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

Karman Holdings Inc. and Planet Labs PBC are both Aerospace & Defense companies. Karman Holdings Inc. and Planet Labs PBC are of similar size ($4.3B and $4.1B). Planet Labs PBC has negative trailing earnings, so its P/E is not meaningful; Karman Holdings Inc. trades at 111×. 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 111.34 n/m 28.48
P/S 7.26 10.90 2.95
P/B 10.16 7.31 2.68
Price to free cash flow n/m 207.56 31.70
EV/EBITDA 32.54 n/m 16.85
EV/Sales 8.61 9.82 2.74
Earnings yield 0.90% (9.59%) 0.89%
Free cash flow yield (0.64%) 0.48% 0.00%

Profitability

Metric KRMN PL Aerospace & Defense median
Gross margin 41.67% 55.42% 26.41%
Operating margin 16.82% (27.16%) 3.69%
Net margin 6.31% (95.13%) 2.74%
Free cash flow margin (4.63%) 5.25% 0.00%
Return on equity 9.50% (71.97%) 4.44%
Return on assets 3.10% (33.83%) 1.90%
Return on invested capital 5.09% (44.19%) 0.26%

Growth

Metric KRMN PL Aerospace & Defense median
Revenue growth (TTM) 50.23% 44.12% 18.03%
EPS growth (last fiscal year) 62.50% (90.48%) 24.80%
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 0.20
Current ratio 3.56 2.84 2.85
Net debt to EBITDA 4.60 3.64 1.29

Dividend

Metric KRMN PL Aerospace & Defense median
Dividend yield — — 0.91%
Payout ratio — — 0.30

Size

Metric KRMN PL Aerospace & Defense median
Market cap 4.25b 4.14b 1.78b

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