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Aerospace & defence · Industrials · Fiscal year ends Dec 31
Karman reported revenue of $472M in the fiscal year ended Dec 2025, up 36.6% from the year before. Operating income was $73M, an operating margin of 15.5%, and net income was $17M. Operating cash flow of −$22M less capital expenditure of $20M left free cash flow of −$42M. Net debt was $465M.
Ranks among the 30 aerospace & defence companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | 226 | 281 | 345 | 472 |
| Cost of revenue | 145 | 175 | 213 | 281 |
| Gross profit | 80.9 | 106 | 132 | 190 |
| Operating income | 20.4 | 48.5 | 63.6 | 72.9 |
| Interest expense | 37.5 | 47.9 | 50.7 | 44.6 |
| Pre-tax income | −17.3 | 1.2 | 14.3 | 32.5 |
| Income tax | −3.2 | −3.2 | 1.6 | 15.2 |
| Net income | −14.1 | 4.4 | 12.7 | 17.4 |
| Diluted EPS | −0.09 | 0.03 | 0.08 | 0.13 |
| Diluted shares | 159 | 167 | 167 | 132 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | – | 5.5 | 11.5 | 34.0 |
| Receivables | 47.6 | 50.6 | 55.2 | 78.7 |
| Inventory | – | 9.8 | 9.9 | 10.7 |
| Current assets | – | 158 | 202 | 291 |
| Net PP&E | – | 51.8 | 60.9 | 95.4 |
| Goodwill | 217 | 217 | 225 | 353 |
| Total assets | – | 711 | 774 | 1,104 |
| Payables | – | 21.0 | 28.3 | 31.6 |
| Deferred revenue | 16.1 | 36.1 | 29.9 | 22.8 |
| Current liabilities | – | 87.1 | 115 | 88.7 |
| Short-term debt | – | 6.3 | 7.1 | 3.8 |
| Long-term debt | – | 298 | 327 | 495 |
| Total liabilities | – | 528 | 578 | 721 |
| Shareholders' equity | 178 | 182 | 196 | 383 |
| Backlog (remaining obligations) | – | – | 376 | 551 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | −5.9 | 20.3 | 26.6 | −22.1 |
| Capital expenditure | 21.3 | 16.8 | 15.3 | 20.3 |
| Free cash flow | −27.2 | 3.6 | 11.4 | −42.5 |
| Depreciation & amortisation | 35.0 | 27.2 | 32.8 | 42.7 |
| Stock-based compensation | 1.6 | 1.3 | 1.0 | 1.4 |
| Acquisitions | – | – | 31.3 | 212 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 24.0% | 23.0% | 36.6% |
| Operating income growth (YoY) | – | 137.3% | 31.1% | 14.8% |
| EPS growth (YoY) | – | – | 166.7% | 62.5% |
| Gross margin | 35.8% | 37.6% | 38.3% | 40.3% |
| Operating margin | 9.0% | 17.3% | 18.4% | 15.5% |
| Net margin | −6.2% | 1.6% | 3.7% | 3.7% |
| Return on equityBlank when equity is negative | −7.9% | 2.4% | 6.5% | 4.5% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 7.8% | 9.6% | 7.2% |
| Free cash flow margin | −12.0% | 1.3% | 3.3% | −9.0% |
| Cash conversion (CFO ÷ net income) | 0.42x | 4.66x | 2.10x | −1.27x |
| Receivable days | 77 | 66 | 58 | 61 |
| Inventory days | – | 21 | 17 | 14 |
| Payable days | – | 44 | 48 | 41 |
| Interest cover | 0.54x | 1.01x | 1.25x | 1.64x |
| Debt ÷ equity | – | 1.67x | 1.70x | 1.30x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 299 | 323 | 465 |
| Current ratio | – | 1.81x | 1.76x | 3.29x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.