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Kratos Defense & Security Solutions, Inc. (KTOS) stock

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NASDAQ: KTOS Nasdaq Aerospace & Defense Next results ~November 5, 2026

C+ Fundamentals grade

Kratos Defense & Security Solutions, 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

Model estimate per share

~$20

Valuation models combined (3)

Base case. Range ~$16–$27. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Kratos Defense & Security Solutions, 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.

  • Insiders0 buying, 16 selling0 purchases and 285 sales by directors and officers, last 12 monthsInsider trades
  • Funds330 adding, 400 cuttingOf 80 active managers that changed their stake, 31 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Kratos Defense & Security Solutions files

Where Kratos Defense & Security Solutions stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.52bn, up 25.5% on a year earlier, faster than 21.8% a quarter earlier. That growth ranks 129 of 931 among all the companies we cover. Free-cash-flow margin fell to -8.5% from -5.0% a year earlier. The diluted share count is up 15.2% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 2 financial-health checks. Our revenue-to-maturity model value is $32.33 a share, against a share price of $39.24.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

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 5, 2026 (estimated)

Kratos Defense & Security Solutions, Inc.'s trailing-twelve-month revenue grew 25.5% year on year, with a free-cash-flow margin of -8.5%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 47 aerospace & defense companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 110.6% while net income grew 113.1%: a 224pp divergence.

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 25.5% over the last 12 months, against a median of 15.5% for aerospace & defense companies we cover.
  • Growth speeding up. The growth rate is 3.7 points higher than a quarter earlier.
  • Net cash. Cash exceeds long-term debt by $1.4bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Burning cash. Free cash flow was -8.5% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 15.2% in a year.
  • High earnings multiple. The shares trade at 233 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 70% and a beta of 2.1 against the S&P 500.
  • Insiders selling. 16 insiders sold $135M of stock over the past 365 days and none bought (90% under pre-set trading plans).

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$0.21 against an average estimate of $0.15: beat by 38.4%
Revenue
$459m, up 30.5% on a year earlier
Share reaction
+12.5% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
revenue Guidance $1.75bn to $1.81bn (Full Year 2026); organic revenue growth forecast growth 18% to 23% (full year 2026)
Next report
November 5, 2026; average EPS estimate $0.20

Kratos Defense & Security Solutions' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.8%
  • 1 week-0.8%
  • 1 month-4.9%
  • This year-47.0%
  • 1 year-55.0%
  • 5 years+91.1%
  • S&P 500 this year+11.2%

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

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.5B
Operating margin
1.2%
Net margin
2.0%
EPS (TTM, diluted)
$0.17

Growth

Revenue growth
+25.5%
Change in growth rate
+3.7 pts
Share count change
+15.2%

Cash

Free cash flow (TTM)
-$129M
FCF margin
-8.5%
Stock pay % of revenue
3.3%

Earnings

Last results
August 4, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

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

  1. Insider trade
  2. Insider trade
  3. Results
  4. Guidance

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

Kratos Defense & Security Solutions, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Kratos Defense & Security Solutions, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.29 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$16 ~$13–$19 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. ~$27 ~$22–$37 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$2.7 ~$1.6–$4.5 Left out: out of range vs price (0.07x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$23 ~$20–$27 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) 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. ~$20 ~$16–$27 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Kratos Defense & Security Solutions, 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.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$4.16$7.51$10.59$13.75$17.77$26.40$19.84$9.44$20.29$26.52$77.70$40.23
Market value$244m$460m$948m$1.5bn$1.9bn$3.1bn$2.5bn$1.2bn$2.6bn$4.0bn$12.8bn$7.2bn
+ Net debt (− = net cash)$417m$363m$164m$112m$123m−$79m−$53m$169m$147m−$144m−$561m−$1.4bn
Enterprise value$661m$823m$1.1bn$1.6bn$2.1bn$3.1bn$2.5bn$1.4bn$2.8bn$3.9bn$12.3bn$5.8bn
Multiples
Price / sales 0.4x0.7x1.3x2.4x2.7x4.2x3.1x1.3x2.6x3.5x9.5x4.7x
Price / earnings 12.3x———155.2x39.4x———n/mn/mn/m
Price / free cash flow —————n/m——n/m———
EV / EBITDA 31.5x182.9x109.0x32.4x33.6x56.7x46.4x49.5x43.4x55.7x168.9x70.2x

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

24 /100

Weak moat

How hard Kratos Defense & Security Solutions's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 2 / 20

    Cash operating profit has been a median 3.3% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 26.3%, moving by 1.7 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 1.8%; its worst year was -0.9%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 2 of 6 years, at a median -4.6% of revenue.

