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Side-by-side financial comparison of Karman Holdings Inc. (KRMN) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($148.3M vs $134.5M, roughly 1.1× Karman Holdings Inc.). Karman Holdings Inc. runs the higher net margin — 5.7% vs 5.5%, a 0.3% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs 38.6%). Karman Holdings Inc. produced more free cash flow last quarter ($4.0M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% 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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
KRMN vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.5M | $148.3M |
| Net Profit | $7.7M | $8.1M |
| Gross Margin | 39.9% | 31.6% |
| Operating Margin | 15.7% | 11.7% |
| Net Margin | 5.7% | 5.5% |
| Revenue YoY | 47.4% | 38.6% |
| Net Profit YoY | 358.3% | 3.9% |
| EPS (diluted) | $0.06 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $121.8M | $135.8M | ||
| Q2 25 | $115.1M | $110.8M | ||
| Q1 25 | $100.1M | $80.4M | ||
| Q4 24 | $91.2M | $107.0M | ||
| Q3 24 | $86.0M | $102.2M | ||
| Q2 24 | $85.0M | $99.2M | ||
| Q1 24 | $83.0M | $90.8M |
| Q4 25 | $7.7M | $8.1M | ||
| Q3 25 | $7.6M | $11.9M | ||
| Q2 25 | $6.8M | $13.9M | ||
| Q1 25 | $-4.8M | $-282.0K | ||
| Q4 24 | $1.7M | $7.8M | ||
| Q3 24 | $4.3M | $-267.0K | ||
| Q2 24 | $4.6M | $11.8M | ||
| Q1 24 | $2.1M | $4.8M |
| Q4 25 | 39.9% | 31.6% | ||
| Q3 25 | 41.0% | 37.0% | ||
| Q2 25 | 40.9% | 37.2% | ||
| Q1 25 | 39.4% | 35.0% | ||
| Q4 24 | 38.1% | 37.6% | ||
| Q3 24 | 39.3% | 24.8% | ||
| Q2 24 | 40.7% | 40.3% | ||
| Q1 24 | 34.9% | 40.2% |
| Q4 25 | 15.7% | 11.7% | ||
| Q3 25 | 17.9% | 13.7% | ||
| Q2 25 | 17.5% | 14.4% | ||
| Q1 25 | 10.0% | 5.4% | ||
| Q4 24 | 15.8% | 15.4% | ||
| Q3 24 | 20.2% | 4.4% | ||
| Q2 24 | 21.5% | 18.7% | ||
| Q1 24 | 16.3% | 12.8% |
| Q4 25 | 5.7% | 5.5% | ||
| Q3 25 | 6.3% | 8.7% | ||
| Q2 25 | 5.9% | 12.5% | ||
| Q1 25 | -4.8% | -0.4% | ||
| Q4 24 | 1.8% | 7.3% | ||
| Q3 24 | 5.0% | -0.3% | ||
| Q2 24 | 5.4% | 11.9% | ||
| Q1 24 | 2.6% | 5.3% |
| Q4 25 | $0.06 | $0.05 | ||
| Q3 25 | $0.06 | $0.07 | ||
| Q2 25 | $0.05 | $0.08 | ||
| Q1 25 | $-0.04 | $0.00 | ||
| Q4 24 | $0.01 | $0.04 | ||
| Q3 24 | $0.03 | $0.00 | ||
| Q2 24 | $0.03 | $0.07 | ||
| Q1 24 | $0.01 | $0.03 |
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 | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $382.7M | $600.0M |
| Total Assets | $1.1B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | $7.3M | ||
| Q3 25 | $18.7M | $8.6M | ||
| Q2 25 | $27.4M | $4.7M | ||
| Q1 25 | $113.7M | $35.6M | ||
| Q4 24 | $11.5M | $23.5M | ||
| Q3 24 | — | $11.1M | ||
| Q2 24 | — | $3.2M | ||
| Q1 24 | — | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $382.7M | $600.0M | ||
| Q3 25 | $369.1M | $589.6M | ||
| Q2 25 | $361.5M | $575.4M | ||
| Q1 25 | $348.9M | $558.9M | ||
| Q4 24 | $196.0M | $556.8M | ||
| Q3 24 | $194.1M | $545.2M | ||
| Q2 24 | $189.6M | $544.6M | ||
| Q1 24 | $184.8M | $554.0M |
| Q4 25 | $1.1B | $904.1M | ||
| Q3 25 | $968.1M | $851.8M | ||
| Q2 25 | $953.9M | $795.0M | ||
| Q1 25 | $875.4M | $788.4M | ||
| Q4 24 | $774.0M | $793.1M | ||
| Q3 24 | — | $801.3M | ||
| Q2 24 | — | $788.4M | ||
| Q1 24 | — | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $4.0M | $-11.3M |
| FCF MarginFCF / Revenue | 3.0% | -7.6% |
| Capex IntensityCapex / Revenue | 3.5% | 4.8% |
| Cash ConversionOCF / Net Profit | 1.13× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-42.5M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $-4.1M | ||
| Q3 25 | $131.0K | $19.4M | ||
| Q2 25 | $-17.4M | $-13.8M | ||
| Q1 25 | $-13.6M | $15.6M | ||
| Q4 24 | — | $14.0M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $37.8M | ||
| Q1 24 | $3.1M | $12.9M |
| Q4 25 | $4.0M | $-11.3M | ||
| Q3 25 | $-6.8M | $9.0M | ||
| Q2 25 | $-21.0M | $-26.0M | ||
| Q1 25 | $-18.6M | $12.3M | ||
| Q4 24 | — | $12.5M | ||
| Q3 24 | — | $13.3M | ||
| Q2 24 | — | $35.8M | ||
| Q1 24 | $1.5M | $10.4M |
| Q4 25 | 3.0% | -7.6% | ||
| Q3 25 | -5.6% | 6.6% | ||
| Q2 25 | -18.2% | -23.5% | ||
| Q1 25 | -18.6% | 15.4% | ||
| Q4 24 | — | 11.6% | ||
| Q3 24 | — | 13.0% | ||
| Q2 24 | — | 36.1% | ||
| Q1 24 | 1.8% | 11.4% |
| Q4 25 | 3.5% | 4.8% | ||
| Q3 25 | 5.7% | 7.7% | ||
| Q2 25 | 3.2% | 11.0% | ||
| Q1 25 | 5.0% | 4.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | 1.9% | 2.7% |
| Q4 25 | 1.13× | -0.50× | ||
| Q3 25 | 0.02× | 1.63× | ||
| Q2 25 | -2.55× | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | 1.45× | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
