KARMAN HLDGS INC Financials

KRMN

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows KARMAN HLDGS INC (KRMN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 47/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

KARMAN HLDGS INC has an operating margin of 18.4%, meaning the company retains $18 of operating profit per $100 of revenue. This strong profitability earns a score of 92/100, reflecting efficient cost management and pricing power. This is up from 17.3% the prior year.

Growth

KARMAN HLDGS INC's revenue surged 23.0% year-over-year to $345.3M, reflecting rapid business expansion. This strong growth earns a score of 94/100.

Leverage

KARMAN HLDGS INC has elevated debt relative to equity (D/E of 2.95), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 2/100, reflecting increased financial risk.

Liquidity

KARMAN HLDGS INC's current ratio of 1.76 indicates adequate short-term liquidity, earning a score of 50/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

KARMAN HLDGS INC's free cash flow margin of 3.3% results in a low score of 17/100. Capital expenditures of $15.3M absorb a large share of operating cash flow.

Returns

KARMAN HLDGS INC generates a 6.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 26/100. This is up from 2.4% the prior year.

Altman Z-Score Safe

13.35

KARMAN HLDGS INC scores 13.35, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($12.1B) relative to total liabilities ($578.0M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

6/9

KARMAN HLDGS INC passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.10x

For every $1 of reported earnings, KARMAN HLDGS INC generates $2.10 in operating cash flow ($26.6M OCF vs $12.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.2x

KARMAN HLDGS INC earns $1.2 in operating income for every $1 of interest expense ($63.6M vs $50.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$345.3M

YoY+23.0%

KARMAN HLDGS INC generated $345.3M in revenue in fiscal year 2024. This represents an increase of 23.0% from the prior year.

EBITDA

$96.4M

YoY+27.3%

KARMAN HLDGS INC's EBITDA was $96.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 27.3% from the prior year.

Free Cash Flow

$11.4M

YoY+220.8%

KARMAN HLDGS INC generated $11.4M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 220.8% from the prior year.

Net Income

$12.7M

YoY+191.3%

KARMAN HLDGS INC reported $12.7M in net income in fiscal year 2024. This represents an increase of 191.3% from the prior year.

EPS (Diluted)

$0.08

YoY+166.7%

KARMAN HLDGS INC earned $0.08 per diluted share (EPS) in fiscal year 2024. This represents an increase of 166.7% from the prior year.

Cash & Debt

$11.5M

YoY+111.4%

KARMAN HLDGS INC held $11.5M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

KARMAN HLDGS INC had 0 shares outstanding in fiscal year 2024.

Gross Margin

38.3%

YoY+0.7pp

KARMAN HLDGS INC's gross margin was 38.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.7 percentage points from the prior year.

Operating Margin

18.4%

YoY+1.1pp

KARMAN HLDGS INC's operating margin was 18.4% in fiscal year 2024, reflecting core business profitability. This is up 1.1 percentage points from the prior year.

Net Margin

3.7%

YoY+2.1pp

KARMAN HLDGS INC's net profit margin was 3.7% in fiscal year 2024, showing the share of revenue converted to profit. This is up 2.1 percentage points from the prior year.

Return on Equity

6.5%

YoY+4.1pp

KARMAN HLDGS INC's ROE was 6.5% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 4.1 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$15.3M

YoY-9.1%

KARMAN HLDGS INC invested $15.3M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 9.1% from the prior year.

