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Leonardo DRS, Inc. (DRS) stock

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NASDAQ: DRS Nasdaq Aerospace & Defense Next results ~January 27, 2027

B Fundamentals grade

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

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$30

Cash-flow model

Base case. Range ~$23–$39 across our lower- and higher-growth cases (5.7%–15.7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 24% above our base value.

Price used: $36.92, November 2, 2026

Leonardo DRS, 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.

Value diary

Our note on each quarter Leonardo DRS files

10-Q filed October 29: Leonardo DRS

Rating: Hold to Sell

Leonardo DRS reported revenue of $3.88bn for the twelve months to September 2026, up 8.9% on a year earlier. That pace has eased from the 10.5% growth seen a quarter earlier. Free-cash-flow margin, meanwhile, improved to 8.9% from 7.4% a year ago. Our model value remains little changed at $29.34 a share, well below the current share price of $40.10. Given this gap, we are moving the rating from Hold to Sell. At today's price, the market appears to be pricing in around 16.5% a year of cash-flow growth over the next five years, a rate well ahead of the 6.2% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Leonardo DRS stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.78bn, up 10.5% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 9.6% from 6.9% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 1 financial-health checks. Our cash-flow model value is $30.05 a share, against a share price of $34.39. At that price, our model says the market is pricing in about 13.7% a year of cash-flow growth for five years, faster than the 5.6% a year revenue growth it has delivered.

10-Q on SEC EDGAR

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 ~January 27, 2027 (estimated)

Leonardo DRS, Inc.'s trailing-twelve-month revenue grew 8.9% year on year, with a free-cash-flow margin of 8.9%. Where it stands out: stock pay as % of revenue of 0.2% ranks 1 of 53 aerospace & defense companies we cover.

Our discounted-cash-flow model values the business at ~$30 per share in the base case (~$23–$39 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 31% in the quarter to 2026-09-30, the 4th beat in the last four quarters.

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

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Below peers: change in growth rate. Change in growth rate of -1.6pp ranks 43 of 57 aerospace & defense companies we cover (median +2.2pp).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.46 against an average estimate of $0.35: beat by 30.9%
Revenue
$1.07bn, up 11.0% on a year earlier
Share reaction
+6.1% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenue $3,950m to $3,985m (2026); adjusted EBITDA $545m to $555m (2026)
Next report
October 29, 2026; average EPS estimate $0.44

Leonardo DRS'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+3.0%
  • 1 month+0.3%
  • This year+9.0%
  • 1 year+1.9%
  • 5 years+257.9%
  • S&P 500 this year+11.2%

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)
$3.9B
Operating margin
10.8%
Net margin
9.4%
EPS (TTM, diluted)
$1.36

Growth

Revenue growth
+8.9%
Change in growth rate
−1.6 pts
Share count change
−0.0%

Cash

Free cash flow (TTM)
$344M
FCF margin
8.9%
Stock pay % of revenue
0.2%

Earnings

Last results
October 29, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

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

  1. Results
  2. Guidance
  3. Results
  4. Announcement

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

Leonardo DRS, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 14.1% a year of cash-flow growth for five years.That is faster than the 6.2% a year revenue growth Leonardo DRS has delivered.

  • Priced in14.1%
  • Last 12 months8.9%
  • 3 years a year12.6%
  • 5 years a year6.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($37.19, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$30
Price used
$37.19close November 3, 2026
Implied change
▼ 20%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Leonardo DRS, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($298M, FY2026 Q3 TTM), growing 8.6% and 9.8% in the next two years (forecasts, guidance and its record), then back to 10.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$22–~$39 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Leonardo DRS, Inc.'s free cash flow after stock-based pay ( $298M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Leonardo DRS, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.07 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$30 ~$23–$39 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$35 ~$29–$50 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$17 ~$12–$25 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$16 ~$14–$19 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$26 ~$16–$35 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Leonardo DRS, 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.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −11%
  • Last year's free-cash-flow margin change, if it persists ▲ +19%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $17$22$30$40$53$70
8.5% $13$17$22$30$39$51
10% $10$14$18$23$31$40

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$9.60$9.27$12.58$19.72$31.80$33.89$36.92
Market value$2.0bn$1.9bn$2.7bn$5.2bn$8.5bn$9.1bn$9.9bn
+ Net debt (− = net cash)$366m$168m$100m−$25m−$228m−$294m−$119m
Enterprise value$2.4bn$2.1bn$2.8bn$5.2bn$8.3bn$8.8bn$9.8bn
Multiples
Price / sales 0.7x0.7x1.0x1.8x2.6x2.5x2.6x
Price / earnings 23.7x12.6x6.7x31.0x40.0x32.8x27.2x
Price / free cash flow 29.2x16.5x—35.9x45.8x40.1x28.8x
EV / EBITDA 10.2x7.2x4.5x16.4x21.6x20.0x19.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

48 /100

Moderate moat

How hard Leonardo DRS's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Net income has been a median 5.7% of total assets over 6 years.

