Archer Aviation Inc. (ACHR) vs Karman Holdings Inc. (KRMN)

Archer Aviation Inc. and Karman Holdings Inc. are both Aerospace & Defense companies. Karman Holdings Inc. is the larger, with a market value of $4.5B against $3.3B — 1.4× the size. Archer Aviation Inc. has negative trailing earnings, so its P/E is not meaningful; Karman Holdings Inc. trades at 120×. Karman Holdings Inc. has the higher net margin (6.31% vs 0.00%) and the higher return on invested capital (5.09% vs −127.0%). Across the 14 metrics below, Karman Holdings Inc. leads on 9 and Archer Aviation Inc. on 5.

Valuation

Metric ACHR KRMN Aerospace & Defense median
P/E n/m 119.59 31.81
P/S n/m 7.80 3.55
P/B 1.66 10.91 2.59
Price to free cash flow n/m n/m 31.99
EV/EBITDA n/m 34.57 18.08
EV/Sales n/m 9.15 3.37
Earnings yield (26.54%) 0.84% 1.38%
Free cash flow yield (21.57%) (0.59%) 0.21%

Profitability

Metric ACHR KRMN Aerospace & Defense median
Gross margin 0.00% 41.67% 25.48%
Operating margin 0.00% 16.82% 4.54%
Net margin 0.00% 6.31% 2.22%
Free cash flow margin 0.00% (4.63%) 1.43%
Return on equity (44.47%) 9.50% 6.43%
Return on assets (38.52%) 3.10% 2.70%
Return on invested capital (126.95%) 5.09% 1.56%

Growth

Metric ACHR KRMN Aerospace & Defense median
Revenue growth (TTM) — 50.23% 18.43%
EPS growth (last fiscal year) 30.28% 62.50% 24.27%
Revenue growth, 5-year CAGR — — 9.73%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric ACHR KRMN Aerospace & Defense median
Debt to equity 0.06 2.01 0.24
Current ratio 10.21 3.56 2.72
Net debt to EBITDA 2.62 4.60 1.12

Dividend

Metric ACHR KRMN Aerospace & Defense median
Dividend yield — — 0.90%
Payout ratio — — 0.32

Size

Metric ACHR KRMN Aerospace & Defense median
Market cap 3.29b 4.49b 2.19b

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