KRMN Income Statement

Metric	FY24	FY23	FY22
Revenue	$345.3M+23.0%	$280.7M+24.0%	$226.3M
Cost of Revenue	$213.1M+21.7%	$175.2M+20.5%	$145.4M
Gross Profit	$132.1M+25.2%	$105.5M+30.4%	$80.9M
R&D Expenses	N/A	N/A	N/A
SG&A Expenses	$44.4M+21.3%	$36.6M+21.9%	$30.0M
Operating Income	$63.6M+31.1%	$48.5M+137.3%	$20.4M
Interest Expense	$50.9M+5.8%	$48.1M+27.9%	$37.6M
Income Tax	$1.6M+151.4%	-$3.2M+0.1%	-$3.2M
Net Income	$12.7M+191.3%	$4.4M+130.9%	-$14.1M
EPS (Diluted)	$0.08+166.7%	$0.03+133.3%	$-0.09

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$121.8M+5.8%	$115.1M+15.0%	$100.1M+9.7%	$91.2M+6.1%	$86.0M+1.1%	$85.0M+2.4%	$83.0M	N/A
Cost of Revenue	$71.8M+5.5%	$68.1M+12.2%	$60.7M+7.4%	$56.5M+8.3%	$52.2M+3.4%	$50.4M-6.6%	$54.0M	N/A
Gross Profit	$49.9M+6.2%	$47.0M+19.2%	$39.5M+13.6%	$34.7M+2.8%	$33.8M-2.3%	$34.6M+19.3%	$29.0M	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$20.0M+2.9%	$19.4M-16.6%	$23.3M+77.1%	$13.2M+17.6%	$11.2M+11.9%	$10.0M-1.0%	$10.1M	N/A
Operating Income	$21.8M+8.5%	$20.1M+101.8%	$10.0M-30.7%	$14.4M-17.4%	$17.4M-4.8%	$18.3M+35.4%	$13.5M	N/A
Interest Expense	$10.0M-16.0%	$11.9M+0.8%	$11.8M-7.7%	$12.8M+1.5%	$12.6M-6.0%	$13.4M+10.7%	$12.1M	N/A
Income Tax	$4.2M+136.4%	$1.8M-46.1%	$3.3M+1017.7%	$296K-68.3%	$933K+199.0%	$312K+258.6%	$87K	N/A
Net Income	$7.6M+12.3%	$6.8M+241.9%	-$4.8M-385.1%	$1.7M-60.8%	$4.3M-6.8%	$4.6M+117.0%	$2.1M	N/A
EPS (Diluted)	$0.06+20.0%	$0.05+225.0%	$-0.04	N/A	$0.030.0%	$0.03+200.0%	$0.01	N/A

KRMN Balance Sheet

Metric	FY24	FY23	FY22
Total Assets	$774.0M+8.9%	$710.8M	N/A
Current Assets	$201.7M+27.9%	$157.7M	N/A
Cash & Equivalents	$11.5M+111.4%	$5.5M	N/A
Inventory	$9.9M+0.4%	$9.8M	N/A
Accounts Receivable	$55.2M+9.1%	$50.6M+6.3%	$47.6M
Goodwill	$225.1M+3.6%	$217.3M0.0%	$217.3M
Total Liabilities	$578.0M+9.4%	$528.4M	N/A
Current Liabilities	$114.6M+31.6%	$87.1M	N/A
Long-Term Debt	N/A	N/A	N/A
Total Equity	$196.0M+7.4%	$182.5M	N/A
Retained Earnings	-$8.3M	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$968.1M+1.5%	$953.9M+9.0%	$875.4M+13.1%	$774.0M	N/A	N/A	N/A	$710.8M
Current Assets	$260.6M+7.6%	$242.1M-19.7%	$301.5M+49.5%	$201.7M	N/A	N/A	N/A	$157.7M
Cash & Equivalents	$18.7M-32.0%	$27.4M-75.9%	$113.7M+885.9%	$11.5M	N/A	N/A	N/A	$5.5M
Inventory	$15.4M+4.3%	$14.7M+41.5%	$10.4M+5.4%	$9.9M	N/A	N/A	N/A	$9.8M
Accounts Receivable	$70.2M+21.2%	$57.9M+21.2%	$47.8M-13.5%	$55.2M	N/A	N/A	N/A	$50.6M
Goodwill	$301.8M0.0%	$301.8M+34.1%	$225.1M0.0%	$225.1M	N/A	N/A	N/A	$217.3M
Total Liabilities	$599.0M+1.1%	$592.5M+12.5%	$526.5M-8.9%	$578.0M	N/A	N/A	N/A	$528.4M
Current Liabilities	$91.1M+3.4%	$88.2M-2.3%	$90.3M-21.2%	$114.6M	N/A	N/A	N/A	$87.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$369.1M+2.1%	$361.5M+3.6%	$348.9M+78.0%	$196.0M+1.0%	$194.1M+2.4%	$189.6M+2.6%	$184.8M+1.3%	$182.5M
Retained Earnings	$1.3M+120.8%	-$6.3M+51.8%	-$13.1M-57.6%	-$8.3M	N/A	N/A	N/A	N/A

