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Side-by-side financial comparison of Karman Holdings Inc. (KRMN) and Loar Holdings Inc. (LOAR). Click either name above to swap in a different company.
Karman Holdings Inc. is the larger business by last-quarter revenue ($134.5M vs $131.8M, roughly 1.0× Loar Holdings Inc.). Loar Holdings Inc. runs the higher net margin — 9.5% vs 5.7%, a 3.8% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs 19.3%). Over the past eight quarters, Karman Holdings Inc.'s revenue compounded faster (27.3% CAGR vs 19.8%).
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.
KRMN vs LOAR — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $134.5M | $131.8M |
| Net Profit | $7.7M | $12.5M |
| Gross Margin | 39.9% | 52.1% |
| Operating Margin | 15.7% | 18.0% |
| Net Margin | 5.7% | 9.5% |
| Revenue YoY | 47.4% | 19.3% |
| Net Profit YoY | 358.3% | 239.5% |
| EPS (diluted) | $0.06 | $0.13 |
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 | $134.5M | $131.8M | ||
| Q3 25 | $121.8M | $126.8M | ||
| Q2 25 | $115.1M | $123.1M | ||
| Q1 25 | $100.1M | $114.7M | ||
| Q4 24 | $91.2M | $110.4M | ||
| Q3 24 | $86.0M | $103.5M | ||
| Q2 24 | $85.0M | $97.0M | ||
| Q1 24 | $83.0M | $91.8M |
| Q4 25 | $7.7M | $12.5M | ||
| Q3 25 | $7.6M | $27.6M | ||
| Q2 25 | $6.8M | $16.7M | ||
| Q1 25 | $-4.8M | $15.3M | ||
| Q4 24 | $1.7M | $3.7M | ||
| Q3 24 | $4.3M | $8.7M | ||
| Q2 24 | $4.6M | $7.6M | ||
| Q1 24 | $2.1M | $2.2M |
| Q4 25 | 39.9% | 52.1% | ||
| Q3 25 | 41.0% | 52.7% | ||
| Q2 25 | 40.9% | 53.8% | ||
| Q1 25 | 39.4% | 52.1% | ||
| Q4 24 | 38.1% | 48.9% | ||
| Q3 24 | 39.3% | 51.1% | ||
| Q2 24 | 40.7% | 49.0% | ||
| Q1 24 | 34.9% | 48.4% |
| Q4 25 | 15.7% | 18.0% | ||
| Q3 25 | 17.9% | 22.9% | ||
| Q2 25 | 17.5% | 22.2% | ||
| Q1 25 | 10.0% | 22.8% | ||
| Q4 24 | 15.8% | 19.2% | ||
| Q3 24 | 20.2% | 22.1% | ||
| Q2 24 | 21.5% | 22.9% | ||
| Q1 24 | 16.3% | 23.3% |
| Q4 25 | 5.7% | 9.5% | ||
| Q3 25 | 6.3% | 21.8% | ||
| Q2 25 | 5.9% | 13.6% | ||
| Q1 25 | -4.8% | 13.4% | ||
| Q4 24 | 1.8% | 3.3% | ||
| Q3 24 | 5.0% | 8.4% | ||
| Q2 24 | 5.4% | 7.9% | ||
| Q1 24 | 2.6% | 2.4% |
| Q4 25 | $0.06 | $0.13 | ||
| Q3 25 | $0.06 | $0.29 | ||
| Q2 25 | $0.05 | $0.17 | ||
| Q1 25 | $-0.04 | $0.16 | ||
| Q4 24 | $0.01 | $-11023.48 | ||
| Q3 24 | $0.03 | $0.09 | ||
| Q2 24 | $0.03 | $0.09 | ||
| Q1 24 | $0.01 | $11023.54 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $34.0M | $84.8M |
| Total DebtLower is stronger | — | $715.7M |
| Stockholders' EquityBook value | $382.7M | $1.2B |
| Total Assets | $1.1B | $2.0B |
| Debt / EquityLower = less leverage | — | 0.61× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | $84.8M | ||
| Q3 25 | $18.7M | $99.0M | ||
| Q2 25 | $27.4M | $103.3M | ||
| Q1 25 | $113.7M | $80.5M | ||
| Q4 24 | $11.5M | $54.1M | ||
| Q3 24 | — | $55.2M | ||
| Q2 24 | — | $73.2M | ||
| Q1 24 | — | $28.2M |
| Q4 25 | — | $715.7M | ||
| Q3 25 | — | $279.4M | ||
| Q2 25 | — | $277.7M | ||
| Q1 25 | — | $277.5M | ||
| Q4 24 | — | $277.3M | ||
| Q3 24 | — | $602.1M | ||
| Q2 24 | — | $250.7M | ||
| Q1 24 | — | $534.2M |
| Q4 25 | $382.7M | $1.2B | ||
| Q3 25 | $369.1M | $1.2B | ||
| Q2 25 | $361.5M | $1.1B | ||
| Q1 25 | $348.9M | $1.1B | ||
| Q4 24 | $196.0M | $1.1B | ||
| Q3 24 | $194.1M | $769.8M | ||
| Q2 24 | $189.6M | $758.4M | ||
| Q1 24 | $184.8M | $420.6M |
| Q4 25 | $1.1B | $2.0B | ||
| Q3 25 | $968.1M | $1.5B | ||
| Q2 25 | $953.9M | $1.5B | ||
| Q1 25 | $875.4M | $1.5B | ||
| Q4 24 | $774.0M | $1.5B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | — | 0.61× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.78× | ||
| Q2 24 | — | 0.33× | ||
| Q1 24 | — | 1.27× |
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 | $8.7M | $30.4M |
| Free Cash FlowOCF − Capex | $4.0M | — |
| FCF MarginFCF / Revenue | 3.0% | — |
| Capex IntensityCapex / Revenue | 3.5% | — |
| Cash ConversionOCF / Net Profit | 1.13× | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-42.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $30.4M | ||
| Q3 25 | $131.0K | $29.7M | ||
| Q2 25 | $-17.4M | $23.8M | ||
| Q1 25 | $-13.6M | $28.4M | ||
| Q4 24 | — | $20.7M | ||
| Q3 24 | — | $16.3M | ||
| Q2 24 | — | $7.1M | ||
| Q1 24 | $3.1M | $10.8M |
| Q4 25 | $4.0M | — | ||
| Q3 25 | $-6.8M | — | ||
| Q2 25 | $-21.0M | — | ||
| Q1 25 | $-18.6M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.5M | — |
| Q4 25 | 3.0% | — | ||
| Q3 25 | -5.6% | — | ||
| Q2 25 | -18.2% | — | ||
| Q1 25 | -18.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.8% | — |
| Q4 25 | 3.5% | — | ||
| Q3 25 | 5.7% | — | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 5.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.9% | — |
| Q4 25 | 1.13× | 2.43× | ||
| Q3 25 | 0.02× | 1.08× | ||
| Q2 25 | -2.55× | 1.42× | ||
| Q1 25 | — | 1.85× | ||
| Q4 24 | — | 5.62× | ||
| Q3 24 | — | 1.89× | ||
| Q2 24 | — | 0.93× | ||
| Q1 24 | 1.45× | 4.81× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KRMN
| Tactical Missile And Integrated Defense Systems | $50.5M | 38% |
| Hypersonic And Strategic Missile Defense | $48.4M | 36% |
| Space And Launch | $35.7M | 27% |
LOAR
| Other | $76.8M | 58% |
| Commercial Aerospace | $21.2M | 16% |
| Business Jet And General Aviation | $17.6M | 13% |
| Defense | $16.2M | 12% |
