Karat Packaging Inc.
KRT Nasdaq Plastics Products, Nec Financials FY2020–FY2025
Revenue
Total sales reported in the income statement.
$468M
10.7%
vs prior year
Operating margin
Operating income as a share of revenue.
8.9%
0.1 pts
Net income
Profit after all expenses, interest and tax.
$31.5M
5.0%
Free cash flow
Cash from operations minus capital spending.
$33.1M
29.7%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
25.3%
4.3 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $2.50 EPS (TTM)
What Karat Packaging Inc. does
No business description yet.
- Legal name
- Karat Packaging Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 13, 2026
- Accession · CIK
- 0001758021-26-000010
0001758021
Revenue and margins
Karat Packaging Inc. had $468M of revenue in fiscal 2025, up 10.7% on the year before.
FY20
Revenue $296M
FY21
Revenue $364M
FY22
Revenue $423M
FY23
Revenue $406M
FY24
Revenue $423M
FY25
Revenue $468M
Q3 '23
Revenue $106M
Q4 '23
Revenue $95.6M
Q1 '24
Revenue $95.6M
Q2 '24
Revenue $113M
Q3 '24
Revenue $113M
Q4 '24
Revenue $102M
Q1 '25
Revenue $104M
Q2 '25
Revenue $124M
Q3 '25
Revenue $125M
Q4 '25
Revenue $116M
Q1 '26
Revenue $117M
Q2 '26
Revenue $136M
FY20
Gross 30.2%
Operating 9.4%
Net 5.9%
FCF −5.1%
FY21
Gross 29.6%
Operating 6.4%
Net 5.7%
FCF 1.2%
FY22
Gross 31.2%
Operating 7.1%
Net 5.6%
FCF 6.3%
FY23
Gross 37.7%
Operating 10.4%
Net 8.0%
FCF 12.5%
FY24
Gross 38.9%
Operating 8.9%
Net 7.1%
FCF 11.1%
FY25
Gross 36.8%
Operating 8.9%
Net 6.7%
FCF 7.1%
Gross
Operating
Net
FCF
Q3 '23
Gross 36.9%
Operating 10.8%
Net 8.6%
FCF 10.4%
Q4 '23
Gross 35.7%
Operating 4.8%
Net 4.1%
FCF 10.8%
Q1 '24
Gross 39.3%
Operating 8.4%
Net 6.4%
FCF 6.7%
Q2 '24
Gross 38.5%
Operating 9.9%
Net 8.1%
FCF 11.9%
Q3 '24
Gross 38.6%
Operating 10.0%
Net 8.1%
FCF 17.0%
Q4 '24
Gross 39.2%
Operating 7.2%
Net 5.5%
FCF 7.9%
Q1 '25
Gross 39.3%
Operating 7.5%
Net 6.2%
FCF 7.4%
Q2 '25
Gross 39.6%
Operating 13.3%
Net 8.8%
FCF 7.7%
Q3 '25
Gross 34.5%
Operating 6.9%
Net 5.9%
FCF 0.6%
Q4 '25
Gross 34.0%
Operating 7.3%
Net 5.9%
FCF 13.1%
Q1 '26
Gross 35.5%
Operating 7.2%
Net 5.8%
FCF 5.7%
Q2 '26
Gross 56.6%
Operating 27.6%
Net 21.5%
FCF 24.3%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2020 to 2025, diluted EPS grew 6.7% a year. Loss periods are shown in red.
