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Karman Holdings Inc.（KRMN）与STURM RUGER & CO INC（RGR）财务数据对比。点击上方公司名可切换其他公司
STURM RUGER & CO INC的季度营收约是Karman Holdings Inc.的1.1倍（$151.1M vs $134.5M），Karman Holdings Inc.同比增速更快（47.4% vs 3.6%），STURM RUGER & CO INC自由现金流更多（$12.3M vs $4.0M），过去两年Karman Holdings Inc.的营收复合增速更高（27.3% vs 5.1%）
Karman Holdings是一家美国航天与防务系统制造商，总部位于加利福尼亚州亨廷顿海滩，当前估值约40亿美元，近期已完成首次公开发行，专注为航天及国防领域提供相关系统产品及配套服务。
鲁格公司（Ruger）是总部位于美国康涅狄格州绍斯波特的枪械制造企业，除总部外，还在新罕布什尔州纽波特、北卡罗来纳州梅约丹以及亚利桑那州普雷斯科特设有生产工厂。公司由亚历山大·麦考密克·斯特姆与威廉·B·鲁格于1949年共同创立，自1969年起公开上市交易。
KRMN vs RGR — 直观对比
营收规模更大
RGR
是对方的1.1倍
$134.5M
营收增速更快
KRMN
高出43.8%
3.6%
自由现金流更多
RGR
多$8.3M
$4.0M
两年增速更快
KRMN
近两年复合增速
5.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $134.5M | $151.1M |
| 净利润 | $7.7M | — |
| 毛利率 | 39.9% | 17.8% |
| 营业利润率 | 15.7% | 2.3% |
| 净利率 | 5.7% | — |
| 营收同比 | 47.4% | 3.6% |
| 净利润同比 | 358.3% | — |
| 每股收益（稀释后） | $0.06 | $0.22 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收KRMNRGR
| Q4 25 | $134.5M | $151.1M | ||
| Q3 25 | $121.8M | $126.8M | ||
| Q2 25 | $115.1M | $132.5M | ||
| Q1 25 | $100.1M | $135.7M | ||
| Q4 24 | $91.2M | $145.8M | ||
| Q3 24 | $86.0M | $122.3M | ||
| Q2 24 | $85.0M | $130.8M | ||
| Q1 24 | $83.0M | $136.8M |
净利润KRMNRGR
| Q4 25 | $7.7M | — | ||
| Q3 25 | $7.6M | $1.6M | ||
| Q2 25 | $6.8M | $-17.2M | ||
| Q1 25 | $-4.8M | $7.8M | ||
| Q4 24 | $1.7M | — | ||
| Q3 24 | $4.3M | $4.7M | ||
| Q2 24 | $4.6M | $8.3M | ||
| Q1 24 | $2.1M | $7.1M |
毛利率KRMNRGR
| Q4 25 | 39.9% | 17.8% | ||
| Q3 25 | 41.0% | 15.1% | ||
| Q2 25 | 40.9% | 3.9% | ||
| Q1 25 | 39.4% | 22.0% | ||
| Q4 24 | 38.1% | 22.8% | ||
| Q3 24 | 39.3% | 18.5% | ||
| Q2 24 | 40.7% | 22.3% | ||
| Q1 24 | 34.9% | 21.5% |
营业利润率KRMNRGR
| Q4 25 | 15.7% | 2.3% | ||
| Q3 25 | 17.9% | -2.7% | ||
| Q2 25 | 17.5% | -15.6% | ||
| Q1 25 | 10.0% | 6.2% | ||
| Q4 24 | 15.8% | 7.8% | ||
| Q3 24 | 20.2% | 3.1% | ||
| Q2 24 | 21.5% | 6.9% | ||
| Q1 24 | 16.3% | 5.5% |
净利率KRMNRGR
| Q4 25 | 5.7% | — | ||
| Q3 25 | 6.3% | 1.2% | ||
| Q2 25 | 5.9% | -13.0% | ||
| Q1 25 | -4.8% | 5.7% | ||
| Q4 24 | 1.8% | — | ||
| Q3 24 | 5.0% | 3.9% | ||
| Q2 24 | 5.4% | 6.3% | ||
| Q1 24 | 2.6% | 5.2% |
每股收益（稀释后）KRMNRGR
| Q4 25 | $0.06 | $0.22 | ||
| Q3 25 | $0.06 | $0.10 | ||
| Q2 25 | $0.05 | $-1.05 | ||
| Q1 25 | $-0.04 | $0.46 | ||
| Q4 24 | $0.01 | $0.62 | ||
| Q3 24 | $0.03 | $0.28 | ||
| Q2 24 | $0.03 | $0.47 | ||
| Q1 24 | $0.01 | $0.40 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $34.0M | $92.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $382.7M | $283.8M |