  • Discipline 9 / 20

    The diluted share count rose 40.0% over five years; stock-based pay has been a median 2.6% 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

Next results: November 5, 2026, after the close. Analysts expect revenue of $470m and EPS of $0.20 (range $0.14 to $0.23) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.82 +49% $1.8bn +33%
Next $1.13 +38% $2.2bn +24%

Next year's EPS estimate has moved +3.9% in 90 days, across 23 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +5.8% on 90 days ago. In the last 30 days, 11 analysts raised Kratos Defense & Security Solutions, Inc.'s forecast and 3 cut it.

Consensus EPS forecast Kratos Defense & Security Solutions, Inc., last 90 days
$0.70 $0.80 $0.90 $1.00 $1.10 $1.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.78 Current fiscal year, 60 days ago: $0.82 Current fiscal year, 30 days ago: $0.81 Current fiscal year, 7 days ago: $0.82 Current fiscal year, Now: $0.82 $0.82 Next fiscal year, 90 days ago: $1.09 Next fiscal year, 60 days ago: $1.12 Next fiscal year, 30 days ago: $1.10 Next fiscal year, 7 days ago: $1.13 Next fiscal year, Now: $1.13 $1.13

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.78$1.09
60 days ago $0.82$1.12
30 days ago $0.81$1.10
7 days ago $0.82$1.13
Now $0.82$1.13

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.15 $0.21 +38.4%
Mar 2026 $0.13 $0.16 +19.3%
Dec 2025 $0.15 $0.18 +22.0%
Sept 2025 $0.12 $0.14 +12.3%

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

Management guidance

Earnings release, August 4, 2026
  • Revenue Guidance Full Year 2026 $1.75bn to $1.81bn Raised
    “Increases Full Year 2026 Revenue Guidance to $1.750 to $1.810 Billion, With Forecasted Organic Revenue Growth of Approximately 18 Percent to 23 Percent as Compared to Full Year 2025” source
  • organic revenue growth forecast full year 2026 18% growth to 23% growth Raised
    “As a result, we have increased our full year 2026 organic revenue growth forecast up to approximately 18 percent to 23 percent as compared to full year 2025, which now also includes an expectation of approximately 10 percent organic growth for our Unmanned Systems business based upon recent contract awards, including Valkyrie."” source
  • organic growth third quarter 19% growth to 25% growth New
    “Kratos' second quarter year over year organic growth rate was 19.1 percent, we are now forecasting third quarter organic growth of approximately 19 percent to 25 percent, and for fourth quarter organic growth of approximately 19 percent to 31 percent.” source
  • organic growth fourth quarter 19% growth to 31% growth
    “Kratos' second quarter year over year organic growth rate was 19.1 percent, we are now forecasting third quarter organic growth of approximately 19 percent to 25 percent, and for fourth quarter organic growth of approximately 19 percent to 31 percent.” source
  • organic revenue growth · Unmanned Systems full year 2026 about 10% growth New
    “As a result, we have increased our full year 2026 organic revenue growth forecast up to approximately 18 percent to 23 percent as compared to full year 2025, which now also includes an expectation of approximately 10 percent organic growth for our Unmanned Systems business based upon recent contract awards, including Valkyrie."” source
  • Adjusted EBITDA margin rate (bps change) full year 2026 about 100 Non-GAAP Maintained
    “We continue to expect Kratos' full year 2026 Adjusted EBITDA margin rates to be approximately 100 bps greater than our reported 2025 Adjusted EBITDA margin rates.” source
Show 1 more item
  • Adjusted EBITDA margin rate (bps change) full year 2027 about 100 Non-GAAP Maintained
    “We continue to expect our 2027 Adjusted EBITDA margin rates to increase an additional 100 bps above forecast 2026 Adjusted EBITDA margin rates, when we provide full year 2027 guidance later this year.” 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.

