Loading…
Makes low-cost unmanned drones and jet-powered aerial targets, satellite communications and microwave electronics for defense customers.
Makes low-cost unmanned drones and jet-powered aerial targets, satellite communications and microwave electronics for defense customers.
Funds some of its own product development, hoping to win production orders later, as with the XQ-58 Valkyrie drone built for Air Force and Marine Corps evaluation. Sells largely to US defense customers, mostly under government contracts, with target drones a steady earner.
Moat: narrow (cost advantage, customer qualification, IP / patents). Low-cost, attritable drone design and incumbency on target-drone programs give a cost and qualification edge.
Headquarters: San Diego, California, US · Founded: 1994 · Employees: 4,300
Size Kratos Defense & Security Solutions (KTOS) is a United States Industrials company (Aerospace & Defense) with a market value of $6.59B, the 990th largest of 3,117 United States companies the cockpit tracks. Shares closed at $35.10 on 6 Nov 2026.
Performance Over six months the shares fell 39.4%, against -15.4% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 25.5% over the last twelve months (peer median +23.9%); the operating margin is 1.6% (peer median 6.7%).
Valuation It trades at 36.4× forward earnings against a peer median of 44.2× (9th cheapest of 18).
Capital Return on invested capital runs 9.7 points below its cost of capital (10.6% WACC).
Backlog Backlog (remaining performance obligations) was $2.65B at 27 Sep 2026, up 79% on a year earlier — 1.6 years of trailing revenue. Backlog detail →
Short interest Short interest is 5.2% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.52B | $1.35B | $1.14B | $1.04B | $898M |
| Revenue growth | — | +19% | +10% | +15% | — |
| Gross profit | $330M | $298M | $279M | $262M | $219M |
| EBITDA | $101M | $87.0M | $84.8M | $77.1M | $45.8M |
| Net income | $30.9M | $22.0M | $16.3M | -$8.90M | -$36.9M |
| Free cash flow | -$130M | -$137M | -$8.50M | $12.8M | -$71.1M |
| Capital expenditure | $89.3M | $95.3M | $58.2M | $52.4M | $45.4M |
| Total debt | $194M | $146M | $282M | $321M | $353M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kratos Defense & Security Solutions KTOS | $6.59B | -39% | +26% | 2% | 36.4× | n/a |
| AeroVironment AVAV | $5.73B | -33% | +84% | 1% | 33.5× | n/a |
| L3Harris LHX | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% |
| Northrop Grumman NOC | $74.6B | -4% | +7% | 11% | 17.8× | 0.2% |
| Textron TXT | $14.2B | -8% | +9% | 7% | 11.9× | 8.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KTOS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.3% | -0.8% | 5th lowest of 21 |
| 6-month return | -39.4% | -15.4% | 5th lowest of 21 |
| Distance from 52-week high | -73.8% | -39.3% | lowest of 21 |
| Revenue growth (TTM) | +25.5% | +23.9% | 11th highest of 21 |
| Operating margin | 1.6% | 6.7% | 5th lowest of 21 |
| Forward P/E | 36.4× | 44.2× | 9th cheapest of 18 |
| ROIC minus cost of capital | -9.7 pp | -1.9 pp | 3rd lowest of 20 |
| EV / EBITDA | 52.8× | 20.2× | 2nd most expensive of 12 |
| Net debt / EBITDA | -12.3× | 2.5× | least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kratos Defense & Security Solutions KTOS | United States | $6.59B | -39% | +26% | 2% | 36.4× | n/a | n/a |
| China Aerospace Times Electronics 600879.SS | China | $6.43B | -46% | -13% | 1% | 130.0× | n/a | n/a |
| BETA Technologies BETA | United States | $6.37B | +45% | +136% | -1,033% | n/a | n/a | n/a |
| Hanwha Systems 272210.KS | South Korea | $6.93B | -57% | +30% | 6% | 82.5× | n/a | n/a |
| Loar LOAR | United States | $7.05B | +26% | +30% | 25% | 52.2× | 29.1% | +27.5% |
| Hexcel HXL | United States | $6.09B | -16% | +8% | 11% | 29.6× | 23.0% | +4.5% |
| Karman KRMN | United States | $6.04B | -25% | +50% | 19% | 57.5× | n/a | n/a |
| Korea Aerospace 047810.KS | South Korea | $7.37B | -39% | +44% | 6% | 45.4× | n/a | n/a |
| Joby Aviation JOBY | United States | $5.89B | -45% | +118,568% | -754% | n/a | n/a | n/a |
| AeroVironment AVAV | United States | $5.73B | -33% | +84% | 1% | 33.5× | n/a | n/a |
| Melrose Industries MRO.L | United Kingdom | $7.80B | -4% | +9% | 11% | 13.4× | 15.3% | -12.8% |
| Glarun Technology 600562.SS | China | $5.43B | +6% | -8% | 21% | 51.7× | n/a | n/a |
| LIG Defense&Aerospace 079550.KS | South Korea | $5.24B | -65% | +26% | 8% | 20.0× | n/a | n/a |
| Amentum AMTM | United States | $5.20B | -13% | +11% | 4% | 8.4× | 1.7% | +23.3% |
| AVIC Airborne Systems 600372.SS | China | $8.36B | -11% | -2% | 5% | 48.1× | n/a | n/a |
| Raytron Technology 688002.SS | China | $8.64B | -15% | +84% | 29% | 26.4× | 20.1% | +32.1% |
| Nanchang Sanrui Intelligence Technology 301696.SZ | China | $4.87B | -14% | +29% | 45% | n/a | 36.1% | +43.7% |
| Leonardo DRS DRS | United States | $9.08B | -18% | +9% | 11% | 23.1× | 4.6% | +5.6% |
| Mercury Systems MRCY | United States | $4.48B | -19% | +8% | 2% | 44.2× | 59.6% | +1.3% |
| Aar AIR | United States | $4.39B | -7% | +22% | 9% | 18.4× | 13.2% | +14.9% |
| AVIC Xi'an Aircraft Industry 000768.SZ | China | $9.92B | +1% | -34% | 3% | 55.7× | n/a | n/a |
Kratos Defense & Security Solutions reported $2.65B of remaining performance obligations at 27 Sep 2026, up 79% from a year earlier and up 27% from the previous quarter. That is 1.6 years of trailing revenue already under contract. Book-to-bill last quarter: 2.20.