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Side-by-side financial comparison of Karman Holdings Inc. (KRMN) and Tecnoglass Inc. (TGLS). Click either name above to swap in a different company.
Tecnoglass Inc. is the larger business by last-quarter revenue ($245.3M vs $134.5M, roughly 1.8× Karman Holdings Inc.). Tecnoglass Inc. runs the higher net margin — 10.6% vs 5.7%, a 4.9% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs 2.4%). Tecnoglass Inc. produced more free cash flow last quarter ($11.4M vs $4.0M). Over the past eight quarters, Karman Holdings Inc.'s revenue compounded faster (27.3% CAGR vs 12.8%).
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.
Tecnoglass Inc. is a leading manufacturer of high-performance architectural glass, aluminum windows, doors, and associated building components. It primarily caters to residential and commercial construction sectors across North America and Latin America, offering custom, energy-efficient solutions for new construction and renovation projects.
KRMN vs TGLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.5M | $245.3M |
| Net Profit | $7.7M | $26.1M |
| Gross Margin | 39.9% | 40.0% |
| Operating Margin | 15.7% | 18.3% |
| Net Margin | 5.7% | 10.6% |
| Revenue YoY | 47.4% | 2.4% |
| Net Profit YoY | 358.3% | -44.5% |
| EPS (diluted) | $0.06 | $0.57 |
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 | $245.3M | ||
| Q3 25 | $121.8M | $260.5M | ||
| Q2 25 | $115.1M | $255.5M | ||
| Q1 25 | $100.1M | $222.3M | ||
| Q4 24 | $91.2M | $239.6M | ||
| Q3 24 | $86.0M | $238.3M | ||
| Q2 24 | $85.0M | $219.7M | ||
| Q1 24 | $83.0M | $192.6M |
| Q4 25 | $7.7M | $26.1M | ||
| Q3 25 | $7.6M | $47.2M | ||
| Q2 25 | $6.8M | $44.1M | ||
| Q1 25 | $-4.8M | $42.2M | ||
| Q4 24 | $1.7M | $47.0M | ||
| Q3 24 | $4.3M | $49.5M | ||
| Q2 24 | $4.6M | $35.0M | ||
| Q1 24 | $2.1M | $29.7M |
| Q4 25 | 39.9% | 40.0% | ||
| Q3 25 | 41.0% | 42.7% | ||
| Q2 25 | 40.9% | 44.7% | ||
| Q1 25 | 39.4% | 43.9% | ||
| Q4 24 | 38.1% | 44.5% | ||
| Q3 24 | 39.3% | 45.8% | ||
| Q2 24 | 40.7% | 40.8% | ||
| Q1 24 | 34.9% | 38.8% |
| Q4 25 | 15.7% | 18.3% | ||
| Q3 25 | 17.9% | 25.1% | ||
| Q2 25 | 17.5% | 24.0% | ||
| Q1 25 | 10.0% | 26.7% | ||
| Q4 24 | 15.8% | 28.0% | ||
| Q3 24 | 20.2% | 28.4% | ||
| Q2 24 | 21.5% | 23.3% | ||
| Q1 24 | 16.3% | 21.3% |
| Q4 25 | 5.7% | 10.6% | ||
| Q3 25 | 6.3% | 18.1% | ||
| Q2 25 | 5.9% | 17.3% | ||
| Q1 25 | -4.8% | 19.0% | ||
| Q4 24 | 1.8% | 19.6% | ||
| Q3 24 | 5.0% | 20.8% | ||
| Q2 24 | 5.4% | 15.9% | ||
| Q1 24 | 2.6% | 15.4% |
| Q4 25 | $0.06 | $0.57 | ||
| Q3 25 | $0.06 | $1.01 | ||
| Q2 25 | $0.05 | $0.94 | ||
| Q1 25 | $-0.04 | $0.90 | ||
| Q4 24 | $0.01 | $1.00 | ||
| Q3 24 | $0.03 | $1.05 | ||
| Q2 24 | $0.03 | $0.75 | ||
| Q1 24 | $0.01 | $0.63 |
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 | $104.1M |
