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Side-by-side financial comparison of Karman Holdings Inc. (KRMN) and PHOTRONICS INC (PLAB). Click either name above to swap in a different company.
PHOTRONICS INC is the larger business by last-quarter revenue ($210.4M vs $134.5M, roughly 1.6× Karman Holdings Inc.). PHOTRONICS INC runs the higher net margin — 10.9% vs 5.7%, a 5.1% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs -5.5%). PHOTRONICS INC produced more free cash flow last quarter ($25.2M vs $4.0M). Over the past eight quarters, Karman Holdings Inc.'s revenue compounded faster (27.3% CAGR vs -3.8%).
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.
Photronics, Inc. is an American semiconductor photomask manufacturer. It was the third largest photomask supplier globally as of 2009. Photronics is a member of the eBeam Initiative.
KRMN vs PLAB — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.5M | $210.4M |
| Net Profit | $7.7M | $22.9M |
| Gross Margin | 39.9% | 33.7% |
| Operating Margin | 15.7% | 22.9% |
| Net Margin | 5.7% | 10.9% |
| Revenue YoY | 47.4% | -5.5% |
| Net Profit YoY | 358.3% | -32.4% |
| EPS (diluted) | $0.06 | $0.39 |
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 | — | ||
| Q3 25 | $121.8M | $210.4M | ||
| Q2 25 | $115.1M | $211.0M | ||
| Q1 25 | $100.1M | $212.1M | ||
| Q4 24 | $91.2M | $222.6M | ||
| Q3 24 | $86.0M | $211.0M | ||
| Q2 24 | $85.0M | $217.0M | ||
| Q1 24 | $83.0M | $216.3M |
| Q4 25 | $7.7M | — | ||
| Q3 25 | $7.6M | $22.9M | ||
| Q2 25 | $6.8M | $8.9M | ||
| Q1 25 | $-4.8M | $42.9M | ||
| Q4 24 | $1.7M | $33.9M | ||
| Q3 24 | $4.3M | $34.4M | ||
| Q2 24 | $4.6M | $36.3M | ||
| Q1 24 | $2.1M | $26.2M |
| Q4 25 | 39.9% | — | ||
| Q3 25 | 41.0% | 33.7% | ||
| Q2 25 | 40.9% | 36.9% | ||
| Q1 25 | 39.4% | 35.6% | ||
| Q4 24 | 38.1% | 37.0% | ||
| Q3 24 | 39.3% | 35.6% | ||
| Q2 24 | 40.7% | 36.5% | ||
| Q1 24 | 34.9% | 36.6% |
| Q4 25 | 15.7% | — | ||
| Q3 25 | 17.9% | 22.9% | ||
| Q2 25 | 17.5% | 26.4% | ||
| Q1 25 | 10.0% | 24.6% | ||
| Q4 24 | 15.8% | 25.1% | ||
| Q3 24 | 20.2% | 24.7% | ||
| Q2 24 | 21.5% | 25.8% | ||
| Q1 24 | 16.3% | 26.6% |
| Q4 25 | 5.7% | — | ||
| Q3 25 | 6.3% | 10.9% | ||
| Q2 25 | 5.9% | 4.2% | ||
| Q1 25 | -4.8% | 20.2% | ||
| Q4 24 | 1.8% | 15.2% | ||
| Q3 24 | 5.0% | 16.3% | ||
| Q2 24 | 5.4% | 16.7% | ||
| Q1 24 | 2.6% | 12.1% |
| Q4 25 | $0.06 | — | ||
| Q3 25 | $0.06 | $0.39 | ||
| Q2 25 | $0.05 | $0.15 | ||
| Q1 25 | $-0.04 | $0.68 | ||
| Q4 24 | $0.01 | $0.54 | ||
| Q3 24 | $0.03 | $0.55 | ||
| Q2 24 | $0.03 | $0.58 | ||
| Q1 24 | $0.01 | $0.42 |
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 | $575.8M |
| Total DebtLower is stronger | — | $16.0K |
| Stockholders' EquityBook value | $382.7M | $1.1B |
