Recent News
On November 17, 2025 Kornit announced a CFO transition and authorized a new $100 million share repurchase program, with Assaf Zipori named as successor to Lauri Hanover. In early November several research shops adjusted coverage and targets, including a Needham revision to a $20 target and Morgan Stanley moving to an equal-weight stance; those notes followed management commentary on strategic shifts toward recurring revenue and operational efficiency. No other material corporate actions surfaced in the past 13 weeks.
Technical Analysis
Directional indicators show an emerging trend: ADX at 23.18 indicates trend strength entering the market’s attention. Both directional lines carry bearish signals — DI+ at 21.07 shows a peak & reversal, and DI- at 13.43 shows a dip & reversal — which together imply the directional system tilts toward sellers despite the emerging strength reading. That directional tilt counters the valuation narrative that labels the stock under-valued, suggesting price may need momentum confirmation before valuation re-rating.
MACD registers at 0.23 with the signal line at 0.20; the MACD sits above its signal, which constitutes a bullish crossing. However, the MACD shows a peak & reversal, signaling momentum has begun to wane. The crossing implies short-term support for higher prices, while the peak-and-reverse warns momentum may cap upside unless renewed.
MRO stands at -6.85 with a dip & reversal. The negative reading indicates the price sits below the model target and therefore carries potential to move higher; the dip & reversal indicates that potential recently increased. That technical dynamic aligns with the company’s valuation designation and supports the case for a near-term corrective move toward the model target rather than a sustained downtrend.
RSI at 51.33 and trending higher signals balanced momentum with a slightly bullish bias; the oscillator suggests room to run before entering overbought conditions. Short-term moving averages reinforce that tone: the 12-day EMA trending up at $14.29 sits below the last close of $14.38, and the 26-day EMA at $14.04 confirms recent upward bias. Price remains below the 200-day average of $17.05, keeping longer-term risk elevated.
Additional breadth and volatility notes: Bollinger bands center around a tight band (upper ~$14.64, lower ~$13.84) suggesting compressed price action; Ichimoku components place price above the Tenkan and Kijun, adding a marginal bullish overlay. Volume sits below recent averages, indicating follow-through requires renewed activity.
Fundamental Analysis
Revenue momentum presents a mixed picture. Twelve-month revenue growth stands at 56.45% year-over-year, reflecting strong top-line expansion, while quarter-over-quarter revenue slipped 4.28%. Gross margin runs at 43.45%, slightly above the industry peer mean of 40.99%, which supports higher per-unit profitability as the business scales recurring revenue streams.
Profitability remains challenged. Operating income (EBIT) equals -$8,052,000 and operating margin measures -15.15%, materially below the industry peer mean operating margin of 17.79% and the industry peer median of 19.90%. EBITDA fell into negative territory at -$5,121,000, leaving GAAP profitability off until structural improvements materialize. EPS came in at -$0.06 versus an estimate of -$0.16, delivering a $0.10 beat and an EPS surprise of 62.5% versus consensus; that beat supports the narrative of improving cost control even as absolute profitability stays negative.
Liquidity and leverage represent clear strengths. Cash and short-term investments total $443.35 million, the current ratio measures 12.87x versus an industry peer mean of 2.63x, and the cash ratio reads 9.69x. Total debt stands at $18.69 million, producing a debt-to-assets ratio of 2.43%, which sits well below typical peer leverage. Those balances underpin the new $100 million repurchase authorization and provide runway for product investment and recurring-revenue transitions.
Cash flow shows mixed signals: operating cash flow totaled $4,348,000 with free cash flow of $791,000 and a free cash flow yield near 0.11%, down versus prior periods. The cash conversion cycle extends to 241.5 days, longer than the industry peer mean of 115.2 days, reflecting working capital tied up in receivables and inventory. Return metrics remain low: return on invested capital at 1.50% and return on assets at -0.34% indicate limited capital efficiency today, though improving topline and margin trends could lift those metrics over time.
