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Leonardo DRS, Inc.

DRS Industrials Aerospace & Defense

Leonardo DRS, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.6 billion, up 12.8% from fiscal 2024.

Revenue
+11.0%
EPS
+59.6%
Free cash flow
−24.7%
Total debt
−50.0%

Quarter to September 2026, against a year earlier

33.08 2.44 −6.87%
Market cap
$8.8B
P/E
24.0×
Fwd P/E
26.7×
Dividend yield
—
F-score
7/9
Altman Z
3.74
Beneish M
−2.33
Dividend safety
70/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • ASC
  • IMS

Every year since 2019 →

Insider Decisions last twelve months

Bought, $m 1.07
Sold, $m 9.40
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — — — — —
Sell — 3 — 4 3 1 5 1 1 2 — 1
Insider Ownership 71.44%

Capital & Financial Ratios $m

Size
Market Cap 8,800.00
Revenue ttm 3,885.00
Net income ttm 365.00
Free cash flow ttm 345.00
Net debt Q (119.00)
Valuation
P/E 23.95
Forward P/E 26.70
Price / sales 2.27
Forward P/S Powerpack
Price / FCF 25.58
Price / book 3.05
Financial health
Current ratio Q 1.88 (at or above 1.5: strong)
Debt / equity Q 0.06 (at or below 0.5: strong)
Interest coverage Q (116.00)
Growth
Revenue growth Q +11.04% (above 0%: growing)
Operating income growth Q +24.73% (above 0%: growing)
EPS, this year +28.36% (at or above 15%: strong)
EPS, next year A +3.41%
Revenue, next year A +8.72%
EPS, past 5 yrs +51.28% (at or above 15%: strong)
EPS, next 5 yrs A +13.16%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.2×, against a ten-year median of 2.6×; over the ten years it ranged from 0.4× in 2016 to 6.9× in 2021.
P/E against its own 10 years 27.41%
10-year low 10-year high
P/S against its own 10 years 40.01%
10-year low 10-year high
P/B against its own 10 years 46.53%
10-year low 10-year high
EV/Sales against its own 10 years 39.60%
10-year low 10-year high
EV/FCF against its own 10 years 6.44%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 467 598 647 294
Receivables 151 253 334 358
Inventory 329 358 352 374
Other 950 927 967 1,108
1,918 2,163 2,326 2,179
2023 2024 2025 Q'26
Payables 398 426 351 257
ST’ Debt 57 25 26 10
Other 623 665 854 890
1,078 1,116 1,231 1,157

Compound Annual Growth %

10y 5y 3y
Sales 74.33% 116.77% 10.65%
Cash Flow 0.00% 151.82% 123.01%
Earnings 0.00% 118.05% (11.79%)
Book Value 76.97% 106.88% 8.68%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.36 Actual 0.46

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.37 0.42 Beat by 0.05
Q1 FY26 0.21 0.26 Beat by 0.05
Q2 FY26 0.27 0.35 Beat by 0.08
Q3 FY26 0.36 0.46 Beat by 0.10
Q4 FY26 0.44 — Reports 23 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.23 0.32 0.43 — —
’25 0.19 0.20 0.26 0.38 1.03
’24 0.11 0.14 0.21 0.33 0.80
’23 0.05 0.13 0.18 0.28 0.64
’22 0.17 0.12 1.33 0.28 1.88
’21 0.08 0.20 0.24 0.10 0.73
’20 0.00 0.02 0.05 0.06 0.13
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 846 913 1,066 — —
’25 799 829 960 1,060 3,648
’24 688 753 812 981 3,234
’23 569 628 703 926 2,826
’22 612 627 634 820 2,693
’21 25 28 720 2,106 2,879
’20 15 18 20 23 76
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (66) 35 96 — —
’25 (138) (28) 107 425 366
’24 (265) 34 59 443 271
’23 (334) (12) 36 515 205
’22 (255) 13 (4) 279 33
’21 — 9 (120) 289 178
’20 — (5) — 4 4
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (95) 6 58 — —
’25 (170) (56) 77 376 227
’24 (275) 0 48 414 187
’23 (348) (24) 20 498 146
’22 (268) 4 (17) 249 (32)
’21 — 6 (159) 271 118
’20 — (8) — (1) (1)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 10.0% a year for ten years.

