NYSE : KRMN

Karman Holdings Inc. — Financial statements

Industrials · Aerospace & Defense · United States

Last price 41.69 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 5.53B

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Financial statements

Karman Holdings Inc. (KRMN) reported revenue of 589.55M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.

Income statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022
Revenue589.55M471.50M345.25M280.70M226.31M
Cost of Revenue343.90M281.47M213.14M175.16M145.36M
Gross Profit245.65M190.03M132.11M105.55M80.95M
Selling, General & Admin103.51M85.66M44.42M36.62M30.04M
Operating Expenses147.10M117.08M68.55M57.05M60.51M
Operating Income98.56M72.94M63.56M48.49M20.43M
Interest Expense-49.23M-44.57M-50.73M-47.87M-37.50M
Other Non Operating Income (Expenses)3.39M4.15M1.50M563.00K-205.60K
Pretax Income53.32M32.52M14.33M1.19M-17.27M
Income Tax Expense16.14M15.16M1.63M-3.17M-3.17M
Net Income37.18M17.37M12.70M4.36M-14.10M
Net Income to Common37.18M17.37M12.70M4.36M-14.10M
Shares Outstanding (Basic)132.41M132.32M166.74M166.78M159.11M
Shares Outstanding (Diluted)132.42M132.32M166.74M166.78M159.11M
EPS (Basic)0.280.130.080.03-0.09
EPS (Diluted)0.270.130.080.03-0.09
Free Cash Flow-27.67M-42.45M11.39M3.55M-27.16M
Free Cash Flow Per Share-0.21-0.320.070.02-0.17
Gross Margin41.67%40.30%38.27%37.60%35.77%
Operating Margin16.72%15.47%18.41%17.28%9.03%
Profit Margin6.31%3.68%3.68%1.55%-6.23%
Free Cash Flow Margin-4.69%-9.00%3.30%1.26%-12.00%
EBITDA153.93M115.68M96.36M75.67M55.42M
EBITDA Margin26.11%24.53%27.91%26.96%24.49%
D&A For EBITDA55.37M42.74M32.80M27.18M34.98M
EBIT98.56M72.94M63.56M48.49M20.43M
EBIT Margin16.72%15.47%18.41%17.28%9.03%
Effective Tax Rate30.26%46.60%11.36%

Balance sheet

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022
Cash & Equivalents51.74M33.96M11.53M5.45M6.63M
Cash & Short-Term Investments51.74M33.96M11.53M5.45M6.63M
Receivables302.08M235.01M162.44M139.78M108.91M
Inventory16.30M10.66M9.88M9.84M2.27M
Prepaid Expenses14.66M11.77M5.65M2.62M1.92M
Other Current Assets12.20M
Total Current Assets384.78M291.40M201.71M157.69M119.73M
Property, Plant & Equipment226.90M167.62M136.96M127.23M121.85M
Long-Term Investments6.00M563.46K
Goodwill498.15M352.51M225.15M217.27M217.27M
Other Intangible Assets326.76M285.89M208.95M207.56M221.96M
Other Long-Term Assets7.39M669.00K1.19M1.07M1.21M
Total Assets1.44B1.10B773.96M710.83M682.59M
Accounts Payable45.38M31.63M28.30M21.04M12.92M
Accrued Expenses21.53M18.87M12.02M12.47M5.78M
Current Portion of Long-Term Debt5.61M3.84M7.14M6.26M6.26M
Current Portion of Leases7.47M6.22M5.51M3.64M5.99M
Current Income Taxes Payable2.08M5.30M20.05M7.57M2.41M
Current Unearned Revenue26.15M22.81M29.87M36.07M16.07M
Other Current Liabilities11.72M8.87M
Total Current Liabilities108.23M88.67M114.61M87.07M58.30M
Long-Term Debt751.33M495.31M351.92M318.02M320.24M
Long-Term Leases110.86M81.94M83.30M81.40M71.09M
Long-Term Deferred Tax Liabilities45.58M47.83M25.37M36.88M47.59M
Other Long-Term Liabilities6.89M7.65M2.77M5.00M7.78M
Total Liabilities1.02B721.40M577.96M528.37M505.00M
Common Stock133.00K132.00K203.42M201.32M
Additional Paid-In Capital390.03M373.45M204.26M
Retained Earnings30.86M9.03M-8.34M-21.04M-23.79M
Comprehensive Income & Other75.00K75.00K75.00K76.32K75.89K
Shareholders' Equity421.10M382.69M196.00M182.46M177.60M
Total Liabilities & Equity1.44B1.10B773.96M710.83M682.59M
Total Debt875.26M587.31M447.87M409.33M403.58M
Net Cash (Debt)-823.52M-553.35M-436.34M-403.88M-396.39M
Net Cash Per Share-6.22-4.18-2.62-2.42-2.49
Filing Date Shares Outstanding132.53M132.53M132.17M132.17M159.11M
Total Common Shares Outstanding132.53M132.32M132.17M166.74M159.11M
Working Capital276.55M202.74M87.10M70.62M61.43M
Book Value Per Share3.182.891.481.091.12
Tangible Book Value-403.81M-255.71M-238.10M-242.37M-261.64M
Tangible Book Value Per Share-3.05-1.93-1.80-1.45-1.64
Land6.61M6.61M
Machinery100.15M90.37M63.50M53.33M46.34M
Construction In Progress43.44M18.97M10.13M3.99M5.13M
Leasehold Improvements22.78M18.84M14.20M12.21M9.41M
Order Backlog801.06M579.79M428.72M265.32M

