Karman Holdings Inc. (KRMN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the KRMN SEC filings page.
Karman Holdings Inc. (KRMN) reported $589.6M in revenue over the twelve months to Jun 30, 2026, up 50.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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).
Rapid expansion is being funded externally while rising gross margin is not yet converting into operating cash.
In FY2025, gross margin reached40.3% , yet operating margin fell to15.5% : better gross economics were outweighed by overhead absorption. That margin shape indicates growth was being absorbed by operating costs rather than dropping through to profit.
The earnings-to-cash gap is material: net income was
Capital deployment was unusually large: investing cash flow reached
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Karman Holdings Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Karman Holdings Inc. has an operating margin of 15.5%, meaning the company retains $15 of operating profit per $100 of revenue. This strong profitability earns a score of 79/100, reflecting efficient cost management and pricing power. This is down from 18.4% the prior year.
Karman Holdings Inc.'s revenue surged 36.6% year-over-year to $471.5M, reflecting rapid business expansion. This strong growth earns a score of 89/100.
Karman Holdings Inc. has a moderate D/E ratio of 1.89. This balance of debt and equity financing earns a leverage score of 33/100.
With a current ratio of 3.29, Karman Holdings Inc. holds $3.29 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 82/100.
Karman Holdings Inc.'s operations used $22.1M of cash, and capex of $20.3M added to the outflow, for a free cash flow shortfall of $42.5M. This results in a cash flow score of 19/100.
Karman Holdings Inc. earns a strong 4.5% return on equity (ROE), meaning it generates $5 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 69/100. This is down from 6.5% the prior year.
Karman Holdings Inc. scores 4.77, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.7B) relative to total liabilities ($721.4M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Karman Holdings Inc. passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Karman Holdings Inc. used $1.27 of operating cash (-$22.1M OCF vs $17.4M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Karman Holdings Inc. earns $1.61 in operating income for every $1 of interest expense ($72.9M vs $45.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Karman Holdings Inc. generated $182.1M in revenue in Q2 2026. This represents an increase of 58.2% from the same quarter a year earlier. Against the prior quarter it is up 20.4%.
Karman Holdings Inc.'s EBITDA was $40.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 67.7% from the same quarter a year earlier. Against the prior quarter it is up 6.7%.
Karman Holdings Inc. reported $14.0M in net income in Q2 2026. This represents an increase of 106.1% from the same quarter a year earlier. Against the prior quarter it is up 80.0%.
Karman Holdings Inc. earned $0.11 per diluted share (EPS) in Q2 2026. This represents an increase of 120.0% from the same quarter a year earlier. Against the prior quarter it is up 83.3%.
Cash & Balance Sheet
Karman Holdings Inc. recorded an outflow of $17.7M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 15.8% from the same quarter a year earlier. Against the prior quarter it is down 146.6%.
Karman Holdings Inc. held $51.7M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Karman Holdings Inc.'s gross margin was 43.0% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 2.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.7 percentage points.
Karman Holdings Inc.'s operating margin was 19.1% in Q2 2026, reflecting core business profitability. This is up 1.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.9 percentage points.
Karman Holdings Inc.'s net profit margin was 7.7% in Q2 2026, showing the share of revenue converted to profit. This is up 1.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.6 percentage points.
Karman Holdings Inc.'s ROE was 3.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 1.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.4 percentage points.
Capital Allocation
Karman Holdings Inc. invested $14.5M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 299.5% from the same quarter a year earlier. Against the prior quarter it is up 96.5%.
Not reported for Q2 2026.
Not reported for Q2 2026.
