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KRMNKarman Holdings Inc.
$34.68$4.6B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
KRMN logo

Karman Holdings Inc.

KRMN
NYSE · Aerospace & Defense
$34.68
At close - Oct 16, 4:00 PM EDT - USD
Market Cap$4.6B
P/E266.8x
52W High$118.38
Volume6.99M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Accelerating Revenue Growth Masks Acquisition-Led Leverage

Karman Holdings is executing a rapid growth strategy, with revenue surging 58.2% YoY in 2026Q2 to $182.1M and gross margins expanding to 43.0%, driven by strong demand in hypersonics and space. However, this growth is heavily acquisition-funded, as evidenced b...

GrowthAccelerating
ProfitabilityModerate
ValuationExpensive
TechnicalsWeak
Explore valuation models
MARKET ACTION

KRMN price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

2/7 Beats

EPS beat 2 of last 7 quarters

02

Valuation risk

+599% Peers

P/E is 599% above peer median

03

Market leadership

RS 10 · Lag

Laggard (Underperforming 90% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystConfirmed earnings · Nov 5
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth accelerated to 58.2% YoY in 2026Q2, with gross margin expanding to 43.0% and operating margin reaching 19.1%, though net margin was suppressed to 7.7% by non-operating charges.

Analyst Consensus+147.0% target
Buy(9 analysts)
8 Buy0 Hold1 Sell

The Bull Case

Upside Catalysts

Strong revenue growth

Karman Holdings Inc. tripled its share price within a year of its IPO, driven by 42% revenue growth and a $758M funded backlog.

Premium valuation multiples

KRMN trades at 16-18x forward EBITDA and 14-15x forward revenue, a significant premium compared to traditional defense contractors.

Bullish independent research

Monte Independent Investment Research published a bullish thesis on KRMN, highlighting its growth potential and valuation metrics.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 10/17/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
KRMN-54.87%
S&P 500 (^GSPC)+11.72%
1-Year Return
KRMN-54.87%
S&P 500 (^GSPC)+15.53%
3-Year Return
KRMN+15.41%
S&P 500 (^GSPC)+78.52%
5-Year Return
KRMN+15.41%
S&P 500 (^GSPC)+74.29%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E
266.8x
Forward P/EExpansion
59.3x
EV/EBITDA0th %ile
44.5x
FCF YieldCash Flow
N/A

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
266.8x
N/A
N/A
EV/EBITDA
44.5x
88.5x
0th· Low
Price/FCF
N/A
N/A
N/A
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$5.52-84.1%
Base (Fair)$45.47-46.5%
Bull$13.42-61.3%
$5.52 Bear$45.47 Base$13.42 Bull
Current Market Price: $34.68
Trades at a 23.7% discount to Base DCF ($45.47)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$472M+36.6% YoY
Net income
$17M+36.7% YoY
Free cash flow
-$42M-472.6% YoY
Operating margin
15.5%-2.9 pts YoY
ROIC (TTM)7%
Avg ROIC 5Y-
ROE (TTM)6%
Piotroski Score5 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate2/7 (33%)
Revenue Beat Rate6/7 (86%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 6, 2026
$0.14+6.8%
vs $0.13
$182M+1.1%
vs $180M
Q2 2026
May 12, 2026
$0.11-9.4%
vs $0.12
$151M+0.3%
vs $151M
Q2 2026
Mar 25, 2026
$0.11+0.0%
vs $0.11
$134M+1.4%
vs $133M
Q4 2025
Nov 6, 2025
$0.10-10.5%
vs $0.11
$122M+3.1%
vs $118M
Historical baseline: 7 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Defense World·Oct 3, 2026
Karman (NYSE:KRMN) Hits New 12-Month Low – Here’s Why

Karman Holdings Inc. (NYSE: KRMN - Get Free Report) shares hit a new 52-week low during mid-day trading on Thursday. The stock traded as low as $32.11 and last traded at $32.1010, with a volume of 140760 shares trading hands. The stock had previously closed at $32.42. Wall Street Analysts Forecast Growth A number of analysts

Fool - Investing News·Sep 30, 2026
3 Space Stocks to Buy in October

SpaceX has cooled off, but these three space stocks still offer real upside, from launch infrastructure to profitable defense components.

