Leonardo DRS, Inc. DRS

Technology SIC 3812 - Search, Detection, Navigation, Guidance, Aeronautical Sys NAICS Manufacturing › Computer and Electronic Product Manufacturing › Navigational, Measuring, Electromedical, and Control Instruments Manufacturing › Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing derived Nasdaq

Leonardo DRS, Inc. provides advanced defense technology to U.S. national security customers and allied defense forces worldwide. We specialize in the design, development, manufacture, and integration of advanced sensing, network computing, force protection, and electric power and propulsion technologies and solutions. As a mid-sized defense technology company, our combination of operational speed and agility, deep domain expertise, and established positions on priority defense platforms has resulted in a durable and diversified portfolio of programs across the DoW. We believe DRS is well positioned to support current operational requirements, while facilitating the DoW's rapid transition toward more autonomous, software-enabled, interconnected, and multi-domain capabilities required to address increasingly complex and proliferating threats. Enhancements in sensing, artificial intelligence ("AI")-enabled computing, self-protection, and power generation and management are central to these priorities.

Last close 35.84 2026-10-26
Market cap $9.57B 2026-06-30 share count
52-week range 32.43 - 50.59

Valuation FY2025 figures against the last close

P/S2.6x
P/E34.8x
P/FCF42.1x
EV/EBITDA21.1x
Dividend yield—
Diluted EPS1.03

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Revenue $3.65B$3.23B$2.83B$2.69B$2.88B$2.78B$2.71B—
Cost of revenue $2.78B$2.50B$2.18B$2.12B$2.33B$2.28B$2.25B—
Gross profit $869.0M$736.0M$648.0M$575.0M$547.0M$494.0M$459.0M—
R&D $129.0M$92.0M$82.0M$58.0M$48.0M$41.0M$31.0M—
SG&A $497.0M$414.0M$384.0M$357.0M$293.0M$283.0M$277.0M—
Operating income $348.0M$293.0M$231.0M$561.0M$236.0M$181.0M$163.0M—
Interest expense —$21.0M$36.0M$34.0M$35.0M$64.0M$65.0M—
Pre-tax income $336.0M$264.0M$192.0M$525.0M$200.0M$112.0M$95.0M—
Income tax $58.0M$51.0M$24.0M$120.0M$46.0M$27.0M$20.0M—
Net income $278.0M$213.0M$168.0M$405.0M$154.0M$85.0M$75.0M—
EPS, basic 1.050.810.641.880.730.400.36—
EPS, diluted 1.030.800.641.880.730.400.36—
Shares, diluted (wtd. avg.) 268.7M267.7M264.2M215.1M210.0M210.0M——

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Cash and equivalents $647.0M$598.0M$467.0M$306.0M$240.0M$61.0M$85.0M$79.0M
Receivables $334.0M$253.0M$151.0M$166.0M$156.0M$102.0M——
Inventory $352.0M$358.0M$329.0M$319.0M$205.0M$247.0M——
Total current assets $2.33B$2.16B$1.92B$1.71B$1.39B$1.26B——
Goodwill $1.24B$1.24B$1.24B$1.24B$1.07B$1.06B$1.06B—
Other intangibles $112.0M$132.0M$151.0M$172.0M$52.0M$60.0M——
Total assets $4.49B$4.18B$3.92B$3.68B$3.07B$2.96B——
Accounts payable $351.0M$426.0M$398.0M$457.0M$479.0M$478.0M——
Short-term debt $26.0M$25.0M$57.0M$29.0M$41.0M$53.0M——
Total current liabilities $1.23B$1.12B$1.08B$1.04B$989.0M$975.0M——
Long-term debt $348.0M$366.0M$407.0M$396.0M$393.0M———
Retained earnings -$2.31B-$2.59B-$2.81B-$2.97B-$2.98B-$3.14B——
Total equity $2.73B$2.56B$2.33B$2.13B$1.59B$1.43B$1.02B$956.0M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Operating cash flow $366.0M$271.0M$205.0M$33.0M$178.0M$125.0M$157.0M—
Depreciation and amortisation $93.0M$91.0M$85.0M$65.0M$58.0M$53.0M$51.0M—
Stock-based compensation $32.0M$22.0M$17.0M$5.0M$0———
Capital expenditure $139.0M$85.0M$60.0M$65.0M$60.0M$56.0M$55.0M—
Investing cash flow -$154.0M-$84.0M-$59.0M$436.0M$39.0M-$70.0M-$151.0M—
Financing cash flow -$163.0M-$56.0M$15.0M-$403.0M-$38.0M-$80.0M-$1.0M—
Dividends paid —$0$0$396.0M$0$0——
Buybacks $35.0M$0$0—————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001833756-26-000013.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 1B 2B 3B 4B Revenue, FY2019: 2.7B Gross profit, FY2019: 459M Net income, FY2019: 75M Revenue, FY2020: 2.8B Gross profit, FY2020: 494M Net income, FY2020: 85M Revenue, FY2021: 2.9B Gross profit, FY2021: 547M Net income, FY2021: 154M Revenue, FY2022: 2.7B Gross profit, FY2022: 575M Net income, FY2022: 405M Revenue, FY2023: 2.8B Gross profit, FY2023: 648M Net income, FY2023: 168M Revenue, FY2024: 3.2B Gross profit, FY2024: 736M Net income, FY2024: 213M Revenue, FY2025: 3.6B Gross profit, FY2025: 869M Net income, FY2025: 278M FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $2.71B $2.78B $2.88B $2.69B $2.83B $3.23B $3.65B
Gross profit — $459.0M $494.0M $547.0M $575.0M $648.0M $736.0M $869.0M
Net income — $75.0M $85.0M $154.0M $405.0M $168.0M $213.0M $278.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Code of ethics change The code of ethics changed, or somebody was excused from part of it. Item 5.05
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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