Karman Holdings (KRMN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Karman Holdings

NYSE•Industrials•Aerospace & Defense

$35.25-1.69(-0.05%)Pre-market

Market Cap

$4.67B

P/E

125.6x

P/S

7.9x

P/B

11.1x

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.

How this company scores

AverageMetricSide Score: 47/100

Strongest: Growth (19/25); weakest: Cash & Earnings Quality (2/25).

Profitability18/25

Growth19/25

Balance Sheet & Red Flags8/25

Cash & Earnings Quality2/25

Strengths

Strong marginsRising earningsConsistent growthImproving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 125.6x5y range 125.6x – 569.2x

Currently below its 4-quarter median.

P/S · 7.9x5y range 7.9x – 21.0x

Currently below its 4-quarter median.

P/B · 11.1x5y range 11.1x – 25.8x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 5 of the last 7 quarters — earnings are not translating to cash.

Leverage Risk

Watch

Debt-to-equity has risen 76.3% recently — increasing financial risk even if the current ratio is manageable.

Price & Volume

Market Cap $4.67B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $589.55M
Q. Revenue: $182.06M
TTM EBITDA: $154.53M
TTM Op. Income: $99.16M
Q. Op. Income: $34.83M
TTM Net Income: $37.18M
Q. Net Income: $14.03M
EPS: $0.11
Shares Out.: $132.53M

$589.55M in TTM revenue grew from zero YoY, reaching $182.06M last quarter. TTM EBITDA of $154.53M and TTM operating income of $99.16M show growth is flowing through to the bottom line. TTM net income of $37.18M means revenue is converting into profit. Across the last 7 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 43.0%
EBITDA Margin: 27.5%
Op. Margin: 19.1%
Net Margin: 7.7%

Op. margin of 19.1% is up 1.7% YoY — cost efficiency is improving. Net margin at 7.7% and gross margin of 43.0% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 10% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 125.6x
P/S Ratio: 7.9x
P/B Ratio: 11.1x

At 125.6x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 7.9x and P/B of 11.1x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 4 quarters, P/E has fallen for 2 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.44B
Cash: $51.74M
Long-Term Debt: $751.33M
Book Value: $421.10M
D/E Ratio: 1.8
Debt/EBITDA: 15.0

With $1.44B in assets and $751.33M in long-term debt, D/E is 1.8and book value is $421.10M — moderate leverage. Over the past year, debt/equity is up 76% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-3.18M
TTM Free Cash Flow: $-27.67M
FCF Margin: -4.7%
FCF / Net Income: -0.7

TTM FCF of $-27.67M on $-3.18M in operating cash flow. The FCF / Net Income ratio of -0.7x means the business consumes cash — it is not yet self-funding. Across the last 7 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.