Karman Holdings Inc.

KRMN

$40.52

+0.25%

N/A+$0.10

Industrials

Aerospace & Defense

NYSE

Active Trading

Karman Holdings Inc., primarily operating through its Karman Space and Defense division, specializes in the design, rigorous testing, production, and sale of ...

Key Metrics of KRMN

Snapshot

Latest / TTM · 5 periods

Market Cap

$5.37B

ROCE

7.4%

EV / EBITDA

43.39x

+0.5% YoY

FCF Yield

-0.5%

-0.1% YoY

Cash Conversion Cycle

156.2d

Current Ratio

3.56

Quick take

TTM —

Positive CCC

Key Metrics

Latest / TTM · 5 periods

Valuation trend

Valuation trend table

Metric	2022	2023	2024	2025	TTM
Market CapTotal market value of all shares outstanding.	$3.97B	$3.97B	$3.97B	$9.68B	$5.37B
Enterprise ValueCompany value including debt and cash adjustments.	$4.37B	$4.38B	$4.41B	$10.24B	$6.19B
EV / SalesHow many dollars investors pay per dollar of sales.	19.30x	15.59x	12.77x	21.71x	10.51x
EV / EBITDAValuation multiple versus operating earnings before non-cash charges.	79.13x	57.40x	45.05x	85.42x	43.39x
Net Debt / EBITDALeverage ratio using net debt divided by EBITDA.	7.19	5.30	4.46	4.62	5.77

Market-based metrics start from the IPO on 2/13/2025; earlier periods had no public share price.

Returns + ROCE gauge

ROCE latest

7.4%

Prev year 6.9%

Returns + ROCE gauge table

Metric	2022	2023	2024	2025	TTM
ROEProfit generated from shareholders' equity.	-7.9%	2.4%	6.5%	4.5%	9.4%
ROAProfit generated from total assets.	-2.1%	0.6%	1.6%	1.5%	2.6%
ROICReturn generated on invested operating capital.	2.7%	28.9%	8.8%	3.9%	5.2%
ROCEOperating return on long-term capital used.	3.3%	7.8%	9.6%	6.9%	7.4%
Earnings YieldEarnings as a percentage of market value.	-0.4%	0.1%	0.3%	0.2%	0.7%

Cash flow quality

Cash flow quality table

Metric	2022	2023	2024	2025	TTM
FCFFCash flow available to all capital providers.	$3.45M	$178.89M	$56.36M	$-18.66M	$6.66M
FCFECash flow available to equity holders after debt flows.	$-42.10M	$5.30M	$38.98M	$84.05M	$193.27M
FCF YieldFree cash flow divided by market capitalization.	-0.7%	0.1%	0.3%	-0.4%	-0.5%
Income QualityHow well accounting earnings are backed by cash flow.	0.42	4.66	2.10	-1.27	0.16
Capex / OCFShare of operating cash flow spent on capital expenditures.	-360.9%	82.5%	57.2%	-91.9%	572.1%

Operating efficiency

Operating efficiency table

Metric	2022	2023	2024	2025	TTM
DSOAverage days to collect cash from customers.	175.7d	181.8d	171.7d	181.9d	187.0d
DIOAverage days inventory stays before being sold.	5.7d	20.5d	16.9d	13.8d	17.3d
DPOAverage days the company takes to pay suppliers.	32.4d	43.8d	48.5d	41.0d	48.2d
Operating CycleTime from buying inventory to collecting receivables.	181.4d	202.3d	188.7d	195.8d	204.3d
Cash Conversion CycleNet days cash is tied in operations.	148.9d	158.4d	140.2d	154.7d	156.2d