NASDAQ : KRT
Karat Packaging Inc. — Financial statements
Consumer Discretionary · Packaging & Containers · United States
Last price 53.97 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.08B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Karat Packaging Inc. (KRT) reported revenue of 493.38M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 493.38M | 467.74M | 422.63M | 405.65M | 422.96M | 364.24M |
| Cost of Revenue | 318.22M | 295.61M | 258.30M | 252.61M | 290.87M | 256.42M |
| Gross Profit | 175.16M | 172.14M | 164.33M | 153.04M | 132.09M | 107.83M |
| Selling, General & Admin | 137.98M | 131.22M | 123.82M | 108.44M | 102.10M | 84.68M |
| Operating Expenses | 137.98M | 131.22M | 123.82M | 108.44M | 102.10M | 84.68M |
| Operating Income | 37.19M | 40.92M | 40.51M | 44.60M | 29.98M | 23.14M |
| Interest Expense | -1.86M | -2.06M | -2.12M | -2.04M | -2.02M | -2.91M |
| Interest & Investment Income | 2.42M | 2.21M | 2.30M | 1.80M | 2.23M | 1.51M |
| Currency Exchange Gain (Loss) | 1.26M | -1.54M | 520.00K | 103.00K | 1.57M | -412.00K |
| Other Non Operating Income (Expenses) | 3.06M | 3.00M | 2.24M | 1.04M | 721.00K | 1.19M |
| EBT Excluding Unusual Items | 42.06M | 42.53M | 43.45M | 45.51M | 32.48M | 22.53M |
| Gain (Loss) on Sale of Assets | 133.00K | 493.00K | -759.00K | -2.00M | 32.00K | |
| Asset Writedown | -1.99M | |||||
| Other Unusual Items | 25.79M | -523.00K | 5.00M | |||
| Pretax Income | 67.98M | 43.02M | 40.70M | 42.98M | 32.51M | 27.53M |
| Income Tax Expense | 16.40M | 10.36M | 9.87M | 9.80M | 6.68M | 5.09M |
| Earnings From Continuing Operations | 51.59M | 32.66M | 30.82M | 33.18M | 25.84M | 22.44M |
| Minority Interest in Earnings | -1.38M | -1.19M | -849.00K | -710.00K | -2.19M | -1.66M |
| Net Income | 50.21M | 31.48M | 29.98M | 32.47M | 23.65M | 20.78M |
| Net Income to Common | 50.21M | 31.48M | 29.98M | 32.47M | 23.65M | 20.78M |
| Shares Outstanding (Basic) | 20.01M | 20.06M | 20.00M | 19.90M | 19.82M | 18.41M |
| Shares Outstanding (Diluted) | 20.13M | 20.18M | 20.12M | 19.98M | 19.93M | 18.57M |
| EPS (Basic) | 2.51 | 1.57 | 1.50 | 1.63 | 1.19 | 1.13 |
| EPS (Diluted) | 2.50 | 1.56 | 1.49 | 1.63 | 1.19 | 1.12 |
| Free Cash Flow | 51.17M | 29.31M | 43.91M | 44.23M | 14.73M | -3.70M |
| Free Cash Flow Per Share | 2.54 | 1.45 | 2.18 | 2.21 | 0.74 | -0.20 |
| Dividend Per Share | 1.80 | 1.80 | 1.40 | 0.30 | ||
| Gross Margin | 35.50% | 36.80% | 38.88% | 37.73% | 31.23% | 29.60% |
| Operating Margin | 7.54% | 8.75% | 9.59% | 11.00% | 7.09% | 6.35% |
| Profit Margin | 10.18% | 6.73% | 7.09% | 8.00% | 5.59% | 5.70% |
| Free Cash Flow Margin | 10.37% | 6.27% | 10.39% | 10.90% | 3.48% | -1.02% |
| EBITDA | 48.18M | 51.81M | 51.19M | 55.38M | 40.39M | 33.19M |
| EBITDA Margin | 9.77% | 11.08% | 12.11% | 13.65% | 9.55% | 9.11% |
| D&A For EBITDA | 10.99M | 10.89M | 10.68M | 10.78M | 10.40M | 10.04M |
| EBIT | 37.19M | 40.92M | 40.51M | 44.60M | 29.98M | 23.14M |
| EBIT Margin | 7.54% | 8.75% | 9.59% | 11.00% | 7.09% | 6.35% |
| Effective Tax Rate | 24.12% | 24.08% | 24.26% | 22.81% | 20.53% | 18.49% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 38.40M | 37.88M | 31.58M | 23.08M | 16.04M | 6.48M |
