(KRMN) Karman Holdings - Overview
Sector: Industrials | Industry: Aerospace & Defense | Exchange: NYSE (USA) | Market Cap: 8.495m USD | Total Return: 41.5% in 12m
Avg Turnover: 113M
Qual. Beats: -1
Rev. Trend: 99.3%
Warnings
P/E ratio 278.7
High Debt/EBITDA (6.7) with thin interest coverage (1.8)
High Debt while negative Cash Flow
Choppy Below Avwap Earnings
Tailwinds
No distinct edge detected
Karman Holdings Inc. is a California-based aerospace and defense firm specializing in the engineering and production of mission-critical components. The company’s portfolio includes payload protection, aerodynamic interstage systems, and propulsion technologies tailored for high-stakes environments. Its primary operations support the hypersonics, strategic missile defense, and commercial space launch sectors.
The business model relies on high-barrier-to-entry government and commercial contracts, where rigorous testing and flight-proven reliability are essential for mission success. Within the defense sector, demand is increasingly driven by the modernization of tactical missile systems and the rapid expansion of satellite deployment infrastructure. Investors may find additional data on these industry trends by exploring the analytics available on ValueRay.
Incorporated in 2020, Karman Holdings operates as a subsidiary of TCFIII Spaceco SPV LP. The company maintains its headquarters in Huntington Beach, a strategic hub for aerospace engineering and manufacturing talent in the United States.
- Hypersonics and strategic missile defense contract wins drive long-term backlog growth
- Expansion of space launch mission-critical systems increases high-margin hardware revenue
- Fluctuations in federal defense appropriations impact tactical missile system procurement cycles
- Supply chain stability for specialized propulsion components affects manufacturing operating margins
- R&D investment in aerodynamic interstage technology dictates competitive edge in defense bidding
| Net Income: 30.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.02 > 0.02 and ΔFCF/TA -1.18 > 1.0 |
| NWC/Revenue: 50.80% < 20% (prev 58.30%; Δ -7.50% < -1%) |
| CFO/TA -0.01 > 3% & CFO -8.33m > Net Income 30.0m |
| Net Debt (902.4m) to EBITDA (134.9m): 6.69 < 3 |
| Current Ratio: 3.53 > 1.5 & < 3 |
| Outstanding Shares: last quarter (132.5m) vs 12m ago 0.27% < -2% |
| Gross Margin: 35.02% > 18% (prev 0.39%; Δ 3.46k% > 0.5%) |
| Asset Turnover: 45.58% > 50% (prev 41.40%; Δ 4.18% > 0%) |
| Interest Coverage Ratio: 1.84 > 6 (EBITDA TTM 134.9m / Interest Expense TTM 45.8m) |
| A: 0.19 (Total Current Assets 370.3m - Total Current Liabilities 104.8m) / Total Assets 1.42b |
| B: 0.01 (Retained Earnings 16.8m / Total Assets 1.42b) |
| C: 0.07 (EBIT TTM 84.3m / Avg Total Assets 1.15b) |
| D: 0.02 (Book Value of Equity 17.0m / Total Liabilities 1.01b) |
| Altman-Z'' = 1.78 = BBB |
| DSRI: 1.09 (Receivables 268.0m/169.9m, Revenue 522.6m/362.4m) |
| GMI: 1.12 (GM 35.02% / 39.34%) |
| AQI: 1.20 (AQ_t 0.60 / AQ_t-1 0.50) |
| SGI: 1.44 (Revenue 522.6m / 362.4m) |
| TATA: 0.03 (NI 30.0m - CFO -8.33m) / TA 1.42b) |
| Beneish M = -2.37 (Cap -4..+1) = BBB |
As of May 26, 2026, the stock is trading at USD 64.10 with a total of 1,843,700 shares traded.
Over the past week, the price has changed by +2.12%,
over one month by -10.91%,
over three months by -23.18% and
over the past year by +41.53%.
