Free Trial

Karman (KRMN) Financials

Karman logo
$33.67 +0.65 (+1.98%)
As of 03:06 PM Eastern
This is a fair market value price provided by Massive. Learn more.
Annual Income Statements for Karman

Annual Income Statements for Karman

This table shows Karman's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
-14 4.36 13 17
Consolidated Net Income / (Loss)
-14 4.36 13 17
Net Income / (Loss) Continuing Operations
-14 4.36 13 17
Total Pre-Tax Income
-17 1.19 14 33
Total Operating Income
20 48 64 73
Total Gross Profit
81 106 132 190
Total Revenue
226 281 345 472
Operating Revenue
226 281 345 472
Total Cost of Revenue
145 175 213 281
Operating Cost of Revenue
145 175 213 281
Total Operating Expenses
61 57 69 117
Selling, General & Admin Expense
30 37 44 86
Depreciation Expense
30 20 24 31
Total Other Income / (Expense), net
-38 -47 -49 -40
Interest Expense
38 48 51 45
Other Income / (Expense), net
-0.21 0.56 1.50 4.15
Income Tax Expense
-3.17 -3.17 1.63 15
Basic Earnings per Share
($0.09) $0.03 $0.08 $0.13
Weighted Average Basic Shares Outstanding
159.11M 166.78M 166.74M 132.32M
Diluted Earnings per Share
($0.09) $0.03 $0.08 $0.13
Weighted Average Diluted Shares Outstanding
159.11M 166.78M 166.74M 132.32M
Weighted Average Basic & Diluted Shares Outstanding
- - 132.17M 132.53M

Quarterly Income Statements for Karman

This table shows Karman's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders
2.12 4.60 4.29 1.68 -4.80 6.81 7.64 7.71 7.79 14
Consolidated Net Income / (Loss)
2.12 4.60 4.29 1.68 -4.80 6.81 7.64 7.71 7.79 14
Net Income / (Loss) Continuing Operations
2.12 4.60 4.29 1.68 -4.80 6.81 7.64 7.71 7.79 14
Total Pre-Tax Income
2.21 4.92 5.23 1.98 -1.49 8.59 12 14 8.63 19
Total Operating Income
13 18 17 14 9.96 20 22 21 21 35
Total Gross Profit
29 35 34 35 39 47 50 54 64 78
Total Revenue
83 85 86 91 100 115 122 134 151 182
Operating Revenue
83 85 86 91 100 115 122 134 151 182
Total Cost of Revenue
54 50 52 57 61 68 72 81 87 104
Operating Cost of Revenue
54 50 52 57 61 68 72 81 87 104
Total Operating Expenses
16 16 16 20 29 27 28 33 42 43
Selling, General & Admin Expense
10 9.99 11 13 23 19 20 23 29 31
Depreciation Expense
5.41 6.32 5.19 7.21 6.20 7.49 8.13 9.61 14 12
Total Other Income / (Expense), net
-11 -13 -12 -12 -11 -12 -9.95 -7.50 -13 -16
Interest Expense
12 13 13 13 11 12 10 11 13 15
Other Income / (Expense), net
0.77 0.04 0.35 0.35 -0.08 0.38 0.05 3.80 -0.17 -0.28
Income Tax Expense
0.09 0.31 0.93 0.30 3.31 1.78 4.22 5.85 0.84 5.23
Basic Earnings per Share
$0.01 $0.03 $0.03 $0.01 ($0.04) $0.05 $0.06 $0.06 $0.06 $0.11
Weighted Average Basic Shares Outstanding
166.78M 166.74M 166.74M 166.74M 132.18M 132.32M 132.32M 132.32M 132.53M 132.53M
Diluted Earnings per Share
$0.01 $0.03 $0.03 $0.01 ($0.04) $0.05 $0.06 $0.06 $0.06 $0.11
Weighted Average Diluted Shares Outstanding
166.78M 166.74M 166.74M 166.74M 132.18M 132.32M 132.32M 132.32M 132.53M 132.53M
Weighted Average Basic & Diluted Shares Outstanding
- - - 132.17M 132.17M 132.32M 132.32M 132.53M 132.53M 132.53M

Annual Cash Flow Statements for Karman

This table details how cash moves in and out of Karman's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents
-10 -1.17 6.08 22
Net Cash From Operating Activities
-5.89 20 27 -22
Net Cash From Continuing Operating Activities
-5.89 20 27 -22
Net Income / (Loss) Continuing Operations
-14 4.36 13 17
Consolidated Net Income / (Loss)
-14 4.36 13 17
Depreciation Expense
35 27 33 43
Amortization Expense
1.99 1.99 2.30 1.33
Non-Cash Adjustments To Reconcile Net Income
-11 -26 -18 -50
Changes in Operating Assets and Liabilities, net
-18 13 -3.43 -34
Net Cash From Investing Activities
-21 -16 -46 -238
Net Cash From Continuing Investing Activities
-21 -16 -46 -238
Purchase of Property, Plant & Equipment
-21 -17 -15 -20
Acquisitions
0.00 0.00 -31 -212
Sale of Property, Plant & Equipment
0.00 0.00 0.31 0.00
Sale and/or Maturity of Investments
0.01 0.56 0.00 0.00
Other Investing Activities, net
- 0.00 0.00 -6.00
Net Cash From Financing Activities
17 -5.29 26 283
Net Cash From Continuing Financing Activities
17 -5.29 26 283
Repayment of Debt
-31 -38 -47 -403
Issuance of Debt
18 34 77 535
Issuance of Common Equity
- 0.00 0.00 155
Other Financing Activities, net
31 -0.54 -3.83 -4.34
Cash Interest Paid
36 46 48 45
Cash Income Taxes Paid
4.94 3.10 -0.68 17

