olivLaw · US equity research
Kimball Electronics, Inc. KE
Printed Circuit Boards · SIC 3672 · Vertical: Printed Circuit Boards (SIC 3672)
Kimball Electronics is a global, multifaceted manufacturer offering electronics manufacturing services (EMS) and CDMO solutions, with a growing medical share of its business. The company enters fiscal 2027 after the Helvoet acquisition, with a growth orientation supported by a stronger balance sheet and net sales of 1431.4 million USD in fiscal 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Kimball Electronics, Inc. (KE) stock was 25.86 USD (−3.18% on the day), with market capitalisation 619.8 m USD, P/E 22.9 on diluted EPS of 1.13 USD over the last 12 months, beta 1.44, 52-week range 22.63–31.38 USD. Latest reported quarter (Q4 2026): revenue of 371.6 m USD (−2.3% YoY), net income of 8.5 m USD (+29.4% YoY), diluted EPS 0.35 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 46.2
- neutral
- Bollinger (20, 2)
- 24.35 – 28.87
- in the lower half of the band · %B 0.33 · band width 17.0%
- SMA 50 / 200
- 26.17 / 25.65
- mixed trend
- MACD (12, 26, 9)
- -0.14 / -0.08
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.4% | −1.1% | −7.3 pp | — |
| 3 months | −3.4% | −0.5% | −3.0 pp | — |
| 6 months | +2.8% | +4.4% | −1.6 pp | — |
| Year to date | −7.0% | +12.3% | −19.4 pp | — |
| 1 year | −10.2% | +13.5% | −23.7 pp | +4.6% |
| 3 years | −5.0% | +76.4% | −81.4 pp | +124.2% |
| 5 years | −11.2% | +63.7% | −74.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 374.3 m | 357.4 m | 374.6 m | 380.5 m | 365.6 m | 341.3 m | 352.9 m | 371.6 m |
| Cost of revenue | 350.7 m | 334.0 m | 347.7 m | 350.0 m | 336.8 m | 313.4 m | 325.1 m | 338.6 m |
| Gross profit | 23.6 m | 23.4 m | 26.9 m | 30.5 m | 28.8 m | 27.9 m | 27.8 m | 32.9 m |
| SG&A | 13.4 m | 10.5 m | 13.2 m | 13.2 m | 13.1 m | 14.9 m | 15.2 m | 18.0 m |
| Operating income | 9.1 m | 8.2 m | 11.7 m | 16.5 m | 14.5 m | 10.8 m | 11.8 m | 29.1 m |
| Depreciation & amortisation | 9.2 m | 9.1 m ≈ | 9.2 m ≈ | 9.6 m | 9.1 m | 9.3 m ≈ | 10.3 m ≈ | 10.0 m |
| Interest expense | 4.8 m | 4.2 m | 2.9 m | 2.8 m | 2.4 m | 2.1 m | 2.1 m | 2.0 m |
| Pre-tax income | 2.9 m | 3.5 m | 7.2 m | 12.7 m | 11.0 m | 7.0 m | 8.8 m | 26.5 m |
| Income tax | -270.0 k | 42.0 k | 3.3 m | 6.1 m | 913.0 k | 3.3 m | 3.1 m | 17.9 m |
| Net income | 3.2 m | 3.4 m | 3.8 m | 6.6 m | 10.1 m | 3.6 m | 5.7 m | 8.5 m |
| Diluted EPS | 0.12 | 0.14 | 0.15 | 0.26 ≈ | 0.40 | 0.15 | 0.23 | 0.35 ≈ |
| Operating cash flow | 45.5 m | 29.5 m ≈ | 30.9 m ≈ | 78.1 m | 8.1 m | 6.9 m ≈ | 14.9 m ≈ | 42.4 m |
| Capex | 13.4 m | 6.4 m ≈ | 3.9 m ≈ | 9.6 m | 10.5 m | 18.1 m ≈ | 14.4 m ≈ | 8.5 m |
| Share repurchases | 2.9 m | 3.1 m ≈ | 3.0 m ≈ | 3.0 m | 1.2 m | 4.4 m ≈ | 4.0 m ≈ | 2.2 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 72 percentile of its own 39-quarter history (min 9.7, median 15.9, max 58.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.8 bn | 1.7 bn | 1.5 bn | 1.4 bn |
| Revenue YoY | +10.2% | +1.6% | +7.6% | +4.5% | +35.1% | −6.0% | −13.3% | −3.7% |
