Karman Holdings Inc. KRMN
We specialize in the upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging, high-priority missile and defense, and space programs. Our integrated payload protection, interstage and propulsion system solutions are deployed across a wide variety of existing and emerging programs supporting important Department of War ("DoW") and space sector initiatives. For the years ending December 31, 2025 and 2024, we estimate that no single program out of the more than 130 active programs in production and development that we support accounted for more than 12% of our revenue, on average, for those twelve month periods. Our revenue base is diversified across these active programs, supporting current production and next-generation space, missile, hypersonics, and defense applications.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $471.5M | $345.3M | $280.7M | $226.3M |
| Cost of revenue | $281.5M | $213.1M | $175.2M | $145.4M |
| Gross profit | $190.0M | $132.1M | $105.5M | $80.9M |
| SG&A | $85.7M | $44.4M | $36.6M | $30.0M |
| Total operating expenses | $117.1M | $68.6M | $57.1M | $60.5M |
| Operating income | $72.9M | $63.6M | $48.5M | $20.4M |
| Interest expense | $44.6M | $50.7M | $47.9M | $37.5M |
| Pre-tax income | $32.5M | $14.3M | $1.2M | -$17.3M |
| Income tax | $15.2M | $1.6M | $3.2M | $3.2M |
| Net income | $17.4M | $12.7M | $4.4M | -$14.1M |
| EPS, basic | 0.13 | 0.08 | 0.03 | -0.09 |
| EPS, diluted | 0.13 | 0.08 | 0.03 | -0.09 |
| Shares, diluted (wtd. avg.) | $132.3M | $166.7M | $166.8M | $159.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $34.0M | $11.5M | $5.5M | — |
| Receivables | $78.7M | $55.2M | $50.6M | $47.6M |
| Inventory | $10.7M | $9.9M | $9.8M | — |
| Total current assets | $291.4M | $201.7M | $157.7M | — |
| Property, plant and equipment | $95.4M | $60.9M | $51.8M | — |
| Goodwill | $352.5M | $225.1M | $217.3M | $217.3M |
| Other intangibles | $285.9M | $209.0M | $207.6M | — |
| Total assets | $1.10B | $774.0M | $710.8M | — |
| Accounts payable | $31.6M | $28.3M | $21.0M | — |
| Short-term debt | $3.8M | $7.1M | $6.3M | — |
| Total current liabilities | $88.7M | $114.6M | $87.1M | — |
| Total liabilities | $721.4M | $578.0M | $528.4M | — |
| Retained earnings | $9.0M | -$8.3M | — | — |
| Total equity | $382.7M | $196.0M | $182.5M | $177.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | -$22.1M | $26.6M | $20.3M | -$5.9M |
| Depreciation and amortisation | $12.4M | $9.6M | $7.8M | $5.4M |
| Stock-based compensation | $1.4M | $993.0K | $1.3M | $1.6M |
| Capital expenditure | $20.3M | $15.3M | $16.8M | $21.3M |
| Investing cash flow | -$238.3M | -$46.2M | -$16.2M | -$21.3M |
| Financing cash flow | $282.8M | $25.7M | -$5.3M | $16.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0002040127-26-000014.
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