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Kratos Defense & Security Solutions, Inc.

KTOS Industrials Aerospace & Defense

Kratos Defense & Security Solutions, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 18.5% from fiscal 2024.

Revenue
+30.5%
EPS
0.00%
Free cash flow
+12.4%
Total debt
−42.2%

Quarter to June 2026, against a year earlier

35.93 5.06 −12.34%
Market cap
$7.7B
P/E
241×
Fwd P/E
209×
Dividend yield
—
F-score
4/9
Altman Z
16.42
Beneish M
−1.87
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Product sales
  • Service revenues

Every year since 2010 →

Insider Decisions last twelve months

Sold, $m 90.70
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 7 10 8 10 8 9 7 5 7 3 2 —
Insider Ownership 1.66%

Capital & Financial Ratios $m

Size
Market Cap 7,690.00
Revenue ttm 1,522.50
Net income ttm 30.90
Free cash flow ttm (128.90)
Net debt Q (1,302.80)
Valuation
P/E 240.94 (above 35: high)
Forward P/E 209.00 (above 35: high)
Price / sales 5.07
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.25
Financial health
Current ratio Q 5.54 (at or above 1.5: strong)
Debt / equity Q 0.04 (at or below 0.5: strong)
Interest coverage Q (1.04)
Growth
Revenue growth Q +30.53% (above 0%: growing)
Operating income growth Q −143.24% (below 0%: shrinking)
EPS, this year +51.61% (at or above 15%: strong)
EPS, next year A +36.33% (at or above 15%: strong)
Revenue, next year A +33.20% (at or above 10%: strong)
EPS, past 5 yrs −27.96% (below 0%: weak)
EPS, next 5 yrs A +38.76% (at or above 15%: strong)

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 4.2×, against a ten-year median of 2.7×; over the ten years it ranged from 0.9× in 2016 to 12.1× in 2026.
P/E against its own 10 years 49.73%
10-year low 10-year high
P/S against its own 10 years 87.19%
10-year low 10-year high
P/B against its own 10 years 35.60%
10-year low 10-year high
EV/Sales against its own 10 years 83.23%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 73 329 561 1,438
Receivables 329 324 457 577
Inventory 156 162 188 236
Other 20 39 44 82
594 872 1,263 2,357
2023 2024 2025 Q'26
Payables 63 82 70 105
ST’ Debt — — — —
Other 116 91 82 114
293 297 311 425

Compound Annual Growth %

10y 5y 3y
Sales 7.44% 12.49% 14.45%
Cash Flow 0.00% 0.00% 0.00%
Earnings 1.06% (22.68%) 0.00%
Book Value 22.89% 16.62% 28.71%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.13 Actual 0.21

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.12 0.14 Beat by 0.02
Q4 FY25 0.14 0.18 Beat by 0.04
Q1 FY26 0.13 0.16 Beat by 0.03
Q2 FY26 0.13 0.21 Beat by 0.08
Q3 FY26 0.21 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.07 0.02 — — —
’25 0.03 0.02 0.05 0.03 0.13
’24 0.01 0.05 0.02 0.03 0.11
’23 (0.05) (0.02) (0.01) 0.02 (0.07)
’22 (0.12) (0.04) (0.06) (0.07) (0.29)
’21 0.01 0.01 (0.02) (0.02) (0.02)
’20 0.00 (0.01) 0.02 0.62 0.67
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 371 459 — — —
’25 303 352 348 345 1,347
’24 277 300 276 283 1,136
’23 232 257 275 274 1,037
’22 196 224 229 249 898
’21 194 205 201 212 812
’20 169 170 202 206 748
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (27) (11) — — —
’25 (29) (12) (13) 12 (42)
’24 1 (3) 6 46 50
’23 (26) 24 0 67 65
’22 (8) (22) (3) 7 (26)
’21 23 (1) 13 1 35
’20 4 7 8 26 45
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (47) (28) — — —
’25 (52) (32) (41) (12) (137)
’24 (16) (15) (9) 32 (8)
’23 (33) 12 (14) 48 13
’22 (19) (33) (16) (4) (71)
’21 13 (12) 0 (12) (11)
’20 (2) (1) (1) 13 9
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 18.5% a year for ten years.

Implied
18.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.1
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 Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 542 603 618 718 748 812 898 1,037 1,136 1,347 1,523 +10.6% 1,794 2,226 2,718 +26.4%
Gross margin, % 22.24 26.12 27.46 26.48 27.18 27.74 25.16 25.90 25.28 22.86 23.00 +0.6 pt
EBT (52) (57) 9 16 7 4 (33) 11 27 34 41 n/m
EBT margin, % (9.56) (9.46) 1.41 2.19 0.91 0.54 (3.67) 1.07 2.33 2.52 2.68 +12.1 pt
Net income (60) (43) (3) 13 79 (2) (33) 2 16 22 31 n/m
Per share, $
Per share, $ Revenue 8.84 6.74 5.95 6.77 6.47 6.51 7.09 7.95 7.63 8.28 8.07 (0.7%)
Earnings (0.99) (0.48) (0.03) 0.12 0.69 (0.02) (0.29) (0.07) 0.11 0.14 0.17 n/m
Cash flow (0.24) (0.30) 0.17 0.27 0.39 0.28 (0.20) 0.50 0.33 (0.26) (0.21) +0.9%
Capex (0.15) (0.29) (0.22) (0.25) (0.31) (0.37) (0.36) (0.40) (0.39) (0.59) (0.47) +16.6%
Free cash flow (0.38) (0.59) (0.04) 0.02 0.08 (0.09) (0.56) 0.10 (0.06) (0.84) (0.68) +9.1%
Book value 4.51 5.72 5.00 5.42 8.01 7.59 7.39 7.48 9.08 12.27 18.17 +11.8%
Shares, m 61 90 104 106 116 125 127 130 149 163 175 +11.5%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 150.08 42.86 0.00 0.00 0.00 239.82 583.92 240.94 101.7
P/S 0.83 1.63 2.37 2.66 4.24 2.98 1.41 2.48 3.46 9.17 5.07 3.1
P/B 1.63 1.92 2.82 3.33 3.42 2.56 1.36 2.64 2.90 6.19 2.25 2.9
EV/Sales 1.50 1.90 2.55 2.83 4.13 2.92 1.60 2.68 3.38 8.83 4.22 3.2
EV/FCF (34.47) (21.59) (349.94) 781.75 350.98 (211.21) (20.26) 216.81 (451.92) (86.51) (49.83) 17.4
Cash, $m
Cash, $m Operating cash flow (15) (27) 18 29 45 35 (26) 65 50 (42) (40) +12.5%
Capex (9) (26) (23) (26) (36) (46) (45) (52) (58) (95) (89) +30.0%
Free cash flow (24) (53) (4) 3 9 (11) (71) 13 (8) (137) (129) +21.6%
Balance, $m
Balance, $m Working capital 177 283 330 340 567 537 348 302 575 952 1,931 +20.6%
Net debt 362 163 111 123 (80) (53) 169 197 (90) (465) (1,303) n/m
Shareholders’ equity 276 512 519 574 925 945 936 976 1,353 1,996 3,427 +24.6%
Returns, %
Returns, % ROA (6.53) (4.33) (0.34) 1.14 5.79 (0.13) (2.35) (0.56) 0.91 1.00 0.93 +7.5 pt
ROIC (1.76) (1.11) 3.02 3.41 2.17 1.95 (0.16) 1.66 1.44 1.04 0.54 +2.8 pt
ROE (22.80) (10.84) (0.68) 2.29 10.62 (0.21) (3.92) (0.93) 1.40 1.31 1.15 +24.1 pt
People
People Employees 2,900 2,900 2,600 3,000 3,200 3,300 3,600 3,900 4,000 4,300 — +4.5%
Revenue/emp, $m 0.19 0.21 0.24 0.24 0.23 0.25 0.25 0.27 0.28 0.31 — +5.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Kratos Defense & Security Solutions makes technology, hardware, software and systems for defense, national security and commercial customers. Its products include jet-powered drones, rocket and hypersonic systems, engines, satellite ground systems, microwave electronics and military training systems. Kratos was founded in 2004 and is headquartered in San Diego. Eric DeMarco is its president and chief executive officer.

