Karman Holdings Inc. (KRMN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-70.9%

$11.38

vs $39.14 price

Levered DCF

-$12.40

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.99

Safe zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022
P/E	562.85×	312.7×	910.61×	-273.18×
P/B	25.3×	20.26×	21.77×	22.36×
P/S	20.53×	11.5×	14.15×	17.55×
EV / EBITDA	85.42×	45.05×	57.4×	79.13×
Gross margin	40.3%	38.3%	37.6%	35.8%
Operating margin	15.5%	18.4%	17.3%	9.0%
Net margin	3.7%	3.7%	1.6%	-6.2%
Current ratio	3.29×	1.76×	1.81×	2.05×
Debt / equity	1.53×	2.29×	2.24×	2.27×
Interest coverage	1.64×	1.25×	1.01×	0.54×
Dividend yield	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	1.2%	18.1%	-0.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022
Return on equity	4.5%	6.5%	2.4%	-7.9%
Return on invested capital	3.7%	8.4%	7.7%	2.6%
Return on assets	1.5%	1.6%	0.6%	-2.1%
Free cash flow yield	-0.4%	0.3%	0.1%	-0.7%
Earnings yield	0.2%	0.3%	0.1%	-0.4%
Enterprise value	$10.2B	$4.4B	$4.4B	$4.4B
Net debt / EBITDA	4.62×	4.46×	5.3×	7.19×
Cash conversion cycle (days)	155	140	158	149