KRMN

Company Overview — What Does Karman Holdings Inc. Do?

We specialize in the upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging missile and defense, and space programs. Our integrated payload protection, propulsion, and interstage system solutions are deployed across a wide variety of existing and emerging programs supporting important Department of Defense (“DoD”) and space sector initiatives. We estimate that no single program accounted for more than 10% of sales for the nine months ended September 30, 2024 or the twelve months ended December 31, 2023, with revenue from over 100 active programs supporting current production and next-generation space, missile, hypersonic, and defense applications. We believe that our engineering expertise, vertically integrated production capabilities, and track record with critical piece part and subcomponent manufacturing positions us to successfully serve our prime customers who rely on us to deliver technical design and scaled manufacturing for integrated systems that are required to withstand extreme environments and meet stringent performance requirements. Our highly engineered solutions are organized into three key families: Payload Protection and Deployment Systems, Aerodynamic Interstage Systems, and Propulsion Systems: • Payload Protection and Deployment Systems: full design and manufacturing of the top section of a booster, launch vehicle, payload, or missile system • Aerodynamic Interstage Systems: supporting metallic and composite subsystems designed for aerodynamics and interstage separation • Propulsion Systems: offering of integrated solid rocket motors and supporting subsystems, launch systems, and ablative composites Our solutions are deployed across three growing, core end markets: Hypersonics & Strategic Missile Defense, Missile & Integrated Defense Systems, and Space & Launch. We serve a diverse customer base within these end-markets where we maintain long-standing relationships and engineering partnerships. We believe that our differentiated technical design, expertise, intellectual property, and heritage of mission success provides us with a value proposition that would be difficult to replicate by our current and potential future competitors. By utilizing our vertically integrated and concept-to-production capabilities along with a highly targeted acquisition strategy, we have created a business model aimed at creating long-term, sustainable value for our customers, the programs we support, and the warfighter. --- Our business approach combines both strong organic growth and our proven buy, build, and integrate acquisition strategy. Karman Space and Defense is defined by four core acquisitions that have been fully integrated into our business to create a synergistic platform with complementary capabilities and robust intellectual property (“IP”). 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 manufacturing complex systems for the space and missile markets. Shortly thereafter, we acquired American Automated Engineering, Inc. (“AAE”) (December 2020), a manufacturer of high-temperature composites, and Systima Technologies (“Systima”) (September 2021), a specialist in design and integration of energetic and mechanical systems into the structural design of mission-critical space and hypersonic systems. Since inception, we have completed three additional, complementary acquisitions focused on further expanding our capability set. Altogether, these acquisitions have: • United complementary capabilities that are critical to Karman’s “concept-to- production capabilities” offering to blue chip missile and space primes • Provided a storied heritage of trusted, mission success encompassing 40+ years, which we deem vital to success in our industry • Created a platform and strategic basis to continue to seek accretive, complementary acquisitions --- Today, Karman operates approximately 730,000 square feet of design, engineering, and manufacturing space, supporting a single Karman go-to-market strategy. We continue to evaluate opportunities to support anticipated growth and have recently invested to outfit a new 30,000 square foot facility in Decatur, AL to primarily service a new customer. We currently operate as a Delaware limited liability company under the name TCFIII Spaceco Holdings LLC (d/b/a Karman Space and Defense) (otherwise referred to herein as “Karman LLC”), which is a holding company that holds all of the equity interests of our operating subsidiaries. Karman LLC was formed August 20, 2020. Prior to the effectiveness of the registration statement of which this prospectus forms a part, Karman LLC will convert to a Delaware corporation and we will change our name to Karman Holdings Inc. Our principal offices are located at 5351 Argosy Ave, Huntington Beach, CA. Karman Holdings Inc. (KRMN) is classified as a large-cap stock in the Industrials sector, specifically within the Aircraft industry. The company is led by CEO Tony Koblinski and employs approximately 1,074 people, headquartered in HUNTINGTON BEACH, California. With a market capitalization of $10.9B, KRMN is one of the prominent companies in the Industrials sector.

Karman Holdings Inc. (KRMN) Stock Rating — Reduce (April 2026)

As of April 2026, Karman Holdings Inc. receives a Reduce rating with a composite score of 38.9/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.KRMN ranks #3,040 out of 4,446 stocks in our coverage universe. Within the Industrials sector, Karman Holdings Inc. ranks #510 of 752 stocks, placing it in the lower half of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

KRMN Stock Price and 52-Week Range

Karman Holdings Inc. (KRMN) currently trades at $82.52. The stock lost $1.70 (2.0%) in the most recent trading session. The 52-week high for KRMN is $118.38, which means the stock is currently trading -30.3% from its annual peak. The 52-week low is $25.02, putting the stock 229.8% above its annual trough. Recent trading volume was 1.2M shares, reflecting moderate market activity.

