Kewaunee Scientific Corporation has undergone a significant transformation highlighted by its November 2024 acquisition of Nu Aire and subsequent debt refinancing completed in late 2025. Over the decade, the company achieved moderate revenue growth with sharp swings in profitability and cash flow. The repayment of $23 million in seller notes at an 8% coupon via amended term loans and credit facilities improved its debt structure while maintaining liquidity, evidenced by a current ratio exceeding 2. Despite a decline in net income and operating cash flow in FY2025, capital expenditure cuts bolstered free cash flow generation. Going forward, integration of Nu Aire positions Kewaunee for potential top-line expansion, though earnings volatility and leverage remain key risks.