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Side-by-side financial comparison of Karman Holdings Inc. (KRMN) and RE/MAX Holdings, Inc. (RMAX). Click either name above to swap in a different company.
Karman Holdings Inc. is the larger business by last-quarter revenue ($134.5M vs $71.1M, roughly 1.9× RE/MAX Holdings, Inc.). Karman Holdings Inc. runs the higher net margin — 5.7% vs 2.0%, a 3.7% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs -1.8%). RE/MAX Holdings, Inc. produced more free cash flow last quarter ($33.5M vs $4.0M). Over the past eight quarters, Karman Holdings Inc.'s revenue compounded faster (27.3% CAGR vs -4.7%).
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.
RE/MAX is an international real estate franchise operating in over 100 countries and territories that, in 2015, had over 100,000 agents in 6,800 offices.
KRMN vs RMAX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.5M | $71.1M |
| Net Profit | $7.7M | $1.4M |
| Gross Margin | 39.9% | — |
| Operating Margin | 15.7% | 13.1% |
| Net Margin | 5.7% | 2.0% |
| Revenue YoY | 47.4% | -1.8% |
| Net Profit YoY | 358.3% | -75.2% |
| EPS (diluted) | $0.06 | — |
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 | $71.1M | ||
| Q3 25 | $121.8M | $73.2M | ||
| Q2 25 | $115.1M | $72.8M | ||
| Q1 25 | $100.1M | $74.5M | ||
| Q4 24 | $91.2M | $72.5M | ||
| Q3 24 | $86.0M | $78.5M | ||
| Q2 24 | $85.0M | $78.5M | ||
| Q1 24 | $83.0M | $78.3M |
| Q4 25 | $7.7M | $1.4M | ||
| Q3 25 | $7.6M | $4.0M | ||
| Q2 25 | $6.8M | $4.7M | ||
| Q1 25 | $-4.8M | $-2.0M | ||
| Q4 24 | $1.7M | $5.8M | ||
| Q3 24 | $4.3M | $966.0K | ||
| Q2 24 | $4.6M | $3.7M | ||
| Q1 24 | $2.1M | $-3.4M |
| 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% | 13.1% | ||
| Q3 25 | 17.9% | 25.0% | ||
| Q2 25 | 17.5% | 19.3% | ||
| Q1 25 | 10.0% | 7.2% | ||
| Q4 24 | 15.8% | 5.9% | ||
| Q3 24 | 20.2% | 19.4% | ||
| Q2 24 | 21.5% | 20.6% | ||
| Q1 24 | 16.3% | 5.8% |
| Q4 25 | 5.7% | 2.0% | ||
| Q3 25 | 6.3% | 5.4% | ||
| Q2 25 | 5.9% | 6.4% | ||
| Q1 25 | -4.8% | -2.6% | ||
| Q4 24 | 1.8% | 8.0% | ||
| Q3 24 | 5.0% | 1.2% | ||
| Q2 24 | 5.4% | 4.7% | ||
| Q1 24 | 2.6% | -4.3% |
| Q4 25 | $0.06 | — | ||
| Q3 25 | $0.06 | — | ||
| Q2 25 | $0.05 | — | ||
| Q1 25 | $-0.04 | — | ||
| Q4 24 | $0.01 | — | ||
| Q3 24 | $0.03 | — | ||
| Q2 24 | $0.03 | — | ||
| Q1 24 | $0.01 | — |
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 | $118.7M |
| Total DebtLower is stronger | — | $432.2M |
| Stockholders' EquityBook value | $382.7M | $452.4M |
| Total Assets | $1.1B | $582.5M |
| Debt / EquityLower = less leverage | — | 0.96× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | $118.7M | ||
| Q3 25 | $18.7M | $107.5M | ||
| Q2 25 | $27.4M | $94.3M | ||
| Q1 25 | $113.7M | $89.1M | ||
| Q4 24 | $11.5M | $96.6M | ||
| Q3 24 | — | $83.8M | ||
| Q2 24 | — | $66.1M | ||
| Q1 24 | — | $82.1M |
| Q4 25 | — | $432.2M | ||
| Q3 25 | — | $433.3M | ||
| Q2 25 | — | $434.4M | ||
| Q1 25 | — | $435.3M | ||
| Q4 24 | — | $436.2M | ||
| Q3 24 | — | $437.2M | ||
| Q2 24 | — | $438.1M | ||
| Q1 24 | — | $439.0M |
| Q4 25 | $382.7M | $452.4M | ||
| Q3 25 | $369.1M | $448.1M | ||
| Q2 25 | $361.5M | $442.4M | ||
| Q1 25 | $348.9M | $433.5M | ||
| Q4 24 | $196.0M | $429.5M | ||
| Q3 24 | $194.1M | $423.1M | ||
| Q2 24 | $189.6M | $418.4M | ||
| Q1 24 | $184.8M | $412.0M |
| Q4 25 | $1.1B | $582.5M | ||
| Q3 25 | $968.1M | $582.2M | ||
| Q2 25 | $953.9M | $574.8M | ||
| Q1 25 | $875.4M | $571.4M | ||
| Q4 24 | $774.0M | $581.6M | ||
| Q3 24 | — | $578.6M | ||
| Q2 24 | — | $571.4M | ||
| Q1 24 | — | $566.7M |
| Q4 25 | — | 0.96× | ||
| Q3 25 | — | 0.97× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 1.00× | ||
| Q4 24 | — | 1.02× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.07× |
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 | $40.9M |
| Free Cash FlowOCF − Capex | $4.0M | $33.5M |
| FCF MarginFCF / Revenue | 3.0% | 47.1% |
| Capex IntensityCapex / Revenue | 3.5% | 10.4% |
| Cash ConversionOCF / Net Profit | 1.13× | 28.39× |
| TTM Free Cash FlowTrailing 4 quarters | $-42.5M | $56.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $40.9M | ||
| Q3 25 | $131.0K | $17.7M | ||
| Q2 25 | $-17.4M | $4.6M | ||
| Q1 25 | $-13.6M | $5.7M | ||
| Q4 24 | — | $59.7M | ||
| Q3 24 | — | $17.6M | ||
| Q2 24 | — | $15.9M | ||
| Q1 24 | $3.1M | $9.4M |
| Q4 25 | $4.0M | $33.5M | ||
| Q3 25 | $-6.8M | $16.4M | ||
| Q2 25 | $-21.0M | $2.9M | ||
| Q1 25 | $-18.6M | $4.0M | ||
| Q4 24 | — | $53.0M | ||
| Q3 24 | — | $16.3M | ||
| Q2 24 | — | $14.0M | ||
| Q1 24 | $1.5M | $6.8M |
| Q4 25 | 3.0% | 47.1% | ||
| Q3 25 | -5.6% | 22.4% | ||
| Q2 25 | -18.2% | 4.0% | ||
| Q1 25 | -18.6% | 5.3% | ||
| Q4 24 | — | 73.2% | ||
| Q3 24 | — | 20.8% | ||
| Q2 24 | — | 17.8% | ||
| Q1 24 | 1.8% | 8.6% |
| Q4 25 | 3.5% | 10.4% | ||
| Q3 25 | 5.7% | 1.8% | ||
| Q2 25 | 3.2% | 2.2% | ||
| Q1 25 | 5.0% | 2.3% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | 1.9% | 3.3% |
| Q4 25 | 1.13× | 28.39× | ||
| Q3 25 | 0.02× | 4.45× | ||
| Q2 25 | -2.55× | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 10.28× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | — | 4.29× | ||
| 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% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