Quarterly Cash Flow Statements for Karman

This table details how cash moves in and out of Karman's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents
1.74 -2.53 3.01 3.86 102 -86 -8.77 15 40 -22
Net Cash From Operating Activities
3.07 6.14 9.87 7.56 -14 -17 0.13 8.71 0.21 -3.18
Net Cash From Continuing Operating Activities
3.07 6.14 9.87 7.56 -14 -17 0.13 8.71 0.21 -3.18
Net Income / (Loss) Continuing Operations
2.12 4.60 4.29 1.68 -4.80 6.81 7.64 7.71 7.79 14
Consolidated Net Income / (Loss)
2.12 4.60 4.29 1.68 -4.80 6.81 7.64 7.71 7.79 14
Depreciation Expense
7.35 8.31 8.14 9.01 9.46 9.72 11 13 17 15
Amortization Expense
0.54 0.59 0.59 0.59 0.59 0.20 0.24 0.30 0.43 0.52
Non-Cash Adjustments To Reconcile Net Income
-2.40 -8.82 0.48 -6.98 1.86 2.20 -0.02 -54 0.19 -23
Changes in Operating Assets and Liabilities, net
-4.54 1.47 -3.62 3.27 -21 -36 -19 42 -25 -9.76
Net Cash From Investing Activities
-32 -5.09 -4.58 -4.26 -11 -130 -6.97 -90 -218 -14
Net Cash From Continuing Investing Activities
-32 -5.09 -4.58 -4.26 -11 -130 -6.97 -90 -218 -14
Purchase of Property, Plant & Equipment
-1.62 -5.09 -4.55 -4.00 -5.04 -3.63 -6.97 -4.70 -7.38 -14
Acquisitions
-31 - -0.15 -0.46 0.00 -126 - -86 -210 0.15
Sale of Property, Plant & Equipment
- - - 0.19 0.00 - - - 0.00 0.39
Net Cash From Financing Activities
31 -3.59 -2.28 0.56 127 61 -1.93 97 257 -4.92
Net Cash From Continuing Financing Activities
31 -3.59 -2.28 0.56 127 61 -1.93 97 257 -4.92
Repayment of Debt
-12 -12 -9.86 -14 -27 -343 -0.94 -31 -6.79 -2.02
Other Financing Activities, net
-0.37 -0.81 -0.92 -1.74 0.25 -0.67 -1.00 -2.93 -1.06 -2.91
Cash Interest Paid
11 13 12 12 11 9.07 14 11 13 16
Cash Income Taxes Paid
0.00 - -0.72 0.04 3.66 6.70 2.39 4.17 3.20 8.28

Annual Balance Sheets for Karman

This table presents Karman's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Total Assets
711 774 1,104
Total Current Assets
158 202 291
Cash & Equivalents
5.45 12 34
Accounts Receivable
51 55 79
Inventories, net
9.84 9.88 11
Prepaid Expenses
2.62 18 12
Other Current Assets
89 107 156
Plant, Property, & Equipment, net
52 61 95
Plant, Property & Equipment, gross
70 88 135
Accumulated Depreciation
18 27 39
Total Noncurrent Assets
501 511 717
Noncurrent Note & Lease Receivables
69 70 66
Goodwill
217 225 353
Intangible Assets
208 209 286
Other Noncurrent Operating Assets
7.43 7.26 13
Total Liabilities & Shareholders' Equity
711 774 1,104
Total Liabilities
528 578 721
Total Current Liabilities
87 115 89
Short-Term Debt
6.26 7.14 3.84
Accounts Payable
21 28 32
Current Deferred & Payable Income Tax Liabilities
7.57 20 5.30
Current Employee Benefit Liabilities
6.43 11 14
Other Current Liabilities
46 48 34
Total Noncurrent Liabilities
441 463 633
Long-Term Debt
318 352 495
Capital Lease Obligations
75 78 77
Noncurrent Deferred & Payable Income Tax Liabilities
37 25 48
Other Noncurrent Operating Liabilities
11 8.11 13
Commitments & Contingencies
- 0.00 0.00
Total Equity & Noncontrolling Interests
182 196 383
Total Preferred & Common Equity
182 196 383
Preferred Stock
- 0.00 0.00
Total Common Equity
182 196 383
Common Stock
182 204 374
Retained Earnings
- -8.34 9.03
Accumulated Other Comprehensive Income / (Loss)
- 0.08 0.08