| Short-Term Investments | 15.74M | 28.34M | 26.34M | |||
| Cash & Short-Term Investments | 54.14M | 37.88M | 59.93M | 49.42M | 16.04M | 6.48M |
| Receivables | 49.21M | 36.40M | 26.74M | 27.76M | 29.91M | 32.78M |
| Inventory | 89.08M | 81.68M | 70.72M | 71.53M | 71.21M | 58.47M |
| Prepaid Expenses | 6.91M | 5.22M | 3.61M | 6.22M | 6.64M | 5.14M |
| Total Current Assets | 199.34M | 161.19M | 161.00M | 154.93M | 123.80M | 102.87M |
| Property, Plant & Equipment | 112.22M | 121.46M | 128.61M | 115.97M | 111.28M | 93.47M |
| Goodwill | 3.51M | 3.51M | 3.51M | 3.51M | 3.51M | 3.51M |
| Other Intangible Assets | 260.00K | 273.00K | 300.00K | 327.00K | 353.00K | 380.00K |
| Long-Term Deferred Tax Assets | 255.00K | 255.00K | ||||
| Other Long-Term Assets | 1.23M | 1.00M | 1.10M | 1.67M | 13.23M | 7.36M |
| Total Assets | 316.81M | 287.69M | 294.52M | 276.40M | 252.18M | 207.60M |
| Accounts Payable | 41.39M | 31.00M | 20.96M | 23.75M | 23.50M | 20.47M |
| Accrued Expenses | 15.94M | 13.46M | 13.55M | 10.58M | 9.01M | 7.44M |
| Current Portion of Long-Term Debt | 12.08M | 12.94M | 1.18M | 1.12M | 957.00K | 1.18M |
| Current Portion of Leases | 12.27M | 11.98M | 8.98M | 4.80M | 4.51M | |
| Current Income Taxes Payable | 5.71M | 65.00K | 85.00K | |||
| Current Unearned Revenue | 1.05M | 783.00K | 812.00K | 3.75M | 1.28M | |
| Other Current Liabilities | 111.00K | 59.00K | 898.00K | 398.00K | 1.59M | |
| Total Current Liabilities | 88.55M | 70.22M | 46.45M | 44.40M | 39.25M | 30.76M |
| Long-Term Debt | 22.52M | 22.86M | 47.28M | 48.40M | 41.56M | 36.67M |
| Long-Term Leases | 25.84M | 32.07M | 35.44M | 16.69M | 11.62M | |
| Long-Term Unearned Revenue | 2.30M | 2.37M | 2.65M | 2.50M | ||
| Long-Term Deferred Tax Liabilities | 2.94M | 2.94M | 426.00K | 4.20M | 5.16M | 5.63M |
| Other Long-Term Liabilities | 2.69M | 422.00K | 364.00K | 26.00K | 1.00K | |
| Total Liabilities | 142.54M | 130.82M | 132.32M | 113.71M | 100.24M | 75.57M |
| Common Stock | 20.00K | 20.00K | 20.00K | 20.00K | 20.00K | 20.00K |
| Additional Paid-In Capital | 91.81M | 90.94M | 89.46M | 86.67M | 85.79M | 83.69M |
| Retained Earnings | 79.89M | 61.70M | 66.34M | 67.68M | 56.12M | 39.43M |
| Treasury Stock | -5.25M | -3.25M | -248.00K | -248.00K | -248.00K | -248.00K |
| Total Common Equity | 166.47M | 149.42M | 155.57M | 154.12M | 141.68M | 122.90M |
| Minority Interest | 7.80M | 7.45M | 6.63M | 8.57M | 10.25M | 9.12M |
| Shareholders' Equity | 174.28M | 156.87M | 162.20M | 162.69M | 151.93M | 132.03M |
| Total Liabilities & Equity | 316.81M | 287.69M | 294.52M | 276.40M | 252.18M | 207.60M |
| Total Debt | 72.72M | 79.86M | 92.87M | 71.00M | 58.65M | 37.85M |
| Net Cash (Debt) | -18.57M | -41.98M | -32.94M | -21.59M | -42.61M | -31.37M |
| Net Cash Per Share | -0.92 | -2.08 | -1.64 | -1.08 | -2.14 | -1.69 |
| Filing Date Shares Outstanding | 19.93M | 19.96M | 20.04M | 19.97M | 19.89M | 19.81M |
| Total Common Shares Outstanding | 19.92M | 19.96M | 19.99M | 19.97M | 19.89M | 19.80M |
| Working Capital | 110.79M | 90.97M | 114.55M | 110.53M | 84.55M | 72.11M |
