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Kennametal Inc.

kennametal.com

What Do They Do?

Makes metal-cutting tools and systems for manufacturers in transportation, aerospace and defense, and industrial equipment.

How Do They Make Money?

Customers pay for manufactured products after shipment or delivery, with payment due within a limited time after the invoice.

revenue

Segment	Share	Revenue	How money arrives
Metal Cutting Sold outright	59% FY2023: 61%		Sold outright
Infrastructure Sold outright	41% FY2023: 39%		Sold outright

Who Are Their Customers?

Manufacturers in engineering, transportation, aerospace and energy buy metal-cutting products directly or through distributors and supplier channels. Earthworks, energy and industrial customers buy wear components and powders directly or through distributors.

Do Revenues Turn Into Profits?

Yes. It kept 15 cents of every revenue dollar as net income in FY2026, but spent more cash than it brought in: free cash flow was −$80.9M.

Operating income, FY2026

20% of revenue

▲ +230% vs FY2025 ($143.1M, 7%)

Net income, FY2026

15% of revenue

▲ +268% vs FY2025 ($93.1M, 5%)

Free cash flow, FY2026

−3% of revenue

▼ Now a loss vs FY2025 ($119.4M, 6%)

How Are They Changing?

Since the FY2026 annual report

Aug 18, 2026 Kennametal named two directors as William Lambert became outgoing board chair Dawne Hickton and Richard Harshman were elected to the board; William Lambert was the outgoing board chair.

Growing. Revenue grew 17% in 4 years, from $2B in FY2022 to $2.4B in FY2026, about 4% a year.

Revenue over time

Metal Cutting Infrastructure

$2.5B$1.3B$0

FY2022 FY2023 FY2024 FY2025 FY2026