  • Pricing power 9 / 20

    Gross margin has been a median 22.6%, moving by 2.0 percentage points (standard deviation) across 6 years.

  • Durability 12 / 20

    Operating margin has been a median 9.2%; its worst year was 7.8%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 4 of 6 years, at a median 6.9% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

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

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.41 +22% $4.0bn +9%
Next $1.48 +5% $4.3bn +8%

Next year's EPS estimate has moved +0.8% in 90 days, across 10 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.7% on 90 days ago. In the last 30 days, 9 analysts raised Leonardo DRS, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Leonardo DRS, Inc., last 90 days
$1.35 $1.40 $1.45 $1.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.38 Current fiscal year, 60 days ago: $1.39 Current fiscal year, 30 days ago: $1.38 Current fiscal year, 7 days ago: $1.39 Current fiscal year, Now: $1.41 $1.41 Next fiscal year, 90 days ago: $1.47 Next fiscal year, 60 days ago: $1.47 Next fiscal year, 30 days ago: $1.47 Next fiscal year, 7 days ago: $1.47 Next fiscal year, Now: $1.48 $1.48

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.38$1.47
60 days ago $1.39$1.47
30 days ago $1.38$1.47
7 days ago $1.39$1.47
Now $1.41$1.48

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.35 $0.46 +30.9%
Jun 2026 $0.27 $0.35 +27.6%
Mar 2026 $0.20 $0.26 +27.4%
Dec 2025 $0.37 $0.42 +13.2%

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

Management guidance

Earnings release, October 29, 2026
  • Revenue 2026 $3,950m to $3,985m Raised
    “Revenue $3,950 million - $3,985 million $3,900 million - $3,975 million” source
  • Adjusted Diluted EPS 2026 $1.50 to $1.53 Non-GAAP Raised
    “Adjusted Diluted EPS $1.50 - $1.53 $1.34 - $1.39” source
  • Adjusted EBITDA 2026 $545m to $555m Non-GAAP Raised
    “Adjusted EBITDA $545 million - $555 million $525 million - $540 million” source
  • Tax Rate 2026 about 13% Lowered vs about 16.5
    “Tax Rate 13.0% 16.5%” source
  • Diluted WASO 2026 about 269m Maintained vs about 269m
    “Diluted WASO 269.0 million 269.0 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Leonardo DRS, Inc.'s revenue by +8.6% next year and +9.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.9%, weight 45%) , management guidance (+8.1%, weight 33%) and the company's own record (+10.7%, weight 22%) . How the weights are set.

Analyst recommendations

12 analysts, Oct 2026
Buy1083%
Hold217%
Sell00%

Monthly trend

  1. Oct 202619212
  2. Sep 202618211
  3. Aug 202617210
  4. Jul 202617210

Counts of recommendations published by analysts covering Leonardo DRS, 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
1.4%
of tradable shares
Days to cover
3.6
at average volume
Short interest, 1 month
+11%
to October 15, 2026
Held by institutions
28%
of shares
Held by insiders
71.4%
of shares
Employees
7,300
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

What moved the share price

Last 12 months +1.9%

$36.25 on October 31, 2025 to $36.92

ThenNowEffect
Revenue (last 12 months) $3.4bn $3.8bn +10.5%
Net margin 7.3% 8.5% +16.6%
P/E multiple 39.0x 30.8x −20.9%
Share count 269m 269m 0.0%

Biggest factor: p/e multiple.

Last 3 years +87.2%

$19.72 on November 3, 2023 to $36.92

ThenNowEffect
Revenue (last 12 months) $2.7bn $3.8bn +42.5%
Net margin 14.7% 8.5% −42.2%
P/E multiple 12.2x 30.8x +152.7%
Share count 242m 269m −10.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DRS−3%+36%+57%+61%+7%+9%
Industry peers (median)−6%−11%+13%+22%+19%−12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DRS50%58%58%58%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DRS−41%−53%−15%−14%−33%−32%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 67% from January 16, 2020 to March 18, 2020. Getting back needed a 207% gain, reached on July 6, 2020, 110 days after the low.