KRMN Cash Flow Statement

Metric	FY24	FY23	FY22
Operating Cash Flow	$26.6M+31.1%	$20.3M+444.9%	-$5.9M
Capital Expenditures	$15.3M-9.1%	$16.8M-21.1%	$21.3M
Free Cash Flow	$11.4M+220.8%	$3.6M+113.1%	-$27.2M
Investing Cash Flow	-$46.2M-185.2%	-$16.2M+23.7%	-$21.3M
Financing Cash Flow	$25.7M+585.6%	-$5.3M-131.6%	$16.7M
Dividends Paid	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	$131K+100.8%	-$17.4M-27.9%	-$13.6M-279.7%	$7.6M-23.5%	$9.9M+60.7%	$6.1M+100.1%	$3.1M	N/A
Capital Expenditures	$7.0M+92.2%	$3.6M-28.1%	$5.0M+26.2%	$4.0M-12.2%	$4.6M-10.5%	$5.1M+214.8%	$1.6M	N/A
Free Cash Flow	-$6.8M+67.4%	-$21.0M-12.7%	-$18.6M-622.9%	$3.6M-33.1%	$5.3M+404.0%	$1.1M-27.4%	$1.5M	N/A
Investing Cash Flow	-$7.0M+94.6%	-$129.9M-1076.5%	-$11.0M-159.1%	-$4.3M+7.0%	-$4.6M+9.9%	-$5.1M+84.3%	-$32.3M	N/A
Financing Cash Flow	-$1.9M-103.2%	$61.0M-51.9%	$126.8M+22430.3%	$563K+124.7%	-$2.3M+36.5%	-$3.6M-111.6%	$31.0M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

KRMN Financial Ratios

Metric	FY24	FY23	FY22
Gross Margin	38.3%+0.7pp	37.6%+1.8pp	35.8%
Operating Margin	18.4%+1.1pp	17.3%+8.3pp	9.0%
Net Margin	3.7%+2.1pp	1.6%+7.8pp	-6.2%
Return on Equity	6.5%+4.1pp	2.4%	N/A
Return on Assets	1.6%+1.0pp	0.6%	N/A
Current Ratio	1.76-0.1	1.81	N/A
Debt-to-Equity	2.95+0.1	2.90	N/A
FCF Margin	3.3%+2.0pp	1.3%+13.3pp	-12.0%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	41.0%+0.2pp	40.8%+1.4pp	39.4%+1.3pp	38.1%-1.2pp	39.3%-1.4pp	40.7%+5.7pp	34.9%	N/A
Operating Margin	17.9%+0.4pp	17.5%+7.5pp	10.0%-5.8pp	15.8%-4.5pp	20.3%-1.2pp	21.5%+5.2pp	16.3%	N/A
Net Margin	6.3%+0.4pp	5.9%+10.7pp	-4.8%-6.6pp	1.8%-3.1pp	5.0%-0.4pp	5.4%+2.9pp	2.6%	N/A
Return on Equity	2.1%+0.2pp	1.9%	N/A	0.9%-1.4pp	2.2%-0.2pp	2.4%+1.3pp	1.1%	N/A
Return on Assets	0.8%+0.1pp	0.7%+1.3pp	-0.5%-0.8pp	0.2%	N/A	N/A	N/A	N/A
Current Ratio	2.86+0.1	2.75-0.6	3.34+1.6	1.76	N/A	N/A	N/A	1.81
Debt-to-Equity	1.62-0.0	1.64+0.1	1.51-1.4	2.95	N/A	N/A	N/A	2.90
FCF Margin	-5.6%+12.6pp	-18.2%+0.4pp	-18.6%-22.5pp	3.9%-2.3pp	6.2%+4.9pp	1.2%-0.5pp	1.8%	N/A

