KRMN on NYSE
Karman Holdings Inc.
American aircraft parts and auxiliary equipment company based in Wilmington. Summary from the record
Price unavailable
Last updated Oct 19, 2026.
Overview
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- TickerKRMN on NYSE2
- IndustryAircraft Parts & Auxiliary Equipment, NEC2
- HeadquartersWilmington, United States2
- Incorporated inDE3
- Business address5351 Argosy Ave, Huntington Beach, Ca 926493
- Filer category, Emerging growth company3
- Legal formCorporation2
- LEI529900O0VTB7GNU1Z5322
- StatusActive2
- LEI statusIssued and current2
- Registered addressc/o THE CORPORATION TRUST COMPANY, CORPORATION TRUST CENTER 1209 ORANGE ST, 19801 Wilmington, United States2
- Registered withDivision of Corporations, Department of State, 34941932
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
40.3%Gross margin4
15.5%Operating margin4
3.7%Net margin4
36.6%Revenue growth, 20254
4.5%Return on equity4
-$42.5MFree cash flow4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Tactical Missile And Integrated Defense Systems brought in 36% of the revenue Karman Holdings Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tactical Missile And Integrated Defense Systems | $86.0M | $115.6M | $171.7M |
| Hypersonic And Strategic Missile Defense | $100.1M | $114.6M | $150.0M |
| Space And Launch | $94.6M | $115.0M | $149.8M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue60¢$281.5M
- Other costs33¢$157.5M
- Income tax3¢$15.2M
- Profit4¢$17.4M
Out of $471.5M in revenue.4
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $471.5M | $345.3M | $280.7M |
| Cost of goods sold | $281.5M | $213.1M | $175.2M |
| Gross profit | $190.0M | $132.1M | $105.5M |
| General and administrative expenses | $85.7M | $44.4M | $36.6M |
| Depreciation and amortization expense | $31.4M | $24.1M | $20.4M |
| Operating expenses | $117.1M | $68.6M | $57.1M |
| Net operating income | $72.9M | $63.6M | $48.5M |
| Interest expense, net | -$44.6M | -$50.7M | -$47.9M |
| Other income | $4.1M | $1.5M | $563.0K |
| Income before (provision for) benefit from income taxes | $32.5M | $14.3M | $1.2M |
| (Provision for) benefit from income taxes | -$15.2M | -$1.6M | $3.2M |
| Net income | $17.4M | $12.7M | $4.4M |
| Other comprehensive (loss) income | $0 | -$1.0K | $1.0K |
| Comprehensive income (loss) | $17.4M | $12.7M | $4.4M |
| Net income per common share or unit, basic | $0.13 | $0.08 | $0.03 |
| Net income per common share or unit, diluted | $0.13 | $0.08 | $0.03 |
| Weighted-average common share and units outstanding, basic | 132.3M shares | 166.7M shares | 166.8M shares |
| Weighted-average common share and units outstanding, diluted | 132.3M shares | 166.7M shares | 166.8M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $34.0M | $11.5M | ||
| Accounts receivable, net | $78.7M | $55.2M | ||
| Contract assets | $156.3M | $107.2M | $89.2M | |
| Inventory | $10.7M | $9.9M | ||
| Prepaid and other current assets | $11.8M | $17.9M | ||
| Total current assets | $291.4M | $201.7M | ||
| Property, plant and equipment | $134.8M | $87.8M | ||
| Less accumulated depreciation | -$39.4M | -$27.0M | ||
| Net property, plant and equipment | $95.4M | $60.9M | ||
| Goodwill | $352.5M | $225.1M | $217.3M | |
| Intangible assets, net | $285.9M | $209.0M | ||
| Operating lease right-of-use assets | $6.0M | $6.1M | ||
| Finance lease right-of-use assets | $66.2M | $70.0M | ||
| Other assets | $6.7M | $1.2M | ||
| Total other assets | $717.3M | $511.4M | ||
| Total assets | $1.1B | $774.0M | ||