Analyst recommendations

25 analysts, Oct 2026
Buy2496%
Hold14%
Sell00%

Monthly trend

  1. Oct 202661825
  2. Sep 2026415221
  3. Aug 2026514221
  4. Jul 2026414321

Counts of recommendations published by analysts covering Kratos Defense & Security Solutions, 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
5.9%
of tradable shares
Days to cover
2.07
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
86%
of shares
Held by insiders
1.3%
of shares
Employees
4,300
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 −55.6%

$90.60 on October 31, 2025 to $40.23

ThenNowEffect
Revenue (last 12 months) $1.2bn $1.5bn +25.5%
Net margin 1.2% 2.0% +69.8%
P/E multiple n/m n/m −76.0%
Share count 156m 179m −13.2%

Biggest factor: p/e multiple.

Last 3 years +133.2%

$17.25 on November 3, 2023 to $40.23

ThenNowEffect
Revenue (last 12 months) $967m $1.5bn +57.5%
P/S multiple 2.3x 4.7x +107.4%
Share count 128m 179m −28.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

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
KTOS−29%−47%+97%+30%+188%−47%
Industry peers (median)−4%−10%+13%+22%+16%−11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
KTOS17%33%83%58%67%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
KTOS−43%−59%−17%−18%−36%−71%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 73% from February 17, 2021 to December 9, 2022. Getting back needed a 267% gain, reached on January 15, 2025, 768 days after the low.

Price behaviour

52-week range
$38.27 – $130.72
From 52-week high
−69.2%
vs 50-day average
−10.2%
vs 200-day average
−36.9%
Volatility (1 year)
70%
Beta vs S&P 500
2.13

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
7 up, 5 down
typical move ±7.0%
After a week
6 up, 6 down
typical move ±10.0%
After a month
7 up, 5 down
typical move ±11.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +12.5% +1.6% +29.5% −2.9%
May 6, 2026 −3.9% +1.1% −11.5% −1.3%
February 23, 2026 −5.6% −0.3% −5.6% −19.3%
November 4, 2025 −15.0% −0.8% −15.9% −14.7%
August 7, 2025 +8.4% +0.7% +17.3% +8.8%
May 7, 2025 −5.5% +1.1% −7.5% +11.7%
February 26, 2025 +4.6% −1.5% +10.8% +25.3%
November 7, 2024 +7.0% +1.2% +4.2% +12.2%
August 7, 2024 −3.0% +1.6% −2.6% +3.6%
May 7, 2024 +4.4% +0.1% +5.5% +9.4%
February 13, 2024 +13.3% −0.5% +9.8% −5.4%
November 2, 2023 +0.2% +2.8% −0.3% +17.4%

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.