| Total DebtLower is stronger | — | $174.4M |
| Stockholders' EquityBook value | $382.7M | $713.1M |
| Total Assets | $1.1B | $1.3B |
| Debt / EquityLower = less leverage | — | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | $104.1M | ||
| Q3 25 | $18.7M | $127.1M | ||
| Q2 25 | $27.4M | $140.9M | ||
| Q1 25 | $113.7M | $160.2M | ||
| Q4 24 | $11.5M | $137.5M | ||
| Q3 24 | — | $124.8M | ||
| Q2 24 | — | $129.5M | ||
| Q1 24 | — | $138.8M |
| Q4 25 | — | $174.4M | ||
| Q3 25 | — | $114.7M | ||
| Q2 25 | — | $110.6M | ||
| Q1 25 | — | $110.6M | ||
| Q4 24 | — | $111.1M | ||
| Q3 24 | — | $126.8M | ||
| Q2 24 | — | $144.7M | ||
| Q1 24 | — | $160.9M |
| Q4 25 | $382.7M | $713.1M | ||
| Q3 25 | $369.1M | $764.0M | ||
| Q2 25 | $361.5M | $736.0M | ||
| Q1 25 | $348.9M | $685.1M | ||
| Q4 24 | $196.0M | $631.2M | ||
| Q3 24 | $194.1M | $613.3M | ||
| Q2 24 | $189.6M | $574.8M | ||
| Q1 24 | $184.8M | $573.6M |
| Q4 25 | $1.1B | $1.3B | ||
| Q3 25 | $968.1M | $1.2B | ||
| Q2 25 | $953.9M | $1.2B | ||
| Q1 25 | $875.4M | $1.1B | ||
| Q4 24 | $774.0M | $1.0B | ||
| Q3 24 | — | $996.3M | ||
| Q2 24 | — | $942.5M | ||
| Q1 24 | — | $981.6M |
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.25× | ||
| Q1 24 | — | 0.28× |
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 | $31.0M |
| Free Cash FlowOCF − Capex | $4.0M | $11.4M |
| FCF MarginFCF / Revenue | 3.0% | 4.7% |
| Capex IntensityCapex / Revenue | 3.5% | 8.0% |
| Cash ConversionOCF / Net Profit | 1.13× | 1.19× |
| TTM Free Cash FlowTrailing 4 quarters | $-42.5M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $31.0M | ||
| Q3 25 | $131.0K | $40.0M | ||
| Q2 25 | $-17.4M | $17.9M | ||
| Q1 25 | $-13.6M | $46.9M | ||
| Q4 24 | — | $61.1M | ||
| Q3 24 | — | $41.5M | ||
| Q2 24 | — | $34.5M | ||
| Q1 24 | $3.1M | $33.4M |
| Q4 25 | $4.0M | $11.4M | ||
| Q3 25 | $-6.8M | $21.2M | ||
| Q2 25 | $-21.0M | $-14.7M | ||
| Q1 25 | $-18.6M | $16.5M | ||
| Q4 24 | — | $35.4M | ||
| Q3 24 | — | $17.8M | ||
| Q2 24 | — | $14.2M | ||
| Q1 24 | $1.5M | $23.6M |
| Q4 25 | 3.0% | 4.7% | ||
| Q3 25 | -5.6% | 8.2% | ||
| Q2 25 | -18.2% | -5.7% | ||
| Q1 25 | -18.6% | 7.4% | ||
| Q4 24 | — | 14.8% | ||
| Q3 24 | — | 7.5% | ||
| Q2 24 | — | 6.5% | ||
| Q1 24 | 1.8% | 12.2% |
| Q4 25 | 3.5% | 8.0% | ||
| Q3 25 | 5.7% | 7.2% | ||
| Q2 25 | 3.2% | 12.7% | ||
| Q1 25 | 5.0% | 13.7% | ||
| Q4 24 | — | 10.7% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | — | 9.2% | ||
| Q1 24 | 1.9% | 5.1% |
| Q4 25 | 1.13× | 1.19× | ||
| Q3 25 | 0.02× | 0.85× | ||
| Q2 25 | -2.55× | 0.41× | ||
| Q1 25 | — | 1.11× | ||
| Q4 24 | — | 1.30× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.98× | ||
| Q1 24 | 1.45× | 1.13× |
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% |
TGLS
| Product Sales | $164.2M | 67% |
| Fixed Price Contracts | $81.1M | 33% |
| Related Party | $692.0K | 0% |