Quarterly Balance Sheets for Karman

This table presents Karman's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets
875 954 968 1,418 1,444
Total Current Assets
302 242 261 370 385
Cash & Equivalents
114 27 19 74 52
Accounts Receivable
48 58 70 99 115
Inventories, net
10 15 15 16 16
Prepaid Expenses
7.52 8.38 9.36 12 15
Other Current Assets
122 134 147 169 187
Plant, Property, & Equipment, net
63 79 83 107 126
Plant, Property & Equipment, gross
93 112 119 150 173
Accumulated Depreciation
30 33 36 43 47
Total Noncurrent Assets
510 633 624 940 933
Noncurrent Note & Lease Receivables
68 66 64 82 85
Goodwill
225 302 302 439 498
Intangible Assets
205 251 245 400 327
Other Noncurrent Operating Assets
13 13 13 19 23
Total Liabilities & Shareholders' Equity
875 954 968 1,418 1,444
Total Liabilities
526 592 599 1,012 1,023
Total Current Liabilities
90 88 91 105 108
Short-Term Debt
7.14 2.82 2.82 5.61 5.61
Accounts Payable
25 28 33 38 45
Current Deferred & Payable Income Tax Liabilities
17 15 11 5.11 2.08
Current Employee Benefit Liabilities
8.29 11 13 13 15
Other Current Liabilities
33 32 31 43 40
Total Noncurrent Liabilities
436 504 508 907 915
Long-Term Debt
325 396 395 752 751
Capital Lease Obligations
77 75 74 102 97
Noncurrent Deferred & Payable Income Tax Liabilities
26 25 31 46 46
Other Noncurrent Operating Liabilities
7.78 8.32 7.83 6.93 21
Commitments & Contingencies
- - - 0.00 0.00
Total Equity & Noncontrolling Interests
349 361 369 406 421
Total Preferred & Common Equity
349 361 369 406 421
Preferred Stock
0.00 0.00 0.00 0.00 0.00
Total Common Equity
349 361 369 406 421
Common Stock
362 368 368 389 390
Retained Earnings
-13 -6.33 1.32 17 31
Accumulated Other Comprehensive Income / (Loss)
0.08 0.08 0.08 0.08 0.08

