Karman Holdings' earnings release uses the word 'record' seven times. Nine days later, the 10-K filed April 3 tells a different story: $42.5 million in negative free cash flow, $156 million in unbilled contract assets growing 46% faster than revenue, and SG&A that surged 93%. The $60 million gap between reported net income and actual cash generation — and whether it closes — determines if KRMN's 562x P/E is a down payment on a defense platform or a mispriced bet on a company that hasn't yet learned to convert growth into money.
CoreWeave grew revenue 168% to $5.1 billion in fiscal 2025 and sits on $60.7 billion in committed backlog — more than 11 years at the current run rate. But the 10-K reveals debt service of $4.4 billion already exceeds the $3.1 billion in operating cash flow, interest coverage has fallen below 2.0x, and the company must raise $18-20 billion in 2026 just to refinance and keep building. At $71.61 per share, the stock prices in the growth — but not the cost of funding it.
Broadcom reported Q1 FY2026 revenue of $19.3 billion (+28.7% Y/Y) and non-GAAP EPS of $2.05, but the 10-Q reveals a more complex picture. A single distributor now accounts for 42% of total revenue — up from 29% a year ago — as AI semiconductor revenue doubled to $8.4 billion. Meanwhile, infrastructure software grew just 1.4% Y/Y, GAAP EPS declined 14.3% Q/Q due to tax normalization, and capital returns of $10.9 billion exceeded operating cash flow by 32%, requiring new borrowings to bridge the gap.
Bloom Energy's stock surged 527% in eight months on a $20 billion backlog and 37% revenue growth. But the FY2025 10-K reveals that only $419 million — or 2.1% — of that backlog qualifies as a GAAP Remaining Performance Obligation. The other 97.9% includes $14 billion in service contracts terminable annually for convenience, product backlog inflated by anticipated tax credits, and 43% concentration on a single related party. Meanwhile, the company issued $2.5 billion in 0% convertible notes and posted a GAAP net loss of $88.4 million in its record year.
Teradyne reported $3.19 billion in FY2025 revenue, up 13.1% — but Taiwan alone generated 149% of that growth. The 10-K reveals $1.8 billion in non-cancelable supply chain commitments, $231 million in cumulative Robotics losses, and deteriorating cash quality masked by reduced AR factoring. At 55.6x earnings, the market prices secular AI growth from a business with a 0.4% five-year revenue CAGR.
Arista Networks reported $9 billion in revenue growing 29% with 43% operating margins, zero debt, and a $10.7 billion cash fortress. But the FY2025 10-K reveals something the earnings call doesn't say: 42% of that revenue comes from two customers (Microsoft surging to 26%), $6.8 billion in non-cancellable purchase commitments just jumped 42% in a single quarter, and the headline cash flow quality flatters the income statement. ANET trades at nearly the same P/E as NVIDIA. The filing shows why that comparison deserves scrutiny.
At $25B market cap and 41x revenue, Rocket Lab prices in Neutron success. Our 5-pass filing analysis reveals what the narrative misses: Launch Services growth inflated 32% by catch-up accounting, backlog concentration (69% top 5) exceeds revenue concentration, and gross margins compressed from 55% to 37%. Here's what to watch before the rocket flies.
AVGO's top 5 customers account for 40% of revenue. NVDA's largest customer is 22%. ANET depends on Microsoft (20%) and Meta (15%). Standard AI stock screens show none of this. Here's our 2-signal framework for stress-testing AI beneficiaries.
EQIX's capex intensity jumped +8.7pp in 8 quarters. CCI's ROIC collapsed to -12%. ANET's customer concentration is HIGH (Microsoft + Meta). Standard screeners show none of this. Here's our 4-signal framework for screening AI data center infrastructure stocks.