FY20
Net income $17.5M
FY21
Net income $20.8M
FY22
Net income $23.6M
FY23
Net income $32.5M
FY24
Net income $30.0M
FY25
Net income $31.5M
Q3 '23
Net income $9.1M
Q4 '23
Net income $3.9M
Q1 '24
Net income $6.2M
Q2 '24
Net income $9.1M
Q3 '24
Net income $9.1M
Q4 '24
Net income $5.6M
Q1 '25
Net income $6.4M
Q2 '25
Net income $10.9M
Q3 '25
Net income $7.3M
Q4 '25
Net income $6.8M
Q1 '26
Net income $6.7M
Q2 '26
Net income $29.3M
FY20
Diluted EPS $1.13
FY21
Diluted EPS $1.12
FY22
Diluted EPS $1.19
FY23
Diluted EPS $1.63
FY24
Diluted EPS $1.49
FY25
Diluted EPS $1.56
Q3 '23
Diluted EPS $0.45
Q4 '23
Diluted EPS $0.20
Q1 '24
Diluted EPS $0.31
Q2 '24
Diluted EPS $0.45
Q3 '24
Diluted EPS $0.45
Q4 '24
Diluted EPS $0.28
Q1 '25
Diluted EPS $0.32
Q2 '25
Diluted EPS $0.54
Q3 '25
Diluted EPS $0.36
Q4 '25
Diluted EPS $0.34
Q1 '26
Diluted EPS $0.34
Q2 '26
Diluted EPS $1.46
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital 48.5%
Return on equity 54.1%
Return on assets 9.7%
FY21
Return on capital 16.0%
Return on equity 26.8%
Return on assets 10.7%
FY22
Return on capital 18.8%
Return on equity 17.9%
Return on assets 10.3%
FY23
Return on capital 30.6%
Return on equity 22.0%
Return on assets 12.3%
FY24
Return on capital 29.5%
Return on equity 19.4%
Return on assets 10.5%
FY25
Return on capital 25.3%
Return on equity 20.6%
Return on assets 10.8%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $33.1M in fiscal 2025, 7.1% of revenue. Cash from operations minus capital spending.
FY20
Free cash flow −$15.0M
FY21
Free cash flow $4.5M
FY22
Free cash flow $26.8M
FY23
Free cash flow $50.5M
FY24
Free cash flow $47.0M
FY25
Free cash flow $33.1M
Q3 '23
Free cash flow $11.0M
Q4 '23
Free cash flow $10.3M
Q1 '24
Free cash flow $6.4M
Q2 '24
Free cash flow $13.4M
Q3 '24
Free cash flow $19.2M
Q4 '24
Free cash flow $8.0M
Q1 '25
Free cash flow $7.6M
Q2 '25
Free cash flow $9.6M
Q3 '25
Free cash flow $0.7M
Q4 '25
Free cash flow $15.1M
Q1 '26
Free cash flow $6.6M
Q2 '26
Free cash flow $33.1M
FY20
Cash from operations $14.5M
Capital spending $29.5M
FY21
Cash from operations $8.7M
Capital spending $4.2M
FY22
Cash from operations $29.5M
Capital spending $2.7M
FY23
Cash from operations $53.4M
Capital spending $2.8M
FY24
Cash from operations $48.0M
Capital spending $0.9M
FY25
Cash from operations $33.8M
Capital spending $0.8M
Cash from operations
Capital spending
Q3 '23
Cash from operations $12.0M
Capital spending $1.1M
Q4 '23
Cash from operations $10.3M
Capital spending −$0.0M
Q1 '24
Cash from operations $6.6M
Capital spending $0.2M
Q2 '24
Cash from operations $13.7M
Capital spending $0.3M
Q3 '24
Cash from operations $19.5M
Capital spending $0.3M
Q4 '24
Cash from operations $8.3M
Capital spending $0.2M
Q1 '25
Cash from operations $7.7M
Capital spending $0.1M
Q2 '25
Cash from operations $9.8M
Capital spending $0.2M
Q3 '25
Cash from operations $1.0M
Capital spending $0.2M
Q4 '25
Cash from operations $15.4M
Capital spending $0.2M
Q1 '26
Cash from operations $7.2M
Capital spending $0.6M
Q2 '26
Cash from operations $33.2M
Capital spending $0.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
Karat Packaging Inc. returned $39.1M to shareholders in fiscal 2025, 118% of free cash flow. The diluted share count rose 0.3%.
FY20
Dividends $0.6M
Buybacks $0.2M
FY21
Dividends $0.0M
Buybacks $0.0M
FY22
Dividends $7.0M
Buybacks —
FY23
Dividends $20.9M
Buybacks —
FY24
Dividends $31.0M
Buybacks $0.0M
FY25
Dividends $36.1M
Buybacks $3.0M
Dividends
Buybacks
Q3 '23
Dividends $10.0M
Buybacks —
Q4 '23
Dividends $4.0M
Buybacks —
Q1 '24
Dividends $6.0M
Buybacks —
Q2 '24
Dividends $7.0M
Buybacks —
Q3 '24
Dividends $10.0M
Buybacks —
Q4 '24
Dividends $8.0M
Buybacks —
Q1 '25
Dividends $9.0M
Buybacks —
Q2 '25
Dividends $9.0M
Buybacks —
Q3 '25
Dividends $9.0M
Buybacks —
Q4 '25
Dividends $9.0M
Buybacks —
Q1 '26
Dividends $9.0M
Buybacks —
Q2 '26
Dividends $9.0M
Buybacks —
Dividends
Buybacks
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.02B
FY22
Diluted shares 0.02B
FY23
Diluted shares 0.02B
FY24
Diluted shares 0.02B
FY25
Diluted shares 0.02B
Balance sheet
Cash, debt and the ratios that show how comfortably Karat Packaging Inc. can carry it.
