Karman Holdings Inc. (KRMN) vs Planet Labs PBC (PL)

Karman Holdings Inc. and Planet Labs PBC are both Aerospace & Defense companies. Planet Labs PBC is the larger, with a market value of $5.3B against $4.5B — 1.2× the size. Planet Labs PBC has negative trailing earnings, so its P/E is not meaningful; Karman Holdings Inc. trades at 120×. Karman Holdings Inc. grew revenue faster over the last twelve months: 50.2% against 44.1%. Karman Holdings Inc. has the higher net margin (6.31% vs −95.1%) and the higher return on invested capital (5.09% vs −44.2%). Across the 17 metrics below, Karman Holdings Inc. leads on 11 and Planet Labs PBC on 6.

Valuation

Metric KRMN PL Aerospace & Defense median
P/E 119.59 n/m 31.81
P/S 7.80 12.82 3.55
P/B 10.91 8.60 2.59
Price to free cash flow n/m 244.11 31.99
EV/EBITDA 34.57 n/m 18.08
EV/Sales 9.15 11.74 3.37
Earnings yield 0.84% (8.15%) 1.38%
Free cash flow yield (0.59%) 0.41% 0.21%

Profitability

Metric KRMN PL Aerospace & Defense median
Gross margin 41.67% 55.42% 25.48%
Operating margin 16.82% (27.16%) 4.54%
Net margin 6.31% (95.13%) 2.22%
Free cash flow margin (4.63%) 5.25% 1.43%
Return on equity 9.50% (71.97%) 6.43%
Return on assets 3.10% (33.83%) 2.70%
Return on invested capital 5.09% (44.19%) 1.56%

Growth

Metric KRMN PL Aerospace & Defense median
Revenue growth (TTM) 50.23% 44.12% 18.43%
EPS growth (last fiscal year) 62.50% (90.48%) 24.27%
Revenue growth, 5-year CAGR — 22.15% 9.73%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric KRMN PL Aerospace & Defense median
Debt to equity 2.01 0.79 0.24
Current ratio 3.56 2.84 2.72
Net debt to EBITDA 4.60 3.64 1.12

Dividend

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

Size

Metric KRMN PL Aerospace & Defense median
Market cap 4.49b 5.29b 2.19b

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