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The Moat Index

Karman Holdings Inc.

KRMN · Consumer Discretionary · $6.1B mkt cap · FY2025 filings · Narrow moat ·

On the watchlist

69/ 100
Narrow moat

The four filters

Pricing power64

Median gross margin 37.9% over 4y, very stable.

Returns on capital100

Median ROIC 20.0%, above the 9% hurdle in 100% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale
2343% above value
Owner earnings (normalized)
$22.5M
Est. intrinsic value / share
$1.89
Recent price
$46.17
Discount to value
2343% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

4 years of fundamentals

The business, in plain English

Karman Holdings Inc. booked $471.5M of revenue in FY2025 in the Consumer Discretionary sector and kept 40.3% of it as gross profit — a solid-margin business by that measure. After every other cost, 3.7% of each revenue dollar reached the bottom line.

It earned 13.4% on invested capital in FY2025, with a median of 20.0% across 4 filed years. The Returns on Capital filter above scores it 100/100.

The balance sheet carried $3.8M of total debt in FY2025 against $39.8M of owner earnings — roughly 0.1 years of owner earnings to retire it all. Balance-Sheet Safety scores it 55/100.

Put together: Returns on Capital is the strongest of the four filters (100/100) and Capital Discipline the weakest (44/100), which is how KRMN lands at 69/100 — a Narrow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2022–FY2025 · 4 fiscal years, normalized from KRMN’s SEC filings

RevenueSales, as filed$471.5M FY2025
$0$200M$400M2022202320242025
Gross marginRevenue kept after cost of goods40.3% FY2025
0%20%40%2022202320242025
Return on invested capitalOperating profit on the capital employed13.4% FY2025
0%20%2022202320242025
Owner earningsCash an owner could take out$39.8M FY2025
$0$20M$40M2022202320242025

Moat Score history

1 logged reading since Jul 18, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale68.8 / 100
0406080100WideNarrowShallowNo moatJul 18, 2026

Score history begins Jul 18, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — KRMN has read Narrow moat for every logged capture since Jul 18, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Track record

How Karman Holdings Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

As-of scores 2025–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

As-of Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored KRMN on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatAs-of Moat Score100Indexed price · log scale 2025

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The indexed price path isn't available for this company yet; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, KRMN did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Consumer Discretionary context

#71 of 359 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #69APEI AMERICAN PUBLIC EDUCATION, INC.69.4Narrow moat
  2. #70DRI DARDEN RESTAURANTS, INC.68.9Narrow moat
  3. #72KTB KONTOOR BRANDS, INC.68.6Narrow moat
  4. #73DORM Dorman Products, Inc.68.2Narrow moat

Compare KRMN with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about KRMN

Does Karman Holdings Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Karman Holdings Inc. (KRMN) 68.8 out of 100 — a Narrow moat. The four filters behind that score (each 0–100): pricing power 64, returns on capital 100, balance-sheet safety 55, capital discipline 44.
Is KRMN stock trading below its intrinsic value?
Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $1.89 per share versus a recent price of $46.17 — 2343% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has KRMN's Moat Score changed over time?
The record logs 1 reading since Jul 18, 2026; the latest reads 68.8 out of 100 (narrow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell KRMN. See the disclaimer.