What is Karat Packaging's operating income?

Karat Packaging's total operating income in 2024 was $37.76 million, based on the following breakdown: Total Gross Profit: $164.33 million Total Operating Expenses: $126.57 million

Karat Packaging (KRT) Financials

$29.22 +0.19 (+0.65%)

Closing price 04:00 PM Eastern

Extended Trading

$29.26 +0.04 (+0.12%)

As of 04:10 PM Eastern

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Annual Income Statements for Karat Packaging

This table shows Karat Packaging's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	24	32	30
Consolidated Net Income / (Loss)	26	33	31
Net Income / (Loss) Continuing Operations	26	33	31
Total Pre-Tax Income	33	43	41
Total Operating Income	30	42	38
Total Gross Profit	132	153	164
Total Revenue	423	406	423
Operating Revenue	423	406	423
Total Cost of Revenue	291	253	258
Operating Cost of Revenue	291	253	258
Total Operating Expenses	102	111	127
Selling, General & Admin Expense	102	108	124
Impairment Charge	-0.03	2.53	2.75
Total Other Income / (Expense), net	2.50	0.91	2.93
Interest Expense	2.02	2.04	2.12
Interest & Investment Income	3.18	2.89	4.38
Other Income / (Expense), net	1.34	0.06	0.68
Income Tax Expense	6.68	9.80	9.87
Net Income / (Loss) Attributable to Noncontrolling Interest	2.19	0.71	0.85
Basic Earnings per Share	$1.19	$1.63	$1.50
Weighted Average Basic Shares Outstanding	19.82M	19.90M	20.00M
Diluted Earnings per Share	$1.19	$1.63	$1.49
Weighted Average Diluted Shares Outstanding	19.93M	19.98M	20.12M
Weighted Average Basic & Diluted Shares Outstanding	19.89M	19.97M	20.04M
Cash Dividends to Common per Share	$0.35	$1.05	$1.55

This table shows Karat Packaging's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	6.10	4.54	9.01	11	9.07	3.90	6.17	9.10	9.09	5.62
Consolidated Net Income / (Loss)	6.15	4.54	9.19	11	9.14	4.18	6.48	9.23	9.26	5.86
Net Income / (Loss) Continuing Operations	6.15	4.54	9.19	11	9.14	4.18	6.48	9.23	9.26	5.86
Total Pre-Tax Income	8.05	4.89	12	14	12	4.94	8.45	12	12	8.32
Total Operating Income	7.91	4.81	13	13	11	4.63	8.08	11	11	7.30
Total Gross Profit	34	30	38	42	39	34	38	43	43	40
Total Revenue	110	93	96	109	106	96	96	113	113	102
Operating Revenue	110	93	96	109	106	96	96	113	113	102
Total Cost of Revenue	76	63	58	67	67	61	58	69	69	62
Operating Cost of Revenue	76	63	58	67	67	61	58	69	69	62
Total Operating Expenses	26	25	25	29	28	29	30	32	32	33
Selling, General & Admin Expense	26	25	25	26	28	29	28	32	32	32
Impairment Charge	-	-	0.08	2.46	-0.31	0.29	1.99	0.53	-0.03	0.25
Total Other Income / (Expense), net	0.14	0.08	-0.73	0.66	0.66	0.31	0.38	0.95	0.59	1.02
Interest Expense	0.49	0.44	0.41	0.57	0.54	0.53	0.52	0.55	0.54	0.52
Interest & Investment Income	0.00	0.54	0.31	0.79	0.71	1.07	0.72	1.13	1.36	1.16
Other Income / (Expense), net	0.64	-0.02	-0.64	0.44	0.49	-0.23	0.18	0.37	-0.24	0.38
Income Tax Expense	1.90	0.35	2.82	3.32	2.90	0.76	1.98	2.84	2.60	2.46
Net Income / (Loss) Attributable to Noncontrolling Interest	0.06	-	0.18	0.18	0.08	0.28	0.31	0.13	0.17	0.24
Basic Earnings per Share	$0.31	$0.22	$0.45	$0.53	$0.46	$0.19	$0.31	$0.46	$0.45	$0.28
Weighted Average Basic Shares Outstanding	19.81M	19.82M	19.89M	19.89M	19.89M	19.90M	19.97M	19.99M	20.02M	20.00M
Diluted Earnings per Share	$0.31	$0.22	$0.45	$0.53	$0.45	$0.20	$0.31	$0.45	$0.45	$0.28
Weighted Average Diluted Shares Outstanding	19.94M	19.93M	19.94M	19.95M	19.99M	19.98M	20.08M	20.11M	20.13M	20.12M
Weighted Average Basic & Diluted Shares Outstanding	19.91M	19.89M	19.89M	19.89M	19.96M	19.97M	19.98M	20.01M	20.02M	20.04M

