BWS Financial analyst Hamed Khorsand says Karman’s (KRMN) free cash flow “remained allusive” in Q4. The company “continues to report net profits and positive adjusted EBITDA, but that is occurring when contract assets (unbilled revenue) are rising,” the analyst tells investors in a research note. BWS adds that’s Karman’s updated 2026 adjusted EBITDA margin is now lower than the initial guidance by 30 basis points. It keeps a Sell rating on the shares with a $37 price target
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