KEQUNasdaqLaboratory Apparatus & FurnitureUS GAAP · USD

Kewaunee Scientific Corporation

Kewaunee Scientific designs, manufactures, and installs laboratory, healthcare, and technical furniture and infrastructure used to outfit research and clinical facilities. Its portfolio spans casework, fume hoods, workstations, biosafety cabinets, and related project services, with operations in the U.S. and international markets through its own subsidiaries and channel partners.

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Revenue282m USD
+17.3 %y/y
Operating profit (EBIT)16.7m USD
−5.9 %y/y
EBIT margin5.9%
−1.5 ppy/y
Net income9.6m USD
−15.7 %y/y
Free cash flow14.7m USD
+16.5 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-1000100200300m USD2021: 147 m USD2021: EBIT -1.3 m USD20212022: 169 m USD2022: EBIT -2.6 m USD20222023: 219 m USD2023: EBIT 5.4 m USD20232024: 204 m USD2024: EBIT 18 m USD20242025: 240 m USD2025: EBIT 18 m USD20252026: 282 m USD2026: EBIT 17 m USD202628217
RevenueOperating profit (EBIT)
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Business

Share of revenue
Laboratory furniture and casework45 %

Cabinets, benches, workstations, and modular furniture used to build out lab interiors.

Laboratory safety and containment products20 %

Fume hoods, biological safety cabinets, and related containment equipment for controlled environments.

Technical and healthcare infrastructure15 %

Specialized furniture and infrastructure products for healthcare, technical, and research facilities.

Nu Aire laboratory equipment10 %

Biological safety cabinets, CO2 incubators, ultralow freezers, and other lab equipment added through acquisition.

Design-build and project services10 %

Facility design, detailed engineering, construction support, and commissioning services.

Customers

Kewaunee sells mainly to organizations building or upgrading laboratories and technical facilities, often through purchase orders, contracts, dealers, and distributors. Its end markets include pharmaceutical and biotechnology companies, industrial and chemical labs, educational institutions, healthcare institutions, government entities, and manufacturing facilities. Demand depends heavily on laboratory construction activity, project timing, and competitive public bidding.

Pharmaceutical and biotechnology

Buy lab furniture, containment products, and project services for R&D and quality-control facilities.

Educational institutions

Purchase laboratory casework and infrastructure for teaching and research labs.

Healthcare institutions

Buy specialized furniture and infrastructure for clinical, diagnostic, and support spaces.

Industrial and chemical customers

Use Kewaunee products for production-support and testing environments requiring durability and safety.

Government and public sector

Procure through competitive bidding for laboratories and technical facilities.

Channel partners and dealers

Buy and resell products into project-based demand, making them strategically important to volume.

Strategy

Kewaunee is focused on growing both organically and through acquisitions, with Nu Aire positioned as a key step in broadening its product set and channel strategy. Management is also investing in people, processes, and technology to support execution, improve manufacturing capability, and deepen its position in laboratory outfitting. The company is trying to become a broader supplier of essential lab furniture and technical products rather than a narrow casework vendor.

Integrate Nu Aire and cross-sell the combined portfolioShort term

Adds complementary products and distribution channels, broadening customer reach.

Grow through channel expansionMedium term

Dealer and distributor relationships are critical to winning project-based demand.

Invest in manufacturing and operating capabilityMedium term

Better execution and capacity support backlog conversion and competitive bidding.

Geography

Kewaunee is headquartered in Statesville, North Carolina, with U.S. manufacturing in Statesville and Minnesota and international manufacturing in Bangalore, India. It also maintains sales offices in the United States, India, Saudi Arabia, and Singapore, supporting domestic, Asian, African, and other export markets. The Nu Aire acquisition expands its channel reach and adds distribution relationships in regions where it previously had less presence.

Risks

Kewaunee is exposed to project timing, competitive bidding, and raw-material cost swings because its revenue depends on laboratory construction activity and fixed-price project pricing. It also has meaningful concentration with a few channel partners, making customer loss or channel disruption a material risk. International operations, supply-chain dependence, and cybersecurity/system reliability add operational and geopolitical risk.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Channel partner concentration1Project timing and backlog conversion2Cybersecurity and IT disruption3Raw material inflation4International regulatory and geopolitical exposure5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Channel partner concentrationImpact: HighLikelihood: Medium

    Two dealers and a national stocking distributor accounted for a large share of sales, so loss of one would hit revenue and profit.

    Exposure: Approximately 41% of fiscal 2025 sales from three domestic channel partners

  2. Project timing and backlog conversionImpact: HighLikelihood: Medium

    Revenue depends on laboratory construction projects, which can be delayed or accelerated by customer decisions and site progress.

    Exposure: Quarterly volatility in delivery schedules

  3. Cybersecurity and IT disruptionImpact: HighLikelihood: Medium

    Systems support manufacturing, inventory, sales transactions, and shipping; outages can halt operations.

  4. Raw material inflationImpact: MediumLikelihood: Medium

    Steel, wood, and epoxy resin are key inputs, so price swings can reduce margins if not passed through.

  5. International regulatory and geopolitical exposureImpact: MediumLikelihood: Medium

    Operations across multiple countries create exposure to sanctions, customs, export controls, and local compliance regimes.

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Accounting

Judgemental items
Revenue recognition on project contracts

Laboratory outfitting projects can span multiple periods, so timing of shipment, installation, and acceptance affects revenue recognition.

Impact: Quarterly revenue and margin volatility

Goodwill and intangible assets

Nu Aire acquisition added goodwill and other intangibles that must be tested for impairment.

Impact: Potential non-cash impairment charges

Lease and sale-leaseback accounting

Operating leases, financing leases, and sale-leaseback obligations affect liabilities and cash flow presentation.

Impact: Reported leverage and future cash commitments

Acquisition purchase price allocation

Fair value estimates determine how much is assigned to assets, intangibles, and goodwill.

Impact: Future amortization and impairment profile

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Last updated: 24/09/2026