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Side-by-side financial comparison of Karman Holdings Inc. (KRMN) and QUALYS, INC. (QLYS). Click either name above to swap in a different company.
QUALYS, INC. is the larger business by last-quarter revenue ($175.3M vs $134.5M, roughly 1.3× Karman Holdings Inc.). QUALYS, INC. runs the higher net margin — 30.3% vs 5.7%, a 24.6% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs 10.1%). QUALYS, INC. produced more free cash flow last quarter ($74.9M vs $4.0M). Over the past eight quarters, Karman Holdings Inc.'s revenue compounded faster (27.3% CAGR vs 9.6%).
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.
Qualys, Inc. is an American technology firm based in Foster City, California, specializing in cloud security, compliance and related services.
KRMN vs QLYS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.5M | $175.3M |
| Net Profit | $7.7M | $53.1M |
| Gross Margin | 39.9% | 83.4% |
| Operating Margin | 15.7% | 33.6% |
| Net Margin | 5.7% | 30.3% |
| Revenue YoY | 47.4% | 10.1% |
| Net Profit YoY | 358.3% | 20.9% |
| EPS (diluted) | $0.06 | $1.47 |
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 | $175.3M | ||
| Q3 25 | $121.8M | $169.9M | ||
| Q2 25 | $115.1M | $164.1M | ||
| Q1 25 | $100.1M | $159.9M | ||
| Q4 24 | $91.2M | $159.2M | ||
| Q3 24 | $86.0M | $153.9M | ||
| Q2 24 | $85.0M | $148.7M | ||
| Q1 24 | $83.0M | $145.8M |
| Q4 25 | $7.7M | $53.1M | ||
| Q3 25 | $7.6M | $50.3M | ||
| Q2 25 | $6.8M | $47.3M | ||
| Q1 25 | $-4.8M | $47.5M | ||
| Q4 24 | $1.7M | $44.0M | ||
| Q3 24 | $4.3M | $46.2M | ||
| Q2 24 | $4.6M | $43.8M | ||
| Q1 24 | $2.1M | $39.7M |
| Q4 25 | 39.9% | 83.4% | ||
| Q3 25 | 41.0% | 83.6% | ||
| Q2 25 | 40.9% | 82.4% | ||
| Q1 25 | 39.4% | 81.9% | ||
| Q4 24 | 38.1% | 81.8% | ||
| Q3 24 | 39.3% | 81.3% | ||
| Q2 24 | 40.7% | 82.2% | ||
| Q1 24 | 34.9% | 81.3% |
| Q4 25 | 15.7% | 33.6% | ||
| Q3 25 | 17.9% | 35.3% | ||
| Q2 25 | 17.5% | 31.3% | ||
| Q1 25 | 10.0% | 32.4% | ||
| Q4 24 | 15.8% | 31.0% | ||
| Q3 24 | 20.2% | 29.2% | ||
| Q2 24 | 21.5% | 32.3% | ||
| Q1 24 | 16.3% | 30.7% |
| Q4 25 | 5.7% | 30.3% | ||
| Q3 25 | 6.3% | 29.6% | ||
| Q2 25 | 5.9% | 28.8% | ||
| Q1 25 | -4.8% | 29.7% | ||
| Q4 24 | 1.8% | 27.6% | ||
| Q3 24 | 5.0% | 30.0% | ||
| Q2 24 | 5.4% | 29.4% | ||
| Q1 24 | 2.6% | 27.2% |
| Q4 25 | $0.06 | $1.47 | ||
| Q3 25 | $0.06 | $1.39 | ||
| Q2 25 | $0.05 | $1.29 | ||
| Q1 25 | $-0.04 | $1.29 | ||
| Q4 24 | $0.01 | $1.19 | ||
| Q3 24 | $0.03 | $1.24 | ||
| Q2 24 | $0.03 | $1.17 | ||
| Q1 24 | $0.01 | $1.05 |
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 | $250.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $382.7M | $561.2M |
| Total Assets | $1.1B | $1.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | $250.3M | ||
| Q3 25 | $18.7M | $225.3M | ||
| Q2 25 | $27.4M | $194.0M | ||
| Q1 25 | $113.7M | $290.7M | ||
| Q4 24 | $11.5M | $232.2M | ||
| Q3 24 | — | $235.4M | ||
| Q2 24 | — | $281.2M | ||
| Q1 24 | — | $273.8M |
| Q4 25 | $382.7M | $561.2M | ||
| Q3 25 | $369.1M | $529.4M | ||
| Q2 25 | $361.5M | $508.2M | ||
| Q1 25 | $348.9M | $498.0M | ||
| Q4 24 | $196.0M | $477.1M | ||
| Q3 24 | $194.1M | $449.6M | ||
| Q2 24 | $189.6M | $427.8M | ||
| Q1 24 | $184.8M | $404.2M |
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $968.1M | $1.0B | ||
| Q2 25 | $953.9M | $999.5M | ||
| Q1 25 | $875.4M | $996.5M | ||
| Q4 24 | $774.0M | $973.5M | ||
| Q3 24 | — | $908.3M | ||
| Q2 24 | — | $876.6M | ||
| Q1 24 | — | $861.8M |
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 | $75.7M |
| Free Cash FlowOCF − Capex | $4.0M | $74.9M |
| FCF MarginFCF / Revenue | 3.0% | 42.8% |
| Capex IntensityCapex / Revenue | 3.5% | 0.4% |
| Cash ConversionOCF / Net Profit | 1.13× | 1.42× |
| TTM Free Cash FlowTrailing 4 quarters | $-42.5M | $304.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $75.7M | ||
| Q3 25 | $131.0K | $90.4M | ||
| Q2 25 | $-17.4M | $33.8M | ||
| Q1 25 | $-13.6M | $109.6M | ||
| Q4 24 | — | $47.7M | ||
| Q3 24 | — | $61.0M | ||
| Q2 24 | — | $49.8M | ||
| Q1 24 | $3.1M | $85.5M |
| Q4 25 | $4.0M | $74.9M | ||
| Q3 25 | $-6.8M | $89.5M | ||
| Q2 25 | $-21.0M | $32.4M | ||
| Q1 25 | $-18.6M | $107.5M | ||
| Q4 24 | — | $41.9M | ||
| Q3 24 | — | $57.6M | ||
| Q2 24 | — | $48.8M | ||
| Q1 24 | $1.5M | $83.5M |
| Q4 25 | 3.0% | 42.8% | ||
| Q3 25 | -5.6% | 52.7% | ||
| Q2 25 | -18.2% | 19.8% | ||
| Q1 25 | -18.6% | 67.3% | ||
| Q4 24 | — | 26.3% | ||
| Q3 24 | — | 37.4% | ||
| Q2 24 | — | 32.8% | ||
| Q1 24 | 1.8% | 57.2% |
| Q4 25 | 3.5% | 0.4% | ||
| Q3 25 | 5.7% | 0.5% | ||
| Q2 25 | 3.2% | 0.8% | ||
| Q1 25 | 5.0% | 1.3% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | 1.9% | 1.4% |
| Q4 25 | 1.13× | 1.42× | ||
| Q3 25 | 0.02× | 1.80× | ||
| Q2 25 | -2.55× | 0.71× | ||
| Q1 25 | — | 2.31× | ||
| Q4 24 | — | 1.09× | ||
| Q3 24 | — | 1.32× | ||
| Q2 24 | — | 1.14× | ||
| Q1 24 | 1.45× | 2.15× |
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% |
QLYS
| Sales Channel Through Intermediary | $88.6M | 51% |
| Sales Channel Directly To Consumer | $86.7M | 49% |
