Kennametal (KMT)
Market Price (8/22/2026): $29.97 | Market Cap: $2.3 BilSector: Industrials | Industry: Industrial Machinery & Supplies & Components
Kennametal (KMT)
Market Price (8/22/2026): $29.97Market Cap: $2.3 BilSector: IndustrialsIndustry: Industrial Machinery & Supplies & Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 18%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 20% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 20% Low stock price volatilityVol 12M is 44% Megatrend and thematic driversMegatrends include Advanced Materials, Automation & Robotics, and Sustainable Infrastructure. Themes include Specialty Chemicals for Performance, Show more. | Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -48% | Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.4% Key risksKMT key risks include [1] declining organic revenue and slowing growth projections due to reduced end-market demand, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 18%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 20% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 20% |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include Advanced Materials, Automation & Robotics, and Sustainable Infrastructure. Themes include Specialty Chemicals for Performance, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -48% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.4% |
| Key risksKMT key risks include [1] declining organic revenue and slowing growth projections due to reduced end-market demand, Show more. |
Qualitative Assessment
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Kennametal (KMT) stock has lost about 20% since 4/30/2026 because of the following key factors:
1. Diminishing Raw Material Timing Benefit on Earnings.
Kennametal's robust fiscal Q4 2026 (ended June 30, 2026) adjusted earnings per share (EPS) of $2.96, which beat the consensus estimate of $2.31, and full fiscal year 2026 adjusted EPS of $4.57, were significantly inflated by a favorable timing benefit from raw material pricing, primarily tungsten, compared to costs. This benefit amounted to approximately $252 million in fiscal Q4 2026. Analysts, particularly Morgan Stanley, highlighted that the fiscal 2027 EPS guidance of $4.15-$5.15 includes a substantial $3.50 of this timing benefit, implying a much lower underlying normalized EPS for the upcoming year as this advantage is expected to unwind.
2. Negative Free Operating Cash Flow and Working Capital Strain.
Despite strong reported earnings for fiscal 2026, Kennametal's operating activities resulted in negative cash flow of $4.0 million, and free operating cash flow was negative $79.1 million, a significant decline from positive $121.2 million in the prior fiscal year. This cash flow strain was primarily attributed to higher working capital requirements driven by elevated tungsten-driven inventory values and increased supplier advances.
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Kennametal (KMT) stock has lost about 20% since 4/30/2026 because of the following key factors:
1. Diminishing Raw Material Timing Benefit on Earnings.
Kennametal's robust fiscal Q4 2026 (ended June 30, 2026) adjusted earnings per share (EPS) of $2.96, which beat the consensus estimate of $2.31, and full fiscal year 2026 adjusted EPS of $4.57, were significantly inflated by a favorable timing benefit from raw material pricing, primarily tungsten, compared to costs. This benefit amounted to approximately $252 million in fiscal Q4 2026. Analysts, particularly Morgan Stanley, highlighted that the fiscal 2027 EPS guidance of $4.15-$5.15 includes a substantial $3.50 of this timing benefit, implying a much lower underlying normalized EPS for the upcoming year as this advantage is expected to unwind.
2. Negative Free Operating Cash Flow and Working Capital Strain.
Despite strong reported earnings for fiscal 2026, Kennametal's operating activities resulted in negative cash flow of $4.0 million, and free operating cash flow was negative $79.1 million, a significant decline from positive $121.2 million in the prior fiscal year. This cash flow strain was primarily attributed to higher working capital requirements driven by elevated tungsten-driven inventory values and increased supplier advances.
3. Multiple Analyst Downgrades and Reduced Price Targets.
During the period, several investment firms downgraded Kennametal's stock and lowered their price targets, contributing to a cautious market sentiment. Barclays cut its rating from "equal weight" to "underweight" and reduced its price target from $40.00 to $33.00 in May 2026. JPMorgan Chase & Co. also lowered its price target from $40.00 to $34.00 and maintained an "underweight" rating in July 2026. Most notably, on August 10, 2026, Morgan Stanley downgraded Kennametal to "Underweight" from "Equal Weight," further reducing its price target to $27.00 from $31.00, specifically citing the impending impact of the unwinding raw material timing benefit on future earnings. As of early August 2026, the consensus analyst rating was predominantly "Hold" or "Sell," with an average target price around $35.79.