| 总资产 | $1.1B | $342.0M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资KRMNRGR
| Q4 25 | $34.0M | $92.5M | ||
| Q3 25 | $18.7M | $80.8M | ||
| Q2 25 | $27.4M | $101.4M | ||
| Q1 25 | $113.7M | $108.3M | ||
| Q4 24 | $11.5M | $105.5M | ||
| Q3 24 | — | $96.0M | ||
| Q2 24 | — | $105.6M | ||
| Q1 24 | — | $115.3M |
股东权益KRMNRGR
| Q4 25 | $382.7M | $283.8M | ||
| Q3 25 | $369.1M | $279.6M | ||
| Q2 25 | $361.5M | $289.3M | ||
| Q1 25 | $348.9M | $321.5M | ||
| Q4 24 | $196.0M | $319.6M | ||
| Q3 24 | $194.1M | $314.9M | ||
| Q2 24 | $189.6M | $321.5M | ||
| Q1 24 | $184.8M | $332.0M |
总资产KRMNRGR
| Q4 25 | $1.1B | $342.0M | ||
| Q3 25 | $968.1M | $342.3M | ||
| Q2 25 | $953.9M | $349.5M | ||
| Q1 25 | $875.4M | $379.0M | ||
| Q4 24 | $774.0M | $384.0M | ||
| Q3 24 | — | $373.5M | ||
| Q2 24 | — | $376.7M | ||
| Q1 24 | — | $385.0M |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $8.7M | $15.5M |
| 自由现金流经营现金流 - 资本支出 | $4.0M | $12.3M |
| 自由现金流率自由现金流/营收 | 3.0% | 8.2% |
| 资本支出强度资本支出/营收 | 3.5% | 2.1% |
| 现金转化率经营现金流/净利润 | 1.13× | — |
| 过去12个月自由现金流最近4个季度 | $-42.5M | $38.5M |
8季度趋势，按日历期对齐
经营现金流KRMNRGR
| Q4 25 | $8.7M | $15.5M | ||
| Q3 25 | $131.0K | $12.9M | ||
| Q2 25 | $-17.4M | $14.7M | ||
| Q1 25 | $-13.6M | $11.1M | ||
| Q4 24 | — | $20.0M | ||
| Q3 24 | — | $9.4M | ||
| Q2 24 | — | $18.7M | ||
| Q1 24 | $3.1M | $7.3M |
自由现金流KRMNRGR
| Q4 25 | $4.0M | $12.3M | ||
| Q3 25 | $-6.8M | $7.0M | ||
| Q2 25 | $-21.0M | $9.1M | ||
| Q1 25 | $-18.6M | $10.0M | ||
| Q4 24 | — | $16.4M | ||
| Q3 24 | — | $2.6M | ||
| Q2 24 | — | $10.1M | ||
| Q1 24 | $1.5M | $5.6M |
自由现金流率KRMNRGR
| Q4 25 | 3.0% | 8.2% | ||
| Q3 25 | -5.6% | 5.5% | ||
| Q2 25 | -18.2% | 6.9% | ||
| Q1 25 | -18.6% | 7.4% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 7.7% | ||
| Q1 24 | 1.8% | 4.1% |
资本支出强度KRMNRGR
| Q4 25 | 3.5% | 2.1% | ||
| Q3 25 | 5.7% | 4.6% | ||
| Q2 25 | 3.2% | 4.2% | ||
| Q1 25 | 5.0% | 0.8% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | — | 5.5% | ||
| Q2 24 | — | 6.6% | ||
| Q1 24 | 1.9% | 1.3% |
现金转化率KRMNRGR
| Q4 25 | 1.13× | — | ||
| Q3 25 | 0.02× | 8.15× | ||
| Q2 25 | -2.55× | — | ||
| Q1 25 | — | 1.43× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.98× | ||
| Q2 24 | — | 2.27× | ||
| Q1 24 | 1.45× | 1.04× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
KRMN
| Tactical Missile And Integrated Defense Systems | $50.5M | 38% |
| Hypersonic And Strategic Missile Defense | $48.4M | 36% |
| Space And Launch | $35.7M | 27% |
RGR
| Firearms | $150.6M | 100% |
| Castings | $7.3M | 5% |
