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Side-by-side financial comparison of Karman Holdings Inc. (KRMN) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
Karman Holdings Inc. is the larger business by last-quarter revenue ($134.5M vs $134.3M, roughly 1.0× Mayville Engineering Company, Inc.). Karman Holdings Inc. runs the higher net margin — 5.7% vs -3.2%, a 9.0% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs 10.7%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M vs $4.0M). Over the past eight quarters, Karman Holdings Inc.'s revenue compounded faster (27.3% CAGR vs -8.8%).
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.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
KRMN vs MEC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.5M | $134.3M |
| Net Profit | $7.7M | $-4.4M |
| Gross Margin | 39.9% | 6.8% |
| Operating Margin | 15.7% | -4.1% |
| Net Margin | 5.7% | -3.2% |
| Revenue YoY | 47.4% | 10.7% |
| Net Profit YoY | 358.3% | -127.3% |
| EPS (diluted) | $0.06 | $-0.22 |
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 | $134.3M | ||
| Q3 25 | $121.8M | $144.3M | ||
| Q2 25 | $115.1M | $132.3M | ||
| Q1 25 | $100.1M | $135.6M | ||
| Q4 24 | $91.2M | $121.3M | ||
| Q3 24 | $86.0M | $135.4M | ||
| Q2 24 | $85.0M | $163.6M | ||
| Q1 24 | $83.0M | $161.3M |
| Q4 25 | $7.7M | $-4.4M | ||
| Q3 25 | $7.6M | $-2.7M | ||
| Q2 25 | $6.8M | $-1.1M | ||
| Q1 25 | $-4.8M | $20.0K | ||
| Q4 24 | $1.7M | $16.0M | ||
| Q3 24 | $4.3M | $3.0M | ||
| Q2 24 | $4.6M | $3.8M | ||
| Q1 24 | $2.1M | $3.2M |
| Q4 25 | 39.9% | 6.8% | ||
| Q3 25 | 41.0% | 11.0% | ||
| Q2 25 | 40.9% | 10.3% | ||
| Q1 25 | 39.4% | 11.3% | ||
| Q4 24 | 38.1% | 8.9% | ||
| Q3 24 | 39.3% | 12.6% | ||
| Q2 24 | 40.7% | 13.6% | ||
| Q1 24 | 34.9% | 13.0% |
| Q4 25 | 15.7% | -4.1% | ||
| Q3 25 | 17.9% | 0.0% | ||
| Q2 25 | 17.5% | 0.1% | ||
| Q1 25 | 10.0% | 1.2% | ||
| Q4 24 | 15.8% | 19.0% | ||
| Q3 24 | 20.2% | 4.2% | ||
| Q2 24 | 21.5% | 5.0% | ||
| Q1 24 | 16.3% | 4.7% |
| Q4 25 | 5.7% | -3.2% | ||
| Q3 25 | 6.3% | -1.9% | ||
| Q2 25 | 5.9% | -0.8% | ||
| Q1 25 | -4.8% | 0.0% | ||
| Q4 24 | 1.8% | 13.2% | ||
| Q3 24 | 5.0% | 2.2% | ||
| Q2 24 | 5.4% | 2.3% | ||
| Q1 24 | 2.6% | 2.0% |
| Q4 25 | $0.06 | $-0.22 | ||
| Q3 25 | $0.06 | $-0.13 | ||
| Q2 25 | $0.05 | $-0.05 | ||
| Q1 25 | $-0.04 | $0.00 | ||
| Q4 24 | $0.01 | $0.76 | ||
| Q3 24 | $0.03 | $0.14 | ||
| Q2 24 | $0.03 | $0.18 | ||
| Q1 24 | $0.01 | $0.16 |
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 | $1.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $382.7M | $240.7M |
| Total Assets | $1.1B | $563.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | $1.5M | ||
| Q3 25 | $18.7M | $1.2M | ||
| Q2 25 | $27.4M | $206.0K | ||
| Q1 25 | $113.7M | $183.0K | ||
| Q4 24 | $11.5M | $206.0K | ||
| Q3 24 | — | $178.0K | ||
| Q2 24 | — | $314.0K | ||
| Q1 24 | — | $314.0K |
| Q4 25 | $382.7M | $240.7M | ||
| Q3 25 | $369.1M | $244.8M | ||
| Q2 25 | $361.5M | $246.8M | ||
| Q1 25 | $348.9M | $250.0M | ||
| Q4 24 | $196.0M | $251.8M | ||
| Q3 24 | $194.1M | $238.4M | ||
| Q2 24 | $189.6M | $238.1M | ||
| Q1 24 | $184.8M | $234.0M |
| Q4 25 | $1.1B | $563.6M | ||
| Q3 25 | $968.1M | $585.6M | ||
| Q2 25 | $953.9M | $433.7M | ||
| Q1 25 | $875.4M | $447.7M | ||
| Q4 24 | $774.0M | $445.6M | ||
| Q3 24 | — | $466.0M | ||
| Q2 24 | — | $488.2M | ||
| Q1 24 | — | $499.9M |
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 | $8.7M | $13.4M |
| Free Cash FlowOCF − Capex | $4.0M | $10.2M |
| FCF MarginFCF / Revenue | 3.0% | 7.6% |
| Capex IntensityCapex / Revenue | 3.5% | 2.4% |
| Cash ConversionOCF / Net Profit | 1.13× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-42.5M | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $13.4M | ||
| Q3 25 | $131.0K | $1.9M | ||
| Q2 25 | $-17.4M | $15.0M | ||
| Q1 25 | $-13.6M | $8.3M | ||
| Q4 24 | — | $38.0M | ||
| Q3 24 | — | $17.9M | ||
| Q2 24 | — | $23.3M | ||
| Q1 24 | $3.1M | $10.6M |
| Q4 25 | $4.0M | $10.2M | ||
| Q3 25 | $-6.8M | $-1.1M | ||
| Q2 25 | $-21.0M | $12.5M | ||
| Q1 25 | $-18.6M | $5.4M | ||
| Q4 24 | — | $35.6M | ||
| Q3 24 | — | $15.1M | ||
| Q2 24 | — | $19.2M | ||
| Q1 24 | $1.5M | $7.8M |
| Q4 25 | 3.0% | 7.6% | ||
| Q3 25 | -5.6% | -0.8% | ||
| Q2 25 | -18.2% | 9.5% | ||
| Q1 25 | -18.6% | 4.0% | ||
| Q4 24 | — | 29.4% | ||
| Q3 24 | — | 11.1% | ||
| Q2 24 | — | 11.7% | ||
| Q1 24 | 1.8% | 4.9% |
| Q4 25 | 3.5% | 2.4% | ||
| Q3 25 | 5.7% | 2.1% | ||
| Q2 25 | 3.2% | 1.8% | ||
| Q1 25 | 5.0% | 2.2% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | 1.9% | 1.7% |
| Q4 25 | 1.13× | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | -2.55× | — | ||
| Q1 25 | — | 416.65× | ||
| Q4 24 | — | 2.38× | ||
| Q3 24 | — | 6.03× | ||
| Q2 24 | — | 6.15× | ||
| Q1 24 | 1.45× | 3.28× |
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% |
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