This table details how cash moves in and out of Karat Packaging's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	9.56	7.04	8.51
Net Cash From Operating Activities	29	53	48
Net Cash From Continuing Operating Activities	29	53	48
Net Income / (Loss) Continuing Operations	26	33	31
Consolidated Net Income / (Loss)	26	33	31
Depreciation Expense	10	11	11
Amortization Expense	3.86	5.05	7.71
Non-Cash Adjustments To Reconcile Net Income	7.74	7.44	4.81
Changes in Operating Assets and Liabilities, net	-18	-3.08	-5.68
Net Cash From Investing Activities	-18	-30	-5.86
Net Cash From Continuing Investing Activities	-18	-30	-5.88
Purchase of Property, Plant & Equipment	-2.66	-9.14	-0.93
Acquisitions	-5.88	-2.90	0.00
Purchase of Investments	0.00	-49	-51
Sale of Property, Plant & Equipment	0.08	0.84	0.13
Sale and/or Maturity of Investments	0.00	23	49
Other Investing Activities, net	-9.39	7.22	-3.13
Net Cash From Financing Activities	-2.07	-16	-34
Net Cash From Continuing Financing Activities	-2.07	-16	-34
Repayment of Debt	-43	-1.01	-1.12
Payment of Dividends	-6.96	-23	-33
Issuance of Debt	49	8.00	0.00
Other Financing Activities, net	-1.01	0.04	0.73
Cash Interest Paid	1.98	2.00	2.03

This table details how cash moves in and out of Karat Packaging's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	4.03	8.51	7.18	-4.97	9.91	-5.09	-9.93	6.17	20	-7.32
Net Cash From Operating Activities	20	17	14	17	12	10	6.56	14	19	8.25
Net Cash From Continuing Operating Activities	20	17	14	17	12	10	6.56	14	19	8.61
Net Income / (Loss) Continuing Operations	6.15	4.54	9.19	11	9.14	4.18	6.48	9.23	9.26	5.86
Consolidated Net Income / (Loss)	6.15	4.54	9.19	11	9.14	4.18	6.48	9.23	9.26	5.86
Depreciation Expense	2.60	2.65	2.63	2.72	2.71	2.73	2.63	2.66	2.69	2.70
Amortization Expense	1.12	0.94	1.01	1.31	1.35	1.38	1.49	2.02	2.04	2.17
Non-Cash Adjustments To Reconcile Net Income	1.69	3.78	4.85	1.76	-3.56	4.39	2.05	0.57	1.77	0.41
Changes in Operating Assets and Liabilities, net	8.68	5.06	-3.50	0.41	2.40	-2.38	-6.09	-0.78	3.72	-2.52
Net Cash From Investing Activities	-4.23	-1.27	-15	-15	7.98	-8.83	-7.95	-0.52	10	-7.68
Net Cash From Continuing Investing Activities	-4.23	-1.27	-15	-15	7.98	-8.83	-7.95	-0.52	10	-7.70
Purchase of Property, Plant & Equipment	-4.27	11	-2.76	0.94	-1.05	-6.27	-0.16	-0.25	-0.30	-0.22
Purchase of Investments	-	-	-10	-18	-	-21	-12	-10	-11	-17
Sale of Property, Plant & Equipment	0.04	0.00	0.03	0.00	0.58	0.24	0.02	0.07	0.03	0.02
Sale and/or Maturity of Investments	-	-	0.00	-	10	13	5.14	11	22	10
Other Investing Activities, net	-	-10	0.95	2.42	-1.55	5.39	-0.76	-1.28	-0.55	-0.54
Net Cash From Financing Activities	-12	-7.20	7.68	-7.20	-10	-6.54	-8.54	-7.01	-10	-7.89
Net Cash From Continuing Financing Activities	-12	-7.20	7.68	-7.20	-10	-6.54	-8.54	-7.01	-10	-8.01
Repayment of Debt	-13	-0.23	-0.24	-0.24	-0.26	-0.28	-0.28	-0.28	-0.28	-0.29
Payment of Dividends	-	-6.96	0.00	-6.97	-9.95	-6.29	-8.32	-7.00	-10	-8.01
Other Financing Activities, net	-0.19	0.00	-0.08	-0.00	0.10	0.02	0.05	0.27	0.12	0.28
Cash Interest Paid	0.47	0.44	0.42	0.61	0.47	0.50	0.50	0.54	0.52	0.47

This table presents Karat Packaging's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Total Assets	252	276	295
Total Current Assets	124	155	161
Cash & Equivalents	16	23	32
Short-Term Investments	0.00	26	28
Accounts Receivable	30	28	27
Inventories, net	71	72	71
Prepaid Expenses	6.64	6.22	3.61
Plant, Property, & Equipment, net	96	95	88
Total Noncurrent Assets	33	26	46
Goodwill	3.51	3.51	3.51
Intangible Assets	0.35	0.33	0.30
Other Noncurrent Operating Assets	29	22	42
Total Liabilities & Shareholders' Equity	252	276	295
Total Liabilities	100	114	132
Total Current Liabilities	39	44	46
Short-Term Debt	0.96	1.12	1.18
Accounts Payable	23	24	21
Accrued Expenses	9.01	11	14
Current Deferred Revenue	1.28	0.95	0.74
Current Deferred & Payable Income Tax Liabilities	-	0.00	0.07
Other Current Liabilities	4.51	8.00	9.95
Total Noncurrent Liabilities	61	69	86
Long-Term Debt	42	48	47
Noncurrent Deferred & Payable Income Tax Liabilities	5.16	4.20	0.43
Other Noncurrent Operating Liabilities	14	17	38
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	152	163	162
Total Preferred & Common Equity	142	154	156
Preferred Stock	0.00	0.00	0.00
Total Common Equity	142	154	156
Common Stock	86	87	89
Retained Earnings	56	68	66
Other Equity Adjustments	-0.25	-0.25	-0.25
Noncontrolling Interest	10	8.57	6.63

