KRNY · Financials(savings institution, federally chartered) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2026-06-30
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Of the $474.7 million its operations generated over 10 years, 54.5% went to dividends and 8.7% back into the business; the share count fell 25.3%. On the accounting screens, it passes 4 of 5 Piotroski tests; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 2026—
Operating margin—gross margin —
Return on invested capital—5.3% on average over 2 years
Free cash flow after stock pay31.5M
Net debt ÷ EBITDA—net debt —
Piotroski F-score4/5tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
0100M200M300M
2017Operating income 63.9M
2018Operating income 84.1M
2019Operating income 138.1M
2020Revenue 2.1MOperating income 141.1M
2021Revenue 1.9MOperating income 134.3M
2022Revenue 2.6MOperating income 122.0M
2023Operating income 170.2M
2024Operating income 61.8M
2025Operating income 165.9M
2026Operating income 202.7M
2017201820192020202120222023202420252026
Compound growth a year
3 yrs
5 yrs
9 yrs
Operating income
+6.0%
+8.6%
+13.7%
Net income
-3.9%
-10.5%
+7.7%
Earnings per share
-3.1%
-5.7%
+11.3%
Free cash flow per share
-19.1%
-8.1%
+3.6%
Dividend per share
+0.0%
+4.8%
+18.2%
Shares
-0.8%
-5.2%
-3.2%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
4.7%
Return on assets
0.5%
Asset turnover
—
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-100M-50M050M100M
2017Net income 18.6MFree cash flow 34.5MAfter stock-based pay 27.7M
2018Net income 19.6MFree cash flow 36.8MAfter stock-based pay 27.6M
2019Net income 42.1MFree cash flow 32.9MAfter stock-based pay 24.1M
2020Net income 45.0MFree cash flow 13.4MAfter stock-based pay 5.1M
2021Net income 63.2MFree cash flow 70.0MAfter stock-based pay 62.2M
2022Net income 67.5MFree cash flow 78.4MAfter stock-based pay 72.0M
2023Net income 40.8MFree cash flow 68.2MAfter stock-based pay 63.3M
2024Net income -86.7MFree cash flow 42.6MAfter stock-based pay 38.6M
2025Net income 26.1MFree cash flow 21.4MAfter stock-based pay 18.2M
2026Net income 36.3MFree cash flow 35.3MAfter stock-based pay 31.5M
2017201820192020202120222023202420252026
Where 10 years of operating cash went, 2017–2026
474.7M generated by the business. Each band is its share of that total.
Reinvested in the business 9%41.3M
Acquisitions 0%0
Dividends 54%258.6M
Share buybacks 0%0
Kept, or used to pay down debt 37%174.8M
Over the same years it paid 63.0M in stock. The share count fell 25.3%.
Per share
Earnings per shareFree cash flow per shareDividend per share
-$2-$1$0$1$2
2017Earnings per share $0.22Free cash flow per share $0.41Dividend per share $0.10
2018Earnings per share $0.24Free cash flow per share $0.45Dividend per share $0.25
2019Earnings per share $0.46Free cash flow per share $0.36Dividend per share $0.38
2020Earnings per share $0.55Free cash flow per share $0.16Dividend per share $0.29
2021Earnings per share $0.77Free cash flow per share $0.85Dividend per share $0.35
2022Earnings per share $0.95Free cash flow per share $1.11Dividend per share $0.43
2023Earnings per share $0.63Free cash flow per share $1.05Dividend per share $0.44
2024Earnings per share $-1.39Free cash flow per share $0.68Dividend per share $0.44
2025Earnings per share $0.42Free cash flow per share $0.34Dividend per share $0.44
2026Earnings per share $0.57Free cash flow per share $0.56Dividend per share $0.44
2017201820192020202120222023202420252026
Shares outstanding
Diluted shares
60M70M80M90M100M
2017Diluted shares 84.7M
2018Diluted shares 82.6M
2019Diluted shares 91.1M
2020Diluted shares 82.4M
2021Diluted shares 82.4M
2022Diluted shares 70.9M
2023Diluted shares 64.8M
2024Diluted shares 62.4M
2025Diluted shares 62.7M
2026Diluted shares 63.2M
2017201820192020202120222023202420252026
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
00.5B1.0B1.5B
2017
2018
2019
2020
2021Net debt 618.0M
2022Net debt 799.7M
2023Net debt 1.4B
2024
2025
2026
2017201820192020202120222023202420252026
Net debt ÷ EBITDA
—
Interest coverage
1× operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
4of 5 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
–More liquidCurrent ratio higher than a year before — not reportedno data
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
–Sells more per assetAsset turnover higher than a year before — not reportedno data
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Capital spending (2M) is well below depreciation (4M).
Benign
Mature assets, or a business that has become less capital-intensive.
Worrying
Under-investing: today's profit is being held up by consuming tomorrow's capacity.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market$60,1832 purchase(s) by 2 insider(s)
Sold on the open market—none in the period
Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Companies like this one
Same SEC industry (savings institution, federally chartered) first, then the rest of financials.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
