olivLaw · US equity research
Karman Holdings Inc. KRMN
Aircraft Parts & Auxiliary Equipment, NEC · SIC 3728 · Vertical: Aircraft Parts & Auxiliary Equipment, NEC (SIC 3728)
Karman Holdings Inc. designs, tests and manufactures mission-critical systems for missile, defense and space programs, selling them mainly to prime contractors. The business has grown quickly: revenue reached 471.5 million USD in fiscal 2025, and in the second quarter of 2026 it rose to 182.1 million USD, in a context of accelerating defense demand.
At the close of 04 Nov 2026, Karman Holdings Inc. (KRMN) stock was 34.17 USD (−13.52% on the day), with market capitalisation 4.5 bn USD, P/E 118.5 on diluted EPS of 0.29 USD over the last 12 months, beta 1.59, 52-week range 30.14–115.29 USD. Latest reported quarter (Q2 2026): revenue of 182.1 m USD (+58.2% YoY), net income of 14.0 m USD (+106.1% YoY), diluted EPS 0.11 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 43.8
- weak (30–45)
- Bollinger (20, 2)
- 29.00 – 41.76
- in the lower half of the band · %B 0.41 · band width 36.1%
- SMA 50 / 200
- 36.24 / 62.76
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.64 / 0.22
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.5% | −1.1% | +4.6 pp | — |
| 3 months | −38.0% | −0.5% | −37.6 pp | — |
| 6 months | −45.9% | +4.4% | −50.3 pp | — |
| Year to date | −53.3% | +12.3% | −65.6 pp | — |
| 1 year | −59.7% | +13.5% | −73.2 pp | +14.7% |
| 3 years | unavailable | +76.4% | unavailable | +64.0% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 86.0 m | 91.2 m | 100.1 m | 115.1 m | 121.8 m | 134.5 m | 151.2 m | 182.1 m |
| Cost of revenue | 52.2 m | 56.5 m | 60.7 m | 68.1 m | 71.8 m | 80.9 m | 87.3 m | 103.8 m |
| Gross profit | 33.8 m | 34.7 m | 39.5 m | 47.0 m | 49.9 m | 53.6 m | 63.9 m | 78.2 m |
| Operating income | 17.4 m | 14.4 m | 10.0 m | 20.1 m | 21.8 m | 21.1 m | 21.5 m | 34.8 m |
| Depreciation & amortisation | 8.1 m ≈ | 9.0 m | 9.5 m | 9.7 m ≈ | 11.0 m ≈ | 12.6 m | 16.6 m | 15.2 m ≈ |
| Interest expense | 12.5 m | 12.7 m | 11.4 m | 11.9 m | 10.0 m | 11.3 m | 12.6 m | 15.3 m |
| Pre-tax income | 5.2 m | 2.0 m | -1.5 m | 8.6 m | 11.9 m | 13.6 m | 8.6 m | 19.3 m |
| Income tax | 933.0 k | 295.0 k | 3.3 m | 1.8 m | 4.2 m | 5.8 m | 838.0 k | 5.2 m |
| Net income | 4.3 m | 1.7 m | -4.8 m | 6.8 m | 7.6 m | 7.7 m | 7.8 m | 14.0 m |
| Diluted EPS | 0.03 | 0.01 ≈ | -0.04 | 0.05 | 0.06 | 0.06 ≈ | 0.06 | 0.11 |
| Operating cash flow | 9.9 m ≈ | 7.6 m | -13.6 m | -17.4 m ≈ | 131.0 k ≈ | 8.7 m | 209.0 k | -3.2 m ≈ |
| Capex | 4.6 m ≈ | 4.0 m | 5.0 m | 3.6 m ≈ | 7.0 m ≈ | 4.7 m | 7.4 m | 14.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 6-quarter history (min 173.2, median 735.9, max 1,110.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 226.3 m | 280.7 m | 345.3 m | 471.5 m |
| Revenue YoY | unavailable | +24.0% | +23.0% | +36.6% |
| Net income | -14.1 m | 4.4 m | 12.7 m | 17.4 m |
| Net income YoY | unavailable | unavailable | +191.4% | +36.7% |
| Diluted EPS | -0.09 | 0.03 | 0.08 | 0.13 |
| Diluted EPS YoY | unavailable | unavailable | +166.7% | +62.5% |
| net % | -6.2% | 1.6% | 3.7% | 3.7% |
| Free cash flow | -27.2 m | 3.6 m | 11.4 m | -42.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 34.0 m USD
- Financial debt
- 3.8 m USD
- Net debt
- -30.1 m USD
- Equity
- 382.7 m USD
- Total assets
- 1.1 bn USD
- Debt / equity
- 0.01x
- Current ratio
- 3.29x
- ROE
- 6.0%
- ROA
- 1.8%
- FCF margin