| Net income | 31.6 m | 18.2 m | 56.8 m | 31.3 m | 55.8 m | 20.5 m | 17.0 m | 28.0 m |
| Net income YoY | +88.4% | −42.3% | +212.1% | −45.0% | +78.6% | −63.3% | −17.2% | +64.6% |
| Diluted EPS | 1.21 | 0.71 | 2.24 | 1.24 | 2.22 | 0.81 | 0.68 | 1.13 |
| Diluted EPS YoY | +95.2% | −41.3% | +215.5% | −44.6% | +79.0% | −63.5% | −16.0% | +66.2% |
| net % | 2.7% | 1.5% | 4.4% | 2.3% | 3.1% | 1.2% | 1.1% | 2.0% |
| Free cash flow | -31.4 m | 34.4 m | 91.7 m | -157.1 m | -103.2 m | 27.1 m | 150.7 m | 20.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 88.9 m USD
- Financial debt
- 116.2 m USD
- Net debt
- 27.3 m USD
- Equity
- 585.1 m USD
- Total assets
- 1.1 bn USD
- Debt / equity
- 0.20x
- Current ratio
- 2.09x
- ROE
- 4.8%
- ROA
- 2.6%
- FCF margin
- 1.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.3 bn | 1.8 bn | 1.7 bn | 1.5 bn | 1.4 bn | SEC (XBRL)· 19 Aug 2026verified |
| Cost of revenue | 1.2 bn | 1.2 bn | 1.7 bn | 1.6 bn | 1.4 bn | 1.3 bn | SEC (XBRL)· 19 Aug 2026verified |
| Gross profit | 118.0 m | 104.6 m | 156.2 m | 140.3 m | 104.4 m | 117.5 m | SEC (XBRL)· 19 Aug 2026verified |
| SG&A | 52.7 m | 53.4 m | 68.6 m | 66.6 m | 50.3 m | 61.2 m | SEC (XBRL)· 19 Aug 2026verified |
| Operating income | 65.7 m | 52.5 m | 87.7 m | 49.3 m | 45.5 m | 66.1 m | SEC (XBRL)· 19 Aug 2026verified |
| Depreciation & amortisation | 34.0 m | 29.4 m | 32.4 m | 38.0 m | 37.0 m | 38.7 m | SEC (XBRL)· 19 Aug 2026verified |
| EBITDA | 99.7 m ≈ | 82.0 m ≈ | 120.1 m ≈ | 87.3 m ≈ | 82.5 m ≈ | 104.8 m ≈ | SEC (XBRL)· 19 Aug 2026derived |
| Interest expense | 2.2 m | 2.7 m | 16.3 m | 22.8 m | 14.7 m | 8.5 m | SEC (XBRL)· 19 Aug 2026verified |
| Pre-tax income | 70.1 m | 43.7 m | 74.7 m | 25.2 m | 26.2 m | 53.2 m | SEC (XBRL)· 19 Aug 2026verified |
| Income tax | 13.3 m | 12.5 m | 18.9 m | 4.7 m | 9.2 m | 25.3 m | SEC (XBRL)· 19 Aug 2026verified |
| Net income | 56.8 m | 31.3 m | 55.8 m | 20.5 m | 17.0 m | 28.0 m | SEC (XBRL)· 19 Aug 2026verified |
| Diluted EPS | 2.24 | 1.24 | 2.22 | 0.81 | 0.68 | 1.13 | SEC (XBRL)· 19 Aug 2026verified |
| Weighted average diluted shares | 25.3 m | 25.2 m | 25.1 m | 25.3 m | 25.0 m | 24.8 m | SEC (XBRL)· 19 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 106.4 m | 49.9 m | 43.0 m | 78.0 m | 88.8 m | 88.9 m | SEC (XBRL)· 19 Aug 2026verified |
| Inventories | 200.4 m | 395.6 m | 450.3 m | 338.1 m | 273.5 m | 271.9 m | SEC (XBRL)· 19 Aug 2026verified |
| Current assets | 583.4 m | 761.1 m | 929.4 m | 847.0 m | 699.6 m | 693.0 m | SEC (XBRL)· 19 Aug 2026verified |
| Property, plant & equipment, net | 163.3 m | 206.8 m | 267.7 m | 269.7 m | 264.8 m | 274.2 m | SEC (XBRL)· 19 Aug 2026verified |
| Goodwill | 12.0 m | 12.0 m | 12.0 m | 6.2 m | 6.2 m | 6.2 m | SEC (XBRL)· 19 Aug 2026verified |
| Intangibles (excl. goodwill) | 17.0 m | 14.7 m | 12.3 m | 3.0 m | 2.4 m | 1.9 m | SEC (XBRL)· 19 Aug 2026verified |
| Total assets | 814.1 m | 1.0 bn | 1.3 bn | 1.2 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 19 Aug 2026verified |
