Kinaxis Inc KXS

Information TechnologySoftware & IT ServicesCanada

Last close 194.18 CAD on Nov 1, 2026, +12.2% year to date

Quant rating

Quant rating A+ Rank 1 of 26 in Information Technology

Growth B 17 of 26
Valuation B 16 of 26
Quality B 4 of 26
Revisions B 11 of 26
Momentum B 4 of 26

Wall Street consensus Buy (2.18)Average target 213.51 CAD +10.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.3B
Enterprise value: 4.9B
52-week range: 117.22 – 201.57
3-year range: 117.22 – 208.47
Dividend yield: –
Beta (5 years): 0.70
Shares outstanding: 27.1M
Next earnings: Nov 4, 2026

About the company

Kinaxis Inc. is a Canada-based company engaged in modern supply chain orchestration, powering complex global supply chains and supporting the people who manage them. The Company’s AI-infused supply chain orchestration platform, Maestro, combines proprietary technologies and techniques that provide full transparency and agility across the entire supply chain from multiyear strategic planning to last-mile delivery. Its solutions include platform, app warehouse and supply chain orchestration. Its platform solution includes concurrent planning, AI, advanced analytics, user experience, developer studio and integration. Its app warehouse solution includes multi-echelon inventory optimization, production scheduling and recycling planning. Its supply chain orchestration solution includes supply chain planning, such as planning one, Demand.AI, supply planning and enterprise scheduling, and supply chain execution, such as supply chain visibility, control tower and order management.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	752	695	566	497	317	–
Revenue growth	8.3%	22.8%	13.8%	56.9%	11.0%	21.4%
EPS (basic, normalized)	5.18	3.38	2.17	2.16	0.74	–
EPS growth	53.2%	55.8%	0.5%	192.5%	–	–
Gross margin	64.6%	61.8%	60.6%	64.3%	62.2%	62.7%
Net margin	12.9%	0.0%	2.4%	5.5%	−0.5%	4.1%
ROE	17.3%	0.0%	2.3%	5.6%	−0.4%	5.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	441
Current ratio	1.88x
Long-term debt (mil)	55.0
Net debt (mil)	−378
Total equity (mil)	567
Net debt / equity	−0.67x
Net debt / EBITDA	−2.00x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	752	+8.3%	6.5x	189	+29.3%	25.9x	5.18	+53.2%	37.5x
2026	894	+18.9%	5.5x	234	+24.1%	20.9x	6.33	+22.2%	30.7x
2027	1,005	+12.4%	4.9x	267	+13.8%	18.3x	7.45	+17.5%	26.1x
2028	1,142	+13.6%	4.3x	319	+19.6%	15.3x	8.77	+17.8%	22.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	894	+0.1%	+0.6%	+1.4%	6.33	−0.4%	+3.3%	+6.0%
2027	1,005	−0.1%	+0.7%	+1.5%	7.45	−0.3%	+2.4%	+5.8%
2028	1,142	0.0%	+1.1%	+1.5%	8.77	0.0%	+5.7%	+5.1%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	119	118	122	124	133	136	135	144	166	159
Sales mean (mil)	116	117	123	125	133	134	137	140	155	153
Surprise	+2.6%	+1.3%	−0.9%	−1.2%	+0.2%	+2.1%	−1.5%	+3.1%	+6.6%	+3.5%
EPS reported	0.58	0.58	0.79	0.43	0.88	1.00	0.93	1.01	1.34	1.20
EPS mean	0.49	0.52	0.60	0.68	0.78	0.74	0.84	0.91	1.14	0.97
Surprise	+17.6%	+11.8%	+30.7%	−36.3%	+13.3%	+35.7%	+10.5%	+11.2%	+17.5%	+23.1%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
KXS Kinaxis Inc	5.3B	−2.00x	12.9%	9.48x	30.7x	26.1x	20.9x	18.3x
SHOP Shopify Inc.	283.4B	−2.48x	10.7%	16.01x	83.1x	64.3x	70.8x	53.4x
CSU Constellation Software Inc.	71.9B	1.01x	4.4%	12.46x	20.5x	17.5x	14.3x	12.0x
MSTR Strategy Inc	78.0B	−2.56x	−886.3%	0.80x	−4.7x	11.1x	−6.6x	9.8x
ADSK Autodesk, Inc.	73.0B	−0.24x	15.6%	15.42x	19.8x	17.6x	15.4x	13.7x
GIBa CGI Inc	20.5B	1.15x	10.4%	2.30x	12.5x	11.5x	7.2x	7.1x
Mean		−0.85x	−138.7%	9.41x	27.0x	24.7x	20.3x	19.0x
Median		−1.12x	10.5%	10.97x	20.1x	17.6x	14.8x	12.8x