- -9.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 226.3 m | 280.7 m | 345.3 m | 471.5 m | SEC (XBRL)· 03 Apr 2026verified |
| Cost of revenue | 145.4 m | 175.2 m | 213.1 m | 281.5 m | SEC (XBRL)· 03 Apr 2026verified |
| Gross profit | 80.9 m | 105.5 m | 132.1 m | 190.0 m | SEC (XBRL)· 03 Apr 2026verified |
| Operating income | 20.4 m | 48.5 m | 63.6 m | 72.9 m | SEC (XBRL)· 03 Apr 2026verified |
| Depreciation & amortisation | 35.0 m | 27.2 m | 32.8 m | 42.7 m | SEC (XBRL)· 03 Apr 2026verified |
| EBITDA | 55.4 m ≈ | 75.7 m ≈ | 96.4 m ≈ | 115.7 m ≈ | SEC (XBRL)· 03 Apr 2026derived |
| Interest expense | 37.5 m | 47.9 m | 50.7 m | 44.6 m | SEC (XBRL)· 03 Apr 2026verified |
| Pre-tax income | -17.3 m | 1.2 m | 14.3 m | 32.5 m | SEC (XBRL)· 03 Apr 2026verified |
| Income tax | -3.2 m | -3.2 m | 1.6 m | 15.2 m | SEC (XBRL)· 03 Apr 2026verified |
| Net income | -14.1 m | 4.4 m | 12.7 m | 17.4 m | SEC (XBRL)· 03 Apr 2026verified |
| Diluted EPS | -0.09 | 0.03 | 0.08 | 0.13 | SEC (XBRL)· 03 Apr 2026verified |
| Weighted average diluted shares | 159.1 m | 166.8 m | 166.7 m | 132.3 m | SEC (XBRL)· 03 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | — | 5.5 m | 11.5 m | 34.0 m | SEC (XBRL)· 03 Apr 2026verified |
| Receivables | 47.6 m | 50.6 m | 55.2 m | 78.7 m | SEC (XBRL)· 03 Apr 2026verified |
| Inventories | — | 9.8 m | 9.9 m | 10.7 m | SEC (XBRL)· 03 Apr 2026verified |
| Current assets | — | 157.7 m | 201.7 m | 291.4 m | SEC (XBRL)· 03 Apr 2026verified |
| Property, plant & equipment, net | — | 51.8 m | 60.9 m | 95.4 m | SEC (XBRL)· 03 Apr 2026verified |
| Goodwill | 217.3 m | 217.3 m | 225.1 m | 352.5 m | SEC (XBRL)· 03 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 207.6 m | 209.0 m | 285.9 m | SEC (XBRL)· 03 Apr 2026verified |
| Total assets | — | 710.8 m | 774.0 m | 1.1 bn | SEC (XBRL)· 03 Apr 2026verified |
| Accounts payable | — | 21.0 m | 28.3 m | 31.6 m | SEC (XBRL)· 03 Apr 2026verified |
| Short-term debt | — | 6.3 m | 7.1 m | 3.8 m | SEC (XBRL)· 03 Apr 2026verified |
| Current liabilities | — | 87.1 m | 114.6 m | 88.7 m | SEC (XBRL)· 03 Apr 2026verified |
| Total liabilities | — | 528.4 m | 578.0 m | 721.4 m | SEC (XBRL)· 03 Apr 2026verified |
| Equity | 177.6 m † | 182.5 m † | 196.0 m † | 382.7 m † | SEC (XBRL)· 03 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -5.9 m | 20.3 m | 26.6 m | -22.1 m | SEC (XBRL)· 03 Apr 2026verified |
| Capex | 21.3 m | 16.8 m | 15.3 m | 20.3 m | SEC (XBRL)· 03 Apr 2026verified |
| Free cash flow | -27.2 m ≈ | 3.6 m ≈ | 11.4 m ≈ | -42.5 m ≈ | SEC (XBRL)· 03 Apr 2026derived |
| Investing cash flow | -21.3 m | -16.2 m | -46.2 m | -238.3 m | SEC (XBRL)· 03 Apr 2026verified |
| Financing cash flow | 16.7 m | -5.3 m | 25.7 m | 282.8 m | SEC (XBRL)· 03 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 43 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet72
- Quality52
- Valuation0
- Growth100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.18 – 33.87 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)1.18 – 1.61 (Mid 1.35)WACC 9.3% · starting FCFF 6.7 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA20.06 – 33.87 (Mid 22.94)3 companies used · median multiple 19.4x · quartiles 16.9x – 28.8xATRO, ESLT, TDG
- Peers: P/E2.69 – 9.88 (Mid 8.77)7 companies used · median multiple 30.4x · quartiles 9.3x – 34.3xATRO, CVU, ESLT, LOAR, PKE, PRZO, TDG
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 43/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 19.4% | 83 (vs peers) | 13% |
| Net margin · Quality | 6.3% | 50 (vs peers) | 8% |