KRMN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $182.1M+58.2% | $151.2M+51.0% | $134.5M+47.4% | $121.8M+41.7% | $115.1M+35.3% | $100.1M+20.6% | $91.2M | $86.0M |
| Cost of Revenue | $103.8M+52.5% | $87.3M+44.0% | $80.9M+43.1% | $71.8M+37.7% | $68.1M+35.0% | $60.7M+12.3% | $56.5M | $52.2M |
| Gross Profit | $78.2M+66.4% | $63.9M+61.9% | $53.6M+54.4% | $49.9M+47.8% | $47.0M+35.9% | $39.5M+36.0% | $34.7M | $33.8M |
| SG&A Expenses | $31.3M+61.3% | $28.6M+23.0% | $22.9M+74.4% | $20.0M+78.7% | $19.4M+94.4% | $23.3M+130.8% | $13.2M | $11.2M |
| Operating Income | $34.8M+73.2% | $21.5M+115.3% | $21.1M+46.5% | $21.8M+25.3% | $20.1M+10.0% | $10.0M-26.2% | $14.4M | $17.4M |
| EBITDA | $40.6M+67.7% | $38.1M+96.1% | $45.3M+44.5% | $26.7M+21.7% | $24.2M+9.2% | $19.4M-6.9% | $31.4M | $22.0M |
| Interest Expense | $15.3M+28.4% | $12.6M+7.2% | $11.5M-10.2% | $10.0M-20.6% | $11.9M-11.2% | $11.8M-2.5% | $12.8M | $12.6M |
| Income Tax | $5.2M+193.3% | $838K-74.7% | $5.8M+1875.3% | $4.2M+352.0% | $1.8M+471.8% | $3.3M+3702.3% | $296K | $933K |
| Net Income | $14.0M+106.1% | $7.8M+262.4% | $7.7M+358.3% | $7.6M+78.1% | $6.8M+47.8% | -$4.8M-326.1% | $1.7M | $4.3M |
| EPS (Basic) | $0.11+120.0% | $0.06+250.0% | $0.06+500.0% | $0.06+100.0% | $0.05+66.7% | -$0.04-500.0% | $0.01 | $0.03 |
| EPS (Diluted) | $0.11+120.0% | $0.06+250.0% | $0.06+500.0% | $0.06+100.0% | $0.05+66.7% | -$0.04 | $0.01 | $0.03 |
| Diluted Shares (Avg) | 133M+0.2% | 133M+0.3% | N/A | 132M-20.6% | 132M-20.6% | 132M | N/A | 167M |
Not reported in any period shown, so not listed: R&D Expenses.
KRMN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.4B+51.4% | $1.4B+62.0% | $1.1B+42.7% | $968.1M | $953.9M | $875.4M | $774.0M+8.9% | N/A |
| Current Assets | $384.8M+59.0% | $370.3M+22.8% | $291.4M+44.5% | $260.6M | $242.1M | $301.5M | $201.7M+27.9% | N/A |
| Cash & Equivalents | $51.7M+88.6% | $73.8M-35.1% | $34.0M+194.5% | $18.7M | $27.4M | $113.7M | $11.5M+111.4% | N/A |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | N/A |
| Inventory | $16.3M+10.6% | $16.1M+54.9% | $10.7M+7.9% | $15.4M | $14.7M | $10.4M | $9.9M+0.4% | N/A |
| Accounts Receivable | $115.0M+98.5% | $98.6M+106.4% | $78.7M+42.5% | $70.2M | $57.9M | $47.8M | $55.2M+9.1% | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | N/A |
| Goodwill | $498.1M+65.0% | $439.2M+95.1% | $352.5M+56.6% | $301.8M | $301.8M | $225.1M | $225.1M+3.6% | N/A |
| Total Liabilities | $1.0B+72.7% | $1.0B+92.2% | $721.4M+24.8% | $599.0M | $592.5M | $526.5M | $578.0M+9.4% | N/A |
| Current Liabilities | $108.2M+22.8% | $104.8M+16.1% | $88.7M-22.6% | $91.1M | $88.2M | $90.3M | $114.6M+31.6% | N/A |
| Non-Current Liabilities | $914.7M+81.4% | $907.3M+108.0% | $632.7M+36.6% | $507.8M | $504.3M | $436.2M | $463.4M+5.0% | N/A |
| Total Equity | $421.1M+16.5% | $405.7M+16.3% | $382.7M+95.3% | $369.1M+90.2% | $361.5M+90.6% | $348.9M+88.8% | $196.0M+7.4% | $194.1M |
| Retained Earnings | $30.9M+587.6% | $16.8M+228.1% | $9.0M+208.3% | $1.3M | -$6.3M | -$13.1M | -$8.3M | N/A |
Not reported in any period shown, so not listed: Long-Term Debt.
