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Makes tungsten-carbide cutting tools and wear-resistant components for metalworking, mining and energy industries.
Makes tungsten-carbide cutting tools and wear-resistant components for metalworking, mining and energy industries.
Cutting tools and wear parts are consumables: customers wear out inserts and bits and reorder them, so sales recur with factory and mining activity without needing new machines. Much goes through industrial distributors, with direct programmes for large customers. Tungsten, the key raw material, feeds into its pricing.
Moat: narrow (brand, IP / patents, distribution). Established cutting-tool brand and distribution network in a competitive, price-sensitive industry.
Headquarters: Pittsburgh, Pennsylvania, United States · Founded: 1938 · Employees: 8,073
Size Kennametal (KMT) is a United States Industrials company (Industrial Machinery) with a market value of $1.76B, the 1880th largest of 3,117 United States companies the cockpit tracks. Shares closed at $23.00 on 6 Nov 2026.
Performance Over six months the shares fell 36.3%, against -14.8% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 32.5% over the last twelve months (peer median +7.7%); the operating margin is 31.5% (peer median 8.2%).
Valuation It trades at 8.9× forward earnings against a peer median of 19.3× (cheapest of 20).
Capital Return on invested capital runs 14.2 points above its cost of capital (9.0% WACC).
Credit Kennametal has 2 bonds outstanding ($600M), rated BBB by the agencies and trading like BBB- at a weighted spread of 133 bp.
Short interest Short interest is 8.5% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $2.63B | $2.36B | $1.97B | $2.05B | $2.08B |
| Revenue growth | — | +20% | -4% | -2% | — |
| Gross profit | $1.32B | $961M | $586M | $616M | $634M |
| EBITDA | $969M | $625M | $292M | $317M | $331M |
| Net income | $591M | $342M | $93.1M | $109M | $118M |
| Free cash flow | -$287M | -$80.9M | $119M | $170M | $164M |
| Capital expenditure | $64.7M | $76.9M | $89.0M | $108M | $94.4M |
| Total debt | $1.13B | $764M | $643M | $646M | $639M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kennametal KMT | $1.76B | -36% | +32% | 31% | 8.9× | n/a |
| Sandvik SAND.ST | $45.8B | -1% | +14% | 20% | 21.0× | 13.3% |
| Kyocera 6971.T | $23.4B | +3% | +7% | 6% | 22.5× | 21.3% |
| Mitsubishi Materials 5711.T | $3.21B | -24% | +7% | 5% | 3.7× | n/a |
| OSG 6136.T | $1.88B | -2% | +20% | 18% | 11.4× | 1.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KMT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -27.5% | -6.6% | 4th lowest of 21 |
| 6-month return | -36.3% | -14.8% | 3rd lowest of 21 |
| Distance from 52-week high | -47.5% | -37.2% | 8th lowest of 21 |
| Revenue growth (TTM) | +32.5% | +7.7% | 2nd highest of 21 |
| Operating margin | 31.5% | 8.2% | highest of 21 |
| Forward P/E | 8.9× | 19.3× | cheapest of 20 |
| ROIC minus cost of capital | +14.2 pp | +0.5 pp | 3rd highest of 21 |
| EV / EBITDA | 2.8× | 12.4× | cheapest of 9 |
| Net debt / EBITDA | 0.9× | 0.0× | 4th most indebted of 9 |
| Bond spread | 133 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kennametal KMT | United States | $1.76B | -36% | +32% | 31% | 8.9× | n/a | n/a |
| Xizi Clean Energy Equipment Manufacturing 002534.SZ | China | $1.74B | -19% | -2% | 3% | 44.5× | 25.7% | +3.1% |
| Ningbo PIA Automation 688306.SS | China | $1.74B | +3% | +7% | 4% | 190.6× | 35.2% | +8.7% |
| Shareate Tools 688257.SS | China | $1.78B | -42% | +69% | 25% | 11.4× | n/a | n/a |
| Beijing OriginWater Technology 300070.SZ | China | $1.78B | -16% | -10% | 5% | 54.1× | 17.0% | -4.1% |
| Gorman-Rupp GRC | United States | $1.79B | -12% | +6% | 16% | 21.5× | 11.8% | +14.4% |
| INOX India INOXINDIA.NS | India | $1.79B | +20% | +23% | 18% | 47.3× | 37.9% | +21.8% |
| Zhejiang Dun'an Artificial Environment 002011.SZ | China | $1.81B | -4% | +8% | 8% | 11.4× | -0.4% | +12.2% |
| Fujian Snowman 002639.SZ | China | $1.70B | -18% | +9% | 1% | n/a | n/a | n/a |
| Sanhe Tongfei Refrigeration 300990.SZ | China | $1.69B | -18% | +23% | 8% | 29.9× | 31.4% | +36.2% |
| Jiangxi Guoke Defence 688543.SS | China | $1.83B | -7% | +2% | 16% | 42.7× | n/a | n/a |
| Systemair SYSR.ST | Sweden | $1.83B | +16% | +3% | 9% | 18.6× | 13.4% | +8.0% |
| Xiangtan Electric Manufacturing 600416.SS | China | $1.83B | -33% | -3% | -2% | 414.0× | n/a | n/a |
| Volution FAN.L | United Kingdom | $1.68B | +7% | +16% | 20% | 15.7× | 13.7% | +12.2% |
| Shenzhen Yinghe Technology 300457.SZ | China | $1.84B | -34% | +27% | 6% | 18.6× | 11.4% | +31.7% |
| ATS ATS.TO | Canada | $1.68B | -49% | +7% | 6% | 15.9× | 8.7% | +15.8% |
| Tsubakimoto Chain 6371.T | Japan | $1.68B | +7% | +20% | 8% | 10.3× | 2.0% | +8.9% |
| Shanghai Hanbell Precise Machinery 002158.SZ | China | $1.67B | -24% | -5% | 15% | 19.3× | 16.3% | +5.2% |
| Psk 319660.KS | South Korea | $1.66B | -12% | +32% | 25% | 14.4× | 6.1% | +11.5% |
| Triveni Turbine TRITURBINE.NS | India | $1.66B | -14% | +18% | 17% | 42.5× | 45.8% | +25.4% |
| Harbin Boshi Automation 002698.SZ | China | $1.66B | -15% | -2% | 18% | 19.3× | 5.3% | +9.1% |
Kennametal has 2 bonds outstanding with $600M face value. The agencies rate it BBB; its bonds trade like BBB-. Weighted yield 6.07%, a spread of 133 bp over government bonds.