Key Highlights

  • Karman Holdings (NYSE:KRMN) was trading down 6.8% at USD 37.74 on Friday, November 13, 2026, in market data, and no company announcement explaining the drop was found for November 11 to 13.
  • Third-quarter Revenue was USD 201.62 million, up 65.6% year over year, and adjusted Earnings of USD 0.19 a share beat a published consensus of about USD 0.15 to 0.16, in the report of November 5, 2026.
  • Backlog reached a record USD 1.7 billion, more than double the year-end level, and bookings highlights cited a USD 218 million seven-year THAAD agreement with Lockheed Martin announced on October 20, 2026.
  • Full-year 2026 revenue guidance rose to USD 755 to 760 million, yet net Debt climbed by USD 325 million since year-end to USD 791 million after acquisitions, per published coverage.

A Pullback With No New Announcement After a Volatile Week

Karman Holdings (NYSE:KRMN) was trading down 6.8% at USD 37.74 on Friday, November 13, 2026, a screener move that is the figure of record for the live session only. Searches of company releases and filings dated November 11 to 13 found no announcement explaining it; the only item was a November 11 notice that management will attend investor conferences. No verified sector or market-wide driver for November 12 to 13 was found either. The stock has been volatile: published coverage reported a 13.5% fall on November 4, which headlines tied to worries that a new Congress could trim defense spending, then a sharp rebound after the results, though accounts of the size of that rebound differ and are treated here as unconfirmed. The 52-week closing high was USD 115.29 on January 28, 2026.

Third-Quarter Growth and the Raised 2026 Outlook

Karman is an aerospace and defense supplier. For the September quarter, revenue was USD 201.62 million, with organic growth of 25%, and GAAP Net Income was USD 20.9 million, or USD 0.16 a share, including about USD 7.6 million from a research tax credit. Adjusted EBITDA rose 60% to USD 60.5 million, but the Margin slipped to 30.0% from 31.0%. Bookings were about USD 465 million after about USD 500 million in the second quarter. Management lifted 2026 adjusted EBITDA guidance to USD 225 to 227 million from USD 215 to 222.5 million, crediting mostly operating performance rather than the Walker Precision acquisition.

Net Debt, Cash Flow and Budget Timing Are the Pressure Points

Free cash flow was USD 13.4 million in the quarter but negative USD 11.5 million year to date, per published coverage. Capital spending is rising toward 5% to 6% of revenue, remediation of a material weakness slipped to mid-2027 and the chief financial officer is changing. Space and Launch revenue fell 7% on a schedule shift at ULA's Vulcan, and a continuing resolution or a change in congressional control could delay defense appropriations. A May 2026 prospectus supplement covered a sale of 13.5 million shares by existing holders, and a further lock-up Tranche ends on January 1, 2027, so Supply may stay a factor; no link to today's move was verified. With 132.5 million shares outstanding as of May 13, 2026, the quoted price implies a value near USD 5.0 billion, calculated.

Where Things Stand

The drop looks like a pullback, not a reaction to news. Karman Holdings (NYSE:KRMN) has swung hard around its November 5 report, which showed a record backlog, 65.6% revenue growth and higher guidance, while investors weigh higher net debt, thin free cash flow and budget timing. With no catalyst found for November 13, the move may reflect trading after a large rebound. Next markers are the investor conference presentations, defense appropriations and the next quarterly report.