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Stock Movement Drivers
Fundamental Drivers
The -21.7% change in KMT stock from 4/30/2026 to 8/21/2026 was primarily driven by a -74.8% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.26 | 29.96 | -21.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,030 | 2,357 | 16.1% |
| Net Income Margin (%) | 5.4% | 14.5% | 167.5% |
| P/E Multiple | 26.4 | 6.7 | -74.8% |
| Shares Outstanding (Mil) | 76 | 76 | -0.1% |
| Cumulative Contribution | -21.7% |
Market Drivers
4/30/2026 to 8/21/2026| Return | Correlation | |
|---|---|---|
| KMT | -21.7% | |
| Market (SPY) | 6.5% | 32.7% |
| Sector (XLI) | 3.2% | 59.0% |
Fundamental Drivers
The -11.4% change in KMT stock from 1/31/2026 to 8/21/2026 was primarily driven by a -75.6% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.82 | 29.96 | -11.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,983 | 2,357 | 18.9% |
| Net Income Margin (%) | 4.8% | 14.5% | 205.5% |
| P/E Multiple | 27.3 | 6.7 | -75.6% |
| Shares Outstanding (Mil) | 76 | 76 | -0.2% |
| Cumulative Contribution | -11.4% |
Market Drivers
1/31/2026 to 8/21/2026| Return | Correlation | |
|---|---|---|
| KMT | -11.4% | |
| Market (SPY) | 11.0% | 39.5% |
| Sector (XLI) | 9.3% | 60.0% |
Fundamental Drivers
The 25.2% change in KMT stock from 7/31/2025 to 8/21/2026 was primarily driven by a 166.4% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.93 | 29.96 | 25.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,994 | 2,357 | 18.2% |
| Net Income Margin (%) | 5.5% | 14.5% | 166.4% |
| P/E Multiple | 17.0 | 6.7 | -60.6% |
| Shares Outstanding (Mil) | 77 | 76 | 1.0% |
| Cumulative Contribution | 25.2% |
Market Drivers
7/31/2025 to 8/21/2026| Return | Correlation | |
|---|---|---|
| KMT | 25.2% | |
| Market (SPY) | 22.2% | 35.1% |
| Sector (XLI) | 19.8% | 53.1% |
Fundamental Drivers
The 8.5% change in KMT stock from 7/31/2023 to 8/21/2026 was primarily driven by a 141.6% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.61 | 29.96 | 8.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,058 | 2,357 | 14.5% |
| Net Income Margin (%) | 6.0% | 14.5% | 141.6% |
| P/E Multiple | 18.0 | 6.7 | -62.9% |
| Shares Outstanding (Mil) | 81 | 76 | 5.7% |
| Cumulative Contribution | 8.5% |
Market Drivers
7/31/2023 to 8/21/2026| Return | Correlation | |
|---|---|---|
| KMT | 8.5% | |
| Market (SPY) | 73.2% | 44.1% |
| Sector (XLI) | 70.0% | 59.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KMT Return | 1% | -31% | 10% | -4% | 23% | 7% | -3% |
| Peers Return | -1% | -13% | 43% | 44% | 14% | 124% | 355% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| KMT Win Rate | 58% | 25% | 50% | 42% | 50% | 50% | |
| Peers Win Rate | 33% | 28% | 44% | 36% | 39% | 32% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| KMT Max Drawdown | -21% | -45% | -26% | -23% | -28% | -30% | |
| Peers Max Drawdown | -15% | -27% | -15% | -13% | -21% | -34% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GGG, GHM, CEPL, EROC, GFUZ. See KMT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | KMT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.2% | -18.8% |
| % Gain to Breakeven | 28.6% | 23.1% |
| Time to Breakeven | 63 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.9% | -9.5% |
| % Gain to Breakeven | 29.6% | 10.5% |
| Time to Breakeven | 376 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.1% | -6.7% |
| % Gain to Breakeven | 16.5% | 7.1% |
| Time to Breakeven | 82 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.6% | -24.5% |
| % Gain to Breakeven | 74.2% | 32.4% |
| Time to Breakeven | 1205 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.4% | -33.7% |
| % Gain to Breakeven | 101.6% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.2% | -19.2% |
| % Gain to Breakeven | 43.2% | 23.8% |
| Time to Breakeven | 809 days | 105 days |
In The Past
Kennametal's stock fell -22.2% during the 2025 US Tariff Shock. Such a loss loss requires a 28.6% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | KMT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.2% | -18.8% |
| % Gain to Breakeven | 28.6% | 23.1% |
| Time to Breakeven | 63 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.9% | -9.5% |
| % Gain to Breakeven | 29.6% | 10.5% |
| Time to Breakeven | 376 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.6% | -24.5% |
| % Gain to Breakeven | 74.2% | 32.4% |
| Time to Breakeven | 1205 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.4% | -33.7% |
| % Gain to Breakeven | 101.6% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.2% | -19.2% |
| % Gain to Breakeven | 43.2% | 23.8% |
| Time to Breakeven | 809 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -47.8% | -12.2% |
| % Gain to Breakeven | 91.6% | 13.9% |
| Time to Breakeven | 261 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -63.5% | -6.8% |
| % Gain to Breakeven | 173.9% | 7.3% |
| Time to Breakeven | 463 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -32.4% | -17.9% |
| % Gain to Breakeven | 47.8% | 21.8% |
| Time to Breakeven | 123 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -25.2% | -15.4% |
| % Gain to Breakeven | 33.8% | 18.2% |
| Time to Breakeven | 94 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -65.2% | -53.4% |
| % Gain to Breakeven | 187.0% | 114.4% |
| Time to Breakeven | 746 days | 1085 days |
In The Past
Kennametal's stock fell -22.2% during the 2025 US Tariff Shock. Such a loss loss requires a 28.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Kennametal (KMT)
Kennametal Inc. (KMT) is a global industrial technology company that develops and applies advanced materials, including tungsten carbides, ceramics, and super-hard materials. Its core business revolves around creating high-performance solutions for demanding industrial applications, primarily focusing on metal cutting and extreme wear. The company's innovative materials and tools help customers overcome significant challenges such as corrosion and high temperatures, thereby improving the efficiency, durability, and longevity of their operations worldwide.
