# Karman Holdings Inc. (KRMN)

> Source: Nexqual · https://nexqual.com/KRMN · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Karman Holdings Inc. (KRMN), nexqual.com/KRMN" · informational, not investment advice.

**Price:** USD 37.98 (+0.66% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 37.73 · day 36.47–38.03 · 52w 29.34–118.38 · market cap $5.03B · NYQ

## Key facts
- 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.
- 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)
| 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)
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.

## Analysts
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)
|  | 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) |

## More
Full page: https://nexqual.com/KRMN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in KRMN's own 10-K filed 2026-04-03 (https://www.sec.gov/Archives/edgar/data/2040127/000204012726000014/krmn-20251231.htm):

| 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 …" |
| 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 …" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.15 | $0.15 | -0.6% | $194.7M | 12 |
| Next quarter (ends 2026-12-31) | $0.19 | $0.19 | +0.4% | $213.9M | 12 |
| Current fiscal year (ends 2026-12-31) | $0.59 | $0.58 | +1.6% | $742.1M | 12 |
| Next fiscal year (ends 2027-12-31) | $0.96 | $0.92 | +3.9% | $952.4M | 12 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.14 | $0.13 | Beat +7.7% | — |
| — | Quarter ended Dec 31, 2025 | $0.11 | $0.11 | In line | — |
| — | Quarter ended Sep 30, 2025 | $0.10 | $0.11 | Miss −9.1% | — |
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).