KRMN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.2M+81.7% | $209K+101.5% | $8.7M+15.2% | $131K-98.7% | -$17.4M-382.8% | -$13.6M-542.5% | $7.6M | $9.9M |
| Depreciation & Amortization | $5.8M+40.7% | $16.6M+75.9% | $12.6M+39.8% | $4.9M+7.9% | $4.1M+5.6% | $9.5M+28.6% | $9.0M | $4.5M |
| Stock-Based Compensation | $13.9M+78.2% | $0-100.0% | N/A | $8.9M+3488.7% | $7.8M+3070.7% | $1.4M+461.8% | N/A | $248K |
| Capital Expenditures | $14.5M+299.5% | $7.4M+46.3% | $4.7M+17.5% | $7.0M+53.1% | $3.6M-28.7% | $5.0M+212.0% | $4.0M | $4.6M |
| Free Cash Flow | -$17.7M+15.8% | -$7.2M+61.5% | $4.0M+12.6% | -$6.8M-228.5% | -$21.0M-2088.4% | -$18.6M-1381.0% | $3.6M | $5.3M |
| Investing Cash Flow | -$14.0M+89.3% | -$217.5M-1870.0% | -$90.4M-2019.9% | -$7.0M-52.1% | -$129.9M-2453.7% | -$11.0M+65.8% | -$4.3M | -$4.6M |
| Financing Cash Flow | -$4.9M-108.1% | $257.2M+102.8% | $96.9M+17118.7% | -$1.9M+15.1% | $61.0M+1801.1% | $126.8M+309.4% | $563K | -$2.3M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
KRMN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.0%+2.1pp | 42.2%+2.8pp | 39.9%+1.8pp | 41.0%+1.7pp | 40.8%+0.2pp | 39.4%+4.5pp | 38.1% | 39.3% |
| Operating Margin | 19.1%+1.7pp | 14.2%+4.2pp | 15.7%-0.1pp | 17.9%-2.3pp | 17.5%-4.0pp | 10.0%-6.3pp | 15.8% | 20.3% |
| Net Margin | 7.7%+1.8pp | 5.1%+9.9pp | 5.7%+3.9pp | 6.3%+1.3pp | 5.9%+0.5pp | -4.8%-7.3pp | 1.8% | 5.0% |
| Return on Equity | 3.3%+1.5pp | 1.9%+3.3pp | 2.0%+1.2pp | 2.1%-0.1pp | 1.9%-0.5pp | -1.4%-2.5pp | 0.9% | 2.2% |
| Return on Assets | 1.0%+0.3pp | 0.5%+1.1pp | 0.7%+0.5pp | 0.8% | 0.7% | -0.5% | 0.2% | N/A |
| Current Ratio | 3.56+0.8x | 3.53+0.2x | 3.29+1.5x | 2.86 | 2.75 | 3.34 | 1.76-0.1x | N/A |
| Debt-to-Equity | 2.43+0.8x | 2.49+1.0x | 1.89-1.1x | 1.62 | 1.64 | 1.51 | 2.95+0.1x | N/A |
| Asset Turnover | 0.130.0x | 0.110.0x | 0.120.0x | 0.13 | 0.12 | 0.11 | 0.12 | N/A |
| FCF Margin | -9.7%+8.5pp | -4.7%+13.9pp | 3.0%-0.9pp | -5.6%-11.8pp | -18.2%-19.5pp | -18.6%-20.4pp | 3.9% | 6.2% |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Karman Holdings Inc. KRMN | FY2025 | $471.5M | $17.4M | 3.7% | $4.7B | 62/100 |
| StandardAero, Inc. SARO | FY2025 | $6.1B | $277.4M | 4.6% | $8.0B | 56/100 |
| Loar Holdings Inc. LOAR | FY2025 | $496.3M | $72K | 0.0% | $6.2B | 58/100 |
| Firefly Aerospace FLY | FY2025 | $159.9M | -$298.3M | N/A | $3.5B | 52/100 |
| Archer Aviation Inc. ACHR | FY2025 | $300K | -$618.2M | N/A | $4.3B | — |
Where Karman Holdings Inc. Ranks
Frequently Asked Questions
What is Karman Holdings Inc.'s annual revenue?