The company operates through two main segments: Metal Cutting and Infrastructure. The Metal Cutting segment provides a wide array of standard and custom products like turning, milling, and hole-making tools, as well as comprehensive tooling systems and support services. The Infrastructure segment specializes in manufacturing wear components and metallurgical powders, which include products such as compacts, nozzles, earth cutting tools for mining and construction, and specialized powders utilized across various process industries. These solutions are delivered under reputable brands like Kennametal and WIDIA.
Kennametal serves a diverse range of critical industries globally. Its key customers include manufacturers of transportation vehicles and components, machine tools, and light and heavy machinery. The company is also a vital supplier to the aerospace industry for airframe and component manufacturing, and to the energy sector, including oil and gas exploration, power generation, and petrochemical operations. Furthermore, Kennametal's solutions are crucial for general engineering, underground mining, trenching, foundation drilling, road milling, and the packaging industry, all of which rely on its specialized material science expertise.
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Here are 1-3 brief analogies for Kennametal (KMT):
- Kennametal is like the "Intel Inside" for industrial machinery, providing the specialized cutting tools and wear-resistant components that enable other manufacturers to create their products.
- Kennametal is like Corning, but specializing in super-hard metals and ceramics for industrial cutting tools and extreme wear applications, rather than specialized glass.
- Kennametal is like Snap-on, but providing highly specialized, super-hard metal and ceramic tools for industrial manufacturing and extreme wear applications, rather than hand tools for mechanics.
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- Metal Cutting Tools: Standard and custom products, including turning, milling, hole making, and tooling systems, used for shaping metals in various industries.
- Specialized Wear Components: Parts like compacts, nozzles, and frac seats designed to resist extreme wear in applications such as oil and gas, petrochemical, and general industries.
- Earth Cutting Tools: Systems and tools for underground mining, trenching, foundation drilling, and road milling.
- Tungsten Carbide and Specialty Alloy Powders: Metallurgical powders utilized in the oil and gas, aerospace, and process industries.
- Ceramic Components: Materials used by the packaging industry for metallization of films and papers.
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Kennametal (KMT) sells its advanced materials and solutions primarily to other companies (B2B) rather than individuals. The provided background description details the industries and types of manufacturers that constitute its major customer base, but it does not list specific customer company names or their symbols.
Based on the company description, Kennametal's major customer segments operate in the following industries:
- Industrial Manufacturing: This segment includes manufacturers of transportation vehicles and components, machine tools, light and heavy machinery, and airframe and aerospace components. These customers utilize Kennametal's metal cutting solutions, tooling systems, and specialized wear components.
- Energy and Natural Resources: This segment encompasses the oil and gas industry, power generation, and petrochemical industries, as well as companies involved in underground mining, trenching, foundation drilling, and road milling. Customers here leverage Kennametal's specialized wear components, compacts, nozzles, frac seats, and earth cutting tools for extreme conditions.
- Specialty Applications: This category covers a variety of specific uses, such as the packaging industry (for metallization of films and papers) and general industries requiring rod blanks, abrasive water jet nozzles, and other custom components and metallurgical powders.
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Sanjay Chowbey President and CEO
Sanjay Chowbey was appointed President and CEO of Kennametal Inc. on June 1, 2024. He joined Kennametal in 2021 as President of its Metal Cutting segment, where he led the segment to expand its customer base, deliver consistent sales growth, increase operating margins, launch over 20 new products, and enhance employee engagement. Prior to joining Kennametal, Mr. Chowbey accumulated over 20 years of experience with various industrial companies, including Flowserve Corporation, Danaher, and Arvin Meritor Inc. His most recent role before Kennametal was as President of the $1.2 billion Services & Solutions business at Flowserve.
