Also trades as: KALMF (OTC) · $vol 0M

A$0.02 ($0.01)

+0.00 (+0.00%)

Weekly Expected Move ±12.6%

A$0 A$0 A$0 A$0 A$0

ASX · Basic Materials · Gold · Tech Score Sell · Power 37 · A$8.2M mcap · 408M float · 0.199% daily turnover

Overview Chart Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

C+

Oct 02, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. KAL.AX receives an overall rating of C+. Strongest factors: P/B (4/5). Areas of concern: ROE (1/5), ROA (1/5), D/E (2/5), P/E (1/5).

Rating Change History

Date	From	To
2026-10-01	B-	C+
2026-09-30	C+	B-
2026-09-28	B-	C+
2026-09-24	C+	B-
2026-08-17	C	C+
2026-04-24	C-	C
2026-04-01	C+	C-
2026-03-25	C	C+
2026-03-24	C+	C
2026-03-23	C	C+

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ — Grade A+

Profitability

—

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

100

Cash Flow

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

6.43

Safe Zone

Piotroski F-Score

5/9

✗ ✗ ✓ ✓ ✓ ✓ ✗ ✗ ✓

Beneish M-Score

—

Ohlson O-Score

-2.06

Bankruptcy prob: 11.3%

Moderate

Credit Rating

Score: 70.8/100

Trend: Stable

Earnings Quality

—

OCF/NI: 0.71x

Accruals: -6.8%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. KAL.AX scores 6.43, placing it in the Safe Zone (safe > 2.99, distress < 1.81). Bankruptcy is statistically unlikely within the next two years. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. KAL.AX scores 5/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. KAL.AX's implied 11.3% bankruptcy probability is elevated and warrants attention to the balance sheet. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. KAL.AX receives an estimated rating of A (score: 70.8/100), with a stable trend.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

-4.62x

PEG

-0.08x

P/S

0.00x

P/B

0.48x

P/FCF

-1.71x

P/OCF

—

EV/EBITDA

-4.17x

EV/Revenue

339.66x

EV/EBIT

-3.18x

EV/FCF

-1.43x

Earnings Yield

-31.76%

FCF Yield

-58.65%

Shareholder Yield

0.00%

Graham Number

—

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. KAL.AX currently has negative earnings — the P/E ratio is not meaningful.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

1.000

NI / EBT

Interest Burden

1.201

EBT / EBIT

EBIT Margin

-106.747

EBIT / Rev

Asset Turnover

0.002

Rev / Assets

Equity Multiplier

1.043

Assets / Equity

ROE

-24.5%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. KAL.AX's ROE of -24.5% is driven by Asset Turnover (0.002), indicating efficient use of assets to generate revenue. A tax burden ratio of 1.00 indicates minimal tax leakage — the company retains over 90% of pre-tax earnings.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

—

Price/Value

—

Margin of Safety

—

Premium

—

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1212 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$0.02

