What is Karman's operating income?

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

Karman (KRMN) Financials

$47.33 -1.45 (-2.97%)

Closing price 07/16/2026 03:59 PM Eastern

Extended Trading

$46.87 -0.46 (-0.97%)

As of 09:17 AM Eastern

Compare

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

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

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

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
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
Net Change in Cash & Equivalents	1.74	-2.53	3.01	3.86	102	-86	-8.77	15	40
Net Cash From Operating Activities	3.07	6.14	9.87	7.56	-14	-17	0.13	8.71	0.21
Net Cash From Continuing Operating Activities	3.07	6.14	9.87	7.56	-14	-17	0.13	8.71	0.21
Net Income / (Loss) Continuing Operations	2.12	4.60	4.29	1.68	-4.80	6.81	7.64	7.71	7.79
Consolidated Net Income / (Loss)	2.12	4.60	4.29	1.68	-4.80	6.81	7.64	7.71	7.79
Depreciation Expense	7.35	8.31	8.14	9.01	9.46	9.72	11	13	17
Amortization Expense	0.54	0.59	0.59	0.59	0.59	0.20	0.24	0.30	0.43
Non-Cash Adjustments To Reconcile Net Income	-2.40	-8.82	0.48	-6.98	1.86	2.20	-0.02	-54	0.19
Changes in Operating Assets and Liabilities, net	-4.54	1.47	-3.62	3.27	-21	-36	-19	42	-25
Net Cash From Investing Activities	-32	-5.09	-4.58	-4.26	-11	-130	-6.97	-90	-218
Net Cash From Continuing Investing Activities	-32	-5.09	-4.58	-4.26	-11	-130	-6.97	-90	-218
Purchase of Property, Plant & Equipment	-1.62	-5.09	-4.55	-4.00	-5.04	-3.63	-6.97	-4.70	-7.38
Acquisitions	-31	-	-0.15	-0.46	0.00	-126	-	-86	-210
Sale of Property, Plant & Equipment	-	-	-	0.19	0.00	-	-	-	0.00
Other Investing Activities, net	0.00	-	-	-	-6.00	-	-	-	0.00
Net Cash From Financing Activities	31	-3.59	-2.28	0.56	127	61	-1.93	97	257
Net Cash From Continuing Financing Activities	31	-3.59	-2.28	0.56	127	61	-1.93	97	257
Repayment of Debt	-12	-12	-9.86	-14	-27	-343	-0.94	-31	-6.79
Issuance of Debt	43	9.00	8.50	16	0.00	405	-	130	265
Issuance of Common Equity	0.00	-	-	-	154	-	-	1.03	0.00
Other Financing Activities, net	-0.37	-0.81	-0.92	-1.74	0.25	-0.67	-1.00	-2.93	-1.06
Cash Interest Paid	11	13	12	12	11	9.07	14	11	13
Cash Income Taxes Paid	0.00	-	-0.72	0.04	3.66	6.70	2.39	4.17	3.20

