Leonardo DRS, Inc. DRS
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| 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 | 1.05 | 0.81 | 0.64 | 1.88 | 0.73 | 0.40 | 0.36 | — |
| EPS, diluted | 1.03 | 0.80 | 0.64 | 1.88 | 0.73 | 0.40 | 0.36 | — |
| Shares, diluted (wtd. avg.) | $268.7M | $267.7M | $264.2M | $215.1M | $210.0M | $210.0M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| 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.
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