KRMN Stock Analysis: Karman Holdings | NYSE
Aerospace & Defense | NYSE, USA | Market Cap: 4.253m USD | 12M Return: -39.2% | US4859241048 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 107M
Qual. Beats: 1
Rev. Trend: 99.3%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 1.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Karman Holdings Inc. (NYSE: KRMN) is a U.S.-based aerospace and defense company that designs, tests, manufactures, and sells mission-critical systems, primarily through its subsidiary. Its product portfolio centers on three core offerings: payload protection and deployment systems, aerodynamic interstage systems, and propulsion systems. The company serves customers across three end markets: hypersonics and strategic missile defense, tactical missile and integrated defense systems, and space and launch. It was incorporated in 2020, is headquartered in Huntington Beach, California, and operates as a subsidiary of TCFIII Spaceco SPV LP. Karman went public in February 2025 and currently carries a mid-cap market valuation of approximately $4.73 billion.
As a supplier of mission-critical subsystems-rather than full platforms or prime-contracted weapons-Karman sits in a specialized tier of the aerospace and defense supply chain, often referred to as the tier 1.5 or subsystems segment. Companies in this niche typically benefit from long product lifecycles, high switching costs due to qualification requirements, and multi-program exposure across both legacy and next-generation missile and launch programs. Its concentration in hypersonics, missile defense, and space launch aligns it with several of the U.S. Department of Defenses highest-priority modernization areas, as well as growing commercial and government-backed launch activity.
- DoD hypersonic missile defense spending accelerates
- Space launch demand drives propulsion system revenue higher
- Defense contract backlog expansion supports multi-year revenue growth
| Net Income: 37.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.02 > 0.02 and ΔFCF/TA 1.32 > 1.0 |
| NWC/Revenue: 46.91% < 20% (prev 39.22%; Δ 7.69% < -1%) |
| CFO/TA 0.00 > 3% & CFO 5.86m > Net Income 37.2m |
| Net Debt (941.9m) to EBITDA (154.4m): 6.10 < 3 |
| Current Ratio: 3.56 > 1.5 & < 3 |
| Outstanding Shares: last quarter (132.5m) vs 12m ago 0.16% < -2% |
| Gross Margin: 36.34% > 18% (prev 39.49%; Δ -3.16% > 0.5%) |
| Asset Turnover: 49.17% > 50% (prev 41.14%; Δ 8.03% > 0%) |
| Interest Coverage Ratio: 2.00 > 6 (EBIT TTM 98.4m / Interest Expense TTM 49.2m) |
| A: 0.19 (Total Current Assets 384.8m - Total Current Liabilities 108.2m) / Total Assets 1.44b |
| B: 0.02 (Retained Earnings 30.9m / Total Assets 1.44b) |
| C: 0.08 (EBIT TTM 98.4m / Avg Total Assets 1.20b) |
| D: 0.41 (Book Value of Equity 421.1m / Total Liabilities 1.02b) |
| Altman-Z'' = 2.31 = BBB |
| DSRI: 1.05 (Receivables 302.1m/191.5m, Revenue 589.6m/392.4m) |
| GMI: 1.09 (GM 39.49% / 36.34%) |
| AQI: 0.93 (AQ_t 0.54 / AQ_t-1 0.59) |
| SGI: 1.50 (Revenue 589.6m / 392.4m) |
| TATA: 0.02 (NI 37.2m - CFO 5.86m) / TA 1.44b) |
| Beneish M = -2.59 (Cap -4..+1) = A |
As of November 07, 2026, the stock is trading at USD 45.61 with a total of 10,162,550 shares traded. Over the past week, the price has changed by +14.17%, over one month by +37.01%, over three months by -17.28% and over the past year by -39.17%.
Current recommended Stop Loss: 41.90 (which is 8.1% or 1.3 ATR below the current price).
Karman Holdings has received a consensus analysts rating of 4.71. Therefore, it is recommended to buy KRMN.
- StrongBuy: 10
- Buy: 4
- Hold: 0
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 72.6 | 59.2% |
P/E Trailing = 114.6071
P/E Forward = 45.6621
P/S = 7.214
P/B = 12.4352
P/EG = 0.2538
Revenue TTM = 589.6m USD
EBIT TTM = 98.4m USD
EBITDA TTM = 154.4m USD
Long Term Debt = 751.3m USD (from longTermDebt, last quarter)
Short Term Debt = 13.1m USD (from shortTermDebt, last quarter)
Debt = 993.6m USD (from shortLongTermDebtTotal, last quarter) + Leases 118.3m
Net Debt = 941.9m USD (calculated: Debt 993.6m - CCE 51.7m)
Enterprise Value = 5.19b USD (4.25b + Debt 993.6m - CCE 51.7m)
Interest Coverage Ratio = 2.00 (Ebit TTM 98.4m / Interest Expense TTM 49.2m)
EV/FCF = -187.7x (Enterprise Value 5.19b / FCF TTM -27.7m)
FCF Yield = -0.53% (FCF TTM -27.7m / Enterprise Value 5.19b)
FCF Margin = -4.69% (FCF TTM -27.7m / Revenue TTM 589.6m)
Net Margin = 6.31% (Net Income TTM 37.2m / Revenue TTM 589.6m)
Gross Margin = 36.34% ((Revenue TTM 589.6m - Cost of Revenue TTM 375.3m) / Revenue TTM)
Gross Margin QoQ = 42.97% (prev 42.24%)
Tobins Q-Ratio = 3.60 (Enterprise Value 5.19b / Total Assets 1.44b)
Interest Expense / Debt = 4.95% (Interest Expense 49.2m / Debt 993.6m)
Taxrate = 30.26% (16.1m / 53.3m)
NOPAT = 68.6m (EBIT 98.4m * (1 - 30.26%))
Current Ratio = 3.56 (Total Current Assets 384.8m / Total Current Liabilities 108.2m)
Debt / Equity = 2.36 (Debt 993.6m / totalStockholderEquity, last quarter 421.1m)
Debt / EBITDA = 6.10 (Net Debt 941.9m / EBITDA 154.4m)
Debt / FCF = -34.04 (negative FCF - burning cash) (Net Debt 941.9m / FCF TTM -27.7m)
Total Stockholder Equity = 416.8m (last 4 quarters mean from totalStockholderEquity)
RoA = 3.10% (Net Income 37.2m / Total Assets 1.44b)
RoE = 8.92% (Net Income TTM 37.2m / Total Stockholder Equity 416.8m)
RoCE = 8.42% (EBIT 98.4m / Capital Employed (Equity 416.8m + L.T.Debt 751.3m))
RoIC = 5.20% (NOPAT 68.6m / Invested Capital 1.32b)
WACC = 9.59% (E(4.25b)/V(5.25b) * Re(11.02%) + D(993.6m)/V(5.25b) * Rd(4.95%) * (1-Tc(0.30)))
Discount Rate = 11.02% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 55.07 | Cagr: 3.04%
[DCF] Fair Price = unknown (Cash Flow -27.7m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 1.11 | # QB: 1
Revenue Correlation: 99.33 | Revenue CAGR: 29.60% | SUE: 0.40 | # QB: 0
EPS current Year (2026-12-31): EPS=0.59 | Chg30d=-0.44% | Revisions=+10% | GrowthEPS=+58.4% | GrowthRev=+57.4%
EPS next Year (2027-12-31): EPS=0.96 | Chg30d=-0.14% | Revisions=+40% | GrowthEPS=+63.3% | GrowthRev=+28.3%
[Analyst] Revisions Ratio: +25% (up=6, down=3)