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KMDA: Leadership in Plasma-Derived Protein Therapeutics
Blank Capital Research Team
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Executive Summary
Kamada Ltd (KMDA) is a biopharmaceutical company that specializes in plasma-derived protein therapeutics. It is best known for its Alpha-1 Antitrypsin (AAT) treatment for hereditary emphysema.
Investment Thesis
Kamada is a dominant player in a highly specialized, 'orphan drug' market. The manufacturing of plasma-derived proteins is incredibly complex and capital-intensive, creating a massive barrier to entry. Kamada's core product, GLASSIA, is a market leader in the U.S. and Europe, and the company has successfully expanded its portfolio through strategic acquisitions of specialized immunoglobulins. With a vertically integrated manufacturing facility and a growing international distribution network, Kamada is generating consistent, high-margin profits that are largely ignored by the U.S. biotech market. It is a rare 'value' biotech stock with a proven, profitable business model.
Key Growth Drivers
Orphan Drug Pricing Power
Because Kamada's products treat rare, life-threatening conditions with few alternatives, they enjoy significant pricing power and exceptionally high patient retention rates.
Vertical Integration Moat
Owning their own FDA-approved manufacturing and plasma collection centers allows Kamada to maintain superior margins and protect its supply chain from industry-wide shortages.
Strategic Portfolio Expansion
The recent acquisition of four FDA-approved plasma-derived products has significantly diversified their revenue base and created immediate cost synergies.
Valuation & Financial Modeling
Kamada trades at a significant discount to U.S.-based specialty pharmaceutical peers. We believe the market is failing to value the stability of its orphan drug franchise and the growth potential of its international expansion. The stock offers a compelling entry point for value-oriented healthcare investors.
Risk Factors & Bear Case
As an Israeli-based company, geopolitical risks remain a factor for some investors. Additionally, the development of synthetic or gene-therapy alternatives to plasma-derived proteins poses a long-term technological threat to their core franchise.
Conclusion
Kamada is a high-quality, profitable biopharmaceutical firm trading at a deep discount. It offers safety and steady compounding in a volatile sector. Rated 'Buy'.
Upcoming Catalysts
No upcoming catalysts identified.
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Relative valuation derived from Healthcare sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 39.4GRADE D
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
22.3%
Sector: -43.5%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, KAMADA LTD (KMDA) receives a "Hold" rating with a composite score of 56.3/100, ranked #707 out of 4446 stocks. Key factor scores: Quality 39/100, Value 75/100, Momentum 70/100. This is quantitative analysis only — not investment advice.
KAMADA LTD (KMDA) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does KAMADA LTD Do?
Kamada Ltd. develops, produces, and markets plasma-derived protein therapeutics for orphan indications. It operates in two segments, Proprietary Products and Distribution. The company offers Glassia for use in chronic augmentation and maintenance therapy in adults with emphysema due to AATD, KAMRAB/KEDRAB a plasma-derived hyper- immunoglobulin for prophylactic treatment against rabies infection. It also provides KamRho (D) IM to treat prophylaxis of hemolytic disease of newborns; KamRho (D) IV for immune thermobocytopunic purpura; and snake bite antiserum to treat snake bites by the vipera palaestinae and echis coloratus. In addition, the company distributes Bramitob to manage chronic pulmonary infection; FOSTER to treat asthma; PROVOCHOLINE for the diagnosis of bronchial airway hyperactivity; IVIG 5% for the treatment of various immunodeficiency-related conditions; AeroBika, an OPEP device; Varitect, a varicella zoster immunoglobulin; Zutectra and Hepatect CP for the prevention of hepatitis B virus; Megalotect, a CMV immunoglobulin; and RUCONEST for the treatment of acute angioedema attacks in adults with hereditary angioedema. Further, it distributes Heparin sodium injection to treat thrombo-embolic disorders; Albumin and Albumin for maintenance of blood plasma; and coagulation factors comprising Factor VIII and Factor IX, IXIARO vaccine, VIVOTIF for immunization against disease caused by salmonella typhi as well as PROCYSBI, LAMZEDE for metabolic disease, and ELIGARD to treat prostate cancer. It markets its products through strategic partners in the United States, as well as through distributors internationally. Kamada Ltd. has strategic partnerships with Takeda Pharmaceutical Company Limited; PARI GmbH; and Kedrion Biopharma. The company was incorporated in 1990 and is headquartered in Rehovot, Israel. KAMADA LTD (KMDA) is classified as a small-cap stock in the Healthcare sector, specifically within the Pharmaceutical Products industry. The company is led by CEO Amir London and employs approximately 360 people. With a market capitalization of $489M, KMDA is one of the notable companies in the Healthcare sector.
KAMADA LTD (KMDA) Stock Rating — Hold (April 2026)
As of April 2026, KAMADA LTD receives a Hold rating with a composite score of 56.3/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.KMDA ranks #707 out of 4,446 stocks in our coverage universe. Within the Healthcare sector, KAMADA LTD ranks #44 of 838 stocks, placing it in the top 10% of its Healthcare peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
KMDA Stock Price and 52-Week Range
KAMADA LTD (KMDA) currently trades at $8.49. The stock lost $0.02 (0.2%) in the most recent trading session. The 52-week high for KMDA is $9.35, which means the stock is currently trading -9.2% from its annual peak. The 52-week low is $5.54, putting the stock 53.2% above its annual trough. Recent trading volume was 30K shares, suggesting relatively thin trading activity.
