KEWAUNEE SCIENTIFIC CORP /DE/
KEQUdata completeness 100%17 fiscal years on fileKEWAUNEE SCIENTIFIC CORP /DE/ earns about 13% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 7% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $33.41 and $84.69 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $168.9M1 | $219.5M2 | $203.8M3 | $240.5M4 | $282M4 |
| Net income | −$6.13M5 | $738,0006 | $18.8M7 | $11.4M8 | $9.62M8 |
| Operating cash flow | −$7.89M9 | −$3.79M10 | $19.6M11 | $14.8M12 | $18.6M12 |
| Capital expenditure | $1.91M13 | $4.15M14 | $4.37M15 | $2.17M16 | $3.94M16 |
| Free cash flow (derived) | −$9.79M9 | −$7.94M10 | $15.2M11 | $12.6M12 | $14.7M12 |
| Total debt | $1.59M17 | $3.59M18 | $3.1M19 | $76.4M20 | $40.2M20 |
| Cash & equivalents | $4.43M21 | $8.08M22 | $23.3M23 | $14.9M24 | $9.95M24 |
| Diluted shares | 2.8M | 2.9M | 2.9M | 3.0M | 3.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $250.48 of net worth that earned you $32.24 and generated $49.27 of cash last year, against $134.9 of debt.
It earned about 13% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is up 7% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 2434% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $33.41 and $84.69 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$14.7M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$14.7M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$9.62M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $60.24 |
| Base | 5.0% | $77.27 |
| Bull | 10.0% | $97.66 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2022-04-30 · accession 0000055529-23-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-04-30 · accession 0000055529-24-000021 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-04-30 · accession 0000055529-25-000026 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2025-04-30 · accession 0000055529-26-000020 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-04-30 · accession 0000055529-23-000013 (NetIncomeLoss)
- 10-K · period ending 2023-04-30 · accession 0000055529-24-000021 (NetIncomeLoss)
- 10-K · period ending 2024-04-30 · accession 0000055529-25-000026 (NetIncomeLoss)
- 10-K · period ending 2025-04-30 · accession 0000055529-26-000020 (NetIncomeLoss)
- 10-K · period ending 2022-04-30 · accession 0000055529-23-000013 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-04-30 · accession 0000055529-24-000021 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-04-30 · accession 0000055529-25-000026 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2025-04-30 · accession 0000055529-26-000020 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-04-30 · accession 0000055529-23-000013 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2023-04-30 · accession 0000055529-24-000021 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2024-04-30 · accession 0000055529-25-000026 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2025-04-30 · accession 0000055529-26-000020 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2022-04-30 · accession 0000055529-23-000013 (ShortTermBorrowings)
- 10-K · period ending 2023-04-30 · accession 0000055529-24-000021 (ShortTermBorrowings)
- 10-K · period ending 2024-04-30 · accession 0000055529-25-000026 (ShortTermBorrowings)
- 10-K · period ending 2025-04-30 · accession 0000055529-26-000020 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-04-30 · accession 0000055529-23-000013 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-04-30 · accession 0000055529-24-000021 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-04-30 · accession 0000055529-25-000026 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2025-04-30 · accession 0000055529-26-000020 (CashAndCashEquivalentsAtCarryingValue)