Karman Holdings Inc. (KRMN) vs Intuitive Machines, Inc. (LUNR)

Karman Holdings Inc. and Intuitive Machines, Inc. are both Aerospace & Defense companies. Karman Holdings Inc. is the larger, with a market value of $4.6B against $3.7B — 1.3× the size. Intuitive Machines, Inc. has negative trailing earnings, so its P/E is not meaningful; Karman Holdings Inc. trades at 123×. Intuitive Machines, Inc. grew revenue faster over the last twelve months: 116.9% against 50.2%. Karman Holdings Inc. has the higher net margin (6.31% vs −26.8%) and the higher return on invested capital (5.09% vs 0.00%). Across the 16 metrics below, Karman Holdings Inc. leads on 9 and Intuitive Machines, Inc. on 7.

Valuation

Metric KRMN LUNR Aerospace & Defense median
P/E 123.07 n/m 33.00
P/S 8.02 5.17 3.63
P/B 11.23 n/m 3.24
Price to free cash flow n/m n/m 34.01
EV/EBITDA 35.42 n/m 18.69
EV/Sales 9.37 5.08 3.94
Earnings yield 0.81% (6.09%) 1.31%
Free cash flow yield (0.58%) (7.42%) 0.00%

Profitability

Metric KRMN LUNR Aerospace & Defense median
Gross margin 41.67% 16.35% 25.48%
Operating margin 16.82% (27.51%) 4.54%
Net margin 6.31% (26.77%) 2.22%
Free cash flow margin (4.63%) (38.31%) 0.00%
Return on equity 9.50% 39.21% 6.43%
Return on assets 3.10% (11.10%) 2.70%
Return on invested capital 5.09% 0.00% 1.56%

Growth

Metric KRMN LUNR Aerospace & Defense median
Revenue growth (TTM) 50.23% 116.89% 18.43%
EPS growth (last fiscal year) 62.50% 84.23% —
Revenue growth, 5-year CAGR — — 9.62%
Net income growth, 5-year CAGR — — 0.00%

Health

Metric KRMN LUNR Aerospace & Defense median
Debt to equity 2.01 (1.16) 0.24
Current ratio 3.56 1.66 2.72
Net debt to EBITDA 4.60 3.02 1.12

Dividend

Metric KRMN LUNR Aerospace & Defense median
Dividend yield — — 1.04%
Payout ratio — — 0.00

Size

Metric KRMN LUNR Aerospace & Defense median
Market cap 4.64b 3.66b 2.52b

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