Annual Metrics And Ratios for Karman

This table displays calculated financial ratios and metrics derived from Karman's official financial filings.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding
- - - 132,322,435.00
DEI Adjusted Shares Outstanding
- - - 132,322,435.00
DEI Earnings Per Adjusted Shares Outstanding
- - - 0.13
Growth Metrics
- - - -
Revenue Growth
0.00% 24.04% 22.99% 36.57%
EBITDA Growth
0.00% 36.76% 28.04% 20.96%
EBIT Growth
0.00% 142.51% 32.62% 18.49%
NOPAT Growth
0.00% 1,141.32% -68.27% -30.87%
Net Income Growth
0.00% 130.92% 191.35% 36.73%
EPS Growth
0.00% 133.33% 166.67% 62.50%
Operating Cash Flow Growth
0.00% 444.94% 31.09% -183.01%
Free Cash Flow Firm Growth
0.00% 0.00% 102.89% -2,389.95%
Invested Capital Growth
0.00% 0.00% 7.77% 48.82%
Revenue Q/Q Growth
0.00% 0.00% 0.00% 10.10%
EBITDA Q/Q Growth
0.00% 0.00% 0.00% 12.48%
EBIT Q/Q Growth
0.00% 0.00% 0.00% 15.15%
NOPAT Q/Q Growth
0.00% 0.00% 0.00% 8.60%
Net Income Q/Q Growth
0.00% 0.00% 0.00% 53.19%
EPS Q/Q Growth
0.00% 0.00% 0.00% 62.50%
Operating Cash Flow Q/Q Growth
0.00% 0.00% 0.00% 4.93%
Free Cash Flow Firm Q/Q Growth
0.00% 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth
0.00% 0.00% 0.00% 12.41%
Profitability Metrics
- - - -
Gross Margin
35.77% 37.60% 38.27% 40.30%
EBITDA Margin
25.27% 27.87% 29.01% 25.70%
Operating Margin
9.03% 17.28% 18.41% 15.47%
EBIT Margin
8.94% 17.48% 18.84% 16.35%
Profit (Net Income) Margin
-6.23% 1.55% 3.68% 3.68%
Tax Burden Percent
81.63% 366.16% 88.64% 53.40%
Interest Burden Percent
-85.38% 2.43% 22.02% 42.19%
Effective Tax Rate
0.00% -266.16% 11.36% 46.60%
Return on Invested Capital (ROIC)
0.00% 61.58% 9.40% 5.04%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% -26.29% -1.24% 0.58%
Return on Net Nonoperating Assets (RNNOA)
0.00% -56.80% -2.69% 0.96%
Return on Equity (ROE)
0.00% 4.78% 6.71% 6.00%
Cash Return on Invested Capital (CROIC)
0.00% -138.42% 1.93% -34.20%
Operating Return on Assets (OROA)
0.00% 6.90% 8.76% 8.21%
Return on Assets (ROA)
0.00% 0.61% 1.71% 1.85%
Return on Common Equity (ROCE)
0.00% 4.78% 6.71% 6.00%
Return on Equity Simple (ROE_SIMPLE)
0.00% 2.39% 6.48% 0.00%
Net Operating Profit after Tax (NOPAT)
14 178 56 39
NOPAT Margin
6.32% 63.26% 16.32% 8.26%
Net Nonoperating Expense Percent (NNEP)
0.00% 87.87% 10.65% 4.46%
Return On Investment Capital (ROIC_SIMPLE)
- 30.50% 8.90% 4.06%
Cost of Revenue to Revenue
64.23% 62.40% 61.73% 59.70%
SG&A Expenses to Revenue
13.27% 13.05% 12.87% 18.17%
R&D to Revenue
0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
26.74% 20.33% 19.86% 24.83%
Earnings before Interest and Taxes (EBIT)
20 49 65 77
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
57 78 100 121
Valuation Ratios
- - - -
Price to Book Value (P/BV)
0.00 2.77 2.58 25.30
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)
2.24 1.80 1.47 20.53
Price to Earnings (P/E)
0.00 116.07 39.84 557.53
Dividend Yield
0.00% 0.00% 0.00% 0.00%
Earnings Yield
0.00% 0.86% 2.51% 0.18%
Enterprise Value to Invested Capital (EV/IC)
0.00 1.56 1.50 11.05
Enterprise Value to Revenue (EV/Rev)
0.00 3.21 2.70 21.68
Enterprise Value to EBITDA (EV/EBITDA)
0.00 11.51 9.30 84.39
Enterprise Value to EBIT (EV/EBIT)
0.00 18.35 14.32 132.63
Enterprise Value to NOPAT (EV/NOPAT)
0.00 5.07 16.53 262.50
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 44.29 34.96 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 80.67 0.00
Leverage & Solvency
- - - -
Debt to Equity
0.00 2.19 2.23 1.51
Long-Term Debt to Equity
0.00 2.16 2.19 1.50
Financial Leverage
0.00 2.16 2.17 1.67
Leverage Ratio
0.00 3.90 3.92 3.25
Compound Leverage Factor
0.00 0.09 0.86 1.37
Debt to Total Capital
0.00% 68.66% 69.04% 60.09%
Short-Term Debt to Total Capital
0.00% 1.08% 1.13% 0.40%
Long-Term Debt to Total Capital
0.00% 67.58% 67.91% 59.69%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
0.00% 31.34% 30.96% 39.91%
Debt to EBITDA
0.00 5.11 4.36 4.76
Net Debt to EBITDA
0.00 5.04 4.25 4.48
Long-Term Debt to EBITDA
0.00 5.03 4.29 4.72
Debt to NOPAT
0.00 2.25 7.76 14.79
Net Debt to NOPAT
0.00 2.22 7.55 13.92
Long-Term Debt to NOPAT
0.00 2.22 7.63 14.69
Altman Z-Score
0.00 1.32 1.38 8.94
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - -
Current Ratio
0.00 1.81 1.76 3.29
Quick Ratio
0.00 0.64 0.58 1.27
Cash Flow Metrics
- - - -
Free Cash Flow to Firm (FCFF)
0.00 -399 12 -264
Operating Cash Flow to CapEx
-27.71% 121.17% 178.28% -108.77%
Free Cash Flow to Firm to Interest Expense
0.00 -8.34 0.23 -5.93
Operating Cash Flow to Interest Expense
-0.16 0.42 0.53 -0.50
Operating Cash Flow Less CapEx to Interest Expense
-0.72 0.07 0.23 -0.95
Efficiency Ratios
- - - -
Asset Turnover
0.00 0.39 0.47 0.50
Accounts Receivable Turnover
0.00 5.55 6.53 7.04
Inventory Turnover
0.00 17.80 21.61 27.40
Fixed Asset Turnover
0.00 5.42 6.13 6.03
Accounts Payable Turnover
0.00 8.32 8.64 9.39
Days Sales Outstanding (DSO)
0.00 65.79 55.93 51.84
Days Inventory Outstanding (DIO)
0.00 20.50 16.89 13.32
Days Payable Outstanding (DPO)
0.00 43.85 42.24 38.86
Cash Conversion Cycle (CCC)
0.00 42.45 30.58 26.31
Capital & Investment Metrics
- - - -
Invested Capital
0.00 577 621 925
Invested Capital Turnover
0.00 0.97 0.58 0.61
Increase / (Decrease) in Invested Capital
0.00 577 45 303
Enterprise Value (EV)
0.00 900 931 10,224
Market Capitalization
506 506 506 9,682
Book Value per Share
$0.00 $1.09 $1.18 $2.89
Tangible Book Value per Share
$0.00 ($1.45) ($1.43) ($1.93)
Total Capital
0.00 582 633 959
Total Debt
0.00 400 437 576
Total Long-Term Debt
0.00 393 430 572
Net Debt
0.00 394 425 542
Capital Expenditures (CapEx)
21 17 15 20
Debt-free, Cash-free Net Working Capital (DFCFNWC)
0.00 71 83 173
Debt-free Net Working Capital (DFNWC)
0.00 77 94 207
Net Working Capital (NWC)
0.00 71 87 203
Net Nonoperating Expense (NNE)
28 173 44 22
Net Nonoperating Obligations (NNO)
0.00 394 425 542
Total Depreciation and Amortization (D&A)
37 29 35 44
Debt-free, Cash-free Net Working Capital to Revenue
0.00% 25.45% 23.96% 36.61%
Debt-free Net Working Capital to Revenue
0.00% 27.39% 27.30% 43.81%
Net Working Capital to Revenue
0.00% 25.16% 25.23% 43.00%
Earnings Adjustments
- - - -
Adjusted Basic Earnings per Share
$0.00 $0.00 $0.08 $0.13
Adjusted Weighted Average Basic Shares Outstanding
0.00 0.00 166.74M 132.32M
Adjusted Diluted Earnings per Share
$0.00 $0.00 $0.08 $0.13
Adjusted Weighted Average Diluted Shares Outstanding
0.00 0.00 166.74M 132.32M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 0.00 132.17M 132.53M
Normalized Net Operating Profit after Tax (NOPAT)
14 34 56 39
Normalized NOPAT Margin
6.32% 12.09% 16.32% 8.26%
Pre Tax Income Margin
-7.63% 0.42% 4.15% 6.90%
Debt Service Ratios
- - - -
EBIT to Interest Expense
0.54 1.02 1.28 1.73
NOPAT to Interest Expense
0.38 3.71 1.11 0.87
EBIT Less CapEx to Interest Expense
-0.03 0.67 0.99 1.27
NOPAT Less CapEx to Interest Expense
-0.19 3.36 0.82 0.42
Payout Ratios
- - - -
Dividend Payout Ratio
-0.78% 18.09% 1.23% 0.00%
Augmented Payout Ratio
-0.78% 18.09% 1.23% 0.00%

