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ZYBERNO
Stock Report
Updated Aug 30, 2026

KARMAN HOLDINGS INC. (KRMN)

Industrial • NYSE

$45.57
Karman Holdings Inc. is an American aerospace and defense manufacturer headquartered in Washington, D.C., that produces rocket and missile systems structures, components, and subsystems. The company serves customers in the commercial launch vehicle, hypersonic missile, satellite, and national security markets, and went public on the NYSE in January 2025.

Professional Investment Analysis

ZYBERNO SCORE →
Is it a great business? Is it getting better?
44.0/100
WEAK BUSINESS
KARMAN HOLDINGS INC. (KRMN) scores 44/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.
📊 How is the Zyberno Score calculated? +
VALUATION SIGNAL
MARGIN OF SAFETY
Is this stock cheap or expensive relative to what the business has historically generated for owners?
Margin of Safety unavailable — insufficient data for the owner-earnings DCF.
Is the market underestimating or overestimating what this business is capable of going forward?
+21.9%
Market Underestimates
💰 How is Margin of Safety calculated? +
📈 How is Brina Gap calculated? +

Critical Financial Health Indicators

Return on Equity (Profitability):POOR (9.4%)
Debt-to-Equity (Solvency Risk):CRITICAL (2.09x)
Operating Margin (Operational Efficiency):GOOD (16.8%)
Return on Capital (Capital Efficiency):GOOD (18.6%)
📊 Valuation Trilogy
Three interconnected metrics for complete valuation analysis
💎
Intrinsic Value
DCF Fair Value
🛡️
Margin of Safety
Valuation Gap
🎯
Expected Return
Projected Annual
Click any metric for full methodology and detailed analysis
Zyberno's Verdict

KARMAN HOLDINGS INC. (KRMN) stock report — Zyberno Score 44/100 (WEAK BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, KARMAN HOLDINGS INC. (KRMN) shows a Brina Gap of +21.9%, which strengthens the case: based on the company's ROIC (18.6%) and reinvestment rate (262.4%), the business can fundamentally grow at 48.8% — but the current enterprise value implies the market expects 26.9%.

Over the trailing twelve months, KRMN generated -$31.00M in Owner Earnings. Capital was deployed as follows: $22.67M invested in capital expenditures. Reinvestment rate: 262.4%.

DIVISION I: EXECUTIVE SUMMARY
A. Market Valuation

Market Price & Capitalization (2)

Current Price:45.57
Market Cap:$6.04B

Valuation Multiples (4)

P/E Ratio:
157.14x
📊 Click to view full KRMN P/E analysis →
P/B Ratio:14.34x
P/S Ratio:10.24x
Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$6.01B
Ev Ebitda Ratio:41.93x

Price Action & Momentum (3)

12-1 Momentum:
-8.2% (35th pctile)
📈 Click to view full KRMN Momentum analysis →
Momentum Percentile:35 / 100
% of 52-Week High:38.5%
B. Profitability Assessment

Return Metrics (7)

ROE:
9.4%
📊 Click to view full KRMN ROE analysis →
ROA:3.0%
Roic:
18.6%
📊 Click to view full KRMN ROIC analysis →
Reinvestment Rate:262.4%
Fundamental Growth Rate (g):48.8%
Market-Implied Growth Rate:26.9%
Brina Gap:
21.9%
☷ Click to view full KRMN Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:16.8%
Net Margin Ttm:6.3%
Ebitda Margin:24.3%

TTM Performance (3)

Gross Margin Ttm:41.7%
Operating Margin Ttm:16.8%
Net Margin Ttm:6.3%

Yield Metrics (2)

Earnings Yield:$0.64
Dividend Yield:0.0%
C. Log-Linear Regression Growth Trends

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):56.3%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):79.8%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):100.0%
D. Financial Stability

Liquidity Ratios (3)

Current Ratio:3.56x
Quick Ratio:3.40x
Cash Ratio:0.48x

Leverage Analysis (3)

Debt To Equity Ttm:2.09x
Debt-to-Equity Ratio:2.09x
Debt To Ebitda:0.13x

Coverage Ratios (2)

Interest Coverage Ratio:1.48x
Times Interest Earned:1.48

Capital Structure (4)

