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Karman Holdings Inc.

KRMN Industrials Aerospace & Defense

Karman Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $471.5 million, up 36.6% from fiscal 2024.

Revenue
+65.6%
EPS
+166.7%
Free cash flow
+17.7%
Total debt
+80.0%

Quarter to September 2026, against a year earlier

39.48 7.39 +23.03%
Market cap
$4.3B
P/E
82.8×
Fwd P/E
80.9×
Dividend yield
—
F-score
6/9
Altman Z
8.93
Beneish M
−1.90
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 1.04
Sold, $m 10.19
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — 3 — —
Sell 2 — — — — — — — — — — —
Insider Ownership 11.06%

Capital & Financial Ratios $m

Size
Market Cap 4,250.00
Revenue ttm 669.39
Net income ttm 50.45
Free cash flow ttm 32.46
Net debt Q (68.17)
Valuation
P/E 82.79 (above 35: high)
Forward P/E 80.90 (above 35: high)
Price / sales 6.39
Forward P/S Powerpack
Price / FCF 0.00
Price / book 9.69 (above 6: high)
Financial health
Current ratio Q 3.10 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 1.76
Growth
Revenue growth Q +65.55% (above 0%: growing)
Operating income growth Q +45.58% (above 0%: growing)
EPS, this year +59.11% (at or above 15%: strong)
EPS, next year A +64.58% (at or above 15%: strong)
Revenue, next year A +57.39% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +54.33% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 5 12 34 68
Receivables 51 55 79 123
Inventory 10 10 11 33
Other 92 125 168 229
158 202 291 453
2023 2024 2025 Q'26
Payables 21 28 32 60
ST’ Debt — — — —
Other 42 42 28 52
87 115 89 146

Compound Annual Growth %

10y 5y 3y
Sales — — 27.72%
Cash Flow — — 0.00%
Earnings — — 0.00%
Book Value — — 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.13 Actual 0.14

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.10 0.10 Met by 0.00
Q4 FY25 0.11 0.11 Met by 0.00
Q1 FY26 0.08 0.11 Beat by 0.03
Q2 FY26 0.13 0.14 Beat by 0.01
Q3 FY26 0.16 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.06 0.11 0.16 — —
’25 (0.04) 0.05 0.06 0.06 0.13
’24 0.01 0.03 0.03 0.01 0.08
’23 — — — — 0.03
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 151 182 202 — —
’25 100 115 122 134 472
’24 83 85 86 91 345
’23 — — — — 281
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 0 (3) 27 — —
’25 (14) (17) 0 9 (22)
’24 3 6 10 8 27
’23 — — — 20 20
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (7) (17) 27 — —
’25 (19) (21) (7) 4 (42)
’24 1 1 5 4 12
’23 — — — 4 4
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — — — — — 226 281 345 472 669 +27.7% 742 952 1,203 +36.6%
Gross margin, % — — — — — — 35.77 37.60 38.27 40.30 42.11 +4.5 pt
EBT — — — — — — (17) 1 14 33 55 n/m
EBT margin, % — — — — — — (7.63) 0.42 4.15 6.90 8.18 +14.5 pt
Net income — — — — — — (14) 4 13 17 50 n/m
Per share, $
Per share, $ Revenue — — — — — — 1.42 1.68 2.07 3.56 5.05 +35.8%
Earnings — — — — — — (0.09) 0.03 0.08 0.13 0.39 n/m
Cash flow — — — — — — (0.04) 0.12 0.16 (0.17) 0.24 +65.3%
Capex — — — — — — (0.13) (0.10) (0.09) (0.15) 0.00 +4.8%
Free cash flow — — — — — — (0.17) 0.02 0.07 (0.32) 0.24 +23.4%
Book value — — — — — — 0.00 1.09 1.18 2.89 3.33 n/m
Shares, m — — — — — — 159 167 167 132 132 (6.0%)
Valuation, ×
Valuation, × P/E — — — — — — 394.88 394.88 394.88 562.85 82.79 436.9
P/S — — — — — — 14.51 14.51 14.51 20.53 6.39 16.0
P/B — — — — — — 25.56 25.56 25.56 25.30 9.69 25.5
EV/Sales — — — — — — 15.72 15.72 15.72 21.68 7.56 17.2
EV/FCF — — — — — — 464.00 464.00 464.00 (240.73) (7,365.13) 287.8
Cash, $m
Cash, $m Operating cash flow — — — — — — (6) 20 27 (22) 32 +55.4%
Capex — — — — — — (21) (17) (15) (20) (33) (1.5%)
Free cash flow — — — — — — (27) 4 12 (42) 32 +16.1%
Balance, $m
Balance, $m Working capital — — — — — — — 71 87 203 306 +69.4%
Net debt — — — — — — — 388 418 538 (68) +17.8%
Shareholders’ equity — — — — — — — 182 196 383 442 +44.8%
Returns, %
Returns, % ROA — — — — — — 0.00 1.23 1.71 1.85 3.86 +1.8 pt
ROIC — — — — — — 0.00 5.31 6.47 4.95 18.25 +5.0 pt
ROE — — — — — — 0.00 0.00 0.00 6.00 12.44 +6.0 pt
People
People Employees — — — — — — — 1,074 1,113 1,400 — +14.2%
Revenue/emp, $m — — — — — — 0.00 0.26 0.31 0.34 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Karman Holdings Inc. vs peers in Aerospace & Defense (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AVAV AeroVironment, Inc. $5.2B — (loss-making) 268× +5.68% (above 0%: growing) n/m +76.92% (above 0%: growing) 25.93% (2.26%) Compare
VSEC VSE Corporation $4.6B 60.0× 36.8× +65.04% (above 0%: growing) +513.33% (above 0%: growing) +217.04% (above 0%: growing) 17.02% 10.90% Compare
MDA MDA Space Ltd. $4.4B 45.6× 49.5× +33.44% (above 0%: growing) −12.34% (below 0%: shrinking) −1,555.78% (below 0%: shrinking) 25.25% 6.14% Compare
KRMN Karman Holdings Inc. $4.3B 111× 80.9× +58.18% (above 0%: growing) +120.00% (above 0%: growing) +17.67% (above 0%: growing) 42.97% 19.13%
AIR AAR Corp. $4.2B 21.2× 19.7× +24.12% (above 0%: growing) +5.21% (above 0%: growing) +182.09% (above 0%: growing) 19.20% 7.85% Compare
PL Planet Labs PBC $4.1B — (loss-making) — (loss-making) +58.14% (above 0%: growing) n/m −48.55% (below 0%: shrinking) 56.55% (11.64%) Compare
DPC DPC Holdings PLC $4.1B — — — n/m — 25.83% (44.73%) Compare
MRCY Mercury Systems Inc $4.0B — (loss-making) 152× +6.11% (above 0%: growing) −94.79% (below 0%: shrinking) −15.93% (below 0%: shrinking) 30.57% 4.99% Compare
MOG.B Moog Inc. $3.7B 27.0× — +15.16% (above 0%: growing) +153.97% (above 0%: growing) +67.52% (above 0%: growing) 31.10% 14.41% Compare
Median of peers $4.2B 36.3× 49.5× +24.12% +5.21% +67.52% 25.88% 5.57%

All 94 Aerospace & Defense stocks →

Pay and ownership Proxy statement filed 8 April 2026

Ownership

Directors and executive officers, together 5.77%
The Vanguard Group 7.05%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Karman Holdings Inc. (KRMN) Latest News

6 Nov

Impact 4 · · GuruFocus.com
Impact 4 · · The Motley Fool transcript

5 Nov

Impact 4 · · Business Wire
Impact 3 · · Zacks
Impact 3 · · Zacks

29 Oct

Impact 3 · · Zacks

28 Oct

Impact 3 · · Trefis

26 Oct

Impact 4 · · Zacks
Impact 4 · · Business Wire
Impact 3 · · Investing.com

23 Oct

Impact 3 · · MarketBeat

22 Oct

Impact 4 · · Insider Monkey
Impact 3 · · Business Wire
Impact 3 · · MT Newswires

20 Oct

Impact 4 · · Business Wire

12 Oct

Impact 3 · · Simply Wall St.

29 Sep

Impact 4 · · Insider Monkey
Impact 3 · · The Motley Fool

28 Sep

Impact 3 ·

25 Sep

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

1 Sep

Impact 4 ·
Impact 3 ·

13 Aug

Impact 3 · · The Motley Fool transcript

12 Aug

Impact 4 ·

8 Aug

Impact 4 ·
Impact 3 · · MarketBeat

7 Aug

Impact 4 · · Moby transcript
Impact 4 · transcript

6 Aug

Impact 3 ·

KRMN metrics, ten years each

stockrow.com/KRMN · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com