Quarterly Metrics And Ratios for Karman

This table displays calculated financial ratios and metrics derived from Karman's official financial filings.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding
- - - 0.00 - - - 132,322,435.00 132,526,299.00 132,526,299.00
DEI Adjusted Shares Outstanding
- - - 0.00 - - - 132,322,435.00 132,526,299.00 132,526,299.00
DEI Earnings Per Adjusted Shares Outstanding
- - - 0.00 - - - 0.06 0.06 0.11
Growth Metrics
- - - - - - - - - -
Revenue Growth
0.00% 0.00% 0.00% 0.00% 20.62% 35.35% 41.67% 47.41% 51.02% 58.18%
EBITDA Growth
0.00% 0.00% 0.00% 0.00% -10.09% 11.75% 24.88% 55.30% 92.43% 65.23%
EBIT Growth
0.00% 0.00% 0.00% 0.00% -30.74% 11.83% 23.12% 68.90% 115.30% 68.66%
NOPAT Growth
0.00% 0.00% 0.00% 0.00% -46.22% -6.96% -1.69% -1.98% 177.73% 59.26%
Net Income Growth
0.00% 0.00% 0.00% 0.00% -326.11% 47.85% 78.10% 358.29% 262.44% 106.14%
EPS Growth
0.00% 0.00% 0.00% 0.00% -500.00% 66.67% 100.00% 500.00% 250.00% 120.00%
Operating Cash Flow Growth
0.00% 0.00% 0.00% 0.00% -542.48% -382.78% -98.67% 15.18% 101.54% 81.67%
Free Cash Flow Firm Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 17.11% 50.79%
Invested Capital Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 48.82% 85.00% 51.38%
Revenue Q/Q Growth
0.00% 2.45% 1.09% 6.13% 0.00% 14.95% 5.81% 10.43% 12.43% 20.40%
EBITDA Q/Q Growth
0.00% 22.79% -2.68% -8.20% 0.00% 52.61% 8.75% 14.17% 1.56% 31.04%
EBIT Q/Q Growth
0.00% 28.37% -3.05% -17.12% 0.00% 107.27% 6.73% 13.70% -14.41% 62.37%
NOPAT Q/Q Growth
0.00% 32.03% -16.48% -14.52% 0.00% 128.41% -11.75% -14.77% 61.67% 30.97%
Net Income Q/Q Growth
0.00% 116.97% -6.78% -60.79% 0.00% 241.87% 12.30% 0.90% 1.05% 80.04%
EPS Q/Q Growth
0.00% 200.00% 0.00% -66.67% 0.00% 225.00% 20.00% 0.00% 0.00% 83.33%
Operating Cash Flow Q/Q Growth
0.00% 100.10% 60.74% -23.46% 0.00% -27.88% 100.75% 6,545.04% -97.60% -1,623.45%
Free Cash Flow Firm Q/Q Growth
0.00% 0.00% 0.00% 0.00% 0.00% -24.30% -2.08% 63.97% -81.31% 26.21%
Invested Capital Q/Q Growth
0.00% 0.00% 0.00% 0.00% 0.00% 25.42% 1.81% 12.41% 28.89% 2.63%
Profitability Metrics
- - - - - - - - - -
Gross Margin
34.94% 40.68% 39.30% 38.07% 39.40% 40.85% 41.01% 39.86% 42.24% 42.97%
EBITDA Margin
26.70% 32.00% 30.80% 26.64% 19.90% 26.42% 27.15% 28.07% 25.36% 27.60%
Operating Margin
16.26% 21.50% 20.25% 15.75% 9.95% 17.47% 17.91% 15.66% 14.19% 19.13%
EBIT Margin
17.19% 21.54% 20.66% 16.13% 9.87% 17.80% 17.95% 18.48% 14.07% 18.98%
Profit (Net Income) Margin
2.56% 5.41% 4.99% 1.84% -4.79% 5.91% 6.28% 5.73% 5.15% 7.71%
Tax Burden Percent
96.06% 93.65% 82.14% 85.04% 322.01% 79.23% 64.45% 56.88% 90.29% 72.84%
Interest Burden Percent
15.48% 26.84% 29.42% 13.45% -15.08% 41.94% 54.25% 54.55% 40.57% 55.76%
Effective Tax Rate
3.94% 6.35% 17.86% 14.96% 0.00% 20.77% 35.55% 43.12% 9.71% 27.16%
Return on Invested Capital (ROIC)
0.00% 0.00% 0.00% 7.44% 7.83% 13.44% 12.02% 5.43% 7.29% 8.09%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 0.00% 0.00% 4.97% -0.13% 9.36% 9.19% 4.55% 5.15% 6.27%
Return on Net Nonoperating Assets (RNNOA)
0.00% 0.00% 0.00% 10.78% -0.11% 11.56% 11.29% 7.61% 7.38% 10.01%
Return on Equity (ROE)
0.00% 0.00% 0.00% 18.22% 7.72% 25.00% 23.31% 13.04% 14.67% 18.10%
Cash Return on Invested Capital (CROIC)
0.00% 0.00% 0.00% 1.86% 0.00% 0.00% 0.00% -34.20% -53.19% -34.07%
Operating Return on Assets (OROA)
0.00% 0.00% 0.00% 7.50% 4.09% 7.32% 7.94% 9.28% 6.41% 9.33%
Return on Assets (ROA)
0.00% 0.00% 0.00% 0.86% -1.98% 2.43% 2.78% 2.88% 2.35% 3.79%
Return on Common Equity (ROCE)
0.00% 0.00% 0.00% 18.22% 7.72% 25.00% 23.31% 13.04% 14.67% 18.10%
Return on Equity Simple (ROE_SIMPLE)
0.00% 0.00% 0.00% 0.00% 1.66% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)
13 17 14 12 6.97 16 14 12 19 25
NOPAT Margin
15.62% 20.13% 16.63% 13.40% 6.97% 13.84% 11.54% 8.91% 12.81% 13.93%
Net Nonoperating Expense Percent (NNEP)
0.00% 0.00% 0.00% 2.48% 7.97% 4.08% 2.83% 0.88% 2.14% 1.82%
Return On Investment Capital (ROIC_SIMPLE)
- - - 1.93% 0.92% 1.91% 1.67% 1.25% 1.53% 1.99%
Cost of Revenue to Revenue
65.06% 59.32% 60.70% 61.93% 60.60% 59.15% 58.99% 60.14% 57.76% 57.03%
SG&A Expenses to Revenue
12.15% 11.75% 13.01% 14.42% 23.26% 16.88% 16.42% 17.06% 18.94% 17.21%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
18.67% 19.18% 19.05% 22.32% 29.45% 23.39% 23.10% 24.20% 28.05% 23.84%
Earnings before Interest and Taxes (EBIT)
14 18 18 15 9.88 20 22 25 21 35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
22 27 26 24 20 30 33 38 38 50
Valuation Ratios
- - - - - - - - - -
Price to Book Value (P/BV)
0.00 0.00 0.00 2.58 12.66 18.44 25.88 25.30 26.15 15.71
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)
0.00 0.00 0.00 1.47 12.19 16.98 22.31 20.53 20.30 11.22
Price to Earnings (P/E)
0.00 0.00 0.00 39.84 764.10 834.80 842.77 557.53 354.12 177.93
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield
0.00% 0.00% 0.00% 2.51% 0.13% 0.12% 0.12% 0.18% 0.28% 0.56%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 0.00 1.50 7.31 8.80 12.16 11.05 9.56 6.06
Enterprise Value to Revenue (EV/Rev)
0.00 0.00 0.00 2.70 13.01 18.12 23.37 21.68 21.81 12.58
Enterprise Value to EBITDA (EV/EBITDA)
0.00 0.00 0.00 9.30 48.13 70.33 92.91 84.39 81.64 46.54
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 0.00 14.32 77.67 113.17 149.48 132.63 128.78 72.34
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 0.00 16.53 144.37 206.03 279.03 262.50 192.11 107.28
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 0.00 0.00 34.96 471.67 0.00 0.00 0.00 0.00 1,265.70
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency
- - - - - - - - - -
Debt to Equity
0.00 0.00 0.00 2.23 1.17 1.31 1.28 1.51 2.12 2.03
Long-Term Debt to Equity
0.00 0.00 0.00 2.19 1.15 1.30 1.27 1.50 2.11 2.01
Financial Leverage
0.00 0.00 0.00 2.17 0.85 1.24 1.23 1.67 1.43 1.60
Leverage Ratio
0.00 0.00 0.00 3.92 2.51 2.64 2.62 3.25 3.04 3.06
