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Kewaunee Scientific Corporation

Rank #105Hypergrowth

KEQU · Nasdaq · Consumer Cyclical

Kewaunee Scientific Corporation (KEQU) — Rank #105 by gross profitability (GP/assets 0.45) · ROE 12.9% · Piotroski F-Score 5 / 9.

As-of 2026-09-15 · CIK 0000055529 · all metrics point-in-time as of the filing date.

About

Kewaunee Scientific Corporation, together with its subsidiaries, designs, manufactures, and installs laboratory, healthcare, and technical furniture and infrastructure products in the United States and internationally.

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It operates through two segments, Lab Products Group (LPG) and International. The company offers steel and wood casework and laboratory cabinetry, fume hoods, adaptable modular and flexible systems, movable workstations, stand-alone and work benches, computer enclosures, biological safety cabinets, CO2 incubators, ultralow freezers, epoxy resin work surfaces and sinks, and other laboratory products. It also provides facility design, detailed engineering, construction, and project management services. The company's laboratory products are used in chemistry, physics, biology, and other general science laboratories in the pharmaceutical, biotechnology, industrial, chemical, commercial, educational, government, and healthcare markets; and its technical products are used in facilities manufacturing computers and light electronics, and by users of computer and networking furniture. It sells its products through dealers, its subsidiaries, and a national stocking distributor.

Kewaunee Scientific Corporation was founded in 1906 and is headquartered in Statesville, North Carolina.

Industry
Furnishings, Fixtures & Appliances
Sector
Consumer Cyclical
State
DE
Filer Category
Non-accelerated filerSmaller reporting company
Fiscal Year End
April 30

Price History

KEQU+159.4% · +21.0% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$102.23M

P/E (annual)

11.0

P/S (annual)

0.4

P/B

1.4

P/OCF (annual)

5.5

Shareholder Yield

-11.0%

Employees

1,231

Industry

Furnishings, Fixtures & Appliances

Exchange

Nasdaq

Signal Flags

3 green2 yellow
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Quality Profile

Profitability

1/1 pass
GP / assets
0.45
Return on equity
12.9%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.32
Current ratio
2.18×
Net cash
-$10.21M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
0.8%

Growth

1/2 pass
Revenue growth
119.2%
Piotroski F-Score
5 / 9
Share dilution
11.0%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

-6.7%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 11.0% — per-share value needs a total required return of 4.4% once share-count change is priced in.

vs. own 6-year median revenue growth: 8.2%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

-10.1%

r = 10% (base)

-6.7%

r = 12%

-3.7%

Net debt / market cap: 9.7%

Base FCF: $14.7M3Y mean FCF: $6.4M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

N/A
11.7xmed 14.9x34.0x

P / S

Price / revenue per share

0.3xFair
0.2xmed 0.4x0.6x

P / B

Price / book value per share

1.3xFair
0.7xmed 1.3x2.0x

P / GP

Price / gross profit per share

1.9xCheap
1.1xmed 2.1x2.9x

P / FCF

Price / free cash flow per share

N/A
7.6xmed 8.9x15.2x

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.45

Primary signal (Novy-Marx).

81st pctl of 37 SIC 38 peers

Return on equity

12.9%

Gross margin

28.5%

8th pctl of 37 SIC 38 peers

Revenue growth (YoY)

119.2%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2016201720212022
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

—

Revenue CAGR (5Y)

13.8%

Earnings CAGR (3Y)

135.3%

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.32

29th pctl of 35 SIC 38 peers (best = lowest)

Current ratio

2.18×

43rd pctl of 36 SIC 38 peers

Quick ratio

1.42×

Net cash

-$10.21M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$14.70M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.53

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.8%

Stock-based comp intensity.

Piotroski F-Score

F-Score

5 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20142022
Value
Capital Return
Startup
Hypergrowth
View full financial statements →