Karman vs Intuitive Machines
Karman reported revenue of $472 million in fiscal 2025, 2.2 times Intuitive Machines' $210 million in fiscal 2025. Karman's revenue grew 36.6% in its latest year, and Intuitive Machines' fell 7.9%. Karman had an operating margin of 15.5%, against -41.5% at Intuitive Machines. Free cash flow was −$42 million at Karman and −$56 million at Intuitive Machines.
Side by side
| Karman | Intuitive Machines | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $472M | $210M |
| Revenue growth | 36.6% | −7.9% |
| Revenue growth a year, last 5 years | — | — |
| Gross margin | 40.3% | — |
| Operating margin | 15.5% | −41.5% |
| Net margin | 3.7% | −39.6% |
| Free cash flow | −$42M | −$56M |
| Free cash flow margin | −9.0% | −26.6% |
| Return on capital | 5.1% | — |
| Net debt to EBITDA | 4.7x | — |
| Dividends and buybacks | $0M | $21M |
| Change in diluted share count | −20.6% | 88.0% |
| Last close | $45.61 | $10.47 |
| P/E at the last close | 116.9× | — |
| Insider trades, last 12 months | bought $1.0 million, sold $41.2 million | bought $2.2 million, sold $263.8 million |
| Piotroski F-score | 6 of 9 | 3 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
KarmanIntuitive Machines
Operating margin
Percent of revenue
KarmanIntuitive Machines
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
KarmanIntuitive Machines
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Karman and Intuitive Machines pages.