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Side-by-side financial comparison of Karman Holdings Inc. (KRMN) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
National Storage Affiliates Trust is the larger business by last-quarter revenue ($187.0M vs $134.5M, roughly 1.4× Karman Holdings Inc.). National Storage Affiliates Trust runs the higher net margin — 12.2% vs 5.7%, a 6.5% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $4.0M). Over the past eight quarters, Karman Holdings Inc.'s revenue compounded faster (27.3% CAGR vs -2.4%).
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.
National Storage Affiliates Trust is a U.S.-headquartered real estate investment trust focused on self-storage assets. It owns, operates and acquires self-storage facilities across dozens of U.S. states, offering secure storage solutions for residential and commercial customers.
KRMN vs NSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.5M | $187.0M |
| Net Profit | $7.7M | $22.9M |
| Gross Margin | 39.9% | 72.5% |
| Operating Margin | 15.7% | 20.2% |
| Net Margin | 5.7% | 12.2% |
| Revenue YoY | 47.4% | -1.6% |
| Net Profit YoY | 358.3% | 36.8% |
| EPS (diluted) | $0.06 | $0.23 |
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 | $187.0M | ||
| Q3 25 | $121.8M | $188.7M | ||
| Q2 25 | $115.1M | $188.8M | ||
| Q1 25 | $100.1M | $188.4M | ||
| Q4 24 | $91.2M | $190.1M | ||
| Q3 24 | $86.0M | $193.6M | ||
| Q2 24 | $85.0M | $190.4M | ||
| Q1 24 | $83.0M | $196.1M |
| Q4 25 | $7.7M | $22.9M | ||
| Q3 25 | $7.6M | $18.4M | ||
| Q2 25 | $6.8M | $19.5M | ||
| Q1 25 | $-4.8M | $13.0M | ||
| Q4 24 | $1.7M | $16.7M | ||
| Q3 24 | $4.3M | $18.7M | ||
| Q2 24 | $4.6M | $17.1M | ||
| Q1 24 | $2.1M | $59.0M |
| Q4 25 | 39.9% | 72.5% | ||
| Q3 25 | 41.0% | 70.7% | ||
| Q2 25 | 40.9% | 70.5% | ||
| Q1 25 | 39.4% | 70.7% | ||
| Q4 24 | 38.1% | 72.5% | ||
| Q3 24 | 39.3% | 72.8% | ||
| Q2 24 | 40.7% | 72.6% | ||
| Q1 24 | 34.9% | 72.1% |
| Q4 25 | 15.7% | 20.2% | ||
| Q3 25 | 17.9% | 15.8% | ||
| Q2 25 | 17.5% | 16.5% | ||
| Q1 25 | 10.0% | 11.0% | ||
| Q4 24 | 15.8% | 14.5% | ||
| Q3 24 | 20.2% | 15.8% | ||
| Q2 24 | 21.5% | 17.2% | ||
| Q1 24 | 16.3% | 48.9% |
| Q4 25 | 5.7% | 12.2% | ||
| Q3 25 | 6.3% | 9.8% | ||
| Q2 25 | 5.9% | 10.3% | ||
| Q1 25 | -4.8% | 6.9% | ||
| Q4 24 | 1.8% | 8.8% | ||
| Q3 24 | 5.0% | 9.7% | ||
| Q2 24 | 5.4% | 9.0% | ||
| Q1 24 | 2.6% | 30.1% |
| Q4 25 | $0.06 | $0.23 | ||
| Q3 25 | $0.06 | $0.17 | ||
| Q2 25 | $0.05 | $0.19 | ||
| Q1 25 | $-0.04 | $0.10 | ||
| Q4 24 | $0.01 | $0.19 | ||
| Q3 24 | $0.03 | $0.18 | ||
| Q2 24 | $0.03 | $0.16 | ||
| Q1 24 | $0.01 | $0.65 |
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 | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $382.7M | $946.0M |
| Total Assets | $1.1B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | $23.3M | ||
| Q3 25 | $18.7M | $26.3M | ||
| Q2 25 | $27.4M | $26.1M | ||
| Q1 25 | $113.7M | $19.3M | ||
| Q4 24 | $11.5M | $50.4M | ||
| Q3 24 | — | $69.9M | ||
| Q2 24 | — | $59.0M | ||
| Q1 24 | — | $64.2M |
| Q4 25 | $382.7M | $946.0M | ||
| Q3 25 | $369.1M | $973.1M | ||
| Q2 25 | $361.5M | $1.0B | ||
| Q1 25 | $348.9M | $1.0B | ||
| Q4 24 | $196.0M | $1.1B | ||
| Q3 24 | $194.1M | $986.9M | ||
| Q2 24 | $189.6M | $1.2B | ||
| Q1 24 | $184.8M | $1.3B |
| Q4 25 | $1.1B | $5.1B | ||
| Q3 25 | $968.1M | $5.1B | ||
| Q2 25 | $953.9M | $5.2B | ||
| Q1 25 | $875.4M | $5.3B | ||
| Q4 24 | $774.0M | $5.4B | ||
| Q3 24 | — | $5.4B | ||
| Q2 24 | — | $5.3B | ||
| Q1 24 | — | $5.4B |
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 | $338.5M |
| Free Cash FlowOCF − Capex | $4.0M | $299.8M |
| FCF MarginFCF / Revenue | 3.0% | 160.3% |
| Capex IntensityCapex / Revenue | 3.5% | 20.7% |
| Cash ConversionOCF / Net Profit | 1.13× | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $-42.5M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $338.5M | ||
| Q3 25 | $131.0K | $100.2M | ||
| Q2 25 | $-17.4M | $79.9M | ||
| Q1 25 | $-13.6M | $85.6M | ||
| Q4 24 | — | $363.1M | ||
| Q3 24 | — | $105.7M | ||
| Q2 24 | — | $83.2M | ||
| Q1 24 | $3.1M | $94.0M |
| Q4 25 | $4.0M | $299.8M | ||
| Q3 25 | $-6.8M | $88.0M | ||
| Q2 25 | $-21.0M | $73.8M | ||
| Q1 25 | $-18.6M | $79.9M | ||
| Q4 24 | — | $344.4M | ||
| Q3 24 | — | $101.8M | ||
| Q2 24 | — | $79.5M | ||
| Q1 24 | $1.5M | $88.6M |
| Q4 25 | 3.0% | 160.3% | ||
| Q3 25 | -5.6% | 46.6% | ||
| Q2 25 | -18.2% | 39.1% | ||
| Q1 25 | -18.6% | 42.4% | ||
| Q4 24 | — | 181.2% | ||
| Q3 24 | — | 52.6% | ||
| Q2 24 | — | 41.7% | ||
| Q1 24 | 1.8% | 45.2% |
| Q4 25 | 3.5% | 20.7% | ||
| Q3 25 | 5.7% | 6.5% | ||
| Q2 25 | 3.2% | 3.2% | ||
| Q1 25 | 5.0% | 3.0% | ||
| Q4 24 | — | 9.8% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.9% | ||
| Q1 24 | 1.9% | 2.7% |
| Q4 25 | 1.13× | 14.79× | ||
| Q3 25 | 0.02× | 5.44× | ||
| Q2 25 | -2.55× | 4.10× | ||
| Q1 25 | — | 6.59× | ||
| Q4 24 | — | 21.70× | ||
| Q3 24 | — | 5.65× | ||
| Q2 24 | — | 4.88× | ||
| Q1 24 | 1.45× | 1.59× |
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% |
NSA
Segment breakdown not available.