Patrick Watson Vice President and Chief Financial Officer
Patrick Watson serves as the Vice President and Chief Financial Officer of Kennametal Inc., a position he assumed on June 9, 2022. In this role, he leads the company's finance, treasury, accounting, investor relations, information technology, and global sourcing functions. Mr. Watson joined Kennametal in 2004, and his tenure includes serving as Vice President Finance and Corporate Controller, as well as holding finance leadership roles for both business segments, the EMEA region, and in mergers & acquisitions and supply chain. Before his time at Kennametal, he held financial and supply chain positions at Allegheny Energy, Inc. and Eckerd Corporation. Mr. Watson holds a bachelor's degree in business economics from the University of Pittsburgh and an MBA from the Tepper School of Business at Carnegie Mellon University.
Judith L. Bacchus Vice President and Chief Administrative Officer
Judith L. Bacchus is the Vice President and Chief Administrative Officer of Kennametal Inc., a role she has held since April 30, 2019.
Michelle R. Keating Vice President, Secretary and General Counsel
Michelle R. Keating holds the titles of Vice President, Secretary, and General Counsel for Kennametal Inc. She was appointed Vice President in March 2016 and Secretary in July 2016.
Dr. Carlonda Reilly Vice President and Chief Technology Officer
Dr. Carlonda Reilly serves as the Vice President and Chief Technology Officer of Kennametal Inc.
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The key risks to Kennametal's business include:
- Economic Volatility and Softness in Key Industries: Kennametal is highly susceptible to global and regional economic downturns, which directly impact demand from its key industries such as transportation, aerospace, energy, and general manufacturing. This can lead to reduced customer spending, lower industrial activity, and significant declines in sales across its Metal Cutting and Infrastructure segments.
- Raw Material Price Volatility and High Production Costs: The company's profitability is significantly affected by the fluctuating prices of essential raw materials, particularly tungsten ore concentrates and scrap carbide. These material cost increases, along with higher wages and general inflation, can lead to elevated production costs and pressure profit margins.
- Global Operational Risks and Foreign Currency Fluctuations: Kennametal's extensive international operations expose it to various global risks, including adverse currency exchange rate fluctuations, tariffs, different regulatory environments, trade barriers, and social and political instability, which can stem from geopolitical conflicts. These factors can disrupt operations, impact supply chain stability, and negatively affect financial performance.
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The increasing adoption of advanced additive manufacturing (3D printing) technologies for metals, which could reduce demand for traditional metal cutting tools and wear components by enabling direct production of complex parts with less machining.
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Kennametal Inc. (KMT) operates in addressable markets that span metal cutting and infrastructure applications globally. Here are some of the estimated market sizes for their main products and services:
- Metal Cutting Tools: The global metal cutting tools market was valued at approximately USD 86.24 billion in 2025 and is projected to grow to about USD 173.89 billion by 2034. Another estimate indicates the global market was USD 46.6 billion in 2024 and is expected to reach USD 78.4 billion in 2034. Asia Pacific is a dominant region in this market, holding a 49.90% share in 2025.
- Tungsten Carbide (as a material for various products): The global tungsten carbide market size was valued at around USD 17.2 billion in 2023 and is projected to reach USD 31.8 billion by 2032. Other reports place the global market for tungsten carbide at USD 19.36 billion in 2024, expected to grow to USD 36.82 billion by 2033.
- Wear Parts: The global wear parts market size was valued at USD 651.17 billion in 2023 and is projected to reach USD 1,052.24 billion by 2032. Another estimate indicates the market was valued at USD 723.45 billion in 2025 and is expected to reach USD 1,052.39 billion by 2032. Asia Pacific held a significant market share in 2023 due to rapid industrialization.
- Mining Equipment and Tools: The global mining equipment market size was valued at USD 95.97 billion in 2024 and is expected to reach USD 150.11 billion by 2032. A more specific market for mining tools was estimated at USD 5.29 billion in 2025, with projections to reach USD 5.5 billion by 2031. North America is a major market, holding more than 40% of the global revenue for mining tools in 2023, while Asia-Pacific is the fastest-growing region.
- Drilling Tools (Oil & Gas and other applications): The global drilling tools market size was valued at USD 7.85 billion in 2023 and is expected to reach USD 11.01 billion by 2029. Another report estimates the drilling tools market grew from USD 9.97 billion in 2025 to USD 10.68 billion in 2026, with an expected reach of USD 17.61 billion by 2032. For the subset of oil & gas drill bits, the market was valued at USD 5.9 billion in 2023 and is projected to grow to USD 11.3 billion by 2030. North America held the largest share in the global drilling tools market in 2023.
