Karman Holdings Inc. (KRMN) Stock Price & Analysis
Karman Holdings Inc. (KRMN) closed at USD 37.98 on Wednesday, October 28, 2026, up 0.66% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 37.73; the Oct 28, 2026 session ranged USD 36.47–38.03 on volume of 2,093,488 shares. Market capitalization is $5.03B, with a 52-week range of USD 29.34–118.38 (NYQ). Source: Nexqual, retrieved October 29, 2026 at 11:07 UTC.
Also available as compact Markdown for AI agents: nexqual.com/KRMN.md
Key facts (KRMN)
- Last four reported quarters (through Jun 30, 2026): revenue $590M, net income $37.2M (6.3% margin), free cash flow -$27.7M (SEC filings).
- Valuation: P/E 135.4x (avg 557.5x at the last 1 fiscal year-ends), EV/EBITDA 42.4x, net debt $705M.
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $1.0M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.71 on a 1–5 scale) (14 analysts), mean target USD 76.08 (range 40–100).
- Total return with dividends: 1Y -55.7% vs S&P 500 +13.6%; 5Y +18.7% vs S&P 500 +79.8%.
- Next earnings: 2026-11-05, EPS estimate USD 0.15, revenue estimate $195M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (KRMN)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $226M | $281M | $345M | $472M | $590M |
| Gross profit | $80.9M | $106M | $132M | $190M | — |
| Operating income | $20.4M | $48.5M | $63.6M | $72.9M | $99.2M |
| Net income | -$14.1M | $4.4M | $12.7M | $17.4M | $37.2M |
| EPS (diluted) | -$0.09 | $0.03 | $0.08 | $0.13 | — |
| Free cash flow | -$27.2M | $3.6M | $11.4M | -$42.5M | -$27.7M |
| Gross margin | 35.8% | 37.6% | 38.3% | 40.3% | — |
| Operating margin | 9.0% | 17.3% | 18.4% | 15.5% | 16.8% |
| Net margin | -6.2% | 1.6% | 3.7% | 3.7% | 6.3% |
| Revenue growth | — | +24.0% | +23.0% | +36.6% | — |
| Cash + short-term investments | — | $5.5M | $11.5M | $34.0M | — |
| Total debt | — | $304M | $334M | $499M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (KRMN)
P/E 135.4x · P/S 8.5x · EV/EBITDA 42.4x · EV/Sales 9.7x · P/B 11.9x · FCF yield -0.55% · Earnings yield 0.74% · Net debt $705M · EV $5.74B
P/E at fiscal year-ends: Dec 2025 557.5x.
Insider purchases (SEC Form 4, open-market, last ~7 months) (KRMN)
3 purchases, $1.0M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-16 | Stinnett David | Director | 27,000 | $1.0M | 37.32 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-16 | Petryszyn Mary D | Director | 500 | $19K | 37.44 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-16 | Twitty Stephen | Director | 275 | $10K | 36.79 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (KRMN)
Consensus Buy (mean 1.71 on a 1–5 scale), 14 analysts; mean target USD 76.08 (low 40, high 100).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-28 | RBC Capital | Target lowered | Outperform | $70 → $60 |
| 2026-10-23 | Piper Sandler | Target lowered | Overweight | $91 → $59 |
| 2026-10-22 | Oppenheimer | Initiated | Outperform | $40 |
| 2026-10-16 | Macquarie | Initiated | Outperform | $65 |
| 2026-10-09 | Barclays | Initiated | Overweight | $79 |
| 2026-09-28 | RBC Capital | Target lowered | Outperform | $85 → $70 |
| 2026-09-15 | Guggenheim | Initiated | Buy | $63 |
| 2026-08-13 | Truist Securities | Target lowered | Buy | $118 → $85 |
| 2026-08-10 | Citigroup | Target raised | Buy | $76 → $78 |
| 2026-08-10 | BWS Financial | Maintained | Sell | $37 |
| 2026-08-07 | Evercore ISI Group | Target lowered | Outperform | $100 → $80 |
| 2026-08-07 | Needham | Target lowered | Buy | $125 → $80 |
Total return (dividends reinvested) (KRMN)
| 1Y (from 2025-10-29) | 5Y (from 2025-02-10) | |
|---|---|---|
| Total return | -55.7% | +18.7% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -55.9% | +10.5% |
| Volatility (annualized) | 74.8% | 70.9% |
| Max drawdown | -73.9% (Jan 2026→Oct 2026) | -70.0% (Jan 2026→Oct 2026) |
KRMN earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 6, 2026 | Quarter ended Jun 30, 2026 | $0.14 | $0.13 | Beat +7.7% | +5.6% |
| May 12, 2026 | Quarter ended Mar 31, 2026 | — | — | — | +14.4% |
| Mar 25, 2026 | Quarter ended Dec 31, 2025 | $0.11 | $0.11 | In line | -15.5% |
| Jan 21, 2026 | Quarter ended Dec 31, 2025 | $0.11 | $0.11 | In line | +5.0% |
| Nov 6, 2025 | Quarter ended Sep 30, 2025 | $0.10 | $0.11 | Miss −9.1% | -11.4% |
| Aug 7, 2025 | — | — | — | — | -5.8% |
| Jul 21, 2025 | — | — | — | — | -6.8% |
| May 13, 2025 | — | — | — | — | +10.5% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).