| Total Assets | $1.1B | $1.8B |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | — | ||
| Q3 25 | $18.7M | $575.8M | ||
| Q2 25 | $27.4M | $558.4M | ||
| Q1 25 | $113.7M | $642.2M | ||
| Q4 24 | $11.5M | $640.7M | ||
| Q3 24 | — | $606.4M | ||
| Q2 24 | — | $559.9M | ||
| Q1 24 | — | $521.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $16.0K | ||
| Q2 25 | — | $19.0K | ||
| Q1 25 | — | $21.0K | ||
| Q4 24 | — | $25.0K | ||
| Q3 24 | — | $28.0K | ||
| Q2 24 | — | $2.5M | ||
| Q1 24 | — | $2.7M |
| Q4 25 | $382.7M | — | ||
| Q3 25 | $369.1M | $1.1B | ||
| Q2 25 | $361.5M | $1.1B | ||
| Q1 25 | $348.9M | $1.1B | ||
| Q4 24 | $196.0M | $1.1B | ||
| Q3 24 | $194.1M | $1.1B | ||
| Q2 24 | $189.6M | $1.0B | ||
| Q1 24 | $184.8M | $1.0B |
| Q4 25 | $1.1B | — | ||
| Q3 25 | $968.1M | $1.8B | ||
| Q2 25 | $953.9M | $1.7B | ||
| Q1 25 | $875.4M | $1.7B | ||
| Q4 24 | $774.0M | $1.7B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.6B |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.00× |
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 | $50.1M |
| Free Cash FlowOCF − Capex | $4.0M | $25.2M |
| FCF MarginFCF / Revenue | 3.0% | 12.0% |
| Capex IntensityCapex / Revenue | 3.5% | 11.8% |
| Cash ConversionOCF / Net Profit | 1.13× | 2.19× |
| TTM Free Cash FlowTrailing 4 quarters | $-42.5M | $64.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | — | ||
| Q3 25 | $131.0K | $50.1M | ||
| Q2 25 | $-17.4M | $31.5M | ||
| Q1 25 | $-13.6M | $78.5M | ||
| Q4 24 | — | $68.4M | ||
| Q3 24 | — | $75.1M | ||
| Q2 24 | — | $76.5M | ||
| Q1 24 | $3.1M | $41.5M |
| Q4 25 | $4.0M | — | ||
| Q3 25 | $-6.8M | $25.2M | ||
| Q2 25 | $-21.0M | $-29.1M | ||
| Q1 25 | $-18.6M | $43.3M | ||
| Q4 24 | — | $25.2M | ||
| Q3 24 | — | $50.7M | ||
| Q2 24 | — | $56.5M | ||
| Q1 24 | $1.5M | $-1.8M |
| Q4 25 | 3.0% | — | ||
| Q3 25 | -5.6% | 12.0% | ||
| Q2 25 | -18.2% | -13.8% | ||
| Q1 25 | -18.6% | 20.4% | ||
| Q4 24 | — | 11.3% | ||
| Q3 24 | — | 24.0% | ||
| Q2 24 | — | 26.0% | ||
| Q1 24 | 1.8% | -0.8% |
| Q4 25 | 3.5% | — | ||
| Q3 25 | 5.7% | 11.8% | ||
| Q2 25 | 3.2% | 28.7% | ||
| Q1 25 | 5.0% | 16.6% | ||
| Q4 24 | — | 19.4% | ||
| Q3 24 | — | 11.6% | ||
| Q2 24 | — | 9.2% | ||
| Q1 24 | 1.9% | 20.0% |
| Q4 25 | 1.13× | — | ||
| Q3 25 | 0.02× | 2.19× | ||
| Q2 25 | -2.55× | 3.55× | ||
| Q1 25 | — | 1.83× | ||
| Q4 24 | — | 2.02× | ||
| Q3 24 | — | 2.18× | ||
| Q2 24 | — | 2.11× | ||
| 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% |
PLAB
| High End Integrated Circuits | $53.6M | 25% |
| High End Flat Panel Displays | $53.5M | 25% |
| KR | $43.7M | 21% |
| Other | $42.1M | 20% |
| Mainstream Flat Panel Displays | $9.1M | 4% |
| Transferred At Point In Time | $8.4M | 4% |
