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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. 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.

35.47 0.00 0.00%
Market cap
$9.5B
P/E
29.1×
Fwd P/E
37.8×
Dividend yield
—
F-score
7/9
Altman Z
3.74
Beneish M
−2.33
Dividend safety
70/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 1.07
Total sells 9.16
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — 1 — — — — —
Sell — 2 3 — 4 3 1 5 1 1 2 —
Insider Ownership 71.41%

Capital & Financial Ratios $m

Market Cap 9,470.00
Revenue 3,779.00
Net Income 322.00
Free Cash Flow 364.00
Net Debt (121.00)
Current Ratio 1.92 (at or above 1.5: strong)
Debt/Equity 0.05 (at or below 0.5: strong)
P/E ratio 29.07
Fwd P/E 37.80 (above 35: high)
P/S ratio 2.50
P/B ratio 3.38
Past 5Y EPS Growth 51.28% (at or above 15%: strong)
This Y EPS Growth 20.82% (at or above 15%: strong)
Next Y EPS Growth 5.58%
Next Y revenue growth 8.28%
Next 5Y EPS Growth 11.92%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.5×, 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 33.42%
10-year low 10-year high
P/S against its own 10 years 45.19%
10-year low 10-year high
P/B against its own 10 years 56.21%
10-year low 10-year high
EV/Sales against its own 10 years 45.60%
10-year low 10-year high
EV/FCF against its own 10 years 7.73%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2028 Powerpack
2027 Powerpack
2026 Powerpack
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 467 598 647 270
Receivables 151 253 334 319
Inventory 329 358 352 383
Other 950 927 967 1,039
1,918 2,163 2,326 2,040
2023 2024 2025 Q'26
Payables 398 426 351 182
ST’ Debt 57 25 26 10
Other 623 665 854 873
1,078 1,116 1,231 1,065

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%

Revenue $m

Mar Jun Sep Dec Year
’26 846 913 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.23 0.32 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 0.54 1.00 1.77 2.51 2.05 8.20 7.51 10.80 18.60 28.17

