Karman Holdings Inc.
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Range $40 – $100
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About the company
Karman Holdings Inc. , primarily operating through its Karman Space and Defense division, specializes in the design, rigorous testing, production, and sale of vital systems. These critical components are integral to sectors such as missile and defense, various space programs, hypersonic flight, and launch vehicle technologies.
- CEO
- Jonathan Rambeau
- IPO
- 2025
- Employees
- 1,400
- HQ
- Huntington Beach, CA, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $4.90B
- P/E
- 128.64
- Fwd P/E
- 63.25
- PEG
- 0.35
- P/S
- 8.24
- P/B
- 11.53
- EV/EBITDA
- 35.97
- Div Yield
- 0.00%
- Gross Margin
- 41.67%
- Op Margin
- 16.82%
- Net Margin
- 6.31%
- ROE
- 9.42%
- ROIC
- 5.13%
Latest fiscal year · YoY change
- Revenue
- $471.50M+36.6%
- Gross Profit
- $190.03M+43.8%
- Op Income
- $72.94M
- Net Income
- $17.37M+36.7%
- EPS
- $0.13+35.3%
- OCF Growth
- -183.0%
- FCF Growth
- -472.6%
- 52W High
- $118.38
- 52W Low
- $29.34
- 50D MA
- $38.60
- 200D MA
- $65.18
- Beta
- 0.55
- RSI (14)
- 56
- Avg Volume
- 3.19M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Karman Space and Defense posted record Q2 results, raised full-year guidance, and said strong defense demand and backlog visibility support continued growth into 2027 and beyond.· August 6, 2026
- Q2 revenue was $182 million, up 58% year over year and 20% sequentially; adjusted EPS was $0.14 and adjusted EBITDA was $55 million.
- Gross profit was $78 million with a 43% gross margin; net income was $14 million, up 106% year over year.
- Backlog reached a record $1.3 billion and bookings were nearly $500 million, with management saying this provides 95% visibility to the midpoint of full-year revenue guidance.
- Full-year 2026 guidance was raised to $730 million to $745 million of revenue and $215 million to $222.5 million of adjusted EBITDA.
- Management reiterated 25% or higher organic growth for 2026 and said longer-term organic growth of 20% to 25% remains achievable.
Karman reported Q2 revenue of $182 million, up 58% year over year and 20% sequentially. Gross profit was $78 million, up 66%, and gross margin was 43%; net income was $14 million, up 106% year over year; adjusted EBITDA was $55 million, up 55%; and adjusted EPS was $0.14, 43% above last year. For the first six months, revenue was $333 million, up 55%; gross profit was $142 million, up 64%; net income was $22 million versus $2 million a year ago; adjusted EBITDA was $99 million, up 51%; and adjusted EPS was $0.25, up 56%. Backlog was $1.3 billion and bookings were nearly $500 million. Full-year 2026 guidance was raised to revenue of $730 million to $745 million and adjusted EBITDA of $215 million to $222.5 million, with a midpoint margin of 29.7%. Management reaffirmed 25% or higher organic growth for 2026, expects second-half revenue to be split roughly 47%/53% between Q3 and Q4, and kept capital expenditures at 5% of revenue, or roughly $37 million.
Jonathan Rambeau framed the quarter as evidence that Karman is becoming a more integrated, scaled platform, highlighting record bookings, backlog, new customer agreements, and progress on capacity expansion. He said the company is pursuing both organic and inorganic growth, with a new European foothold via the Walker acquisition and continued emphasis on munitions, space, and second-source opportunities. His tone was confident and expansionary, but he also stressed tighter focus on cash and operational discipline.
Michael Willis emphasized the financial strength of the quarter, citing $182 million of revenue, $78 million of gross profit, $55 million of adjusted EBITDA, and record $1.3 billion backlog. He said cash and cash equivalents were $52 million, cash used in operations was $4 million due mainly to receivables and contract assets, and year-to-date CapEx was $22 million, with second-half CapEx expected to step down toward the full-year 5% of revenue plan. He also noted net debt of $752 million, a pro forma leverage ratio of roughly 3.7x adjusted EBITDA, and expected pro forma leverage of about 3.5x by year-end if Walker closes; the term-loan repricing should save about $4 million annually in interest.
