Karman Holdings Inc. (KRMN)

In the past six months, Karman Holdings' stock has experienced significant movements and events. The company went public on the NYSE in February 2025 with an IPO price of $22.00. In the last year, KRMN shares have seen a 52-week high of $118.38 and a low of $22.00. Key events include Q3 2025 financial results where Karman reported Q3 EPS of $0.10, meeting consensus estimates, with revenue up 41.7% year-over-year to $121.79 million and achieved a record funded backlog of $758.2 million. Karman announced an agreement to acquire Seemann Composites and Materials Sciences, expanding its presence into the maritime defense market. Karman's Systima facility received a $5.0 million Defense Production Act Title III award from the U.S. Department of War to expand solid rocket motor nozzle production capacity. Karman Space & Defense was awarded a Missile Defense Agency SHIELD indefinite-delivery/indefinite-quantity contract with a ceiling of $151 billion. As of early 2026, Karman has an average analyst rating of "Moderate Buy" with an average target price of $103.33. In the last quarter, insiders sold 251,000 shares, totaling approximately $15.4 million, which reduced insider ownership. The announcement of a virtual-only annual shareholder meeting led to a 12.33% drop in stock price.

Demand for Karman Holdings, Inc.'s products and services is primarily driven by factors related to government spending and strategic initiatives in the defense and space sectors, rather than typical consumer-driven seasonality. The company benefits from robust defense funding, U.S. space launch cadence, escalating national security priorities, and large multiyear missile awards. Karman's revenue growth is directly linked to these ongoing demands for advanced propulsion and aerodynamic systems, as well as its participation in major defense programs like the Golden Dome missile defense initiative and NASA's Artemis program. The company's diversified portfolio across more than 80 customers and over 130 programs also helps mitigate reliance on any single program.

Karman Holdings, Inc. is an American fabricator of space and defense systems, specializing in the design, testing, manufacturing, and sale of dependable missile systems and mission-critical systems. The company operates within the Electronic Technology sector and the Aerospace & Defense industry. Its core product offerings include Payload Protection & Deployment Systems, Aerodynamic Interstage Systems, and Propulsion Systems. Karman Holdings also provides advanced navigation systems, avionics, and space technology solutions, with flagship products such as the NavStar GPS Enhancement System, the Orbital Tracking Platform, and the KarmDefense Missile Guidance System. The company serves diverse markets including hypersonics and strategic missile defense, tactical missile and integrated defense systems, and space and launch.

Headquartered in Huntington Beach, California, Karman Holdings, Inc. operates multiple state-of-the-art facilities across the United States. The company has also expanded its international operations, with a presence in Europe and Asia. In Q1 2024, its geographic revenue breakdown included North America ($842.5 million), Europe ($387.3 million), Asia-Pacific ($312.6 million), and the Middle East ($98.7 million).

Karman Holdings generally maintains a positive brand reputation, particularly within the investor community and its specialized markets. The company is viewed as a high-quality aerospace and defense supplier with strong margins and a dominant single-source supplier position. Analyst sentiment is largely positive, with a consensus "Moderate Buy" rating. Strategic positioning in tactical and hypersonic missile technologies amid rising U.S. defense budgets, along with contract wins for systems like GML, Patriot PAC-3, and Coyote, contribute to a strong industry standing. The company's subsidiary, Systima, received a $5 million Pentagon award to expand solid rocket motor nozzle production capacity, further enhancing its reputation. Karman Space & Defense was recognized with the "Supplier of The Year Award" by Lockheed Martin Space in 2022. However, one analyst firm, BWS Financial, initiated coverage with a "Sell" rating, citing concerns about Karman's accounting practices. The decision to hold a virtual-only annual shareholder meeting in February 2026 led to a stock price drop.

Karman Holdings Inc. has a diverse ownership structure. As of September 30, 2025, 428 institutional owners and shareholders held a total of 99,617,199 shares. Major institutional owners include Vanguard Group Inc., Fmr Llc, Lexington Partners L.P., Donaldson Capital Management, Llc, GCM Grosvenor Holdings, LLC, BlackRock, Inc., Invesco Ltd., State Street Corp, Bamco Inc /Ny/, and Capital World Investors. Trive Capital Management LLC is also a significant shareholder. Insider ownership stands at 3.57%, with 4.73 million shares. Notably, there has been significant insider selling in the past quarter, including sales by CEO Anthony Koblinski, CFO Michael Willis, COO Jonathan Beaudoin, and Chief Growth Officer Stephanie Sawhill.