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Frequently Asked Questions

What is KARMAN HLDGS INC's annual revenue?

KARMAN HLDGS INC (KRMN) reported $345.3M in total revenue for fiscal year 2024. This represents a 23.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is KARMAN HLDGS INC's revenue growing?

KARMAN HLDGS INC (KRMN) revenue grew by 23% year-over-year, from $280.7M to $345.3M in fiscal year 2024.

Is KARMAN HLDGS INC profitable?

Yes, KARMAN HLDGS INC (KRMN) reported a net income of $12.7M in fiscal year 2024, with a net profit margin of 3.7%.

What is KARMAN HLDGS INC's earnings per share (EPS)?

KARMAN HLDGS INC (KRMN) reported diluted earnings per share of $0.08 for fiscal year 2024. This represents a 166.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is KARMAN HLDGS INC's EBITDA?

KARMAN HLDGS INC (KRMN) had EBITDA of $96.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is KARMAN HLDGS INC's gross margin?

KARMAN HLDGS INC (KRMN) had a gross margin of 38.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is KARMAN HLDGS INC's operating margin?

KARMAN HLDGS INC (KRMN) had an operating margin of 18.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is KARMAN HLDGS INC's net profit margin?

KARMAN HLDGS INC (KRMN) had a net profit margin of 3.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is KARMAN HLDGS INC's return on equity (ROE)?

KARMAN HLDGS INC (KRMN) has a return on equity of 6.5% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is KARMAN HLDGS INC's free cash flow?

KARMAN HLDGS INC (KRMN) generated $11.4M in free cash flow during fiscal year 2024. This represents a 220.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is KARMAN HLDGS INC's operating cash flow?

KARMAN HLDGS INC (KRMN) generated $26.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are KARMAN HLDGS INC's total assets?

KARMAN HLDGS INC (KRMN) had $774.0M in total assets as of fiscal year 2024, including both current and long-term assets.

What are KARMAN HLDGS INC's capital expenditures?

KARMAN HLDGS INC (KRMN) invested $15.3M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does KARMAN HLDGS INC have outstanding?

KARMAN HLDGS INC (KRMN) had 0 shares outstanding as of fiscal year 2024.

What is KARMAN HLDGS INC's current ratio?

KARMAN HLDGS INC (KRMN) had a current ratio of 1.76 as of fiscal year 2024, which is generally considered healthy.

What is KARMAN HLDGS INC's debt-to-equity ratio?

KARMAN HLDGS INC (KRMN) had a debt-to-equity ratio of 2.95 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is KARMAN HLDGS INC's return on assets (ROA)?

KARMAN HLDGS INC (KRMN) had a return on assets of 1.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is KARMAN HLDGS INC's Altman Z-Score?

KARMAN HLDGS INC (KRMN) has an Altman Z-Score of 13.35, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is KARMAN HLDGS INC's Piotroski F-Score?

KARMAN HLDGS INC (KRMN) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are KARMAN HLDGS INC's earnings high quality?

KARMAN HLDGS INC (KRMN) has an earnings quality ratio of 2.10x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can KARMAN HLDGS INC cover its interest payments?

KARMAN HLDGS INC (KRMN) has an interest coverage ratio of 1.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is KARMAN HLDGS INC?

KARMAN HLDGS INC (KRMN) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.