Working Capital:276,551,000.00
Cash And Cash Equivalents:51,741,000.00
Long Term Debt:$13.73M
Net Debt:-$32.41M
DIVISION II: FINANCIAL STATEMENTS ANALYSIS
A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $589.55M
Linear Growth: 56.3%
📊 Click to view full KRMN Revenue analysis & methodology →
Cost Of Revenue Ttm:$343.90M

Profitability Breakdown (2)

Gross profit TTM: $245.65M
Linear Growth: 65.6%
📊 Click to view full KRMN Gross Profit analysis & methodology →
Operating income TTM: $99.16M
Linear Growth: 100.0%
📊 Click to view full KRMN Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $37.18M
Linear Growth: 79.8%
📊 Click to view full KRMN Net Income analysis & methodology →
Income Before Tax:$53.32M
Ebitda Ttm:143,250,000.00

Operating Expenses (5)

Operating Expenses:146,497,000.00
R And D Expense:0.00
Sga Expense:102,914,000.00
Income Tax Expense:$16.14M
Interest Expense:49,231,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%
Sga To Revenue Percentage:56.5%
Ebitda Margin:24.3%
B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$1.44B
Current Assets:$384.78M
Ppe Net:126,254,000.00
Goodwill:498,148,000.00
Intangible Assets:$326.76M

Liability Structure (4)

Total Liabilities:1,022,880,000.00
Current Liabilities:108,229,000.00
Long Term Debt:$13.73M
Short Term Debt:$5.61M

Equity & Capital (3)

Equity:$421.10M
Retained Earnings:$30.86M
Common Stock:1,000,000,000.00

Working Capital Items (3)

Accounts Receivable:114,960,000.00
Inventory:16,299,000.00
Accounts Payable:45,382,000.00

Special Items (2)

Contract Liabilities:26,154,000.00
Stock Based Compensation:13,900,000.00
C. Cash Flow Analysis

Operating Activities (2)

-$8.33M-$31.00M

Investment Activities (2)

Investing Cash Flow:-$217.53M
Capital Expenditures Ttm:22,669,000.00

Financing Activities (3)

Financing Cash Flow:$257.16M
Dividends Paid Ttm:0.00
Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00
Long Term Debt Issuance:$0.00
Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:44,094,000.00
DIVISION III: OPERATIONAL METRICS
A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):0.29
Eps diluted TTM: $0.29
Linear Growth: 87.9%
📊 Click to view full KRMN EPS analysis & methodology →
Earnings Per Share Ttm:$0.28

Revenue & Cash Per Share (2)

Sales Per Share Ttm:4.45
Operating Cash Flow Per Share:-$0.17

Book Value & Capital (2)

Book Value Per Share:$3.18
Cash Per Share:0.39

Dividend Policy (1)

Dividend Payout Ratio:0.00x
B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.48x
Working Capital Turnover Ttm:2.13x

Receivables Management (2)

Receivables Turnover Ttm:5.13x
Days Sales Outstanding Ttm:71.17

Inventory Management (2)

Inventory Turnover Ttm:21.10x
Days Inventory Outstanding Ttm:17.30

Payables & Cash Cycle (2)

Days Payable Outstanding:48.17
Cash Conversion Cycle:40.31
C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00
Quality Score:65.00

Market Metrics (2)

Beta:0.00x
Volatility Category:unknown
DIVISION IV: INVESTMENT ANALYSIS
A. Value Investment Framework

Owner Earnings Analysis (1)

-$31.00M

Damodaran Growth Analysis (4)

Reinvestment Rate:262.4%
Fundamental Growth Rate (g):48.8%
Market-Implied Growth Rate:26.9%
Brina Gap:
21.9%
☷ Click to view full KRMN Brina Gap analysis →
B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):56.3%
Net Income Growth Rate (Linear):79.8%
Operating Income Growth Rate (Linear):100.0%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):65.6%
Book Value Growth Rate (Linear):16.3%
C. Company Profile & Context

Corporate Information (6)

Symbol:KRMN
Company Name:KARMAN HOLDINGS INC.
Sector:Industrial
Industry:Aerospace & Defense
Exchange:NYSE
Country:United States

Market Classification (3)

Market Cap Category:N/A
Price Category:medium
Volume Category:N/A

Share Structure (3)

Shares Outstanding:132.53M
Shares Outstanding Basic:132.53M
Shares Outstanding Diluted:132.53M

Data Processing Info (3)

Processing Version:v3.0
Last Updated:2026-08-30 00:09:33 UTC
Data Timestamp:2026-08-30T00:09:33.668089
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