Karman Holdings Inc. (KRMN) Stock

Karman Holdings Inc. (KRMN) is a Industrials stock trading at $54.41 (as of 2026-08-20), with a market capitalization of $7.21B and a trailing P/E of 193.5. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Karman Holdings Inc. designs, tests, manufactures, and sells mission-critical systems for missile and defense, space programs, hypersonic, and launch vehicle markets through its subsidiary Karman Space and Defense. It also provides metallic and composite flight hardware and sub-assemblies and related payload protection, deployment, aerodynamic interstage, and propulsion systems.

Understand Karman Holdings Inc.: how it makes money

Karman Holdings designs, tests, manufactures, and sells mission-critical missile and defense, space, and hypersonic systems and related metallic and composite flight hardware, earning revenue from contract work and sales into defense and space programs.

Profitability is driven by translating high priority program contract commitments into delivered mission-critical defense and space hardware and sub-assemblies across hypersonics, space launch, and integrated tactical defense systems.

Revenue by segment (latest quarter)
Hypersonics & Strategic MD	$0.1B
Space & Launch	$0.0B
Tactical Missiles & Integrated Defense	$0.0B

Business quality (Solid): Karman operates in mission-critical defense and space programs, with operating results showing solid gross margin and a clear operating profit level, but its operating metrics and revenue are still tied to program execution and long-cycle defense procurement schedules.

Valuation: At 219× earnings, KRMN trades 309% above the Aircraft average (54×). Note: one-time items can distort reported P/E.

Bull case

Mission-critical program focus: The company designs, tests, manufactures, and sells systems for missile and defense, space programs, hypersonics, and launch vehicles, which aligns its work with high priority defense and space needs.
Broad hardware and system capabilities: Its offering spans payload protection and deployment systems, aerodynamic interstage systems, propulsion systems, and metallic and composite flight hardware and sub-assemblies.

Bear case

Execution and program timing risk: Operating performance can depend on converting contract value into deliveries and production under defense and space program timelines.
Customer and procurement concentration risk: The business is oriented toward defense and space programs, which can be sensitive to customer budgeting, procurement pacing, and program changes.

Valuation — source: SEC EDGAR (first-party)
Price	$54.41
Market Cap	$7.21B
P/E Ratio	193.5
EV / EBITDA	51.2
Price / Book	17.12
Price / Sales	11.89
FCF Yield	-1.2%
DCF Value (model)	$5.13
DCF Upside vs Price	-90.6%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$471.50M
Net Margin	3.7%
Revenue Growth (YoY)	36.6%
EPS Growth (YoY)	62.5%
FCF Growth (YoY)	-472.6%

Financial Health — source: SEC EDGAR
Altman Z-Score	6.87 (safe)
Piotroski F-Score	4/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	193.5
Sector P/E (Industrials)	25.9
Industry P/E (Aircraft)	40.2
vs Sector	647.4%
vs Industry	381.7%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($683.57M)
Institutional Holders Tracked	10

Company
Sector	Industrials
Industry	Aircraft
CEO	Anthony C. Koblinski
Employees	1,113
Country	US
IPO Date	2025-02-13

Related Companies (Business model: Industrials / Capital Goods (Heavy Machinery + Diversified Industrials); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.