Karman Holdings

KRMN

Market cap $8.45B

Tulsa-based Schusterman Interests disclosed ownership of 2.1 million shares of Karman stock valued at $148 million. The position is equal to 33.8% of the firm's 13F reportable assets under management.

Karman failed to meet analysts' bottom-line estimates for Q3 2025. The company ended Q3 2025 with a record funded backlog.

Karman Holdings Inc. ( KRMN ) Q3 2025 Earnings Call November 6, 2025 4:30 PM EST Company Participants Steven Gitlin - Vice President of Investor Relations Anthony Koblinski - CEO & Director Michael Willis - Chief Financial Officer Jonathan Beaudoin - Chief Operating Officer Conference Call Participants Peter Arment - Robert W. Baird & Co. Incorporated, Research Division Amit Daryanani - Evercore ISI Institutional Equities, Research Division Kenneth Herbert - RBC Capital Markets, Research Division Louie Dipalma - William Blair & Company L.L.C.

HUNTINGTON BEACH, Calif.--(BUSINESS WIRE)---- $KRMN #aerospace--Karman Space & Defense Reports Third Quarter Fiscal Year 2025 Financial Results.

HUNTINGTON BEACH, Calif.--(BUSINESS WIRE)---- $KRMN #aerospace--Karman Space & Defense to Participate in November Investor Conferences.

Baron Discovery Fund ended the quarter up 2.85% but underperformed its benchmark, the Russell 2000 Growth Index. Leading defense technology provider Kratos Defense & Security Solutions contributed to performance following a strong earnings report and continued momentum across its business segments. PAR Technology's shares fell during the quarter after the company lowered its full-year growth outlook to 15% from 20%.

HUNTINGTON BEACH, Calif.--(BUSINESS WIRE)---- $KRMN #aerospace--Karman Space & Defense Acquires Five Axis Industries Inc., a Leading Supplier of Advanced Engine Subsystems for Major Commercial Space Programs.

HUNTINGTON BEACH, Calif.--(BUSINESS WIRE)---- $KRMN #aerospace--Karman Space & Defense Schedules Third Quarter Fiscal Year 2025 Earnings Release, Conference Call and Webcast.

Karman Holdings (KRMN) is a high-quality aerospace and defense supplier with strong margins and a dominant single-source supplier position. KRMN trades at extreme valuation multiples (EV/EBITDA 75-78x), far above sector peers, despite limited public history and only two quarters post-IPO. Revenue visibility is strong due to a large, contracted backlog, but risks include customer concentration, reliance on US defense spending, and sector payment delays.

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