| FCF conversion · Quality | -74.4% | 0 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 27.7% | 100 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.3x | 100 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 2.0x | 8 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 3.6x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 118.5x | 0 (vs peers) | 13% |
| EV/EBITDA · Valuation | 29.0x | 0 (on a fixed band) | 13% |
| FCF yield · Valuation | -0.6% | 0 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet72/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality52/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation0/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
KARMAN HOLDINGS INC. (KRMN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 471.5 m USD in 2025; YoY growth 36.6%; net margin 6.3%; ROE 9.5%; net debt/EBITDA -0.3x.
The estimated value range is 2.69–9.88 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 8.77 USD, the price of 34.17 USD leaves a potential of -74.3% (value / price − 1) and a margin of safety of -289.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 43/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 19.4%
- Revenue CAGR 3Y: 27.7%
- Net debt / EBITDA: -0.3x
- Current ratio: 3.6x
What contradicts it
- FCF conversion: -74.4%
- Interest coverage: 2.0x
- P/E (TTM): 118.5x
- EV/EBITDA: 29.0x
- FCF yield: -0.6%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Aircraft Parts & Auxiliary Equipment, NEC (SIC 3728) · same industry (4-digit SIC) · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TDGTransDigm Group Incorporated | 67.3 bn | 34.1 | — | 21.3% | +11.2% | −11% / +26% |
| ESLTElbit Systems Ltd | 32.7 bn | 61.8 | 14.4% | 6.7% | +16.3% | +50% / +248% |
| LOARLoar Holdings Inc. | 6.5 bn | 0.5 | 5.8% | 11.6% | +23.2% | +2% / unavailable |
| KRMNKarman Holdings Inc. | 4.5 bn | 118.5 | 9.5% | 6.3% | +36.6% | −60% / unavailable |
| DCODucommun Incorporated | 2.4 bn | — | -3.0% | -2.4% | +4.9% | +70% / +210% |
| ATROAstronics Corporation | 1.9 bn | 30.4 | 33.7% | 8.4% | +8.4% | +32% / +385% |
| PKEPark Aerospace Corp. | 544.8 m | 34.4 | 11.1% | 18.4% | +18.2% | +28% / +64% |
| CVUCpi Aerostructures, Inc. | 64.0 m | 17.0 | 14.4% | 5.1% | −14.6% | +72% / +104% |
| AIRIAir Industries Group | 12.5 m | — | -10.6% | -3.8% | −13.0% | −14% / −11% |
| PRZOParaZero Technologies Ltd. | 9.8 m | 1.6 | -380.5% | -517.1% | +12.3% | −66% / −34% |
| EHEHang Holdings Limited | — | — | -27.8% | -66.0% | −4.4% | −71% / −77% |
1- and 3-year price returns: for KRMN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 21.73 Total return -36% · Per year -36% | 38.24 Total return 12% · Per year 12% | 57.36 Total return 68% · Per year 68% |
| 3 years | 25.78 Total return -25% · Per year -9% | 50.57 Total return 48% · Per year 14% | 82.60 Total return 142% · Per year 34% |
| 5 years | 30.57 Total return -11% · Per year -2% | 66.88 Total return 96% · Per year 14% | 118.95 Total return 248% · Per year 28% |
- Exit P/E± 12.64
- Net margin± 8.85
- Annual revenue growth± 6.60
- Annual dilution± 0.74
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Karman Holdings Inc. designs, tests and manufactures mission-critical systems for missile, defense and space programs, selling them mainly to prime contractors. The business has grown quickly: revenue reached 471.5 million USD in fiscal 2025, and in the second quarter of 2026 it rose to 182.1 million USD, in a context of accelerating defense demand.
