Key events, in time order
Q4 sales $371.6M, down 2% YoY but up 5% sequentially; all three verticals grew QoQ
Per 13F filing, Assenagon reduced KE position by 25% in latest quarter
Q3 FY2026 net sales were $352.9 million, down 6% year-over-year, but up 3.4% sequentially; Medical sales reached $106 million or 30% of total company
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Facts and opinions separated · All items sourced · Not investment advice
Kimball Electronics is a contract manufacturer that builds electronic circuit boards and medical devices for automotive, healthcare, and industrial brands—like a private-label factory for other companies' products.
Revenue comes from manufacturing fees on client orders, totaling USD 1.43B in the latest fiscal year with a thin 8.1% gross margin and 1.95% net margin—recurring but low-margin work tied to client demand.
Switching costs from long-term validation and regulatory approvals for medical devices create some stickiness, but low barriers let Jabil and Sanmina compete on price and scale, eroding pricing power.