| Accounts payable | $31.6M | $28.3M | ||
| Accrued payroll and related expenses | $13.8M | $11.2M | ||
| Contract Liabilities | $22.8M | $29.9M | $36.1M | |
| Current portion of operating lease liabilities | $1.8M | $1.5M | ||
| Current portion of finance lease liabilities | $4.4M | $4.0M | ||
| Short term notes payable, net of debt issuance costs | $3.8M | $7.1M | ||
| Income taxes payable | $5.3M | $20.1M | ||
| Other current liabilities | $5.1M | $12.5M | ||
| Total current liabilities | $88.7M | $114.6M | ||
| Revolving line of credit | $0 | $25.0M | ||
| Long-term notes payable, net of current portion and net of debt issuance costs | $495.3M | $326.9M | ||
| Noncurrent operating lease liabilities, net of current portion | $4.9M | $5.3M | ||
| Noncurrent finance lease liabilities, net of current portion | $77.0M | $78.0M | ||
| Other liabilities | $7.7M | $2.8M | ||
| Deferred tax liabilities | $47.8M | $25.4M | ||
| Total long-term liabilities | $632.7M | $463.4M | ||
| Total liabilities | $721.4M | $578.0M | ||
| Preferred stock, $0.001 par value; authorized - 100,000,000 shares; issued and outstanding - none | $0 | $0 | ||
| Common stock; $0.001 par value; authorized - 1,000,000,000 shares; issued and outstanding - 132,322,435 and none, respectively | $132.0K | $0 | ||
| Additional paid in capital | $373.5M | $204.3M | ||
| Accumulated other comprehensive income | $75.0K | $75.0K | ||
| Retained earnings (accumulated deficit) | $9.0M | -$8.3M | ||
| Stockholders' equity and members' equity, respectively | $382.7M | $196.0M | $182.5M | $177.6M |
| Total liabilities and equity | $1.1B | $774.0M | ||
| Preferred stock, par or stated value per share | $0.00 | $0.00 | ||
| Preferred stock, shares authorized | 100.0M shares | 100.0M shares | ||
| Preferred stock, shares issued | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding | 0 shares | 0 shares | ||
| Common stock, par or stated value per share | $0.00 | $0.00 | ||
| Common stock, shares authorized | 1.0B shares | 1.0B shares | ||
| Common stock, shares issued | 132.3M shares | 0 shares | ||
| Common stock, shares outstanding | 132.3M shares | 0 shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $34.0M | $11.5M | ||
| Accounts receivable, net | $78.7M | $55.2M | ||
| Contract assets | $156.3M | $107.2M | $89.2M | |
| Inventory | $10.7M | $9.9M | ||
| Prepaid and other current assets | $11.8M | $17.9M | ||
| Total current assets | $291.4M | $201.7M | ||
| Property, plant and equipment | $134.8M | $87.8M | ||
| Less accumulated depreciation | -$39.4M | -$27.0M | ||
| Net property, plant and equipment | $95.4M | $60.9M | ||
| Goodwill | $352.5M | $225.1M | $217.3M | |
| Intangible assets, net | $285.9M | $209.0M | ||
| Operating lease right-of-use assets | $6.0M | $6.1M | ||
| Finance lease right-of-use assets | $66.2M | $70.0M | ||
| Other assets | $6.7M | $1.2M | ||
| Total other assets | $717.3M | $511.4M | ||
| Total assets | $1.1B | $774.0M | ||
| Accounts payable | $31.6M | $28.3M | ||
| Accrued payroll and related expenses | $13.8M | $11.2M | ||
| Contract Liabilities | $22.8M | $29.9M | $36.1M | |
| Current portion of operating lease liabilities | $1.8M | $1.5M | ||
| Current portion of finance lease liabilities | $4.4M | $4.0M | ||
| Short term notes payable, net of debt issuance costs | $3.8M | $7.1M | ||
| Income taxes payable | $5.3M | $20.1M | ||
| Other current liabilities | $5.1M | $12.5M | ||
| Total current liabilities | $88.7M | $114.6M | ||
| Revolving line of credit | $0 | $25.0M | ||
| Long-term notes payable, net of current portion and net of debt issuance costs | $495.3M | $326.9M | ||
| Noncurrent operating lease liabilities, net of current portion | $4.9M | $5.3M | ||
| Noncurrent finance lease liabilities, net of current portion | $77.0M | $78.0M | ||
| Other liabilities | $7.7M | $2.8M | ||
| Deferred tax liabilities | $47.8M | $25.4M | ||
| Total long-term liabilities | $632.7M | $463.4M | ||
| Total liabilities | $721.4M | $578.0M | ||
| Preferred stock, $0.001 par value; authorized - 100,000,000 shares; issued and outstanding - none | $0 | $0 | ||
| Common stock; $0.001 par value; authorized - 1,000,000,000 shares; issued and outstanding - 132,322,435 and none, respectively | $132.0K | $0 | ||
| Additional paid in capital | $373.5M | $204.3M | ||
| Accumulated other comprehensive income | $75.0K | $75.0K | ||
| Retained earnings (accumulated deficit) | $9.0M | -$8.3M | ||
| Stockholders' equity and members' equity, respectively | $382.7M | $196.0M | $182.5M | $177.6M |
| Total liabilities and equity | $1.1B | $774.0M | ||
| Preferred stock, par or stated value per share | $0.00 | $0.00 | ||
| Preferred stock, shares authorized | 100.0M shares | 100.0M shares | ||
| Preferred stock, shares issued | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding | 0 shares | 0 shares | ||
| Common stock, par or stated value per share | $0.00 | $0.00 | ||
| Common stock, shares authorized | 1.0B shares | 1.0B shares | ||
| Common stock, shares issued | 132.3M shares | 0 shares | ||
| Common stock, shares outstanding | 132.3M shares | 0 shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $17.4M | $12.7M | $4.4M |
| Depreciation and amortization | $42.7M | $32.8M | $27.2M |
| Amortization of debt issuance costs | $1.3M | $2.3M | $2.0M |
| Non-cash interest expense and other non-cash adjustments | -$2.2M | -$678.0K | $785.0K |
| Deferred income taxes | $10.5M | -$11.5M | -$10.7M |
| Share-based compensation expenses | $1.4M | $993.0K | $1.3M |
| Change in accounts receivable | -$18.4M | -$2.3M | -$3.0M |
| Change in contract assets | -$49.1M | -$18.0M | -$27.9M |
| Change in inventory | $2.9M | -$44.0K | $7.6M |
| Change in prepaids and other assets | $6.9M | -$14.8M | -$15.7M |
| Change in contract liabilities | -$7.1M | -$6.2M | $20.0M |
| Change in accounts payable, accruals and income taxes payable | -$16.9M | $31.8M | $14.2M |
| Change in acquisition related accrued expenses | -$11.7M | ||
| Net change in ROU assets and lease liabilities | $100.0K | -$292.0K | $199.0K |
| Net cash provided by (used in) operating activities | -$22.1M | $26.6M | $20.3M |
| Proceeds from sale of property and equipment | $306.0K | ||
| Proceeds from sale of marketable securities | $563.0K | ||
| Purchases of property and equipment | -$20.3M | -$15.3M | -$16.8M |
| Investment in convertible note | -$6.0M | ||
| Acquisitions of businesses, net of cash acquired | -$211.9M | -$31.3M | |
| Net cash flows used in investing activities | -$238.3M | -$46.2M | -$16.2M |
| Net proceeds from issuance of common stock in initial public offering | $154.8M | ||
| Proceeds from equipment financing | $8.0M | ||
| Finance lease payments | -$3.9M | -$2.9M | -$1.5M |
| Proceeds from notes payable | $505.0M | $35.0M | |
| Repayments of notes payable | -$339.3M | -$9.5M | -$8.2M |
| Payments of debt issuance costs | -$8.4M | -$962.0K | |
| Payment of ISP SBA loan assumed | -$1.9M | ||
| Proceeds from revolving line of credit | $30.0M | $41.5M | $33.5M |
| Repayments of revolving line of credit | -$55.0M | -$36.5M | -$30.0M |
| Cash paid for contingent consideration | -$800.0K | -$6.2M | |
| Cash contributed from (distribution to) equityholders | $1.5M | -$156.0K | -$789.0K |
| Net cash provided by (used in) financing activities | $282.8M | $25.7M | -$5.3M |
| Net increase (decrease) in cash and cash equivalents | $22.4M | $6.1M | -$1.2M |
| Cash paid during the period for interest | $44.8M | $47.9M | $45.9M |
| Cash paid during the period for income taxes, net of refund | $16.9M | -$678.0K | $3.1M |
| Noncash acquisition of right-of-use assets under finance leases | $3.6M | $7.1M | $7.7M |
| Noncash acquisition of right-of-use assets under operating leases | $1.5M | $885.0K | $2.8M |
| Common stock issued in acquisition of business | $11.6M | ||
| Acquisitions of property and equipment included in liabilities | $6.5M | $869.0K | |
| Payment-in-kind interest expense | $718.0K | $785.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led Karman Holdings Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
- Chief executive officerJon Rambeau Apr 2, 2026 to now8
- Chief executive officerAnthony Koblinski Feb 12, 2025 to Apr 2, 20269
- Chief financial officerChris Michael Boynton Sep 15, 2026 to now10
- Chief operating officerJonathan Beaudoin Feb 12, 2025 to now11
Board members and other officers (8)
- CHIEF GROWTH OFFICERDoug Laurendeau May 20, 2026 to now12
- Chief Growth OfficerStephanie Sawhill Feb 12, 2025 to now13
- Board memberAnthony Koblinski Feb 12, 2025 to now9
- Board memberBrian Raduenz Feb 12, 2025 to now14
- Board memberDavid Stinnett Feb 12, 2025 to now15
- Board memberMatthew Alty Feb 12, 2025 to now16
- Board memberStephen Twitty Feb 12, 2025 to now17
- Board memberMary D. Petryszyn May 21, 2025 to now18
Former names
- TCFIII SPACECO HOLDINGS LLCOct 22, 2024 to Feb 5, 20253
Timeline
Filings
140 filings to the SEC since October 2021: 2 annual reports, 5 quarterly reports, 27 major events, 53 insider forms, 8 large holders, 45 other. The latest 20:
- Oct 5, 2026SCHEDULE 13G EDGAR
- Sep 18, 20264 EDGAR
- Sep 18, 20264 EDGAR
- Sep 18, 20264 EDGAR
- Sep 16, 20268-K EDGAR
- Sep 15, 20264 EDGAR
- Sep 15, 20263 EDGAR
- Aug 28, 20268-K EDGAR
- Aug 27, 20268-K EDGAR
- Aug 11, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Aug 6, 20268-K EDGAR
- Aug 6, 2026SCHEDULE 13G/A EDGAR
- Jun 11, 20268-K EDGAR
- Jun 8, 20264/A EDGAR
- Jun 1, 20268-K EDGAR
- May 29, 2026424B7 EDGAR
- May 28, 2026FWP EDGAR
- May 28, 2026424B7 EDGAR
- May 28, 2026S-3ASR EDGAR
The 140 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
23 open-market trades by officers, directors and large owners since October 2021: 3 buys and 20 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 16, 2026 | Stinnett DavidDirector | Buy | 27,000 | $37.32 | $1.0M | Form 4 |
| Sep 16, 2026 | Petryszyn Mary DDirector | Buy | 500 | $37.44 | $18.7K | Form 4 |
| Sep 16, 2026 | Twitty StephenDirector | Buy | 275 | $36.79 | $10.1K | Form 4 |
| Dec 12, 2025 | Koblinski AnthonyDirector | Sale | 75,000 | $69.31 | $5.2M | Form 4 |
| Dec 5, 2025 | Koblinski AnthonyDirector | Sale | 75,000 | $66.51 | $5.0M | Form 4 |
| Nov 28, 2025 | Koblinski AnthonyDirector | Sale | 75,000 | $67.40 | $5.1M | Form 4 |
| Nov 21, 2025 | Koblinski AnthonyDirector | Sale | 75,000 | $58.48 | $4.4M | Form 4 |
| Nov 17, 2025 | Willis MichaelChief Financial Officer | Sale | 115,000 | $58.63 | $6.7M | Form 4 |
| Nov 13, 2025 | Beaudoin JonathanChief Operating Officer | Sale | 74,000 | $63.69 | $4.7M | Form 4 |
| Nov 13, 2025 | Sawhill StephanieFormer Chief Growth Officer | Sale | 62,000 | $63.93 | $4.0M | Form 4 |
| Nov 12, 2025 | Raduenz BrianDirector | Sale | 90,000 | $68.00 | $6.1M | Form 4 |
| Jul 25, 2025 | Raduenz BrianDirector | Sale | 34,032 | $49.00 | $1.7M | Form 4 |
| Jul 25, 2025 | TCFIII Spaceco SPV LP10% owner | Sale | 23,623,968 | $49.00 | $1.2B | Form 4 |
| Jul 25, 2025 | Sawhill StephanieFormer Chief Growth Officer | Sale | 62,000 | $49.00 | $3.0M | Form 4 |
| Jul 25, 2025 | Raduenz BrianDirector | Sale | 34,032 | $49.00 | $1.7M | Form 4 |
| Jul 25, 2025 | Koblinski AnthonyDirector | Sale | 250,000 | $49.00 | $12.2M | Form 4 |
| Jul 25, 2025 | Beaudoin JonathanChief Operating Officer | Sale | 80,000 | $49.00 | $3.9M | Form 4 |
| Jul 25, 2025 | Willis MichaelChief Financial Officer | Sale | 100,000 | $49.00 | $4.9M | Form 4 |
| Feb 14, 2025 | Sawhill StephanieFormer Chief Growth Officer | Sale | 72,727 | $22.00 | $1.6M | Form 4 |
| Feb 14, 2025 | Willis MichaelChief Financial Officer | Sale | 72,727 | $22.00 | $1.6M | Form 4 |
All 23 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- BlackRockSCHEDULE 13G, 1 filing Oct 5, 202619
- FMR LLCSCHEDULE 13G/A, 2 filings May 6, 2026 to Aug 6, 202620
- VANGUARD GROUP INCSCHEDULE 13G/A, 2 filings Jan 30, 2026 to Mar 27, 202621
- KHIS Custodian LPSCHEDULE 13G/A, 3 filings Mar 27, 2025 to Feb 17, 202622
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Fmr LLC | 6,868,619 | $342.9M | 0.0% | −1,507,759 |
| BlackRock, Inc. | 5,448,737 | $272.0M | 0.0% | +484,699 |
| State Street Corp | 5,099,199 | $254.5M | 0.0% | +2,250,862 |
| Vanguard Capital Management LLC | 4,795,433 | $239.4M | 0.0% | +200,822 |
| First Trust Advisors LP | 4,739,974 | $236.6M | 0.1% | +1,848,287 |
| Vanguard Portfolio Management LLC | 4,319,001 | $215.6M | 0.0% | −5,015 |
| Ameriprise Financial Inc | 4,203,234 | $209.8M | 0.0% | +1,370,440 |
| Alyeska Investment Group, L.P. | 3,584,479 | $178.9M | 0.5% | New |
| Donaldson Capital Management, LLC | 3,501,433 | $174.8M | 5.0% | No change |
| GCM Grosvenor Holdings, LLC | 3,319,366 | $165.7M | 7.2% | No change |
| KHIS Custodian LP | 2,846,240 | $142.1M | 100.0% | −1,096,188 |
| Lexington Partners L.P. | 2,589,734 | $129.3M | 96.6% | −1,840,479 |
| Falcon Wealth Planning | 2,569,437 | $128.3M | 8.1% | −9 |
| Van Eck Associates Corp | 2,447,154 | $122.2M | 0.1% | −438,672 |
| Goldman Sachs Group Inc | 2,162,090 | $107.9M | 0.0% | +1,650,910 |
| Hood River Capital Management LLC | 1,915,993 | $95.6M | 0.7% | +627,209 |
| Capital World Investors | 1,895,553 | $94.6M | 0.0% | +945,584 |
| Raymond James Financial Inc | 1,725,811 | $86.2M | 0.0% | +787,642 |
| Jpmorgan Chase & Co | 1,816,793 | $85.8M | 0.0% | +1,092,671 |
| Stephens Investment Management Group LLC | 1,704,717 | $85.1M | 0.9% | +894,580 |
| Trustees of the University of Pennsylvania | 1,652,568 | $82.5M | 79.1% | −300,000 |
| Mass General Brigham, Inc | 1,562,054 | $78.0M | 21.6% | No change |
| Geode Capital Management, LLC | 1,531,392 | $76.5M | 0.0% | +343,465 |
| Schusterman Interests, LLC | 1,507,287 | $75.2M | 19.6% | −542,909 |
| Clearbridge Investments, LLC | 1,455,031 | $72.6M | 0.1% | +940,169 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
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- 3
- 4
- 5
- 6
- 7
- 8SEC EDGARJon Rambeau, Chief executive officer
- 9
- 10
- 11
- 12
- 13
- 14SEC EDGARBrian Raduenz, Board member
- 15SEC EDGARDavid Stinnett, Board member
- 16SEC EDGARMatthew Alty, Board member
- 17SEC EDGARStephen Twitty, Board member
- 18SEC EDGARMary D. Petryszyn, Board member
- 19
- 20
- 21
- 22