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

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

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%

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
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
DEI Shares Outstanding	-	-	-	0.00	-	-	-	132,322,435.00	132,526,299.00
DEI Adjusted Shares Outstanding	-	-	-	0.00	-	-	-	132,322,435.00	132,526,299.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	0.00	-	-	-	0.06	0.06
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	20.62%	35.35%	41.67%	47.41%	51.02%
EBITDA Growth	0.00%	0.00%	0.00%	0.00%	-10.09%	11.75%	24.88%	55.30%	92.43%
EBIT Growth	0.00%	0.00%	0.00%	0.00%	-30.74%	11.83%	23.12%	68.90%	115.30%
NOPAT Growth	0.00%	0.00%	0.00%	0.00%	-46.22%	-6.96%	-1.69%	-1.98%	177.73%
Net Income Growth	0.00%	0.00%	0.00%	0.00%	-326.11%	47.85%	78.10%	358.29%	262.44%
EPS Growth	0.00%	0.00%	0.00%	0.00%	-500.00%	66.67%	100.00%	500.00%	250.00%
Operating Cash Flow Growth	0.00%	0.00%	0.00%	0.00%	-542.48%	-382.78%	-98.67%	15.18%	101.54%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	17.11%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	48.82%	85.00%
Revenue Q/Q Growth	0.00%	2.45%	1.09%	6.13%	0.00%	14.95%	5.81%	10.43%	12.43%
EBITDA Q/Q Growth	0.00%	22.79%	-2.68%	-8.20%	0.00%	52.61%	8.75%	14.17%	1.56%
EBIT Q/Q Growth	0.00%	28.37%	-3.05%	-17.12%	0.00%	107.27%	6.73%	13.70%	-14.41%
NOPAT Q/Q Growth	0.00%	32.03%	-16.48%	-14.52%	0.00%	128.41%	-11.75%	-14.77%	61.67%
Net Income Q/Q Growth	0.00%	116.97%	-6.78%	-60.79%	0.00%	241.87%	12.30%	0.90%	1.05%
EPS Q/Q Growth	0.00%	200.00%	0.00%	-66.67%	0.00%	225.00%	20.00%	0.00%	0.00%
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%
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%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	25.42%	1.81%	12.41%	28.89%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	34.94%	40.68%	39.30%	38.07%	39.40%	40.85%	41.01%	39.86%	42.24%
EBITDA Margin	26.70%	32.00%	30.80%	26.64%	19.90%	26.42%	27.15%	28.07%	25.36%
Operating Margin	16.26%	21.50%	20.25%	15.75%	9.95%	17.47%	17.91%	15.66%	14.19%
EBIT Margin	17.19%	21.54%	20.66%	16.13%	9.87%	17.80%	17.95%	18.48%	14.07%
Profit (Net Income) Margin	2.56%	5.41%	4.99%	1.84%	-4.79%	5.91%	6.28%	5.73%	5.15%
Tax Burden Percent	96.06%	93.65%	82.14%	85.04%	322.01%	79.23%	64.45%	56.88%	90.29%
Interest Burden Percent	15.48%	26.84%	29.42%	13.45%	-15.08%	41.94%	54.25%	54.55%	40.57%
Effective Tax Rate	3.94%	6.35%	17.86%	14.96%	0.00%	20.77%	35.55%	43.12%	9.71%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	7.44%	7.83%	13.44%	12.02%	5.43%	7.29%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	4.97%	-0.13%	9.36%	9.19%	4.55%	5.15%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	10.78%	-0.11%	11.56%	11.29%	7.61%	7.38%
Return on Equity (ROE)	0.00%	0.00%	0.00%	18.22%	7.72%	25.00%	23.31%	13.04%	14.67%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	1.86%	0.00%	0.00%	0.00%	-34.20%	-53.19%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	7.50%	4.09%	7.32%	7.94%	9.28%	6.41%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.86%	-1.98%	2.43%	2.78%	2.88%	2.35%
Return on Common Equity (ROCE)	0.00%	0.00%	0.00%	18.22%	7.72%	25.00%	23.31%	13.04%	14.67%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	1.66%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	13	17	14	12	6.97	16	14	12	19
NOPAT Margin	15.62%	20.13%	16.63%	13.40%	6.97%	13.84%	11.54%	8.91%	12.81%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	2.48%	7.97%	4.08%	2.83%	0.88%	2.14%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	1.93%	0.92%	1.91%	1.67%	1.25%	1.53%
Cost of Revenue to Revenue	65.06%	59.32%	60.70%	61.93%	60.60%	59.15%	58.99%	60.14%	57.76%
SG&A Expenses to Revenue	12.15%	11.75%	13.01%	14.42%	23.26%	16.88%	16.42%	17.06%	18.94%
R&D to Revenue	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%
Earnings before Interest and Taxes (EBIT)	14	18	18	15	9.88	20	22	25	21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	22	27	26	24	20	30	33	38	38
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
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
Price to Revenue (P/Rev)	0.00	0.00	0.00	1.47	12.19	16.98	22.31	20.53	20.30
Price to Earnings (P/E)	0.00	0.00	0.00	39.84	764.10	834.80	842.77	557.53	354.12
Dividend Yield	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%
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
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	2.70	13.01	18.12	23.37	21.68	21.81
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	9.30	48.13	70.33	92.91	84.39	81.64
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	14.32	77.67	113.17	149.48	132.63	128.78
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	16.53	144.37	206.03	279.03	262.50	192.11
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
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
