%	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	14.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	9.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	11.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	8.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	8.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	9.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	5.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	10.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	12.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	4.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	9.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	6.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-29.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	18.4%	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	-29.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	7.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	16.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	72.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	114.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-4.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.8%	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	35.8%	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	-2.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.5%	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	9.7%	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	0.3%	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	0.4%	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	5.5%	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	2.25x	Current assets / current liabilities.
Quick ratio	1.17x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.61x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.07x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	3.8%	Total debt / total assets.
Liabilities / assets	45.0%	Total liabilities / total assets.
Net debt	-$42.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.57x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	33.9x	Operating income / interest expense.
Working capital	$110.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$162.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.56x	Revenue / average total assets.
Fixed asset turnover	6.37x	Revenue / average property, plant and equipment.
Inventory turnover	3.28x	Cost of revenue / average inventory.
Days inventory	111 days	365 x average inventory / cost of revenue.
Receivables turnover	10.0x	Revenue / average receivables.
Days sales outstanding	36 days	365 x average receivables / revenue.
FCF conversion	110.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.50	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.
Revenue per share	$24.54	Revenue / diluted weighted shares.
FCF per share	$2.76	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.82	Cash from operations / diluted weighted shares.
Book value per share	$8.36	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$8.17	Tangible book value / shares outstanding.
Cash per share	$2.72	(Cash + short-term investments) / shares outstanding.
Payout ratio	71.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	64.8%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.06B	Share price x shares outstanding.
Enterprise value	$1.02B	Market cap + total debt - cash - short-term investments.
P/E	21.1x	Market cap / net income. Only when net income is positive.
P/S	2.14x	Market cap / revenue.
P/B	6.36x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.50x	Market cap / tangible book value, when positive.
P/FCF	19.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.7x	Market cap / cash from operations, when positive.
EV/Sales	2.06x	Enterprise value / revenue.
EV/EBIT	16.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	18.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.3%	Free cash flow / market cap.
Earnings yield	4.7%	Net income / market cap (the inverse of P/E).
Dividend yield	3.4%	Dividends paid over the period / market cap.
Shareholder yield	3.4%	(Dividends paid + share buybacks) / market cap.
PEG	2.23x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Karat Packaging Inc.'s revenue in fiscal 2025?

Karat Packaging Inc. reported revenue of $467.7M for fiscal 2025, 10.7% higher than the year before.

Was Karat Packaging Inc. profitable in fiscal 2025?

Yes. Net income was $31.5M, a net margin of 6.7%.

How much free cash flow did Karat Packaging Inc. generate in fiscal 2025?

Cash from operations of $33.8M minus capital expenditures of $756.0K left free cash flow of $33.1M.

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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