Here are the 10-K annual reports from Kewaunee Scientific Corp (KEQU) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow KEQU and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full KEQU filings page.
Kewaunee Scientific Corporation reports fiscal 2026 results showing net sales of $281.999 million, up from $240.472 million, driven largely by the November 2024 acquisition of Nu Aire. Lab Products Group sales reached $214.9 million and International segment sales were $67.1 million.
Gross margin was 28.5% of sales, essentially flat year over year, while operating expenses rose to $63.7 million, reflecting Nu Aire integration and higher corporate costs, including Sarbanes-Oxley 404(b) readiness. Net earnings attributable to Kewaunee declined to $9.618 million, or $3.22 per diluted share, from $11.405 million, or $3.83 per diluted share.
Order backlog decreased to $165.9 million at April 30, 2026 from $214.6 million, with Lab Products Group backlog at $118.8 million and International at $47.1 million. Cash from operations was $18.6 million, term loans totaled $20.1 million, and management believes current liquidity and its $20 million revolving credit facility support capital needs through fiscal 2027.
Kewaunee Scientific (KEQU) filed its FY 2025 Form 10-K covering the year ended 30 April 2025. The laboratory-furnishings specialist delivered sales of $240.5 million (+18%), driven by a 30.7% jump in Domestic revenue following the $55 million acquisition of Nu Aire, Inc. on 1 Nov 2024. International revenue slipped 8.2% to $61.1 million, reflecting project delays in India.
Profitability improved at the gross level: gross margin expanded 310 bps to 28.6% thanks to Nu Aire’s higher-margin product mix, productivity gains and cost discipline. Operating expenses swelled to $51.1 million (21.2% of sales) from $33.8 million as the company absorbed Nu Aire overhead and $2.1 million of deal-related professional fees, plus consulting costs for SOX-404(b) readiness. Interest expense almost doubled to $3.2 million on acquisition financing.
The company recorded net income of $11.4 million ($3.83 per diluted share), down 39% from the prior year when results benefited from a one-time $4.0 million pension settlement gain and a $5.9 million tax benefit. Ex-pension effects, underlying earnings were broadly stable.
Balance-sheet & liquidity. Working capital rose to $64.7 million and the current ratio remains healthy at 2.2×. Kewaunee closed the year with no borrowings on its new $20 million PNC revolving credit facility; however, it carries a $13.8 million term loan (4-yr amortization) and $23.0 million of seller notes that PIK until maturity in Nov 2027, elevating leverage and future cash-interest obligations. Goodwill and intangibles recorded from Nu Aire total $30.3 million.
Backlog & outlook. Order backlog surged 38% to $214.6 million; management expects at least 93% to convert to revenue in FY 2026. Nu Aire strengthens the portfolio with biosafety cabinets, CO2 incubators and ultra-low freezers, adds distribution reach in under-penetrated regions and creates a second U.S. manufacturing hub in Minnesota. Management sees FY 2026 capex at roughly $7 million, funded principally from operating cash.
Key risks highlighted include: 41% of FY 2025 sales concentrated in two dealers and one national distributor; integration execution for Nu Aire; higher leverage; and exposure to construction-cycle timing, raw material inflation and large project delays.