Analyst estimates 2026–2028

Powerpack
High 1.78 3.86 3.20 5.80 10.70 14.80 16.70 20.95 37.99 49.31
People
People Employees 93 112 117 167 198 242 6,400 6,600 7,000 7,300
Revenue/emp, $m 0.14 0.23 0.24 0.27 0.38 11.90 0.42 0.43 0.46 0.50
Income, $m
Income, $m Revenue 13 26 28 44 76 2,879 2,693 2,826 3,234 3,648
Gross margin, % 11.25 31.56 36.44 35.95 37.18 19.00 21.35 22.93 22.76 23.82
EBT (5) 2 0 (2) 6 200 525 192 264 336
EBT margin, % (38.37) 6.98 0.65 (5.02) 7.40 6.95 19.49 6.79 8.16 9.21
Net income (5) 2 0 (2) 6 154 405 168 213 278
Depreciation 1 1 1 1 2 58 65 85 91 93
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
Earnings (0.35) 0.09 0.00 (0.05) 0.13 0.73 1.88 0.64 0.81 1.05
Cash flow (0.35) 0.07 (0.12) (0.09) 0.08 0.85 0.15 0.78 1.03 1.38
Capex (0.03) (0.07) (0.03) (0.12) (0.11) (0.29) (0.30) (0.23) (0.32) (0.52)
Free cash flow (0.38) 0.00 (0.14) (0.21) (0.03) 0.56 (0.15) 0.56 0.71 0.85
Book value 0.79 1.17 1.26 1.09 1.66 7.59 9.89 8.89 9.70 10.27
Shares, m 14 25 33 38 43 210 215 262 264 266
Valuation, ×
Valuation, × P/E 0.00 34.33 258.00 0.00 72.76 14.72 6.39 30.34 40.39 32.47
P/S 1.35 2.95 3.05 4.47 5.54 0.69 0.97 1.82 2.63 2.48
P/B 1.56 2.64 2.05 4.78 5.86 1.24 1.23 2.22 3.33 3.32
EV/Sales 1.47 2.58 2.43 4.32 5.18 0.74 1.00 1.80 2.56 2.40
EV/FCF (2.23) (7.42) (21.91) (10.72) (16.12) 18.27 (84.32) 34.90 44.32 38.61
Cash, $m
Cash, $m Operating cash flow (5) 2 (4) (3) 4 178 33 205 271 366
Capex 0 (2) (1) (5) (5) (60) (65) (59) (84) (139)
Free cash flow (5) 0 (5) (8) (1) 118 (32) 146 187 227
Balance, $m
Balance, $m Working capital 11 26 38 32 57 400 665 840 1,047 1,095
Total debt 4 — — 821 455 393 394 406 365 347
Net debt 2 (13) (21) 807 419 153 88 (61) (233) (300)
Shareholders’ equity 11 29 42 41 72 1,593 2,127 2,325 2,557 2,730
Returns, %
Returns, % ROA (24.82) 7.85 0.36 (3.43) 6.56 9.70 12.01 4.42 5.26 6.41
ROIC (16.15) 7.54 0.19 (0.15) 0.70 8.45 15.83 6.38 7.88 8.95
ROE (48.88) 11.14 0.46 (4.88) 9.94 18.50 21.77 7.55 8.73 10.52
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
TXT Textron Inc. $12.9B 14.3× 16.3× +2.99% (above 0%: growing) +5.19% (above 0%: growing) −40.57% (below 0%: shrinking) 18.13% 6.98% Compare
EMBJ Embraer-Empresa Brasileira de Aeronautica $12.8B 29.3× — +22.87% (above 0%: growing) +176.74% (above 0%: growing) +287.11% (above 0%: growing) 19.90% 12.79% Compare
BWXT BWX Technologies, Inc. $12.6B 35.3× 42.0× +18.01% (above 0%: growing) +12.79% (above 0%: growing) −8.98% (below 0%: shrinking) 22.44% 15.37% Compare
MOG.A Moog Inc. $11.6B 31.0× 36.7× +15.16% (above 0%: growing) +153.97% (above 0%: growing) +67.52% (above 0%: growing) 31.10% 14.41% Compare
HII Huntington Ingalls Industries, Inc. $10.5B 16.2× 16.8× +10.90% (above 0%: growing) +36.53% (above 0%: growing) −120.66% (below 0%: shrinking) 12.61% 6.76% Compare
DRS Leonardo DRS, Inc. $9.5B 29.1× 37.8× +10.13% (above 0%: growing) +65.00% (above 0%: growing) +110.71% (above 0%: growing) 25.96% 11.17%
KTOS Kratos Defense & Security Solutions, Inc. $7.7B 238× 313× +30.53% (above 0%: growing) 0.00% +12.42% (above 0%: growing) 21.82% (0.35%) Compare
SARO StandardAero, Inc. $7.0B 21.5× 21.8× +4.63% (above 0%: growing) +42.86% (above 0%: growing) +263.74% (above 0%: growing) 16.80% 10.53% Compare
HXL Hexcel Corporation $6.8B 45.1× 40.7× +8.04% (above 0%: growing) +282.35% (above 0%: growing) +625.00% (above 0%: growing) 26.09% 13.72% Compare
Median of peers $11.1B 30.1× 36.7× +13.03% +39.70% +39.97% 20.86% 11.66%

All 82 Aerospace & Defense stocks →

Leonardo DRS, Inc. (DRS) key facts

  • Strength: Leonardo DRS, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.6 billion, up 12.8% from fiscal 2024.
  • Leonardo DRS, Inc. (DRS) is an Aerospace & Defense company in the Industrials sector, listed on Nasdaq.
  • As of October 16, 2026, DRS traded at $35.47, a market capitalization of $9.5 billion.
  • Return on equity was 10.5% and debt-to-equity 0.05.
  • Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 3.74 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Leonardo DRS, Inc. (DRS) Latest News

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stockrow.com/DRS · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com