Karman Holdings Inc. (KRMN) intrinsic value & 10-year financials

Karman Holdings Inc. (KRMN) has a Graham intrinsic value of $4.32 per share. At $34.68 on Oct 17, 2026, the stock trades 703% above that value. Over the last 4 fiscal years revenue grew 27.7% a year to $471.5M, with an average return on invested capital of 8.2%.

Graham intrinsic value
$4.32
Share price (Oct 17, 2026)
$34.68
Price vs Graham value
703% above
Market cap
$4.6B
Revenue (FY2025)
$471.5M
Revenue growth (4-yr CAGR)
27.7%
ROIC (10-yr avg)
8.2%
Free cash flow (FY2025)
-$42.5M

KRMN 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $471.5M $17.4M $0.13 -$42.5M 15.5% 5.1%
FY2024 $345.3M $12.7M $0.08 $11.4M 18.4% 9.7%
FY2023 $280.7M $4.4M $0.03 $3.6M 17.3% 8.6%
FY2022 $226.3M -$14.1M -$0.09 -$27.2M 9.0% 9.4%

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

Karman Holdings Inc. is a consistent compounder, expanding top-line revenue at 27.7% annually over the past decade.

Karman Holdings Inc. has historically struggled to out-earn its cost of capital, averaging just 7.8% ROIC.

Over the decade, Karman Holdings Inc. shows that management has aggressively returned capital to shareholders by retiring 16.8% of outstanding shares.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, Karman Holdings Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $4.32 per share.

KRMN stock: frequently asked questions

What is the intrinsic value of Karman Holdings Inc. (KRMN) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 15.0% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, KRMN's intrinsic value is about $4.32 per share.

Is KRMN stock undervalued?

At $34.68 (close on Oct 17, 2026), KRMN trades 703% above its Graham value of $4.32. On Graham's terms the shares look fully priced. A formula is a starting point for research, not a recommendation.

How fast has Karman Holdings Inc. grown?

Revenue went from $226.3M in fiscal 2022 to $471.5M in fiscal 2025, a compound annual growth rate of 27.7%. Net income was $17.4M in fiscal 2025.

Does Karman Holdings Inc. generate free cash flow?

Karman Holdings Inc. generated -$42.5M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 2 of the last 4 reported years.

What is KRMN's return on invested capital?

Average ROIC over the last 4 fiscal years was 8.2%, and average return on equity was 1.8%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this KRMN data come from?

From Karman Holdings Inc.'s annual 10-K filings on SEC EDGAR, most recently filed Aug 11, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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