{"slug":"karman","name":"Karman","name_en":"Karman Holdings","ticker":"KRMN","updated_at":"2026-07-12T08:23:15.298703+00:00","canonical":"https://valuechain.wiki/karman","same_as":["https://finance.yahoo.com/quote/KRMN","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2040127"],"citable":"밸류체인 그래프 기준 Karman의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 2곳에 닿는다. 링크의 근거 출처는 3건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Karman Holdings is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 2 companies within two hops; the links are backed by 3 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"NYSE · 방산 부품 · 하이퍼소닉·미사일 추진","kicker_en":"NYSE · Defense components · Hypersonic & missile propulsion","lead":"하이퍼소닉·전략미사일·우주발사용 추진·페이로드 보호·인터스테이지 시스템 기업. 2025년 매출 $4.72억(+37%, EBITDA 마진 31%), 하이퍼소닉 32%·전술미사일 32%·우주발사 37%로 분산. 2025년 2월 IPO. 노스럽·록히드 등 프라임의 신뢰 공급사로, 미사일·우주 부품 체인의 추진 축.","lead_en":"A maker of propulsion, payload-protection and interstage systems for hypersonics, strategic missiles and space launch. 2025 revenue $471.5M (+37%, 31% EBITDA margin), diversified across hypersonics (32%), tactical missiles (32%) and space/launch (37%). IPO Feb 2025. A trusted supplier to primes like Northrop and Lockheed, the propulsion axis of the missile and space component chain.","segments":{"fy":2025,"parts":[{"desc":"하이퍼소닉·전략미사일방어용 추진·페이로드·인터스테이지(매출 32%).","name":"하이퍼소닉·전략미사일방어"},{"desc":"전술미사일용 추진·구조 부품(매출 32%).","name":"전술미사일"},{"desc":"우주발사체 추진·페이로드 보호(매출 37%).","name":"우주·발사"}],"total":"2025 매출 $471.5M (+37%)","concentration":"노스럽·록히드 공급. 백로그 $801M."},"segments_en":{"fy":2025,"parts":[{"desc":"Propulsion, payload and interstage for hypersonics and strategic missile defense (32% of revenue).","name":"Hypersonics/SMD"},{"desc":"Propulsion and structural parts for tactical missiles (32% of revenue).","name":"Tactical missiles"},{"desc":"Launch-vehicle propulsion and payload protection (37% of revenue).","name":"Space/launch"}],"total":"2025 revenue $471.5M (+37%)","concentration":"Supplies Northrop, Lockheed; $801M backlog."},"returns_yearly":{"2026":-31.7},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"kai","name":"한국항공우주산업 (KAI)","name_en":"Korea Aerospace Industries","tier":3,"returns_yearly":{"2021":15.4,"2022":34.6,"2023":7,"2024":5.5,"2025":217.9,"2026":-14}},{"slug":"lockheed-martin","name":"Lockheed Martin","name_en":"Lockheed Martin","tier":2,"returns_yearly":{"2021":3.2,"2022":40.5,"2023":-4.3,"2024":10,"2025":2.5,"2026":9.5}},{"slug":"kratos","name":"Kratos","name_en":"Kratos Defense","tier":1,"returns_yearly":{"2021":-29.3,"2022":-46.8,"2023":96.6,"2024":30,"2025":187.8,"2026":-36.5}}],"benefiting":[],"analysis":"투자 논점은 하이퍼소닉·미사일·우주발사의 추진·페이로드 보호·인터스테이지에서 프라임에 납품하는 '신뢰 공급사' 지위다. 2025년 매출 $471.5M(+37%, EBITDA 마진 31%)이 하이퍼소닉 32%·전술미사일 32%·우주발사 37%로 고르게 분산돼 특정 프로그램 의존이 낮고, 백로그 $801M이 다년 매출 가시성을 준다 — 노스럽·록히드 같은 프라임의 미사일 증산 사이클에 직접 올라탄다. 하이퍼소닉·미사일 재고 소진과 재무장 수요가 구조적 성장 동력이고, 추진 시스템은 인증 장벽이 높아 한번 스펙인되면 프로그램 수명 내내 반복 매출이 나온다. 위험은 미 국방예산·프로그램 일정에 좌우되고, 2025년 2월 IPO 직후라 밸류에이션이 방산 사이클 기대에 민감하다는 점이다.","analysis_en":"The thesis is a 'trusted supplier' position delivering propulsion, payload protection and interstage for hypersonics, missiles and space launch to the primes. 2025 revenue of $471.5M (+37%, 31% EBITDA margin) is spread evenly across hypersonics (32%), tactical missiles (32%) and space/launch (37%), keeping program dependence low, and an $801M backlog gives multi-year visibility — riding the missile production ramp of primes like Northrop and Lockheed. Hypersonic and missile inventory drawdown and rearmament demand are structural drivers, and propulsion systems have high qualification barriers, so once spec'd in they generate recurring revenue over a program's life. Risks are dependence on US defense budgets and program schedules, and that, just after its February 2025 IPO, the valuation is sensitive to defense-cycle expectations.