Price behaviour

52-week range
$32.36 – $49.59
From 52-week high
−25.6%
vs 50-day average
+0.8%
vs 200-day average
−12.1%
Volatility (1 year)
40%
Beta vs S&P 500
0.91

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.

Share price after results

Next day
5 up, 7 down
typical move ±6.3%
After a week
6 up, 5 down
typical move ±9.5%
After a month
6 up, 5 down
typical move ±14.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +6.1% −2.1% — —
July 30, 2026 −1.1% +2.4% −2.7% −17.0%
May 5, 2026 +4.5% +2.2% +7.2% +17.0%
February 24, 2026 +11.1% +1.6% +19.3% +21.7%
October 29, 2025 −10.3% −1.1% −11.0% −14.7%
July 30, 2025 −13.7% −0.5% −14.3% −11.7%
May 1, 2025 +13.6% +2.2% +13.1% +19.1%
February 20, 2025 −2.3% −2.1% +1.2% +12.0%
October 30, 2024 +5.9% −2.3% +24.9% +22.4%
July 30, 2024 0.0% +1.1% −6.1% −0.3%
May 1, 2024 −2.5% +0.6% +2.2% +9.4%
March 14, 2024 −4.5% −0.9% −3.0% −9.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Leonardo DRS, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Leonardo DRS, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