Cash flow statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022
Net Income37.18M17.37M12.70M4.36M-14.10M
Depreciation & Amortization55.37M42.74M32.80M27.18M34.98M
Other Amortization1.49M1.33M2.30M1.99M1.99M
Stock-Based Compensation1.44M1.41M993.00K1.29M1.60M
Other Operating Activities4.89M8.33M-12.19M-9.92M-9.02M
Change in Accounts Receivable-92.31M-67.43M-20.35M-30.87M-34.83M
Change in Inventory-1.40M2.86M-44.00K7.57M2.17M
Change in Accounts Payable1.23M-16.88M31.78M14.23M11.32M
Change in Unearned Revenue2.66M-7.15M-6.21M20.01M8.65M
Change in Other Net Operating Assets-4.66M-4.68M-15.14M-15.50M-8.65M
Operating Cash Flow5.86M-22.12M26.64M20.33M-5.89M
Capital Expenditures-33.53M-20.34M-15.25M-16.77M-21.27M
Sale of Property, Plant & Equipment387.00K306.00K
Cash Acquisitions-295.66M-211.94M-31.29M
Investment in Securities563.00K10.42K
Other Investing Activities-6.00M
Investing Cash Flow-328.80M-238.27M-46.24M-16.21M-21.26M
Long-Term Debt Issued535.00M76.50M41.53M17.50M
Long-Term Debt Repaid-400.13M-48.92M-39.78M-32.43M
Net Debt Issued (Repaid)354.71M134.87M27.58M1.75M-14.93M
Issuance of Common Stock1.03M156.31M31.77M
Common Dividends Paid-156.00K-789.00K-109.35K
Other Financing Activities-6.69M-8.36M-1.76M-6.25M
Financing Cash Flow347.24M282.82M25.67M-5.29M16.73M
Net Cash Flow24.30M22.43M6.08M-1.17M-10.42M
Free Cash Flow-27.67M-42.45M11.39M3.55M-27.16M
Free Cash Flow Margin-4.69%-9.00%3.30%1.26%-12.00%
Free Cash Flow Per Share-0.21-0.320.070.02-0.17
Levered Free Cash Flow-57.20M-41.06M15.71M6.05M
Unlevered Free Cash Flow-27.91M-14.53M45.11M33.99M
Cash Interest Paid53.14M44.82M47.87M45.90M35.62M
Cash Income Tax Paid18.04M16.92M-678.00K3.10M4.94M
Change in Working Capital-94.47M-93.28M-9.96M-4.57M-21.35M

Ratios

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022
Market Capitalization5.29B9.68B
Enterprise Value6.12B10.15B
Last Close Price39.9573.17
PE Ratio147.94557.53
Forward PE52.05144.01
PS Ratio8.9820.54
PB Ratio12.5725.30
EV/Sales Ratio10.3821.52
EV/EBITDA Ratio39.7587.72
EV/EBIT Ratio62.08139.11
Debt / Equity Ratio2.081.532.292.242.27
Debt / EBITDA Ratio5.594.984.565.297.13
Debt / FCF Ratio39.31115.24
Net Debt / Equity Ratio1.961.452.232.212.23
Net Debt / EBITDA Ratio5.354.784.535.347.15
Net Debt / FCF Ratio-29.76-13.0338.30113.70-14.59
Asset Turnover0.490.500.470.40
Inventory Turnover22.1627.4021.6128.93
Quick Ratio3.273.031.521.671.98
Current Ratio3.563.291.761.812.05
Return on Equity (ROE)9.50%6.00%6.71%2.42%
Return on Assets (ROA)5.14%4.86%5.35%4.35%
Return on Invested Capital (ROIC)5.63%4.97%9.25%8.36%3.56%
Return on Capital Employed (ROCE)7.40%7.20%9.60%7.80%3.30%
Earnings Yield0.68%0.18%
FCF Yield-0.52%-0.44%
Payout Ratio1.23%18.10%
Buyback Yield / Dilution11.44%20.64%0.02%-4.82%