Technical analysis

1M+11.1%
3M+16.5%
1Y+8.9%
3Y+48.1%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Kinaxis Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	752	695	566	497	317	285
Cost of revenue	266	266	223	178	120	89.3
Gross profit	486	429	343	319	197	196
Selling, general & administrative expenses	220	249	191	159	116	97.1
Research & development	127	123	106	96.9	68.7	56.9
Depreciation/amortization	12.9	16.6	15.4	15.6	11.9	7.8
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	6.5	–	–	−10.0	–
Other operating expenses	17.6	15.2	11.8	10.1	8.0	7.9
Operating income	109	18.3	18.7	37.8	2.4	26.4
Net interest income (expense)	18.4	17.9	10.0	3.7	−1.0	0.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	−2.6	1.1	0	0
Net income before taxes	127	36.2	26.1	42.7	1.4	27.3
Provision for taxes	30.4	36.1	12.8	15.5	2.9	9.9
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	97.0	0.1	13.3	27.2	−1.5	17.5
Extraordinary items	–	–	–	–	–	–
Net income	97.0	0.1	13.3	27.2	−1.5	17.5
EBIT, normalized	109	66.0	18.7	37.8	−7.6	26.4
EBITDA, normalized	139	102	53.5	71.8	18.2	46.3
Basic EPS, normalized	5.18	3.38	2.17	2.16	0.74	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Kinaxis Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	446	429	388	306	295	271
Receivables	228	225	207	214	113	107
Total inventory	–	–	–	–	–	–
Prepaid expenses	21.6	26.2	19.6	18.5	10.7	11.8
Other current assets	0	0	0	0	0	0
Total current assets	695	680	615	538	418	390
Property, plant & equipment	98.3	114	116	143	134	59.2
Goodwill	105	105	98.7	99.3	50.5	50.9
Intangibles	14.8	18.5	31.0	38.3	13.6	16.6
Long-term investments	–	–	–	–	–	–
Note receivable	3.6	3.3	16.5	21.4	6.6	4.8
Other long-term assets	78.0	64.8	39.4	38.4	34.7	23.9
Total assets	995	986	917	878	657	545
Liabilities
Accounts payable	26.1	22.5	15.5	14.1	13.4	7.5
Payable/accrued	–	–	–	–	–	–
Accrued expenses	89.0	86.1	34.8	36.6	33.2	28.2
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	8.1	8.0	7.7	9.5	3.2	5.8
Other current liabilities	229	229	185	197	134	126
Total current liabilities	353	346	243	257	184	168
Long-term debt	57.7	62.3	60.9	67.7	67.3	15.4
Minority interest	–	–	–	–	–	–
Other liabilities	5.5	8.6	10.7	9.3	0	3.5
Total liabilities	416	417	314	334	251	187
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	499	410	407	332	247	220
Additional paid-in capital	0	17.4	58.7	88.2	69.2	45.6
Retained earnings (accumulated deficit)	80.3	146	135	124	90.5	92.7
Treasury stock	–	–	–	–	–	–
Other equity	−0.3	−5.5	1.8	−0.2	−0.8	0
Total equity	579	569	602	544	406	359
Total liabilities & shareholders' equity	995	986	917	878	657	545

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Kinaxis Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	97.0	0.1	13.3	27.2	−1.5	17.5
Depreciation, depletion & amortization	27.2	35.8	34.8	34.0	25.8	19.8
Deferred taxes	–	–	–	–	–	–
Non-cash items	69.1	95.0	48.4	43.1	32.5	28.0
Changes in working capital	−31.7	11.8	8.6	−71.1	6.5	10.4
Cash from operations	162	143	105	33.2	63.3	75.7
Investing activities
Capital expenditures	−7.8	−6.5	−3.0	−24.7	−42.7	−18.4
Other investing cash flows	−67.8	−13.1	−86.1	−76.9	−1.0	−78.7
Cash from investing	−75.6	−19.6	−89.2	−102	−43.8	−97.1
Financing activities
Financing cash flow items	–	–	0	5.2	–	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−113	−120	−15.9	31.1	7.4	21.2
Cash from financing	−113	−120	−15.9	36.4	7.4	21.2
Foreign exchange effects	−3.8	−6.6	−0.7	−5.8	−1.4	1.1
Net change in cash	−31.0	−3.8	−0.7	−37.8	25.6	0.9
Free cash flow	154	136	102	8.5	20.6	57.3

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.