Compound Leverage Factor
0.00 0.00 0.00 0.53 -0.38 1.11 1.42 1.77 1.23 1.71
Debt to Total Capital
0.00% 0.00% 0.00% 69.04% 53.97% 56.74% 56.13% 60.09% 67.95% 66.98%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 1.13% 0.94% 0.34% 0.33% 0.40% 0.44% 0.44%
Long-Term Debt to Total Capital
0.00% 0.00% 0.00% 67.91% 53.03% 56.40% 55.80% 59.69% 67.51% 66.54%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
0.00% 0.00% 0.00% 30.96% 46.03% 43.26% 43.87% 39.91% 32.05% 33.02%
Debt to EBITDA
0.00 0.00 0.00 4.36 4.18 4.69 4.39 4.76 6.16 5.36
Net Debt to EBITDA
0.00 0.00 0.00 4.25 3.02 4.42 4.21 4.48 5.63 5.03
Long-Term Debt to EBITDA
0.00 0.00 0.00 4.29 4.11 4.66 4.36 4.72 6.12 5.32
Debt to NOPAT
0.00 0.00 0.00 7.76 12.53 13.74 13.17 14.79 14.50 12.35
Net Debt to NOPAT
0.00 0.00 0.00 7.55 9.05 12.94 12.65 13.92 13.26 11.60
Long-Term Debt to NOPAT
0.00 0.00 0.00 7.63 12.31 13.65 13.09 14.69 14.41 12.27
Altman Z-Score
0.00 0.00 0.00 1.15 5.75 7.42 10.30 8.79 6.95 4.63
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - -
Current Ratio
0.00 0.00 0.00 1.76 3.34 2.75 2.86 3.29 3.53 3.56
Quick Ratio
0.00 0.00 0.00 0.58 1.79 0.97 0.97 1.27 1.65 1.54
Cash Flow Metrics
- - - - - - - - - -
Free Cash Flow to Firm (FCFF)
0.00 0.00 0.00 0.00 -637 -792 -809 -291 -528 -390
Operating Cash Flow to CapEx
189.98% 120.76% 216.92% 198.53% -269.42% -478.94% 1.88% 185.37% 2.83% -22.58%
Free Cash Flow to Firm to Interest Expense
0.00 0.00 0.00 0.00 -56.04 -66.61 -80.85 -25.79 -41.78 -25.51
Operating Cash Flow to Interest Expense
0.25 0.46 0.79 0.59 -1.19 -1.46 0.01 0.77 0.02 -0.21
Operating Cash Flow Less CapEx to Interest Expense
0.12 0.08 0.42 0.29 -1.64 -1.77 -0.68 0.35 -0.57 -1.13
Efficiency Ratios
- - - - - - - - - -
Asset Turnover
0.00 0.00 0.00 0.47 0.41 0.41 0.44 0.50 0.46 0.49
Accounts Receivable Turnover
0.00 0.00 0.00 6.53 7.59 6.78 6.10 7.04 7.14 6.82
Inventory Turnover
0.00 0.00 0.00 21.61 21.10 16.11 16.72 27.40 23.21 22.16
Fixed Asset Turnover
0.00 0.00 0.00 6.13 5.72 4.95 5.16 6.03 6.12 5.74
Accounts Payable Turnover
0.00 0.00 0.00 8.64 8.64 8.46 7.87 9.39 9.65 9.37
Days Sales Outstanding (DSO)
0.00 0.00 0.00 55.94 48.11 53.86 59.82 51.84 51.12 53.51
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 16.89 17.30 22.66 21.83 13.32 15.73 16.47
Days Payable Outstanding (DPO)
0.00 0.00 0.00 42.25 42.25 43.13 46.37 38.86 37.83 38.97
Cash Conversion Cycle (CCC)
0.00 0.00 0.00 30.58 23.16 33.39 35.28 26.31 29.02 31.01
Capital & Investment Metrics
- - - - - - - - - -
Invested Capital
0.00 0.00 0.00 621 644 808 823 925 1,192 1,223
Invested Capital Turnover
0.00 0.00 0.00 0.56 1.12 0.97 1.04 0.61 0.57 0.58
Increase / (Decrease) in Invested Capital
0.00 0.00 0.00 0.00 644 808 823 303 548 415
Enterprise Value (EV)
0.00 0.00 0.00 931 4,713 7,112 10,007 10,224 11,395 7,418
Market Capitalization
506 506 506 506 4,417 6,665 9,554 9,682 10,609 6,616
Book Value per Share
$0.00 $0.00 $0.00 $1.18 $2.64 $2.73 $2.79 $2.89 $3.07 $3.18
Tangible Book Value per Share
$0.00 $0.00 $0.00 ($1.43) ($0.61) ($1.45) ($1.34) ($1.93) ($3.28) ($3.05)
Total Capital
0.00 0.00 0.00 633 758 836 841 959 1,266 1,275
Total Debt
0.00 0.00 0.00 437 409 474 472 576 860 854
Total Long-Term Debt
0.00 0.00 0.00 430 402 471 469 572 855 848
Net Debt
0.00 0.00 0.00 425 295 447 454 542 786 802
Capital Expenditures (CapEx)
1.62 5.09 4.55 3.81 5.04 3.63 6.97 4.70 7.38 14
Debt-free, Cash-free Net Working Capital (DFCFNWC)
0.00 0.00 0.00 83 105 129 154 173 197 230
Debt-free Net Working Capital (DFNWC)
0.00 0.00 0.00 94 218 157 172 207 271 282
Net Working Capital (NWC)
0.00 0.00 0.00 87 211 154 169 203 265 277
Net Nonoperating Expense (NNE)
11 13 10 11 12 9.12 6.41 4.27 12 11
Net Nonoperating Obligations (NNO)
0.00 0.00 0.00 425 295 447 454 542 786 802
Total Depreciation and Amortization (D&A)
7.89 8.89 8.72 9.59 10 9.92 11 13 17 16
Debt-free, Cash-free Net Working Capital to Revenue
0.00% 0.00% 0.00% 23.96% 28.90% 32.94% 35.86% 36.61% 37.76% 39.08%
Debt-free Net Working Capital to Revenue
0.00% 0.00% 0.00% 27.30% 60.27% 39.93% 40.22% 43.81% 51.88% 47.86%
Net Working Capital to Revenue
0.00% 0.00% 0.00% 25.23% 58.30% 39.22% 39.56% 43.00% 50.80% 46.91%
Earnings Adjustments
- - - - - - - - - -
Adjusted Basic Earnings per Share
$0.00 $0.00 $0.00 $0.01 ($0.04) $0.05 $0.06 $0.06 $0.06 $0.11
Adjusted Weighted Average Basic Shares Outstanding
0.00 0.00 0.00 166.74M 132.18M 132.32M 132.32M 132.32M 132.53M 132.53M
Adjusted Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.01 ($0.04) $0.05 $0.06 $0.06 $0.06 $0.11
Adjusted Weighted Average Diluted Shares Outstanding
0.00 0.00 0.00 166.74M 132.18M 132.32M 132.32M 132.32M 132.53M 132.53M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 0.00 0.00 132.17M 132.17M 132.32M 132.32M 132.53M 132.53M 132.53M
Normalized Net Operating Profit after Tax (NOPAT)
13 17 14 12 6.97 16 14 12 19 25
Normalized NOPAT Margin
15.62% 20.13% 16.63% 13.40% 6.97% 13.84% 11.54% 8.91% 12.81% 13.93%
Pre Tax Income Margin
2.66% 5.78% 6.08% 2.17% -1.49% 7.46% 9.74% 10.08% 5.71% 10.58%
Debt Service Ratios
- - - - - - - - - -
EBIT to Interest Expense
1.18 1.37 1.42 1.16 0.87 1.72 2.19 2.20 1.68 2.26
NOPAT to Interest Expense
1.08 1.28 1.14 0.96 0.61 1.34 1.41 1.06 1.53 1.66
EBIT Less CapEx to Interest Expense
1.05 0.99 1.05 0.86 0.43 1.42 1.49 1.78 1.10 1.34
NOPAT Less CapEx to Interest Expense
0.94 0.90 0.78 0.66 0.17 1.03 0.71 0.64 0.95 0.74
Payout Ratios
- - - - - - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Karman Holdings (NYSE: KRMN) has shown strong top-line and earnings growth, but the expansion has required substantial borrowing and has not yet translated into consistently positive operating cash flow. The company’s results reflect rapid growth, acquisitions and increased investment in production capacity, alongside a more leveraged balance sheet.

