Saturday 17 October 2026
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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. In the quarter to June 2026, revenue grew 58.2%, EPS grew 120.0%, free cash flow grew 17.7% and total debt rose 80.0%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
34.68
0.78
+2.30%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | — | — | — | — | — | — | — | — | — | 25.03 |
Analyst estimates 2026–2028 Powerpack |
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| High | — | — | — | — | — | — | — | — | — | 88.82 | |||||
| People | |||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 1,074 | 1,113 | 1,400 | ||||
| Revenue/emp, $m | — | — | — | — | — | — | 0.00 | 0.26 | 0.31 | 0.34 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 226 | 281 | 345 | 472 | ||||
| Gross margin, % | — | — | — | — | — | — | 35.77 | 37.60 | 38.27 | 40.30 | |||||
| EBT | — | — | — | — | — | — | (17) | 1 | 14 | 33 | |||||
| EBT margin, % | — | — | — | — | — | — | (7.63) | 0.42 | 4.15 | 6.90 | |||||
| Net income | — | — | — | — | — | — | (14) | 4 | 13 | 17 | |||||
| Depreciation | — | — | — | — | — | — | 37 | 29 | 35 | 44 | |||||
| Per share, $ | |||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | 1.42 | 1.68 | 2.07 | 3.56 | ||||
| Earnings | — | — | — | — | — | — | (0.09) | 0.03 | 0.08 | 0.13 | |||||
| Cash flow | — | — | — | — | — | — | (0.04) | 0.12 | 0.16 | (0.17) | |||||
| Capex | — | — | — | — | — | — | (0.13) | (0.10) | (0.09) | (0.15) | |||||
| Free cash flow | — | — | — | — | — | — | (0.17) | 0.02 | 0.07 | (0.32) | |||||
| Book value | — | — | — | — | — | — | 0.00 | 1.09 | 1.18 | 2.89 | |||||
| Shares, m | — | — | — | — | — | — | 159 | 167 | 167 | 132 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 394.88 | 394.88 | 394.88 | 562.85 | ||||
| P/S | — | — | — | — | — | — | 14.51 | 14.51 | 14.51 | 20.53 | |||||
| P/B | — | — | — | — | — | — | 25.56 | 25.56 | 25.56 | 25.30 | |||||
| EV/Sales | — | — | — | — | — | — | 15.72 | 15.72 | 15.72 | 21.68 | |||||
| EV/FCF | — | — | — | — | — | — | 464.00 | 464.00 | 464.00 | (240.73) | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | (6) | 20 | 27 | (22) | ||||
| Capex | — | — | — | — | — | — | (21) | (17) | (15) | (20) | |||||
| Free cash flow | — | — | — | — | — | — | (27) | 4 | 12 | (42) | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | — | 71 | 87 | 203 | ||||
| Total debt | — | — | — | — | — | — | — | 393 | 430 | 572 | |||||
| Net debt | — | — | — | — | — | — | — | 388 | 418 | 538 | |||||
| Shareholders’ equity | — | — | — | — | — | — | — | 182 | 196 | 383 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | 0.00 | 1.23 | 1.71 | 1.85 | ||||
| ROIC | — | — | — | — | — | — | 0.00 | 5.31 | 6.47 | 4.95 | |||||
| ROE | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 6.00 | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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 |
|---|---|---|---|---|---|---|---|---|---|
| LOAR Loar Holdings Inc. | $5.9B | 86.4× | 111× | +39.36% (above 0%: growing) | 0.00% | +31.01% (above 0%: growing) | 53.15% | 24.39% | Compare |
| PL Planet Labs PBC | $5.3B | — (loss-making) | — (loss-making) | +58.14% (above 0%: growing) | n/m | −48.55% (below 0%: shrinking) | 56.55% | (11.64%) | Compare |
| MRCY Mercury Systems Inc | $4.7B | — (loss-making) | 239× | +6.11% (above 0%: growing) | −94.79% (below 0%: shrinking) | −15.93% (below 0%: shrinking) | 30.57% | 4.99% | Compare |
| VSEC VSE Corporation | $4.5B | 51.8× | 43.0× | +65.04% (above 0%: growing) | +513.33% (above 0%: growing) | +217.04% (above 0%: growing) | 17.02% | 10.90% | Compare |
| KRMN Karman Holdings Inc. | $4.5B | 120× | 108× | +58.18% (above 0%: growing) | +120.00% (above 0%: growing) | +17.67% (above 0%: growing) | 42.97% | 19.13% | |
| BETA BETA Technologies, Inc. | $4.4B | — (loss-making) | — (loss-making) | +145.69% (above 0%: growing) | n/m | −87.68% (below 0%: shrinking) | 54.72% | (1,078.71%) | Compare |
| AIR AAR Corp. | $3.9B | 20.1× | 26.3× | +24.12% (above 0%: growing) | +5.48% (above 0%: growing) | +182.09% (above 0%: growing) | 19.20% | 7.85% | Compare |
| MOG.B Moog Inc. | $3.7B | 30.0× | — | +15.16% (above 0%: growing) | +153.97% (above 0%: growing) | +67.52% (above 0%: growing) | 31.10% | 14.41% | Compare |
| ACHR Archer Aviation Inc. | $3.3B | — (loss-making) | — (loss-making) | — | n/m | −51.76% (below 0%: shrinking) | 14.00% | (5,584.00%) | Compare |
| Median of peers | $4.5B | 40.9× | 77.0× | +39.36% | +5.48% | +7.54% | 30.84% | 6.42% |
Karman Holdings Inc. (KRMN) key facts
- Strength: Karman Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $471.5 million, up 36.6% from fiscal 2024.
- Strength: Net income was $17.4 million, or $0.13 per share (basic), a net margin of 3.68%.
- Karman Holdings Inc. (KRMN) is an Aerospace & Defense company in the Industrials sector, listed on the New York Stock Exchange.
- As of October 16, 2026, KRMN traded at $34.68, a market capitalization of $4.5 billion.
- At that price the stock trades at 120× trailing-twelve-month earnings and 7.8× sales.
- Return on equity was 6.00% and debt-to-equity 2.01.
- Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 8.93 (safe zone) for fiscal 2025.