Karman (KRMN) financial statements
Karman reported revenue of $472M in fiscal 2025, up 27.7% a year over 3 years.
Net income was $17M and the operating margin 15.5%, against 9.0% in 2022.
Free cash flow was -$42M.
The diluted share count fell 17% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Karman's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $226M | $281M | $345M | $472M |
| Cost of revenue | $145M | $175M | $213M | $281M |
| Gross profit | $81M | $106M | $132M | $190M |
| Selling, general and admin | $30M | $37M | $44M | $86M |
| Operating income | $20M | $48M | $64M | $73M |
| Interest expense | $38M | $48M | $51M | $45M |
| Pre-tax income | -$17M | $1M | $14M | $33M |
| Income tax | -$3M | -$3M | $2M | $15M |
| Net income | -$14M | $4M | $13M | $17M |
| EPS (diluted) | -$0.09 | $0.03 | $0.08 | $0.13 |
| Diluted shares | 159M | 167M | 167M | 132M |
| 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% |
Balance sheet
Fiscal years, from Karman's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash and short-term investments | — | $5M | $12M | $34M |
| Receivables | $48M | $51M | $55M | $79M |
| Inventory | — | $10M | $10M | $11M |
| Total current assets | — | $158M | $202M | $291M |
| Property, plant and equipment | — | $52M | $61M | $95M |
| Goodwill | $217M | $217M | $225M | $353M |
| Total assets | — | $711M | $774M | $1.1B |
| Total current liabilities | — | $87M | $115M | $89M |
| Total liabilities | — | $528M | $578M | $721M |
| Shareholders' equity | $178M | $182M | $196M | $383M |
| Net debt | — | $809,875 | -$4M | -$30M |
Cash flow
Fiscal years, from Karman's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating cash flow | -$6M | $20M | $27M | -$22M |
| Capital spending | $21M | $17M | $15M | $20M |
| Free cash flow | -$27M | $4M | $11M | -$42M |
| Stock-based compensation | $2M | $1M | $993,000 | $1M |
| Free cash flow margin | -12.0% | 1.3% | 3.3% | -9.0% |
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Open KRMN in InvestinglyQuestions
What was Karman's revenue in 2025?
$472M in fiscal 2025, from its 10-K filing.
How much free cash flow does Karman generate?
-$42M in fiscal 2025 (operating cash flow minus capital spending).
From Karman's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.