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Side-by-side financial comparison of 4D Molecular Therapeutics, Inc. (FDMT) and Karman Holdings Inc. (KRMN). Click either name above to swap in a different company.
Karman Holdings Inc. is the larger business by last-quarter revenue ($134.5M vs $85.1M, roughly 1.6× 4D Molecular Therapeutics, Inc.). 4D Molecular Therapeutics, Inc. runs the higher net margin — 22.8% vs 5.7%, a 17.1% gap on every dollar of revenue. On growth, 4D Molecular Therapeutics, Inc. posted the faster year-over-year revenue change (8508900.0% vs 47.4%). 4D Molecular Therapeutics, Inc. produced more free cash flow last quarter ($28.5M vs $4.0M). Over the past eight quarters, 4D Molecular Therapeutics, Inc.'s revenue compounded faster (5412.6% CAGR vs 27.3%).
4D Molecular Therapeutics is a clinical-stage biotechnology company specializing in the research and development of targeted adeno-associated virus (AAV) gene therapies. Its core product candidates address unmet medical needs in ophthalmology, cardiology, and pulmonary disease segments, serving global patient populations with rare and common hard-to-treat conditions.
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.
FDMT vs KRMN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $85.1M | $134.5M |
| Net Profit | $19.4M | $7.7M |
| Gross Margin | — | 39.9% |
| Operating Margin | 17.3% | 15.7% |
| Net Margin | 22.8% | 5.7% |
| Revenue YoY | 8508900.0% | 47.4% |
| Net Profit YoY | 139.1% | 358.3% |
| EPS (diluted) | $0.43 | $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 | $85.1M | $134.5M | ||
| Q3 25 | $90.0K | $121.8M | ||
| Q2 25 | $15.0K | $115.1M | ||
| Q1 25 | $14.0K | $100.1M | ||
| Q4 24 | $1.0K | $91.2M | ||
| Q3 24 | $3.0K | $86.0M | ||
| Q2 24 | $5.0K | $85.0M | ||
| Q1 24 | $28.0K | $83.0M |
| Q4 25 | $19.4M | $7.7M | ||
| Q3 25 | $-56.9M | $7.6M | ||
| Q2 25 | $-54.7M | $6.8M | ||
| Q1 25 | $-48.0M | $-4.8M | ||
| Q4 24 | — | $1.7M | ||
| Q3 24 | $-43.8M | $4.3M | ||
| Q2 24 | $-35.0M | $4.6M | ||
| Q1 24 | $-32.4M | $2.1M |
| Q4 25 | — | 39.9% | ||
| Q3 25 | — | 41.0% | ||
| Q2 25 | — | 40.9% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 38.1% | ||
| Q3 24 | — | 39.3% | ||
| Q2 24 | — | 40.7% | ||
| Q1 24 | — | 34.9% |
| Q4 25 | 17.3% | 15.7% | ||
| Q3 25 | -67983.3% | 17.9% | ||
| Q2 25 | -396373.3% | 17.5% | ||
| Q1 25 | -383007.1% | 10.0% | ||
| Q4 24 | — | 15.8% | ||
| Q3 24 | -1704400.0% | 20.2% | ||
| Q2 24 | -849120.0% | 21.5% | ||
| Q1 24 | -136200.0% | 16.3% |
| Q4 25 | 22.8% | 5.7% | ||
| Q3 25 | -63195.6% | 6.3% | ||
| Q2 25 | -364386.7% | 5.9% | ||
| Q1 25 | -342657.1% | -4.8% | ||
| Q4 24 | — | 1.8% | ||
| Q3 24 | -1461433.3% | 5.0% | ||
| Q2 24 | -699060.0% | 5.4% | ||
| Q1 24 | -115717.9% | 2.6% |
| Q4 25 | $0.43 | $0.06 | ||
| Q3 25 | $-1.01 | $0.06 | ||
