MeritValue

KESTRA MEDICAL TECHNOLOGIES, LTD.

KMTSdata completeness 100%3 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

KESTRA MEDICAL TECHNOLOGIES, LTD. earns about -530% on invested capital, but has diluted owners by 172% over 3 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2024FY 2025FY 2026
Revenue$27.8M1$59.8M2$95.1M2
Net income−$94.1M3−$113.8M4−$131.6M4
Operating cash flow−$72.2M5−$77.6M6−$81.7M6
Capital expenditure$12.2M7$22.9M8$34.9M8
Free cash flow (derived)−$84.5M5−$100.5M6−$116.6M6
Total debt$42.5M9$41.1M10$42.6M10
Cash & equivalents$8.25M11$237.6M12$99.7M12
Diluted shares19.9M24.6M54.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$47.92
your share of equity
Profit it earned you last year
−$24.29
Free cash flow it threw off
−$21.52
Debt you’d be carrying
$7.87

10 shares is a claim on $47.92 of net worth that earned you −$24.29 and generated −$21.52 of cash last year, against $7.87 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-530% avg · 3y
FY24 —FY25 -1008%FY26 -51%

It earned an average -530% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+172% shares · 3y

Share count is up 172% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-04-30 · accession 0000950170-25-096609 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2025-04-30 · accession 0001193125-26-303397 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-04-30 · accession 0000950170-25-096609 (NetIncomeLoss)
  4. 10-K · period ending 2025-04-30 · accession 0001193125-26-303397 (NetIncomeLoss)
  5. 10-K · period ending 2024-04-30 · accession 0000950170-25-096609 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2025-04-30 · accession 0001193125-26-303397 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-04-30 · accession 0000950170-25-096609 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2025-04-30 · accession 0001193125-26-303397 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2024-04-30 · accession 0000950170-25-096609 (LongTermDebtNoncurrent)
  10. 10-K · period ending 2025-04-30 · accession 0001193125-26-303397 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2024-04-30 · accession 0000950170-25-096609 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2025-04-30 · accession 0001193125-26-303397 (CashAndCashEquivalentsAtCarryingValue)