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 4 AI consumers· 1 recurring
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 | +10.6 |
| Kratos Defense | lead1 | -29.3 | -46.8 | +96.6 | +30 | +187.8 | -37 |
| Karman Holdings | node | · | · | · | · | · | -45.4 |
YTD as of 2026-09-04 · source: Yahoo Finance
Karman Holdings operates across NYSE, Defense components, Hypersonic & missile propulsion. It is down -45.4% in 2026. The demand side (avg -13.2%) leads the stock (-45.4%), so customer moves come first here. Among connected nodes the furthest ahead is Lockheed Martin (+10.6%) and the furthest behind is Kratos Defense (-37%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. A trusted supplier to primes like Northrop and Lockheed, the propulsion axis of the missile and space component chain.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $97 · Price $39.98 (09-04) · Upside +143%
| 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.