Karman Holdings has received a consensus analysts rating of 4.80. Therefore, it is recommended to buy KRMN.
- StrongBuy: 4
- Buy: 1
- Hold: 0
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 105.6 | 64.7% |
P/E Trailing = 278.6957
P/E Forward = 121.9512
P/S = 16.2556
P/B = 20.9394
Revenue TTM = 522.6m USD
EBIT TTM = 84.3m USD
EBITDA TTM = 134.9m USD
Long Term Debt = 752.2m USD (from longTermDebt, last quarter)
Short Term Debt = 12.4m USD (from shortTermDebt, last quarter)
Debt = 976.2m USD (from shortLongTermDebtTotal, last quarter) + Leases 109.2m
Net Debt = 902.4m USD (calculated: Debt 976.2m - CCE 73.8m)
Enterprise Value = 9.40b USD (8.49b + Debt 976.2m - CCE 73.8m)
Interest Coverage Ratio = 1.84 (Ebit TTM 84.3m / Interest Expense TTM 45.8m)
EV/FCF = -303.2x (Enterprise Value 9.40b / FCF TTM -31.0m)
FCF Yield = -0.33% (FCF TTM -31.0m / Enterprise Value 9.40b)
FCF Margin = -5.93% (FCF TTM -31.0m / Revenue TTM 522.6m)
Net Margin = 5.73% (Net Income TTM 30.0m / Revenue TTM 522.6m)
Gross Margin = 35.02% ((Revenue TTM 522.6m - Cost of Revenue TTM 339.6m) / Revenue TTM)
Gross Margin QoQ = 42.24% (prev 16.50%)
Tobins Q-Ratio = 6.63 (Enterprise Value 9.40b / Total Assets 1.42b)
Interest Expense / Debt = 4.70% (Interest Expense 45.8m / Debt 976.2m)
Taxrate = 9.71% (838k / 8.63m)
NOPAT = 76.1m (EBIT 84.3m * (1 - 9.71%))
Current Ratio = 3.53 (Total Current Assets 370.3m / Total Current Liabilities 104.8m)
Debt / Equity = 2.41 (Debt 976.2m / totalStockholderEquity, last quarter 405.7m)
Debt / EBITDA = 6.69 (Net Debt 902.4m / EBITDA 134.9m)
Debt / FCF = -29.11 (negative FCF - burning cash) (Net Debt 902.4m / FCF TTM -31.0m)
Total Stockholder Equity = 401.9m (last 4 quarters mean from totalStockholderEquity)
RoA = 2.61% (Net Income 30.0m / Total Assets 1.42b)
RoE = 7.45% (Net Income TTM 30.0m / Total Stockholder Equity 401.9m)
RoCE = 7.31% (EBIT 84.3m / Capital Employed (Equity 401.9m + L.T.Debt 752.2m))
RoIC = 5.93% (NOPAT 76.1m / Invested Capital 1.28b)
WACC = 11.36% (E(8.49b)/V(9.47b) * Re(12.18%) + D(976.2m)/V(9.47b) * Rd(4.70%) * (1-Tc(0.10)))
Discount Rate = 12.18% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 53.55 | Cagr: 0.12%
[DCF] Fair Price = unknown (Cash Flow -31.0m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -2.48 | # QB: -1
Revenue Correlation: 99.33 | Revenue CAGR: 29.60% | SUE: N/A | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.13 | Chg30d=-19.37% | Revisions=-56% | Analysts=9
EPS next Quarter (2026-09-30): EPS=0.15 | Chg30d=-14.32% | Revisions=-43% | Analysts=9
EPS current Year (2026-12-31): EPS=0.57 | Chg30d=-13.06% | Revisions=-11% | GrowthEPS=+54.6% | GrowthRev=+55.0%
EPS next Year (2027-12-31): EPS=0.92 | Chg30d=-5.83% | Revisions=-33% | GrowthEPS=+61.1% | GrowthRev=+27.3%
[Analyst] Revisions Ratio: -56%