This table presents Karat Packaging's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	239	273	287	280	279	311	307
Total Current Assets	125	142	161	159	161	170	170
Cash & Equivalents	7.53	23	18	28	13	19	39
Short-Term Investments	-	10	28	18	34	33	22
Accounts Receivable	37	33	33	34	30	34	34
Inventories, net	73	71	76	72	79	80	71
Prepaid Expenses	7.26	4.45	5.63	6.82	4.49	4.27	4.87
Plant, Property, & Equipment, net	94	99	96	97	94	92	90
Total Noncurrent Assets	20	32	30	25	25	49	47
Goodwill	3.51	3.51	3.51	3.51	3.51	3.51	3.51
Intangible Assets	0.36	0.35	0.34	0.33	0.32	0.31	0.31
Other Noncurrent Operating Assets	16	28	26	21	21	45	43
Total Liabilities & Shareholders' Equity	239	273	287	280	279	311	307
Total Liabilities	85	112	122	115	119	147	143
Total Current Liabilities	35	44	51	46	48	56	54
Short-Term Debt	0.95	0.96	0.97	1.11	1.14	1.15	1.17
Accounts Payable	24	28	31	22	27	28	27
Accrued Expenses	8.47	7.88	7.95	8.86	11	14	13
Current Deferred Revenue	1.19	0.96	-	0.80	-	0.88	0.91
Other Current Liabilities	-	4.96	5.08	4.98	8.31	11	12
Total Noncurrent Liabilities	51	68	71	70	70	91	89
Long-Term Debt	42	49	-	49	-	48	48
Noncurrent Deferred & Payable Income Tax Liabilities	5.63	5.16	5.16	5.16	4.20	4.20	4.20
Other Noncurrent Operating Liabilities	3.13	13	17	16	18	39	37
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	154	161	165	165	160	164	164
Total Preferred & Common Equity	144	151	155	154	154	158	157
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	144	151	155	154	154	158	157
Common Stock	86	86	86	87	87	88	89
Retained Earnings	59	65	69	68	68	70	69
Other Equity Adjustments	-	-	-0.25	-0.25	-0.25	-0.25	-0.25
Noncontrolling Interest	10	10	11	11	5.99	6.12	6.28

