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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) and Karman Holdings Inc. (KRMN). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $134.5M, roughly 1.7× Karman Holdings Inc.). Karman Holdings Inc. runs the higher net margin — 5.7% vs 4.4%, a 1.3% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs 20.3%). CSW INDUSTRIALS, INC. produced more free cash flow last quarter ($22.7M vs $4.0M). Over the past eight quarters, Karman Holdings Inc.'s revenue compounded faster (27.3% CAGR vs 5.1%).
Karman Holdings is an American fabricator of space and defense systems based in Huntington Beach, California. The company, which is valued at approximately US$4 billion, recently underwent an initial public offering.
CSW vs KRMN — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $134.5M |
| Net Profit | $10.3M | $7.7M |
| Gross Margin | 39.7% | 39.9% |
| Operating Margin | 7.4% | 15.7% |
| Net Margin | 4.4% | 5.7% |
| Revenue YoY | 20.3% | 47.4% |
| Net Profit YoY | -61.9% | 358.3% |
| EPS (diluted) | $0.62 | $0.06 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $233.0M | $134.5M | ||
| Q3 25 | $277.0M | $121.8M | ||
| Q2 25 | $263.6M | $115.1M | ||
| Q1 25 | $230.5M | $100.1M | ||
| Q4 24 | $193.6M | $91.2M | ||
| Q3 24 | $227.9M | $86.0M | ||
| Q2 24 | $226.2M | $85.0M | ||
| Q1 24 | $210.9M | $83.0M |
| Q4 25 | $10.3M | $7.7M | ||
| Q3 25 | $40.7M | $7.6M | ||
| Q2 25 | $40.9M | $6.8M | ||
| Q1 25 | $35.1M | $-4.8M | ||
| Q4 24 | $26.9M | $1.7M | ||
| Q3 24 | $36.1M | $4.3M | ||
| Q2 24 | $38.6M | $4.6M | ||
| Q1 24 | $31.8M | $2.1M |
| Q4 25 | 39.7% | 39.9% | ||
| Q3 25 | 43.0% | 41.0% | ||
| Q2 25 | 43.8% | 40.9% | ||
| Q1 25 | 44.2% | 39.4% | ||
| Q4 24 | 41.4% | 38.1% | ||
| Q3 24 | 45.6% | 39.3% | ||
| Q2 24 | 47.5% | 40.7% | ||
| Q1 24 | 44.4% | 34.9% |
| Q4 25 | 7.4% | 15.7% | ||
| Q3 25 | 20.5% | 17.9% | ||
| Q2 25 | 20.8% | 17.5% | ||
| Q1 25 | 19.5% | 10.0% | ||
| Q4 24 | 15.3% | 15.8% | ||
| Q3 24 | 22.6% | 20.2% | ||
| Q2 24 | 24.3% | 21.5% | ||
| Q1 24 | 21.0% | 16.3% |
| Q4 25 | 4.4% | 5.7% | ||
| Q3 25 | 14.7% | 6.3% | ||
| Q2 25 | 15.5% | 5.9% | ||
| Q1 25 | 15.2% | -4.8% | ||
| Q4 24 | 13.9% | 1.8% | ||
| Q3 24 | 15.8% | 5.0% | ||
| Q2 24 | 17.1% | 5.4% | ||
| Q1 24 | 15.1% | 2.6% |
| Q4 25 | $0.62 | $0.06 | ||
| Q3 25 | $2.41 | $0.06 | ||
| Q2 25 | $2.43 | $0.05 | ||
| Q1 25 | $2.05 | $-0.04 | ||
| Q4 24 | $1.60 | $0.01 | ||
| Q3 24 | $2.26 | $0.03 | ||
| Q2 24 | $2.47 | $0.03 | ||
| Q1 24 | $2.03 | $0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $40.2M | $34.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $382.7M |
| Total Assets | $2.3B | $1.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $40.2M | $34.0M | ||
| Q3 25 | $31.5M | $18.7M | ||
| Q2 25 | $38.0M | $27.4M | ||
| Q1 25 | $225.8M | $113.7M | ||
| Q4 24 | $213.8M | $11.5M | ||
| Q3 24 | $273.2M | — | ||
| Q2 24 | $18.9M | — | ||
| Q1 24 | $22.2M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $800.1M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $166.0M | — |
| Q4 25 | $1.1B | $382.7M | ||
| Q3 25 | $1.1B | $369.1M | ||
| Q2 25 | $1.1B | $361.5M | ||
| Q1 25 | $1.1B | $348.9M | ||
| Q4 24 | $1.0B | $196.0M | ||
| Q3 24 | $1.0B | $194.1M | ||
| Q2 24 | $650.2M | $189.6M | ||
| Q1 24 | $615.7M | $184.8M |
| Q4 25 | $2.3B | $1.1B | ||
| Q3 25 | $1.5B | $968.1M | ||
| Q2 25 | $1.5B | $953.9M | ||
| Q1 25 | $1.4B | $875.4M | ||
| Q4 24 | $1.4B | $774.0M | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.0B | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.27× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $28.9M | $8.7M |
| Free Cash FlowOCF − Capex | $22.7M | $4.0M |
| FCF MarginFCF / Revenue | 9.8% | 3.0% |
| Capex IntensityCapex / Revenue | 2.6% | 3.5% |
| Cash ConversionOCF / Net Profit | 2.81× | 1.13× |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | $-42.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.9M | $8.7M | ||
| Q3 25 | $61.8M | $131.0K | ||
| Q2 25 | $60.6M | $-17.4M | ||
| Q1 25 | $27.3M | $-13.6M | ||
| Q4 24 | $11.6M | — | ||
| Q3 24 | $66.8M | — | ||
| Q2 24 | $62.7M | — | ||
| Q1 24 | $22.4M | $3.1M |
| Q4 25 | $22.7M | $4.0M | ||
| Q3 25 | $58.7M | $-6.8M | ||
| Q2 25 | $57.7M | $-21.0M | ||
| Q1 25 | $22.8M | $-18.6M | ||
| Q4 24 | $8.5M | — | ||
| Q3 24 | $61.3M | — | ||
| Q2 24 | $59.6M | — | ||
| Q1 24 | $17.5M | $1.5M |
| Q4 25 | 9.8% | 3.0% | ||
| Q3 25 | 21.2% | -5.6% | ||
| Q2 25 | 21.9% | -18.2% | ||
| Q1 25 | 9.9% | -18.6% | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 26.9% | — | ||
| Q2 24 | 26.3% | — | ||
| Q1 24 | 8.3% | 1.8% |
| Q4 25 | 2.6% | 3.5% | ||
| Q3 25 | 1.1% | 5.7% | ||
| Q2 25 | 1.1% | 3.2% | ||
| Q1 25 | 2.0% | 5.0% | ||
| Q4 24 | 1.6% | — | ||
| Q3 24 | 2.4% | — | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | 2.3% | 1.9% |
| Q4 25 | 2.81× | 1.13× | ||
| Q3 25 | 1.52× | 0.02× | ||
| Q2 25 | 1.48× | -2.55× | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.62× | — | ||
| Q1 24 | 0.71× | 1.45× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
KRMN
| Tactical Missile And Integrated Defense Systems | $50.5M | 38% |
| Hypersonic And Strategic Missile Defense | $48.4M | 36% |
| Space And Launch | $35.7M | 27% |
