Karman Holdings Inc.

KRMN · NYSE · Industrials / Aerospace & Defense

40.66USD+0.16 (+0.40%)

Price History

Full chart

Market Stats

Previous Close40.50

Open39.85

Day Range37.33 – 40.70

52-Week Range29.34 – 118.38

Volume4.54M

Market Cap4.25B

P/E (TTM)114.61

Forward P/E45.66

EPS0.28

Dividend Yield0.00%

50-Day Avg36.24

200-Day Avg62.76

About

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.

Company Details

SectorIndustrials
IndustryAerospace & Defense
CEOMr. Jonathan P. Rambeau
Employees1.40K
Headquarters5351 Argosy Avenue, Huntington Beach, CA, United States, 92649, USA
Websitehttps://karman-sd.com

Leadership

Mr. Jonathan BeaudoinChief Operating Officer · b. 1985
Mr. Jonathan P. RambeauChief Executive Officer · b. 1973
Mr. Chris BoyntonExecutive VP & CFO · b. 1972
Ms. Stephanie SawhillChief Technologist · b. 1980
Mr. Stefan KnightonChief Information & Artificial Intelligence Officer
Mr. Steven A. GitlinSenior Vice President of Investor Relations
Ms. Susan BridgmanGeneral Counsel, Chief Ethics & Compliance Officer and Corporate Secretary
Ms. Heather UberuagaChief of Communications
Ms. Kara KingChief Human Resources Officer
Mr. Doug LaurendeauChief Growth Officer

Financials

Income Statement

Currency: USD	2022-12-31	2023-12-31	2024-12-31	2025-12-31
Total Revenue	226.31M	280.70M	345.25M	471.50M
Growth (%)	-	+24.04%	+22.99%	+36.57%
Cost of Revenue	145.36M	175.16M	213.14M	281.47M
Gross Profit	80.95M	105.55M	132.11M	190.03M
Gross Margin	35.77%	37.60%	38.27%	40.30%
Operating Expense	60.51M	57.05M	68.55M	117.08M
Operating Income	20.43M	48.49M	63.56M	72.94M
Operating Margin	9.03%	17.28%	18.41%	15.47%
EBITDA	55.21M	76.24M	97.86M	119.83M
EBITDA Margin	24.40%	27.16%	28.34%	25.41%
Net Income	-14.10M	4.36M	12.70M	17.37M
Net Income Margin	-6.23%	1.55%	3.68%	3.68%
Interest Expense	37.50M	47.87M	50.73M	44.57M
Interest Expense % of Total Revenue	16.57%	17.05%	14.69%	9.45%

Balance Sheet

Currency: USD	2022-12-31	2023-12-31	2024-12-31	2025-12-31
Total Assets	682.59M	710.83M	773.96M	1.14B
Total Liabilities	505.00M	528.37M	577.96M	759.98M
Total Equity	177.60M	182.46M	196.00M	382.69M
Cash	6.63M	5.45M	11.53M	33.96M
Total Debt	403.58M	409.33M	447.87M	587.31M
Net Debt	396.95M	403.88M	436.34M	553.35M

Cash Flow

Currency: USD	2022-12-31	2023-12-31	2024-12-31	2025-12-31
Operating Cash Flow	-5.89M	20.33M	26.65M	-22.12M
Investing Cash Flow	-21.26M	-16.21M	-46.24M	-238.27M
Financing Cash Flow	16.73M	-5.29M	25.67M	282.82M
Capital Expenditure	21.27M	16.78M	15.25M	20.34M
Free Cash Flow	-27.16M	3.55M	11.39M	-42.45M
Dividends Paid	109.35K	788.59K	155.91K	-
FCF to OCF	460.93%	17.47%	42.76%	191.94%
Dividend Paid to FCF	-0.40%	22.21%	1.37%	-

Earnings

Report Date	May 13, 2025	Aug 7, 2025	Nov 6, 2025	Mar 25, 2026	May 6, 2026	Aug 6, 2026	Nov 5, 2026
EPS Estimate	0.02	0.11	0.11	0.11	0.11	0.13	0.16
EPS Actual	0.05	0.10	0.10	0.11	0.06	0.14	0.19
Surprise	150.00%	-9.09%	-9.09%	0.00%	-46.55%	7.69%	18.75%
Timing	After-hours	After-hours	After-hours	After-hours	After-hours	After-hours	After-hours

Key Statistics & Ratios

Market Cap4.25B

Enterprise Value6.06B

Trailing P/E114.61

Forward P/E45.66

PEG Ratio0.25

Price / Sales7.21

Price / Book12.44

EPS0.28

Book Value3.18

Revenue (TTM)589.55M

Gross Profit (TTM)245.65M

EBITDA153.92M

Profit Margin6.31%

Operating Margin20.23%

Return on Equity9.50%

Return on Assets5.14%

Shares Outstanding132.53M

Shares Float102.64M

Dividend Yield0.00%

Dividend Rate0.00

Payout Ratio0.00%

Analyst Ratings

Strong Buy

Based on 14 analystsTarget 72.62

Strong Buy
10
Buy
4

Ownership Breakdown

Institutions: 106.90%
Insiders: 6.87%
Retail / Other: 0.00%

Top Institutional Holders

FMR Inc
6.87M5.18%
BlackRock Inc
5.45M4.11%
State Street Corp
5.10M3.85%
Vanguard Capital Management, LLC
4.80M3.62%
First Trust Advisors L.P.
4.74M3.58%
Vanguard Portfolio Management, LLC
4.32M3.26%
Ameriprise Financial Inc
4.20M3.17%
Alyeska Investment Group, L.P.
3.58M2.70%
Donaldson Capital Management LLC
3.50M2.64%
GCM Grosvenor Holdings, LLC
3.32M2.50%
KHIS Custodian LP
2.85M2.15%
Lexington Partners
2.59M1.95%
Falcon Wealth Planning
2.57M1.94%
Van Eck Associates Corporation
2.45M1.85%

Top Fund Holders

First Trust RBA Amer Indl RenaisTM ETF
7.79M5.88%
iShares Core S&P Small-Cap ETF
7.47M5.63%
Stt Strt® SPDR® S&P® Arspc & Dfnc ETF
4.02M3.04%
Vanguard MStar Total Stk Mkt Idx Invest
4.01M3.02%
American Funds SMALLCAP World A
2.84M2.14%
Vanguard Small Cap Index
2.83M2.14%