This table displays calculated financial ratios and metrics derived from Karat Packaging's official financial filings.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-
Revenue Growth	16.12%	-4.09%	4.19%
EBITDA Growth	38.02%	27.06%	-1.96%
EBIT Growth	36.37%	34.38%	-8.76%
NOPAT Growth	26.43%	36.17%	-11.94%
Net Income Growth	15.14%	28.42%	-7.10%
EPS Growth	6.25%	36.97%	-8.59%
Operating Cash Flow Growth	239.60%	81.11%	-10.11%
Free Cash Flow Firm Growth	235.46%	540.96%	-15.46%
Invested Capital Growth	10.09%	-8.75%	-7.41%
Revenue Q/Q Growth	0.32%	0.72%	1.46%
EBITDA Q/Q Growth	-2.80%	0.18%	7.67%
EBIT Q/Q Growth	-6.92%	-0.95%	9.34%
NOPAT Q/Q Growth	-6.21%	-1.62%	4.38%
Net Income Q/Q Growth	-5.27%	-1.09%	5.77%
EPS Q/Q Growth	-7.03%	-1.21%	5.67%
Operating Cash Flow Q/Q Growth	31.44%	-11.13%	-4.08%
Free Cash Flow Firm Q/Q Growth	306.98%	-11.02%	-7.08%
Invested Capital Q/Q Growth	-5.75%	-3.24%	-0.77%
Profitability Metrics	-	-	-
Gross Margin	31.23%	37.73%	38.88%
EBITDA Margin	10.79%	14.29%	13.45%
Operating Margin	7.10%	10.37%	8.93%
EBIT Margin	7.41%	10.39%	9.10%
Profit (Net Income) Margin	6.11%	8.18%	7.29%
Tax Burden Percent	79.47%	77.19%	75.74%
Interest Burden Percent	103.69%	102.02%	105.86%
Effective Tax Rate	20.53%	22.81%	24.26%
Return on Invested Capital (ROIC)	14.01%	19.04%	18.25%
ROIC Less NNEP Spread (ROIC-NNEP)	21.04%	24.31%	-20.85%
Return on Net Nonoperating Assets (RNNOA)	4.19%	2.05%	0.73%
Return on Equity (ROE)	18.20%	21.09%	18.98%
Cash Return on Invested Capital (CROIC)	4.41%	28.19%	25.94%
Operating Return on Assets (OROA)	13.64%	15.94%	13.47%
Return on Assets (ROA)	11.24%	12.55%	10.80%
Return on Common Equity (ROCE)	16.96%	19.83%	18.09%
Return on Equity Simple (ROE_SIMPLE)	18.24%	21.53%	19.81%
Net Operating Profit after Tax (NOPAT)	24	32	29
NOPAT Margin	5.64%	8.01%	6.77%
Net Nonoperating Expense Percent (NNEP)	-7.03%	-5.28%	39.09%
Return On Investment Capital (ROIC_SIMPLE)	-	15.31%	13.58%
Cost of Revenue to Revenue	68.77%	62.27%	61.12%
SG&A Expenses to Revenue	24.14%	26.73%	29.30%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	24.13%	27.36%	29.95%
Earnings before Interest and Taxes (EBIT)	31	42	38
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	46	58	57
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	1.84	3.00	3.84
Price to Tangible Book Value (P/TBV)	1.89	3.08	3.93
Price to Revenue (P/Rev)	0.62	1.14	1.41
Price to Earnings (P/E)	11.01	14.24	19.92
Dividend Yield	2.68%	2.81%	5.20%
Earnings Yield	9.09%	7.02%	5.02%
Enterprise Value to Invested Capital (EV/IC)	1.66	2.89	3.93
Enterprise Value to Revenue (EV/Rev)	0.70	1.16	1.40
Enterprise Value to EBITDA (EV/EBITDA)	6.51	8.12	10.42
Enterprise Value to EBIT (EV/EBIT)	9.47	11.18	15.41
Enterprise Value to NOPAT (EV/NOPAT)	12.45	14.50	20.71
Enterprise Value to Operating Cash Flow (EV/OCF)	10.08	8.82	12.34
Enterprise Value to Free Cash Flow (EV/FCFF)	39.58	9.79	14.57
Leverage & Solvency	-	-	-
Debt to Equity	0.28	0.30	0.30
Long-Term Debt to Equity	0.27	0.30	0.29
Financial Leverage	0.20	0.08	-0.04
Leverage Ratio	1.62	1.68	1.76
Compound Leverage Factor	1.68	1.71	1.86
Debt to Total Capital	21.86%	23.33%	23.00%
Short-Term Debt to Total Capital	0.49%	0.53%	0.56%
Long-Term Debt to Total Capital	21.37%	22.81%	22.44%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	5.27%	4.04%	3.15%
Common Equity to Total Capital	72.86%	72.63%	73.85%
Debt to EBITDA	0.93	0.85	0.85
Net Debt to EBITDA	0.58	0.00	-0.20
Long-Term Debt to EBITDA	0.91	0.83	0.83
Debt to NOPAT	1.78	1.52	1.69
Net Debt to NOPAT	1.11	0.00	-0.40
Long-Term Debt to NOPAT	1.74	1.49	1.65
Altman Z-Score	4.36	5.23	5.36
Noncontrolling Interest Sharing Ratio	6.82%	5.98%	4.68%
Liquidity Ratios	-	-	-
Current Ratio	3.15	3.49	3.47
Quick Ratio	1.17	1.74	1.87
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	7.50	48	41
Operating Cash Flow to CapEx	1,142.40%	642.89%	5,997.75%
Free Cash Flow to Firm to Interest Expense	3.72	23.54	19.15
Operating Cash Flow to Interest Expense	14.61	26.13	22.60
Operating Cash Flow Less CapEx to Interest Expense	13.33	22.06	22.22
Efficiency Ratios	-	-	-
Asset Turnover	1.84	1.53	1.48
Accounts Receivable Turnover	13.49	14.07	15.51
Inventory Turnover	4.49	3.54	3.63
Fixed Asset Turnover	4.47	4.25	4.61
Accounts Payable Turnover	13.23	10.69	11.55
Days Sales Outstanding (DSO)	27.05	25.95	23.53
Days Inventory Outstanding (DIO)	81.36	103.12	100.50
Days Payable Outstanding (DPO)	27.59	34.14	31.59
Cash Conversion Cycle (CCC)	80.82	94.93	92.45
Capital & Investment Metrics	-	-	-
Invested Capital	178	163	151
Invested Capital Turnover	2.48	2.38	2.70
Increase / (Decrease) in Invested Capital	16	-16	-12
Enterprise Value (EV)	297	471	592
Market Capitalization	260	462	597
Book Value per Share	$7.12	$7.72	$7.77
Tangible Book Value per Share	$6.92	$7.53	$7.58
Total Capital	194	212	211
Total Debt	43	50	48
Total Long-Term Debt	42	48	47
Net Debt	26	0.10	-11
Capital Expenditures (CapEx)	2.58	8.30	0.80
Debt-free, Cash-free Net Working Capital (DFCFNWC)	69	62	56
Debt-free Net Working Capital (DFNWC)	86	112	116
Net Working Capital (NWC)	85	111	115
Net Nonoperating Expense (NNE)	-1.99	-0.70	-2.22
Net Nonoperating Obligations (NNO)	26	0.10	-11
Total Depreciation and Amortization (D&A)	14	16	18
Debt-free, Cash-free Net Working Capital to Revenue	16.42%	15.34%	13.20%
Debt-free Net Working Capital to Revenue	20.22%	27.52%	27.38%
Net Working Capital to Revenue	19.99%	27.25%	27.10%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$1.19	$1.63	$1.50
Adjusted Weighted Average Basic Shares Outstanding	19.82M	19.90M	20.00M
Adjusted Diluted Earnings per Share	$1.19	$1.63	$1.49
Adjusted Weighted Average Diluted Shares Outstanding	19.93M	19.98M	20.12M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	19.89M	19.97M	20.04M
Normalized Net Operating Profit after Tax (NOPAT)	24	34	31
Normalized NOPAT Margin	5.63%	8.49%	7.26%
Pre Tax Income Margin	7.69%	10.60%	9.63%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	15.55	20.62	18.11
NOPAT to Interest Expense	11.83	15.90	13.47
EBIT Less CapEx to Interest Expense	14.27	16.56	17.73
NOPAT Less CapEx to Interest Expense	10.55	11.83	13.10
Payout Ratios	-	-	-
Dividend Payout Ratio	26.95%	69.93%	108.17%
Augmented Payout Ratio	26.95%	69.93%	108.17%