SWOT
Strengths
- The company offers an integrated service from design to production that few competitors can match, allowing early entry into programs 1.
- Intellectual property, including patents and processes, creates entry barriers for competitors, according to the company 1.
- A record backlog and organic growth are signs of solid demand in the second half of 2026 3.
Weaknesses
- Dependence on a small number of large customers means purchasing decisions by a few primes can have a major impact on revenue 1.
- Fixed-price development contracts can lead to cost overruns and lower margins 1.
- Growth through acquisitions involves complex integration and can bring additional debt and amortization charges 1.
Opportunities
- Anti-missile programs and long-term contracts under negotiation could add revenue in the coming years 3.
- The Walker Precision Engineering acquisition could open access to the European defense market if the transaction closes 2.
- Expansion in space and commercial launches could create new demand for propulsion and protection systems 1.
Risks
- Dependence on large customershigh
A small number of customers account for a significant part of sales, and a cut in purchases by one of them could materially affect results 1.
- Fixed-price contractsmedium
On fixed-price programs, rising costs of materials or labor can reduce margins, especially in an inflationary environment 1.
- Government budgets and delaysmedium
Government shutdowns and budget delays can postpone funding and payments, which could affect cash flow 1.
- Integration of acquisitionsmedium
Integrating businesses such as Walker could face operational, regulatory or staffing difficulties, and expected results could be affected 2.
- Variable-rate debtlow
Debt at variable rates exposes the company to higher interest costs, although the recent repricing could ease that pressure 2.
Investment thesis
What would need to be true (bull case)
- If the record backlog converts into revenue and margins hold, growth in 2026 could continue, supported by demand for anti-missile systems 3.
- Sole or single source positions on long-lasting programs could provide visible revenue for years, and qualification barriers could protect market share 1.
- Expansion into Europe through the Walker acquisition could open new customers if the transaction closes and integration succeeds 2.
What would break the thesis
- Dependence on a few large customers could turn a single order deferral into a sharp drop in revenue 1.
- Rapid growth through acquisitions could bring difficult integration, debt and amortization costs that weigh on short-term results 1.
- If defense budgets or space launch schedules shift, revenue growth could slow from the pace seen in 2026 3.
What to watch
- Closing of the Walker Precision Engineering acquisition and its integrationQ3 2026
- Achievement of the revenue outlook of 730 to 745 million USD2026
- Conversion of the 1.3 billion USD backlog into revenue2026
- Trend in customer concentration and the long-term contracts under negotiationnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Karman is an integrated systems supplier covering the full cycle from engineering and design to testing, qualification and scaled production. The company organizes its solutions into three families: payload protection and deployment systems, aerodynamic interstage systems and propulsion systems, including integrated solid rocket motors. According to its annual report, it supports more than 130 active programs, and no single program exceeded 12% of revenue on average in 2025 and 2024 1. Its stated advantage is its sole or single source positions on programs that can last more than 20 years, backed by intellectual property in design, process and patented materials 1.
