Karman vs VSE
VSE reported revenue of $1.1 billion in fiscal 2025, 2.4 times Karman's $472 million in fiscal 2025. Karman's revenue grew 36.6% in its latest year, and VSE's grew 41.5%. Karman had an operating margin of 15.5%, against 8.1% at VSE. Free cash flow was −$42 million at Karman and $6 million at VSE.
Side by side
| Karman | VSE | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $472M | $1.1B |
| Revenue growth | 36.6% | 41.5% |
| Revenue growth a year, last 5 years | — | 10.9% |
| Gross margin | 40.3% | — |
| Operating margin | 15.5% | 8.1% |
| Net margin | 3.7% | 1.1% |
| Free cash flow | −$42M | $6M |
| Free cash flow margin | −9.0% | 0.5% |
| Return on capital | 5.1% | 4.5% |
| Net debt to EBITDA | 4.7x | 1.7x |
| Dividends and buybacks | $0M | $8M |
| Change in diluted share count | −20.6% | 18.2% |
| Last close | $45.61 | $172.81 |
| P/E at the last close | 116.9× | 42.4× |
| Insider trades, last 12 months | bought $1.0 million, sold $41.2 million | sold $5.8 million |
| Piotroski F-score | 6 of 9 | 6 of 8 |
Amounts in each company's own currency, US$ 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
KarmanVSE
Operating margin
Percent of revenue
KarmanVSE
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
KarmanVSE