Is KRMN Overvalued or Undervalued? — Valuation Analysis

Karman Holdings Inc. (KRMN) carries a value factor score of 38/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The trailing price-to-earnings ratio is 647.85x, compared to the Industrials sector average of 28.33x — a premium of 2187%. The price-to-book ratio stands at 28.40x, versus the sector average of 2.23x. The price-to-sales ratio is 5.76x, compared to 0.50x for the average Industrials stock. On an enterprise value basis, KRMN trades at 23.49x EV/EBITDA, versus 5.70x for the sector.

At current multiples, Karman Holdings Inc. trades at a premium to most Industrials peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

Karman Holdings Inc. Profitability — ROE, Margins, and Quality Score

Karman Holdings Inc. (KRMN) earns a quality factor score of 28/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 18.1%, compared to the Industrials sector average of 8.9%, which is within a healthy range. Return on assets (ROA) comes in at 6.3% versus the sector average of 3.3%.

On a margin basis, Karman Holdings Inc. reports gross margins of 40.3%, compared to 35.8% for the sector. The operating margin is 15.5% (sector: 6.2%). Net profit margin stands at 3.7%, versus 3.9% for the average Industrials stock. Revenue growth is running at 41.7% on a trailing basis, compared to 6.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

KRMN Debt, Balance Sheet, and Financial Health

Karman Holdings Inc. has a debt-to-equity ratio of 189.0%, compared to the Industrials sector average of 70.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 3.29x, indicating strong short-term liquidity. Total debt on the balance sheet is $472M. Cash and equivalents stand at $19M.

KRMN has a beta of 1.52, meaning it is more volatile than the broader market — a $10,000 investment in KRMN would be expected to move 52.2% more than the S&P 500 on any given day. The stability factor score for Karman Holdings Inc. is 33/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

Karman Holdings Inc. Revenue and Earnings History — Quarterly Trend

In TTM 2026, Karman Holdings Inc. reported revenue of $472M and earnings per share (EPS) of $0.13. Net income for the quarter was $17M. Gross margin was 40.3%. Operating income came in at $73M.

In FY 2025, Karman Holdings Inc. reported revenue of $472M and earnings per share (EPS) of $0.13. Net income for the quarter was $17M. Gross margin was 40.3%. Revenue grew 36.6% year-over-year compared to FY 2024. Operating income came in at $73M.

In Q3 2025, Karman Holdings Inc. reported revenue of $122M and earnings per share (EPS) of $0.06. Net income for the quarter was $8M. Gross margin was 41.0%. Operating income came in at $22M.

In Q2 2025, Karman Holdings Inc. reported revenue of $115M and earnings per share (EPS) of $0.05. Net income for the quarter was $7M. Gross margin was 40.8%. Operating income came in at $20M.

Over the past 7 quarters, Karman Holdings Inc. has demonstrated a growth trajectory, with revenue expanding from $281M to $472M. Investors analyzing KRMN stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

KRMN Dividend Yield and Income Analysis

Karman Holdings Inc. (KRMN) does not currently pay a dividend. This is common among growth-oriented companies in the Aircraft industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.

KRMN Momentum and Technical Analysis Profile

Karman Holdings Inc. (KRMN) has a momentum factor score of 68/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 22/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.

KRMN vs Competitors — Industrials Sector Ranking and Peer Comparison

Within the Industrials sector, Karman Holdings Inc. (KRMN) ranks #510 out of 752 stocks based on the Blank Capital composite score. This places KRMN in the lower half of all Industrials stocks in our coverage universe. Key competitors and sector peers include South Bow Corp (SOBO) with a score of 56.5/100, TSAKOS ENERGY NAVIGATION LTD (TEN) with a score of 61.4/100, Great Lakes Dredge & Dock CORP (GLDD) with a score of 56.7/100, Tri Pointe Homes, Inc. (TPH) with a score of 57.3/100, and Clear Channel Outdoor Holdings, Inc. (CCO) with a score of 52.2/100.

Comparing KRMN against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full KRMN vs S&P 500 (SPY) comparison to assess how Karman Holdings Inc. stacks up against the broader market across all factor dimensions.

KRMN Next Earnings Date

No upcoming earnings date has been announced for Karman Holdings Inc. (KRMN) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy KRMN? — Investment Thesis Summary

The quantitative profile for Karman Holdings Inc. suggests caution. The quality score of 28/100 flags below-average profitability. The value score of 38/100 indicates premium valuation. Price momentum is positive at 68/100, suggesting the trend favors buyers. High volatility (stability score 33/100) increases portfolio risk.

In summary, Karman Holdings Inc. (KRMN) earns a Reduce rating with a composite score of 38.9/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on KRMN stock.

Related Resources for KRMN Investors

Explore more research and tools: KRMN vs S&P 500 comparison, top Industrials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare KRMN head-to-head with peers: KRMN vs SOBO, KRMN vs TEN, KRMN vs GLDD.