KRMN recent SEC filings (last 120 days)
| Filed | Form | What it says |
|---|---|---|
| Oct 27, 2026 | Schedule 13G | First Trust Portfolios L.P., First Trust Advisors L.P.: 5.3% of shares, passive 5%+ holder |
| Oct 5, 2026 | Schedule 13G | BlackRock, Inc.: 11.1% of shares, passive 5%+ holder |
| Sep 16, 2026 | 8-K | Regulation FD disclosure |
| Aug 28, 2026 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation; Regulation FD disclosure; Other material event “On August 26, 2026, Karman Holdings Inc. (the "Company") entered into a Sixth Amendment to its Credit Agreement (the "Sixth Amendment"), which amends the Credit Agreement, dated as of April 1, 2025 (as amended by the First Amendment to Credit Agreement, dated as of May 27, 2025, the Second Amendment to Credit Agreement, dated as of October 24, 2025, the Third Amendment to Credit Agreement, dated as of February 2, 2026, the Fourth Amendment to Credit Agreement, dated as of March 9, 2026 and the Fifth Amendment to…” |
| Aug 27, 2026 | 8-K | Director or executive officer change, or pay arrangement; Regulation FD disclosure “Change in Chief Financial Officer On August 26, 2026, Karman Holdings Inc. (the "Company") announced that Chris Boynton has been appointed to serve as the Executive Vice President and Chief Financial Officer of the Company. Mr. Boynton will begin his employment with the Company on September 14, 2026. The Company also announced that Mike Willis, current Chief Financial Officer, will step down from his role as CFO of the Company effective September 14, 2026, and will depart from the Company by year-end, following a…” |
| Aug 11, 2026 | 10-Q | Quarterly report · period ended Jun 30, 2026 |
| Aug 6, 2026 | 8-K | Quarterly results |
| Aug 6, 2026 | Schedule 13G/A | FMR LLC, Abigail P. Johnson: 5.2% of shares, passive 5%+ holder (amended) |
| Aug 6, 2026 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation “On August 3, 2026, Karman Holdings Inc. (the "Company") entered into a Fifth Amendment to its Credit Agreement (the "Fifth Amendment"), which amends the Credit Agreement, dated as of April 1, 2025 (as amended by the First Amendment to Credit Agreement, dated as of May 27, 2025, the Second Amendment to Credit Agreement, dated as of October 24, 2025, the Third Amendment to Credit Agreement, dated as of February 2, 2026 and the Fourth Amendment to Credit Agreement, dated as of March 9, 2026) by and among the Company,…” |
Source: SEC EDGAR. Quotes are the opening words of each item as filed; each form links to the filing. Insider Form 4 filings are listed in the insider sections.
KRMN revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Tactical Missile & Integrated Defense Systems | $63.0M | 34.6% | +55.4% |
| Hypersonic & Strategic Missile Defense | $43.4M | 23.8% | +24.2% |
| Space & Launch | $42.1M | 23.1% | +6.3% |
| Maritime Defense Systems | $33.6M | 18.4% | — |
| Total revenue | $182.1M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
KRMN suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Aerospace Engineering | “Our formation began with the merger of Aerospace Engineering, LLC ("AEC") and AMRO Fabricating Corporation ("AMRO") in October 2020, which allowed us to become one of the largest independently owned suppliers focused on manufacturing complex systems for the space and missile markets.” |
| Supplier | AMRO Fabricating | “Our formation began with the merger of Aerospace Engineering, LLC ("AEC") and AMRO Fabricating Corporation ("AMRO") in October 2020, which allowed us to become one of the largest independently owned suppliers focused on manufacturing complex systems for the space and missile markets.” |
Quoted from the company's 10-K filed Apr 3, 2026.