FY20
Cash $0.4M
Debt $11.5M
FY21
Cash $6.5M
Debt $1.4M
FY22
Cash $16.0M
Debt $1.2M
FY23
Cash $49.4M
Debt $1.3M
FY24
Cash $59.9M
Debt $1.2M
FY25
Cash $37.9M
Debt $12.9M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $6.5M | $16.0M | $49.4M | $59.9M | $37.9M |
| Debt incl. finance leases | $1.4M | $1.2M | $1.3M | $1.2M | $12.9M |
| Net debt / EBITDA | −0.2x | −0.4x | −0.9x | −1.2x | −0.5x |
| Debt / equity | 0.0x | 0.0x | 0.0x | 0.0x | 0.1x |
| Interest coverage | 8.0x | 14.9x | 20.6x | 17.8x | 20.2x |
| Current ratio | 3.3x | 3.2x | 3.5x | 3.5x | 2.3x |
| Quick ratio | 1.4x | 1.3x | 1.9x | 1.9x | 1.1x |
| Total assets | $208M | $252M | $276M | $295M | $288M |
| Total liabilities | $75.6M | $100M | $114M | $132M | $131M |
| Shareholders' equity | $123M | $142M | $154M | $156M | $149M |
| Net debt (− = net cash) | −$5.1M | −$14.9M | −$48.1M | −$58.7M | −$24.9M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✓ | ✕ | ✓ | ✕ |
| Current ratio rose | — | ✓ | ✕ | ✓ | ✕ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✓ | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✓ | ✕ | ✕ | ✕ | ✓ |
| F-score | — / 3 | 6 / 9 | 5 / 9 | 6 / 9 | 5 / 9 | 5 / 9 |
| Accruals ratio | 1.6% | 6.2% | −2.5% | −7.9% | −6.3% | −0.8% |
| Altman Z'' | 2.93 | 5.35 | 5.21 | 5.87 | 5.38 | 4.94 |
6 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $296M | $364M | $423M | $406M | $423M | $468M |
| Gross profit | $89.1M | $108M | $132M | $153M | $164M | $172M |
| Operating income | $27.7M | $23.1M | $30.0M | $42.1M | $37.8M | $41.4M |
| Interest expense | — | $2.9M | $2.0M | $2.0M | $2.1M | $2.1M |
| Pretax income | $21.9M | $27.5M | $32.5M | $43.0M | $40.7M | $43.0M |
| Income tax | $5.3M | $5.1M | $6.7M | $9.8M | $9.9M | $10.4M |
| Net income | $17.5M | $20.8M | $23.6M | $32.5M | $30.0M | $31.5M |
| Diluted EPS | $1.13 | $1.12 | $1.19 | $1.63 | $1.49 | $1.56 |
| Diluted shares | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B |
| Cash flow | ||||||
| Cash from operations | $14.5M | $8.7M | $29.5M | $53.4M | $48.0M | $33.8M |
| Capital expenditure | $29.5M | $4.2M | $2.7M | $2.8M | $0.9M | $0.8M |
| Free cash flow | −$15.0M | $4.5M | $26.8M | $50.5M | $47.0M | $33.1M |
| Depreciation and amortization | $8.6M | $10.0M | $10.4M | $10.8M | $10.7M | $10.9M |
| Stock-based compensation | $0.0M | $2.0M | $2.0M | $0.8M | $2.1M | $1.2M |
| Acquisitions | $0.0M | $0.9M | $0.0M | — | — | — |
| Share buybacks | $0.2M | $0.0M | — | — | $0.0M | $3.0M |
| Dividends paid | $0.6M | $0.0M | $7.0M | $20.9M | $31.0M | $36.1M |
| Dividends and buybacks | $0.9M | $0.0M | $7.0M | $20.9M | $31.0M | $39.1M |
| Balance sheet | ||||||
| Cash and short-term investments | $0.4M | $6.5M | $16.0M | $49.4M | $59.9M | $37.9M |