| Accounts payable | 216.5 m | 300.2 m | 322.3 m | 213.6 m | 218.8 m | 234.4 m | SEC (XBRL)· 19 Aug 2026verified |
| Short-term debt | — | — | — | 59.8 m | 17.4 m | — | SEC (XBRL)· 06 Nov 2025verified |
| Long-term debt | — | — | — | 235.0 m | 129.7 m | 116.2 m | SEC (XBRL)· 19 Aug 2026verified |
| Current liabilities | 300.8 m | 408.7 m | 475.1 m | 375.3 m | 318.6 m | 332.1 m | SEC (XBRL)· 19 Aug 2026verified |
| Equity | 442.0 m † | 454.0 m † | 524.0 m † | 540.5 m † | 569.9 m † | 585.1 m † | SEC (XBRL)· 19 Aug 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 130.1 m | -83.2 m | -13.8 m | 73.2 m | 183.9 m | 72.3 m | SEC (XBRL)· 19 Aug 2026verified |
| Capex | 38.4 m | 74.0 m | 89.4 m | 46.1 m | 33.3 m | 51.5 m | SEC (XBRL)· 19 Aug 2026verified |
| Free cash flow | 91.7 m ≈ | -157.1 m ≈ | -103.2 m ≈ | 27.1 m ≈ | 150.7 m ≈ | 20.8 m ≈ | SEC (XBRL)· 19 Aug 2026derived |
| Investing cash flow | -38.8 m | -74.8 m | -90.5 m | -46.5 m | -14.7 m | -25.9 m | SEC (XBRL)· 19 Aug 2026verified |
| Financing cash flow | -53.1 m | 103.7 m | 99.2 m | 9.0 m | -160.9 m | -47.1 m | SEC (XBRL)· 19 Aug 2026verified |
| Share repurchases | 3.0 m | 9.0 m | 0 | 2.8 m | 12.0 m | 11.9 m | SEC (XBRL)· 19 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 42 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 619.8 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation78
- Returns65
- Quality16
- Balance sheet84
- Growth3
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 11.42 – 63.47 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)11.42 – 19.32 (Mid 14.36)WACC 8.3% · starting FCFF 25.2 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 19.7%
- Peers: EV/Sales38.22 – 54.98 (Mid 44.67)6 companies used · median multiple 0.8x · quartiles 0.7x – 0.9xBHE, CLS, FLEX, JBL, KTCC, SANM
- Peers: EV/EBITDA50.35 – 63.47 (Mid 56.68)4 companies used · median multiple 13.2x · quartiles 11.8x – 14.8xBHE, CLS, JBL, SANM
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 42/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 8.2% | 0 (on a fixed band) | 11% |
| EBIT margin · Quality | 4.6% | 45 (vs peers) | 9% |
| FCF margin · Quality | 1.5% | 6 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -7.8% | 0 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | -3.7% | 9 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | 0.3x | 91 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 2.1x | 76 (on a fixed band) | 6% |
| EV/Sales · Valuation | 0.5x | 86 (vs peers) | 17% |
| FCF yield · Valuation | 3.4% | 67 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 1.9% | 65 (on a fixed band) | 4% |
Score groups
- Balance sheet84/100 · 2/2 factors with a value
- Growth3/100 · 2/2 factors with a value
- Quality16/100 · 3/3 factors with a value
- Returns65/100 · 1/1 factors with a value
- Valuation78/100 · 2/2 factors with a value
Memo
KIMBALL ELECTRONICS, INC. (KE). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.4 bn USD in 2026; YoY growth -3.7%; net margin 2.0%; ROE 4.8%; net debt/EBITDA 0.3x.
The estimated value range is 38.22–54.98 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 44.67 USD, the price of 25.86 USD leaves a potential of 72.7% (value / price − 1) and a margin of safety of 42.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 42/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: 0.3x
- Current ratio: 2.1x
- EV/Sales: 0.5x
- The price is below the estimated value range
What contradicts it
- Gross margin: 8.2%
- FCF margin: 1.5%
- Revenue CAGR 3Y: -7.8%
- Revenue growth (YoY): -3.7%
- The valuation methods diverge
Versus the vertical median
Printed Circuit Boards (SIC 3672) · same industry (4-digit SIC) · compared with 11 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CLSCelestica Inc. | 29.8 bn | 22.4 | 30.2% | 6.8% | +28.5% | −31% / +777% |
| FLEXFlex Ltd. | 28.5 bn | 27.9 | 19.1% | 3.4% | +8.1% | +31% / +303% |
| JBLJabil Inc | 26.6 bn | 26.5 | 66.7% | 2.9% | +20.6% | +23% / +124% |
| TTMITtm Technologies, Inc. | 7.7 bn | 29.3 | 14.3% | 7.0% | +19.0% | +5% / +389% |
| SANMSanmina Corporation | 7.7 bn | 25.7 | 11.8% | 2.4% | +7.4% | −8% / +187% |
| PLXSPlexus Corp. | 5.5 bn | 30.5 | 12.6% | 4.6% | +1.8% | +45% / +103% |
| BHEBenchmark Electronics, Inc. | 2.3 bn | 42.2 | 5.0% | 1.9% | +0.1% | +45% / +162% |
| CTSCts Corporation | 1.8 bn | 24.4 | 13.0% | 12.9% | +5.2% | +46% / +60% |
| KEKimball Electronics, Inc. | 619.8 m | 22.9 | 4.8% | 2.0% | −3.7% | −10% / −5% |
| NNDMNano Dimension Ltd. | 278.3 m | — | -28.7% | -135.2% | +77.3% | −25% / −43% |
| ELTKEltek Ltd. | 42.0 m | 52.1 | 1.9% | 1.6% | +11.3% | −27% / −49% |
| KTCCKey Tronic Corp | 16.2 m | — | -51.3% | -12.4% | −17.4% | −44% / −64% |
1- and 3-year price returns: for KE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 14.27 Total return -45% · Per year -45% | 25.36 Total return -2% · Per year -2% | 38.38 Total return 48% · Per year 48% |
| 3 years | 11.33 Total return -56% · Per year -24% | 22.89 Total return -11% · Per year -4% | 38.38 Total return 48% · Per year 14% |
| 5 years | 9.00 Total return -65% · Per year -19% | 20.66 Total return -20% · Per year -4% | 38.38 Total return 48% · Per year 8% |
- Exit P/E± 5.72
- Net margin± 4.01
- Annual revenue growth± 3.62
- Annual dilution± 0.34
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 19 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
Kimball Electronics is a global, multifaceted manufacturer offering electronics manufacturing services (EMS) and CDMO solutions, with a growing medical share of its business. The company enters fiscal 2027 after the Helvoet acquisition, with a growth orientation supported by a stronger balance sheet and net sales of 1431.4 million USD in fiscal 2026 1.
SWOT
Strengths
- Over forty years of experience in electronics for the automotive industry, combined with quality standards and certifications, gives the company a trusted position with customers 1.
- The balance sheet has strengthened, with debt at its lowest level in several years and available borrowing capacity, giving flexibility for investment 2.
- The integrated model, combining EMS with medical CDMO and precision molded plastics, allows service across the full product life cycle 1.
Weaknesses
Opportunities
- Growth in medical and the expansion of CDMO capacity, including the new Indianapolis facility, could open new markets 12.
- The Helvoet acquisition could add precision molded plastics and medical component capabilities if integration succeeds 1.
- Further outsourcing by original equipment manufacturers could bring new customers to the company 1.
Risks
- Customer concentrationhigh
Losing a major customer or a significant reduction in volumes could quickly affect revenue and plant efficiency.
- Helvoet integrationhigh
If the acquisition integration does not go well or costs exceed expectations, the expected profitability could be delayed.
- Tariffs and trademedium
Changes in tariff policy or related litigation could affect demand and the ability to recover costs.
- Supply chainmedium
Shortages of components, especially semiconductors, could delay production and raise inventory costs.
- International operationslow
Political, currency and tax instability in operating countries could reduce financial results.
Investment thesis
What would need to be true (bull case)
- If medical growth continues and the Helvoet integration delivers its synergies, the company could become more balanced across its verticals.
- A stronger balance sheet could support investment in new CDMO capacity.
- Fiscal 2027 guidance, which anticipates organic growth, could signal a return to sales growth after a transition year.
What would break the thesis
- If dependence on a few automotive customers persists, lower volumes could offset gains in medical.
- Operating margins remain modest, and integration and start-up costs could limit profitability in fiscal 2027.
- Tariffs and geopolitical tensions could create extra costs that the company cannot fully pass on to customers.