Analysts focused on the new space-and-launch LTA, second-source opportunities, organic growth durability, free cash flow, margins, backlog duration, and the impact of the Blue Origin/New Glenn anomaly. Management said the LTA is a 5-year agreement that should begin contributing in the back half of 2026 and then roll off at a relatively even pace over the following 4.5 years. On second sourcing, management called it a net opportunity: they do not expect a meaningful long-term margin hit, and they see chances to win additional second-source work where suppliers have not invested enough. On free cash flow, management said they still believe long-term free cash flow should be 80% to 90% of net income, and on backlog they said most of the $500 million in quarterly bookings supports 2027 and beyond.
The bull case from this call is that Karman is still seeing unusually strong demand across missiles, hypersonics, maritime defense, and space, with record backlog and bookings giving substantial visibility. Management repeatedly said capacity investments, integration, and second-source wins could extend growth beyond 2026, while also pointing to potential leverage in margins and free cash flow as growth matures.
The main risks discussed were working-capital consumption, elevated CapEx, and integration complexity as Karman grows through acquisitions and new facilities. Management also acknowledged that some second-source arrangements and cost-plus mix can pressure margins in the near term, and that the material weakness remediation and testing will continue into early 2027. The Walker acquisition still needs regulatory approval, and the company’s guidance does not include its contribution.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 22.3%
- Shares Outstanding
- 132.53M
- Float Shares
- 29.57M
of shares held by institutions
383 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 9.34M | ▲ 5.62M |
| Fmr LLC | 6.87M | ▼ 1.51M |
| Blackrock, Inc. | 5.45M | ▲ 484.70K |
| State Street Corp | 5.10M | ▲ 2.25M |
| Vanguard Capital Management LLC | 4.80M | ▲ 200.82K |
| First Trust Advisors LP | 4.74M | ▲ 1.85M |
| Vanguard Portfolio Management LLC | 4.32M | ▼ 5.01K |
| Ameriprise Financial Inc | 4.20M | ▲ 1.37M |
| Alyeska Investment Group, L.P. | 3.58M | ▲ 3.58M |
| Donaldson Capital Management, LLC | 3.50M | 0 |
| Gcm Grosvenor Holdings, LLC | 3.32M | 0 |
| Khis Custodian LP | 2.85M | ▼ 1.10M |
Held by 466 ETFs
Biggest fund positions in KRMN by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 20, 26 | Laurendeau Doug | other | 5,514 |
| Sep 16, 26 | Stinnett David | buy | 27,000 |
| Sep 16, 26 | Petryszyn Mary D | buy | 500 |
| Sep 16, 26 | Twitty Stephen | buy | 275 |
| Sep 14, 26 | Boynton Chris Michael | other | 11,358 |
| Sep 14, 26 | Boynton Chris Michael | other | 0 |
| May 21, 26 | Petryszyn Mary D | other | 2,363 |
| May 21, 26 | Sawhill Stephanie | other | 689 |
| May 21, 26 | Petryszyn Mary D | other | 2,294 |
| May 21, 26 | Willis Michael | other | 689 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our KRMN coverage
Recent articles, reports, and earnings notes.

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Will Karman Holdings Inc. (KRMN) Beat Estimates Again in Its Next Earnings Report?
zacks.com · Oct 26
Karman Space & Defense Schedules Third Quarter Fiscal Year 2026 Earnings Release, Conference Call and Webcast
businesswire.com · Oct 22
Karman Space & Defense Awarded $218 Million Long-Term Agreement to Support THAAD Production
businesswire.com · Oct 20
Karman (NYSE:KRMN) Hits New 12-Month Low – Here’s Why
defenseworld.net · Oct 3
3 Space Stocks to Buy in October
fool.com · Sep 30
Karman (NYSE:KRMN) and L3Harris Technologies (NYSE:LHX) Head to Head Analysis
defenseworld.net · Sep 30
David Stinnett Purchases 27,000 Karman Holdings Shares for $1 Million. Is the Defense Contractor Now a Buy?
fool.com · Sep 29
Analysts Warn the Entire Space Trade Is Sitting in Neutral Waiting on One Rocket
247wallst.com · Sep 24
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