| Book Value Per Share | 8.36 | 7.49 | 7.78 | 7.72 | 7.13 | 6.21 |
| Tangible Book Value | 162.70M | 145.63M | 151.76M | 150.28M | 137.82M | 119.01M |
| Tangible Book Value Per Share | 8.17 | 7.30 | 7.59 | 7.53 | 6.93 | 6.01 |
| Land | 11.91M | 11.91M | 11.91M | 11.91M | 11.91M | 11.91M |
| Buildings | 38.59M | 38.57M | 38.78M | 38.50M | 36.60M | 35.39M |
| Machinery | 76.25M | 74.95M | 76.43M | 75.47M | 78.57M | 67.81M |
| Construction In Progress | 387.00K | 431.00K | ||||
| Leasehold Improvements | 19.21M | 19.21M | 19.19M | 19.09M | 19.06M | 18.66M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 50.21M | 31.48M | 29.98M | 32.47M | 23.65M | 20.78M |
| Depreciation & Amortization | 21.82M | 21.12M | 18.30M | 15.75M | 14.23M | 10.04M |
| Other Amortization | 180.00K | 125.00K | 92.00K | 81.00K | 40.00K | 18.00K |
| Loss (Gain) From Sale of Assets | -133.00K | -493.00K | 759.00K | 2.00M | -32.00K | |
| Asset Writedown & Restructuring Costs | 1.99M | |||||
| Loss (Gain) From Sale of Investments | 29.00K | -2.16M | -1.51M | |||
| Stock-Based Compensation | 1.23M | 1.18M | 2.06M | 770.00K | 2.05M | 2.03M |
| Provision & Write-off of Bad Debts | 762.00K | 168.00K | 468.00K | -711.00K | 1.01M | |
| Other Operating Activities | 4.95M | 4.36M | -1.58M | 4.77M | 5.65M | -2.33M |
| Change in Accounts Receivable | -13.59M | -9.83M | 559.00K | 2.86M | 1.85M | -8.94M |
| Change in Inventory | -1.70M | -11.95M | -942.00K | -3.82M | -16.21M | -10.85M |
| Change in Accounts Payable | 389.00K | 7.79M | -260.00K | 696.00K | 89.00K | -1.60M |
| Change in Unearned Revenue | -83.00K | -29.00K | -281.00K | -330.00K | ||
| Change in Income Taxes | 5.55M | -65.00K | 65.00K | -85.00K | 44.00K | |
| Change in Other Net Operating Assets | -12.95M | -10.04M | -3.22M | -1.16M | -607.00K | 998.00K |
| Operating Cash Flow | 56.68M | 33.81M | 47.98M | 53.38M | 29.47M | 8.68M |
| Capital Expenditures | -5.52M | -4.50M | -4.07M | -9.14M | -14.75M | -12.38M |
| Sale of Property, Plant & Equipment | 1.03M | 1.51M | 134.00K | 841.00K | 77.00K | |
| Cash Acquisitions | -900.00K | |||||
| Investment in Securities | 10.46M | 28.39M | -1.92M | -29.09M | -4.00M | |
| Other Investing Activities | 7.22M | 825.00K | ||||
| Investing Cash Flow | 5.97M | 25.40M | -5.86M | -30.17M | -17.84M | -13.28M |
| Short-Term Debt Issued | 4.50M | 21.10M | ||||
| Long-Term Debt Issued | 8.00M | 27.48M | 17.47M | |||
| Total Debt Issued | 4.50M | 4.50M | 8.00M | 48.58M | 17.47M | |
| Short-Term Debt Repaid | -4.50M | -21.10M | ||||
| Long-Term Debt Repaid | -12.72M | -1.12M | -1.01M | -21.57M | -74.52M | |
| Total Debt Repaid | -17.87M | -17.22M | -1.12M | -1.01M | -42.67M | -74.52M |
| Net Debt Issued (Repaid) | -13.37M | -12.72M | -1.12M | 6.99M | 5.91M | -57.05M |
| Issuance of Common Stock | 135.00K | 300.00K | 725.00K | 123.00K | 51.00K | 72.78M |
| Repurchase of Common Stock | -5.00M | -3.00M | -18.00K | |||
| Common Dividends Paid | -36.01M | -36.10M | -28.01M | -5.97M | ||
| Other Financing Activities | -572.00K | -1.40M | -2.21M | -2.36M | -1.06M | -5.09M |
