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Karman Holdings Inc. (KRMN) 10-Year Financial Performance & Capital Metrics

KRMN • • Industrial / General
IndustrialsAerospace & DefenseSpace Systems & Launch ServicesSpacecraft & Satellite Systems
AboutKarman Holdings Inc., through its subsidiary, Karman Space and Defense, engages in designing, testing, manufacturing, and sale of mission-critical systems for missile and defense, space programs, hypersonic, and launch vehicle markets. It also supplies metallic and composite flight hardware and sub-assemblies. In addition, the company provides solutions for payload protection and deployment systems, aerodynamic interstage systems, and propulsion systems. The company was incorporated in 2020 and is based in Huntington Beach, California. Karman Holdings Inc. is a subsidiary of TCFIII Spaceco SPV LP.Show more
  • Revenue $345M +23.0%
  • EBITDA $96M +27.3%
  • Net Income $13M +191.3%
  • EPS (Diluted) 0.10 +191.2%
  • Gross Margin 38.27% +1.8%
  • EBITDA Margin 27.91% +3.5%
  • Operating Margin 18.41% +6.6%
  • Net Margin 3.68% +136.9%
  • ROE 6.71% +177.2%
  • ROIC 7.82% +24.9%
  • Debt/Equity 2.29 +1.9%
  • Interest Coverage 1.25 +23.7%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9
  • ✓Momentum leader: RS Rating 94 (top 6%)
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗High debt to equity ratio of 2.3x
  • ✗Weak 3Y average ROE of 0.4%
  • ✗Expensive at 72.5x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y-
3Y-
TTM-

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-

EPS CAGR

10Y-
5Y-
3Y-
TTM-

ROCE

10Y Avg6.98%
5Y Avg6.98%
3Y Avg6.98%
Latest9.91%

Peer Comparison

Spacecraft & Satellite Systems
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
KRMNKarman Holdings Inc.14.22B107.491118.5222.99%2.65%3.07%0.08%2.29
SPCEVirgin Galactic Holdings, Inc.224.51M3.07-0.223.47%-176.16%-129.53%1.30
SIDUSidus Space, Inc.202.7M3.11-0.87-21.64%-6.55%-99.03%0.43
LUNRIntuitive Machines, Inc.2.5B17.57-3.79186.72%-94.7%-85.57%9.53
RDWRedwire Corporation1.67B10.14-4.3124.73%-70.32%-22.44%
VOYGVoyager Technologies, Inc.1.64B31.24-21.695.97%-59.62%-14.46%1.64
PLPlanet Labs PBC7.41B25.32-60.2910.72%-34.46%-20.76%0.05

Profit & Loss

Dec 2022Dec 2023Dec 2024
Sales/Revenue+226.31M280.71M345.25M
Revenue Growth %-0.24%0.23%
Cost of Goods Sold+145.36M175.16M213.14M
COGS % of Revenue0.64%0.62%0.62%
Gross Profit+80.95M105.55M132.11M
Gross Margin %0.36%0.38%0.38%
Gross Profit Growth %-0.3%0.25%
Operating Expenses+60.51M57.06M68.55M
OpEx % of Revenue0.27%0.2%0.2%
Selling, General & Admin30.04M36.62M44.42M
SG&A % of Revenue0.13%0.13%0.13%
Research & Development000
R&D % of Revenue---
Other Operating Expenses30.48M20.43M24.13M
Operating Income+20.43M48.49M63.56M
Operating Margin %0.09%0.17%0.18%
Operating Income Growth %-1.37%0.31%
EBITDA+55.42M75.67M96.36M
EBITDA Margin %0.24%0.27%0.28%
EBITDA Growth %-0.37%0.27%
D&A (Non-Cash Add-back)34.98M27.18M32.8M
EBIT20.23M48.49M63.56M
Net Interest Income+-37.5M-47.87M-50.73M
Interest Income000
Interest Expense37.5M47.87M50.73M
Other Income/Expense-37.71M-47.3M-49.23M
Pretax Income+-17.27M1.19M14.33M
Pretax Margin %-0.08%0%0.04%
Income Tax+-3.17M-3.17M1.63M
Effective Tax Rate %0.82%3.66%0.89%
Net Income+-14.1M4.36M12.7M
Net Margin %-0.06%0.02%0.04%
Net Income Growth %-1.31%1.91%
Net Income (Continuing)-14.1M4.36M12.7M
Discontinued Operations000
Minority Interest000
EPS (Diluted)+-0.110.030.10
EPS Growth %-1.3%1.91%
EPS (Basic)-0.110.030.10
Diluted Shares Outstanding132.17M132.17M132.17M
Basic Shares Outstanding132.17M132.17M132.17M
Dividend Payout Ratio-0.18%0.01%

Balance Sheet

Dec 2022Dec 2023Dec 2024
Total Current Assets+119.73M157.69M201.71M
Cash & Short-Term Investments6.63M5.45M11.53M
Cash Only6.63M5.45M11.53M
Short-Term Investments000
Accounts Receivable108.91M139.78M162.44M
Days Sales Outstanding175.66181.76171.73
Inventory2.27M9.84M9.88M
Days Inventory Outstanding5.720.516.93
Other Current Assets0012.2M
Total Non-Current Assets+562.86M553.14M572.25M
Property, Plant & Equipment55.53M58.19M136.96M
Fixed Asset Turnover4.08x4.82x2.52x
Goodwill217.27M217.27M225.15M
Intangible Assets221.96M207.56M208.95M
Long-Term Investments563.46K00
Other Non-Current Assets67.53M70.12M1.19M
Total Assets+682.59M710.83M773.96M
Asset Turnover0.33x0.39x0.45x
Asset Growth %-0.04%0.09%
Total Current Liabilities+58.3M87.07M114.61M
Accounts Payable12.92M21.04M28.3M
Days Payables Outstanding32.4443.8548.46
Short-Term Debt6.26M6.26M7.14M
Deferred Revenue (Current)1000K1000K1000K
Other Current Liabilities8.87M012.49M
Current Ratio2.05x1.81x1.76x
Quick Ratio2.01x1.70x1.67x
Cash Conversion Cycle148.91158.41140.2
Total Non-Current Liabilities+446.69M441.3M463.36M
Long-Term Debt320.24M318.02M351.92M
Capital Lease Obligations71.09M81.4M83.3M
Deferred Tax Liabilities47.59M36.88M25.37M
Other Non-Current Liabilities7.78M5M2.77M
Total Liabilities505M528.37M577.96M
Total Debt+403.58M409.33M447.87M
Net Debt396.95M403.88M436.34M
Debt / Equity2.27x2.24x2.29x
Debt / EBITDA7.28x5.41x4.65x
Net Debt / EBITDA7.16x5.34x4.53x
Interest Coverage0.54x1.01x1.25x
Total Equity+177.6M182.46M196M
Equity Growth %-0.03%0.07%
Book Value per Share1.341.381.48
Total Shareholders' Equity177.6M182.46M196M
Common Stock202.92M203.42M204.26M
Retained Earnings-25.4M-21.04M-8.34M
Treasury Stock000
Accumulated OCI75.89K76.32K75.08K
Minority Interest000

Cash Flow

Dec 2022Dec 2023Dec 2024
Cash from Operations+-5.89M20.33M26.65M
Operating CF Margin %-0.03%0.07%0.08%
Operating CF Growth %-4.45%0.31%
Net Income-14.1M4.36M12.7M
Depreciation & Amortization34.98M27.18M32.8M
Stock-Based Compensation1.6M1.29M993.14K
Deferred Taxes-9.81M-10.71M-11.51M
Other Non-Cash Items2.77M2.77M1.62M
Working Capital Changes-21.35M-4.57M-9.96M
Change in Receivables-34.83M-30.87M-20.35M
Change in Inventory2.17M7.57M-43.81K
Change in Payables0031.78M
Cash from Investing+-21.26M-16.21M-46.24M
Capital Expenditures-21.27M-16.78M-15.25M
CapEx % of Revenue0.09%0.06%0.04%
Acquisitions---
Investments---
Other Investing00306.04K
Cash from Financing+16.73M-5.29M25.67M
Debt Issued (Net)---
Equity Issued (Net)---
Dividends Paid-109.35K-788.59K-155.91K
Share Repurchases---
Other Financing109.35K-5.46M-1.61M
Net Change in Cash---
Free Cash Flow+-27.16M3.55M11.39M
FCF Margin %-0.12%0.01%0.03%
FCF Growth %-1.13%2.21%
FCF per Share-0.210.030.09
FCF Conversion (FCF/Net Income)0.42x4.66x2.10x
Interest Paid35.62M45.9M47.87M
Taxes Paid4.94M3.1M0

Key Ratios

Metric202220232024
Return on Equity (ROE)-7.94%2.42%6.71%
Return on Invested Capital (ROIC)2.67%6.27%7.82%
Gross Margin35.77%37.6%38.27%
Net Margin-6.23%1.55%3.68%
Debt / Equity2.27x2.24x2.29x
Interest Coverage0.54x1.01x1.25x
FCF Conversion0.42x4.66x2.10x
Revenue Growth-24.04%22.99%

Frequently Asked Questions

Growth & Financials

Karman Holdings Inc. (KRMN) reported $428.2M in revenue for fiscal year 2024. This represents a 89% increase from $226.3M in 2022.

Karman Holdings Inc. (KRMN) grew revenue by 23.0% over the past year. This is strong growth.

Yes, Karman Holdings Inc. (KRMN) is profitable, generating $11.3M in net income for fiscal year 2024 (3.7% net margin).

Dividend & Returns

Karman Holdings Inc. (KRMN) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

Karman Holdings Inc. (KRMN) has a return on equity (ROE) of 6.7%. This is below average, suggesting room for improvement.

Karman Holdings Inc. (KRMN) had negative free cash flow of $43.0M in fiscal year 2024, likely due to heavy capital investments.

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