KRMN - NYSE
Karman Holdings Inc.
$51.84
-1.4%Karman Holdings Inc., through its subsidiary, Karman Space and Defense, engages in designing, testing, manufacturing, and sale of mission-critical systems for missile and defense, space programs, hypersonic, and launch vehicle markets. It also supplies metallic and composite flight hardware and sub-assemblies. In addition, the company provides solutions for payload protection and deployment systems, aerodynamic interstage systems, and propulsion systems. The company was incorporated in 2020 and is based in Huntington Beach, California. Karman Holdings Inc. is a subsidiary of TCFIII Spaceco SPV LP.
At a Glance
Live SnapshotKarman Holdings Inc. Cash Conversion Engine
Cash Flow Quality Analysis
FCF Conversion Rate
Negative free cash flow despite positive earnings raises concerns about cash generation ability or heavy capital requirements.
CapEx Intensity
Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.
FCF Growth Trend
Significant FCF decline raises concerns. Urgent review needed of operational performance and capital allocation.
Working Capital Impact
Significant working capital drain. Growth may be consuming cash through inventory buildup or receivables extension—monitor closely.
Cash Flow Quality Insight
Cash flow concerns: Despite profitability, the company is burning cash. Review working capital management, CapEx levels, and sustainability of current operations.
Karman Holdings Inc. Cash Flow Statement
KRMN • NYSE
| Karman Holdings Inc. Cash Flow Statement | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
OPERATING ACTIVITIES | ||||
17.4M | 12.7M | 4.4M | -14.1M | |
42.7M | 32.8M | 27.2M | 35M | |
10.5M | -11.5M | -10.7M | -9.8M | |
1.4M | 993.1K | 1.3M | 1.6M | |
-863K | 1.6M | 2.8M | 2.8M | |
(0.0) | (0.0) | (3.1M) | (4.9M) | |
-93.3M | -10M | -4.6M | -21.3M | |
-22.1M | 26.6M | 20.3M | -5.9M | |
INVESTING ACTIVITIES | ||||
-20.3M | -15.3M | -16.8M | -21.3M | |
-211.9M | -31.3M | (0.0) | (0.0) | |
-6M | (0.0) | (0.0) | (0.0) | |
0.0 | 0.0 | 563.5K | 10.4K | |
0.0 | 306K | 0.0 | 0.0 | |
-238.3M | -46.2M | -16.2M | -21.3M | |
FINANCING ACTIVITIES | ||||
154.8M | -155.9K | -788.6K | 31.7M | |
126.5M | 27.6M | 1.8M | -14.9M | |
(0.0) | -155.9K | -788.6K | -109.4K | |
(0.0) | -155.9K | -788.6K | -109.4K | |
1.5M | -1.6M | -5.5M | 109.4K | |
282.8M | 25.7M | -5.3M | 16.7M | |
CASH FLOW SUMMARY | ||||
22.4M | 6.1M | -1.2M | -10.4M | |
11.5M | 5.5M | 6.6M | 17M | |
34M | 11.5M | 5.5M | 6.6M | |
-42.5M | 11.4M | 3.6M | -27.2M |
SEC Filings
KRMN - Filing history and reports
| Filing Type | Filing Date | Period Ending | Fiscal Year | Actions |
|---|---|---|---|---|
8-K 8-K 2026 N/A | June 01, 2026 | May 28, 2026 | 2026 | |
10-Q 10-Q 2026 Q1 Q1 | May 14, 2026 | March 31, 2026 | 2026 | |
8-K 8-K 2026 N/A | May 12, 2026 | May 12, 2026 | 2026 | |
8-K 8-K 2026 N/A | May 04, 2026 | April 29, 2026 | 2026 | |
DEF 14A DEF 14A 2026 N/A | April 08, 2026 | April 29, 2026 | 2026 | |
10-K 10-K 2025 FY FY | April 03, 2026 | December 31, 2025 | 2025 | |
8-K 8-K 2026 N/A | March 25, 2026 | March 25, 2026 | 2026 | |
8-K 8-K 2026 N/A | March 13, 2026 | March 09, 2026 | 2026 | |
8-K 8-K 2026 N/A | March 12, 2026 | March 06, 2026 | 2026 | |
8-K 8-K 2025 N/A | February 06, 2026 | December 31, 2025 | 2025 |
Related Guides
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Research Paths
Snapshot
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Value Model
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Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.