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) Leonardo DRS, Inc.
$2.5B $3B $3.5B $4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.8B Revenue (TTM), FY24 Q1: $2.9B Revenue (TTM), FY24 Q2: $3.1B Revenue (TTM), FY24 Q3: $3.2B Revenue (TTM), FY24 Q4: $3.2B Revenue (TTM), FY25 Q1: $3.3B Revenue (TTM), FY25 Q2: $3.4B Revenue (TTM), FY25 Q3: $3.6B Revenue (TTM), FY25 Q4: $3.6B Revenue (TTM), FY26 Q1: $3.7B Revenue (TTM), FY26 Q2: $3.8B Revenue (TTM), FY26 Q3: $3.9B $3.9B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.8B
FY24 Q1 $2.9B
FY24 Q2 $3.1B
FY24 Q3 $3.2B
FY24 Q4 $3.2B
FY25 Q1 $3.3B
FY25 Q2 $3.4B
FY25 Q3 $3.6B
FY25 Q4 $3.6B
FY26 Q1 $3.7B
FY26 Q2 $3.8B
FY26 Q3 $3.9B
Revenue growth, TTM YoY Leonardo DRS, Inc.
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 4.9% Revenue growth, TTM YoY, FY24 Q1: 11.1% Revenue growth, TTM YoY, FY24 Q2: 15.8% Revenue growth, TTM YoY, FY24 Q3: 16.9% Revenue growth, TTM YoY, FY24 Q4: 14.4% Revenue growth, TTM YoY, FY25 Q1: 13.6% Revenue growth, TTM YoY, FY25 Q2: 11.4% Revenue growth, TTM YoY, FY25 Q3: 12.3% Revenue growth, TTM YoY, FY25 Q4: 12.8% Revenue growth, TTM YoY, FY26 Q1: 10.5% Revenue growth, TTM YoY, FY26 Q2: 10.5% Revenue growth, TTM YoY, FY26 Q3: 8.9% 8.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 4.9%
FY24 Q1 11.1%
FY24 Q2 15.8%
FY24 Q3 16.9%
FY24 Q4 14.4%
FY25 Q1 13.6%
FY25 Q2 11.4%
FY25 Q3 12.3%
FY25 Q4 12.8%
FY26 Q1 10.5%
FY26 Q2 10.5%
FY26 Q3 8.9%
Operating margin (TTM) Leonardo DRS, Inc.
8% 9% 10% 11% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 8.2% Operating margin (TTM), FY24 Q1: 8.5% Operating margin (TTM), FY24 Q2: 8.5% Operating margin (TTM), FY24 Q3: 8.7% Operating margin (TTM), FY24 Q4: 9.1% Operating margin (TTM), FY25 Q1: 9.2% Operating margin (TTM), FY25 Q2: 9.5% Operating margin (TTM), FY25 Q3: 9.6% Operating margin (TTM), FY25 Q4: 9.5% Operating margin (TTM), FY26 Q1: 9.9% Operating margin (TTM), FY26 Q2: 10.5% Operating margin (TTM), FY26 Q3: 10.8% 10.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 8.2%
FY24 Q1 8.5%
FY24 Q2 8.5%
FY24 Q3 8.7%
FY24 Q4 9.1%
FY25 Q1 9.2%
FY25 Q2 9.5%
FY25 Q3 9.6%
FY25 Q4 9.5%
FY26 Q1 9.9%
FY26 Q2 10.5%
FY26 Q3 10.8%
FCF margin (TTM) Leonardo DRS, Inc.
4% 6% 8% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 5.1% FCF margin (TTM), FY24 Q1: 7.4% FCF margin (TTM), FY24 Q2: 7.9% FCF margin (TTM), FY24 Q3: 8.5% FCF margin (TTM), FY24 Q4: 5.8% FCF margin (TTM), FY25 Q1: 8.7% FCF margin (TTM), FY25 Q2: 6.9% FCF margin (TTM), FY25 Q3: 7.4% FCF margin (TTM), FY25 Q4: 6.2% FCF margin (TTM), FY26 Q1: 8.1% FCF margin (TTM), FY26 Q2: 9.6% FCF margin (TTM), FY26 Q3: 8.9% 8.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 5.1%
FY24 Q1 7.4%
FY24 Q2 7.9%
FY24 Q3 8.5%
FY24 Q4 5.8%
FY25 Q1 8.7%
FY25 Q2 6.9%
FY25 Q3 7.4%
FY25 Q4 6.2%
FY26 Q1 8.1%
FY26 Q2 9.6%
FY26 Q3 8.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. 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 LTM Sept 2026
Income
Revenue 2,714 2,778 2,879 2,693 2,826 3,234 3,648 3,885
Gross profit 459 494 547 575 648 736 869 981
EBITDA 214 234 294 626 316 384 441 511
Operating income 163 181 236 561 231 293 348 421
Net income 75 85 154 405 168 213 278 365
Diluted EPS $0.52 $0.40 $0.73 $1.88 $0.64 $0.80 $1.03 $1.36
Growth (year on year)
Revenue — +2.4% +3.6% −6.5% +4.9% +14.4% +12.8% +8.9%
EBITDA — +9.3% +25.6% +112.9% −49.5% +21.5% +14.8% +20.8%
Operating income — +11.0% +30.4% +137.7% −58.8% +26.8% +18.8% +23.1%
Net income — +13.3% +81.2% +163.0% −58.5% +26.8% +30.5% +37.7%
Diluted EPS — −23.1% +82.5% +157.5% −66.0% +25.0% +28.8% +37.8%
Margins
Gross margin 16.9% 17.8% 19.0% 21.4% 22.9% 22.8% 23.8% 25.3%
EBITDA margin 7.9% 8.4% 10.2% 23.2% 11.2% 11.9% 12.1% 13.2%
Operating margin 6.0% 6.5% 8.2% 20.8% 8.2% 9.1% 9.5% 10.8%
Net margin 2.8% 3.1% 5.3% 15.0% 5.9% 6.6% 7.6% 9.4%
Free-cash-flow margin 3.8% 2.5% 4.1% −1.2% 5.1% 5.8% 6.2% 8.9%
Cash flow
Cash from operations 157 125 178 33 205 271 366 490
Capital spending 55 56 60 65 60 85 139 146
Free cash flow 102 69 118 −32 145 186 227 344
Stock-based pay — 0 0 5 17 22 32 7
Free cash flow after stock pay — 69 118 −37 128 164 195 337
Balance sheet
Cash 85 61 240 306 467 598 647 294
Total debt 0 427 408 406 442 370 353 175
Net debt (negative = net cash) −85 366 168 100 −25 −228 −294 −119
Diluted shares — 210m 210m 215m 264m 268m 269m 269m
Returned to shareholders
Dividends — 0 0 396 0 0 — —
Buybacks — — 0 0 0 0 35 39
Total returned — 0 0 396 0 0 35 39

