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Makes small military and public-safety drones and drone software, competing to displace Chinese DJI hardware.
Makes small military and public-safety drones and drone software, competing to displace Chinese DJI hardware.
Earns by selling drones, spares and software to US military units and public-safety agencies, so a few government programs and their timing set sales, and deliveries follow contract awards. Teal Drones, the main operating unit, designs the aircraft. Defense buyers require US-made, compliant products, which is the basis of its position.
Moat: narrow (regulatory licence, customer qualification). Blue UAS/NDAA-compliant status is a scarce qualification US defense buyers require.
Headquarters: San Juan Capistrano, California, US · Founded: 2014 · Employees: 244
Size Red Cat (RCAT) is a United States Information Technology company (Packaged Software) with a market value of $617M, the 2570th largest of 3,117 United States companies the cockpit tracks. Shares closed at $4.04 on 6 Nov 2026.
Performance Over six months the shares fell 61.0%, against -12.9% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 693.3% over the last twelve months (peer median +18.4%); the operating margin is -150.2% (peer median 2.1%).
Valuation It trades at 4.3× enterprise value to sales against a peer median of 4.7× (10th cheapest of 20).
Capital Return on invested capital runs 66.1 points below its cost of capital (13.3% WACC).
Next results Next results expected around 16 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $71.5M | $40.7M | $7.28M | $9.91M | $6.43M |
| Revenue growth | — | +460% | -27% | +54% | — |
| Gross profit | $6.98M | $1.27M | -$2.03M | -$336,795 | $925,515 |
| EBITDA | -$103M | -$63.6M | -$36.5M | -$23.3M | -$12.7M |
| Net income | -$97.5M | -$72.1M | -$65.4M | -$27.1M | -$11.7M |
| Free cash flow | -$158M | -$95.8M | -$20.7M | -$32.2M | -$17.2M |
| Capital expenditure | $18.6M | $6.65M | $163,555 | $2.45M | $363,689 |
| Total debt | $14.9M | $18.4M | $1.97M | $2.08M | $3.01M |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Red Cat RCAT | $617M | -61% | +693% | -150% | 4.3× | n/a |
| AeroVironment AVAV | $5.73B | -33% | +84% | 1% | 3.0× | n/a |
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 | RCAT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -31.6% | -6.2% | lowest of 21 |
| 6-month return | -61.0% | -12.9% | lowest of 20 |
| Distance from 52-week high | -78.5% | -39.6% | lowest of 21 |
| Revenue growth (TTM) | +693.3% | +18.4% | highest of 20 |
| Operating margin | -150.2% | 2.1% | lowest of 20 |
| EV / Sales | 4.3× | 4.7× | 10th cheapest of 20 |
| ROIC minus cost of capital | -66.1 pp | -8.9 pp | 2nd lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Red Cat RCAT | United States | $617M | -61% | +693% | -150% | 4.3× | n/a | n/a |
| Horizon Quantum HQ | United States | $617M | +14% | n/a | n/a | n/a | n/a | n/a |
| Beijing ZZNode Technologies 003007.SZ | China | $617M | -23% | +64% | 20% | 6.8× | n/a | n/a |
| Terra Drone 278A.T | Japan | $618M | +564% | +14% | -26% | 17.8× | n/a | n/a |
| RaySearch Laboratories RAY-B.ST | Sweden | $618M | +1% | +3% | 19% | 4.7× | 7.3% | +15.6% |
| Zhejiang TOP Cloud-agri Technology 301556.SZ | China | $620M | -34% | -14% | 13% | 7.7× | 30.7% | +14.0% |
| Fuchun Technology 300299.SZ | China | $623M | -2% | +3% | 2% | 10.8× | 54.9% | -4.8% |
| TXT e-solutions TXT.MI | Italy | $610M | +29% | +22% | 6% | 1.5× | 10.3% | +41.8% |
| Hangzhou Arcvideo Technology 688039.SS | China | $609M | -13% | +1% | -48% | 12.5× | n/a | n/a |
| Sophia Genetics SOPH | United States | $608M | +39% | +24% | -80% | 6.3× | n/a | n/a |
| Shanghai Amarsoft Information & Technology 300380.SZ | China | $628M | -30% | -2% | 4% | 3.8× | n/a | n/a |
| JST 6687.HK | Hong Kong | $603M | -28% | +26% | 11% | 1.1× | -11.9% | +30.3% |
| PKSHA Technology 3993.T | Japan | $602M | -8% | +74% | 16% | 2.5× | 16.6% | +24.1% |
| Sichuan Discovery Dream Science & Technology 301213.SZ | China | $633M | -26% | +34% | 2% | 19.9× | n/a | n/a |
| Cognyte Software CGNT | United States | $597M | -27% | +28% | 5% | 1.3× | 22.2% | -2.0% |
| Mingchen Health 002919.SZ | China | $640M | -33% | +19% | -5% | 2.4× | 27.2% | +17.5% |
| Gresgying Digital Energy Technology 600212.SS | China | $594M | -34% | -8% | -6% | 3.3× | 23.5% | +38.2% |
| UISEE Technologies (Beijing) 1511.HK | Hong Kong | $593M | n/a | +24% | -71% | 11.2× | n/a | n/a |
| Shenzhen Sinovatio Technology 002912.SZ | China | $592M | -2% | +7% | -10% | 4.1× | n/a | n/a |
| Sansec Technology 688489.SS | China | $590M | -13% | +18% | -7% | 5.5× | n/a | n/a |
| DBAPPSecurity 688023.SS | China | $646M | -6% | +2% | -5% | 1.8× | 5.6% | +10.3% |