Karman Holdings Inc
KRMN
Karman Holdings Inc AI Insights
Informational only. Not investment advice.Snapshot
- P/E of 827x vs industry median 21x - priced for perfection despite negative FCF (-42.9M TTM) and 2.6% net margin[P/E Ratio]
- Goodwill/intangibles of 547M represent 148% of equity (369M) - tangible book value is negative (-178M)[Goodwill and Other Intangible Assets]
- Revenue grew 42% YoY to 428M TTM with gross margin expanding to 40% vs industry median 19% - operating leverage emerging[Total Revenue 1Y Growth]
Watch Triggers
- Free Cash Flow TTM: Turns positive for 2 consecutive quarters — Currently -43M; positive FCF validates growth investment and reduces refinancing dependency
- Interest Expense TTM: Falls below 35M (from 46M current) — Interest consumes 70% of operating income; reduction would unlock earnings power
- Total Revenue 1Y Growth: Decelerates below 20% — 827x P/E requires hypergrowth; deceleration would trigger severe re-rating
Bull Case
Gross margin 40% is 2x industry median (19%) with 48% YoY gross profit growth - suggests pricing power and differentiated products in aerospace components
Revenue growing 42% YoY vs industry median 0% - capturing share in defense/aerospace supply chain with operating leverage potential
Bear Case
Extreme valuation (P/E 827x, P/S 21x vs median 0.9x) leaves no margin for error - any growth deceleration triggers severe multiple compression
Negative FCF (-43M), negative tangible book (-178M), and debt 1.3x equity create refinancing risk if rates stay elevated
Bull vs Bear Balance
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Forward Thesis
Interest burden (46M TTM) consuming 70% of operating income will compress unless debt refinanced or paid down
- Total debt 484M at 1.3x D/E
- Interest expense exceeds net income 4x
- Cash only 19M vs 475M long-term debt
Aerospace/defense tailwinds could drive margin expansion if revenue scales faster than fixed costs
- 42% revenue growth outpacing industry median 0%
- Gross margin 40% vs 19% industry median
- Operating margin 15% vs 4% median
Public Strategies Rankings
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KRMN Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$10.69B | — | ||
$11.16B | — | ||
977 | — | ||
$428.25M | +29.4% | — | |
$0.08 | +231.7% | — | |
15.5% | -3.6% | — | |
2.65% | -2.1% | — | |
$-42.9M | — | ||
0.04 | -4.1% | — | |
Beta 5Y (Monthly) | unknown | — |
KRMN Dividend History
KRMN Stock Splits
KRMN SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/07/25 | 09/30/25 | 10-Q | |
08/08/25 | 06/30/25 | 10-Q | |
05/14/25 | 03/31/25 | 10-Q | |
04/10/25 | 12/31/24 | Unknown | |
09/30/24 | 09/30/24 | 424B4 | |
02/13/25 | 09/30/24 | 424B4 | |
08/08/25 | 06/30/24 | 10-Q | |
05/14/25 | 03/31/24 | 10-Q | |
02/13/25 | 12/31/23 | 424B4 |