- Aerospace Parts and Machining Services: The global aerospace parts manufacturing market size is valued at around USD 0.99 trillion in 2025 and is projected to reach USD 1.41 trillion by 2032. The global market for aerospace precision machining services is estimated at USD 123.54 billion by 2025. The aircraft machined components market is expected to reach US$ 43.7 billion by 2028. North America dominates the aerospace parts manufacturing market.
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Kennametal Inc. (KMT) anticipates several key drivers for future revenue growth over the next 2-3 years, stemming from strategic market focus, pricing strategies, and innovation.
One primary driver is the company's continued **expansion and market share gains in targeted high-growth end markets**. Kennametal has actively secured new projects and increased its presence in sectors such as Aerospace & Defense, Earthworks, and Energy. Notably, the company has identified a significant opportunity in power generation for AI data centers, leveraging its expertise in machining complex engine components and advanced tooling technologies.
Another significant factor contributing to revenue growth is the implementation of **strategic pricing actions and tariff surcharges**. Kennametal has taken measures to offset rising input costs, particularly tungsten, through favorable pricing and surcharges. These actions have played a role in improving financial results and are expected to continue supporting top-line performance.
Finally, **new product innovation and advancements in manufacturing capabilities** are expected to spur better top-line performance. The company's focus on advanced manufacturing technologies, including 3D printing, and the development of new products and digital machining solutions are poised to enhance its offerings and competitiveness.
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Share Repurchases
- In February 2024, Kennametal authorized an additional share repurchase program of up to $200 million over a three-year period.
- The company repurchased $60 million in shares during fiscal year 2025.
- In the first six months of fiscal year 2026 (ending December 2025), Kennametal repurchased shares worth $10.1 million.
Share Issuance
- Kennametal Inc.'s issuance of common shares was a negative USD 1.4 million in fiscal year 2025, indicating net repurchases rather than issuance.
Outbound Investments
- In May 2025, Kennametal invested in Toolpath Labs, a company specializing in AI-powered computer-aided manufacturing (CAM) software.
- Kennametal acquired Camco Cutting Tools and Advanced Powder Fusion (Camco Group) in August 2025 to expand its advanced materials business.
- During fiscal year 2025, the company completed the divestiture of a subsidiary in Goshen, Indiana, and in September 2025, divested its consumer products business, The Disston Company, for $34 million.
Capital Expenditures
- Kennametal's capital expenditures were $89 million in fiscal year 2025.
- Capital spending is expected to be approximately $90 million for fiscal year 2026.
- The primary focus of capital expenditures includes strategic investments in advanced manufacturing technologies such as additive manufacturing and digital machining, as well as establishing a metal cutting inserts manufacturing facility in Bengaluru, India.
Peer Outperformance in Industrial Machinery & Supplies & Components
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| KMT | Kennametal | 4.8% | 6.7x | 47.5% | 25.9% | -1.4% | — |
| CRS | Carpenter Technology | 7.0% | 46.2x | 104.6% | 767.7% | 1522.1% | +1,523pp |
| MLI | Mueller Industries | 8.8% | 32.3x | 39.5% | 233.1% | 471.9% | +473pp |
| NPO | Enpro | 3.6% | 149.6x | 42.9% | 150.1% | 287.3% | +289pp |
| PH | Parker Hannifin | 4.1% | 34.7x | 37.8% | 159.8% | 272.8% | +274pp |
| SXI | Standex International | 6.6% | 35.7x | 54.9% | 101.5% | 231.6% | +233pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 27.6% | 126.5% | 210.6% | CDNL 3246% · STRL 2254% · FIX 2172% |
