Core Viewpoint - Karman Holdings Inc. (NYSE: KRMN) is recognized as an excellent company due to its production of essential parts that are difficult to replace, leading to strong customer loyalty and contractual constraints that limit supplier changes [1] Company Analysis - Karman Holdings produces parts that are critical to its customers, making it challenging for them to switch suppliers [1] - The company operates in a niche market where expertise and contractual obligations play a significant role in customer retention [1] Investment Consideration - Despite the company's strong fundamentals and market position, it is considered too expensive at its current valuation [1]