Kratos Defense & Security Solutions, Inc. in five measures

Fundamentals grade C+
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) Kratos Defense & Security Solutions, Inc.
$1B $1.2B $1.4B $1.6B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1B Revenue (TTM), FY23 Q4: $1B Revenue (TTM), FY24 Q1: $1.1B Revenue (TTM), FY24 Q2: $1.1B Revenue (TTM), FY24 Q3: $1.1B Revenue (TTM), FY24 Q4: $1.1B Revenue (TTM), FY25 Q1: $1.2B Revenue (TTM), FY25 Q2: $1.2B Revenue (TTM), FY25 Q3: $1.3B Revenue (TTM), FY25 Q4: $1.3B Revenue (TTM), FY26 Q1: $1.4B Revenue (TTM), FY26 Q2: $1.5B $1.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1B
FY23 Q4 $1B
FY24 Q1 $1.1B
FY24 Q2 $1.1B
FY24 Q3 $1.1B
FY24 Q4 $1.1B
FY25 Q1 $1.2B
FY25 Q2 $1.2B
FY25 Q3 $1.3B
FY25 Q4 $1.3B
FY26 Q1 $1.4B
FY26 Q2 $1.5B
Revenue growth, TTM YoY Kratos Defense & Security Solutions, Inc.
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 17.7% Revenue growth, TTM YoY, FY23 Q4: 15.5% Revenue growth, TTM YoY, FY24 Q1: 15.9% Revenue growth, TTM YoY, FY24 Q2: 16.5% Revenue growth, TTM YoY, FY24 Q3: 11.3% Revenue growth, TTM YoY, FY24 Q4: 9.6% Revenue growth, TTM YoY, FY25 Q1: 7.3% Revenue growth, TTM YoY, FY25 Q2: 7.8% Revenue growth, TTM YoY, FY25 Q3: 14.0% Revenue growth, TTM YoY, FY25 Q4: 18.5% Revenue growth, TTM YoY, FY26 Q1: 21.8% Revenue growth, TTM YoY, FY26 Q2: 25.5% 25.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 17.7%
FY23 Q4 15.5%
FY24 Q1 15.9%
FY24 Q2 16.5%
FY24 Q3 11.3%
FY24 Q4 9.6%
FY25 Q1 7.3%
FY25 Q2 7.8%
FY25 Q3 14.0%
FY25 Q4 18.5%
FY26 Q1 21.8%
FY26 Q2 25.5%
Operating margin (TTM) Kratos Defense & Security Solutions, Inc.
0% 1% 2% 3% 4% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 2.3% Operating margin (TTM), FY23 Q4: 3.0% Operating margin (TTM), FY24 Q1: 3.5% Operating margin (TTM), FY24 Q2: 3.9% Operating margin (TTM), FY24 Q3: 3.3% Operating margin (TTM), FY24 Q4: 2.6% Operating margin (TTM), FY25 Q1: 2.5% Operating margin (TTM), FY25 Q2: 1.6% Operating margin (TTM), FY25 Q3: 1.6% Operating margin (TTM), FY25 Q4: 1.9% Operating margin (TTM), FY26 Q1: 1.7% Operating margin (TTM), FY26 Q2: 1.2% 1.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 2.3%
FY23 Q4 3.0%
FY24 Q1 3.5%
FY24 Q2 3.9%
FY24 Q3 3.3%
FY24 Q4 2.6%
FY25 Q1 2.5%
FY25 Q2 1.6%
FY25 Q3 1.6%
FY25 Q4 1.9%
FY26 Q1 1.7%
FY26 Q2 1.2%
FCF margin (TTM) Kratos Defense & Security Solutions, Inc.
-15% -10% -5% 0% 5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -3.9% FCF margin (TTM), FY23 Q4: 1.2% FCF margin (TTM), FY24 Q1: 2.8% FCF margin (TTM), FY24 Q2: 0.2% FCF margin (TTM), FY24 Q3: 0.7% FCF margin (TTM), FY24 Q4: -0.7% FCF margin (TTM), FY25 Q1: -3.8% FCF margin (TTM), FY25 Q2: -5.0% FCF margin (TTM), FY25 Q3: -7.3% FCF margin (TTM), FY25 Q4: -10.2% FCF margin (TTM), FY26 Q1: -9.4% FCF margin (TTM), FY26 Q2: -8.5% -8.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -3.9%
FY23 Q4 1.2%
FY24 Q1 2.8%
FY24 Q2 0.2%
FY24 Q3 0.7%
FY24 Q4 -0.7%
FY25 Q1 -3.8%
FY25 Q2 -5.0%
FY25 Q3 -7.3%
FY25 Q4 -10.2%
FY26 Q1 -9.4%
FY26 Q2 -8.5%

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

Where the money goes

FY2025, from the 10-K

Each dollar Kratos Defense & Security Solutions took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.3B
  2. Other income $8.4M · 0.6%
  3. Cost of revenue $1B · 77.1%
  4. Gross profit $308M · 22.9%
  5. Research and development $40M · 3.0%
  6. Selling, general and admin $240M · 17.8%
  7. Operating income $25.6M · 1.9%
  8. Income tax $12M · 0.9%
  9. Net income $22M · 1.6%

Shares of revenue. Source: Kratos Defense & Security Solutions's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

