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Side-by-side financial comparison of Karman Holdings Inc. (KRMN) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
VIRTUS INVESTMENT PARTNERS, INC. is the larger business by last-quarter revenue ($199.5M vs $134.5M, roughly 1.5× Karman Holdings Inc.). Karman Holdings Inc. runs the higher net margin — 5.7% vs 3.6%, a 2.2% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs -4.1%). Over the past eight quarters, Karman Holdings Inc.'s revenue compounded faster (27.3% CAGR vs -5.7%).
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.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
KRMN vs VRTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $134.5M | $199.5M |
| Net Profit | $7.7M | $7.1M |
| Gross Margin | 39.9% | — |
| Operating Margin | 15.7% | 7.7% |
| Net Margin | 5.7% | 3.6% |
| Revenue YoY | 47.4% | -4.1% |
| Net Profit YoY | 358.3% | -78.1% |
| EPS (diluted) | $0.06 | $1.05 |
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.
| Q1 26 | — | $199.5M | ||
| Q4 25 | $134.5M | $208.0M | ||
| Q3 25 | $121.8M | $216.4M | ||
| Q2 25 | $115.1M | $210.5M | ||
| Q1 25 | $100.1M | $217.9M | ||
| Q4 24 | $91.2M | $233.5M | ||
| Q3 24 | $86.0M | $227.0M | ||
| Q2 24 | $85.0M | $224.4M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $7.7M | $33.9M | ||
| Q3 25 | $7.6M | $31.3M | ||
| Q2 25 | $6.8M | $42.7M | ||
| Q1 25 | $-4.8M | $28.1M | ||
| Q4 24 | $1.7M | $39.5M | ||
| Q3 24 | $4.3M | $49.1M | ||
| Q2 24 | $4.6M | $26.0M |
| Q1 26 | — | — | ||
| Q4 25 | 39.9% | — | ||
| Q3 25 | 41.0% | — | ||
| Q2 25 | 40.9% | — | ||
| Q1 25 | 39.4% | — | ||
| Q4 24 | 38.1% | — | ||
| Q3 24 | 39.3% | — | ||
| Q2 24 | 40.7% | — |
| Q1 26 | — | 7.7% | ||
| Q4 25 | 15.7% | 19.1% | ||
| Q3 25 | 17.9% | 21.7% | ||
| Q2 25 | 17.5% | 21.5% | ||
| Q1 25 | 10.0% | 16.8% | ||
| Q4 24 | 15.8% | 21.7% | ||
| Q3 24 | 20.2% | 24.3% | ||
| Q2 24 | 21.5% | 19.7% |
| Q1 26 | — | 3.6% | ||
| Q4 25 | 5.7% | 16.3% | ||
| Q3 25 | 6.3% | 14.5% | ||
| Q2 25 | 5.9% | 20.3% | ||
| Q1 25 | -4.8% | 12.9% | ||
| Q4 24 | 1.8% | 16.9% | ||
| Q3 24 | 5.0% | 21.6% | ||
| Q2 24 | 5.4% | 11.6% |
| Q1 26 | — | $1.05 | ||
| Q4 25 | $0.06 | $5.15 | ||
| Q3 25 | $0.06 | $4.65 | ||
| Q2 25 | $0.05 | $6.12 | ||
| Q1 25 | $-0.04 | $4.05 | ||
| Q4 24 | $0.01 | $4.65 | ||
| Q3 24 | $0.03 | $5.71 | ||
| Q2 24 | $0.03 | $2.43 |
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 | $136.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $382.7M | $93.6B |
| Total Assets | $1.1B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $136.6M | ||
| 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 26 | — | — | ||
| Q4 25 | — | $390.0M | ||
| Q3 25 | — | $390.6M | ||
| Q2 25 | — | $231.3M | ||
| Q1 25 | — | $231.7M | ||
| Q4 24 | — | $232.1M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $247.6M |
| Q1 26 | — | $93.6B | ||
| Q4 25 | $382.7M | $934.0M | ||
| Q3 25 | $369.1M | $918.7M | ||
| Q2 25 | $361.5M | $896.4M | ||
| Q1 25 | $348.9M | $893.7M | ||
| Q4 24 | $196.0M | $897.5M | ||
| Q3 24 | $194.1M | $889.0M | ||
| Q2 24 | $189.6M | $868.7M |
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $4.3B | ||
| Q3 25 | $968.1M | $3.9B | ||
| Q2 25 | $953.9M | $3.7B | ||
| Q1 25 | $875.4M | $3.7B | ||
| Q4 24 | $774.0M | $4.0B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× |
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 | — |
| 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.
| Q1 26 | — | — | ||
| Q4 25 | $8.7M | $-67.2M | ||
| Q3 25 | $131.0K | $108.3M | ||
| Q2 25 | $-17.4M | $75.8M | ||
| Q1 25 | $-13.6M | $-3.8M | ||
| Q4 24 | — | $1.8M | ||
| Q3 24 | — | $69.1M | ||
| Q2 24 | — | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | $4.0M | $-74.1M | ||
| Q3 25 | $-6.8M | $106.9M | ||
| Q2 25 | $-21.0M | $74.2M | ||
| Q1 25 | $-18.6M | $-6.8M | ||
| Q4 24 | — | $-3.8M | ||
| Q3 24 | — | $68.7M | ||
| Q2 24 | — | $68.6M |
| Q1 26 | — | — | ||
| Q4 25 | 3.0% | -35.6% | ||
| Q3 25 | -5.6% | 49.4% | ||
| Q2 25 | -18.2% | 35.2% | ||
| Q1 25 | -18.6% | -3.1% | ||
| Q4 24 | — | -1.6% | ||
| Q3 24 | — | 30.3% | ||
| Q2 24 | — | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | 3.5% | 3.3% | ||
| Q3 25 | 5.7% | 0.7% | ||
| Q2 25 | 3.2% | 0.7% | ||
| Q1 25 | 5.0% | 1.4% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.13× | -1.99× | ||
| Q3 25 | 0.02× | 3.45× | ||
| Q2 25 | -2.55× | 1.77× | ||
| Q1 25 | — | -0.13× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 2.69× |
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% |
VRTS
| Investment management fees | $169.1M | 85% |
| Administration and shareholder service fees | $17.3M | 9% |
| Distribution and service fees | $11.6M | 6% |