Valuation context: WMDST values the stock as under-valued. Price-to-sales at 13.03 falls below the industry peer mean of 17.74, while enterprise-value-to-revenue measures 5.04. Forward estimates show a small positive forward EPS of $0.071 and a forward P/E above 150x, reflecting low near-term earnings and market expectations for future profitability. The combination of a robust cash position, improving recurring revenues, and compressed multiples underpins WMDST’s valuation conclusion.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-05 |
| NEXT REPORT DATE: | 2026-02-04 |
| CASH FLOW | Begin Period Cash Flow | $ 25.4 M |
| Operating Cash Flow | $ 4.3 M | |
| Capital Expenditures | $ -3.56 M | |
| Change In Working Capital | $ -2.25 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 12.8 M | |
| End Period Cash Flow | $ 38.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 53.1 M | |
| Forward Revenue | $ -16.84 M | |
| COSTS | ||
| Cost Of Revenue | $ 30.0 M | |
| Depreciation | $ 2.9 M | |
| Depreciation and Amortization | $ 2.9 M | |
| Research and Development | $ 9.0 M | |
| Total Operating Expenses | $ 61.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 23.1 M | |
| EBITDA | $ -5.12 M | |
| EBIT | $ -8.05 M | |
| Operating Income | $ -8.05 M | |
| Interest Income | $ 5.5 M | |
| Interest Expense | — | |
| Net Interest Income | $ 5.5 M | |
| Income Before Tax | $ -2.51 M | |
| Tax Provision | $ 80.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -2.59 M | |
| Net Income From Continuing Operations | $ -2.59 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.16 | |
| EPS Actual | $ -0.06 | |
| EPS Difference | $ 0.10 | |
| EPS Surprise | 62.5 % | |
| Forward EPS | $ 0.07 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 769.8 M | |
| Intangible Assets | $ 36.4 M | |
| Net Tangible Assets | $ 671.3 M | |
| Total Current Assets | $ 588.7 M | |
| Cash and Short-Term Investments | $ 443.4 M | |
| Cash | $ 38.3 M | |
| Net Receivables | $ 64.7 M | |
| Inventory | $ 49.0 M | |
| Long-Term Investments | $ 14.3 M | |
| LIABILITIES | ||
| Accounts Payable | $ 6.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 45.8 M | |
| Net Debt | — | |
| Total Debt | $ 18.7 M | |
| Total Liabilities | $ 62.2 M | |
| EQUITY | ||
| Total Equity | $ 707.6 M | |
| Retained Earnings | — | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 15.39 | |
| Shares Outstanding | 45.973 M | |
| Revenue Per-Share | $ 1.16 | |
| VALUATION | Market Capitalization | $ 692.6 M |
| Enterprise Value | $ 267.9 M | |
| Enterprise Multiple | -52.316 | |
| Enterprise Multiple QoQ | -19.454 % | |
| Enterprise Multiple YoY | -63.485 % | |
| Enterprise Multiple IPRWA | high: 230.414 median: 74.716 mean: 59.57 KRNT: -52.316 low: -236.709 |
|
| EV/R | 5.042 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.088 | |
| Asset To Liability | 12.383 | |
| Debt To Capital | 0.026 | |
| Debt To Assets | 0.024 | |
| Debt To Assets QoQ | -3.113 % | |
| Debt To Assets YoY | 535.602 % | |
| Debt To Assets IPRWA | high: 0.788 median: 0.28 mean: 0.23 KRNT: 0.024 low: 0.002 |
|
| Debt To Equity | 0.026 | |
| Debt To Equity QoQ | -3.01 % | |
| Debt To Equity YoY | 544.39 % | |
| Debt To Equity IPRWA | high: 1.475 median: 0.601 mean: 0.476 KRNT: 0.026 low: -0.674 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.979 | |
| Price To Book QoQ | -25.665 % | |
| Price To Book YoY | -26.549 % | |
| Price To Book IPRWA | high: 15.545 mean: 7.326 median: 6.409 KRNT: 0.979 low: -8.049 |
|
| Price To Earnings (P/E) | -251.079 | |
| Price To Earnings QoQ | -136.448 % | |
| Price To Earnings YoY | -224.215 % | |
| Price To Earnings IPRWA | high: 383.521 median: 124.306 mean: 101.067 low: -230.974 KRNT: -251.079 |
|
| PE/G Ratio | 0.837 | |
| Price To Sales (P/S) | 13.034 | |
| Price To Sales QoQ | -30.108 % | |
| Price To Sales YoY | -37.458 % | |
| Price To Sales IPRWA | high: 84.038 median: 20.662 mean: 17.738 KRNT: 13.034 low: 0.0 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 153.488 | |
| Forward PE/G | -0.512 | |
| Forward P/S | -27.345 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -3.812 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.069 | |
| Asset Turnover Ratio QoQ | 7.973 % | |
| Asset Turnover Ratio YoY | 15.7 % | |
| Asset Turnover Ratio IPRWA | high: 0.503 median: 0.235 mean: 0.203 KRNT: 0.069 low: 0.001 |
|
| Receivables Turnover | 0.823 | |