| Marine Transportation | 4 | 62.9% | 65.0% | 163.5% | MATX 225% · KEX 166% · SFL 161% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 16.3% | 68.1% | 123.8% | CAT 340% · ALSN 287% · WAB 257% |
| Aerospace & Defense | 55 | 13.8% | 67.6% | 80.6% | DFNS 2047% · ATI 1066% · FTAI 993% |
| Passenger Ground Transportation | 3 | -2.4% | 61.6% | 71.8% | UBER 97% · CAR 72% · LYFT -62% |
| Industrial Machinery & Supplies & Components ← | 71 | 11.4% | 56.3% | 52.9% | CRS 1522% · PSIX 846% · GHM 752% |
| Rail Transportation | 7 | 39.8% | 76.5% | 48.5% | FSTR 120% · CSX 64% · UNP 54% |
| Cargo Ground Transportation | 16 | 47.1% | 13.9% | 47.5% | XPO 283% · R 277% · CVLG 227% |
| Trading Companies & Distributors | 18 | 7.1% | 37.0% | 45.6% | DXPE 541% · AIT 309% · URI 246% |
| Diversified Support Services | 34 | 11.6% | 36.1% | 40.8% | LIME 4674% · TH 414% · WLFC 357% |
| Electrical Components & Equipment | 40 | 29.9% | 46.9% | 36.1% | POWL 2449% · BE 907% · VRT 872% |
| Building Products | 33 | -1.6% | 16.9% | 29.6% | GFF 425% · LMB 425% · PPIH 297% |
| Industrial Conglomerates | 17 | 18.2% | 25.2% | 7.9% | RCMT 804% · TTI 181% · CSW 157% |
| Office Services & Supplies | 10 | 18.7% | 25.5% | 4.7% | TILE 198% · PBI 173% · EBF 53% |
| Environmental & Facilities Services | 28 | -8.4% | 17.4% | 3.7% | CECO 884% · ADUR 661% · GEO 314% |
| Research & Consulting Services | 13 | -5.4% | -18.0% | -3.9% | HURN 224% · CRAI 100% · GRNQ 58% |
| Agricultural & Farm Machinery | 17 | 0.1% | -4.0% | -11.0% | BLBD 199% · DE 97% · GENC 66% |
| Data Processing & Outsourced Services | 6 | -29.6% | -8.2% | -24.6% | EXLS 57% · BR 14% · G -23% |
| Passenger Airlines | 11 | 12.7% | -6.1% | -25.3% | LTM 2424% · UAL 157% · SKYW 152% |
| Human Resource & Employment Services | 20 | 10.0% | -19.7% | -36.0% | BBSI 90% · ADP 48% · KFY 39% |
| Air Freight & Logistics | 12 | -12.4% | -24.2% | -36.6% | CHRW 80% · FDX 68% · EXPD 62% |
| Security & Alarm Services | 10 | -31.8% | -17.6% | -46.9% | CIX 125% · MG 96% · BCO 54% |
| Airport Services | 3 | -67.8% | -71.2% | -58.6% | JOBY -24% · ASLE -59% · UP -100% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 22.05 |
| Mkt Cap | 1.7 |
| Rev LTM | 261 |
| Op Inc LTM | 14 |
| FCF LTM | 3 |
| FCF 3Y Avg | 69 |
| CFO LTM | 6 |
| CFO 3Y Avg | 160 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.6% |
| Rev Chg 3Y Avg | 8.2% |
| Rev Chg Q | 15.9% |
| QoQ Delta Rev Chg LTM | 3.6% |
| Op Inc Chg LTM | 107.8% |
| Op Inc Chg 3Y Avg | 66.0% |
| Op Mgn LTM | 5.4% |
| Op Mgn 3Y Avg | 9.0% |
| QoQ Delta Op Mgn LTM | 0.9% |
| CFO/Rev LTM | 4.3% |
| CFO/Rev 3Y Avg | 8.0% |
| FCF/Rev LTM | 2.8% |
| FCF/Rev 3Y Avg | 3.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Metal Cutting | 1,220 | 1,281 | 1,270 | 1,227 | 1,151 |
| Infrastructure | 747 | 766 | 808 | 785 | 691 |
| Total | 1,967 | 2,047 | 2,078 | 2,012 | 1,841 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Metal Cutting | 86 | 133 | 136 | 121 | 46 |
| Infrastructure | 58 | 40 | 60 | 99 | 59 |
| Corporate | -2 | -2 | -3 | -2 | -3 |
| Total | 143 | 170 | 192 | 218 | 102 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Metal Cutting | 1,424 | 1,417 | 1,461 | 1,470 | 1,532 |
| Infrastructure | 676 | 690 | 735 | 768 | 699 |
| Corporate | 446 | 396 | 352 | 335 | 435 |
| Total | 2,545 | 2,504 | 2,547 | 2,574 | 2,666 |
Price Behavior
| Market Price | $29.96 | |
| Market Cap ($ Bil) | 2.3 | |
| First Trading Date | 11/05/1987 | |
| Distance from 52W High | -29.9% | |
| 50 Days | 200 Days | |
| DMA Price | $33.66 | $33.71 |
| DMA Trend | up | down |
| Distance from DMA | -11.0% | -11.1% |
| 3M | 1YR | |
| Volatility | 42.4% | 44.1% |
| Downside Capture | 241.89 | 147.81 |
| Upside Capture | 130.18 | 159.82 |
| Correlation (SPY) | 35.8% | 40.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.64 | 0.99 | 1.27 | 1.36 | 1.26 | 1.07 |
| Up Beta | -0.57 | -0.81 | 0.83 | 1.27 | 1.26 | 1.17 |
| Down Beta | 2.22 | 0.68 | 0.11 | 0.86 | 0.94 | 0.84 |
| Up Capture | 192% | 196% | 138% | 153% | 176% | 113% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 14 | 24 | 32 | 66 | 133 | 377 |
