vs
Side-by-side financial comparison of Karman Holdings Inc. (KRMN) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Karman Holdings Inc. is the larger business by last-quarter revenue ($134.5M vs $73.5M, roughly 1.8× Target Hospitality Corp.). Karman Holdings Inc. runs the higher net margin — 5.7% vs -20.3%, a 26.1% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs 22.0%). Over the past eight quarters, Karman Holdings Inc.'s revenue compounded faster (27.3% CAGR vs 0.7%).
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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
KRMN vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.5M | $73.5M |
| Net Profit | $7.7M | $-14.9M |
| Gross Margin | 39.9% | 9.6% |
| Operating Margin | 15.7% | -22.9% |
| Net Margin | 5.7% | -20.3% |
| Revenue YoY | 47.4% | 22.0% |
| Net Profit YoY | 358.3% | -219.1% |
| EPS (diluted) | $0.06 | $-0.14 |
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 | $73.5M | ||
| Q3 25 | $121.8M | $91.6M | ||
| Q2 25 | $115.1M | $54.9M | ||
| Q1 25 | $100.1M | $54.9M | ||
| Q4 24 | $91.2M | $60.2M | ||
| Q3 24 | $86.0M | $65.8M | ||
| Q2 24 | $85.0M | $67.5M | ||
| Q1 24 | $83.0M | $72.4M |
| Q4 25 | $7.7M | $-14.9M | ||
| Q3 25 | $7.6M | $-795.0K | ||
| Q2 25 | $6.8M | $-14.9M | ||
| Q1 25 | $-4.8M | $-6.5M | ||
| Q4 24 | $1.7M | $12.5M | ||
| Q3 24 | $4.3M | $20.0M | ||
| Q2 24 | $4.6M | $18.4M | ||
| Q1 24 | $2.1M | $20.4M |
| Q4 25 | 39.9% | 9.6% | ||
| Q3 25 | 41.0% | 19.6% | ||
| Q2 25 | 40.9% | -0.6% | ||
| Q1 25 | 39.4% | 32.7% | ||
| Q4 24 | 38.1% | 61.5% | ||
| Q3 24 | 39.3% | 68.7% | ||
| Q2 24 | 40.7% | 69.4% | ||
| Q1 24 | 34.9% | 67.8% |
| Q4 25 | 15.7% | -22.9% | ||
| Q3 25 | 17.9% | 0.1% | ||
| Q2 25 | 17.5% | -30.8% | ||
| Q1 25 | 10.0% | -2.0% | ||
| Q4 24 | 15.8% | 34.5% | ||
| Q3 24 | 20.2% | 42.5% | ||
| Q2 24 | 21.5% | 43.8% | ||
| Q1 24 | 16.3% | 42.0% |
| Q4 25 | 5.7% | -20.3% | ||
| Q3 25 | 6.3% | -0.9% | ||
| Q2 25 | 5.9% | -27.2% | ||
| Q1 25 | -4.8% | -11.8% | ||
| Q4 24 | 1.8% | 20.8% | ||
| Q3 24 | 5.0% | 30.4% | ||
| Q2 24 | 5.4% | 27.2% | ||
| Q1 24 | 2.6% | 28.2% |
| Q4 25 | $0.06 | $-0.14 | ||
| Q3 25 | $0.06 | $-0.01 | ||
| Q2 25 | $0.05 | $-0.15 | ||
| Q1 25 | $-0.04 | $-0.07 | ||
| Q4 24 | $0.01 | $0.12 | ||
| Q3 24 | $0.03 | $0.20 | ||
| Q2 24 | $0.03 | $0.18 | ||
| Q1 24 | $0.01 | $0.20 |
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 | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $382.7M | $389.3M |
| Total Assets | $1.1B | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | $8.3M | ||
| Q3 25 | $18.7M | $30.4M | ||
| Q2 25 | $27.4M | $19.2M | ||
| Q1 25 | $113.7M | $34.5M | ||
| Q4 24 | $11.5M | $190.7M | ||
| Q3 24 | — | $177.7M | ||
| Q2 24 | — | $154.3M | ||
| Q1 24 | — | $124.3M |
| Q4 25 | — | $1.7M | ||
| Q3 25 | — | $2.0M | ||
| Q2 25 | — | $26.3M | ||
| Q1 25 | — | $42.9M | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | — | $994.0K | ||
| Q2 24 | — | $1.1M | ||
| Q1 24 | — | $179.9M |
| Q4 25 | $382.7M | $389.3M | ||
| Q3 25 | $369.1M | $402.4M | ||
| Q2 25 | $361.5M | $401.3M | ||
| Q1 25 | $348.9M | $415.3M | ||
| Q4 24 | $196.0M | $421.1M | ||
| Q3 24 | $194.1M | $417.6M | ||
| Q2 24 | $189.6M | $397.2M | ||
| Q1 24 | $184.8M | $375.5M |
| Q4 25 | $1.1B | $530.2M | ||
| Q3 25 | $968.1M | $541.2M | ||
| Q2 25 | $953.9M | $533.7M | ||
| Q1 25 | $875.4M | $562.5M | ||
| Q4 24 | $774.0M | $725.8M | ||
| Q3 24 | — | $709.8M | ||
| Q2 24 | — | $697.0M | ||
| Q1 24 | — | $687.2M |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.48× |
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 | $5.7M |
| Free Cash FlowOCF − Capex | $4.0M | — |
| FCF MarginFCF / Revenue | 3.0% | — |
| Capex IntensityCapex / Revenue | 3.5% | — |
| Cash ConversionOCF / Net Profit | 1.13× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-42.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $5.7M | ||
| Q3 25 | $131.0K | $53.4M | ||
| Q2 25 | $-17.4M | $11.1M | ||
| Q1 25 | $-13.6M | $3.9M | ||
| Q4 24 | — | $30.6M | ||
| Q3 24 | — | $31.4M | ||
| Q2 24 | — | $39.1M | ||
| Q1 24 | $3.1M | $50.6M |
| Q4 25 | $4.0M | — | ||
| Q3 25 | $-6.8M | — | ||
| Q2 25 | $-21.0M | — | ||
| Q1 25 | $-18.6M | $-11.6M | ||
| 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% | -21.1% | ||
| 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% | 28.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.9% | — |
| Q4 25 | 1.13× | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | -2.55× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | 1.45× | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