| Q2 25 | $-0.98 | $0.05 | ||
| Q1 25 | $-0.86 | $-0.04 | ||
| Q4 24 | — | $0.01 | ||
| Q3 24 | $-0.79 | $0.03 | ||
| Q2 24 | $-0.63 | $0.03 | ||
| Q1 24 | $-0.66 | $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 | $402.7M | $34.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $505.7M | $382.7M |
| Total Assets | $566.7M | $1.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $402.7M | $34.0M | ||
| Q3 25 | $305.1M | $18.7M | ||
| Q2 25 | $293.2M | $27.4M | ||
| Q1 25 | $321.4M | $113.7M | ||
| Q4 24 | $424.9M | $11.5M | ||
| Q3 24 | $501.9M | — | ||
| Q2 24 | $541.9M | — | ||
| Q1 24 | $525.9M | — |
| Q4 25 | $505.7M | $382.7M | ||
| Q3 25 | $369.0M | $369.1M | ||
| Q2 25 | $420.9M | $361.5M | ||
| Q1 25 | $469.7M | $348.9M | ||
| Q4 24 | $510.6M | $196.0M | ||
| Q3 24 | $552.9M | $194.1M | ||
| Q2 24 | $588.3M | $189.6M | ||
| Q1 24 | $600.6M | $184.8M |
| Q4 25 | $566.7M | $1.1B | ||
| Q3 25 | $424.0M | $968.1M | ||
| Q2 25 | $473.6M | $953.9M | ||
| Q1 25 | $515.7M | $875.4M | ||
| Q4 24 | $560.4M | $774.0M | ||
| Q3 24 | $604.0M | — | ||
| Q2 24 | $620.1M | — | ||
| Q1 24 | $629.9M | — |
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 | $28.6M | $8.7M |
| Free Cash FlowOCF − Capex | $28.5M | $4.0M |
| FCF MarginFCF / Revenue | 33.5% | 3.0% |
| Capex IntensityCapex / Revenue | 0.1% | 3.5% |
| Cash ConversionOCF / Net Profit | 1.47× | 1.13× |
| TTM Free Cash FlowTrailing 4 quarters | $-109.9M | $-42.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.6M | $8.7M | ||
| Q3 25 | $-46.5M | $131.0K | ||
| Q2 25 | $-43.4M | $-17.4M | ||
| Q1 25 | $-47.8M | $-13.6M | ||
| Q4 24 | $-134.6M | — | ||
| Q3 24 | $-29.4M | — | ||
| Q2 24 | $-30.2M | — | ||
| Q1 24 | $-29.1M | $3.1M |
| Q4 25 | $28.5M | $4.0M | ||
| Q3 25 | $-46.6M | $-6.8M | ||
| Q2 25 | $-43.4M | $-21.0M | ||
| Q1 25 | $-48.4M | $-18.6M | ||
| Q4 24 | $-138.4M | — | ||
| Q3 24 | $-31.2M | — | ||
| Q2 24 | $-30.6M | — | ||
| Q1 24 | $-29.8M | $1.5M |
| Q4 25 | 33.5% | 3.0% | ||
| Q3 25 | -51765.6% | -5.6% | ||
| Q2 25 | -289620.0% | -18.2% | ||
| Q1 25 | -345635.7% | -18.6% | ||
| Q4 24 | -13837100.0% | — | ||
| Q3 24 | -1038966.7% | — | ||
| Q2 24 | -611840.0% | — | ||
| Q1 24 | -106421.4% | 1.8% |
| Q4 25 | 0.1% | 3.5% | ||
| Q3 25 | 101.1% | 5.7% | ||
| Q2 25 | 440.0% | 3.2% | ||
| Q1 25 | 4507.1% | 5.0% | ||
| Q4 24 | 378600.0% | — | ||
| Q3 24 | 59266.7% | — | ||
| Q2 24 | 6980.0% | — | ||
| Q1 24 | 2535.7% | 1.9% |
| Q4 25 | 1.47× | 1.13× | ||
| Q3 25 | — | 0.02× | ||
| Q2 25 | — | -2.55× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.45× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FDMT
Segment breakdown not available.
KRMN
| Tactical Missile And Integrated Defense Systems | $50.5M | 38% |
| Hypersonic And Strategic Missile Defense | $48.4M | 36% |
| Space And Launch | $35.7M | 27% |