The company was formed by the 2020 merger of businesses with more than 40 years of experience, followed by acquisitions such as American Automated Engineering and Systima Technologies 1. Acquisitions remain central to its growth strategy but can bring integration risks and additional debt 1. In August 2026 it agreed to acquire Walker Precision Engineering, based in Scotland, for about 94 million USD, which would expand its presence in Europe 2.
Revenue is spread across three main end markets. In the second quarter of 2026 the company began reporting Maritime Defense Systems separately, with revenue of 33.6 million USD in that quarter 3. It sells mainly to prime defense and space contractors, and its three largest customers accounted for about 51.5% of revenue in 2025 1, so dependence on a few customers is an important factor to analyze.
Segments
Hypersonics and strategic missile defense
This segment, covering hypersonic missiles, interceptors and strategic missiles, represented 31.7% of 2025 revenue 1. In the second quarter of 2026 its revenue rose 24.2% year over year, driven by interceptor production and a new surface-to-surface missile system 3.
Market context
The defense market is in a phase of rising demand, linked to threats from states with hypersonic and anti-missile capabilities and to the replenishment of stockpiles 1. The One Big Beautiful Bill Act, enacted in July 2025, provides roughly 150 billion USD of incremental defense funding through fiscal 2029 1. In the space market, new launch providers and a higher launch cadence are growth drivers 1.
The market still depends on government budgets, which can be delayed by shutdowns or budget uncertainty 1. The company also works under fixed-price contracts on complex programs, so cost overruns can weigh on margins 1.
Trends
- Rising demand for missile defense and missilestailwind
Higher budgets for anti-missile systems and interceptors could increase order volumes for suppliers like Karman 3. The company reported a backlog of 1.3 billion USD at June 30, 2026 3. This trend is positive if the orders convert into revenue as planned.
- Expansion of commercial space launchesmixed
More launch providers and a higher launch frequency support demand for payload protection and interstage systems 1. However, launch schedules can shift, and orders may be deferred, as happened in the second quarter of 2026 3.
- Additional defense fundingtailwind
The incremental defense funding planned through 2029 could support hypersonic and missile programs central to the company 1. The effect depends on how annual budgets are actually allocated to programs 1.
- Budget uncertainty and government delaysheadwind
Budget constraints, delayed appropriations and government shutdowns could reduce or postpone program funding, which would affect revenue 1. Wage pressures and a shortage of qualified engineers could also weigh on margins 1.
Competitive position
The market is fragmented, with many suppliers of components and subsystems but few providers of integrated systems able to offer design and full production 1. Karman says it differentiates itself through intellectual property and early entry into programs, where its solutions become part of the production specification 1. Competition also comes from prime contractors that choose to produce in-house 1.
Competition comes from subsystem suppliers working to customer-provided designs, with less differentiated intellectual property 1. The company says it competes on technical differentiation and the ability to deliver complex solutions on time, and customers are unlikely to re-qualify a supplier once qualified 1.
- Integrated propulsion and defense system providers
Companies in this group offer integrated design and production and are described as direct competitors in the source, without being named.
- Sub-integrated subsystem and component suppliers
These suppliers compete on manufacturing and build-to-print work for subsystems, without being named in the source.
- Prime contractors choosing in-house production
Competition also comes from customers deciding to produce internally as part of their make-versus-buy evaluation.
- Defense suppliers seeking alternative supplier positions on new programs
The company says it is seeking alternative supplier positions on new programs, which points to competition for new awards.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Dumitru Prunariu a primit Premiul Theodore von Karman, cea mai înaltă distincţie a Academiei Internaţionale de AstronauticăAntena 3 CNN · 05 Oct 2026 · RO
- Why Karman Holdings Stock Was Wilting Again This WeekYahoo Finance — News · 04 Sept 2026 · EN
- Why Karman Holdings Stock Was Sliding This WeekYahoo Finance — News · 28 Aug 2026 · EN
SEC filings
- Current report16 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report28 Aug 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report27 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report11 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report06 Aug 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report11 Jun 2026Item 4.01 · Financial statements and exhibits
- Current report01 Jun 2026Material agreement · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report14 May 2026
- Current report12 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Karman Holdings Inc. · 03 Apr 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Karman Holdings Inc. · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Karman Holdings Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.