| Down Capture | 227% | 142% | 202% | 149% | 118% | 104% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 8 | 19 | 31 | 60 | 117 | 372 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KMT | |
|---|---|---|---|---|
| KMT | 48.0% | 44.0% | 1.01 | - |
| Sector ETF (XLI) | 20.5% | 17.1% | 0.92 | 57.5% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 39.9% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 19.9% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -17.8% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 31.3% |
| Bitcoin (BTCUSD) | -35.4% | 43.5% | -0.88 | 18.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KMT | |
|---|---|---|---|---|
| KMT | -1.1% | 37.2% | 0.06 | - |
| Sector ETF (XLI) | 13.1% | 17.6% | 0.57 | 66.2% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 53.1% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 10.5% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 9.4% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 45.6% |
| Bitcoin (BTCUSD) | 9.1% | 52.7% | 0.36 | 22.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KMT | |
|---|---|---|---|---|
| KMT | 3.1% | 40.9% | 0.21 | - |
| Sector ETF (XLI) | 13.8% | 20.0% | 0.60 | 71.3% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 59.6% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 4.2% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 23.2% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 47.9% |
| Bitcoin (BTCUSD) | 62.2% | 66.1% | 1.02 | 14.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/18/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -5.3% | -15.6% | |
| 5/6/2026 | 15.4% | -4.0% | -11.8% |
| 2/4/2026 | 7.2% | 15.5% | 12.5% |
| 11/5/2025 | 14.3% | 26.6% | 26.9% |
| 8/6/2025 | -18.2% | -17.1% | -12.3% |
| 5/7/2025 | -0.3% | 12.8% | 11.1% |
| 2/5/2025 | -3.4% | -7.4% | -5.3% |
| 11/6/2024 | 17.5% | 11.1% | 5.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 12 |
| # Negative | 15 | 14 | 12 |
| Median Positive | 4.6% | 5.6% | 5.8% |
| Median Negative | -3.8% | -4.1% | -8.6% |
| Max Positive | 17.5% | 26.6% | 26.9% |
| Max Negative | -18.2% | -17.1% | -14.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -5.3% | -15.6% | |
| 5/6/2026 | 15.4% | -4.0% | -11.8% |
| 2/4/2026 | 7.2% | 15.5% | 12.5% |
| 11/5/2025 | 14.3% | 26.6% | 26.9% |
| 8/6/2025 | -18.2% | -17.1% | -12.3% |
| 5/7/2025 | -0.3% | 12.8% | 11.1% |
| 2/5/2025 | -3.4% | -7.4% | -5.3% |
| 11/6/2024 | 17.5% | 11.1% | 5.6% |
| 8/7/2024 | 0.8% | 2.9% | 3.1% |
| 5/8/2024 | 3.2% | 8.4% | 1.8% |
| 2/7/2024 | -2.4% | -3.1% | 1.9% |
| 11/1/2023 | -1.3% | -0.6% | 1.7% |
| 8/1/2023 | -5.2% | -8.5% | -11.6% |
| 5/1/2023 | 4.2% | 3.4% | -4.3% |
| 2/6/2023 | -1.7% | -1.7% | -0.1% |
| 10/31/2022 | -6.8% | -6.8% | -0.3% |
| 8/1/2022 | -2.1% | -3.2% | -9.7% |
| 5/2/2022 | 1.3% | 2.6% | 6.3% |
| 2/7/2022 | -3.8% | -3.5% | -12.2% |
| 11/1/2021 | -3.2% | -4.2% | -14.8% |
| 8/2/2021 | 4.9% | -1.6% | 3.4% |
| 5/3/2021 | 0.8% | 1.1% | -7.4% |
| 2/1/2021 | -8.8% | -5.2% | -1.3% |
| 11/2/2020 | -11.1% | 2.5% | 9.7% |
| 8/3/2020 | -8.5% | 5.6% | 6.0% |
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 12 |
| # Negative | 15 | 14 | 12 |
| Median Positive | 4.6% | 5.6% | 5.8% |
| Median Negative | -3.8% | -4.1% | -8.6% |
| Max Positive | 17.5% | 26.6% | 26.9% |
| Max Negative | -18.2% | -17.1% | -14.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-K |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/04/2026 | 10-Q |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-K |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/07/2025 | 10-Q |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-K |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/07/2024 | 10-Q |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-K |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-Q |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-K |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/04/2026 | 10-Q |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-K |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/07/2025 | 10-Q |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-K |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/07/2024 | 10-Q |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-K |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-Q |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-K |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/09/2022 | 10-Q |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/10/2021 | 10-K |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/03/2021 | 10-Q |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/20/2020 | 10-K |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 02/04/2020 | 10-Q |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 8/6/2026Latest: Q4 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Revenue | 745.00 Mil | 760.00 Mil | 775.00 Mil | ||||
| Q1 2027 Adjusted EPS | 2.5 | 2.65 | 2.8 | ||||
| 2027 Revenue | 3.33 Bil | 3.39 Bil | 3.45 Bil | 44.9% | Higher New | Actual: 2.34 Bil for 2026 | |
| 2027 Adjusted EPS | 4.15 | 4.65 | 5.15 | 20.0% | Higher New | Actual: 3.88 for 2026 | |
| 2027 Free Operating Cash Flow | 0.2 | ||||||
| 2027 Capital Expenditures | 85.00 Mil | ||||||
Prior: Q3 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Sales | 2.33 Bil | 2.34 Bil | 2.35 Bil | 5.4% | Raised | Guidance: 2.22 Bil for 2026 | |
| 2026 Adjusted EPS | 3.75 | 3.88 | 4 | 72.2% | Raised | Guidance: 2.25 for 2026 | |
Q2 2026 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | 545.00 Mil | 555.00 Mil | 565.00 Mil | ||||
| Q3 2026 Adjusted EPS | 0.5 | 0.55 | 0.6 | ||||
| 2026 Revenue | 2.19 Bil | 2.22 Bil | 2.25 Bil | 4.0% | Raised | Guidance: 2.13 Bil for 2026 | |
| 2026 Adjusted EPS | 2.05 | 2.25 | 2.45 | 50.0% | Raised | Guidance: 1.5 for 2026 | |
| 2026 Free Operating Cash Flow | 0.6 | -40.0% | Lowered | Guidance: 1 for 2026 | |||
| 2026 Capital Expenditures | 90.00 Mil | 0.0% | Affirmed | Guidance: 90.00 Mil for 2026 | |||
Q1 2026 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 500.00 Mil | 510.00 Mil | 520.00 Mil | ||||
| Q2 2026 Adjusted EPS | 0.3 | 0.35 | 0.4 | ||||
| 2026 Revenue | 2.10 Bil | 2.13 Bil | 2.17 Bil | 6.8% | Raised | Guidance: 2.00 Bil for 2026 | |
| 2026 Adjusted EPS | 1.35 | 1.5 | 1.65 | 36.4% | Raised | Guidance: 1.1 for 2026 | |
| 2026 Free Operating Cash Flow | 1 | -20.0% | Lowered | Guidance: 1.2 for 2026 | |||
| 2026 Capital Expenditures | 90.00 Mil | 0.0% | Affirmed | Guidance: 90.00 Mil for 2026 | |||
Insider Activity
Updated 8/20/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bacchus, Judith L | Vice President | Direct | Sell | 6162026 | 35.94 | 5,488 | 197,239 | 163,660 | Form |
| 2 | Patel, Sagar A | Direct | Sell | 6092026 | 33.50 | 29,499 | Form | |||
| 3 | Reilly, Carlonda R | Vice President | Direct | Sell | 6032026 | 33.12 | 12,013 | 397,907 | 832,812 | Form |
| 4 | Reilly, Carlonda R | Vice President | Direct | Sell | 3102026 | 36.31 | 13,410 | 486,971 | 1,407,022 | Form |
| 5 | Witt, John Wayne | Vice President | Direct | Sell | 2202026 | 38.29 | 5,060 | 193,737 | 62,563 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bacchus, Judith L | Vice President | Direct | Sell | 6162026 | 35.94 | 5,488 | 197,239 | 163,660 | Form |
| 2 | Patel, Sagar A | Direct | Sell | 6092026 | 33.50 | 29,499 | Form | |||
| 3 | Reilly, Carlonda R | Vice President | Direct | Sell | 6032026 | 33.12 | 12,013 | 397,907 | 832,812 | Form |
| 4 | Reilly, Carlonda R | Vice President | Direct | Sell | 3102026 | 36.31 | 13,410 | 486,971 | 1,407,022 | Form |
| 5 | Witt, John Wayne | Vice President | Direct | Sell | 2202026 | 38.29 | 5,060 | 193,737 | 62,563 | Form |
| 6 | Keating, Michelle R | Vice President | Direct | Sell | 2122026 | 40.22 | 24,617 | 990,194 | 897,409 | Form |
| 7 | Bacchus, Judith L | Vice President | Direct | Sell | 2122026 | 40.23 | 39,051 | 1,570,905 | 403,947 | Form |
Investor Activity (13F)
Updated Aug 22, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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