Karman Holdings Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Karman Holdings Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2022	FY2024	FY2024	FY2025
Revenue	226	281	345	472
Cost of revenue	145	175	213	281
Gross profit	80.9	106	132	190
General and administrative	30	36.6	44.4	85.7
Operating expenses	60.5	57.1	68.6	117
Operating income	20.4	48.5	63.6	72.9
Interest expense	37.5	47.9	50.7	44.6
Other non-operating income	-0.21	0.56	1.5	4.15
Pre-tax income	-17.3	1.19	14.3	32.5
Income tax	-3.17	-3.17	1.63	15.2
Net income	-14.1	4.36	12.7	17.4
EBITDA	55.4	75.7	96.4	116
EPS, basic	-0.09	0.03	0.08	0.13
EPS, diluted	-0.09	0.03	0.08	0.13
Shares, basic (weighted)	159	167	167	132
Shares, diluted (weighted)	159	167	167	132

Balance sheet

	FY2022	FY2024	FY2024	FY2025
Cash and equivalents		5.45	11.5	34
Receivables	47.6	50.6	55.2	78.7
Inventory		9.84	9.88	10.7
Other current assets		2.62	17.9	11.8
Total current assets		158	202	291
Property, plant and equipment		51.8	60.9	95.4
Lease right-of-use assets		6.36	6.07	6.02
Goodwill	217	217	225	353
Intangible assets		208	209	286
Other non-current assets		501	511	717
Total assets		711	774	1,104
Accounts payable		21	28.3	31.6
Accrued liabilities		6.43	11.2	13.8
Deferred revenue	16.1	36.1	29.9	22.8
Short-term debt		6.26	7.14	3.84
Total current liabilities		87.1	115	88.7
Long-term debt		298	327	495
Lease liabilities		6	5.34	4.95
Other non-current liabilities		5	2.77	7.65
Total liabilities		528	578	721
Total debt		6.26	7.14	3.84
Paid-in capital			204	373
Retained earnings			-8.34	9.03
Other comprehensive income			0.08	0.08
Shareholders' equity	178	182	196	383
Total equity	178	182	196	383
Total liabilities and equity		711	774	1,104
Shares outstanding			0	132

Cash flow statement

	FY2022	FY2024	FY2024	FY2025
Net income	-14.1	4.36	12.7	17.4
Depreciation and amortization	35	27.2	32.8	42.7
Stock-based compensation	1.6	1.29	0.99	1.41
Deferred income tax	-9.81	-10.7	-11.5	10.5
Change in receivables	-21.7	-3	-2.31	-18.4
Change in inventory	2.17	7.57	-0.04	2.86
Cash from operations	-5.89	20.3	26.6	-22.1
Capital expenditures	-21.3	-16.8	-15.3	-20.3
Acquisitions			-31.3	-212
Cash from investing	-21.3	-16.2	-46.2	-238
Cash from financing	16.7	-5.29	25.7	283
Net change in cash	-10.4	-1.17	6.08	22.4
Free cash flow	-27.2	3.55	11.4	-42.5
Interest paid	35.6	45.9	47.9	44.8
Income taxes paid	4.94	3.1	-0.68	16.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $35.69 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	41.7%	Gross profit / revenue.
Operating margin	16.8%	Operating income / revenue.
EBITDA margin	23.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.0%	Pre-tax income / revenue.
Net margin	6.3%	Net income / revenue.
FCF margin	-4.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	1.0%	Cash from operations / revenue.
Effective tax rate	30.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.6%	Net income / average total assets.
Return on invested capital (ROIC)	18.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	3.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.7%	Capital expenditures / revenue.
D&A / revenue	6.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	36.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	27.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	43.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	32.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	14.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	52.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	20.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	27.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	36.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	62.5%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-183.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-472.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	95.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	29.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	42.7%	Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y	-20.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-6.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.56x	Current assets / current liabilities.
Quick ratio	1.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.48x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.01x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.4%	Total debt / total assets.
Liabilities / assets	70.8%	Total liabilities / total assets.
Net debt	-$46.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.34x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.01x	Operating income / interest expense.
Working capital	$276.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	57.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$403.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.41x	Revenue / average total assets.
Fixed asset turnover	4.67x	Revenue / average property, plant and equipment.
Inventory turnover	21.1x	Cost of revenue / average inventory.
Days inventory	17 days	365 x average inventory / cost of revenue.
Receivables turnover	5.13x	Revenue / average receivables.
Days sales outstanding	71 days	365 x average receivables / revenue.
Days payables	48 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	40 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-74.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	572.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.45	Revenue / diluted weighted shares.
FCF per share	-$0.21	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.04	Cash from operations / diluted weighted shares.
Book value per share	$3.18	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$3.05	Tangible book value / shares outstanding.
Cash per share	$0.39	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$4.73B	Share price x shares outstanding.
Enterprise value	$4.68B	Market cap + total debt - cash - short-term investments.
P/E	127x	Market cap / net income. Only when net income is positive.
P/S	8.02x	Market cap / revenue.
P/B	11.2x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	807x	Market cap / cash from operations, when positive.
EV/Sales	7.95x	Enterprise value / revenue.
EV/EBIT	47.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	34.6x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.6%	Free cash flow / market cap.
Earnings yield	0.8%	Net income / market cap (the inverse of P/E).

What was Karman Holdings Inc.'s revenue in fiscal 2025?

Karman Holdings Inc. reported revenue of $471.5M for fiscal 2025, 36.6% higher than the year before.

Was Karman Holdings Inc. profitable in fiscal 2025?

Yes. Net income was $17.4M, a net margin of 3.7%.

How much free cash flow did Karman Holdings Inc. generate in fiscal 2025?

Cash from operations of $22.1M minus capital expenditures of $20.3M left free cash flow of -$42.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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