KRMN company outlook (results filed Aug 6, 2026)
- “Business Outlook for the Full Year 2026 For the full fiscal year 2026, the Company raises its expectations for total revenue to between $730 million and $745 million, and for non-GAAP Adjusted EBITDA to between $215.0 million and $222.5 million, excluding the impact of any future acquisitions.”
- “Non-GAAP adjusted EBITDA is provided in the full year 2026 Outlook on a forward-looking basis.”
Quoted word-for-word from the SEC 8-K results press release.
KRMN analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.15 | $0.15 | -0.6% | $194.7M | 12 |
| Next quarter (ends Dec 2026) | $0.19 | $0.19 | +0.4% | $213.9M | 12 |
| Current fiscal year (ends Dec 2026) | $0.59 | $0.58 | +1.6% | $742.1M | 12 |
| Next fiscal year (ends Dec 2027) | $0.96 | $0.92 | +3.9% | $952.4M | 12 |
KRMN options: expected move
Options price a move of about ±21.4% (±$8.07) by Nov 20, 2026, which includes earnings on Nov 5, 2026. Over the last 8 reports the stock moved ±9.4% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 22 | 89.1% | ±21.4% |
| Dec 18, 2026 | 50 | 80.3% | ±24.9% |
| Mar 19, 2027 | 141 | 74.0% | ±37.5% |
| Jun 17, 2027 | 231 | 75.8% | ±46.6% |
| Sep 17, 2027 | 323 | 73.6% | ±54.8% |
30-day implied volatility 87.7% vs 64% realized over the last 30 trading days. Put/call ratio (volume) 4.3. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 29, 2026 at 11:07 UTC)
| Price | USD 37.98 |
|---|---|
| Change | ▲ 0.66% (up) |
| Previous Close | USD 37.73 |
| Open | USD 37.56 |
| Day Range | USD 36.47 – 38.03 |
| 52-Week Range | USD 29.34 – 118.38 |
| Volume | 2,093,488 shares |
| Market Cap | $5.03B |
| Exchange | NYQ |
Technical Analysis (KRMN)
Nexqual's technical model rates KRMN "BUY" based on 4 bullish and 2 bearish signals across 127 daily candles, as of October 29, 2026 at 11:07 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 62.39 (neutral) |
| vs SMA50 | Above (USD 37.69) |
| MACD | 0.05 (positive) |
Analyst Ratings (KRMN)
Wall Street analysts rate KRMN "Buy" based on 14 analysts, with a mean price target of USD 76.08 (range USD 40–100), per Nexqual as of October 29, 2026 at 11:07 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 14 |
| Mean Target | USD 76.08 |
| High Target | USD 100 |
| Low Target | USD 40 |
| Buy / Hold / Sell | 14 / 0 / 0 |
Earnings (KRMN)
| Next Earnings Date | 2026-11-05 |
|---|---|
| EPS Estimate | USD 0.15 |
| Revenue Estimate | $194.74M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.14 vs est 0.13 ▲ beat |
| 2025-12-31 | USD 0.11 vs est 0.11 ▼ miss |
| 2025-09-30 | USD 0.1 vs est 0.11 ▼ miss |
Source: Nexqual, October 29, 2026 at 11:07 UTC.
Financials & Fundamentals (KRMN)
| Total Revenue | $589.55M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +58.20% |
| Gross Margin | +41.67% |
| Operating Margin | +20.23% |
| Profit Margin | +6.31% |
| ROE | +9.50% |
| Debt / Equity | 2.08 |
| Current Ratio | 3.56 |
| Total Cash | $51.74M |
| Total Debt | $875.27M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | -$27.67M (-4.7% of revenue) |
Source: Nexqual, October 29, 2026 at 11:07 UTC.
