Is the business good?
How good a business is KRMN?
Karman Holdings Inc. earns 6.8% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
6.8%
Return on invested capital · cost of capital 9.0% · 2.2 points below what the capital costs: growth destroys value
- Operating margin
- 17%
Operating margin · Aerospace & Defense median 9.6% · 12 months to Q2 2026
- Cash conversion
- −0.74×
Cash conversion · some of the reported profit has not turned into cash yet
- Share count, year on year
- +0.16%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2022 | 9.0% |
| FY2023 | 17% |
| FY2024 | 18% |
| FY2025 | 15% |
Details›
- Gross margin12 months to Q2 2026
- 42%
- Operating margin12 months to Q2 2026
- 17%
- Net margin12 months to Q2 2026
- 6.3%
- Free cash flow margin
- −4.7%
- Revenue, trailing twelve months
- $590M
- Free cash flow, trailing twelve months
- −$28M
- Net income, trailing twelve months
- $37M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 6.8%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Aerospace & Defense
Ranks #36 of 48 by Smart Score