vs
Side-by-side financial comparison of Karman Holdings Inc. (KRMN) and BRC Group Holdings, Inc. (RILY). Click either name above to swap in a different company.
BRC Group Holdings, Inc. is the larger business by last-quarter revenue ($188.3M vs $134.5M, roughly 1.4× Karman Holdings Inc.). BRC Group Holdings, Inc. runs the higher net margin — 47.9% vs 5.7%, a 42.2% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs -21.9%). Over the past eight quarters, Karman Holdings Inc.'s revenue compounded faster (27.3% CAGR vs -15.4%).
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 RILY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.5M | $188.3M |
| Net Profit | $7.7M | $90.3M |
| Gross Margin | 39.9% | 79.5% |
| Operating Margin | 15.7% | 32.3% |
| Net Margin | 5.7% | 47.9% |
| Revenue YoY | 47.4% | -21.9% |
| Net Profit YoY | 358.3% | 1710.8% |
| EPS (diluted) | $0.06 | $2.78 |
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 | $188.3M | ||
| Q3 25 | $121.8M | $215.3M | ||
| Q2 25 | $115.1M | $188.2M | ||
| Q1 25 | $100.1M | $197.2M | ||
| Q4 24 | $91.2M | $241.0M | ||
| Q3 24 | $86.0M | $225.5M | ||
| Q2 24 | $85.0M | $256.0M | ||
| Q1 24 | $83.0M | $263.4M |
| Q4 25 | $7.7M | $90.3M | ||
| Q3 25 | $7.6M | $91.1M | ||
| Q2 25 | $6.8M | $139.5M | ||
| Q1 25 | $-4.8M | $-10.0M | ||
| Q4 24 | $1.7M | $-5.6M | ||
| Q3 24 | $4.3M | $-284.4M | ||
| Q2 24 | $4.6M | $-433.6M | ||
| Q1 24 | $2.1M | $-49.2M |
| Q4 25 | 39.9% | 79.5% | ||
| Q3 25 | 41.0% | 83.7% | ||
| Q2 25 | 40.9% | 81.3% | ||
| Q1 25 | 39.4% | 81.4% | ||
| Q4 24 | 38.1% | 79.8% | ||
| Q3 24 | 39.3% | 82.1% | ||
| Q2 24 | 40.7% | 84.5% | ||
| Q1 24 | 34.9% | 85.3% |
| Q4 25 | 15.7% | 32.3% | ||
| Q3 25 | 17.9% | 30.4% | ||
| Q2 25 | 17.5% | 5.7% | ||
| Q1 25 | 10.0% | -31.2% | ||
| Q4 24 | 15.8% | -69.2% | ||
| Q3 24 | 20.2% | -36.4% | ||
| Q2 24 | 21.5% | -90.8% | ||
| Q1 24 | 16.3% | -6.1% |
| Q4 25 | 5.7% | 47.9% | ||
| Q3 25 | 6.3% | 42.3% | ||
| Q2 25 | 5.9% | 74.1% | ||
| Q1 25 | -4.8% | -5.1% | ||
| Q4 24 | 1.8% | -2.3% | ||
| Q3 24 | 5.0% | -126.1% | ||
| Q2 24 | 5.4% | -169.4% | ||
| Q1 24 | 2.6% | -18.7% |
| Q4 25 | $0.06 | $2.78 | ||
| Q3 25 | $0.06 | $2.91 | ||
| Q2 25 | $0.05 | $4.50 | ||
| Q1 25 | $-0.04 | $-0.39 | ||
| Q4 24 | $0.01 | $-0.01 | ||
| Q3 24 | $0.03 | $-9.39 | ||
| Q2 24 | $0.03 | $-14.35 | ||
| Q1 24 | $0.01 | $-1.71 |
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 | $226.6M |
| Total DebtLower is stronger | — | $1.4B |
| Stockholders' EquityBook value | $382.7M | $-171.5M |
| Total Assets | $1.1B | $1.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | $226.6M | ||
| Q3 25 | $18.7M | $184.2M | ||
| Q2 25 | $27.4M | $267.4M | ||
| Q1 25 | $113.7M | $138.3M | ||
| Q4 24 | $11.5M | $146.9M | ||
| Q3 24 | — | $159.2M | ||
| Q2 24 | — | $236.9M | ||
| Q1 24 | — | $190.7M |
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $382.7M | $-171.5M | ||
| Q3 25 | $369.1M | $-260.5M | ||
| Q2 25 | $361.5M | $-351.7M | ||
| Q1 25 | $348.9M | $-496.8M | ||
| Q4 24 | $196.0M | $-488.2M | ||
| Q3 24 | $194.1M | $-497.6M | ||
| Q2 24 | $189.6M | $-218.3M | ||
| Q1 24 | $184.8M | $228.4M |
| Q4 25 | $1.1B | $1.7B | ||
| Q3 25 | $968.1M | $1.7B | ||
| Q2 25 | $953.9M | $1.5B | ||
| Q1 25 | $875.4M | $1.5B | ||
| Q4 24 | $774.0M | $1.8B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | — | $5.0B |
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 | $26.2M |
| Free Cash FlowOCF − Capex | $4.0M | — |
| FCF MarginFCF / Revenue | 3.0% | — |
| Capex IntensityCapex / Revenue | 3.5% | — |
| Cash ConversionOCF / Net Profit | 1.13× | 0.29× |
| TTM Free Cash FlowTrailing 4 quarters | $-42.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $26.2M | ||
| Q3 25 | $131.0K | $-60.6M | ||
| Q2 25 | $-17.4M | $-25.6M | ||
| Q1 25 | $-13.6M | $184.0K | ||
| Q4 24 | — | $-2.7M | ||
| Q3 24 | — | $19.5M | ||
| Q2 24 | — | $111.5M | ||
| Q1 24 | $3.1M | $135.4M |
| Q4 25 | $4.0M | — | ||
| Q3 25 | $-6.8M | — | ||
| Q2 25 | $-21.0M | — | ||
| Q1 25 | $-18.6M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.5M | — |
| Q4 25 | 3.0% | — | ||
| Q3 25 | -5.6% | — | ||
| Q2 25 | -18.2% | — | ||
| Q1 25 | -18.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.8% | — |
| Q4 25 | 3.5% | — | ||
| Q3 25 | 5.7% | — | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 5.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.9% | — |
| Q4 25 | 1.13× | 0.29× | ||
| Q3 25 | 0.02× | -0.66× | ||
| Q2 25 | -2.55× | -0.18× | ||
| 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% |
RILY
| Transferred At Point In Time | $101.4M | 54% |
| Wealth Management Segment | $30.7M | 16% |
| Corporate Finance Consulting And Investment Banking Fees | $27.1M | 14% |
| Services And Fees | $24.8M | 13% |
| Commissions Fees And Reimbursed Expenses | $4.8M | 3% |