This table displays calculated financial ratios and metrics derived from Karat Packaging's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.09%	1.46%	-9.12%	-5.35%	-4.06%	3.15%	-0.20%	3.55%	6.86%	6.35%
EBITDA Growth	54.50%	-13.56%	23.14%	46.12%	29.84%	1.26%	-21.42%	-9.22%	-1.07%	47.69%
EBIT Growth	58.17%	-32.70%	26.78%	62.66%	38.86%	-8.44%	-31.78%	-16.66%	-7.04%	74.81%
NOPAT Growth	47.72%	-26.07%	37.25%	62.01%	42.89%	-12.34%	-36.48%	-16.46%	1.92%	31.39%
Net Income Growth	51.07%	-24.04%	15.65%	48.29%	48.55%	-8.02%	-29.50%	-13.58%	1.33%	40.27%
EPS Growth	63.16%	-29.03%	32.35%	65.63%	45.16%	-9.09%	-31.11%	-15.09%	0.00%	40.00%
Operating Cash Flow Growth	1,304.93%	71.03%	224.14%	358.25%	-40.55%	-39.38%	-53.76%	-18.81%	61.84%	-19.83%
Free Cash Flow Firm Growth	85.26%	35.30%	143.66%	200.43%	228.96%	264.37%	20.18%	-57.48%	-15.23%	-11.93%
Invested Capital Growth	18.13%	10.09%	-4.46%	-14.82%	-11.12%	-8.75%	-8.70%	-4.93%	-9.72%	-7.41%
Revenue Q/Q Growth	-4.25%	-15.75%	3.38%	13.51%	-2.95%	-9.43%	0.03%	17.77%	0.15%	-9.86%
EBITDA Q/Q Growth	0.68%	-31.64%	87.74%	13.08%	-10.53%	-46.69%	45.68%	30.64%	-2.49%	-20.41%
EBIT Q/Q Growth	0.89%	-43.88%	152.23%	13.90%	-13.88%	-63.00%	87.95%	39.14%	-3.94%	-30.41%
NOPAT Q/Q Growth	-3.75%	-26.12%	118.21%	4.41%	-15.11%	-54.68%	58.12%	37.32%	3.57%	-41.58%
Net Income Q/Q Growth	-14.54%	-26.20%	102.29%	16.23%	-14.40%	-54.30%	55.04%	42.48%	0.38%	-36.74%
EPS Q/Q Growth	-3.13%	-29.03%	104.55%	17.78%	-15.09%	-55.56%	55.00%	45.16%	0.00%	-37.78%
Operating Cash Flow Q/Q Growth	449.99%	-16.15%	-16.44%	18.91%	-28.65%	-14.49%	-36.26%	108.80%	42.23%	-57.64%
Free Cash Flow Firm Q/Q Growth	41.65%	48.36%	252.03%	119.23%	-25.07%	-34.19%	11.17%	-22.43%	49.37%	-31.62%
Invested Capital Q/Q Growth	-4.66%	-5.75%	0.02%	-5.23%	-0.51%	-3.24%	0.08%	-1.32%	-5.52%	-0.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	31.06%	32.01%	39.82%	38.50%	36.90%	35.67%	39.33%	38.55%	38.57%	39.18%
EBITDA Margin	11.15%	9.05%	16.43%	16.37%	15.09%	8.88%	12.94%	14.35%	13.97%	12.34%
Operating Margin	7.19%	5.19%	13.29%	12.27%	10.78%	4.84%	8.45%	9.87%	9.99%	7.18%
EBIT Margin	7.77%	5.18%	12.63%	12.67%	11.25%	4.59%	8.63%	10.20%	9.78%	7.55%
Profit (Net Income) Margin	5.59%	4.90%	9.59%	9.82%	8.66%	4.37%	6.77%	8.19%	8.21%	5.76%
Tax Burden Percent	76.41%	92.79%	76.52%	76.26%	75.89%	84.62%	76.63%	76.46%	78.10%	70.45%
Interest Burden Percent	94.23%	102.04%	99.23%	101.60%	101.49%	112.41%	102.40%	105.09%	107.51%	108.35%
Effective Tax Rate	23.59%	7.21%	23.48%	23.74%	24.11%	15.38%	23.37%	23.54%	21.90%	29.55%
Return on Invested Capital (ROIC)	13.26%	11.97%	23.02%	20.72%	18.44%	9.74%	15.38%	18.73%	20.31%	13.64%
ROIC Less NNEP Spread (ROIC-NNEP)	13.57%	12.24%	21.27%	22.56%	21.04%	11.72%	18.31%	214.08%	9.11%	1.04%
Return on Net Nonoperating Assets (RNNOA)	3.42%	2.44%	4.48%	3.95%	2.55%	0.99%	1.11%	0.49%	-0.23%	-0.04%
Return on Equity (ROE)	16.68%	14.41%	27.50%	24.68%	20.99%	10.73%	16.49%	19.22%	20.08%	13.60%
Cash Return on Invested Capital (CROIC)	-2.07%	4.41%	19.11%	32.57%	30.24%	28.19%	26.04%	21.57%	27.34%	25.94%
Operating Return on Assets (OROA)	14.79%	9.52%	20.32%	19.32%	17.44%	7.05%	12.67%	13.97%	13.89%	11.18%
Return on Assets (ROA)	10.65%	9.02%	15.43%	14.97%	13.43%	6.71%	9.94%	11.23%	11.66%	8.53%
Return on Common Equity (ROCE)	15.54%	13.42%	25.64%	23.02%	19.62%	10.08%	15.65%	18.24%	19.05%	12.97%
Return on Equity Simple (ROE_SIMPLE)	18.96%	0.00%	17.94%	19.75%	21.76%	0.00%	19.73%	18.40%	18.53%	0.00%
Net Operating Profit after Tax (NOPAT)	6.04	4.46	9.74	10	8.64	3.91	6.19	8.50	8.80	5.14
NOPAT Margin	5.49%	4.82%	10.17%	9.36%	8.18%	4.09%	6.47%	7.55%	7.81%	5.06%
Net Nonoperating Expense Percent (NNEP)	-0.31%	-0.27%	1.75%	-1.84%	-2.60%	-1.98%	-2.93%	-195.35%	11.21%	12.60%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	1.84%	-	-	-	2.44%
