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Side-by-side financial comparison of Karman Holdings Inc. (KRMN) and Palomar Holdings, Inc. (PLMR). Click either name above to swap in a different company.
Palomar Holdings, Inc. is the larger business by last-quarter revenue ($253.4M vs $134.5M, roughly 1.9× Karman Holdings Inc.). On growth, Palomar Holdings, Inc. posted the faster year-over-year revenue change (62.7% vs 47.4%). Palomar Holdings, Inc. produced more free cash flow last quarter ($409.0M vs $4.0M). Over the past eight quarters, Palomar Holdings, Inc.'s revenue compounded faster (46.2% CAGR vs 27.3%).
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.
Palomar Holdings, Inc. is a specialty insurance holding company that primarily provides property insurance products for catastrophe-exposed residential and commercial assets. It mainly operates across the United States, focusing on core segments including earthquake, flood, and windstorm coverage to meet high-risk property protection demands of customers.
KRMN vs PLMR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.5M | $253.4M |
| Net Profit | $7.7M | — |
| Gross Margin | 39.9% | — |
| Operating Margin | 15.7% | 28.7% |
| Net Margin | 5.7% | — |
| Revenue YoY | 47.4% | 62.7% |
| Net Profit YoY | 358.3% | — |
| EPS (diluted) | $0.06 | $2.05 |
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 | $253.4M | ||
| Q3 25 | $121.8M | $244.7M | ||
| Q2 25 | $115.1M | $203.3M | ||
| Q1 25 | $100.1M | $174.6M | ||
| Q4 24 | $91.2M | $155.8M | ||
| Q3 24 | $86.0M | $148.5M | ||
| Q2 24 | $85.0M | $131.1M | ||
| Q1 24 | $83.0M | $118.5M |
| Q4 25 | $7.7M | — | ||
| Q3 25 | $7.6M | $51.5M | ||
| Q2 25 | $6.8M | $46.5M | ||
| Q1 25 | $-4.8M | $42.9M | ||
| Q4 24 | $1.7M | — | ||
| Q3 24 | $4.3M | $30.5M | ||
| Q2 24 | $4.6M | $25.7M | ||
| Q1 24 | $2.1M | $26.4M |
| 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% | 28.7% | ||
| Q3 25 | 17.9% | 27.4% | ||
| Q2 25 | 17.5% | 29.5% | ||
| Q1 25 | 10.0% | 30.8% | ||
| Q4 24 | 15.8% | 28.9% | ||
| Q3 24 | 20.2% | 25.9% | ||
| Q2 24 | 21.5% | 25.5% | ||
| Q1 24 | 16.3% | 29.0% |
| Q4 25 | 5.7% | — | ||
| Q3 25 | 6.3% | 21.0% | ||
| Q2 25 | 5.9% | 22.9% | ||
| Q1 25 | -4.8% | 24.6% | ||
| Q4 24 | 1.8% | — | ||
| Q3 24 | 5.0% | 20.5% | ||
| Q2 24 | 5.4% | 19.6% | ||
| Q1 24 | 2.6% | 22.3% |
| Q4 25 | $0.06 | $2.05 | ||
| Q3 25 | $0.06 | $1.87 | ||
| Q2 25 | $0.05 | $1.68 | ||
| Q1 25 | $-0.04 | $1.57 | ||
| Q4 24 | $0.01 | $1.29 | ||
| Q3 24 | $0.03 | $1.15 | ||
| Q2 24 | $0.03 | $1.00 | ||
| Q1 24 | $0.01 | $1.04 |
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 | $106.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $382.7M | $942.7M |
| Total Assets | $1.1B | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | $106.9M | ||
| Q3 25 | $18.7M | $111.7M | ||
| Q2 25 | $27.4M | $81.3M | ||
| Q1 25 | $113.7M | $119.3M | ||
| Q4 24 | $11.5M | $80.4M | ||
| Q3 24 | — | $86.5M | ||
| Q2 24 | — | $47.8M | ||
| Q1 24 | — | $61.4M |
| Q4 25 | $382.7M | $942.7M | ||
| Q3 25 | $369.1M | $878.1M | ||
| Q2 25 | $361.5M | $847.2M | ||
| Q1 25 | $348.9M | $790.4M | ||
| Q4 24 | $196.0M | $729.0M | ||
| Q3 24 | $194.1M | $703.3M | ||
| Q2 24 | $189.6M | $532.6M | ||
| Q1 24 | $184.8M | $501.7M |
| Q4 25 | $1.1B | $3.1B | ||
| Q3 25 | $968.1M | $2.9B | ||
| Q2 25 | $953.9M | $2.8B | ||
| Q1 25 | $875.4M | $2.4B | ||
| Q4 24 | $774.0M | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | — | $1.9B |
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 | $409.1M |
| Free Cash FlowOCF − Capex | $4.0M | $409.0M |
| FCF MarginFCF / Revenue | 3.0% | 161.4% |
| Capex IntensityCapex / Revenue | 3.5% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.13× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-42.5M | $700.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $409.1M | ||
| Q3 25 | $131.0K | $83.6M | ||
| Q2 25 | $-17.4M | $120.9M | ||
| Q1 25 | $-13.6M | $87.2M | ||
| Q4 24 | — | $261.2M | ||
| Q3 24 | — | $100.3M | ||
| Q2 24 | — | $55.1M | ||
| Q1 24 | $3.1M | $33.1M |
| Q4 25 | $4.0M | $409.0M | ||
| Q3 25 | $-6.8M | $83.6M | ||
| Q2 25 | $-21.0M | $120.8M | ||
| Q1 25 | $-18.6M | $87.1M | ||
| Q4 24 | — | $260.9M | ||
| Q3 24 | — | $100.1M | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.5M | — |
| Q4 25 | 3.0% | 161.4% | ||
| Q3 25 | -5.6% | 34.2% | ||
| Q2 25 | -18.2% | 59.4% | ||
| Q1 25 | -18.6% | 49.9% | ||
| Q4 24 | — | 167.5% | ||
| Q3 24 | — | 67.4% | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.8% | — |
| Q4 25 | 3.5% | 0.1% | ||
| Q3 25 | 5.7% | 0.0% | ||
| Q2 25 | 3.2% | 0.0% | ||
| Q1 25 | 5.0% | 0.0% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | 1.9% | 0.0% |
| Q4 25 | 1.13× | — | ||
| Q3 25 | 0.02× | 1.63× | ||
| Q2 25 | -2.55× | 2.60× | ||
| Q1 25 | — | 2.03× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.29× | ||
| Q2 24 | — | 2.14× | ||
| Q1 24 | 1.45× | 1.26× |
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% |
PLMR
Segment breakdown not available.
