Karman Holdings Inc. (KRMN) vs MDA Space Ltd. (MDA)

Karman Holdings Inc. and MDA Space Ltd. are both Aerospace & Defense companies. Karman Holdings Inc. is the larger, with a market value of $5.2B against $4.4B — 1.2× the size. MDA Space Ltd. trades at the lower P/E: 46.5× against 136×. Karman Holdings Inc. has the higher net margin (6.31% vs 5.68%) and the higher return on invested capital (5.09% vs 5.05%). Across the 18 metrics below, Karman Holdings Inc. leads on 10 and MDA Space Ltd. on 8.

Valuation

Metric KRMN MDA Aerospace & Defense median
P/E 136.03 46.46 31.60
P/S 8.87 2.80 3.36
P/B 12.42 2.78 2.99
Price to free cash flow n/m n/m 33.23
EV/EBITDA 38.62 16.34 19.00
EV/Sales 10.22 2.78 3.37
Earnings yield 0.74% 2.15% 0.90%
Free cash flow yield (0.52%) (4.61%) 0.00%

Profitability

Metric KRMN MDA Aerospace & Defense median
Gross margin 41.67% 25.43% 25.95%
Operating margin 16.82% 7.99% 1.21%
Net margin 6.31% 5.68% 2.11%
Free cash flow margin (4.63%) (12.91%) 0.00%
Return on equity 9.50% 6.70% 2.67%
Return on assets 3.10% 3.07% 1.90%
Return on invested capital 5.09% 5.05% 0.25%

Growth

Metric KRMN MDA Aerospace & Defense median
Revenue growth (TTM) 50.23% — 18.25%
EPS growth (last fiscal year) 62.50% 30.24% 24.80%
Revenue growth, 5-year CAGR — — 9.73%
Net income growth, 5-year CAGR — — 0.00%

Health

Metric KRMN MDA Aerospace & Defense median
Debt to equity 2.01 0.19 0.18
Current ratio 3.56 0.75 2.85
Net debt to EBITDA 4.60 0.84 1.29

Dividend

Metric KRMN MDA Aerospace & Defense median
Dividend yield — — 0.87%
Payout ratio — — 0.30

Size

Metric KRMN MDA Aerospace & Defense median
Market cap 5.24b 4.43b 1.94b

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