Cost of Revenue to Revenue	68.94%	67.99%	60.18%	61.50%	63.10%	64.33%	60.67%	61.45%	61.43%	60.82%
SG&A Expenses to Revenue	23.89%	26.81%	26.44%	23.97%	26.41%	30.52%	28.80%	28.21%	28.60%	31.75%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	23.87%	26.82%	26.53%	26.23%	26.12%	30.83%	30.88%	28.68%	28.58%	32.00%
Earnings before Interest and Taxes (EBIT)	8.55	4.80	12	14	12	4.39	8.25	11	11	7.68
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	12	8.39	16	18	16	8.49	12	16	16	13
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.96	1.84	1.60	2.18	2.83	3.00	3.59	3.67	3.29	3.84
Price to Tangible Book Value (P/TBV)	2.01	1.89	1.64	2.24	2.90	3.08	3.68	3.77	3.38	3.93
Price to Revenue (P/Rev)	0.67	0.62	0.58	0.83	1.08	1.14	1.37	1.42	1.24	1.41
Price to Earnings (P/E)	11.37	11.01	9.28	11.20	13.15	14.24	18.69	20.53	18.34	19.92
Dividend Yield	0.00%	2.68%	2.89%	4.12%	3.65%	2.81%	3.43%	3.27%	5.21%	5.20%
Earnings Yield	8.79%	9.09%	10.77%	8.93%	7.60%	7.02%	5.35%	4.87%	5.45%	5.02%
Enterprise Value to Invested Capital (EV/IC)	1.73	1.66	1.51	1.79	2.67	2.89	3.16	3.62	3.38	3.93
Enterprise Value to Revenue (EV/Rev)	0.78	0.70	0.65	0.74	1.12	1.16	1.27	1.42	1.23	1.40
Enterprise Value to EBITDA (EV/EBITDA)	6.96	6.51	5.53	5.59	7.77	8.12	9.42	11.00	9.71	10.42
Enterprise Value to EBIT (EV/EBIT)	9.70	9.47	7.92	7.73	10.57	11.18	13.43	16.18	14.58	15.41
Enterprise Value to NOPAT (EV/NOPAT)	12.85	12.45	10.11	9.96	13.62	14.50	17.78	21.39	18.71	20.71
Enterprise Value to Operating Cash Flow (EV/OCF)	14.57	10.08	4.88	4.44	7.49	8.82	11.24	13.68	10.25	12.34
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	39.58	7.70	5.06	8.32	9.79	11.57	16.37	11.72	14.57
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.28	0.28	0.31	0.01	0.30	0.30	0.01	0.30	0.30	0.30
Long-Term Debt to Equity	0.27	0.27	0.31	0.00	0.30	0.30	0.00	0.29	0.29	0.29
Financial Leverage	0.25	0.20	0.21	0.18	0.12	0.08	0.06	0.00	-0.03	-0.04
Leverage Ratio	1.59	1.62	1.70	1.71	1.63	1.68	1.72	1.82	1.79	1.76
Compound Leverage Factor	1.50	1.65	1.69	1.73	1.65	1.89	1.76	1.91	1.92	1.90
Debt to Total Capital	21.71%	21.86%	23.76%	0.58%	23.20%	23.33%	0.71%	23.02%	22.95%	23.00%
Short-Term Debt to Total Capital	0.48%	0.49%	0.45%	0.58%	0.52%	0.53%	0.71%	0.54%	0.55%	0.56%
Long-Term Debt to Total Capital	21.23%	21.37%	23.30%	0.00%	22.69%	22.81%	0.00%	22.48%	22.40%	22.44%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	5.21%	5.27%	4.93%	6.38%	4.94%	4.04%	3.71%	2.87%	2.96%	3.15%
Common Equity to Total Capital	73.08%	72.86%	71.31%	93.04%	71.86%	72.63%	95.59%	74.11%	74.09%	73.85%
Debt to EBITDA	0.91	0.93	1.04	0.02	0.86	0.85	0.02	0.93	0.92	0.85
Net Debt to EBITDA	0.75	0.58	0.35	-0.84	0.06	0.00	-0.83	-0.06	-0.22	-0.20
Long-Term Debt to EBITDA	0.89	0.91	1.02	0.00	0.84	0.83	0.00	0.90	0.90	0.83
Debt to NOPAT	1.68	1.78	1.89	0.03	1.51	1.52	0.04	1.80	1.78	1.69
Net Debt to NOPAT	1.38	1.11	0.64	-1.49	0.11	0.00	-1.57	-0.11	-0.43	-0.40
Long-Term Debt to NOPAT	1.64	1.74	1.86	0.00	1.47	1.49	0.00	1.76	1.74	1.65
Altman Z-Score	4.65	4.01	3.71	4.04	4.67	4.78	5.17	4.56	4.41	5.01
Noncontrolling Interest Sharing Ratio	6.82%	6.82%	6.78%	6.71%	6.54%	5.98%	5.10%	5.08%	5.14%	4.68%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.58	3.15	3.20	3.17	3.47	3.49	3.33	3.05	3.12	3.47
Quick Ratio	1.27	1.17	1.50	1.56	1.76	1.74	1.59	1.54	1.73	1.87
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-23	-12	18	40	30	20	22	17	25	17
Operating Cash Flow to CapEx	479.06%	0.00%	518.65%	0.00%	2,523.06%	170.44%	4,685.00%	7,402.70%	7,057.25%	4,145.73%
Free Cash Flow to Firm to Interest Expense	-46.68	-26.95	44.39	69.12	55.37	37.06	41.44	30.73	47.02	33.34
Operating Cash Flow to Interest Expense	41.06	38.49	34.85	29.44	22.45	19.53	12.52	24.99	36.41	15.99
Operating Cash Flow Less CapEx to Interest Expense	32.49	63.03	28.13	31.09	21.56	8.07	12.25	24.65	35.89	15.60
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.90	1.84	1.61	1.52	1.55	1.53	1.47	1.37	1.42	1.48