What to watch
- Delivery against fiscal 2027 sales and adjusted margin guidance2027
- Progress of the Helvoet integration and announced synergies2027
- Growth pace of the medical segment and start-up of the new Indianapolis facilitynext 10-K
- Automotive demand trends and US tariff policy developmentsQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 19 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
Kimball Electronics, founded in 1961, delivers durable electronics, higher level assemblies and CDMO solutions through its Kimball Solutions platform, which combines electronics manufacturing, medical disposables, drug delivery systems and precision molded plastics 1. Headquarters are in Jasper, Indiana, and manufacturing takes place in the United States, China, India, Mexico, The Netherlands, Poland, Romania and Thailand 1. The company intends to change its name to Kimball Solutions, Inc., subject to shareholder approval at its November 2026 meeting 1.
The business model rests on contract manufacturing for customers in the automotive, medical and industrial markets, with products built to customer specifications 1. Growth is pursued through a broader global footprint, a wider package of value and new markets, including the Helvoet acquisition completed on July 1, 2026 1.
Customers are concentrated: Nexteer Automotive, Philips and ZF together accounted for about 40% of net sales in fiscal 2026 1. The total number of customers declined in fiscal 2026, but customers with more than ten years of service generate most of net sales 1.
Segments
Automotive
The automotive segment was 46% of net sales in fiscal 2026 and declined, reflecting the loss of a major automotive program and pressure on demand, partly offset by improvements in Europe 1.
Medical
The medical segment reached 29% of sales and grew in fiscal 2026, supported by a step-up with a large medical customer and new program wins; management expects medical to keep outpacing the other verticals in fiscal 2027 12.
Industrial
The industrial segment was 25% of net sales and declined in fiscal 2026 due to residential HVAC weakness, partly offset by smart metering growth in Europe 1.
Market context
The contract manufacturing services market is very competitive, with large global players and agile regional providers, and the company positions itself between them for high-volume projects and durable electronics 1. The industry benefits from original equipment manufacturers outsourcing assembly to specialist providers 1.
The medical device and drug delivery market is growing faster than the company's other verticals, which makes medical and CDMO the main growth direction 12.
Trends
- Trade tariffsheadwind
Tariffs introduced from February 2025 weighed on demand from customers in North America, and after the Supreme Court ruling the company began receiving tariff refunds; unrecovered costs could remain immaterial, but tariff policy stays uncertain 1.
- Medical growthtailwind
Medical demand, supported by drug delivery devices and CDMO capabilities, could offset automotive pressure, according to fiscal 2027 guidance 12.
- Automotive pressureheadwind
Demand in automotive remains under pressure from cyclicality, tariffs and possible in-sourcing by customers, which could affect volumes 1.
- Helvoet integration and supply chainmixed
Helvoet integration brings synergies and integration costs, while geopolitical tensions and semiconductor supply disruptions could raise costs and delay production if they materialize 12.
Competitive position
Competitors include large EMS companies such as Benchmark Electronics, Flex, Jabil, Plexus and Sanmina, as well as specialist providers of medical device manufacturing, drug delivery and precision molded plastics 1. The company positions itself as a mid-sized player with agility and flexibility, while holding its margins against larger rivals 1.
Its differentiators include combining high-reliability electronics with precision molded plastics and medical CDMO capabilities under one global operating model, along with quality certifications 1.
- Benchmark ElectronicsBHE
EMS company named as a direct competitor in contract electronics manufacturing.
- FlexFLEX
Global EMS provider named in the competitor list of the source.
- JabilJBL
Global-scale EMS company named among the main competitors.
- Plexus and Sanmina
EMS providers named among competitors for the same industrial and medical customers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Correcting for Heterogeneity in the Use of Subjective Scales -- by Daniel J. Benjamin, Kristen B. Cooper, Ori Heffetz, Miles S. Kimball, Jiannan ZhouNBER — New Working Papers · 19 Oct 2026 · EN
- Kimball Electronics (KE) Bets Big On Medical Devices And Debt PaydownYahoo Finance — News · 10 Sept 2026 · EN
The latest news item in our archive is from 19 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Proxy statement30 Sept 2026
- Annual report19 Aug 2026
- Current report12 Aug 2026Results of operations · Financial statements and exhibits
- Current report01 Jul 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Current report19 Mar 2026Other events · Financial statements and exhibits
- Quarterly report05 Feb 2026
- Current report04 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / Kimball Electronics, Inc. · 19 Aug 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Kimball Electronics, Inc. · 12 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.