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.