Implied
10.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 13 26 28 44 76 2,879 2,693 2,826 3,234 3,648 3,885 +87.4% 3,966 4,270 4,534 +7.5%
Gross margin, % 11.25 31.56 36.44 35.95 37.18 19.00 21.35 22.93 22.76 23.82 25.25 +12.6 pt
EBT (5) 2 0 (2) 6 200 525 192 264 336 417 n/m
EBT margin, % (38.37) 6.98 0.65 (5.02) 7.40 6.95 19.49 6.79 8.16 9.21 10.73 +47.6 pt
Net income (5) 2 0 (2) 6 154 405 168 213 278 365 n/m
Per share, $
Per share, $ Revenue 0.91 1.05 0.84 1.16 1.76 13.71 12.53 10.81 12.26 13.72 14.56 +35.1%
Earnings (0.35) 0.09 0.00 (0.05) 0.13 0.73 1.88 0.64 0.81 1.05 1.38 n/m
Cash flow (0.35) 0.07 (0.12) (0.09) 0.08 0.85 0.15 0.78 1.03 1.38 1.84 n/m
Capex (0.03) (0.07) (0.03) (0.12) (0.11) (0.29) (0.30) (0.23) (0.32) (0.52) (0.54) +37.7%
Free cash flow (0.38) 0.00 (0.14) (0.21) (0.03) 0.56 (0.15) 0.56 0.71 0.85 1.29 n/m
Book value 0.79 1.17 1.26 1.09 1.66 7.59 9.89 8.89 9.70 10.27 10.83 +33.0%
Shares, m 14 25 33 38 43 210 215 262 264 266 266 +38.7%
Valuation, ×
Valuation, × P/E 0.00 34.33 258.00 0.00 72.76 14.72 6.39 30.34 40.39 32.47 23.95 48.9
P/S 1.35 2.95 3.05 4.47 5.54 0.69 0.97 1.82 2.63 2.48 2.27 2.6
P/B 1.56 2.64 2.05 4.78 5.86 1.24 1.23 2.22 3.33 3.32 3.05 2.8
EV/Sales 1.47 2.58 2.43 4.32 5.18 0.74 1.00 1.80 2.56 2.40 2.24 2.5
EV/FCF (2.23) (7.42) (21.91) (10.72) (16.12) 18.27 (84.32) 34.90 44.32 38.61 25.24 (0.7)
Cash, $m
Cash, $m Operating cash flow (5) 2 (4) (3) 4 178 33 205 271 366 490 n/m
Capex 0 (2) (1) (5) (5) (60) (65) (59) (84) (139) (145) +91.0%
Free cash flow (5) 0 (5) (8) (1) 118 (32) 146 187 227 345 n/m
Balance, $m
Balance, $m Working capital 11 26 38 32 57 400 665 840 1,047 1,095 1,022 +66.5%
Net debt 2 (13) (21) 807 419 153 88 (61) (233) (300) (119) n/m
Shareholders’ equity 11 29 42 41 72 1,593 2,127 2,325 2,557 2,730 2,890 +84.5%
Returns, %
Returns, % ROA (24.82) 7.85 0.36 (3.43) 6.56 9.70 12.01 4.42 5.26 6.41 8.47 +31.2 pt
ROIC (16.15) 7.54 0.19 (0.15) 0.70 8.45 15.83 6.38 7.88 8.95 9.50 +25.1 pt
ROE (48.88) 11.14 0.46 (4.88) 9.94 18.50 21.77 7.55 8.73 10.52 13.18 +59.4 pt
People
People Employees 93 112 117 167 198 242 6,400 6,600 7,000 7,300 — +62.4%
Revenue/emp, $m 0.14 0.23 0.24 0.27 0.38 11.90 0.42 0.43 0.46 0.50 — +15.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Leonardo DRS designs, makes and integrates defense technology for the U.S. government and allied forces. Its products help military customers detect threats, process information, protect personnel and equipment, and power ships and submarines. John A. Baylouny is its president and chief executive officer.

