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Kestra Medical Technologies

KMTS on Nasdaq. Surgical & medical instruments & apparatus. Market value $1.7bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to April 2026.

Should I look at this?

Look carefully before going further

Why it could be worth it

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to July 2026
-7.3%low

For every $100 of what the whole company costs, it produced $-7.27 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to July 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to April 2026
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$28.34 a share, 63% above its 1-year low

Over the past year the price has ranged from $17.34 to $30.00.

Pays no dividend

Prices from Monday’s close (5 October).

Five years of cash, in billions

-0.1
-0.1
-0.1
2025202612 monthsto Jul '26
Revenue
$60m$95m
Operating margin
-177.8%-141.6%
Debt to equity
0.200.16
Shares outstanding
0.06bn0.06bn

Health checks

  • Free cash flow positive0 of 2 years
  • Accounting checksSkipped: company is not yet profitable
  • Debt0.16× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesRoughly flat

The quarter to July 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $31 million last quarter, up 60% on a year ago.
  • A loss of $44 million, compared with a loss of $26 million a year ago.
  • It loses 134 cents on each $1 of sales, compared with 176 cents a year earlier.
  • Over the past 12 months it spent $123 million more cash than it brought in, compared with $110 million a year earlier.
  • 14% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $4 million more than cash. A year ago it had $160 million more cash than debt.
Sales by quarter
Sales by quarter
Quarter toAmount
April 2025Not reported
July 2025$19m
October 2025$23m
January 2026$25m
April 2026$29m
July 2026$31m
Profit by quarter
Profit by quarter
Quarter toAmount
April 2025Not reported
July 2025-$26m
October 2025-$33m
January 2026-$34m
April 2026-$39m
July 2026-$44m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
14 July 2026
Next quarterly (estimated, 10-Q)
14 December 2026

Who owns it

None of the long-term investors we follow own it. 109 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • Bain Charger Holdings, L.P.
    Passive investor
    43.1%−9.5 pts
    Since 31 December 2025
  • FMR LLC
    Passive investor
    at least 10.2%+3.9 pts
    (filed with 1 related holder)
    Since 30 September 2025
  • 8.5%−1.7 pts
    Since 30 June 2026
  • Endeavour Medtech Growth II LP
    Passive investor
    at least 4.2%−1.0 pts
    (filed with 2 related holders)
    Since 31 December 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $199,800 of shares on the open market. 11 sold $9m, $4m of it under preset trading plans.

  • COHEN RAYMOND W
    Director
    Sold
    Date
    30 September 2026
    Shares
    3,330
    Price
    $29.28
    Value
    $97,504
  • Kwo Elizabeth
    Director
    Sold
    Date
    21 September 2026
    Shares
    4,010
    Price
    $24.26
    Value
    $97,268
  • Hanley Conor
    Director
    Sold
    Date
    8 September 2026
    Shares
    5,694
    Price
    $25.25
    Value
    $143,779
  • Reilly Kevin C
    Director
    Sold
    Date
    8 September 2026
    Shares
    2,932
    Price
    $25.13
    Value
    $73,677
  • Ladone Mary Kay
    Director
    Sold
    Date
    8 September 2026
    Shares
    3,908
    Price
    $25.20
    Value
    $98,464
  • Schwartz Jeffrey Lawrence
    Director
    Sold
    Date
    8 September 2026
    Shares
    3,890
    Price
    $25.18
    Value
    $97,942
  • Webster Brian Daniel
    See Remarks, Director
    Sold
    under a preset trading plan
    Date
    17 August 2026
    Shares
    15,000
    Price
    $27.48
    Value
    $412,181
  • Mahboob Vaseem
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    7 August 2026
    Shares
    26,287
    Price
    $25.88
    Value
    $680,383
  • Ford Alfred J Jr
    Chief Commercial Officer
    Sold
    Date
    4 August 2026
    Shares
    6,275
    Price
    $24.09
    Value
    $151,141
  • Mahboob Vaseem
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    4 August 2026
    Shares
    6,995
    Price
    $24.68
    Value
    $172,635

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Kestra Medical Technologies’ filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 14 Jul 2026, plus the 10-Q filed 14 Sep 2026 and 2 later 8-Ks.

  • Weak checks on its own accounts

    Serious

    The company said its checks on its own accounts did not work at year end. Mistakes could slip into the numbers.

    “Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that the Company's disclosure controls and procedures were not effective as of April 30, 2026, because of the material weaknesses in our internal control over financial reporting described below.”
    Show the full paragraph
    Our management, under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended ("the Exchange Act")). Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that the Company's disclosure controls and procedures were not effective as of April 30, 2026, because of the material weaknesses in our internal control over financial reporting described below.

    From the 10-K filed 14 July 2026, Item 9A. Controls and Procedures. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.