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

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 335 409 714 969 844 763 657 669 752 618 718 748 812 898 1,037 1,136 1,347 1,523
Gross profit 64 84 191 257 205 179 162 121 158 170 190 203 225 226 269 287 308 350
EBITDA −19 36 78 8 65 38 21 5 10 48 61 54 54 28 64 69 73 82
Operating income −27 23 30 −50 18 5 −5 −18 −12 31 38 29 28 −3 31 29 26 18
Net income −42 15 −24 −114 −37 −78 20 −61 −43 −4 13 80 −2 −37 −9 16 22 31
Diluted EPS −$2.99 $0.86 −$0.88 −$2.44 −$0.65 −$1.35 $0.34 −$0.99 −$0.48 −$0.03 $0.11 $0.67 −$0.02 −$0.29 −$0.07 $0.11 $0.13 $0.17
Growth (year on year)
Revenue — +22.1% +74.8% +35.8% −12.9% −9.6% −13.9% +1.8% +12.4% −17.8% +16.1% +4.2% +8.5% +10.7% +15.5% +9.6% +18.5% +25.5%
EBITDA — — +115.3% −89.3% — −41.6% −44.3% −78.6% — — +26.9% −12.2% −0.6% −48.5% +133.0% +7.8% +4.9% +31.3%
Operating income — — +27.7% −268.5% — −70.9% — — — — +24.6% −22.9% −4.8% −110.4% — −6.8% −11.7% —
Net income — — −266.9% — — — — −405.6% — — — — −102.5% — — — — —
Diluted EPS — — −202.3% — — — — −391.2% — — — — −103.0% — — — — —
Margins
Gross margin 19.0% 20.6% 26.8% 26.5% 24.2% 23.5% 24.6% 18.0% 21.0% 27.5% 26.5% 27.2% 27.7% 25.2% 25.9% 25.3% 22.9% 23.0%
EBITDA margin −5.6% 8.8% 10.9% 0.9% 7.7% 4.9% 3.2% 0.7% 1.4% 7.8% 8.6% 7.2% 6.6% 3.1% 6.2% 6.1% 5.4% 5.4%
Operating margin −8.1% 5.7% 4.1% −5.1% 2.2% 0.7% −0.7% −2.7% −1.6% 4.9% 5.3% 3.9% 3.4% −0.3% 3.0% 2.6% 1.9% 1.2%
Net margin −12.4% 3.5% −3.4% −11.8% −4.4% −10.2% 3.0% −9.0% −5.7% −0.6% 1.7% 10.6% −0.2% −4.1% −0.9% 1.4% 1.6% 2.0%
Free-cash-flow margin 7.7% 6.4% −0.3% — — — — — — — — 1.2% −1.4% −7.9% 1.2% −0.7% −10.2% −8.5%
Cash flow
Cash from operations 26 28 5 52 22 3 −30 −15 −27 18 29 45 35 −26 65 50 −42 −40
Capital spending 0 2 8 — — — — — — — — 36 47 45 52 58 95 89
Free cash flow 26 26 −2 — — — — — — — — 9 −11 −71 13 −9 −137 −129
Stock-based pay 2 2 3 7 7 4 6 5 8 7 11 21 26 26 25 30 36 50
Free cash flow after stock pay 24 24 −6 — — — — — — — — −12 −37 −97 −13 −38 −173 −178
Balance sheet
Cash 10 11 70 48 54 34 29 69 131 183 173 381 349 81 73 329 561 1,438
Total debt 0 225 655 649 644 656 445 432 294 294 295 302 297 250 219 185 0 0
Net debt (negative = net cash) −10 214 585 601 590 623 417 363 164 112 123 −79 −53 169 147 −144 −561 −1,438
Diluted shares 14m 17m 27m 47m 57m 58m 59m 61m 90m 106m 109m 119m 128m 127m 130m 151m 165m 179m
Returned to shareholders
Buybacks — 0 11 0 0 — — — — — — — — — — — — —
Total returned — 0 11 0 0 — — — — — — — — — — — — —

