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Red Cat Holdings, Inc.

RCAT Industrials Aerospace & Defense

Red Cat Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $40.7 million, up 739.8% from fiscal 2024.

Revenue
+527.2%
EPS
−73.3%
Free cash flow
−298.2%
Total debt
+154.9%

Quarter to June 2026, against a year earlier

3.44 0.56 −14.00%
Market cap
$520.0M
P/E
0.0×
Fwd P/E
−5.5×
Dividend yield
—
F-score
n/a
Altman Z
16.18
Beneish M
4.12
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 7.72
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — 1 1 3 1 1 —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 519.99
Revenue ttm 71.54
Net income ttm (97.48)
Free cash flow ttm (157.70)
Net debt Q (324.66)
Valuation
P/E 0.00
Forward P/E (5.50) (negative: loss-making)
Price / sales 6.58
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.00
Financial health
Current ratio Q 14.86 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 20.08
Growth
Revenue growth Q +527.18% (above 0%: growing)
Operating income growth Q −205.57% (below 0%: shrinking)
EPS, this year −11.74% (below 0%: weak)
EPS, next year A +17.16% (at or above 15%: strong)
Revenue, next year A +270.50% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A −3.53% (below 0%: weak)

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 9.6×; over the ten years it ranged from 2.2× in 2026 to 144× in 2024.
P/S against its own 10 years 12.00%
10-year low 10-year high
P/B against its own 10 years 13.20%
10-year low 10-year high
EV/Sales against its own 10 years 0.76%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 16 6 168 326
Receivables 1 4 26 10
Inventory 9 8 23 85
Other 1 4 7 —
32 22 227 425
2023 2024 2025 Q'26
Payables 1 2 4 13
ST’ Debt 1 1 0 1
Other 0 0 0 0
4 4 15 29

Compound Annual Growth %

10y 5y 3y
Sales 139.72% 52.12% 106.57%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 115.69% 64.96%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.21 Actual −0.26

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.07 −0.16 Miss by 0.09
Q4 FY25 −0.14 −0.17 Miss by 0.03
Q1 FY26 −0.14 −0.22 Miss by 0.08
Q2 FY26 −0.21 −0.26 Miss by 0.05
Q3 FY26 −0.20 — Reports 16 November 2026

EPS $

Jul Oct Jan Apr Year
’26 — — — — —
’25 — — — — (0.73)
’24 (0.17) (0.17) — — (0.57)
’24 (0.11) (0.11) (0.10) (0.09) (0.40)
’23 (0.07) (0.12) (0.10) (0.21) (0.52)
’22 (0.05) (0.05) (0.05) (0.09) (0.24)
’21 (0.02) (0.04) (0.34) (0.10) (0.56)
Fiscal quarters ending in the months shown.

Revenue $m

Jul Oct Jan Apr Year
’26 — — — — —
’25 — — — — 41
’24 3 2 — — 5
’24 2 4 6 6 18
’23 1 1 2 1 5
’22 1 2 2 1 6
’21 1 0 2 2 5
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Jul Oct Jan Apr Year
’26 — — — — —
’25 — — — — (89)
’24 4 (10) — — (21)
’24 (7) (4) (15) (2) (18)
’23 (4) (6) (17) (8) (24)
’22 (4) (4) (12) (4) (16)
’21 1 0 (1) 0 (1)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Jul Oct Jan Apr Year
’26 — — — — —
’25 — — — — (96)
’24 4 (10) — — (21)
’24 (7) (4) (16) (2) (18)
’23 (4) (6) (19) (8) (27)
’22 (4) (5) (12) (4) (16)
’21 1 0 (1) 0 (1)
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

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 0 — 0 0 0 5 6 5 5 41 72 +80.2% 151 214 273 +88.5%
Gross margin, % 0.00 0.00 (234.73) 19.44 19.46 21.40 14.40 (18.06) (27.96) 3.13 9.75 +3.1 pt
EBT (3) 3 (1) (1) (2) (13) (12) (26) (44) (72) (97) +40.4%
EBT margin, % (1,658.55) 0.00 0.00 (275.56) (396.61) (264.75) (181.82) (570.82) (899.26) (175.87) (135.61) +1,482.7 pt
Net income (3) 3 (1) 0 (2) (13) (12) (26) (44) (72) (97) +40.5%
Per share, $
Per share, $ Revenue 5.82 0.00 0.64 0.00 0.03 0.21 0.13 0.09 0.06 0.41 0.52 (25.5%)
Earnings (144.00) 19.43 (16.12) (0.14) (0.12) (0.56) (0.24) (0.52) (0.57) (0.73) (0.81) (44.4%)
Cash flow (43.20) (39.22) 0.00 0.00 (0.06) (0.06) (0.33) (0.45) (0.27) (0.90) (1.02) (35.0%)
Capex 0.00 0.00 0.00 0.00 0.00 0.00 (0.01) (0.05) 0.00 (0.07) (0.14) n/m
Free cash flow (43.20) (39.22) 0.00 0.00 (0.06) (0.06) (0.34) (0.50) (0.27) (0.97) (1.15) (34.4%)
Book value (109.80) (48.04) 0.00 0.00 0.11 0.22 1.62 1.02 0.65 2.48 3.44 n/m
Shares, m 0 0 0 5 14 24 48 54 77 99 114 +141.8%
Valuation, ×
Valuation, × P/E 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S 0.00 — 0.00 0.00 0.00 14.49 15.45 9.91 144.28 19.27 6.58 22.6
P/B 0.00 — 0.00 0.00 17.85 18.22 1.28 0.84 19.75 3.19 1.00 6.8
EV/Sales 0.00 — 0.00 0.00 0.00 14.75 8.15 6.73 144.18 15.36 2.16 21.0
EV/FCF 0.00 — 0.00 0.23 (19.38) (47.01) (2.10) (0.83) (30.54) (6.53) (0.98) (11.8)
Cash, $m
Cash, $m Operating cash flow (2) (2) (1) 0 (1) (1) (16) (24) (21) (89) (139) +57.3%
Capex 0 — 0 0 — — 0 (2) 0 (7) (19) +109.1%
Free cash flow (2) (2) (1) 0 (1) (1) (16) (27) (21) (96) (158) +58.6%
Balance, $m
Balance, $m Working capital 0 (2) 0 0 (1) (3) 50 28 22 212 396 +97.4%
Net debt 0 1 (1) (1) 1 2 (47) (15) (9) (168) (325) +101.6%
Shareholders’ equity (4) (2) 0 0 2 5 78 55 50 246 471 n/m
Returns, %
Returns, % ROA (1,418.09) 169.29 (173.55) (530.96) (93.91) (182.55) (24.16) (38.55) (83.76) (43.78) (30.05) +1,374.3 pt
ROIC 0.00 0.00 0.00 (1,833.23) (46.42) (43.47) (26.24) (39.54) (39.09) (53.15) (45.82) (53.1) pt
ROE 174.61 (25.94) 55.73 0.00 (245.92) (393.05) (28.12) (42.37) (93.11) (48.71) (34.40) (223.3) pt
People
People Employees — — — — 11 14 70 76 89 244 — +85.9%
Revenue/emp, $m 0.00 — 0.00 0.00 0.04 0.36 0.09 0.06 0.00 0.17 — n/m
Negative figures in brackets.
estimates

All 10 years →

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

Red Cat Holdings, 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
RGR Sturm, Ruger & Company, Inc. $790.9M 47.8× — (loss-making) +16.46% (above 0%: growing) +260.00% (above 0%: growing) −281.79% (below 0%: shrinking) 20.68% 4.05% Compare
SWBI Smith & Wesson Brands, Inc. $772.0M 26.4× 22.3× +32.34% (above 0%: growing) n/m −67.46% (below 0%: shrinking) 28.66% 3.75% Compare
YSS York Space Systems Inc. $756.8M — (loss-making) — (loss-making) −12.90% (below 0%: shrinking) n/m −28.26% (below 0%: shrinking) 23.97% (44.64%) Compare
EVEX Eve Holding, Inc. $547.1M — (loss-making) — — n/m +13.25% (above 0%: growing) 0.00% 0.00% Compare
ELMT The Elmet Group Co. $525.1M — (loss-making) — — n/m — 25.01% (11.49%) Compare
RCAT Red Cat Holdings, Inc. $520.0M — (loss-making) — (loss-making) +527.18% (above 0%: growing) n/m −298.17% (below 0%: shrinking) 16.15% (191.42%)
PKE Park Aerospace Corp. $498.3M 31.4× 35.3× +26.92% (above 0%: growing) +75.00% (above 0%: growing) +21.48% (above 0%: growing) 34.32% 22.76% Compare
TATT TAT Technologies Ltd. $466.8M 19.7× 19.1× +20.18% (above 0%: growing) +59.62% (above 0%: growing) −113.36% (below 0%: shrinking) 30.93% 16.26% Compare
SATL Satellogic Inc. $444.3M — (loss-making) — (loss-making) +258.54% (above 0%: growing) n/m −178.72% (below 0%: shrinking) 82.27% 1.67% Compare
Median of peers $536.1M 28.9× 22.3× +23.55% +75.00% −67.46% 26.84% 2.71%

All 94 Aerospace & Defense stocks →

Pay and ownership Proxy statement filed 30 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.81m 262.50k 391.00
2024 307.79k 9.35m 633.00
2023 826.35k 826.35k 22.00

Ownership

Directors and executive officers, together 12.50% of the votes
Jeffrey Thompson 11.30% of the votes
BlackRock, Inc. 7.20% of the votes
State Street Corporation 5.40% of the votes
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

Red Cat Holdings, Inc. (RCAT) Latest News

3 Nov

Impact 3 · · Insider Monkey

27 Oct

Impact 4 · · 24/7 Wall St.

26 Oct

Impact 3 · · GlobeNewswire

22 Oct

Impact 4 · · GlobeNewswire

19 Oct

Impact 4 · · 24/7 Wall St.
Impact 4 · · Stocktwits
Impact 4 · · Investing.com
Impact 4 · · GlobeNewswire

12 Oct

Impact 4 · · Stocktwits
Impact 4 · · GlobeNewswire

9 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

2 Oct

Impact 4 · · PR Newswire

1 Oct

Impact 4 ·

30 Sep

Impact 4 · · Zacks

29 Sep

Impact 4 · · Zacks

24 Sep

Impact 4 · · GlobeNewswire

21 Sep

Impact 4 · · MarketBeat
Impact 3 · · Barchart

17 Sep

Impact 3 ·

16 Sep

Impact 3 ·

15 Sep

Impact 4 ·
Impact 3 ·

8 Sep

Impact 3 · · 24/7 Wall St.

23 Aug

Impact 4 ·

22 Aug

Impact 3 ·

18 Aug

Impact 4 ·

17 Aug

Impact 4 ·

14 Aug

Impact 4 ·
Impact 4 · · Barchart
stockrow.com/RCAT · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com