KRMNKarman Holdings Inc.
Is the business good?
The checks split: nothing decisive, though thin cash backing (0.1×).
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit outpaces operating cash flow, watch accruals and working capital. Conversion is improving vs a year ago.
A balanced mix of margins, efficiency, and leverage. ROE 6% = margin × turnover × leverage.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
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.
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
- 0.09×
Cash conversion · −0.39× a year ago · the operating 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 is operating cash flow over operating profit after tax.
Aerospace & Defense
Ranks #21 of 36 by RyuScore