| Financing Cash Flow | -54.81M | -52.92M | -33.62M | -16.17M | -2.07M | 10.64M |
| Net Cash Flow | 7.85M | 6.30M | 8.51M | 7.04M | 9.56M | 6.04M |
| Free Cash Flow | 51.17M | 29.31M | 43.91M | 44.23M | 14.73M | -3.70M |
| Free Cash Flow Margin | 10.37% | 6.27% | 10.39% | 10.90% | 3.48% | -1.02% |
| Free Cash Flow Per Share | 2.54 | 1.45 | 2.18 | 2.21 | 0.74 | -0.20 |
| Levered Free Cash Flow | 31.30M | 28.98M | 42.63M | 41.00M | 11.87M | -6.57M |
| Unlevered Free Cash Flow | 32.29M | 30.14M | 43.87M | 42.20M | 13.10M | -4.77M |
| Cash Interest Paid | 1.69M | 1.91M | 2.03M | 2.00M | 1.98M | 2.90M |
| Cash Income Tax Paid | 8.59M | 9.14M | 10.97M | 11.77M | 8.30M | 4.84M |
| Change in Working Capital | -22.36M | -24.12M | -4.08M | -1.75M | -14.96M | -20.34M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.08B | 453.65M | 605.93M | 496.12M | 286.08M | 400.15M |
| Enterprise Value | 1.09B | 508.81M | 645.73M | 528.05M | 331.53M | 445.88M |
| Last Close Price | 53.97 | 21.60 | 27.04 | 20.99 | 11.52 | 15.79 |
| PE Ratio | 21.61 | 14.41 | 20.21 | 15.28 | 12.10 | 19.26 |
| Forward PE | 28.94 | 14.66 | 15.95 | 10.85 | 9.08 | 14.57 |
| PS Ratio | 2.18 | 0.97 | 1.43 | 1.22 | 0.68 | 1.10 |
| PB Ratio | 6.46 | 2.89 | 3.74 | 3.05 | 1.88 | 3.03 |
| P/TBV Ratio | 6.61 | 3.12 | 3.99 | 3.30 | 2.08 | 3.36 |
| P/FCF Ratio | 21.02 | 15.48 | 13.80 | 11.21 | 19.43 | |
| P/OCF Ratio | 18.98 | 13.42 | 12.63 | 9.29 | 9.71 | 46.10 |
| PEG Ratio | 2.09 | 1.56 | 1.21 | 1.21 | 1.21 | 1.21 |
| EV/Sales Ratio | 2.22 | 1.09 | 1.53 | 1.30 | 0.78 | 1.22 |
| EV/EBITDA Ratio | 22.71 | 9.82 | 12.62 | 9.53 | 8.21 | 13.44 |
| EV/EBIT Ratio | 29.43 | 12.43 | 15.94 | 11.84 | 11.06 | 19.27 |
| EV/FCF Ratio | 21.39 | 17.36 | 14.70 | 11.94 | 22.51 | |
| Debt / Equity Ratio | 0.42 | 0.51 | 0.57 | 0.44 | 0.39 | 0.29 |
| Debt / EBITDA Ratio | 1.11 | 1.16 | 1.46 | 1.13 | 1.27 | 1.14 |
| Debt / FCF Ratio | 1.42 | 2.73 | 2.12 | 1.60 | 3.98 | |
| Net Debt / Equity Ratio | 0.11 | 0.27 | 0.20 | 0.13 | 0.28 | 0.24 |
| Net Debt / EBITDA Ratio | 0.39 | 0.81 | 0.64 | 0.39 | 1.05 | 0.94 |
| Net Debt / FCF Ratio | 0.36 | 1.43 | 0.75 | 0.49 | 2.89 | -8.47 |
| Asset Turnover | 1.55 | 1.61 | 1.48 | 1.53 | 1.84 | 1.87 |
| Inventory Turnover | 3.58 | 3.88 | 3.63 | 3.54 | 4.49 | 4.77 |
| Quick Ratio | 1.17 | 1.06 | 1.87 | 1.74 | 1.17 | 1.28 |
| Current Ratio | 2.25 | 2.29 | 3.47 | 3.49 | 3.15 | 3.34 |
| Return on Equity (ROE) | 30.62% | 20.47% | 18.98% | 21.09% | 18.20% | 26.11% |
| Return on Assets (ROA) | 7.29% | 8.79% | 8.87% | 10.55% | 8.15% | 7.44% |
| Return on Invested Capital (ROIC) | 14.46% | 15.77% | 16.18% | 18.18% | 13.31% | 12.40% |
| Return on Capital Employed (ROCE) | 16.30% | 18.80% | 16.30% | 19.20% | 14.10% | 13.10% |
| Earnings Yield | 4.63% | 6.94% | 4.95% | 6.54% | 8.27% | 5.19% |
| FCF Yield | 4.76% | 6.46% | 7.25% | 8.92% | 5.15% | -0.92% |
| Dividend Yield | 3.48% | 7.92% | 4.62% | 1.21% | ||
| Payout Ratio | 75.27% | 114.68% | 93.46% | 18.40% | ||
| Buyback Yield / Dilution | 0.23% | -0.28% | -0.73% | -0.26% | -7.32% | -20.19% |
| Total Shareholder Return | 3.72% | 7.64% | 3.88% | 0.95% | -7.32% | -20.19% |