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 · June 28, 2026
What it owns · $4.1bn
Short-term assets $2.4bnLonger-term assets $1.7bn
What it owes, and who funded it · $4.1bn
Short-term liabilities $425mLonger-term liabilities $238mShareholders' equity $3.4bn
  • Short-term assets cover short-term liabilities $2.4bn of assets due within a year against $425m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.4bn short-term assets against $238m 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 Kratos Defense & Security Solutions, 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
+15.2%
year over year
R&D spending
2.9%
of revenue
Sales & admin spending
18.6%
of revenue
Days sales outstanding
41 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in aerospace & defense
Last 12 months unless stated KTOS HXL ATRO DCO RKLB AXON Median
Revenue, last 12 months $1.5bn $2.0bn $942m $865m $769m $3.2bn $769m
Revenue growth, last 12 months 25.5% 7.6% 14.5% 9.2% 52.5% 34.6% 15.5%
Revenue growth, 3-year average 16.4% 4.7% 14.9% 5.2% 49.2% 33.2% 12.6%
Revenue growth, latest quarter 30.5% 8.8% 27.0% 11.8% 62.0% 35.3% 15.8%
Gross margin 23.0% 25.2% 32.5% 27.4% 37.3% 59.4% 27.8%
Operating margin 1.2% 12.2% 13.4% −1.7% −29.1% 0.7% 9.0%
Operating margin, 3-year average 2.2% 10.2% 6.0% 2.9% −42.0% 3.0% 6.0%
Net margin 2.0% 8.5% 8.4% −2.5% −21.5% 6.2% 5.5%
Cash from operations / revenue −2.6% 14.7% 10.9% −1.4% −28.9% 8.3% 5.5%
Free-cash-flow margin −8.5% 10.4% 6.4% −2.8% −48.3% 4.1% 3.4%
Free-cash-flow margin, 3-year average −4.4% 10.5% 3.0% 1.9% −44.8% 7.6% 3.0%
Stock pay / revenue 3.3% 1.0% 0.8% 3.0% 10.6% 19.7% 1.2%
Change in share count 15.2% −5.3% 5.9% 1.7% 15.7% 2.4% 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 25.5% 15.5% 13 of 57
Change in growth rate Growth +3.7pp +2.2pp 20 of 57
Gross margin Profitability 23.0% 28.3% 32 of 46
Operating margin Profitability 1.2% 8.5% 32 of 51
Net margin Profitability 2.0% 5.5% 36 of 57
Free-cash-flow margin Cash generation -8.5% 3.4% 38 of 57
Stock pay as % of revenue Cash generation 3.3% 1.5% 33 of 53
Long-term debt as % of assets Balance sheet 0.0% 22.1% 1 of 47
Change in share count Balance sheet 15.2% 2.4% 36 of 51
Days sales outstanding Balance sheet 41 days 53 days 13 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 28, 2025
Segments
Line of business Revenue Share YoY
Government Solutions $1.1B 78.3% ▲ 21.8%
Unmanned Systems $292M 21.7% ▲ 7.9%
Products and services
Line of business Revenue Share YoY
Products $878M 65.2% ▲ 23.1%
Services $469M 34.8% ▲ 10.8%
Geography
Region Revenue YoY
United States $1.1B ▲ 18.5%
Outside the US $268M ▲ 18.1%
Europe $78.1M ▲ 57.1%
Asia Pacific $71.2M ▲ 15.4%
Middle East $66.2M ▼ 9.4%
Other Countries $46.9M ▲ 37.5%
Other North America $19.4M ▲ 4.3%

These categories overlap or exclude eliminations, so shares aren't shown.

From Kratos Defense & Security Solutions, Inc.'s 10-K filed February 23, 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
$7.7B
Institutions reporting
622
Shares held vs prior quarter
▼ 8.0%
Positions opened / closed
100 / 179

Top buyers and sellers, Q2 2026: 330 institutions bought and 400 sold ; the biggest buyer was First Trust Advisors LP (+3.3M shares) and the biggest seller Blackrock, Inc (−7.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.2B 24.0M 15.6% ▼ 24.1%
State Street Corp $452M 9.1M 5.9% ▲ 1.7%
Vanguard Capital Management LLC $421M 8.4M 5.5% ▲ 2.1%
Vanguard Portfolio Management LLC $398M 8.0M 5.2% ▼ 7.7%
First Trust Advisors LP $300M 6.0M 3.9% ▲ 122.7%
ARK Investment Management LLC $233M 4.7M 3.0% ▲ 33.8%
Invesco Ltd. $204M 4.1M 2.6% ▼ 20.5%
Geode Capital Management, LLC $185M 3.7M 2.4% ▼ 29.5%
Alliancebernstein L.P. $157M 2.2M 2.0% ▼ 7.9%
Hood River Capital Management LLC $156M 3.1M 2.0% ▲ 15.6%
Van Eck Associates Corp $149M 3.0M 1.9% ▼ 3.7%
Dimensional Fund Advisors LP $132M 2.6M 1.7% ▲ 1.7%

