vs
Side-by-side financial comparison of Karman Holdings Inc. (KRMN) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
Karman Holdings Inc. is the larger business by last-quarter revenue ($134.5M vs $97.9M, roughly 1.4× Safehold Inc.). Safehold Inc. runs the higher net margin — 28.5% vs 5.7%, a 22.7% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs 6.5%). Over the past eight quarters, Karman Holdings Inc.'s revenue compounded faster (27.3% CAGR vs 2.5%).
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.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
KRMN vs SAFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.5M | $97.9M |
| Net Profit | $7.7M | $27.9M |
| Gross Margin | 39.9% | 98.6% |
| Operating Margin | 15.7% | 27.4% |
| Net Margin | 5.7% | 28.5% |
| Revenue YoY | 47.4% | 6.5% |
| Net Profit YoY | 358.3% | 7.1% |
| EPS (diluted) | $0.06 | $0.38 |
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 | $97.9M | ||
| Q3 25 | $121.8M | $96.2M | ||
| Q2 25 | $115.1M | $93.8M | ||
| Q1 25 | $100.1M | $97.7M | ||
| Q4 24 | $91.2M | $91.9M | ||
| Q3 24 | $86.0M | $90.7M | ||
| Q2 24 | $85.0M | $89.9M | ||
| Q1 24 | $83.0M | $93.2M |
| Q4 25 | $7.7M | $27.9M | ||
| Q3 25 | $7.6M | $29.3M | ||
| Q2 25 | $6.8M | $27.9M | ||
| Q1 25 | $-4.8M | $29.4M | ||
| Q4 24 | $1.7M | $26.0M | ||
| Q3 24 | $4.3M | $19.3M | ||
| Q2 24 | $4.6M | $29.7M | ||
| Q1 24 | $2.1M | $30.7M |
| Q4 25 | 39.9% | 98.6% | ||
| Q3 25 | 41.0% | 98.5% | ||
| Q2 25 | 40.9% | 99.1% | ||
| Q1 25 | 39.4% | 98.8% | ||
| Q4 24 | 38.1% | 98.8% | ||
| Q3 24 | 39.3% | 98.8% | ||
| Q2 24 | 40.7% | 98.8% | ||
| Q1 24 | 34.9% | 98.8% |
| Q4 25 | 15.7% | 27.4% | ||
| Q3 25 | 17.9% | 25.9% | ||
| Q2 25 | 17.5% | 25.5% | ||
| Q1 25 | 10.0% | 25.9% | ||
| Q4 24 | 15.8% | 24.6% | ||
| Q3 24 | 20.2% | 17.5% | ||
| Q2 24 | 21.5% | 26.7% | ||
| Q1 24 | 16.3% | 26.4% |
| Q4 25 | 5.7% | 28.5% | ||
| Q3 25 | 6.3% | 30.5% | ||
| Q2 25 | 5.9% | 29.8% | ||
| Q1 25 | -4.8% | 30.1% | ||
| Q4 24 | 1.8% | 28.3% | ||
| Q3 24 | 5.0% | 21.3% | ||
| Q2 24 | 5.4% | 33.0% | ||
| Q1 24 | 2.6% | 33.0% |
| Q4 25 | $0.06 | $0.38 | ||
| Q3 25 | $0.06 | $0.41 | ||
| Q2 25 | $0.05 | $0.39 | ||
| Q1 25 | $-0.04 | $0.41 | ||
| Q4 24 | $0.01 | $0.36 | ||
| Q3 24 | $0.03 | $0.27 | ||
| Q2 24 | $0.03 | $0.42 | ||
| Q1 24 | $0.01 | $0.43 |
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 | $21.7M |
| Total DebtLower is stronger | — | $4.6B |
| Stockholders' EquityBook value | $382.7M | $2.4B |
| Total Assets | $1.1B | $7.2B |
| Debt / EquityLower = less leverage | — | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | $21.7M | ||
| Q3 25 | $18.7M | $12.1M | ||
| Q2 25 | $27.4M | $13.9M | ||
| Q1 25 | $113.7M | $17.3M | ||
| Q4 24 | $11.5M | $8.3M | ||
| Q3 24 | — | $15.6M | ||
| Q2 24 | — | $13.4M | ||
| Q1 24 | — | $11.3M |
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $4.1B |
| Q4 25 | $382.7M | $2.4B | ||
| Q3 25 | $369.1M | $2.4B | ||
| Q2 25 | $361.5M | $2.4B | ||
| Q1 25 | $348.9M | $2.4B | ||
| Q4 24 | $196.0M | $2.3B | ||
| Q3 24 | $194.1M | $2.3B | ||
| Q2 24 | $189.6M | $2.3B | ||
| Q1 24 | $184.8M | $2.3B |
| Q4 25 | $1.1B | $7.2B | ||
| Q3 25 | $968.1M | $7.1B | ||
| Q2 25 | $953.9M | $7.1B | ||
| Q1 25 | $875.4M | $6.9B | ||
| Q4 24 | $774.0M | $6.9B | ||
| Q3 24 | — | $6.8B | ||
| Q2 24 | — | $6.8B | ||
| Q1 24 | — | $6.7B |
| Q4 25 | — | 1.90× | ||
| Q3 25 | — | 1.89× | ||
| Q2 25 | — | 1.87× | ||
| Q1 25 | — | 1.85× | ||
| Q4 24 | — | 1.84× | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 1.81× | ||
| Q1 24 | — | 1.81× |
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 | $47.8M |
| Free Cash FlowOCF − Capex | $4.0M | — |
| FCF MarginFCF / Revenue | 3.0% | — |
| Capex IntensityCapex / Revenue | 3.5% | — |
| Cash ConversionOCF / Net Profit | 1.13× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $-42.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $47.8M | ||
| Q3 25 | $131.0K | $-1.4M | ||
| Q2 25 | $-17.4M | $28.0M | ||
| Q1 25 | $-13.6M | $8.9M | ||
| Q4 24 | — | $37.9M | ||
| Q3 24 | — | $8.3M | ||
| Q2 24 | — | $24.8M | ||
| Q1 24 | $3.1M | $-3.1M |
| 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× | 1.72× | ||
| Q3 25 | 0.02× | -0.05× | ||
| Q2 25 | -2.55× | 1.00× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | 1.45× | -0.10× |
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% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
