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Side-by-side financial comparison of Karman Holdings Inc. (KRMN) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Karman Holdings Inc. is the larger business by last-quarter revenue ($134.5M vs $92.9M, roughly 1.4× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs 5.7%, a 19.3% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs 23.3%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $4.0M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% 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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
KRMN vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.5M | $92.9M |
| Net Profit | $7.7M | $23.2M |
| Gross Margin | 39.9% | 78.7% |
| Operating Margin | 15.7% | 24.1% |
| Net Margin | 5.7% | 25.0% |
| Revenue YoY | 47.4% | 23.3% |
| Net Profit YoY | 358.3% | 17.3% |
| EPS (diluted) | $0.06 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $121.8M | $67.5M | ||
| Q2 25 | $115.1M | $63.2M | ||
| Q1 25 | $100.1M | $52.6M | ||
| Q4 24 | $91.2M | $75.4M | ||
| Q3 24 | $86.0M | $57.9M | ||
| Q2 24 | $85.0M | $52.7M | ||
| Q1 24 | $83.0M | $51.3M |
| Q4 25 | $7.7M | $23.2M | ||
| Q3 25 | $7.6M | $5.1M | ||
| Q2 25 | $6.8M | $-553.0K | ||
| Q1 25 | $-4.8M | $-11.2M | ||
| Q4 24 | $1.7M | $19.8M | ||
| Q3 24 | $4.3M | $-901.0K | ||
| Q2 24 | $4.6M | $-4.7M | ||
| Q1 24 | $2.1M | $-3.9M |
| Q4 25 | 39.9% | 78.7% | ||
| Q3 25 | 41.0% | 73.5% | ||
| Q2 25 | 40.9% | 73.7% | ||
| Q1 25 | 39.4% | 69.0% | ||
| Q4 24 | 38.1% | 77.6% | ||
| Q3 24 | 39.3% | 71.9% | ||
| Q2 24 | 40.7% | 69.5% | ||
| Q1 24 | 34.9% | 68.9% |
| Q4 25 | 15.7% | 24.1% | ||
| Q3 25 | 17.9% | 5.1% | ||
| Q2 25 | 17.5% | -3.2% | ||
| Q1 25 | 10.0% | -24.3% | ||
| Q4 24 | 15.8% | 24.5% | ||
| Q3 24 | 20.2% | -4.3% | ||
| Q2 24 | 21.5% | -11.5% | ||
| Q1 24 | 16.3% | -10.7% |
| Q4 25 | 5.7% | 25.0% | ||
| Q3 25 | 6.3% | 7.5% | ||
| Q2 25 | 5.9% | -0.9% | ||
| Q1 25 | -4.8% | -21.4% | ||
| Q4 24 | 1.8% | 26.3% | ||
| Q3 24 | 5.0% | -1.6% | ||
| Q2 24 | 5.4% | -8.9% | ||
| Q1 24 | 2.6% | -7.5% |
| Q4 25 | $0.06 | $0.46 | ||
| Q3 25 | $0.06 | $0.10 | ||
| Q2 25 | $0.05 | $-0.01 | ||
| Q1 25 | $-0.04 | $-0.23 | ||
| Q4 24 | $0.01 | $0.40 | ||
| Q3 24 | $0.03 | $-0.02 | ||
| Q2 24 | $0.03 | $-0.10 | ||
| Q1 24 | $0.01 | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $382.7M | $354.6M |
| Total Assets | $1.1B | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | $137.5M | ||
| Q3 25 | $18.7M | $135.4M | ||
| Q2 25 | $27.4M | $116.9M | ||
| Q1 25 | $113.7M | $112.9M | ||
| Q4 24 | $11.5M | $116.2M | ||
| Q3 24 | — | $101.7M | ||
| Q2 24 | — | $102.5M | ||
| Q1 24 | — | $110.6M |
| Q4 25 | $382.7M | $354.6M | ||
| Q3 25 | $369.1M | $321.9M | ||
| Q2 25 | $361.5M | $306.8M | ||
| Q1 25 | $348.9M | $295.5M | ||
| Q4 24 | $196.0M | $292.0M | ||
| Q3 24 | $194.1M | $257.5M | ||
| Q2 24 | $189.6M | $243.0M | ||
| Q1 24 | $184.8M | $233.9M |
| Q4 25 | $1.1B | $488.0M | ||
| Q3 25 | $968.1M | $453.3M | ||
| Q2 25 | $953.9M | $435.6M | ||
| Q1 25 | $875.4M | $424.6M | ||
| Q4 24 | $774.0M | $432.7M | ||
| Q3 24 | — | $390.4M | ||
| Q2 24 | — | $376.8M | ||
| Q1 24 | — | $356.7M |
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 | $15.0M |
| Free Cash FlowOCF − Capex | $4.0M | $12.8M |
| FCF MarginFCF / Revenue | 3.0% | 13.8% |
| Capex IntensityCapex / Revenue | 3.5% | 2.4% |
| Cash ConversionOCF / Net Profit | 1.13× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-42.5M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $15.0M | ||
| Q3 25 | $131.0K | $22.1M | ||
| Q2 25 | $-17.4M | $8.2M | ||
| Q1 25 | $-13.6M | $6.6M | ||
| Q4 24 | — | $22.2M | ||
| Q3 24 | — | $10.2M | ||
| Q2 24 | — | $18.5M | ||
| Q1 24 | $3.1M | $7.2M |
| Q4 25 | $4.0M | $12.8M | ||
| Q3 25 | $-6.8M | $19.5M | ||
| Q2 25 | $-21.0M | $81.0K | ||
| Q1 25 | $-18.6M | $-7.6M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | — | $-9.2M | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | $1.5M | $-6.8M |
| Q4 25 | 3.0% | 13.8% | ||
| Q3 25 | -5.6% | 28.8% | ||
| Q2 25 | -18.2% | 0.1% | ||
| Q1 25 | -18.6% | -14.5% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | -15.9% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | 1.8% | -13.3% |
| Q4 25 | 3.5% | 2.4% | ||
| Q3 25 | 5.7% | 3.9% | ||
| Q2 25 | 3.2% | 12.9% | ||
| Q1 25 | 5.0% | 27.0% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | — | 33.5% | ||
| Q2 24 | — | 31.8% | ||
| Q1 24 | 1.9% | 27.3% |
| Q4 25 | 1.13× | 0.65× | ||
| Q3 25 | 0.02× | 4.35× | ||
| Q2 25 | -2.55× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