  • Revenue growth has accelerated. Quarterly revenue increased from $83.0 million in Q1 2024 to $182.1 million in Q2 2026. Q2 2026 revenue was up approximately 58% from the restated $115.1 million reported in Q2 2025.
  • Profitability has improved significantly. Gross profit increased from $29.0 million in Q1 2024 to $78.2 million in Q2 2026, while operating income rose from $10.0 million to $34.8 million over the same period.
  • Margins have generally expanded. Karman’s gross margin improved from approximately 35% in Q1 2024 to 43% in Q2 2026. Its Q2 2026 operating margin was approximately 19%, up from about 10% in Q1 2024.
  • Net income has moved higher after a temporary loss. The company reported a $4.8 million net loss in Q1 2025, followed by profits in each subsequent reported quarter. Q2 2026 net income reached $14.0 million, up from $6.8 million in the restated Q2 2025 period.
  • Assets and production capacity have expanded. Total assets increased from $875.4 million in Q1 2025 to $1.44 billion in Q2 2026. Net property, plant and equipment also rose from $63.4 million to $126.3 million, suggesting continued investment in operating capacity.
  • Liquidity remains adequate on a short-term basis. Karman held $51.7 million of cash and equivalents at June 30, 2026, compared with $18.7 million at September 30, 2025. Its reported current assets of $384.8 million exceeded current liabilities of $108.2 million.
  • Acquisitions are a major source of growth. Karman spent $210.2 million on acquisitions in Q1 2026 and an additional $150,000 in Q2. Goodwill and intangible assets totaled approximately $824.9 million at the end of Q2 2026, meaning a significant portion of the company’s asset base is tied to acquired businesses and other intangible value.
  • Accounts receivable have grown alongside revenue. Accounts receivable increased from $47.8 million in Q1 2025 to $115.0 million in Q2 2026. This is consistent with the company’s larger sales base, but investors should monitor collections and working-capital requirements.
  • Operating cash flow has been inconsistent. Karman generated $7.6 million of operating cash flow in Q4 2024, but reported negative operating cash flow of $13.6 million in Q1 2025, $17.4 million in Q2 2025 and $3.2 million in Q2 2026. Working-capital changes were a significant cash drain in several periods.
  • Leverage and interest costs have increased materially. Long-term debt rose from $325.4 million in Q1 2025 to $751.3 million in Q2 2026, while capital lease obligations stood at $97.1 million. Q2 2026 interest expense was $15.3 million, consuming a substantial portion of the company’s $34.8 million operating income.