Median 1Y

$0.01

5th Pctile

$0.00

95th Pctile

$0.03

Ann. Volatility

109.3%

25th–75th percentile 5th–95th percentile Median path Historical

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Q4'26	Current
ROE	-3.1%	-4.8%	-7.9%	-10.8%	-60.3%	-62.7%	-61.4%	-56.4%	-21.7%	-24.5%	-24.47%
ROA	-3.0%	-4.7%	-7.8%	-10.5%	-59.4%	-60.6%	-59.9%	-54.8%	-20.9%	-23.5%	-23.45%
ROIC	-3.6%	-4.8%	-7.1%	-9.3%	-13.4%	-12.4%	-11.7%	-8.5%	-9.8%	-10.8%	-10.78%
ROCE	-3.1%	-4.8%	-7.9%	-10.7%	-77.8%	-80.5%	-70.3%	-54.5%	-14.0%	-16.3%	-16.29%
Gross Margin	—	—	-1615.0%	-1498.9%	100.0%	1.0%	-42.7%	1.0%	—	—	—
Operating Margin	—	—	-20241.7%	-19731.7%	-37.2%	-654.9%	-402.8%	-12.3%	—	—	—
Net Margin	—	—	-20241.8%	-19731.5%	-781.0%	-1059.2%	-585.9%	-40.3%	—	—	—
EBITDA Margin	—	—	-18625.8%	-18231.6%	-765.3%	16386.6%	-422.4%	-15.6%	—	—	—
FCF Margin	—	—	-205790.6%	-127505.9%	-675.6%	-529.9%	-464.3%	-192.9%	-232.1%	-236.8%	-236.76%
OCF Margin	—	—	-41345.0%	-29019.4%	-190.1%	-180.1%	-167.3%	-48.9%	-70.2%	-91.0%	-91.04%
ROE 3Y Avg	snapshot only										-35.41%
ROA 3Y Avg	snapshot only										-34.11%
ROIC 3Y Avg	snapshot only										-30.69%
ROIC Economic	snapshot only										-9.64%
Cash ROA	snapshot only										-13.31%
Cash ROIC	snapshot only										-15.46%
CROIC	snapshot only										-40.22%
NOPAT Margin	snapshot only										-63.43%
Pretax Margin	snapshot only										-128.20%
R&D / Revenue	snapshot only										0.00%
SGA / Revenue	snapshot only										78.38%
SBC / Revenue	snapshot only										2.23%

Valuation

Metric	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Q4'26	Current
P/E Ratio	-30.41	-10.48	-6.96	-1.84	-0.49	-0.54	-0.32	-1.35	-6.81	-3.15	-4.615
P/S Ratio	—	—	372708.13	67356.89	450.13	482.63	263.73	347.79	787.91	403.70	0.000
P/B Ratio	0.93	0.50	0.55	0.20	0.38	0.44	0.23	0.77	1.19	0.62	0.484
P/FCF	-12.02	-2.55	-1.81	-0.53	-0.67	-0.91	-0.57	-1.80	-3.39	-1.71	-1.705
P/OCF	—	—	—	—	—	—	—	—	—	—	—
EV/EBITDA	-19.76	-6.20	-5.75	-1.11	-0.33	-2.60	-0.70	-5.63	3.61	-4.17	-4.174
EV/Revenue	—	—	293214.88	38466.18	293.70	433.38	106.67	247.04	644.23	339.66	339.656
EV/EBIT	-19.62	-6.03	-5.47	-1.05	-0.32	-0.49	-0.13	-0.99	-6.92	-3.18	-3.182
EV/FCF	-7.75	-1.47	-1.42	-0.30	-0.43	-0.82	-0.23	-1.28	-2.78	-1.43	-1.435
Earnings Yield	-3.3%	-9.5%	-14.4%	-54.4%	-2.0%	-1.8%	-3.1%	-74.0%	-14.7%	-31.8%	-31.76%
FCF Yield	-8.3%	-39.2%	-55.2%	-1.9%	-1.5%	-1.1%	-1.8%	-55.5%	-29.5%	-58.6%	-58.65%
Price/Tangible Book	snapshot only										0.618
Shareholder Yield	snapshot only										0.00%

Leverage & Solvency

Metric	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Q4'26	Current
Current Ratio	28.19	7.98	8.17	4.52	6.71	2.12	5.18	8.59	5.49	2.68	2.681
Quick Ratio	28.19	7.98	8.17	4.52	6.71	2.12	5.18	8.59	5.49	2.68	2.681
Debt/Equity	0.00	0.01	0.01	0.00	0.00	0.01	0.01	0.01	0.01	0.01	0.008
Net Debt/Equity	-0.33	-0.21	-0.12	-0.08	-0.13	-0.05	-0.14	-0.22	-0.22	-0.10	-0.098
Debt/Assets	0.00	0.01	0.01	0.00	0.00	0.01	0.01	0.01	0.01	0.01	0.007
Debt/EBITDA	-0.07	-0.13	-0.07	-0.04	-0.01	-0.08	-0.07	-0.12	0.03	-0.06	-0.063
Net Debt/EBITDA	10.87	4.58	1.56	0.83	0.18	0.30	1.04	2.29	-0.81	0.79	0.787
Interest Coverage	—	—	—	—	—	—	—	—	—	—	—
Equity Multiplier	1.01	1.03	1.02	1.02	1.02	1.04	1.03	1.04	1.05	1.05	1.048
Cash Ratio	snapshot only										2.414
Cash to Debt	snapshot only										13.587
FCF to Debt	snapshot only										-46.536
Defensive Interval	snapshot only										349.2 days

