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Side-by-side financial comparison of Karman Holdings Inc. (KRMN) and ONESPAWORLD HOLDINGS Ltd (OSW). Click either name above to swap in a different company.
ONESPAWORLD HOLDINGS Ltd is the larger business by last-quarter revenue ($242.1M vs $134.5M, roughly 1.8× Karman Holdings Inc.). Karman Holdings Inc. runs the higher net margin — 5.7% vs 5.0%, a 0.8% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs 11.5%). ONESPAWORLD HOLDINGS Ltd produced more free cash flow last quarter ($14.9M vs $4.0M). Over the past eight quarters, Karman Holdings Inc.'s revenue compounded faster (27.3% CAGR vs 7.1%).
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.
KRMN vs OSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.5M | $242.1M |
| Net Profit | $7.7M | $12.1M |
| Gross Margin | 39.9% | — |
| Operating Margin | 15.7% | 6.8% |
| Net Margin | 5.7% | 5.0% |
| Revenue YoY | 47.4% | 11.5% |
| Net Profit YoY | 358.3% | -16.2% |
| EPS (diluted) | $0.06 | $0.12 |
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 | $242.1M | ||
| Q3 25 | $121.8M | $258.5M | ||
| Q2 25 | $115.1M | $240.7M | ||
| Q1 25 | $100.1M | $219.6M | ||
| Q4 24 | $91.2M | $217.2M | ||
| Q3 24 | $86.0M | $241.7M | ||
| Q2 24 | $85.0M | $224.9M | ||
| Q1 24 | $83.0M | $211.2M |
| Q4 25 | $7.7M | $12.1M | ||
| Q3 25 | $7.6M | $24.3M | ||
| Q2 25 | $6.8M | $19.9M | ||
| Q1 25 | $-4.8M | $15.3M | ||
| Q4 24 | $1.7M | $14.4M | ||
| Q3 24 | $4.3M | $21.6M | ||
| Q2 24 | $4.6M | $15.8M | ||
| Q1 24 | $2.1M | $21.2M |
| 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 | 15.7% | 6.8% | ||
| Q3 25 | 17.9% | 10.2% | ||
| Q2 25 | 17.5% | 9.2% | ||
| Q1 25 | 10.0% | 7.7% | ||
| Q4 24 | 15.8% | 7.9% | ||
| Q3 24 | 20.2% | 10.3% | ||
| Q2 24 | 21.5% | 8.4% | ||
| Q1 24 | 16.3% | 8.0% |
| Q4 25 | 5.7% | 5.0% | ||
| Q3 25 | 6.3% | 9.4% | ||
| Q2 25 | 5.9% | 8.3% | ||
| Q1 25 | -4.8% | 7.0% | ||
| Q4 24 | 1.8% | 6.6% | ||
| Q3 24 | 5.0% | 8.9% | ||
| Q2 24 | 5.4% | 7.0% | ||
| Q1 24 | 2.6% | 10.0% |
| Q4 25 | $0.06 | $0.12 | ||
| Q3 25 | $0.06 | $0.23 | ||
| Q2 25 | $0.05 | $0.19 | ||
| Q1 25 | $-0.04 | $0.15 | ||
| Q4 24 | $0.01 | $0.13 | ||
| Q3 24 | $0.03 | $0.20 | ||
| Q2 24 | $0.03 | $0.15 | ||
| Q1 24 | $0.01 | $0.21 |
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 | $16.3M |
| Total DebtLower is stronger | — | $84.0M |
| Stockholders' EquityBook value | $382.7M | $542.6M |
| Total Assets | $1.1B | $707.1M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | $16.3M | ||
| Q3 25 | $18.7M | $29.6M | ||
| Q2 25 | $27.4M | $35.0M | ||
| Q1 25 | $113.7M | $22.6M | ||
| Q4 24 | $11.5M | $57.4M | ||
| Q3 24 | — | $48.8M | ||
| Q2 24 | — | $62.5M | ||
| Q1 24 | — | $65.4M |
| Q4 25 | — | $84.0M | ||
| Q3 25 | — | $85.2M | ||
| Q2 25 | — | $96.2M | ||
| Q1 25 | — | $97.4M | ||
| Q4 24 | — | $98.6M | ||
| Q3 24 | — | $98.7M | ||
| Q2 24 | — | $123.8M | ||
| Q1 24 | — | $138.6M |
| Q4 25 | $382.7M | $542.6M | ||
| Q3 25 | $369.1M | $552.8M | ||
| Q2 25 | $361.5M | $548.3M | ||
| Q1 25 | $348.9M | $530.6M | ||
| Q4 24 | $196.0M | $554.5M | ||
| Q3 24 | $194.1M | $540.1M | ||
| Q2 24 | $189.6M | $532.7M | ||
| Q1 24 | $184.8M | $515.5M |
| Q4 25 | $1.1B | $707.1M | ||
| Q3 25 | $968.1M | $732.6M | ||
| Q2 25 | $953.9M | $731.8M | ||
| Q1 25 | $875.4M | $708.7M | ||
| Q4 24 | $774.0M | $746.4M | ||
| Q3 24 | — | $734.0M | ||
| Q2 24 | — | $756.8M | ||
| Q1 24 | — | $763.6M |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.18× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | 0.23× | ||
| 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 | $8.7M | $20.0M |
| Free Cash FlowOCF − Capex | $4.0M | $14.9M |
| FCF MarginFCF / Revenue | 3.0% | 6.2% |
| Capex IntensityCapex / Revenue | 3.5% | 2.1% |
| Cash ConversionOCF / Net Profit | 1.13× | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-42.5M | $68.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $20.0M | ||
| Q3 25 | $131.0K | $33.2M | ||
| Q2 25 | $-17.4M | $20.3M | ||
| Q1 25 | $-13.6M | $10.1M | ||
| Q4 24 | — | $16.6M | ||
| Q3 24 | — | $28.6M | ||
| Q2 24 | — | $18.7M | ||
| Q1 24 | $3.1M | $15.0M |
| Q4 25 | $4.0M | $14.9M | ||
| Q3 25 | $-6.8M | $27.6M | ||
| Q2 25 | $-21.0M | $17.6M | ||
| Q1 25 | $-18.6M | $8.4M | ||
| Q4 24 | — | $13.2M | ||
| Q3 24 | — | $27.5M | ||
| Q2 24 | — | $17.6M | ||
| Q1 24 | $1.5M | $13.7M |
| Q4 25 | 3.0% | 6.2% | ||
| Q3 25 | -5.6% | 10.7% | ||
| Q2 25 | -18.2% | 7.3% | ||
| Q1 25 | -18.6% | 3.8% | ||
| Q4 24 | — | 6.1% | ||
| Q3 24 | — | 11.4% | ||
| Q2 24 | — | 7.8% | ||
| Q1 24 | 1.8% | 6.5% |
| Q4 25 | 3.5% | 2.1% | ||
| Q3 25 | 5.7% | 2.2% | ||
| Q2 25 | 3.2% | 1.1% | ||
| Q1 25 | 5.0% | 0.8% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.5% | ||
| Q1 24 | 1.9% | 0.6% |
| Q4 25 | 1.13× | 1.65× | ||
| Q3 25 | 0.02× | 1.36× | ||
| Q2 25 | -2.55× | 1.02× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 1.15× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | 1.45× | 0.71× |
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% |
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
