Karman Holdings Inc. (KRMN) Stock Analysis
Industrials · Aerospace & Defense · NYSE
Karman Holdings Inc. (KRMN) posted $471.50M in revenue for fiscal 2025 (up 36.6% year over year), at a 3.7% net margin, and has compounded revenue about 27.7%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Karman Holdings Inc.
Karman Holdings Inc. has grown revenue from $226.31M to $471.50M over the last 4 fiscal years, compounding about 27.7% a year. The most recent year was up 36.6%, so growth is actually accelerating.
Net margin sits at 3.7% on a 40.3% gross margin. It carries about $499.15M of total debt.
The one thing worth a second look in the filings is reported earnings run ahead of cash.
Synthesised from Karman Holdings Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Karman Holdings Inc. revenue & earnings — last 4 fiscal years
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $226.31M | $280.70M | $345.25M | $471.50M |
| Gross profit | $80.95M | $105.55M | $132.11M | $190.03M |
| Net income | $-14.10M | $4.36M | $12.70M | $17.37M |
| Net margin | -6.2% | 1.6% | 3.7% | 3.7% |
Source: Karman Holdings Inc. SEC filings (10-K).
Karman Holdings Inc.: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Reported earnings run ahead of cashOver 3 years net income totalled $34.4M but operating cash flow only $24.9M — earnings aren't fully backed by cash, an accruals flag worth investigating.
- Debt with negative operating cash flowCarries $503M of debt while last year's operating cash flow was negative ($-22.1M).
Explore 4 years of Karman Holdings Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Karman Holdings Inc. financial history by metric
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About Karman Holdings Inc.
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. — frequently asked questions
What is Karman Holdings Inc.'s revenue?
Karman Holdings Inc. (KRMN) reported revenue of $471.50M for fiscal year 2025, up 36.6% from the prior year, according to its SEC filings.
Is Karman Holdings Inc. profitable?
Yes. KRMN earned net income of $17.37M in fiscal 2025, a net margin of 3.7%.
What is KRMN's P/E ratio?
Karman Holdings Inc. trades at a price-to-earnings ratio of about 206.8 based on the latest data in our nightly-refreshed cache.
How fast is Karman Holdings Inc. growing?
KRMN's revenue grew at roughly 27.7% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Karman Holdings Inc. have?
As of fiscal year 2025, KRMN carried roughly $499.15M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Karman Holdings Inc.'s gross margin?
KRMN's gross margin was 40.3% in fiscal 2025 — gross profit of $190.03M on revenue of $471.50M.
What is Karman Holdings Inc.'s market cap?
Karman Holdings Inc. (KRMN) has a market capitalization of about $6.30B, based on the latest data in our nightly-refreshed cache.
When does Karman Holdings Inc.'s fiscal year end?
KRMN's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
Where does this data come from?
All figures are computed from Karman Holdings Inc.'s official SEC filings (10-K and 10-Q), covering 4 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.