Efficiency & Turnover

Metric	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Q4'26	Current
Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.002
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover (trade)	0.00	0.00	0.00	0.00	0.30	6.50	0.45	1.94	0.41	0.55	0.549
Payables Turnover	0.05	0.69	0.60	1.13	1.31	1.17	0.68	0.32	0.27	0.40	0.396
DSO (trade)	—	—	544413	170698	1224	56	811	188	886	665	665.1 days
DIO	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	7099	529	603	322	278	313	534	1131	1336	921	920.9 days
Cash Conversion Cycle (trade)	—	—	543809	170376	946	-257	277	-943	-450	-256	-255.8 days
Fixed Asset Turnover	snapshot only										0.108
Cash Velocity	snapshot only										0.014
Capital Intensity	snapshot only										683.883

Growth (YoY)

Metric	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Q4'26	Current
Revenue	—	—	—	—	—	—	441.5%	742.0%	1.9%	1.7%	1.75%
Net Income	—	—	—	—	-15.1%	-9.6%	-5.7%	-4.2%	63.1%	60.3%	60.34%
EPS	—	—	—	—	-10.5%	-4.8%	-3.7%	-67.6%	86.6%	86.3%	86.33%
FCF	—	—	—	—	-3.7%	-53.6%	0.2%	-12.4%	0.1%	-22.8%	-22.85%
EBITDA	—	—	—	—	-14.7%	-1.0%	-31.6%	5.8%	1.6%	-34.5%	-34.48%
Op. Income	—	—	—	—	-2.0%	-93.5%	-17.7%	23.3%	-7.8%	-35.9%	-35.87%
OCF Growth	snapshot only										-39.03%
Asset Growth	snapshot only										66.99%
Equity Growth	snapshot only										65.12%
Debt Growth	snapshot only										-0.70%
Shares Change	snapshot only										1.90%

Growth Quality

Metric	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Q4'26	Current
Revenue Stability	—	—	—	—	—	—	—	—	0.97	0.98	0.976
Earnings Stability	—	—	—	—	—	—	—	—	0.10	0.11	0.107
Margin Stability	—	—	—	—	—	—	—	—	—	—	—
Rev. Growth Consistency	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.000
Earn. Growth Consistency	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.500
FCF Positive Streak	0	0	0	0	0	0	0	0	0	0	0
Earnings Persistence	—	—	—	—	—	—	—	—	0.50	0.50	0.500
Earnings Smoothness	—	—	—	—	—	—	—	—	—	—	—
ROE Trend	—	—	—	—	—	—	—	—	0.23	0.24	0.236
Gross Margin Trend	—	—	—	—	—	—	—	—	—	—	—
FCF Margin Trend	—	—	—	—	—	—	—	—	—	—	—
Sustainable Growth Rate	—	—	—	—	—	—	—	—	—	—	—
Internal Growth Rate	—	—	—	—	—	—	—	—	—	—	—

Cash Flow Quality

Metric	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Q4'26	Current
OCF/Net Income	0.37	0.58	0.77	0.79	0.21	0.20	0.21	0.19	0.61	0.71	0.710
FCF/OCF	6.89	7.04	4.98	4.39	3.55	2.94	2.77	3.95	3.30	2.60	2.601
FCF/Net Income	snapshot only										1.847
CapEx/Revenue	—	—	164445.6%	98486.5%	485.5%	349.9%	296.9%	144.0%	161.9%	145.7%	145.72%
CapEx/Depreciation	snapshot only										5.744
Accruals Ratio	-0.02	-0.02	-0.02	-0.02	-0.47	-0.48	-0.48	-0.44	-0.08	-0.07	-0.068
Sloan Accruals	snapshot only										0.019
Cash Flow Adequacy	snapshot only										-0.625

Dividends & Buybacks

Metric	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Q4'26	Current
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Dividend/Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Payout Ratio	—	—	—	—	—	—	—	—	—	—	—
FCF Payout Ratio	—	—	—	—	—	—	—	—	—	—	—
Total Payout Ratio	—	—	—	—	—	—	—	—	—	—	—
Div. Increase Streak	—	—	—	—	—	—	—	—	—	—	—
Chowder Number	—	—	—	—	—	—	—	—	—	—	—
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	-44.1%	-82.9%	-77.7%	-2.4%	-49.7%	-44.7%	-1.7%	-75.0%	-49.1%	-97.3%	-97.34%
Total Shareholder Return	-44.1%	-82.9%	-77.7%	-2.4%	-49.7%	-44.7%	-1.7%	-75.0%	-49.1%	-97.3%	-97.34%

DuPont Factors

Metric	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Q4'26	Current
Tax Burden (NI/EBT)	1.00	1.00	1.00	1.00	1.00	0.95	0.96	0.96	0.88	1.00	1.000
Interest Burden (EBT/EBIT)	1.00	1.00	1.00	1.00	1.00	1.06	1.07	1.08	1.41	1.20	1.201
EBIT Margin	—	—	-53569.67	-36650.60	-912.49	-881.31	-793.63	-249.20	-93.14	-106.75	-106.747
Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.002
Equity Multiplier	1.01	1.03	1.02	1.02	1.02	1.03	1.03	1.03	1.04	1.04	1.043

Per Share

Metric	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Q4'26	Current
EPS (Diluted TTM)	$-0.00	$-0.01	$-0.01	$-0.02	$-0.05	$-0.05	$-0.06	$-0.03	$-0.01	$-0.01	$-0.01
Book Value/Share	$0.16	$0.19	$0.15	$0.15	$0.07	$0.07	$0.08	$0.05	$0.04	$0.04	$0.04
Tangible Book/Share	$0.16	$0.19	$0.15	$0.15	$0.07	$0.07	$0.08	$0.05	$0.04	$0.04	$0.04
Revenue/Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
FCF/Share	$-0.01	$-0.04	$-0.05	$-0.06	$-0.04	$-0.03	$-0.03	$-0.02	$-0.01	$-0.01	$-0.00
OCF/Share	$-0.00	$-0.01	$-0.01	$-0.01	$-0.01	$-0.01	$-0.01	$-0.01	$-0.00	$-0.01	$-0.00
Cash/Share	$0.05	$0.04	$0.02	$0.01	$0.01	$0.00	$0.01	$0.01	$0.01	$0.00	$0.00
EBITDA/Share	$-0.00	$-0.01	$-0.01	$-0.02	$-0.05	$-0.01	$-0.01	$-0.00	$0.01	$-0.00	$-0.00
Debt/Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Net Debt/Share	$-0.05	$-0.04	$-0.02	$-0.01	$-0.01	$-0.00	$-0.01	$-0.01	$-0.01	$-0.00	$-0.00

Academic Models

Metric	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Q4'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	6.429
Altman Z-Prime	snapshot only										10.886
Piotroski F-Score	2	2	2	2	2	2	3	4	3	5	5
Beneish M-Score	—	—	—	—	—	—	54.29	133.14	—	—	—
Ohlson O-Score	snapshot only										-2.064
ROIC (Greenblatt)	snapshot only										-1.86%
Net-Net WC	snapshot only										$0.00
EVA	snapshot only										$-3202991.58

Credit

Metric	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Q4'26	Current
Credit Rating	snapshot only										A
Credit Score	71.66	72.99	74.11	74.38	74.53	70.57	46.40	73.89	72.51	70.82	70.815
Credit Grade	snapshot only										6
Credit Trend	snapshot only										0.246
Implied Spread (bps)	snapshot only										150.000
Industry Credit Rank	snapshot only										56
Sector Credit Rank	snapshot only										66

KAL.AX ASX

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

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