Overall, Karman’s income statement shows a business scaling quickly, with revenue, gross profit and operating income reaching record levels in the provided periods. However, the cash-flow statement indicates that growth is absorbing significant cash, while acquisitions and capital spending have been financed largely through debt. The key issue for investors is whether Karman can convert its higher earnings into sustained operating cash flow and use that cash to reduce leverage.

10/06/26 03:07 PM ETAI Generated. May Contain Errors.

Karman Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Karman's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Karman's net income appears to be on an upward trend, with a most recent value of $17.37 million in 2025, compared with -$14.10 million in 2022. The previous period was $12.70 million in 2024. See where experts think Karman is headed by visiting Karman's forecast page.

Karman's total operating income in 2025 was $72.94 million, based on the following breakdown:
  • Total Gross Profit: $190.03 million
  • Total Operating Expenses: $117.08 million

Over the last 3 years, Karman's total revenue changed from $226.31 million in 2022 to $471.50 million in 2025, a change of 108.3%.

In the past 5 quarters, Karman's cash and equivalents has ranged from $18.67 million in Q3 2025 to $113.68 million in Q1 2025, and is currently $51.74 million as of their latest financial filing in Q2 2026.

Karman had total debt of $576.14 million at the end of 2025, a 31.8% increase from 2024, and none in 2022.

Over the last 3 years, Karman's book value per share changed from 0.00 in 2022 to 2.89 in 2025, a change of 289.2%.



Financial statements for NYSE:KRMN last updated on 8/11/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners