Karman
Integrates protection, interstage, propulsion, and maritime systems for defense and space programs.
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Profile
Supplies integrated protection, interstage, propulsion, and maritime composite systems for U.S. missile, defense, and space programs. A single reportable segment combines design, specialized fabrication, assembly, qualification, and testing, while demand depends on government and prime-contractor programs.
Designs and manufactures Payload Protection and Deployment Systems, Aerodynamic Interstage Systems, and Propulsion Systems for missile, hypersonic, defense, and space programs. A maritime portfolio adds composite materials, sonar and acoustic treatments, and subsea and surface propulsion.
Combines in-house design and analysis with metallic and composite fabrication, system assembly, qualification, and testing. The acquisition-built platform integrates specialist facilities and technologies into a concept-to-production supplier, with sales centered on U.S. government and prime-contractor programs.
Demand depends on government program priorities, long development-to-production cycles, and customers continuing to outsource integrated systems. Operations also depend on retaining certifications, program qualifications, and technical teams as acquired businesses are integrated.
Company facts
Key statistics
Year to date −40.7% · Average volume (30d) 2.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | Truist Financial | Target | $118 | $85 | ||
| Aug 7, 2026 | Needham | Reiterate | Buy | $80 | ||
| Jul 24, 2026 | RBC Capital | Reiterate | Outperform | $100 | $85 | |
| Jun 2, 2026 | RBC Capital | Target | $125 | $100 | ||
| May 20, 2026 | Keybanc | Reiterate | Overweight | $122 | $100 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.13 | $0.14 | +6.8% | $180.1M | $182.1M | +1.1% | +5.60% |
| May 12, 2026Q1 FY26 | $0.08 | $0.11 | +37.5% | $150.8M | $151.2M | +0.3% | +7.68% |
| Mar 25, 2026Q4 FY25 | $0.11 | $0.11 | 0.0% | $132.6M | $134.5M | +1.4% | −13.64% |
| Nov 6, 2025Q3 FY25 | $0.11 | $0.10 | −10.5% | $118.1M | $121.8M | +3.1% | −5.73% |
Financial highlights
| 11 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $100.1M | $115.1M | $121.8M | $134.5M | $151.2M | $182.1M | |
| Gross profit | $39.5M | $47.0M | $49.9M | $53.6M | $63.9M | $78.2M | |
| Operating income | $10.0M | $20.1M | $21.8M | $21.1M | $21.5M | $34.8M | |
| Net income | −$4.8M | $6.8M | $7.6M | $7.7M | $7.8M | $14.0M | |
| Diluted EPS | −$0.04 | $0.05 | $0.06 | $0.06 | $0.06 | $0.11 | |
| Gross margin | 39.4% | 40.9% | 41.0% | 39.9% | 42.2% | 43.0% | |
| Operating margin | 10.0% | 17.5% | 17.9% | 15.7% | 14.2% | 19.1% |
Fiscal years (4-quarter sums)FY24 $345.3M · FY25 $471.5M
Balance sheet, Jun 30, 2026Cash & short-term investments $51.7M · Total debt $875.3M · Total assets $1.44B · Shareholders' equity $421.1M
Dividends
No dividends on record.
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 132.53M · Float 29.57M · 22.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| TCFIII Spaceco SPV LP | 74.07M | 56.04% | 13G | Mar 27, 2025 |
| FMR LLC | 6.87M | 5.18% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 5.45M | 4.11% | 13F | Aug 7, 2026 |
| State Street Corp | 5.10M | 3.85% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 4.80M | 3.62% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Dec 12, 2025 | Anthony Koblinski | director, officer: Chief Executive Officer | −75,000 | $69.31 |
| Dec 5, 2025 | Anthony Koblinski | director, officer: Chief Executive Officer | −75,000 | $66.51 |
| Nov 28, 2025 | Anthony Koblinski | director, officer: Chief Executive Officer | −75,000 | $67.40 |
| Nov 21, 2025 | Anthony Koblinski | director, officer: Chief Executive Officer | −75,000 | $58.48 |
| Nov 17, 2025 | Michael Willis | officer: Chief Financial Officer | −115,000 | $58.63 |
Peers
- Northrop Grumman
Diversified defense prime spanning propulsion, launch and maritime systems
- L3Harris Technologies
Missile and space propulsion technologies for defense programs
- Kratos Defense & Security Solutions
Hypersonic, rocket and propulsion systems for defense programs
- Rocket Lab
Spacecraft separation supplier and vertically integrated launch builder
- Ducommun
Missile, space and complex aerostructure manufacturing overlap
- Redwire
Payload adapters, separation systems and deployable space structures
- Hexcel
Advanced composites materials and structures for aerospace and defense
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Karman | $46.00 | +0.90% | $6.04B | 160.0 | 61.1 | 10.2 | +58.2% |
| Northrop Grumman | $546.65 | +0.20% | $77.51B | 17.3 | 18.6 | 1.8 | +5.1% |
| L3Harris Technologies | $262.82 | +0.01% | $48.94B | 26.5 | 21.3 | 2.1 | +8.4% |
| Kratos Defense & Security Solutions | $52.02 | +0.02% | $9.75B | 305.2 | 54.5 | 6.4 | +30.5% |
| Rocket Lab | $64.56 | +0.25% | $37.27B | — | — | 48.5 | +62.0% |
| Ducommun | $176.30 | 0.00% | $2.66B | — | 36.1 | 3.1 | +11.0% |
| Redwire | $10.87 | 0.00% | $2.60B | — | — | 6.1 | +89.6% |
| Hexcel | $94.87 | −0.03% | $7.17B | 47.7 | 36.2 | 3.6 | +8.0% |
| Median | 37.1 | 36.1 | 3.6 | +11.0% |