NYSE · Defense components · Hypersonic & missile propulsion
Karman Holdings
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.
KRMN Updated Jul 12, 2026 1 AI consumers
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).
Financials & Segments
- Total revenue · 2025 revenue $471.5M (+37%)
- Customer concentration · Supplies Northrop, Lockheed; $801M backlog.
- Segments · Hypersonics/SMD · Tactical missiles · Space/launch
Revenue from
- Lockheed Martin High confidence· revenue context $472M · 2025 · 2025 total revenue (+37%)
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. - Northrop · primes (propulsion · payloads) High confidence
Supplies propulsion, interstage and payload protection to primes like Northrop Grumman — a trusted supplier riding the missile production ramp. - Kratos Defense Medium confidence
Supplies propulsion and payload to Kratos's hypersonic/missile programs — customer diversification into an emerging defense OEM.
Pays to
- Composites · propulsion materials (undisclosed) Low confidence
Composites, propulsion materials and machining. - capacity expansion & M&A (undisclosed) Low confidence
Capacity expansion and acquisitions.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Lockheed Martin | lead2 | +3.2 | +40.5 | -4.3 | +10 | +2.5 | +9.5 |
| Kratos Defense | lead1 | -29.3 | -46.8 | +96.6 | +30 | +187.8 | -36.5 |
| Karman Holdings | node | · | · | · | · | · | -31.7 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $97 · Price $50.01 (07-10) · Upside +94%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Citi · John Godyn | Buy | $76 | Jul 1, 2026 | Report ↗ |
| KeyBanc Capital Markets · Michael Leshock | Overweight | $100 | May 20, 2026 | Report ↗ |
| Piper Sandler · Clarke Jeffries | Overweight | $114 | May 19, 2026 | Report ↗ |
Defense and space-launch demand keeps analysts at buy, though Q2 2026 brought a string of target cuts on valuation concerns.