Karman Holdings Inc. — Form 8-K
Filed September 16, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 62/100
What the filing says
Karman Holdings disclosed Q2 2026 results in investor update: backlog increased to $1.322B (69% organic growth from $580M at Q4 2024), book-to-bill ratio ~1.6x over 18 months, Adjusted EBITDA margin ~30%, and 5 acquisitions totaling ~$453M enterprise value since IPO with average $11M EBITDA at close. Company deployed $35–38M capex in 2026 for facility expansions (Skagit WA energetics, Salt Lake City nozzle production, Horsham PA materials). Revenue grew 58% YoY in Q3 2026E, exceeding analyst consensus. No specific counterparties or share counts disclosed; Walker acquisition closed August 2026 (post-Q2, excluded from results).
Why this rating
Record backlog & consistent beat of guidance is material for mid-cap defense contractor; organic 69% backlog growth relative to ~$2.6B market cap is 25%+ of company size and signals strong future revenue. Execution risk remains (working capital, integration, defense budget dependency).
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