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ZYBERNO

Stock Report

Updated Aug 31, 2026

Kaltura, Inc. (KLTR)

Technology • NASDAQ

$1.60

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

19.0/100

POOR BUSINESS

Kaltura, Inc. (KLTR) scores 19/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full KLTR quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

-100.0%

Overvalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

-37.4%

Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)

18.0%

Yield + growth — what the business alone earns you, even if the market never re-rates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full KLTR valuation analysis · → View full KLTR Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-164.7%)

Debt-to-Equity (Solvency Risk):CRITICAL (20.03x)

Operating Margin (Operational Efficiency):CRITICAL (-3.8%)

Return on Capital (Capital Efficiency):CRITICAL (-18.0%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Kaltura, Inc. (KLTR) stock report — Zyberno Score 19/100 (POOR BUSINESS), Margin of Safety -100.0%, -37% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, Kaltura, Inc. (KLTR) trades at $1.60 against an estimated intrinsic value per share of $0.48 — a -100.0% Margin of Safety based on Owner Earnings of $15.82M TTM, projected at -27.9% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of -37.4% annually.

Over the trailing twelve months, KLTR generated $15.82M in Owner Earnings. Capital was deployed as follows: $425.00K invested in capital expenditures. Reinvestment rate: -63.3%. Owner Earnings have declined at 27.9% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:1.60

Market Cap:$236.13M

Valuation Multiples (3)

P/B Ratio:139.56x

P/S Ratio:1.31x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$263.42M

Pfcf Ratio:15.21x

Price Action & Momentum (3)

12-1 Momentum:

-19.6% (14th pctile)

📈 Click to view full KLTR Momentum analysis →

Momentum Percentile:14 / 100

% of 52-Week High:78.0%

B. Profitability Assessment

Return Metrics (5)

ROE:

-164.7%

📊 Click to view full KLTR ROE analysis →

ROA:-7.5%

Roic:

-18.0%

📊 Click to view full KLTR ROIC analysis →

Reinvestment Rate:-63.3%

Fundamental Growth Rate (g):11.4%

Margin Analysis (3)

Operating Margin Ttm:-3.8%

Net Margin Ttm:-6.9%

Ebitda Margin:-1.0%

TTM Performance (3)

Gross Margin Ttm:72.1%

Operating Margin Ttm:-3.8%

Net Margin Ttm:-6.9%

Yield Metrics (3)

Earnings Yield:-$6.13

Owner Earnings Yield:$6.58

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.55

📊 Click to view full KLTR Earnings Surprise analysis →

EPS Surprise vs Expected:69.8%

Latest Earnings Filed:2026-08-05

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):1.9%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-10.5%

Operating Cash Flow Growth Rate (Linear):-14.2%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.56x

Quick Ratio:0.56x

Cash Ratio:0.19x

Leverage Analysis (3)

Debt To Equity Ttm:20.03x

Debt-to-Equity Ratio:20.03x

Debt To Ebitda:-999.00x

Coverage Ratios (2)

Interest Coverage Ratio:-2.35x

Times Interest Earned:-2.35

Capital Structure (4)

Working Capital:-59,143,000.00

Cash And Cash Equivalents:25,965,000.00

Long Term Debt:$26.69M

Net Debt:$27.29M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $180.93M

Linear Growth: 1.9%

📊 Click to view full KLTR Revenue analysis & methodology →

Cost Of Revenue Ttm:$50.57M

Profitability Breakdown (2)

Gross profit TTM: $130.36M

Linear Growth: 6.1%

📊 Click to view full KLTR Gross Profit analysis & methodology →

-$6.96M

Bottom Line Performance (3)

-$12.52M

Income Before Tax:-$6.30M

Ebitda Ttm:-1,853,000.00

Operating Expenses (5)

Operating Expenses:132,987,000.00

R And D Expense:45,782,000.00

Sga Expense:38,885,000.00

Income Tax Expense:$6.21M

Interest Expense:2,108,000.00

Expense Ratios (3)

R And D To Revenue Percentage:97.6%

Sga To Revenue Percentage:82.9%

Ebitda Margin:-1.0%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$168.82M

Current Assets:$75.35M

Ppe Net:11,309,000.00

Goodwill:47,660,000.00

Intangible Assets:$9.92M

Liability Structure (4)

Total Liabilities:167,126,000.00

Current Liabilities:134,489,000.00

Long Term Debt:$26.69M

Short Term Debt:$26.57M

Equity & Capital (3)

Equity:$1.69M

Retained Earnings:-$490.20M

Common Stock:1,000,000,000.00

Working Capital Items (3)

Accounts Receivable:26,635,000.00

Inventory:0.00

Accounts Payable:3,271,000.00

Special Items (2)

Contract Liabilities:58,318,000.00

Stock Based Compensation:3,740,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $16.24M

Linear Growth: -14.2%

Free cash flow TTM: $15.82M

Linear Growth: -10.5%

📊 Click to view full KLTR Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:$31.43M

Capital Expenditures Ttm:425,000.00

Financing Activities (3)

Financing Cash Flow:-$1.17M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$1.31M

Non-Cash Items (1)

Depreciation Amortization Ttm:5,109,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.19

Eps diluted TTM: -$0.10

Linear Growth: -48.5%

📊 Click to view full KLTR EPS analysis & methodology →

Earnings Per Share Ttm:-$0.08

Revenue & Cash Per Share (3)

Sales Per Share Ttm:1.23

Operating Cash Flow Per Share:$0.10

Fcf Per Share Ttm:0.11

Book Value & Capital (2)

Book Value Per Share:$0.01

Cash Per Share:0.18

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:1.09x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:6.79x

Days Sales Outstanding Ttm:53.73

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:23.61

Cash Conversion Cycle:-968.88

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:20.00

Quality Score:30.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $15.82M

Linear Growth: -27.9%

📊 Click to view full KLTR Owner Earnings analysis & methodology →

Owner Earnings Per Share:$0.11

Owner Earnings Yield:$6.58

Growth Assessment (1)

Owner Earnings Growth Rate:-$27.94

Damodaran Growth Analysis (2)

Reinvestment Rate:-63.3%

Fundamental Growth Rate (g):11.4%

Intrinsic Value Models (1)

Intrinsic Value:

$70.55M

📊 Click to view full KLTR DCF valuation →

Margin of Safety (1)

Margin Of Safety:

-100.0%

📊 Click to view full KLTR valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:

-37.4%

📊 Click to view full KLTR expected return analysis →

Forward Expected Return (Yield + Growth):

18.0%

📊 Click to view full KLTR expected return analysis →

Investment Assessment (1)

Buffett Assessment:Overvalued

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):1.9%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-10.5%

Operating Cash Flow Growth Rate (Linear):-14.2%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):6.1%

Book Value Growth Rate (Linear):-47.3%

Owner Earnings Growth Rate:-$27.94

C. Company Profile & Context

Corporate Information (6)

Symbol:KLTR

Company Name:Kaltura, Inc.

Sector:Technology

Industry:Software

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:147.58M

Shares Outstanding Basic:147.58M

Shares Outstanding Diluted:147.58M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-31 07:46:12 UTC

Data Timestamp:2026-08-18T20:25:58.201331