Accounts Receivable Turnover	12.05	13.49	10.83	11.42	11.39	14.07	12.85	12.31	12.28	15.51
Inventory Turnover	4.36	4.49	3.74	3.26	3.51	3.54	3.37	3.27	3.62	3.63
Fixed Asset Turnover	4.48	4.47	4.32	4.27	4.22	4.25	4.20	4.35	4.46	4.61
Accounts Payable Turnover	12.74	13.23	10.18	9.16	11.04	10.69	9.30	8.70	10.46	11.55
Days Sales Outstanding (DSO)	30.30	27.05	33.69	31.95	32.05	25.95	28.39	29.65	29.73	23.53
Days Inventory Outstanding (DIO)	83.75	81.36	97.53	112.10	104.09	103.12	108.35	111.62	100.87	100.50
Days Payable Outstanding (DPO)	28.65	27.59	35.86	39.86	33.06	34.14	39.25	41.97	34.90	31.59
Cash Conversion Cycle (CCC)	85.40	80.82	95.36	104.19	103.08	94.93	97.49	99.31	95.69	92.45
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	189	178	178	169	168	163	163	161	152	151
Invested Capital Turnover	2.41	2.48	2.26	2.22	2.25	2.38	2.38	2.48	2.60	2.70
Increase / (Decrease) in Invested Capital	29	16	-8.32	-29	-21	-16	-16	-8.34	-16	-12
Enterprise Value (EV)	327	297	269	303	450	471	514	583	513	592
Market Capitalization	281	260	241	338	436	462	554	579	518	597
Book Value per Share	$7.25	$7.12	$7.59	$7.78	$7.75	$7.72	$7.73	$7.90	$7.86	$7.77
Tangible Book Value per Share	$7.06	$6.92	$7.40	$7.59	$7.56	$7.53	$7.54	$7.70	$7.67	$7.58
Total Capital	197	194	212	166	215	212	162	213	212	211
Total Debt	43	43	50	0.97	50	50	1.14	49	49	48
Total Long-Term Debt	42	42	49	0.00	49	48	0.00	48	48	47
Net Debt	35	26	17	-45	3.55	0.10	-46	-3.06	-12	-11
Capital Expenditures (CapEx)	4.23	-11	2.74	-0.95	0.48	6.04	0.14	0.19	0.28	0.20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	83	69	65	65	68	62	67	63	56	56
Debt-free Net Working Capital (DFNWC)	91	86	98	111	114	112	113	115	117	116
Net Working Capital (NWC)	90	85	97	110	113	111	112	114	116	115
Net Nonoperating Expense (NNE)	-0.11	-0.08	0.56	-0.50	-0.50	-0.26	-0.29	-0.73	-0.46	-0.72
Net Nonoperating Obligations (NNO)	35	26	17	3.81	3.49	0.10	2.53	-3.06	-12	-11
Total Depreciation and Amortization (D&A)	3.72	3.59	3.65	4.02	4.06	4.10	4.12	4.68	4.73	4.87
Debt-free, Cash-free Net Working Capital to Revenue	19.78%	16.42%	15.75%	15.96%	16.85%	15.34%	16.48%	15.47%	13.53%	13.20%
Debt-free Net Working Capital to Revenue	21.57%	20.22%	23.79%	27.32%	28.33%	27.52%	27.99%	28.19%	28.03%	27.38%
Net Working Capital to Revenue	21.34%	19.99%	23.56%	27.08%	28.06%	27.25%	27.71%	27.91%	27.75%	27.10%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.31	$0.22	$0.45	$0.53	$0.46	$0.19	$0.31	$0.46	$0.45	$0.28
Adjusted Weighted Average Basic Shares Outstanding	19.81M	19.82M	19.89M	19.89M	19.89M	19.90M	19.97M	19.99M	20.02M	20.00M
Adjusted Diluted Earnings per Share	$0.31	$0.22	$0.45	$0.53	$0.45	$0.20	$0.31	$0.45	$0.45	$0.28
Adjusted Weighted Average Diluted Shares Outstanding	19.94M	19.93M	19.94M	19.95M	19.99M	19.98M	20.08M	20.11M	20.13M	20.12M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	19.91M	19.89M	19.89M	19.89M	19.96M	19.97M	19.98M	20.01M	20.02M	20.04M
Normalized Net Operating Profit after Tax (NOPAT)	6.04	4.46	9.81	12	8.40	4.16	7.72	8.90	8.78	5.32
Normalized NOPAT Margin	5.49%	4.82%	10.24%	11.08%	7.96%	4.36%	8.07%	7.91%	7.79%	5.24%
Pre Tax Income Margin	7.32%	5.28%	12.53%	12.87%	11.41%	5.16%	8.84%	10.72%	10.52%	8.18%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	17.33	10.88	29.72	24.05	22.14	8.33	15.75	20.95	20.62	14.88
NOPAT to Interest Expense	12.26	10.12	23.94	17.75	16.11	7.43	11.81	15.51	16.45	9.97
EBIT Less CapEx to Interest Expense	8.76	35.42	23.00	25.70	21.25	-3.13	15.48	20.62	20.10	14.49
NOPAT Less CapEx to Interest Expense	3.69	34.66	17.22	19.41	15.22	-4.03	11.54	15.17	15.94	9.58
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	26.95%	0.00%	45.58%	71.19%	69.93%	103.45%	108.76%	108.50%	108.17%
Augmented Payout Ratio	0.00%	26.95%	0.00%	45.58%	71.19%	69.93%	103.45%	108.76%	108.50%	108.17%

