The record backlog and strong book-to-bill ratio provide high visibility into near-term revenue growth. Traders should monitor upcoming quarterly results for continued execution against this backlog and any updates on cash flow generation, which management expects to turn positive in 2H 2026.
Price Chart
Executive Summary
Karman Holdings Inc. filed an 8-K furnishing an investor presentation that showcases strong operational momentum. The company reported record backlog of $1.3 billion as of June 30, 2026, a ~69% organic increase since Q4 2024, and highlighted a ~1.6x book-to-bill ratio over the last 18 months. The presentation also noted that Karman has exceeded analyst consensus expectations every quarter since its IPO, with quarterly revenue YoY growth trending from 21% to 58% and Adjusted EBITDA margins consistently around 30%. The filing is a positive business update reinforcing the company's growth trajectory and execution against its IPO commitments.
Key Facts
- Record backlog of $1.3 billion as of June 30, 2026, a ~69% organic increase since Q4 2024
- ~1.6x book-to-bill ratio over the last 18 months
- Quarterly revenue YoY growth has trended from 21% to 58%
- Adjusted EBITDA margins have been consistently ~30%
- Exceeded analyst consensus expectations every quarter since IPO
- 5 strategic acquisitions completed since IPO, with average EBITDA multiple of ~10x
- Capital expenditures guided to ~$35-38M for 2026, ~4.3% of revenue
- Backlog excludes expected follow-ons, option years, IDIQ ceilings or speculative commitments
Financial Impact
Record backlog of $1.3B provides significant high-growth revenue visibility; quarterly revenue YoY growth ranging from 21% to 58%
Risk Factors
- Revenue is heavily dependent on U.S. military spending and the defense budget
- Integration risks from the 5 acquisitions completed since IPO
- Capital expenditures of ~$35-38M in 2026 may pressure near-term free cash flow
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-392480 |
| Document: d98785d8k.htm | 0001193125-26-392480 |
| Document: 0001193125-26-392480-index-headers.html | 0001193125-26-392480 |
| Document: 0001193125-26-392480-index.html | 0001193125-26-392480 |
| Document: 0001193125-26-392480.txt | 0001193125-26-392480 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 16d ago | 8-K | $36.94 $33.05 | ▼ −10.53% | ▼ −12.36% | $34.43 (−6.79%) |
Aug 27, 2026 5w ago | 8-K | $47.42 $40.52 | ▼ −14.55% | ▼ −14.82% | $34.43 (−27.39%) |
Jun 11, 2026 16w ago | 8-K | $47.83 $50.37 | ▲ +5.31% | ▲ +4.64% | $34.43 (−28.02%) |
Jun 11, 2026 16w ago | Institutional Cluster | $49.58 $52.03 | ▲ +4.94% | ▲ +4.51% | $34.43 (−30.56%) |
Jun 1, 2026 17w ago | 8-K | $54.65 $48.37 | ▼ −11.49% | ▼ −8.53% | $34.43 (−37.00%) |
Mar 13, 2026 29w ago | 8-K | $99.98 $99.38 | ▼ −0.60% | ▲ +1.52% | $34.43 (−65.56%) |
Feb 28, 2026 30w ago | Institutional Cluster | $93.04 $106.09 | ▲ +14.03% | ▲ +15.23% | $34.43 (−62.99%) |
US Market Status
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