Defense World·Sep 30, 2026
Karman (NYSE:KRMN) and L3Harris Technologies (NYSE:LHX) Head to Head Analysis

Karman (NYSE: KRMN - Get Free Report) and L3Harris Technologies (NYSE: LHX - Get Free Report) are both industrials companies, but which is the better stock? We will compare the two businesses based on the strength of their valuation, risk, institutional ownership, analyst recommendations, earnings, profitability and dividends. Profitability This table compares Karman and L3Harris Technologies' net

The Motley Fool·Sep 29, 2026
David Stinnett Purchases 27,000 Karman Holdings Shares for $1 Million. Is the Defense Contractor Now a Buy?

The transaction involved the purchase of 27,000 shares at a weighted average price of $37.32 per share, totaling $1.0 million. The purchase size was equal to 0.77% of the stake held prior to the filing, bringing the total direct position to ~3.5 million shares.

Filtered for Karman Holdings Inc.More Headlines
04

Compare before deciding

Benchmark KRMN against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Karman Holdings Inc. (KRMN)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
KRMN logoKRMNKarman Holdings Inc.Current
$34.68$4.6B266.7736.57%3.68%6%—
RKLB logoRKLBRocket Lab USA, Inc.
$50.84$29.43B-137.4137.96%-21.51%-7.56%—
MNTS logoMNTSMomentus Inc.
$2.61$31.03M-0.05-47.49%-930.73%-90.48%—
ATRO logoATROAstronics Corporation
$61.53$2.37B75.968.39%8.4%51.97%—
KTOS logoKTOSKratos Defense & Security Solutions, Inc.
$40.42$7.58B310.9218.52%2.03%1.14%—
TDG logoTDGTransDigm Group Incorporated
$1139.34$63.73B35.5211.22%21.28%——

Compare KRMN vs Peers

Karman Holdings Inc. (KRMN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs RKLB

Most directly comparable listed peer for KRMN.

Scale Benchmark

vs RTX

Larger-name benchmark to compare KRMN against a more recognizable public peer.

Peer Set

Compare Top 5

vs RKLB, MNTS, ATRO, KTOS

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

KRMN SEC Filings & Documents

Karman Holdings Inc. (KRMN) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 6, 2026·SEC

Material company update

Aug 6, 2026·SEC

Material company update

Jun 11, 2026·SEC

10-K Annual Reports

2
FY 2026

Apr 3, 2026·SEC

FY 2025

Apr 10, 2025·SEC

10-Q Quarterly Reports

5
FY 2026

Aug 11, 2026·SEC

FY 2026

May 14, 2026·SEC

FY 2025

Nov 7, 2025·SEC

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KRMN Frequently Asked Questions

Karman Holdings Inc. (KRMN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Karman Holdings Inc.'s revenue?

Karman Holdings Inc. (KRMN) reported $589.6M in revenue for fiscal year 2025. This represents a 161% increase from $226.3M in 2022.

How fast is Karman Holdings Inc. growing?

Karman Holdings Inc. (KRMN) grew revenue by 36.6% over the past year. This is strong growth.

Is KRMN profitable?

Yes, Karman Holdings Inc. (KRMN) is profitable, generating $37.2M in net income for fiscal year 2025 (3.7% net margin).

Dividend & Returns
What is KRMN's return on equity?

Karman Holdings Inc. (KRMN) has a return on equity (ROE) of 6.0%. This is below average, suggesting room for improvement.

What is Karman Holdings Inc.'s free cash flow?

Karman Holdings Inc. (KRMN) had negative free cash flow of $27.7M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in KRMN back in 2022?

Total return calculator · dividends reinvested · 4+ years of data

See returns →