Financials Breakdown Chart

Key Financial Trends

Karat Packaging (NASDAQ: KRT) showed a softer finish to 2024, but the company still generated solid cash from operations and maintained a strong liquidity position. Revenue and earnings eased from the prior-year quarter, while dividend payments and investment activity drove a large net cash outflow in Q4. Over the last several quarters, KRT has remained profitable and cash-generative, but margins have come under pressure and cash returned to shareholders has been high.

Q4 2024 operating cash flow was strong at $8.25 million, showing the business still converts profits into cash.
The company ended Q4 2024 with a cash and short-term investments cushion that remained sizable, with Q3 2024 balance sheet cash plus short-term investments totaling about $59.7 million.
KRT remained profitable in every quarter shown, including $5.9 million of net income in Q4 2024.
Gross profit in Q4 2024 was $39.8 million, keeping gross margin relatively healthy despite lower sales.
Interest and investment income helped offset interest expense, contributing $1.16 million of interest income in Q4 2024.
Debt levels appear manageable relative to equity, with Q3 2024 total debt of about $48.7 million long-term plus $1.2 million short-term debt.
Revenue in Q4 2024 fell to $101.6 million from $112.8 million in Q3 2024, indicating a seasonal or demand-related slowdown.
Earnings per share were flat at $0.28 in Q4 2024 versus $0.45 in Q3 2024, reflecting lower quarterly profitability.
The company continued paying dividends, with Q4 2024 dividends of $8.0 million and Q3 2024 dividends of $10.0 million, signaling a shareholder-friendly capital return policy.
Q4 2024 net income declined sharply from $9.3 million in Q3 2024 to $5.9 million, a meaningful sequential drop.
Operating income also weakened in Q4 2024 to $7.3 million from $11.3 million in Q3 2024 as SG&A remained elevated.
Cash from investing activities was a large outflow in Q4 2024, mainly due to $17.2 million of investment purchases.
Net change in cash and equivalents was negative $7.3 million in Q4 2024, because dividend payments and investing outflows exceeded operating cash generation.
Compared with late 2023 and early 2024, Q4 2024 showed weaker profitability and lower cash generation momentum, suggesting some pressure on the business trend.

Bottom line: Karat Packaging still looks financially stable, with consistent profitability, decent operating cash flow, and a healthy balance sheet. However, investors should note the recent quarter-to-quarter slowdown in revenue, earnings, and operating income, along with substantial cash returned through dividends. The key question going forward is whether KRT can reaccelerate sales and protect margins while continuing to fund dividends and investment activity.

06/09/26 06:20 PM ETAI Generated. May Contain Errors.

Karat Packaging Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Karat Packaging's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

Karat Packaging's net income appears to be on an upward trend, with a most recent value of $30.82 million in 2024, rising from $25.84 million in 2022. The previous period was $33.18 million in 2023. See where experts think Karat Packaging is headed by visiting Karat Packaging's forecast page.

Karat Packaging's total operating income in 2024 was $37.76 million, based on the following breakdown:

Total Gross Profit: $164.33 million
Total Operating Expenses: $126.57 million

Over the last 2 years, Karat Packaging's total revenue changed from $422.96 million in 2022 to $422.63 million in 2024, a change of -0.1%.

Karat Packaging's total liabilities were at $132.32 million at the end of 2024, a 16.4% increase from 2023, and a 32.0% increase since 2022.

In the past 2 years, Karat Packaging's cash and equivalents has ranged from $16.04 million in 2022 to $31.58 million in 2024, and is currently $31.58 million as of their latest financial filing in 2024.

Over the last 2 years, Karat Packaging's book value per share changed from 7.12 in 2022 to 7.77 in 2024, a change of 9.2%.

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Financial statements for NASDAQ:KRT last updated on 4/6/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Karat Packaging (KRT) Financials

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Karat Packaging (KRT) Financials

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