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Side-by-side financial comparison of Karman Holdings Inc. (KRMN) and SMITH & WESSON BRANDS, INC. (SWBI). Click either name above to swap in a different company.
Karman Holdings Inc. is the larger business by last-quarter revenue ($134.5M vs $124.7M, roughly 1.1× SMITH & WESSON BRANDS, INC.). Karman Holdings Inc. runs the higher net margin — 5.7% vs 1.5%, a 4.2% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs -3.9%). SMITH & WESSON BRANDS, INC. produced more free cash flow last quarter ($16.3M vs $4.0M). Over the past eight quarters, Karman Holdings Inc.'s revenue compounded faster (27.3% CAGR vs -4.8%).
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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
KRMN vs SWBI — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $134.5M | $124.7M |
| Net Profit | $7.7M | $1.9M |
| Gross Margin | 39.9% | 24.3% |
| Operating Margin | 15.7% | 3.3% |
| Net Margin | 5.7% | 1.5% |
| Revenue YoY | 47.4% | -3.9% |
| Net Profit YoY | 358.3% | -53.6% |
| EPS (diluted) | $0.06 | $0.04 |
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 | $124.7M | ||
| Q3 25 | $121.8M | $85.1M | ||
| Q2 25 | $115.1M | $140.8M | ||
| Q1 25 | $100.1M | $115.9M | ||
| Q4 24 | $91.2M | $129.7M | ||
| Q3 24 | $86.0M | $88.3M | ||
| Q2 24 | $85.0M | $159.1M | ||
| Q1 24 | $83.0M | $137.5M |
| Q4 25 | $7.7M | $1.9M | ||
| Q3 25 | $7.6M | $-3.4M | ||
| Q2 25 | $6.8M | $8.6M | ||
| Q1 25 | $-4.8M | $2.1M | ||
| Q4 24 | $1.7M | $4.5M | ||
| Q3 24 | $4.3M | $-1.9M | ||
| Q2 24 | $4.6M | $27.9M | ||
| Q1 24 | $2.1M | $7.9M |
| Q4 25 | 39.9% | 24.3% | ||
| Q3 25 | 41.0% | 25.9% | ||
| Q2 25 | 40.9% | 28.8% | ||
| Q1 25 | 39.4% | 24.1% | ||
| Q4 24 | 38.1% | 26.6% | ||
| Q3 24 | 39.3% | 27.4% | ||
| Q2 24 | 40.7% | 35.5% | ||
| Q1 24 | 34.9% | 28.7% |
| Q4 25 | 15.7% | 3.3% | ||
| Q3 25 | 17.9% | -3.5% | ||
| Q2 25 | 17.5% | 9.3% | ||
| Q1 25 | 10.0% | 4.1% | ||
| Q4 24 | 15.8% | 5.8% | ||
| Q3 24 | 20.2% | -1.7% | ||
| Q2 24 | 21.5% | 17.4% | ||
| Q1 24 | 16.3% | 8.2% |
| Q4 25 | 5.7% | 1.5% | ||
| Q3 25 | 6.3% | -4.0% | ||
| Q2 25 | 5.9% | 6.1% | ||
| Q1 25 | -4.8% | 1.8% | ||
| Q4 24 | 1.8% | 3.5% | ||
| Q3 24 | 5.0% | -2.1% | ||
| Q2 24 | 5.4% | 17.5% | ||
| Q1 24 | 2.6% | 5.7% |
| Q4 25 | $0.06 | $0.04 | ||
| Q3 25 | $0.06 | $-0.08 | ||
| Q2 25 | $0.05 | $0.19 | ||
| Q1 25 | $-0.04 | $0.05 | ||
| Q4 24 | $0.01 | $0.10 | ||
| Q3 24 | $0.03 | $-0.04 | ||
| Q2 24 | $0.03 | $0.60 | ||
| Q1 24 | $0.01 | $0.17 |
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 | $22.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $382.7M | $363.2M |
| Total Assets | $1.1B | $548.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | $22.4M | ||
| Q3 25 | $18.7M | $18.0M | ||
| Q2 25 | $27.4M | $25.2M | ||
| Q1 25 | $113.7M | $26.7M | ||
| Q4 24 | $11.5M | $39.1M | ||
| Q3 24 | — | $35.5M | ||
| Q2 24 | — | $60.8M | ||
| Q1 24 | — | $47.4M |
| Q4 25 | $382.7M | $363.2M | ||
| Q3 25 | $369.1M | $364.4M | ||
| Q2 25 | $361.5M | $372.5M | ||
| Q1 25 | $348.9M | $366.9M | ||
| Q4 24 | $196.0M | $371.5M | ||
| Q3 24 | $194.1M | $380.0M | ||
| Q2 24 | $189.6M | $399.9M | ||
| Q1 24 | $184.8M | $376.4M |
| Q4 25 | $1.1B | $548.6M | ||
| Q3 25 | $968.1M | $554.6M | ||
| Q2 25 | $953.9M | $559.6M | ||
| Q1 25 | $875.4M | $578.9M | ||
| Q4 24 | $774.0M | $587.4M | ||
| Q3 24 | — | $571.3M | ||
| Q2 24 | — | $577.4M | ||
| Q1 24 | — | $570.6M |
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 | $27.3M |
| Free Cash FlowOCF − Capex | $4.0M | $16.3M |
| FCF MarginFCF / Revenue | 3.0% | 13.1% |
| Capex IntensityCapex / Revenue | 3.5% | 8.8% |
| Cash ConversionOCF / Net Profit | 1.13× | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-42.5M | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $27.3M | ||
| Q3 25 | $131.0K | $-8.1M | ||
| Q2 25 | $-17.4M | $40.8M | ||
| Q1 25 | $-13.6M | $-9.8M | ||
| Q4 24 | — | $-7.4M | ||
| Q3 24 | — | $-30.8M | ||
| Q2 24 | — | $43.7M | ||
| Q1 24 | $3.1M | $25.2M |
| Q4 25 | $4.0M | $16.3M | ||
| Q3 25 | $-6.8M | $-12.4M | ||
| Q2 25 | $-21.0M | $33.5M | ||
| Q1 25 | $-18.6M | $-16.1M | ||
| Q4 24 | — | $-10.7M | ||
| Q3 24 | — | $-35.5M | ||
| Q2 24 | — | $38.2M | ||
| Q1 24 | $1.5M | $7.0M |
| Q4 25 | 3.0% | 13.1% | ||
| Q3 25 | -5.6% | -14.6% | ||
| Q2 25 | -18.2% | 23.8% | ||
| Q1 25 | -18.6% | -13.9% | ||
| Q4 24 | — | -8.3% | ||
| Q3 24 | — | -40.2% | ||
| Q2 24 | — | 24.0% | ||
| Q1 24 | 1.8% | 5.1% |
| Q4 25 | 3.5% | 8.8% | ||
| Q3 25 | 5.7% | 5.0% | ||
| Q2 25 | 3.2% | 5.2% | ||
| Q1 25 | 5.0% | 5.4% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | — | 5.3% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | 1.9% | 13.2% |
| Q4 25 | 1.13× | 14.22× | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | -2.55× | 4.73× | ||
| Q1 25 | — | -4.68× | ||
| Q4 24 | — | -1.63× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.57× | ||
| Q1 24 | 1.45× | 3.20× |
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% |
SWBI
Segment breakdown not available.
