KRATOS DEFENSE & SECURITY SOLUTIONS, INC. KTOS

Consumer discretionary SIC 3760 - Guided Missiles & Space Vehicles & Parts NAICS Manufacturing › Transportation Equipment Manufacturing › Aerospace Product and Parts Manufacturing derived Nasdaq

Kratos is a technology, hardware, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field relevant solutions that address our customers' mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos' approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as the innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low cost future manufacturing, which is a value add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe our probability of win is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of probability of win is greater or required investment is beyond Kratos comfort level. Kratos' primary business areas include, virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, command, control, communication, computing, combat, intelligence surveillance and reconnaissance (C5ISR) and microwave electronic products for missile, radar, air defense, missile defense, space, satellite, counter unmanned aircraft systems (CUAS), directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. We believe that there is a generational recapitalization of weapon systems and related defense industrial bases occurring globally, including with the

Last close 38.68 2026-10-23
Market cap $7.26B 2026-06-28 share count
52-week range 36.37 - 134.00

Valuation FY2025 figures against the last close

P/S5.4x
P/E297.5x
P/FCF—
EV/EBITDA92.2x
Dividend yield—
Diluted EPS0.13

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $1.35B$1.14B$1.04B$898.3M$811.5M$747.7M$717.5M$618.0M$603.3M$541.9M
Cost of revenue $1.04B$849.1M$768.5M$672.3M$586.4M$544.5M$527.5M$448.3M$445.7M$421.4M
Gross profit $307.9M$287.2M$268.6M$226.0M$225.1M$203.2M$190.0M$169.7M$157.6M$120.5M
R&D $40.0M$40.3M$38.4M$38.6M$35.2M$27.0M$18.0M$15.6M$17.8M$13.9M
SG&A $240.2M$217.2M$198.7M$182.8M$160.2M$144.5M$130.8M$119.8M$127.3M$114.6M
Operating income $25.6M$29.0M$31.1M-$2.9M$27.9M$29.3M$38.0M$30.5M-$12.0M-$18.0M
Pre-tax income $34.0M$26.5M$11.1M-$33.0M$4.4M$6.8M$15.7M$8.7M-$57.1M-$51.8M
Income tax $12.0M$10.2M$8.7M$200.0K$3.9M$73.5M$4.8M$4.6M$10.2M$5.8M
Net income $22.0M$16.3M-$8.9M-$36.9M-$2.0M$79.6M$12.5M-$3.5M-$42.7M-$60.5M
EPS, basic 0.140.11-0.07-0.29-0.020.690.12-0.03-0.48-0.99
EPS, diluted 0.130.11-0.07-0.29-0.020.670.11-0.03-0.48-0.99
Shares, diluted (wtd. avg.) 165.2M150.9M130.4M126.7M128.0M118.7M109.2M106.1M89.5M61.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $560.6M$329.3M$72.8M$81.3M$349.4M$381.5M$172.6M$183.0M$130.9M$70.7M
Receivables $165.0M$117.5M$128.8M$105.7M$93.9M$95.3M$85.0M$64.6M$74.2M$229.4M
Inventory ———————$46.8M$49.6M$57.2M
Total current assets $1.26B$872.1M$594.2M$582.6M$758.1M$764.8M$522.2M$494.7M$471.4M$373.1M
Property, plant and equipment ——————$116.9M$67.1M$58.0M$49.8M
Goodwill $595.7M$568.9M$569.1M$558.2M$493.9M$483.9M$455.6M$425.7M$425.7M$485.4M
Other intangibles $53.9M$53.8M$62.4M$55.2M$43.2M$43.0M$39.5M$16.1M$22.0M$32.6M
Total assets $2.47B$1.95B$1.63B$1.55B$1.59B$1.56B$1.19B$1.01B$1.02B$948.6M
Accounts payable $69.6M$82.0M$63.1M$57.3M$50.4M$55.4M$53.8M$46.6M$34.7M$52.7M
Short-term debt ————————$800.0K$1.0M
Total current liabilities $311.0M$296.7M$292.5M$234.2M$221.1M$197.6M$182.7M$164.7M$188.9M$196.5M
Long-term debt $0$174.6M$219.3M$250.2M$296.7M$301.0M$295.1M$294.2M$293.5M$431.0M
Total liabilities $470.9M$597.7M$634.0M$604.0M$629.2M$622.7M$596.9M$490.8M$512.5M$672.2M
Retained earnings -$641.9M-$663.9M-$680.2M-$671.3M-$634.4M-$632.4M-$712.0M-$724.5M-$720.8M-$678.1M
Total equity $2.00B$1.35B$976.0M$936.3M$945.1M$925.3M$574.1M$519.3M$511.5M$276.4M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow -$42.1M$49.7M$65.2M-$25.7M$35.3M$44.7M$28.9M$18.1M-$26.9M-$14.6M
Depreciation and amortisation $47.1M$40.3M$33.2M$30.5M$25.7M$24.6M$23.4M$17.9M$22.2M$22.5M
Stock-based compensation $35.5M$29.8M$25.3M$26.3M$25.8M$21.0M$11.0M$7.2M$7.8M$5.1M
Capital expenditure $95.3M$58.2M$52.4M$45.4M$46.5M$35.9M————
Investing cash flow -$88.3M-$69.7M-$43.8M-$177.4M-$52.1M-$87.3M-$43.7M$40.5M-$25.4M-$14.1M
Financing cash flow $360.7M$277.6M-$30.7M-$63.3M-$9.3M$247.7M$3.5M$1.7M$113.4M$63.1M

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 0001069258-26-000013.

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. -500M 0 500M 1B 1.5B Revenue, FY2016: 541.9M Gross profit, FY2016: 120.5M Net income, FY2016: -60.5M Revenue, FY2017: 603.3M Gross profit, FY2017: 157.6M Net income, FY2017: -42.7M Revenue, FY2018: 618M Gross profit, FY2018: 169.7M Net income, FY2018: -3.5M Revenue, FY2019: 717.5M Gross profit, FY2019: 190M Net income, FY2019: 12.5M Revenue, FY2020: 747.7M Gross profit, FY2020: 203.2M Net income, FY2020: 79.6M Revenue, FY2021: 811.5M Gross profit, FY2021: 225.1M Net income, FY2021: -2M Revenue, FY2022: 898.3M Gross profit, FY2022: 226M Net income, FY2022: -36.9M Revenue, FY2023: 1B Gross profit, FY2023: 268.6M Net income, FY2023: -8.9M Revenue, FY2024: 1.1B Gross profit, FY2024: 287.2M Net income, FY2024: 16.3M Revenue, FY2025: 1.3B Gross profit, FY2025: 307.9M Net income, FY2025: 22M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $541.9M $603.3M $618.0M $717.5M $747.7M $811.5M $898.3M $1.04B $1.14B $1.35B
Gross profit $120.5M $157.6M $169.7M $190.0M $203.2M $225.1M $226.0M $268.6M $287.2M $307.9M
Net income -$60.5M -$42.7M -$3.5M $12.5M $79.6M -$2.0M -$36.9M -$8.9M $16.3M $22.0M

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
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • 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
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • 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
  • 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
  • Material agreement signed Item 1.01
  • Other event Item 8.01
  • Results announced Item 2.02

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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