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	2.23	1.17	1.31	1.28	1.51	2.12
Long-Term Debt to Equity	0.00	0.00	0.00	2.19	1.15	1.30	1.27	1.50	2.11
Financial Leverage	0.00	0.00	0.00	2.17	0.85	1.24	1.23	1.67	1.43
Leverage Ratio	0.00	0.00	0.00	3.92	2.51	2.64	2.62	3.25	3.04
Compound Leverage Factor	0.00	0.00	0.00	0.53	-0.38	1.11	1.42	1.77	1.23
Debt to Total Capital	0.00%	0.00%	0.00%	69.04%	53.97%	56.74%	56.13%	60.09%	67.95%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	1.13%	0.94%	0.34%	0.33%	0.40%	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%
Preferred Equity to Total Capital	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%
Common Equity to Total Capital	0.00%	0.00%	0.00%	30.96%	46.03%	43.26%	43.87%	39.91%	32.05%
Debt to EBITDA	0.00	0.00	0.00	4.36	4.18	4.69	4.39	4.76	6.16
Net Debt to EBITDA	0.00	0.00	0.00	4.25	3.02	4.42	4.21	4.48	5.63
Long-Term Debt to EBITDA	0.00	0.00	0.00	4.29	4.11	4.66	4.36	4.72	6.12
Debt to NOPAT	0.00	0.00	0.00	7.76	12.53	13.74	13.17	14.79	14.50
Net Debt to NOPAT	0.00	0.00	0.00	7.55	9.05	12.94	12.65	13.92	13.26
Long-Term Debt to NOPAT	0.00	0.00	0.00	7.63	12.31	13.65	13.09	14.69	14.41
Altman Z-Score	0.00	0.00	0.00	1.15	5.75	7.42	10.30	8.79	6.95
Noncontrolling Interest Sharing Ratio	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
Quick Ratio	0.00	0.00	0.00	0.58	1.79	0.97	0.97	1.27	1.65
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	0.00	0.00	-637	-792	-809	-291	-528
Operating Cash Flow to CapEx	189.98%	120.76%	216.92%	198.53%	-269.42%	-478.94%	1.88%	185.37%	2.83%
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
Operating Cash Flow to Interest Expense	0.25	0.46	0.79	0.59	-1.19	-1.46	0.01	0.77	0.02
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
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.47	0.41	0.41	0.44	0.50	0.46
Accounts Receivable Turnover	0.00	0.00	0.00	6.53	7.59	6.78	6.10	7.04	7.14
Inventory Turnover	0.00	0.00	0.00	21.61	21.10	16.11	16.72	27.40	23.21
Fixed Asset Turnover	0.00	0.00	0.00	6.13	5.72	4.95	5.16	6.03	6.12
Accounts Payable Turnover	0.00	0.00	0.00	8.64	8.64	8.46	7.87	9.39	9.65
Days Sales Outstanding (DSO)	0.00	0.00	0.00	55.94	48.11	53.86	59.82	51.84	51.12
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	16.89	17.30	22.66	21.83	13.32	15.73
Days Payable Outstanding (DPO)	0.00	0.00	0.00	42.25	42.25	43.13	46.37	38.86	37.83
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	30.58	23.16	33.39	35.28	26.31	29.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	0.00	0.00	621	644	808	823	925	1,192
Invested Capital Turnover	0.00	0.00	0.00	0.56	1.12	0.97	1.04	0.61	0.57
Increase / (Decrease) in Invested Capital	0.00	0.00	0.00	0.00	644	808	823	303	548
Enterprise Value (EV)	0.00	0.00	0.00	931	4,713	7,112	10,007	10,224	11,395
Market Capitalization	506	506	506	506	4,417	6,665	9,554	9,682	10,609
Book Value per Share	$0.00	$0.00	$0.00	$1.18	$2.64	$2.73	$2.79	$2.89	$3.07
Tangible Book Value per Share	$0.00	$0.00	$0.00	($1.43)	($0.61)	($1.45)	($1.34)	($1.93)	($3.28)
Total Capital	0.00	0.00	0.00	633	758	836	841	959	1,266
Total Debt	0.00	0.00	0.00	437	409	474	472	576	860
Total Long-Term Debt	0.00	0.00	0.00	430	402	471	469	572	855
Net Debt	0.00	0.00	0.00	425	295	447	454	542	786
Capital Expenditures (CapEx)	1.62	5.09	4.55	3.81	5.04	3.63	6.97	4.70	7.38
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	0.00	83	105	129	154	173	197
Debt-free Net Working Capital (DFNWC)	0.00	0.00	0.00	94	218	157	172	207	271
Net Working Capital (NWC)	0.00	0.00	0.00	87	211	154	169	203	265
Net Nonoperating Expense (NNE)	11	13	10	11	12	9.12	6.41	4.27	12
Net Nonoperating Obligations (NNO)	0.00	0.00	0.00	425	295	447	454	542	786
Total Depreciation and Amortization (D&A)	7.89	8.89	8.72	9.59	10	9.92	11	13	17
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%
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%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	25.23%	58.30%	39.22%	39.56%	43.00%	50.80%
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
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	166.74M	132.18M	132.32M	132.32M	132.32M	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
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	166.74M	132.18M	132.32M	132.32M	132.32M	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
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
Normalized Net Operating Profit after Tax (NOPAT)	13	17	14	12	6.97	16	14	12	19
Normalized NOPAT Margin	15.62%	20.13%	16.63%	13.40%	6.97%	13.84%	11.54%	8.91%	12.81%
Pre Tax Income Margin	2.66%	5.78%	6.08%	2.17%	-1.49%	7.46%	9.74%	10.08%	5.71%
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
NOPAT to Interest Expense	1.08	1.28	1.14	0.96	0.61	1.34	1.41	1.06	1.53
EBIT Less CapEx to Interest Expense	1.05	0.99	1.05	0.86	0.43	1.42	1.49	1.78	1.10
NOPAT Less CapEx to Interest Expense	0.94	0.90	0.78	0.66	0.17	1.03	0.71	0.64	0.95
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	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%

Financials Breakdown Chart

Key Financial Trends

Karman Holdings Inc. (NYSE: KRMN) shows a business that has grown quickly, but growth has come with heavier leverage and acquisition-driven balance sheet expansion. Over the last four quarters, revenue has risen steadily, profitability has improved from a loss to consistent quarterly earnings, and operating cash flow has turned positive in most recent periods. At the same time, debt has increased meaningfully, acquisition spending has been large, and cash generation remains uneven quarter to quarter.

Revenue trend is strong. Quarterly revenue increased from $83.0 million in Q1 2024 to $151.2 million in Q1 2026, with steady gains along the way. That suggests solid top-line momentum.
Gross profit is expanding in dollars. Gross profit rose from $29.0 million in Q1 2024 to $63.9 million in Q1 2026, reflecting a larger business and improved scale.
The company has moved from losses to profits. KRMN posted a net loss of $4.8 million in Q1 2025, but generated net income of $7.8 million in Q1 2026. That is a meaningful turnaround.
Operating income has remained positive and resilient. Operating income grew from $13.5 million in Q1 2024 to $21.5 million in Q1 2026, showing the core business is still earning money after operating costs.
Cash on hand improved sharply in Q1 2026. Cash and equivalents rose to $74.0 million from $18.7 million in Q3 2025, helped by financing activity and net cash inflow.
Equity increased materially. Total common equity rose to $405.7 million in Q1 2026 from $369.1 million in Q3 2025, supporting the balance sheet.
Depreciation and amortization are large but expected for an asset-heavy, acquisition-driven business. These non-cash charges are significant, but they also reflect the scale of acquired and fixed assets.
Working capital swings are creating volatility in operating cash flow. Operating cash flow was positive in Q4 2025 and Q1 2026, but very weak or negative in several prior quarters, so cash conversion is not yet consistent.
Debt levels are high and have increased. Long-term debt climbed to $752.2 million in Q1 2026 from $395.1 million in Q3 2025, while capital lease obligations also remain sizable. Leverage is a key risk.
Acquisition spending has been substantial. The company spent $210.2 million on acquisitions in Q1 2026, following $85.7 million in Q4 2025 and $126.3 million in Q2 2025. Growth has clearly been acquisition-led.

Bottom line: Karman looks like a company in a growth phase that is successfully scaling revenue and earnings, but the quality of the story depends on whether it can keep integrating acquisitions and convert profits into durable cash flow. Investors will likely want to watch debt trends, acquisition activity, and whether operating cash flow stays positive without heavy financing support.

07/17/26 07:42 AM ETAI Generated. May Contain Errors.

Karman Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Karman's financial year ends in December. Their financial 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, falling from -$14.10 million in 2022. The previous period was $12.70 million in 2024. Find out what analysts predict for Karman in the coming months.

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%.

Karman's total liabilities were at $721.41 million at the end of 2025, a 24.8% increase from 2024, and a 36.5% increase since 2023.

In the past 2 years, Karman's cash and equivalents has ranged from $5.45 million in 2023 to $33.96 million in 2025, and is currently $33.96 million as of their latest financial filing in 2025.

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%.

Related Companies

Financial statements for NYSE:KRMN last updated on 5/18/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Karman (KRMN) Financials

Financials Breakdown Chart

Key Financial Trends

Karman Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Karman (KRMN) Financials

Annual Income Statements for Karman

Quarterly Income Statements for Karman

Annual Cash Flow Statements for Karman

Quarterly Cash Flow Statements for Karman

Annual Balance Sheets for Karman

Quarterly Balance Sheets for Karman

Annual Metrics And Ratios for Karman

Quarterly Metrics And Ratios for Karman

Financials Breakdown Chart

Key Financial Trends

Karman Financials - Frequently Asked Questions

When does Karman's fiscal year end?

How has Karman's net income changed over the last 3 years?

What is Karman's operating income?

How has Karman's revenue changed over the last 3 years?

How much debt does Karman have?

How much cash does Karman have?

How has Karman's book value per share changed over the last 3 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools