Latest Ratios: P/E Ratio 357.1x · EV/EBITDA 58.0x · ROE 6.0%. (2022–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Market Cap | $6.2B | $9.7B | — | — | — |
| Enterprise Value | $6.7B | $10.2B | — | — | — |
| P/E Ratio → | 357.08 | 562.85 | — | — | — |
| P/S Ratio | 13.05 | 20.53 | — | — | — |
| P/B Ratio | 16.05 | 25.30 | — | — | — |
| P/FCF | — | — | — | — | — |
| P/OCF | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| EV / Revenue | — | 21.71 | — | — | — |
| EV / EBITDA | 57.96 | 88.48 | — | — | — |
| EV / EBIT | 91.93 | 132.77 | — | — | — |
| EV / FCF | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Gross Margin | 40.3% | 40.3% | 38.3% | 37.6% | 35.8% |
| Operating Margin | 15.5% | 15.5% | 18.4% | 17.3% | 9.0% |
| Net Profit Margin | 3.7% | 3.7% | 3.7% | 1.6% | -6.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | 6.0% | 6.0% | 6.7% | 2.4% | -7.9% |
| ROA | 1.8% | 1.8% | 1.7% | 0.6% | -2.1% |
| ROIC | 7.0% | 7.0% | 7.8% | 6.3% | 2.7% |
| ROCE | 8.5% | 8.5% | 9.9% | 7.8% | 3.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 1.53 | 1.53 | 2.29 | 2.24 | 2.27 |
| Debt / EBITDA | 5.08 | 5.08 | 4.65 | 5.41 | 7.28 |
| Net Debt / Equity | — | 1.45 | 2.23 | 2.21 | 2.24 |
| Net Debt / EBITDA | 4.78 | 4.78 | 4.53 | 5.34 | 7.16 |
| Debt / FCF | — | — | 38.30 | 113.73 | — |
| Interest Coverage | 1.73 | 1.73 | 1.28 | 1.02 | 0.54 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 3.29 | 3.29 | 1.76 | 1.81 | 2.05 |
| Quick Ratio | 3.17 | 3.17 | 1.67 | 1.70 | 2.01 |
| Cash Ratio | 0.38 | 0.38 | 0.10 | 0.06 | 0.11 |
| Asset Turnover | — | 0.41 | 0.45 | 0.39 | 0.33 |
| Inventory Turnover | 26.40 | 26.40 | 21.57 | 17.80 | 64.09 |
| Days Sales Outstanding | — | 181.93 | 171.73 | 181.76 | 175.66 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | 1.2% | 18.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | 0.3% | 0.2% | — | — | — |
| FCF Yield | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $132M | $132M | $132M | $132M |
High Operating Leverage Sensitivity
Based on current market data, KRMN trades at a forward P/E of 81.18 and an EV/EBITDA of 57.96, suggesting that investors are pricing in aggressive long-term growth that significantly outpaces the valuation multiples of more mature aerospace peers like Astronics Corporation.
The elevated valuation appears to hinge on the assumption that KRMN will successfully transition its hypersonic and space-related programs into high-margin, full-rate production. Given the current net margin of 3.68%, these multiples imply a substantial expansion in profitability that may be difficult to achieve without significant operational de-leveraging.
As reported in financial statements, KRMN's ROIC has remained consistently low, hovering around 1.5% to 2.0% in recent quarters, which indicates that the company is struggling to generate meaningful returns on the capital deployed for its aggressive roll-up strategy.
The persistent gap between invested capital and returns suggests that the integration of acquired entities is not yet yielding the expected synergies. Investors should monitor whether the company can improve its asset turnover, which currently sits at a low 0.12, to drive better capital efficiency over the coming fiscal years.
According to recent quarterly filings, KRMN's cash conversion cycle remains extended at 127 days, reflecting significant inefficiencies in managing receivables and inventory compared to the leaner operational profiles typically observed in the broader industrial manufacturing sector.
The high DSO of 150 days suggests that the company may be facing payment delays from prime contractors or is operating under contract terms that are unfavorable to cash flow. This working capital intensity appears to be a structural bottleneck that limits the company's ability to self-fund its rapid growth.
The P/E ratio is frequently misapplied to KRMN's business model, as it obscures the significant non-cash amortization charges resulting from the company's private equity-backed roll-up history, which artificially suppresses reported net income and distorts the true earnings power of the underlying assets.
Analysts should instead focus on EV/EBITDA or adjusted EBITDA metrics to better evaluate the company's operational performance, as these measures strip away the accounting noise of acquisition-related intangibles. Relying on P/E in this context may lead to an inaccurate assessment of the company's valuation relative to its actual cash-generating capacity.
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Quick answers to the most common questions about buying KRMN stock.
Karman Holdings Inc.'s current P/E ratio is 357.1x. This places it at the 50th percentile of its historical range.
Karman Holdings Inc.'s current EV/EBITDA is 58.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 88.5x.
Karman Holdings Inc.'s return on equity (ROE) is 6.0%. The historical average is 1.8%.
Based on historical data, Karman Holdings Inc. is trading at a P/E of 357.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Karman Holdings Inc. has 40.3% gross margin and 15.5% operating margin. Operating margin between 10-20% is typical for established companies.
Karman Holdings Inc.'s Debt/EBITDA ratio is 5.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.