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. In the quarter to June 2026, revenue grew 10.1%, EPS grew 65.0%, free cash flow grew 110.7% and total debt fell 57.8%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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Leonardo DRS, Inc. (DRS) Piotroski F-score
Leonardo DRS, Inc.'s Piotroski F-score for fiscal 2025 is 7 out of 9: 7 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 7 | 0.00 |
| FY2024 | 7 | 1.00 |
| FY2023 | 6 | 0.00 |
| FY2022 | 6 | 0.00 |
| FY2021 | 6 | (1.00) |
| FY2020 | 7 | 6.00 |
| FY2019 | 1 | (2.00) |
| FY2018 | 3 | (4.00) |
| FY2017 | 7 | 5.00 |
| FY2016 | 2 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 6.41% | 5.26% | Pass | 1 |
| Positive operating cash flow | 366.00m | 271.00m | Pass | 1 |
| Rising return on assets | 6.41% | 5.26% | Pass | 1 |
| Cash flow above net income | 88.00m | 58.00m | Pass | 1 |
| Falling long-term leverage | 0.07 | 0.08 | Pass | 1 |
| Rising current ratio | 1.89 | 1.94 | Fail | 0 |
| No new shares issued | 265,900,000 | 263,700,000 | Fail | 0 |
| Rising gross margin | 23.82% | 22.76% | Pass | 1 |
| Rising asset turnover | 0.84 | 0.80 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 7 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| HII Huntington Ingalls Industries, Inc. compare | 9 |
| SARO StandardAero, Inc. compare | 8 |
| EMBJ Embraer-Empresa Brasileira de Aeronautica compare | 7 |
| TXT Textron Inc. compare | 7 |
| DRS Leonardo DRS, Inc. | 7 |
| MOG.A Moog Inc. compare | 6 |
| HXL Hexcel Corporation compare | 6 |
| BWXT BWX Technologies, Inc. compare | 5 |
| KTOS Kratos Defense & Security Solutions, Inc. compare | 4 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover