Kimball Electronics, Inc.KE

Kimball Electronics’ latest Form 10-Q shows revenue of $352.9 million for the quarter ending 31 March 2026, net income of $5.7 million, and diluted earnings per share of $0.23 on a weighted average of 24.6 million shares. The company closed the period with $82.5 million in cash and equivalents, $273.3 million in inventories (up $15.8 million in the quarter), and $1.10 billion in total assets. Operating income clocked in at $11.8 million, while net cash provided by operating activities was $29.8 million-numbers that read like modest profitability until you notice the $43 million spent on property, plant, and equipment in the same quarter. Either the factory floor is getting a glow-up or the company is hedging against tomorrow’s supply-chain storm with today’s inventory pile-up.

What Kimball actually makes is contract manufacturing for industrial and medical markets. In the industrial vertical, the company has spent half a century assembling electronics for motors, agricultural kit, public safety gear, and climate control systems. In medical, its Diversified Contract Manufacturing Services line builds devices, in-vitro diagnostic kits, and combination products, all stamped with the quiet assurance that the real Swiss-army knife is the spreadsheet tracking every batch through the line. The recent ribbon-cutting in Indianapolis for a new medical manufacturing facility is less a launch party than a practical admission that the old site was starting to resemble a disco with too many extension cords.

The company’s 401(k) trust, audited in the latest 11-K filing, holds Level 2 securities that can swing in value on withdrawal, a reminder that diversification sounds better in the pitch deck than it does at 3 a.m. when the market-value adjustment notice lands. Meanwhile, the board’s Form 4 filings in late May and early June show routine insider trades, which is either routine disclosure or a polite fiction that the incentives are aligned with shareholders-take your pick. And let’s not pretend the rebrand to Kimball Solutions is anything more than a birthday candle with a fresh name tag: same EMS/CMO factories, same customers, same revenue line, just a shinier badge on the door.

The numbers live on SEC EDGAR and the company’s own rails, not in some hypothetical future where every widget sells itself. A quick route to the raw filings can be found at the company’s EDGAR index, while the full XBRL company facts feed breaks down the line items if you’re the type who enjoys audited reality over polished narrative. What you won’t find on the glossy site is any guarantee that the new machines will pay off faster than the inventory pile is turning over.

The industrial vertical is mature, the medical line is growing slowly, and the capex bill is large enough to make even a disciplined board pause. The company’s conflict minerals report is dutifully filed as Exhibit 1.01 to the latest Form SD, because even a contract manufacturer knows that the audit trail matters more than the sales brochure. If you’re hunting for a chart, the company trades on Nasdaq under KE and the EDGAR filings are the only source for the latest audited numbers; everything else is commentary.

The tension isn’t in the rebrand or the ribbon-cutting-it’s in the gap between $43 million of capex and $29.8 million of operating cash generated in the quarter. The machines will either earn their keep or gather dust while the inventory line keeps singing in the dark.