Karman Holdings Inc. (KRMN) reported $471.5M in total revenue for fiscal year 2025. This represents a 36.6% 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 Holdings Inc.'s revenue growing?
Karman Holdings Inc. (KRMN) revenue grew by 36.6% year-over-year, from $345.3M to $471.5M in fiscal year 2025.
Is Karman Holdings Inc. profitable?
Yes, Karman Holdings Inc. (KRMN) reported a net income of $17.4M in fiscal year 2025, with a net profit margin of 3.7%.
What is Karman Holdings Inc.'s EBITDA?
Karman Holdings Inc. (KRMN) had EBITDA of $115.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Karman Holdings Inc.'s gross margin?
Karman Holdings Inc. (KRMN) had a gross margin of 40.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Karman Holdings Inc.'s operating margin?
Karman Holdings Inc. (KRMN) had an operating margin of 15.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Karman Holdings Inc.'s net profit margin?
Karman Holdings Inc. (KRMN) had a net profit margin of 3.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Karman Holdings Inc.'s return on equity (ROE)?
Karman Holdings Inc. (KRMN) has a return on equity of 4.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Karman Holdings Inc.'s free cash flow?
Karman Holdings Inc. (KRMN) recorded an outflow of $42.5M in free cash flow during fiscal year 2025. This represents a -472.6% 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 Holdings Inc.'s operating cash flow?
Karman Holdings Inc. (KRMN) recorded an outflow of $22.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Karman Holdings Inc.'s total assets?
Karman Holdings Inc. (KRMN) had $1.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Karman Holdings Inc.'s capital expenditures?
Karman Holdings Inc. (KRMN) invested $20.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Karman Holdings Inc.'s current ratio?
Karman Holdings Inc. (KRMN) had a current ratio of 3.29 as of fiscal year 2025, which is generally considered healthy.
What is Karman Holdings Inc.'s debt-to-equity ratio?
Karman Holdings Inc. (KRMN) had a debt-to-equity ratio of 1.89 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Karman Holdings Inc.'s return on assets (ROA)?
Karman Holdings Inc. (KRMN) had a return on assets of 1.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Karman Holdings Inc.'s P/E ratio?
Karman Holdings Inc. (KRMN) trades at 126x earnings, its market capitalization divided by net income of $37.2M net income, trailing 12 months to June 30, 2026. The market capitalization is $4.7B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Karman Holdings Inc.'s price-to-sales ratio?
Karman Holdings Inc. (KRMN) trades at 7.9x sales, its market capitalization divided by revenue of $589.6M revenue, trailing 12 months to June 30, 2026. The market capitalization is $4.7B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Karman Holdings Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Karman Holdings Inc. (KRMN) held $34.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $22.1M over that year. Dividing the one by the other, the reported balance equals about 18 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Karman Holdings Inc.'s Altman Z-Score?
Karman Holdings Inc. (KRMN) has an Altman Z-Score of 4.77, 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 Holdings Inc.'s Piotroski F-Score?
Karman Holdings Inc. (KRMN) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Karman Holdings Inc.'s earnings high quality?
For every $1 of reported earnings, Karman Holdings Inc. (KRMN) used $1.27 of operating cash (-$22.1M OCF vs $17.4M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. 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 Holdings Inc. cover its interest payments?
Karman Holdings Inc. (KRMN) has an interest coverage ratio of 1.61x, 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 Holdings Inc.?
Karman Holdings Inc. (KRMN) scores 62 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.