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

6 of 6 checks passed · September 30, 2026
What it owns · $4.4bn
Short-term assets $2.2bnLonger-term assets $2.2bn
What it owes, and who funded it · $4.0bn
Short-term liabilities $1.2bnShareholders' equity $2.9bn
  • Short-term assets cover short-term liabilities $2.2bn of assets due within a year against $1.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $294m of cash against $175m of debt.
  • Debt below 40% of shareholders' equity Debt is 6% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 22% to 6% over five years.
  • A year's operating cash flow covers at least 20% of debt $490m of operating cash flow against $175m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Leonardo DRS, 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

FY2026 Q3 TTM
Buybacks (TTM)
$39M
Returned to shareholders
11%
of free cash flow
Buybacks, last 3 fiscal years
$35M
Diluted share count
−0.0%
year over year
Total shareholder yield
0.4%
dividends 0.0% + buybacks 0.4% of market value
R&D spending
3.6%
of revenue
Days sales outstanding
34 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in aerospace & defense
Last 12 months unless stated DRS CW BWXT WWD CAE MOG.A Median
Revenue, last 12 months $3.9bn $3.7bn $3.6bn $4.2bn $3.6bn $4.3bn $769m
Revenue growth, last 12 months 8.9% 10.5% 17.7% 22.3% 5.0% 15.7% 15.5%
Revenue growth, 3-year average 12.6% 10.3% 14.6% 14.7% — 10.3% 12.6%
Revenue growth, latest quarter 11.0% 5.4% 10.0% 21.2% — 15.2% 15.8%
Gross margin 25.3% 37.7% 22.6% 29.5% 28.3% 28.2% 27.8%
Operating margin 10.8% 18.8% 12.4% — 12.5% 13.3% 9.0%
Operating margin, 3-year average 9.7% 17.9% 13.6% — 12.4% 11.9% 6.0%
Net margin 9.4% 14.8% 10.4% 13.2% 6.4% 8.7% 5.5%
Cash from operations / revenue 12.6% 19.7% 16.1% 14.0% 16.1% 11.2% 5.5%
Free-cash-flow margin 8.9% 17.1% 10.3% 9.0% 10.3% 8.1% 3.4%
Free-cash-flow margin, 3-year average 8.2% 15.8% 11.0% 9.4% 7.6% 3.4% 3.0%
Stock pay / revenue 0.2% 0.7% 1.0% 0.8% 0.7% 0.5% 1.2%
Change in share count −0.0% −2.2% 0.2% 0.1% 0.8% −0.3% 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 8.9% 15.5% 40 of 57
Change in growth rate Growth -1.6pp +2.2pp 43 of 57
Gross margin Profitability 25.3% 28.3% 27 of 46
Operating margin Profitability 10.8% 8.5% 18 of 51
Net margin Profitability 9.4% 5.5% 15 of 57
Free-cash-flow margin Cash generation 8.9% 3.4% 19 of 57
Stock pay as % of revenue Cash generation 0.2% 1.5% 1 of 53
Long-term debt as % of assets Balance sheet 3.8% 22.1% 9 of 47
Change in share count Balance sheet -0.0% 2.4% 15 of 51
Days sales outstanding Balance sheet 34 days 53 days 10 of 45

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

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Advanced Sensing and Computing $2.4B 64.3% ▲ 11.2%
Integrated Mission Systems $1.3B 35.7% ▲ 14.9%

From Leonardo DRS, Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3B
Institutions reporting
375
Shares held vs prior quarter
▲ 3.2%
Positions opened / closed
78 / 48

Top buyers and sellers, Q2 2026: 227 institutions bought and 146 sold ; the biggest buyer was Bessemer Group Inc (+2.2M shares) and the biggest seller Wellington Management Group LLP (−1.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $213M 5.0M 7.0% ▼ 2.8%
State Street Corp $193M 4.5M 6.4% ▲ 3.2%
AQR Capital Management LLC $188M 4.4M 6.2% ▲ 44.1%
Vanguard Portfolio Management LLC $154M 3.6M 5.1% ▼ 2.5%
Vanguard Capital Management LLC $152M 3.6M 5.0% ▲ 0.6%
FMR LLC $148M 3.5M 4.9% ▼ 5.1%
First Trust Advisors LP $114M 2.7M 3.8% ▲ 20.4%
Price T Rowe Associates Inc $108M 2.5M 3.6% ▼ 24.7%
Voya Investment Management LLC $107M 2.5M 3.6% ▼ 20.2%
Stephens Investment Management Group LLC $102M 2.4M 3.4% ▲ 13.4%
Bessemer Group Inc $94.5M 2.2M 3.1% ▲ 4430274.0%
Dimensional Fund Advisors LP $88.6M 2.1M 2.9% ▲ 4.7%

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 Leonardo DRS, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $1.1M 1 trade by 1 insider, last 12 months Insider sales History → $9.2M 22 trades by 7 insiders · 88% under pre-set plans
Net ▼ $8.1M net selling
Insider Date Trade Shares Price Value
Dorfman Mark EVP, GC and Secretary September 4, 2026 Sell pre-set plan 7,471 $37.01 $276,502
Dippold Michael EVP and CFO September 2, 2026 Sell pre-set plan 20,317 $37.18 $755,386
Rinsky Jason EVP Chief Tax and Treasury August 4, 2026 Sell pre-set plan 3,864 $45.81 $177,010
Rinsky Jason EVP Chief Tax and Treasury July 7, 2026 Sell pre-set plan 3,865 $45.37 $175,355
Baylouny John President and CEO June 18, 2026 Sell pre-set plan 36,471 $45.67 $1.7M
Wallace Sally EVP, Chief Operating Officer June 11, 2026 Sell pre-set plan 1,300 $50.00 $65,000
Dippold Michael EVP and CFO June 8, 2026 Sell pre-set plan 8,318 $46.48 $386,621
Dorfman Mark EVP, GC and Secretary June 4, 2026 Sell pre-set plan 5,536 $45.75 $253,272
Rinsky Jason EVP Chief Tax and Treasury June 3, 2026 Sell pre-set plan 3,865 $46.87 $181,153
Morrow Pamela SVP and Controller May 27, 2026 Sell 11,545 $45.13 $521,026
Jeffery Reuben Iii Director May 19, 2026 Buy 25,000 $42.77 $1.1M
Wallace Sally EVP, Chief Operating Officer April 2, 2026 Sell pre-set plan 28,960 $46.35 $1.3M

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.

Trades by members of Congress

All 1 trade and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Leonardo DRS, Inc. shares.

  • Julia Letlow(R-LA 5):Purchase, $1,001 - $15,000, traded February 2, 2026, filed March 12, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • May 5, 2026
  • February 24, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Leonardo DRS, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
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.

Leonardo DRS, Inc. in brief

What does Leonardo DRS, Inc. do?
Leonardo DRS, Inc. is a US-listed company in the aerospace & defense industry. Its financial year ends in December.
What is Leonardo DRS, Inc.'s stock ticker?
Leonardo DRS, Inc. trades under the ticker DRS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Leonardo DRS, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Leonardo DRS, Inc. reported revenue of $3.9B, 8.9% higher than a year earlier, according to its SEC filings.
What is Leonardo DRS, Inc.'s free cash flow?
Leonardo DRS, Inc.'s free-cash-flow margin is 8.9% of revenue over the trailing twelve months, ranking 19 of the 57 aerospace & defense companies we cover.
What is Leonardo DRS, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Leonardo DRS, Inc.'s free cash flow after stock-based pay gives ~$30 per share in the base case, and ~$23–$39 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Leonardo DRS, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and AQR Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Leonardo DRS, Inc. buying back stock, and does it pay a dividend?
Leonardo DRS, Inc. spent $39M on share repurchases over the trailing twelve months, and its diluted share count fell 0.0% over the year.
What is Leonardo DRS, Inc.'s market cap?
On November 2, 2026, Leonardo DRS, Inc.'s market capitalisation was about $9.9B, with a price-to-earnings ratio of 27.2 and net debt of -$119M. Market figures come from third-party market data and may be delayed.
How much debt does Leonardo DRS, Inc. have?
Leonardo DRS, Inc.'s debt-to-equity ratio is 6.1%, from its latest balance sheet (21.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Leonardo DRS, Inc.'s competitors?
In our Aerospace & Defense peer group, the companies closest to Leonardo DRS, Inc. are Curtiss Wright Corp, BWX Technologies, Inc., Woodward, Inc., CAE Inc and Moog Inc. The side-by-side comparison below sets their revenue, margins and growth against Leonardo DRS, Inc.'s.
Are insiders buying or selling Leonardo DRS, Inc. stock?
Over the last 12 months, Leonardo DRS, Inc.'s directors and officers reported 1 open-market purchases and 22 sales on Form 4. The insider trading page charts every trade.
When is Leonardo DRS, Inc.'s next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Leonardo DRS, Inc. announces its own schedule.