| Receivables Turnover Ratio QoQ | 4.052 % | |
| Receivables Turnover Ratio YoY | 24.523 % | |
| Receivables Turnover Ratio IPRWA | high: 3.347 mean: 1.46 median: 1.405 KRNT: 0.823 low: 0.271 |
|
| Inventory Turnover | 0.607 | |
| Inventory Turnover Ratio QoQ | 12.578 % | |
| Inventory Turnover Ratio YoY | 56.635 % | |
| Inventory Turnover Ratio IPRWA | high: 2.365 median: 1.192 mean: 1.046 KRNT: 0.607 low: 0.134 |
|
| Days Sales Outstanding (DSO) | 110.928 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 241.519 | |
| Cash Conversion Cycle Days QoQ | -11.334 % | |
| Cash Conversion Cycle Days YoY | -32.585 % | |
| Cash Conversion Cycle Days IPRWA | high: 384.751 KRNT: 241.519 mean: 115.198 median: 85.242 low: -90.357 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.098 | |
| CapEx To Revenue | -0.067 | |
| CapEx To Depreciation | -1.214 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 707.6 M | |
| Net Invested Capital | — | |
| Invested Capital | $ -424.66 M | |
| Net Tangible Assets | $ 671.3 M | |
| Net Working Capital | $ 542.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 9.689 | |
| Current Ratio | 12.865 | |
| Current Ratio QoQ | 0.938 % | |
| Current Ratio YoY | -22.049 % | |
| Current Ratio IPRWA | KRNT: 12.865 high: 10.416 mean: 2.632 median: 2.07 low: 0.373 |
|
| Quick Ratio | 11.794 | |
| Quick Ratio QoQ | 1.358 % | |
| Quick Ratio YoY | -20.675 % | |
| Quick Ratio IPRWA | KRNT: 11.794 high: 6.406 mean: 1.763 median: 1.518 low: 0.295 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -3.65 | |
| Cost Of Debt | 0.042 % | |
| Interest Coverage Ratio | -805.2 | |
| Interest Coverage Ratio QoQ | -25.897 % | |
| Interest Coverage Ratio YoY | 13.042 % | |
| Interest Coverage Ratio IPRWA | high: 88.732 median: 16.382 mean: 13.647 low: -109.318 KRNT: -805.2 |
|
| Operating Cash Flow Ratio | -0.065 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 25.15 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.503 % | |
| Revenue Growth | 6.793 % | |
| Revenue Growth QoQ | -4.284 % | |
| Revenue Growth YoY | 56.449 % | |
| Revenue Growth IPRWA | high: 79.411 % median: 7.523 % KRNT: 6.793 % mean: 6.368 % low: -44.732 % |
|
| Earnings Growth | -300.0 % | |
| Earnings Growth QoQ | -250.0 % | |
| Earnings Growth YoY | -166.667 % | |
| Earnings Growth IPRWA | high: 164.706 % median: 14.815 % mean: 8.799 % low: -200.0 % KRNT: -300.0 % |
|
| MARGINS | ||
| Gross Margin | 43.454 % | |
| Gross Margin QoQ | 4.224 % | |
| Gross Margin YoY | -8.942 % | |
| Gross Margin IPRWA | high: 97.907 % KRNT: 43.454 % mean: 40.985 % median: 38.088 % low: -43.101 % |
|
| EBIT Margin | -15.154 % | |
| EBIT Margin QoQ | -30.61 % | |
| EBIT Margin YoY | 7.934 % | |
| EBIT Margin IPRWA | high: 44.499 % median: 19.896 % mean: 17.794 % KRNT: -15.154 % low: -228.471 % |
|
| Return On Sales (ROS) | -15.154 % | |
| Return On Sales QoQ | -30.61 % | |
| Return On Sales YoY | 7.934 % | |
| Return On Sales IPRWA | high: 44.617 % mean: 17.354 % median: 17.308 % KRNT: -15.154 % low: -228.471 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 791.0 K | |
| Free Cash Flow Yield | 0.114 % | |
| Free Cash Flow Yield QoQ | -150.893 % | |
| Free Cash Flow Yield YoY | -90.571 % | |
| Free Cash Flow Yield IPRWA | high: 2.804 % median: 0.858 % mean: 0.438 % KRNT: 0.114 % low: -13.716 % |
|
| Free Cash Growth | -138.065 % | |
| Free Cash Growth QoQ | -32.409 % | |
| Free Cash Growth YoY | -143.185 % | |
| Free Cash Growth IPRWA | high: 288.449 % median: 8.386 % mean: -19.139 % KRNT: -138.065 % low: -351.784 % |
|
| Free Cash To Net Income | -0.305 | |
| Cash Flow Margin | -5.616 % | |
| Cash Flow To Earnings | 1.151 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -0.338 % | |
| Return On Assets QoQ | -65.083 % | |
| Return On Assets YoY | 215.888 % | |
| Return On Assets IPRWA | high: 6.668 % mean: 2.59 % median: 2.338 % KRNT: -0.338 % low: -24.617 % |
|
| Return On Capital Employed (ROCE) | -1.112 % | |
| Return On Equity (ROE) | -0.004 | |
| Return On Equity QoQ | -65.698 % | |
| Return On Equity YoY | 221.053 % | |
| Return On Equity IPRWA | high: 0.289 mean: 0.059 median: 0.052 KRNT: -0.004 low: -0.264 |
|
| DuPont ROE | -0.367 % | |
| Return On Invested Capital (ROIC) | 1.498 % | |
| Return On Invested Capital QoQ | -28.015 % | |
| Return On Invested Capital YoY | 32.566 % | |
| Return On Invested Capital IPRWA | high: 9.897 % mean: 3.55 % median: 2.823 % KRNT: 1.498 % low: -14.977 % |
|