Financial Health Score (KRMN)
Nexqual rates Karman Holdings Inc.'s overall financial health "Mixed" across five dimensions, as of October 29, 2026 at 11:07 UTC.
| Growth | Strong — Revenue +37% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 42%, operating 17% (last 4 quarters to Jun 2026, SEC) |
| Balance Sheet | Weak — $52M cash and investments vs $757M debt (Jun 2026, SEC) |
| Cash Flow | Weak — FCF negative: -$28M (last 4 quarters to Jun 2026, SEC), burning cash |
| Efficiency | Mixed — ROE 9%, ROA 2.6% (last 4 quarters, SEC) |
Ownership (KRMN)
| Insider Ownership | +6.87% |
|---|---|
| Institutional Ownership | +107.54% |
| Shares Outstanding | 132.53M |
| Float | 102.64M |
| Short % of Float | +12.08% |
Source: Nexqual, October 29, 2026 at 11:07 UTC.
Leadership (KRMN)
Karman Holdings Inc. is led by Jonathan P. Rambeau, Chief Executive Officer, per Nexqual as of October 29, 2026 at 11:07 UTC.
| Chief Executive Officer | Jonathan P. Rambeau |
|---|---|
| Chief Operating Officer | Jonathan Beaudoin |
| Executive VP & CFO | Chris Boynton |
Major Backers & Investors (KRMN)
Notable institutional backers of Karman Holdings Inc. include FMR, LLC, First TRT Exch-Trd Fd. VI-First TRT RBA American Industrial Renaissanc, First Trust Advisors LP, according to Nexqual as of October 29, 2026 at 11:07 UTC.
Active Investors
| Investor | Stake |
|---|---|
| FMR, LLC | 5.18% |
| First TRT Exch-Trd Fd. VI-First TRT RBA American Industrial Renaissanc | 4.82% |
| First Trust Advisors LP | 3.58% |
| Ameriprise Financial, Inc. | 3.17% |
| Alyeska Investment Group, L.p. | 2.7% |
| Donaldson Capital Management, LLC | 2.64% |
| GCM Grosvenor Holdings, LLC | 2.5% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 6.88% |
| BlackRock | 4.11% |
| State Street | 3.85% |
Source: Nexqual, October 29, 2026 at 11:07 UTC.
From Karman Holdings Inc.'s Latest SEC 10-K Filing (filed 2026-04-03)
Key Strengths & Strategy (as disclosed to the SEC)
- By deploying our vertically integrated, concept-to-production capabilities and our highly focused acquisition strategy, we have developed a business model designed to create long-term, sustainable value for our customers, the programs we support, the warfighter and our stockholders.
- We believe that our engineering expertise, vertically integrated production capabilities, and successful track record with critical subcomponent and subsystem design and manufacturing position us to successfully serve our prime contractor customers.
- As a purpose-built collection of time-tested, engineering focused businesses, Karman Space and Defense's integrated platform unites over 40 years of successful experience in delivering complex, engineered solutions for customers.
- We believe that this collection of vertically integrated capabilities delivers a strong value proposition for our customers, who seek to simplify their supply chains, increase their speed to market, and reduce costs – all while benefiting from effective, high quality, integrated system solutions.
Partnerships
- Our Design IP is applied in partnership with the prime contractor and end-customers to create complex system designs that typically meet stringent and custom performance specifications.
Legal & Regulatory Risks (Item 1A, quoted)
- We could incur substantial costs as a result of violations of or liabilities under environmental laws and regulations.
- We may be subject to periodic litigation and regulatory proceedings, which may materially adversely affect our business, results of operations, prospects and financial condition.
- Our failure to comply with applicable economic and trade sanctions could materially adversely affect our reputation and results of operations.
- We are subject to the Foreign Corrupt Practices Act and other similar anti-corruption laws and regulations, which could expose us to liability and materially adversely impact our business.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
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|---|---|---|---|
| SARO | StandardAero, Inc. | USD 22.21 | ▼ 0.94% |
| KTOS | Kratos Defense & Security Solut | USD 41.17 | ▼ 0.36% |
| CAE | CAE Inc | USD 25.76 | ▲ 0.08% |
| DRS | Leonardo DRS, Inc. | USD 35.5 | ▼ 1.36% |
| HII | Huntington Ingalls Industries, | USD 279.26 | ▼ 0.73% |
| MOG-B | Moog Inc. | USD 350.17 | ▼ 1.24% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 29, 2026 at 11:07 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt