undamentalytics Newsletter
Sign in

Draganfly Inc. (DPRO) stock

Add to watchlist

Add holding +

NASDAQ: DPRO Nasdaq Aerospace & Defense Next results ~November 12, 2026

D Fundamentals grade

Draganfly Inc. is a US-listed company in the aerospace & defense industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Draganfly Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Draganfly Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds36 adding, 36 cuttingOf 6 active managers that changed their stake, 2 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Draganfly files

Where Draganfly stands after its latest Filing

Revenue for the twelve months was $6m, up 15.5% on a year earlier, against a decline of 1.4% a quarter earlier. Free-cash-flow margin fell to -320.8% from -315.0% a year earlier. The diluted share count is up 397.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 2 financial-health checks.

Our model value for Draganfly is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Draganfly Inc.'s trailing-twelve-month revenue grew 15.5% year on year, with a free-cash-flow margin of -320.8%. Where it stands out: change in growth rate of +16.9pp ranks 9 of 57 aerospace & defense companies we cover. Where it lags: change in share count of 397.8% ranks 50 of 51 aerospace & defense companies we cover.

Current signal Balance sheet growing far ahead of sales: Total assets grew 944% year over year while revenue grew 16% — the balance sheet is expanding 928 points faster than the business it supports.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 15.5% over the last 12 months, against a median of 15.5% for aerospace & defense companies we cover.
  • Growth speeding up. The growth rate is 16.9 points higher than a quarter earlier.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Burning cash. Free cash flow was -320.8% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 18.0% of revenue, against a median of 1.5% for aerospace & defense companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 397.8% in a year.
  • Gross margin slipping. Gross margin is down 4.2 points on a year ago.
  • Below peers: net margin. Net margin of -297.3% ranks 50 of 57 aerospace & defense companies we cover (median 5.5%).
  • Heavily shorted. 10.5% of the shares available to trade are sold short (3.5 days of average volume to cover).

Latest results

Earnings per share
-$0.26 against an average estimate of -$0.20: missed by 28.7%
Next report
November 12, 2026

Draganfly's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.0%
  • 1 week+2.7%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5.5M
Net margin
-297.3%
EPS (TTM, diluted)
$-1.05

Growth

Revenue growth
+15.5%
Change in growth rate
+16.9 pts
Share count change
+397.8%

Cash

Free cash flow (TTM)
-$17.8M
FCF margin
-320.8%
Stock pay % of revenue
18.0%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for DPRO from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Draganfly Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Draganfly Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.16 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.7 ~$0.6–$1.8 Left out: out of range vs price (0.19x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Draganfly Inc. with Aerospace & Defense in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026, after the close.

Analysts' consensus

No analyst estimates are published for Draganfly Inc.: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.20 −$0.26 −28.7%
Mar 2026 −$0.14 −$0.17 −21.4%
Dec 2025 −$0.18 −$0.29 −62.6%
Sept 2025 −$0.26 −$0.25 +2.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

6 analysts, Nov 2026
Buy6100%
Hold00%
Sell00%

Monthly trend

  1. Nov 2026246
  2. Oct 2026246

Counts of recommendations published by analysts covering Draganfly Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.5%
of tradable shares
Days to cover
3.48
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
11%
of shares
Held by insiders
0.2%
of shares
Employees
67
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Draganfly Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Draganfly Inc.
$0 $2M $4M $6M FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY19 Q4: $1M Revenue (TTM), FY20 Q4: $3.3M Revenue (TTM), FY21 Q4: $5.6M Revenue (TTM), FY22 Q4: $5.8M Revenue (TTM), FY23 Q4: $4.9M Revenue (TTM), FY24 Q4: $4.8M Revenue (TTM), FY25 Q4: $5.5M $5.5M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY19 Q4 $1M
FY20 Q4 $3.3M
FY21 Q4 $5.6M
FY22 Q4 $5.8M
FY23 Q4 $4.9M
FY24 Q4 $4.8M
FY25 Q4 $5.5M
Revenue growth, TTM YoY Draganfly Inc.
-100% 0% 100% 200% 300% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY20 Q4: 212.8% Revenue growth, TTM YoY, FY21 Q4: 73.0% Revenue growth, TTM YoY, FY22 Q4: 3.9% Revenue growth, TTM YoY, FY23 Q4: -16.9% Revenue growth, TTM YoY, FY24 Q4: -1.4% Revenue growth, TTM YoY, FY25 Q4: 15.5% 15.5%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY20 Q4 212.8%
FY21 Q4 73.0%
FY22 Q4 3.9%
FY23 Q4 -16.9%
FY24 Q4 -1.4%
FY25 Q4 15.5%
FCF margin (TTM) Draganfly Inc.
-400% -300% -200% -100% 0% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY21 Q4: -315.0% FCF margin (TTM), FY22 Q4: -216.0% FCF margin (TTM), FY23 Q4: -293.9% FCF margin (TTM), FY24 Q4: -182.9% FCF margin (TTM), FY25 Q4: -320.8% -320.8%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY21 Q4 -315.0%
FY22 Q4 -216.0%
FY23 Q4 -293.9%
FY24 Q4 -182.9%
FY25 Q4 -320.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A, 40-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 1 3 6 6 5 5 6
Gross profit 1 1 2 1 2 1 1
Net income −8 −6 −13 −21 −18 −10 −16
Diluted EPS — — $1.18 −$1.56 −$1.08 −$0.64 −$1.05
Growth (year on year)
Revenue — +212.8% +73.0% +3.9% −16.9% −1.4% +15.5%
Margins
Gross margin 84.1% 40.3% 37.5% 10.4% 31.5% 21.3% 17.1%
Net margin −803.7% −183.7% −229.7% −363.6% −360.2% −211.5% −297.3%
Free-cash-flow margin — — −315.0% −216.0% −293.9% −182.9% −320.8%
Cash flow
Cash from operations — — −18 −13 −14 −9 −17
Capital spending 0 0 0 0 0 0 1
Free cash flow — — −18 −13 −14 −9 −18
Stock-based pay 1 2 3 3 1 1 1
Free cash flow after stock pay — — −21 −15 −16 −10 −19
Balance sheet
Cash 2 2 18 6 2 4 66
Total debt 0 0 0 0 0 0 0
Net debt (negative = net cash) −2 −2 −18 −6 −2 −4 −66
Diluted shares 4m 7m 11m 13m 16m 16m 16m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · December 31, 2025
What it owns · $74m
Short-term assets $73mLonger-term assets $1m
What it owes, and who funded it · $74m
Short-term liabilities $3mLonger-term liabilities $0mShareholders' equity $70m
  • Short-term assets cover short-term liabilities $73m of assets due within a year against $3m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $73m short-term assets against $127,453 of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Draganfly Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+397.8%
year over year
R&D spending
12.6%
of revenue
Days sales outstanding
50 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in aerospace & defense
Last 12 months unless stated DPRO UAVS MOB VJET CODA PRZO Median
Revenue, last 12 months $6m $9m $3m $2m $29m $1m $769m
Revenue growth, last 12 months 15.5% −35.1% 5.8% 219.2% 17.5% 12.3% 15.5%
Revenue growth, 3-year average — −19.4% — 119.5% 11.0% — 12.6%
Revenue growth, latest quarter — −36.0% — 380.7% 9.2% — 15.8%
Gross margin 17.1% 45.4% 53.2% 47.7% 66.1% 4.8% 27.8%
Operating margin — −247.1% — <−999% 20.1% −721.1% 9.0%
Operating margin, 3-year average — −193.4% — <−999% 16.6% — 6.0%
Net margin −297.3% −276.5% −705.4% −679.1% 17.6% −517.1% 5.5%
Cash from operations / revenue −308.8% −157.9% −56.6% −488.4% 22.1% −554.5% 5.5%
Free-cash-flow margin −320.8% −164.6% −57.7% −489.5% 19.4% −557.2% 3.4%
Free-cash-flow margin, 3-year average — −91.1% — <−999% 12.6% — 3.0%
Stock pay / revenue 18.0% 5.2% 174.3% 25.0% 0.3% 117.8% 1.2%
Change in share count 397.8% 69.0% 45.7% — −0.5% 57.0% 3.9%

Median of all 57 companies we cover in aerospace & defense. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 aerospace & defense companies
Measure Company Peer median Rank
Revenue growth Growth 15.5% 15.5% 29 of 57
Change in growth rate Growth +16.9pp +2.2pp 9 of 57
Gross margin Profitability 17.1% 28.3% 39 of 46
Net margin Profitability -297.3% 5.5% 50 of 57
Free-cash-flow margin Cash generation -320.8% 3.4% 52 of 57
Stock pay as % of revenue Cash generation 18.0% 1.5% 42 of 53
Change in share count Balance sheet 397.8% 2.4% 50 of 51
Days sales outstanding Balance sheet 50 days 53 days 20 of 45

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$22.4M
Institutions reporting
63
Shares held vs prior quarter
▼ 25.8%
Positions opened / closed
18 / 22

Top buyers and sellers, Q2 2026: 36 institutions bought and 36 sold ; the biggest buyer was Needham Investment Management LLC (+1.2M shares) and the biggest seller Citadel Advisors LLC (−1.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Needham Investment Management LLC $6.8M 1.3M 30.3% ▲ 1983.3%
Vident Advisory, LLC $2.4M 444K 10.8% ▲ 38.4%
Morgan Stanley $2.3M 425K 10.3% ▼ 20.1%
LPL Financial LLC $2.1M 381K 9.2% ▲ 24.6%
Exoduspoint Capital Management, LP $1.9M 346K 8.4% ▲ 13.2%
Kieckhefer Group LLC $1.7M 316K 7.7% 0.0%
Goldman Sachs Group Inc $705,126 130K 3.2% ▲ 706.8%
DNB Asset Management As $483,665 89K 2.2% ▼ 68.7%
Truist Financial Corp $409,291 76K 1.8% New
Engineers Gate Manager LP $384,717 71K 1.7% ▼ 24.9%
Princeton Capital Management LLC $366,284 68K 1.6% ▲ 28.5%
Citadel Advisors LLC $351,091 65K 1.6% ▼ 95.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Draganfly Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K

Data status

When each part of this page on Draganfly Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Draganfly Inc. in brief

What does Draganfly Inc. do?
Draganfly Inc. is a US-listed company in the aerospace & defense industry. Its financial year ends in December.
What is Draganfly Inc.'s stock ticker?
Draganfly Inc. trades under the ticker DPRO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Draganfly Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Draganfly Inc. reported revenue of $5.5M, 15.5% higher than a year earlier, according to its SEC filings.
What is Draganfly Inc.'s free cash flow?
Draganfly Inc.'s free-cash-flow margin is -320.8% of revenue over the trailing twelve months, ranking 52 of the 57 aerospace & defense companies we cover.
Who are Draganfly Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Needham Investment Management LLC, Vident Advisory, LLC and Morgan Stanley. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are Draganfly Inc.'s competitors?
In our Aerospace & Defense peer group, the companies closest to Draganfly Inc. are Ageagle Aerial Systems Inc., Mobilicom Ltd, Flyte Aviation, Inc., Coda Octopus Group, Inc. and Parazero Technologies Ltd. The side-by-side comparison below sets their revenue, margins and growth against Draganfly Inc.'s.
When is Draganfly Inc.'s next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Draganfly Inc. announces its own schedule.