The company operates through two segments. Advanced Sensing and Computing makes sensors, radars and computing equipment used to detect, track and identify objects and share information. Its equipment supports applications ranging from infrared surveillance and electronic warfare to computing on ground vehicles and ships. DRS also combines sensing, computing and software for tasks such as detecting unmanned aircraft.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
ASC 2,355 64.56%
IMS 1,307 35.83%
Gross margin 23.82%
Operating margin 9.54%
Pre-tax margin 9.21%

Revenue by segment since 2019

Leonardo DRS, Inc. vs peers in Aerospace & Defense (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
EMBJ Embraer-Empresa Brasileira de Aeronautica $13.2B 30.1× — +22.87% (above 0%: growing) +176.74% (above 0%: growing) +287.11% (above 0%: growing) 19.90% 12.79% Compare
HII Huntington Ingalls Industries, Inc. $11.4B 15.6× 16.6× +10.81% (above 0%: growing) +48.88% (above 0%: growing) +3,169.23% (above 0%: growing) 13.57% 7.69% Compare
BWXT BWX Technologies, Inc. $10.5B 28.3× 29.8× +10.01% (above 0%: growing) +23.53% (above 0%: growing) +58.55% (above 0%: growing) 23.84% 16.59% Compare
MOG.A Moog Inc. $9.8B 25.9× 28.3× +15.16% (above 0%: growing) +153.97% (above 0%: growing) +67.52% (above 0%: growing) 31.10% 14.41% Compare
DRS Leonardo DRS, Inc. $8.8B 24.0× 26.7× +11.04% (above 0%: growing) +59.63% (above 0%: growing) −24.68% (below 0%: shrinking) 24.67% 10.88%
SARO StandardAero, Inc. $8.4B 25.4× 19.9× +4.63% (above 0%: growing) +42.86% (above 0%: growing) +263.74% (above 0%: growing) 16.80% 10.53% Compare
LOAR Loar Holdings Inc. $6.8B 113× 104× +38.99% (above 0%: growing) −27.59% (below 0%: shrinking) +46.45% (above 0%: growing) 54.16% 26.21% Compare
KTOS Kratos Defense & Security Solutions, Inc. $6.3B 197× 209× +35.73% (above 0%: growing) 0.00% +14.29% (above 0%: growing) 22.47% (1.04%) Compare
HXL Hexcel Corporation $6.1B 36.0× 34.2× +8.81% (above 0%: growing) +96.15% (above 0%: growing) −47.46% (below 0%: shrinking) 23.27% 11.04% Compare
Median of peers $9.1B 29.2× 29.8× +12.99% +45.87% +63.04% 22.87% 11.92%

All 94 Aerospace & Defense stocks →

From the latest earnings call

Updated

  • CEO John Baylouny said demand for counter-drone sensing is supporting radar orders, while Leonardo DRS is expanding capacity to meet that demand.
  • CFO Michael Dippold said program execution, favorable mix and higher volume supported profitability, and Leonardo DRS raised its full-year outlook.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 26.57%
Held by the ten largest 14.07%
Holder Shares Stake Change
Vanguard 7.80m 2.92% −51.65k
BlackRock 4.99m 1.87% −141.76k
State Street 4.51m 1.69% +141.51k
AQR Capital Management 4.41m 1.65% +1.35m
Fidelity (FMR) 3.47m 1.30% −187.97k
First Trust 2.68m 1.01% +453.73k
T. Rowe Price 2.54m 0.95% −1.47m
Voya Investment Management 2.52m 0.94% −636.32k
Stephens Investment Management Group LLC 2.40m 0.90% +283.57k
BESSEMER GROUP INC 2.22m 0.83% +2.22m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 3 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 8.22m 10.50m 349.00
2024 7.87m 26.19m 294.00
2023 10.82m 19.07m 182.00
2022 11.05m 13.21m 116.00
2021 6.32m 6.32m —
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Leonardo DRS, Inc. (DRS) Latest News

30 Oct

Impact 3 · · TIKR

29 Oct

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Impact 4 · · StockStory
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Impact 3 · · TIKR
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Impact 3 · · StockStory

28 Oct

Impact 3 · · StockStory

26 Oct

Impact 3 · · Zacks

23 Oct

Impact 4 · · Simply Wall St.
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22 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · MT Newswires
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21 Oct

Impact 3 · · Zacks

20 Oct

Impact 3 · · StockStory

14 Oct

Impact 4 · · GlobeNewswire
Impact 4 · · GlobeNewswire

13 Oct

Impact 4 · · GlobeNewswire
Impact 4 · · GlobeNewswire

12 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · GlobeNewswire

5 Oct

Impact 4 · · GlobeNewswire
Impact 4 · · GlobeNewswire

25 Sep

Impact 3 ·

22 Sep

Impact 3 ·

DRS metrics, ten years each

stockrow.com/DRS · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com