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Held by 178 of 5,944 reporting institutions (91th percentile) — extremely crowded.
Data as of Q1 2026
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How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -192%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $132M covers the $5M due within a year 27.7× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-KT).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $50.0M 100.0% | — | — | — | $12.7M 100.0% | $16.1M 100.0% | $8.4M 100.0% | $1.5M 100.0% | $2.1M 100.0% |
| Research & Development | $71.7M | $86.2M 172.3% | $80.3M | $70.2M | $41.3M | $40.2M 316.7% | $35.0M 217.2% | $18.2M 217.3% | $12.7M 842.2% | $14.7M 687.3% |
| Selling, General & Admin | $116.3M | $54.3M 108.6% | $30.6M | $26.4M | $16.6M | $13.0M 102.7% | $10.9M 67.7% | $8.9M 105.6% | $11.2M 743.2% | $2.7M 124.4% |
| Total Operating Expenses | $188.0M | $140.4M 280.9% | $110.9M | $96.6M | $57.9M | $53.2M 419.4% | $45.9M 284.9% | $27.1M 322.8% | $23.8M 1585.3% | $17.3M 811.7% |
| Operating Income | -$188.0M | -$140.4M -280.9% | -$110.9M | -$96.6M | -$57.9M | -$40.5M -319.4% | -$29.8M -184.9% | -$18.7M -222.8% | -$22.3M -1485.3% | -$15.2M -711.7% |
| Interest Expense | $5.8M | — | — | — | — | — | — | — | — | — |
| Interest & Investment Income | $6.4M | $3.9M 7.8% | $2.2M | $1.1M | $903K | $1.8M 14.4% | $1.4M 8.7% | $82K 1.0% | $36K 2.4% | $50K 2.3% |
| Other Income (Expense), net | $7.9M | $13.8M 27.6% | $18.0M | $14.3M | $11.7M | $11.3M 89.0% | $9.1M 56.6% | $2.9M 34.5% | $3.7M 248.4% | $3.7M 175.6% |
| Pretax Income | -$180.1M | -$126.6M -253.3% | -$92.9M | -$82.3M | -$82.3M | -$29.2M -230.4% | -$20.7M -128.3% | -$15.8M -188.3% | -$18.6M -1236.9% | -$11.4M -536.1% |
| Income Tax Expense | $3.4M | $0 0.0% | $0 | $0 | $0 | -$124K -1.0% | $124K 0.8% | $0 0.0% | $0 0.0% | $0 0.0% |
| Net Income | -$183.4M | -$126.6M -253.2% | -$92.9M | -$82.3M | -$46.2M | -$29.1M -229.4% | -$20.8M -129.1% | -$15.8M -188.3% | -$18.6M -1236.9% | -$11.4M -536.1% |
| Per Share | ||||||||||
| EPS (Basic) | $-3.69 | $-3.44 | $-3.33 | $-3.36 | $-2.42 | $-1.64 | — | — | — | — |
| EPS (Diluted) | $-3.69 | $-3.44 | $-3.33 | $-3.36 | $-2.42 | $-1.64 | — | — | — | — |
| Weighted Avg Shares (Basic) | 49.7M | 36.8M | 27.9M | 24.5M | 19.1M | 17.7M | — | — | — | — |
| Weighted Avg Shares (Diluted) | 49.7M | 36.8M | 27.9M | 24.5M | 19.1M | 17.7M | — | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
1/6 of the 9 checks — 3 couldn't be scored (see above), so the score is out of the 6 with data.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$153M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
No current price collected.
No standout strengths flagged.
Nothing notable to watch.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| R&D | 217.3 | 217.2 | 316.7 | — | — | — | 172.3 | — |
| SG&A | 105.6 | 67.7 | 102.7 | — | — | — | 108.6 | — |
| Operating Income | -222.8 | -184.9 | -319.4 | — | — | — | -280.9 | — |
| Income Tax | 0.0 | 0.8 | -1.0 | — | — | — | 0.0 | — |
| Net Income | -188.3 | -129.1 | -229.4 | — | — | — | -253.2 | — |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on KALV: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 1085 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.24T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.03T | 50.2× | — | 15.9× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $894.1B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $650.5B | 24.5× | — | 6.9× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $467.1B | 111.9× | 33.4× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $368.2B | 20.2× | — | 5.7× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $339.9B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $257.7B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $248.2B | 37.1× | 31.9× | 5.6× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $204.6B | 26.7× | 17.6× | 5.6× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $187.3B | 22.3× | 20.4× | 6.4× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.0B | 27.5× | 19.2× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $157.1B | 20.3× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $150.2B | 42.1× | 31.0× | 6.1× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $136.2B | 48.7× | 37.5× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $131.1B | 33.7× | 28.8× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $127.8B | 18.2× | — | 2.6× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.8B | 24.9× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| CVS | $114.7B | 64.9× | 11.5× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $107.1B | 33.4× | 18.4× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $102.5B | 22.9× | 16.2× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.4B | 15.1× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.4B | 16.4× | 15.5× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $82.6B | 19.0× | 19.8× | 5.8× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| CI | $72.7B | 12.4× | 5.5× | 0.3× | 11.2% | 21.8% | 2.2% | 14.3% | 14.1% | 0.0× | 1,583 |
| KALV | — | — | — | — | — | — | — | -192% | -192% | — | 178 |
Peers = companies sharing KALV's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.