CluenexKarman Holdings KRMN
Karman Holdings scores average on business quality (5.4 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What Karman Holdings does
Karman Holdings builds flight hardware and complex subsystems for space and defense primes, collecting revenue on specialized aerospace hardware. The company is leaning into space applications, captured by recent insider buying as executives back its volume expansion.
- What it does best
Karman dominates high-margin space hardware delivery, ranking in the top decile of its sector for revenue growth at 37% while beating peers like LOAR on raw top-line expansion. This scale creates entrenched supplier relationships that are tough to displace.
- The main risk
Net debt sits at $547 million against negative free cash flow of $28 million, leaving the business exposed to financing constraints if cash burn persists or debt markets tighten.
Quality, check by check
Scored against its own industry, from company filings.
Operating margins sit at 16.8% with an FCF margin of -4.7%, showing that heavy capital needs prevent cash generation from scaling alongside revenue.
Switching costs protect its niche among defense primes who rely on its specialized flight hardware, though a modest 4.7 moat score reflects limited structural pricing power.
Revenue surged 37% to $590 million, heavily outpacing historical periods as demand accelerates across its aerospace and defense programs.
Total debt of $581 million dwarfs cash reserves of $34 million, while free cash flow remains negative at -$28 million: the balance sheet is softening under heavy cash burn.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
3 insiders bought $1.0M on the open market.
Our sealed record on KRMN
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
Karman Holdings scores average on the Cluenex quality check (5.4 of 10), measured against its own industry. Profitability is weak, moat fair, growth fast and financial health weak.
In the last 90 days of SEC Form 4 filings: 3 insiders bought $1.0M on the open market.
Nov 5, 2026.
See KRMN today
- Today's verdict on KRMN, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “Karman Holdings (KRMN)”, https://cluenex.com/stocks/krmn/, data as of Oct 10, 2026.