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"Lockheed Martin","counterparty_slug":"lockheed-martin","confidence":"high","metric":{"type":"revenue_context","unit":"USD","basis":"2025 전사 매출(+37%)","value":471500000,"period":"2025","basis_en":"2025 total revenue (+37%)","qualifier":"prime_customer"},"note":"록히드마틴 등 프라임에 추진·페이로드 보호 시스템 공급 — 인증 장벽이 높아 스펙인 후 프로그램 수명 내내 반복 매출.","note_en":"Supplies propulsion and payload-protection systems to primes like Lockheed Martin — high qualification barriers make it recurring revenue over each program's life once spec'd in.","sources":[{"stance":"confirms","publisher":"StockTitan","publisher_en":"StockTitan","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.stocktitan.net/sec-filings/KRMN/10-k-karman-holdings-inc-files-annual-report-061bcdd95748.html","title":"Karman FY2025 매출 $471.5M(+37%)","title_en":"Karman FY2025 revenue $471.5M (+37%)","excerpt":"프라임(록히드·노스럽)에 추진·페이로드 공급.","excerpt_en":"Propulsion and payload to primes (Lockheed, Northrop)."},{"stance":"confirms","publisher":"Renaissance Capital","publisher_en":"Renaissance Capital","kind":"news","lang":"en","published_at":"2025-02-01","url":"https://www.renaissancecapital.com/IPO-Center/News/109161/Space-and-defense-contractor-Karman-sets-terms-for-$400-million-IPO","title":"Karman $400M IPO(우주·방산 추진)","title_en":"Karman $400M IPO (space/defense propulsion)","excerpt":"프라임(록히드·노스럽)에 추진·페이로드 공급.","excerpt_en":"Propulsion and payload to primes (Lockheed, Northrop)."}]},{"direction":"revenue","counterparty":"노스럽·프라임 (추진·페이로드)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"prime_customer"},"note":"노스럽 그러먼 등 프라임에 추진·인터스테이지·페이로드 보호 공급 — 미사일 증산 사이클의 신뢰 공급사.","note_en":"Supplies propulsion, interstage and payload protection to primes like Northrop Grumman — a trusted supplier riding the missile production ramp.","sources":[{"stance":"confirms","publisher":"StockTitan","publisher_en":"StockTitan","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.stocktitan.net/sec-filings/KRMN/10-k-karman-holdings-inc-files-annual-report-061bcdd95748.html","title":"Karman FY2025 매출 $471.5M(+37%)","title_en":"Karman FY2025 revenue $471.5M (+37%)","excerpt":"노스럽 등 프라임에 추진·인터스테이지·페이로드 보호 공급.","excerpt_en":"Propulsion, interstage and payload protection to Northrop and other primes."},{"stance":"confirms","publisher":"Trive Capital","publisher_en":"Trive Capital","kind":"research","lang":"en","published_at":"2025-02-13","url":"https://www.trivecapital.com/trive-backed-karman-space-defense-completes-successful-ipo/","title":"Karman Space & Defense IPO 완료","title_en":"Karman Space & Defense completes IPO","excerpt":"노스럽 등 프라임에 추진·인터스테이지·페이로드 보호 공급.","excerpt_en":"Propulsion, interstage and payload protection to Northrop and other primes."}]},{"direction":"revenue","counterparty":"Kratos","counterparty_slug":"kratos","confidence":"mid","metric":{"qualifier":"customer"},"note":"크라토스의 하이퍼소닉·미사일 프로그램에 추진·페이로드 공급 — 신흥 방산 OEM으로 고객 다변화.","note_en":"Supplies propulsion and payload to Kratos's hypersonic/missile programs — customer diversification into an emerging defense OEM.","sources":[{"stance":"confirms","publisher":"StockTitan","publisher_en":"StockTitan","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.stocktitan.net/sec-filings/KRMN/10-k-karman-holdings-inc-files-annual-report-061bcdd95748.html","title":"Karman FY2025 매출 $471.5M(+37%)","title_en":"Karman FY2025 revenue $471.5M (+37%)","excerpt":"크라토스 하이퍼소닉·미사일에 추진·페이로드 공급.","excerpt_en":"Supplies propulsion and payload to Kratos hypersonics/missiles."}]},{"direction":"cost","counterparty":"복합재·추진소재 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"qualifier":"propulsion_materials"},"note":"복합재·추진 소재·가공.","note_en":"Composites, propulsion materials and machining.","sources":[{"stance":"confirms","publisher":"StockTitan","publisher_en":"StockTitan","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.stocktitan.net/sec-filings/KRMN/10-k-karman-holdings-inc-files-annual-report-061bcdd95748.html","title":"Karman FY2025 매출 $471.5M(+37%)","title_en":"Karman FY2025 revenue $471.5M (+37%)","excerpt":"복합재·추진 소재·가공.","excerpt_en":"Composites, propulsion materials and machining."}]},{"direction":"cost","counterparty":"증설·M&A (비공개)","counterparty_slug":null,"confidence":"low","metric":{"qualifier":"capacity_and_ma"},"note":"생산 증설·인수.","note_en":"Capacity expansion and acquisitions.","sources":[{"stance":"confirms","publisher":"Trive Capital","publisher_en":"Trive Capital","kind":"research","lang":"en","published_at":"2025-02-13","url":"https://www.trivecapital.com/trive-backed-karman-space-defense-completes-successful-ipo/","title":"Karman Space & Defense IPO 완료","title_en":"Karman Space & Defense completes IPO","excerpt":"생산 증설·인수.","excerpt_en":"Capacity expansion and acquisitions."}]}]}