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Makes precision-engineered structures, propulsion and other components for missile defense, space launch and hypersonic systems.
Makes precision-engineered structures, propulsion and other components for missile defense, space launch and hypersonic systems.
Supplies parts to prime contractors under long-term, programme-based contracts, so revenue follows production rates on missile, interceptor and launch programmes. A few large defence companies and government agencies account for a big share of sales, and parts qualified on a programme are rarely replaced mid-life.
Moat: narrow (customer qualification, process know-how, regulatory licence). Qualified supplier status on defense/space programs with high requalification costs.
Headquarters: Huntsville, Alabama, US · Founded: 2004 · Employees: 1,400
Size Karman (KRMN) is a United States Industrials company (Aerospace & Defense) with a market value of $6.04B, the 1059th largest of 3,117 United States companies the cockpit tracks. Shares closed at $45.61 on 6 Nov 2026.
Performance Over six months the shares fell 25.0%, against -16.7% for the median peer and -1.1% for the United States market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 50.2% over the last twelve months (peer median +23.7%); the operating margin is 19.4% (peer median 6.7%).
Valuation It trades at 57.5× forward earnings against a peer median of 36.4× (3rd most expensive of 18).
Capital Return on invested capital runs 0.4 points above its cost of capital (6.9% WACC).
Backlog Backlog (remaining performance obligations) was $1.50B at 30 Sep 2026, up 180% on a year earlier — 2.2 years of trailing revenue. Backlog detail →
Short interest Short interest is 11.4% of the free float (15 Oct 2026).
Next results Next results expected around 13 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $590M | $472M | $345M | $281M | $226M |
| Revenue growth | — | +37% | +23% | +24% | — |
| Gross profit | $202M | $159M | $108M | $85.1M | $50.5M |
| EBITDA | $170M | $131M | $104M | $75.7M | $55.4M |
| Net income | $37.2M | $17.4M | $12.7M | $4.36M | -$14.1M |
| Free cash flow | -$27.7M | -$42.5M | $11.4M | $3.55M | -$27.2M |
| Capital expenditure | $33.5M | $20.3M | $15.3M | $16.8M | $21.3M |
| Total debt | $875M | $587M | $448M | $409M | $404M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Karman KRMN | $6.04B | -25% | +50% | 19% | 57.5× | n/a |
| Kratos Defense & Security Solutions KTOS | $6.59B | -39% | +26% | 2% | 36.4× | n/a |
| Mercury Systems MRCY | $4.48B | -19% | +8% | 2% | 44.2× | 59.6% |
| Ducommun DCO | $2.04B | -1% | +9% | 10% | 27.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KRMN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +43.9% | -4.9% | highest of 21 |
| 6-month return | -25.0% | -16.7% | 9th lowest of 21 |
| Distance from 52-week high | -61.5% | -39.3% | 6th lowest of 21 |
| Revenue growth (TTM) | +50.2% | +23.7% | 5th highest of 21 |
| Operating margin | 19.4% | 6.7% | 5th highest of 21 |
| Forward P/E | 57.5× | 36.4× | 3rd most expensive of 18 |
| ROIC minus cost of capital | +0.4 pp | -2.1 pp | 6th highest of 20 |
| EV / EBITDA | 40.4× | 20.2× | 4th most expensive of 12 |
| Net debt / EBITDA | 4.8× | 2.3× | most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Karman KRMN | United States | $6.04B | -25% | +50% | 19% | 57.5× | n/a | n/a |
| Hexcel HXL | United States | $6.09B | -16% | +8% | 11% | 29.6× | 23.0% | +4.5% |
| Joby Aviation JOBY | United States | $5.89B | -45% | +118,568% | -754% | n/a | n/a | n/a |
| BETA Technologies BETA | United States | $6.37B | +45% | +136% | -1,033% | n/a | n/a | n/a |
| AeroVironment AVAV | United States | $5.73B | -33% | +84% | 1% | 33.5× | n/a | n/a |
| China Aerospace Times Electronics 600879.SS | China | $6.43B | -46% | -13% | 1% | 130.0× | n/a | n/a |
| Kratos Defense & Security Solutions KTOS | United States | $6.59B | -39% | +26% | 2% | 36.4× | n/a | n/a |
| Glarun Technology 600562.SS | China | $5.43B | +6% | -8% | 21% | 51.7× | n/a | n/a |
| Hanwha Systems 272210.KS | South Korea | $6.93B | -57% | +30% | 6% | 82.5× | n/a | n/a |
| LIG Defense&Aerospace 079550.KS | South Korea | $5.24B | -65% | +26% | 8% | 20.0× | n/a | n/a |
| Amentum AMTM | United States | $5.20B | -13% | +11% | 4% | 8.4× | 1.7% | +23.3% |
| Loar LOAR | United States | $7.05B | +26% | +30% | 25% | 52.2× | 29.1% | +27.5% |
| Korea Aerospace 047810.KS | South Korea | $7.37B | -39% | +44% | 6% | 45.4× | n/a | n/a |
| Nanchang Sanrui Intelligence Technology 301696.SZ | China | $4.87B | -14% | +29% | 45% | n/a | 36.1% | +43.7% |
| Melrose Industries MRO.L | United Kingdom | $7.80B | -4% | +9% | 11% | 13.4× | 15.3% | -12.8% |
| Mercury Systems MRCY | United States | $4.48B | -19% | +8% | 2% | 44.2× | 59.6% | +1.3% |
| Aar AIR | United States | $4.39B | -7% | +22% | 9% | 18.4× | 13.2% | +14.9% |
| AVIC Airborne Systems 600372.SS | China | $8.36B | -11% | -2% | 5% | 48.1× | n/a | n/a |
| Raytron Technology 688002.SS | China | $8.64B | -15% | +84% | 29% | 26.4× | 20.1% | +32.1% |
| Bharat Dynamics BDL.NS | India | $4.12B | -28% | -19% | 10% | 47.2× | n/a | n/a |
| Leonardo DRS DRS | United States | $9.08B | -18% | +9% | 11% | 23.1× | 4.6% | +5.6% |
Karman reported $1.50B of remaining performance obligations at 30 Sep 2026, up 180% from a year earlier and up 113% from the previous quarter. That is 2.2 years of trailing revenue already under contract. Book-to-bill last quarter: 4.95.