Is KMDA Overvalued or Undervalued? — Valuation Analysis
KAMADA LTD (KMDA) carries a value factor score of 75/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 34.04x, compared to the Healthcare sector average of 23.63x — a premium of 44%. The price-to-book ratio stands at 1.83x, versus the sector average of 2.75x. The price-to-sales ratio is 0.74x, compared to 1.66x for the average Healthcare stock. On an enterprise value basis, KMDA trades at 2.89x EV/EBITDA, versus 6.34x for the sector.
Based on these multiples, KAMADA LTD appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
KAMADA LTD Profitability — ROE, Margins, and Quality Score
KAMADA LTD (KMDA) earns a quality factor score of 39/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 22.3%, compared to the Healthcare sector average of -43.5%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 15.5% versus the sector average of -33.1%.
On a margin basis, KAMADA LTD reports gross margins of 43.5%, compared to 71.5% for the sector. The operating margin is 12.5% (sector: -66.1%). Net profit margin stands at 9.0%, versus -58.7% for the average Healthcare stock. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
KMDA Debt, Balance Sheet, and Financial Health
KAMADA LTD has a debt-to-equity ratio of 4.0%, compared to the Healthcare sector average of 32.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. Total debt on the balance sheet is $9M. Cash and equivalents stand at $78M.
KMDA has a beta of 0.64, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for KAMADA LTD is 71/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
KAMADA LTD Revenue and Earnings History — Quarterly Trend
In TTM 2026, KAMADA LTD reported revenue of $161M and earnings per share (EPS) of $0.25. Net income for the quarter was $14M. Gross margin was 43.5%. Operating income came in at $20M.
In FY 2024, KAMADA LTD reported revenue of $161M and earnings per share (EPS) of $0.25. Net income for the quarter was $14M. Gross margin was 43.5%. Revenue grew 12.9% year-over-year compared to FY 2023. Operating income came in at $20M.
In FY 2023, KAMADA LTD reported revenue of $143M and earnings per share (EPS) of $0.17. Net income for the quarter was $8M. Gross margin was 38.9%. Revenue grew 6.5% year-over-year compared to FY 2022. Operating income came in at $10M.
In FY 2022, KAMADA LTD reported revenue of $134M and earnings per share (EPS) of $-0.05. Net income for the quarter was $-2M. Gross margin was 34.9%. Revenue grew 29.2% year-over-year compared to FY 2021. Operating income came in at $10M.
Over the past 8 quarters, KAMADA LTD has demonstrated a growth trajectory, with revenue expanding from $114M to $161M. Investors analyzing KMDA stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
KMDA Dividend Yield and Income Analysis
KAMADA LTD (KMDA) does not currently pay a dividend. This is common among smaller companies in the Pharmaceutical Products industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Healthcare dividend stocks may want to explore other Healthcare stocks or use the stock screener to filter by dividend yield.
KMDA Momentum and Technical Analysis Profile
KAMADA LTD (KMDA) has a momentum factor score of 70/100, indicating strong price momentum with the stock outperforming the majority of the market over recent periods. Stocks with high momentum scores have historically tended to continue their outperformance in the near term. The investment factor score is 53/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 32/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
KMDA vs Competitors — Healthcare Sector Ranking and Peer Comparison
Comparing KMDA against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full KMDA vs S&P 500 (SPY) comparison to assess how KAMADA LTD stacks up against the broader market across all factor dimensions.
KMDA Next Earnings Date
No upcoming earnings date has been announced for KAMADA LTD (KMDA) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy KMDA? — Investment Thesis Summary
KAMADA LTD presents a balanced picture with arguments on both sides. The quality score of 39/100 flags below-average profitability. The value score of 75/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 70/100, suggesting the trend favors buyers. Low volatility (stability score 71/100) reduces downside risk.
In summary, KAMADA LTD (KMDA) earns a Hold rating with a composite score of 56.3/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on KMDA stock.
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Execution Benchmarks audit
Gross Margin
Core pricing power
43.5%
Sector: 71.5%
-39% VS SCTR
Operating Margin
Operating efficiency
12.5%
Sector: -66.1%
-119% VS SCTR
Net Margin
Bottom-line conversion
9.0%
Sector: -58.7%
-115% VS SCTR
Return on Equity
Equity capital efficiency
22.3%
Sector: -43.5%
-151% VS SCTR
Return on Assets
Asset base utilization
15.5%
Sector: -33.1%
-147% VS SCTR
Debt/Equity
Financial leverage load
4.0%
Sector: 32.0%
+88% VS SCTR
-33%
Price / Sales
0.7x
-55%
KAMADA LTD exhibits a 25% valuation discount relative to institutional benchmarks. This represents a constructive entry window based on current multiples.
Return on Assets
Efficiency of asset utilization
15.5%
Sector: -33.1%
Gross Margin
Pricing power and cost efficiency
43.5%
Sector: 71.5%
Operating Margin
Core business profitability
12.5%
Sector: -66.1%
Net Margin
Bottom-line profitability
9.0%
Sector: -58.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.