vs
Side-by-side financial comparison of Karman Holdings Inc. (KRMN) and PagerDuty, Inc. (PD). Click either name above to swap in a different company.
Karman Holdings Inc. is the larger business by last-quarter revenue ($134.5M vs $124.5M, roughly 1.1× PagerDuty, Inc.). PagerDuty, Inc. runs the higher net margin — 129.7% vs 5.7%, a 124.0% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs 4.7%). PagerDuty, Inc. produced more free cash flow last quarter ($24.1M vs $4.0M). Over the past eight quarters, Karman Holdings Inc.'s revenue compounded faster (27.3% CAGR vs 5.9%).
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.
PagerDuty, Inc. is an American cloud computing company specializing in a SaaS incident management platform for IT operations departments.
KRMN vs PD — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $134.5M | $124.5M |
| Net Profit | $7.7M | $161.6M |
| Gross Margin | 39.9% | 85.3% |
| Operating Margin | 15.7% | 6.5% |
| Net Margin | 5.7% | 129.7% |
| Revenue YoY | 47.4% | 4.7% |
| Net Profit YoY | 358.3% | 2827.7% |
| EPS (diluted) | $0.06 | $1.69 |
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 | $124.5M | ||
| Q3 25 | $121.8M | $123.4M | ||
| Q2 25 | $115.1M | $119.8M | ||
| Q1 25 | $100.1M | $121.4M | ||
| Q4 24 | $91.2M | $118.9M | ||
| Q3 24 | $86.0M | $115.9M | ||
| Q2 24 | $85.0M | $111.2M | ||
| Q1 24 | $83.0M | $111.1M |
| Q4 25 | $7.7M | $161.6M | ||
| Q3 25 | $7.6M | $9.6M | ||
| Q2 25 | $6.8M | $-7.2M | ||
| Q1 25 | $-4.8M | $-8.8M | ||
| Q4 24 | $1.7M | $-5.9M | ||
| Q3 24 | $4.3M | $-10.9M | ||
| Q2 24 | $4.6M | $-17.1M | ||
| Q1 24 | $2.1M | $-28.2M |
| Q4 25 | 39.9% | 85.3% | ||
| Q3 25 | 41.0% | 84.6% | ||
| Q2 25 | 40.9% | 84.0% | ||
| Q1 25 | 39.4% | 83.6% | ||
| Q4 24 | 38.1% | 83.0% | ||
| Q3 24 | 39.3% | 82.7% | ||
| Q2 24 | 40.7% | 82.6% | ||
| Q1 24 | 34.9% | 81.7% |
| Q4 25 | 15.7% | 6.5% | ||
| Q3 25 | 17.9% | 2.9% | ||
| Q2 25 | 17.5% | -8.6% | ||
| Q1 25 | 10.0% | -9.6% | ||
| Q4 24 | 15.8% | -8.7% | ||
| Q3 24 | 20.2% | -13.8% | ||
| Q2 24 | 21.5% | -19.5% | ||
| Q1 24 | 16.3% | -30.1% |
| Q4 25 | 5.7% | 129.7% | ||
| Q3 25 | 6.3% | 7.8% | ||
| Q2 25 | 5.9% | -6.0% | ||
| Q1 25 | -4.8% | -7.2% | ||
| Q4 24 | 1.8% | -5.0% | ||
| Q3 24 | 5.0% | -9.4% | ||
| Q2 24 | 5.4% | -15.4% | ||
| Q1 24 | 2.6% | -25.3% |
| Q4 25 | $0.06 | $1.69 | ||
| Q3 25 | $0.06 | $0.10 | ||
| Q2 25 | $0.05 | $-0.07 | ||
| Q1 25 | $-0.04 | $-0.12 | ||
| Q4 24 | $0.01 | $-0.07 | ||
| Q3 24 | $0.03 | $-0.14 | ||
| Q2 24 | $0.03 | $-0.26 | ||
| Q1 24 | $0.01 | $-0.34 |
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 | $547.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $382.7M | $320.5M |
| Total Assets | $1.1B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | $547.8M | ||
| Q3 25 | $18.7M | $567.9M | ||
| Q2 25 | $27.4M | $597.1M | ||
| Q1 25 | $113.7M | $570.8M | ||
| Q4 24 | $11.5M | $542.2M | ||
| Q3 24 | — | $599.3M | ||
| Q2 24 | — | $592.8M | ||
| Q1 24 | — | $571.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $484.5M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $489.5M |
| Q4 25 | $382.7M | $320.5M | ||
| Q3 25 | $369.1M | $180.7M | ||
| Q2 25 | $361.5M | $145.7M | ||
| Q1 25 | $348.9M | $129.8M | ||
| Q4 24 | $196.0M | $111.6M | ||
| Q3 24 | $194.1M | $164.7M | ||
| Q2 24 | $189.6M | $174.0M | ||
| Q1 24 | $184.8M | $171.6M |
| Q4 25 | $1.1B | $1.0B | ||
| Q3 25 | $968.1M | $891.5M | ||
| Q2 25 | $953.9M | $926.8M | ||
| Q1 25 | $875.4M | $927.3M | ||
| Q4 24 | $774.0M | $866.8M | ||
| Q3 24 | — | $916.0M | ||
| Q2 24 | — | $924.0M | ||
| Q1 24 | — | $925.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.73× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 2.85× |
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 | $24.8M |
| Free Cash FlowOCF − Capex | $4.0M | $24.1M |
| FCF MarginFCF / Revenue | 3.0% | 19.3% |
| Capex IntensityCapex / Revenue | 3.5% | 0.6% |
| Cash ConversionOCF / Net Profit | 1.13× | 0.15× |
| TTM Free Cash FlowTrailing 4 quarters | $-42.5M | $117.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $24.8M | ||
| Q3 25 | $131.0K | $34.0M | ||
| Q2 25 | $-17.4M | $30.7M | ||
| Q1 25 | $-13.6M | $31.4M | ||
| Q4 24 | — | $22.1M | ||
| Q3 24 | — | $35.8M | ||
| Q2 24 | — | $28.6M | ||
| Q1 24 | $3.1M | $22.2M |
| Q4 25 | $4.0M | $24.1M | ||
| Q3 25 | $-6.8M | $33.1M | ||
| Q2 25 | $-21.0M | $30.2M | ||
| Q1 25 | $-18.6M | $30.3M | ||
| Q4 24 | — | $21.5M | ||
| Q3 24 | — | $35.1M | ||
| Q2 24 | — | $28.2M | ||
| Q1 24 | $1.5M | $21.2M |
| Q4 25 | 3.0% | 19.3% | ||
| Q3 25 | -5.6% | 26.8% | ||
| Q2 25 | -18.2% | 25.2% | ||
| Q1 25 | -18.6% | 24.9% | ||
| Q4 24 | — | 18.1% | ||
| Q3 24 | — | 30.3% | ||
| Q2 24 | — | 25.4% | ||
| Q1 24 | 1.8% | 19.1% |
| Q4 25 | 3.5% | 0.6% | ||
| Q3 25 | 5.7% | 0.7% | ||
| Q2 25 | 3.2% | 0.4% | ||
| Q1 25 | 5.0% | 0.9% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | 1.9% | 0.9% |
| Q4 25 | 1.13× | 0.15× | ||
| Q3 25 | 0.02× | 3.55× | ||
| 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
KRMN
| Tactical Missile And Integrated Defense Systems | $50.5M | 38% |
| Hypersonic And Strategic Missile Defense | $48.4M | 36% |
| Space And Launch | $35.7M | 27% |
PD
| US | $88.8M | 71% |
| Non Us | $35.7M | 29% |