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 Kratos Defense & Security Solutions, 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 → $135M 285 trades by 16 insiders · 90% under pre-set plans
Net ▼ $135M net selling
Insider Date Trade Shares Price Value
Carrai Phillip D President, STC Division October 15, 2026 Sell pre-set plan 1,603 $40.57 $65,038
Carrai Phillip D President, STC Division October 15, 2026 Sell pre-set plan 4,097 $39.87 $163,327
Carrai Phillip D President, STC Division October 15, 2026 Sell pre-set plan 800 $38.44 $30,751
Lund Deanna H EVP & CFO September 21, 2026 Sell pre-set plan 4,100 $48.56 $199,096
Lund Deanna H EVP & CFO September 21, 2026 Sell pre-set plan 2,900 $49.10 $142,390
Carrai Phillip D President, STC Division September 15, 2026 Sell pre-set plan 420 $48.89 $20,534
Carrai Phillip D President, STC Division September 15, 2026 Sell pre-set plan 2,700 $47.24 $127,548
Carrai Phillip D President, STC Division September 15, 2026 Sell pre-set plan 3,380 $48.17 $162,815
Mendoza Marie SVP & General Counsel September 15, 2026 Sell pre-set plan 1,000 $48.50 $48,500
Fendley Steven S. President, US Division August 24, 2026 Sell pre-set plan 7,000 $56.16 $393,120
Jarvis Scot B Director August 18, 2026 Sell 10,000 $63.50 $635,000
Mendoza Marie SVP & General Counsel August 17, 2026 Sell pre-set plan 1,513 $64.37 $97,392

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 30 trades and filings

No trades in Kratos Defense & Security Solutions, Inc. disclosed in the last 12 months; 30 earlier trades on record.

  • Alan S. Lowenthal(D-CA 47):Sale (partial), $1,001 - $15,000, traded May 14, 2021, filed May 24, 2021
  • Alan S. Lowenthal(D-CA 47):Sale (partial), $1,001 - $15,000, traded May 12, 2021, filed May 24, 2021
  • Alan S. Lowenthal(D-CA 47):Sale (partial), $1,001 - $15,000, traded May 11, 2021, filed May 24, 2021

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

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 6, 2026
  • February 23, 2026
  • November 4, 2025
  • August 7, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Kratos Defense & Security Solutions, 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.

Kratos Defense & Security Solutions, Inc. in brief

What does Kratos Defense & Security Solutions, Inc. do?
Kratos Defense & Security Solutions, Inc. is a US-listed company in the aerospace & defense industry. Its financial year ends in December.
What is Kratos Defense & Security Solutions, Inc.'s stock ticker?
Kratos Defense & Security Solutions, Inc. trades under the ticker KTOS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Kratos Defense & Security Solutions, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Kratos Defense & Security Solutions, Inc. reported revenue of $1.5B, 25.5% higher than a year earlier, according to its SEC filings.
What is Kratos Defense & Security Solutions, Inc.'s free cash flow?
Kratos Defense & Security Solutions, Inc.'s free-cash-flow margin is -8.5% of revenue over the trailing twelve months, ranking 38 of the 57 aerospace & defense companies we cover.
Who are Kratos Defense & Security Solutions, 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 Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Kratos Defense & Security Solutions, Inc.'s market cap?
On November 2, 2026, Kratos Defense & Security Solutions, Inc.'s market capitalisation was about $7.2B, with a price-to-earnings ratio of 233.3 and net debt of -$1.4B. Market figures come from third-party market data and may be delayed.
Who are Kratos Defense & Security Solutions, Inc.'s competitors?
In our Aerospace & Defense peer group, the companies closest to Kratos Defense & Security Solutions, Inc. are Hexcel Corp, Astronics Corp, Ducommun Inc, Rocket Lab Corp and Axon Enterprise. The side-by-side comparison below sets their revenue, margins and growth against Kratos Defense & Security Solutions, Inc.'s.
Are insiders buying or selling Kratos Defense & Security Solutions, Inc. stock?
Over the last 12 months, Kratos Defense & Security Solutions, Inc.'s directors and officers reported 0 open-market purchases and 285 sales on Form 4. The insider trading page charts every trade.
When is Kratos Defense & Security Solutions, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Kratos Defense & Security Solutions, Inc. announces its own schedule.