The company makes target drones that military customers use in training and testing, as well as tactical drones such as Valkyrie. Its rocket and hypersonic products include solid rocket motors and vehicles used in flight-test missions. Its propulsion business develops engines for drones, missiles and other vehicles. Kratos also supplies electronics used in systems such as radar and air defense.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Product sales 878 65.18%
Service revenues 469 34.82%
Gross margin 22.86%
Operating margin 1.90%
Pre-tax margin 2.52%

Revenue by segment since 2010

Kratos Defense & Security Solutions, 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
BWXT BWX Technologies, Inc. $12.1B 32.3× 29.8× +10.01% (above 0%: growing) +23.33% (above 0%: growing) +58.55% (above 0%: growing) 0.00% 16.59% Compare
MOG.A Moog Inc. $11.4B 30.4× 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. $10.4B 28.0× 26.7× +11.04% (above 0%: growing) +59.63% (above 0%: growing) −24.68% (below 0%: shrinking) 24.67% 10.88% Compare
SARO StandardAero, Inc. $8.4B 25.5× 19.9× +4.63% (above 0%: growing) +42.86% (above 0%: growing) +263.74% (above 0%: growing) 16.80% 10.53% Compare
KTOS Kratos Defense & Security Solutions, Inc. $7.7B 241× 209× +30.53% (above 0%: growing) 0.00% +12.42% (above 0%: growing) 21.82% (0.35%)
LOAR Loar Holdings Inc. $6.4B 94.9× 104× +39.36% (above 0%: growing) 0.00% +31.01% (above 0%: growing) 53.15% 24.39% Compare
AVAV AeroVironment, Inc. $6.3B — (loss-making) 268× +5.68% (above 0%: growing) n/m +76.92% (above 0%: growing) 25.93% (2.26%) Compare
HXL Hexcel Corporation $6.2B 36.5× 34.2× +8.81% (above 0%: growing) +96.15% (above 0%: growing) −47.46% (below 0%: shrinking) 23.27% 11.04% Compare
KRMN Karman Holdings Inc. $5.2B 136× 80.9× +58.18% (above 0%: growing) +120.00% (above 0%: growing) +17.67% (above 0%: growing) 42.97% 19.13% Compare
Median of peers $7.4B 32.3× 32.0× +10.53% +59.63% +44.78% 25.30% 12.73%

All 94 Aerospace & Defense stocks →

From the latest earnings call

Updated

  • CEO Eric DeMarco said Kratos was ordering components for 3,000 turbojet engines expected in 2027 and planning components for another 5,000 in 2028.
  • CFO Deanna Lund said shekel strength reduced second-quarter adjusted EBITDA and forecast a continued effect on the company’s full-year results.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 79.88%
Held by the ten largest 41.73%
Holder Shares Stake Change
BlackRock 24.04m 12.81% −7.63m
Vanguard 17.93m 9.56% −556.65k
State Street 9.06m 4.83% +153.36k
First Trust 6.02m 3.21% +3.31m
ARK Investment Management LLC 4.67m 2.49% +1.18m
Invesco 4.09m 2.18% −1.05m
Geode Capital Management 3.71m 1.98% −1.55m
Hood River Capital Management LLC 3.14m 1.67% +423.16k
VanEck 2.98m 1.59% −114.72k
Dimensional Fund Advisors 2.64m 1.41% +45.11k
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 2 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.83m 49.67m 277.00
2024 7.36m 11.28m 146.00
2023 4.57m 19.18m 113.00
2022 7.06m (6.01m) 57.00
2021 9.50m (5.80m) 108.00

Ownership

Directors and executive officers, together 1.50%
BlackRock, Inc. 11.50%
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. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Kratos Defense & Security Solutions, Inc. (KTOS) Latest News

2 Nov

Impact 3 · · Zacks

29 Oct

Impact 4 · · Zacks

28 Oct

Impact 4 · · GlobeNewswire

26 Oct

Impact 4 · · Zacks

20 Oct

Impact 3 · · Stocktwits

19 Oct

Impact 4 · · StockStory
Impact 3 · · StockStory

16 Oct

Impact 3 · · StockStory

14 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Zacks
Impact 4 · · GlobeNewswire

12 Oct

Impact 4 · · GlobeNewswire
Impact 4 · · Zacks
Impact 4 · · InvestorsHub
Impact 4 · · GlobeNewswire

9 Oct

Impact 4 · · Simply Wall St.

8 Oct

Impact 4 · · Zacks
Impact 4 · · GlobeNewswire

7 Oct

Impact 3 · · 24/7 Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks

6 Oct

Impact 3 · · Zacks

5 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · StockStory

4 Oct

Impact 3 · · Simply Wall St.

1 Oct

Impact 3 · · StockStory

30 Sep

Impact 4 · · Zacks

28 Sep

Impact 4 · · Insider Monkey
Impact 3 ·

25 Sep

Impact 3 · · Insider Monkey

KTOS metrics, ten years each

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