# Karman Holdings (KRMN.US)

Canonical: https://gigainvestors.com/s/KRMN

Analysis as of: 2026-10-16T07:29:42.865Z. 

Listing currency: USD. Reporting currency: USD.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $33.90 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

## Price story

Down 67% since Jan 2026

Story as of 2026-10-16T10:01:28.308Z; price observation 2026-10-15.

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in aerospace & defense; annual sales are USD 471.5 million.

- Source: https://www.sec.gov/Archives/edgar/data/2040127/000204012726000014/krmn-20251231.htm (filed 2026-04-03); FY2025: revenue 471500000; grossProfit 190026000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KRMN.US: Karman Holdings Inc., through its subsidiary, engages in designing, testing, manufacturing, and sale of mission-critical systems in the United States. The company offers payload protection and deployment systems, aerodynamic interstage systems, and propulsion systems. It serves its products to hypersonics and strategic missile defense, tactical missile and integrated defense systems, and space and launch markets. The company was incorporated in 2020 and is headquartered in Huntington Beach, California. Karman Holdings Inc. operates as a subsidiary of TCFIII Spaceco SPV LP.

### Why customers stay

Margins ranged from 37.6% to 40.3% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-03); FY2023: grossProfit / revenue = 37.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-03); FY2024: grossProfit / revenue = 38.3%.

- Source: https://www.sec.gov/Archives/edgar/data/2040127/000204012726000014/krmn-20251231.htm (filed 2026-04-03); FY2025: grossProfit / revenue = 40.3%.

### Where the cash goes

Paid dividends in 3 of 4 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-03); FY2023: growth capex 0; upkeep 16775297; cash acquisitions 0; owner earnings 14762703. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-03); FY2024: growth capex 0; upkeep 15251761; cash acquisitions 31290000; owner earnings 30245239. Growth capex plus acquisitions / owner earnings = 1.0345429903860242.

- Source: https://www.sec.gov/Archives/edgar/data/2040127/000204012726000014/krmn-20251231.htm (filed 2026-04-03); FY2025: growth capex 0; upkeep 20336000; cash acquisitions 211935000; owner earnings 39767000. Growth capex plus acquisitions / owner earnings = 5.329418864887972.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-03); Dividend observations: [[2022,109352],[2023,788592],[2024,155911],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 6.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KRMN.US SharesStats.PercentInsiders = 6.868 percentage points; cache date 2026-10-16.

### What the price says

The price is 9.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-03); Closing price 33.9 USD; reporting-to-trading FX 1; FY2025 annual sales per share 3.563277459530539; price multiple 9.513713255567337. FY2025 cash earnings/share 0.30053203548918545. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2025-02: $31.54 per share

- 2025-03: $33.42 per share

- 2025-04: $35.75 per share

- 2025-05: $42.86 per share

- 2025-06: $50.37 per share

- 2025-07: $51.70 per share

- 2025-08: $53.41 per share

- 2025-09: $72.20 per share

- 2025-10: $84.24 per share

- 2025-11: $67.03 per share

- 2025-12: $73.17 per share

- 2026-01: $103.80 per share

- 2026-02: $88.11 per share

- 2026-03: $80.05 per share

- 2026-04: $67.98 per share

- 2026-05: $57.50 per share

- 2026-06: $49.92 per share

- 2026-07: $48.15 per share

- 2026-08: $41.45 per share

- 2026-09: $32.42 per share

- 2026-10: $33.90 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/2040127/000204012726000014/krmn-20251231.htm); period 2025-12-31, filed 2026-04-03.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.