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Kaltura Inc key statistics and ratios

In fiscal 2025, Kaltura Inc had return on equity of -78.6%, an operating margin of -2.7%, debt equal to 462.9% of equity and a current ratio of 0.72. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin63.4%60.4%62.2%63.3%64.1%66.6%70.6%72.0%
Operating margin−2.9%−7.0%−19.8%−33.4%−22.1%−13.5%−2.7%−1.5%
Net margin−16.0%−48.8%−36.0%−40.6%−26.5%−17.5%−6.7%−6.9%
Free-cash-flow margin−1.9%3.9%−14.5%−28.5%−6.2%6.6%7.7%6.2%
Return on equity———−106.5%−125.9%−114.5%−78.6%—
Return on assets—−64.6%−37.8%−31.9%−23.8%−17.2%−7.0%−7.5%
Asset turnover—1.321.050.790.900.981.051.08
Current ratio—0.641.791.221.121.200.720.56
Debt to equity——45.7%83.1%114.3%132.3%462.9%>999%
Interest cover (operating income ÷ interest)n/mn/mn/mn/mn/mn/mn/mn/m
R&D as % of revenue24.9%24.5%29.3%34.0%29.9%27.7%25.4%25.3%
Capital spending as % of revenue2.3%0.9%1.1%0.7%1.5%0.3%0.4%0.2%
Dividends and buybacks ÷ free cash flow—————24.9%188.8%148.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $169m
Short-term assets $75mLonger-term assets $93m
What it owes, and who funded it · $169m
Short-term liabilities $134mLonger-term liabilities $33mShareholders' equity $2m
  • Short-term assets cover short-term liabilities $75m of assets due within a year against $134m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $75m short-term assets against $33m of longer-dated liabilities.
  • More cash than debt $26m of cash against $53m of debt.
  • Debt below 40% of shareholders' equity Debt is 3148% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 42% to 3148% over five years.
  • A year's operating cash flow covers at least 20% of debt $12m of operating cash flow against $53m of debt.
  • Operating profit covers interest at least five times over Operating income of −$3m against $2m of interest.

From Kaltura Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

26 /100

Weak moat

How hard Kaltura's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -28.1% of total assets over 6 years.

  • Pricing power 18 / 20

    Gross margin has been a median 64.0%, moving by 4.0 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -16.2%; its worst year was -28.6%.

  • Cash conversion 5 / 20

    Free cash flow was positive in 3 of 6 years, at a median 0.4% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (42 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Kaltura Inc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Kaltura Inc.