| Total debt | $11.5M | $1.4M | $1.2M | $1.3M | $1.2M | $12.9M |
| Current assets | $79.8M | $103M | $124M | $155M | $161M | $161M |
| Current liabilities | $43.1M | $30.8M | $39.3M | $44.4M | $46.4M | $70.2M |
| Inventory | $49.0M | $58.5M | $71.2M | $71.5M | $70.7M | $81.7M |
| Property and equipment, net | $95.5M | $93.5M | $95.6M | $95.2M | $88.0M | $81.2M |
| Goodwill | $3.1M | $3.5M | $3.5M | $3.5M | $3.5M | $3.5M |
| Intangible assets | $0.0M | $0.4M | $0.4M | $0.3M | $0.3M | $0.3M |
| Total assets | $181M | $208M | $252M | $276M | $295M | $288M |
| Total liabilities | $141M | $75.6M | $100M | $114M | $132M | $131M |
| Preferred stock | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $32.4M | $123M | $142M | $154M | $156M | $149M |
| Margins | ||||||
| Gross margin | 30.2% | 29.6% | 31.2% | 37.7% | 38.9% | 36.8% |
| Operating margin | 9.4% | 6.4% | 7.1% | 10.4% | 8.9% | 8.9% |
| EBITDA margin | 12.3% | 9.1% | 9.6% | 13.0% | 11.5% | 11.2% |
| Net margin | 5.9% | 5.7% | 5.6% | 8.0% | 7.1% | 6.7% |
| FCF margin | −5.1% | 1.2% | 6.3% | 12.5% | 11.1% | 7.1% |
| Returns | ||||||
| Return on capital | 48.5% | 16.0% | 18.8% | 30.6% | 29.5% | 25.3% |
| Return on capital employed | 20.1% | 13.1% | 14.1% | 18.1% | 15.2% | 19.0% |
| Return on equity | 54.1% | 26.8% | 17.9% | 22.0% | 19.4% | 20.6% |
| Return on assets | 9.7% | 10.7% | 10.3% | 12.3% | 10.5% | 10.8% |
| Return on tangible equity | 59.8% | 17.5% | 17.2% | 21.6% | 19.8% | 21.6% |
| Growth | ||||||
| Revenue growth | — | 23.3% | 16.1% | −4.1% | 4.2% | 10.7% |
| Net income growth | — | 18.6% | 13.8% | 37.3% | −7.7% | 5.0% |
| EPS growth | — | −0.9% | 6.3% | 37.0% | −8.6% | 4.7% |
| FCF growth | — | — | 495.4% | 88.5% | −6.9% | −29.7% |
| Share count change | — | 20.2% | 7.3% | 0.3% | 0.7% | 0.3% |
| Financial health | ||||||
| Net debt / EBITDA | 0.3x | −0.2x | −0.4x | −0.9x | −1.2x | −0.5x |
| Debt / equity | 0.4x | 0.0x | 0.0x | 0.0x | 0.0x | 0.1x |
| Interest coverage | — | 8.0x | 14.9x | 20.6x | 17.8x | 20.2x |
| Current ratio | 1.8x | 3.3x | 3.2x | 3.5x | 3.5x | 2.3x |
| Quick ratio | 0.7x | 1.4x | 1.3x | 1.9x | 1.9x | 1.1x |
| Capital allocation | ||||||
| Capex / revenue | 10.0% | 1.1% | 0.6% | 0.7% | 0.2% | 0.2% |
| Stock comp / revenue | 0.0% | 0.6% | 0.5% | 0.2% | 0.5% | 0.3% |
| Payouts / FCF | — | 0.0% | 26.0% | 41.4% | 65.9% | 118.3% |
| Quality scores | ||||||
| Piotroski F-score | — | 6.0 | 5.0 | 6.0 | 5.0 | 5.0 |
| Altman Z'' | 2.9 | 5.4 | 5.2 | 5.9 | 5.4 | 4.9 |
| Accruals ratio | 1.6% | 6.2% | −2.5% | −7.9% | −6.3% | −0.8% |
Source: SEC EDGAR XBRL filings (CIK 0001758021). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.