Karman Holdings Inc.KRMN
NYSE•Industrials•Aerospace & Defense
Karman Holdings Inc., through its subsidiary, engages in designing, testing, manufacturing, and sale of mission-critical systems in the United States. The company offers payload protection and deployment systems, aerodynamic interstage systems, and propulsion systems. It serves its products to hypersonics and strategic missile defense, tactical missile and integrated defense systems, and space and launch markets. The company was incorporated in 2020 and is headquartered in Huntington Beach, California. Karman Holdings Inc. operates as a subsidiary of TCFIII Spaceco SPV LP.
Karman Holdings Inc. (KRMN) reported trailing twelve months revenue of $522.59M as of March 2026, a Infinity% increase year-over-year. Quarterly revenue reached $151.21M, reflecting continued top-line momentum.
Karman Holdings Inc. generated $29.96M in TTM net income, with quarterly EBITDA of $38.09M. The operating margin expanded from 10.0% to 14.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (14.2%) and net margin (5.2%) indicates moderate non-operating costs. Net margin has improved from -4.8% a year ago, signaling stronger bottom-line efficiency.
KRMN trades at a P/E of 331.0x (a premium multiple) and a P/S of 19.0x. The price-to-book ratio of 24.4x indicates a significant premium over book value.
The company reported negative free cash flow of $-7.17M, indicating cash consumption over the period. The balance sheet shows $1.42B in total assets with $752.18M in long-term debt against $405.69M in stockholders equity for a debt-to-equity ratio of 1.9. Data based on the most recent quarterly reports.
Competitive analysis based on 6 quarters of fundamental data
Operating margins are expanding at ~15.6%, suggesting durable pricing power and cost discipline.
ROE is positive at ~6.0% on average, adequate but below the threshold typically associated with wide moats.
Only 2 of the last 6 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 6 quarters
Margins are stable or improving at ~16.3% — no sign of cost or pricing stress.
Free cash flow has been negative in 4 of the last 6 quarters — earnings are not translating to cash.
Debt-to-equity has risen 98.8% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
4 of the last 6 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares decreased 20.5% — net buybacks are reducing shares outstanding and boosting per-share value.