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Side-by-side financial comparison of Karman Holdings Inc. (KRMN) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Karman Holdings Inc. is the larger business by last-quarter revenue ($134.5M vs $100.0M, roughly 1.3× Latham Group, Inc.). Karman Holdings Inc. runs the higher net margin — 5.7% vs -7.0%, a 12.7% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs 14.5%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $4.0M). Over the past eight quarters, Karman Holdings Inc.'s revenue compounded faster (27.3% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
KRMN vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.5M | $100.0M |
| Net Profit | $7.7M | $-7.0M |
| Gross Margin | 39.9% | 28.0% |
| Operating Margin | 15.7% | -10.7% |
| Net Margin | 5.7% | -7.0% |
| Revenue YoY | 47.4% | 14.5% |
| Net Profit YoY | 358.3% | 76.0% |
| EPS (diluted) | $0.06 | $-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 | $100.0M | ||
| Q3 25 | $121.8M | $161.9M | ||
| Q2 25 | $115.1M | $172.6M | ||
| Q1 25 | $100.1M | $111.4M | ||
| Q4 24 | $91.2M | $87.3M | ||
| Q3 24 | $86.0M | $150.5M | ||
| Q2 24 | $85.0M | $160.1M | ||
| Q1 24 | $83.0M | $110.6M |
| Q4 25 | $7.7M | $-7.0M | ||
| Q3 25 | $7.6M | $8.1M | ||
| Q2 25 | $6.8M | $16.0M | ||
| Q1 25 | $-4.8M | $-6.0M | ||
| Q4 24 | $1.7M | $-29.2M | ||
| Q3 24 | $4.3M | $5.9M | ||
| Q2 24 | $4.6M | $13.3M | ||
| Q1 24 | $2.1M | $-7.9M |
| Q4 25 | 39.9% | 28.0% | ||
| Q3 25 | 41.0% | 35.4% | ||
| Q2 25 | 40.9% | 37.1% | ||
| Q1 25 | 39.4% | 29.5% | ||
| Q4 24 | 38.1% | 24.6% | ||
| Q3 24 | 39.3% | 32.4% | ||
| Q2 24 | 40.7% | 33.1% | ||
| Q1 24 | 34.9% | 27.7% |
| Q4 25 | 15.7% | -10.7% | ||
| Q3 25 | 17.9% | 13.3% | ||
| Q2 25 | 17.5% | 14.3% | ||
| Q1 25 | 10.0% | -4.4% | ||
| Q4 24 | 15.8% | -14.9% | ||
| Q3 24 | 20.2% | 8.9% | ||
| Q2 24 | 21.5% | 12.5% | ||
| Q1 24 | 16.3% | -1.9% |
| Q4 25 | 5.7% | -7.0% | ||
| Q3 25 | 6.3% | 5.0% | ||
| Q2 25 | 5.9% | 9.3% | ||
| Q1 25 | -4.8% | -5.4% | ||
| Q4 24 | 1.8% | -33.4% | ||
| Q3 24 | 5.0% | 3.9% | ||
| Q2 24 | 5.4% | 8.3% | ||
| Q1 24 | 2.6% | -7.1% |
| Q4 25 | $0.06 | $-0.06 | ||
| Q3 25 | $0.06 | $0.07 | ||
| Q2 25 | $0.05 | $0.13 | ||
| Q1 25 | $-0.04 | $-0.05 | ||
| Q4 24 | $0.01 | $-0.24 | ||
| Q3 24 | $0.03 | $0.05 | ||
| Q2 24 | $0.03 | $0.11 | ||
| Q1 24 | $0.01 | $-0.07 |
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 | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $382.7M | $405.9M |
| Total Assets | $1.1B | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | — | ||
| Q3 25 | $18.7M | — | ||
| Q2 25 | $27.4M | — | ||
| Q1 25 | $113.7M | — | ||
| Q4 24 | $11.5M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $382.7M | $405.9M | ||
| Q3 25 | $369.1M | $408.4M | ||
| Q2 25 | $361.5M | $398.4M | ||
| Q1 25 | $348.9M | $381.1M | ||
| Q4 24 | $196.0M | $387.2M | ||
| Q3 24 | $194.1M | $416.6M | ||
| Q2 24 | $189.6M | $408.1M | ||
| Q1 24 | $184.8M | $391.8M |
| Q4 25 | $1.1B | $823.2M | ||
| Q3 25 | $968.1M | $844.4M | ||
| Q2 25 | $953.9M | $822.1M | ||
| Q1 25 | $875.4M | $824.6M | ||
| Q4 24 | $774.0M | $794.2M | ||
| Q3 24 | — | $853.4M | ||
| Q2 24 | — | $830.0M | ||
| Q1 24 | — | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $4.0M | $14.1M |
| FCF MarginFCF / Revenue | 3.0% | 14.1% |
| Capex IntensityCapex / Revenue | 3.5% | 9.2% |
| Cash ConversionOCF / Net Profit | 1.13× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-42.5M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $23.3M | ||
| Q3 25 | $131.0K | $51.0M | ||
| Q2 25 | $-17.4M | $36.0M | ||
| Q1 25 | $-13.6M | $-46.9M | ||
| Q4 24 | — | $6.2M | ||
| Q3 24 | — | $37.2M | ||
| Q2 24 | — | $52.4M | ||
| Q1 24 | $3.1M | $-34.5M |
| Q4 25 | $4.0M | $14.1M | ||
| Q3 25 | $-6.8M | $45.2M | ||
| Q2 25 | $-21.0M | $29.1M | ||
| Q1 25 | $-18.6M | $-50.3M | ||
| Q4 24 | — | $-98.0K | ||
| Q3 24 | — | $33.2M | ||
| Q2 24 | — | $47.9M | ||
| Q1 24 | $1.5M | $-39.9M |
| Q4 25 | 3.0% | 14.1% | ||
| Q3 25 | -5.6% | 27.9% | ||
| Q2 25 | -18.2% | 16.8% | ||
| Q1 25 | -18.6% | -45.2% | ||
| Q4 24 | — | -0.1% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 29.9% | ||
| Q1 24 | 1.8% | -36.0% |
| Q4 25 | 3.5% | 9.2% | ||
| Q3 25 | 5.7% | 3.6% | ||
| Q2 25 | 3.2% | 4.0% | ||
| Q1 25 | 5.0% | 3.1% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | 1.9% | 4.8% |
| Q4 25 | 1.13× | — | ||
| Q3 25 | 0.02× | 6.29× | ||
| Q2 25 | -2.55× | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
