K 
Kratos Defense and Security Solutions KTOS · USD
Industrials · US listing · 🇺🇸 United States
37.69
+7.38%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$1.35bn
FY2016FY2025
Net income
$22.0m
FY2016FY2025
Free cash flow
−$137.4m
FY2016FY2025
Shareholders' equity
$2.00bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.35bn | $1.14bn | $1.04bn | $898.3m | $811.5m | $747.7m | $717.5m | $618.0m | $751.9m | $668.7m |
| Gross profit | $298.3m | $287.2m | $268.6m | $226.0m | $225.1m | $203.2m | $190.0m | $169.7m | $197.3m | $153.6m |
| Research and development | $40.0m | $40.3m | $38.4m | $38.6m | $35.2m | $27.0m | $18.0m | $15.6m | $17.8m | $13.9m |
| Operating income | $27.7m | $29.0m | $31.1m | −$15.3m | $27.8m | $29.6m | $38.0m | $29.5m | −$5.8m | −$17.6m |
| Net income | $22.0m | $16.3m | −$8.9m | −$36.9m | −$2.0m | $79.6m | $12.5m | −$3.5m | −$42.7m | −$60.5m |
| Diluted earnings per share | 0.13 | 0.11 | -0.07 | -0.29 | -0.02 | 0.63 | 0.11 | -0.03 | -0.41 | -0.92 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $2.47bn | $1.95bn | $1.63bn | $1.55bn | $1.59bn | $1.56bn | $1.19bn | $1.01bn | $1.02bn | $948.6m |
| Cash and short-term investments | $560.6m | $329.3m | $72.8m | $81.3m | $349.4m | $380.8m | $172.6m | $182.7m | $129.6m | $69.1m |
| Total liabilities | $470.9m | $597.7m | $634.0m | $604.0m | $629.2m | $622.7m | $596.9m | $490.8m | $512.5m | $672.2m |
| Debt | $16.2m | $187.8m | $271.5m | $261.0m | $306.8m | $309.9m | $343.4m | $367.4m | $293.5m | $432.0m |
| Shareholders' equity | $2.00bn | $1.35bn | $976.0m | $936.3m | $945.1m | $925.3m | $589.1m | $519.3m | $511.5m | $276.4m |
| Shares outstanding | 173m | 155m | 134m | 127m | 125m | 127m | 110m | 107m | 104m | 66m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$42.1m | $49.7m | $65.2m | −$25.7m | $30.8m | $46.6m | $30.0m | $18.1m | −$27.0m | −$12.4m |
| Capital spending | −$95.3m | −$58.2m | −$52.4m | −$45.4m | −$46.5m | −$35.9m | −$26.3m | −$22.6m | −$26.5m | −$9.2m |
| Free cash flow | −$137.4m | −$8.5m | $12.8m | −$71.1m | −$15.7m | $10.7m | $3.7m | −$4.5m | −$53.5m | −$21.6m |
| Dividends paid | — | — | — | −$6.3m | −$3.2m | −$1.4m | −$3.1m | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $458.8m | $371.0m | $345.1m | $347.6m | $351.5m | $302.6m | $283.1m | $275.9m |
| Gross profit | $100.1m | $83.8m | $73.8m | $77.1m | $73.8m | $73.6m | $69.8m | $69.2m |
| Operating income | −$1.6m | $7.7m | $10.3m | $7.3m | $3.7m | $6.6m | $6.7m | $6.7m |
| Net income | $4.4m | $11.9m | $5.9m | $8.7m | $2.9m | $4.5m | $3.9m | $3.2m |
| Diluted earnings per share | 0.02 | 0.06 | 0.03 | 0.05 | 0.02 | 0.03 | 0.02 | 0.02 |
| Cash from operations | −$9.0m | −$28.0m | $12.0m | −$13.0m | −$11.0m | −$29.0m | $45.0m | $6.0m |
| Capital spending | −$17.0m | −$19.0m | −$24.0m | −$28.0m | −$20.0m | −$22.0m | −$13.0m | −$15.0m |
| Free cash flow | −$26.0m | −$47.0m | −$12.0m | −$41.0m | −$31.0m | −$51.0m | $32.0m | −$9.0m |
| Total assets | $4.09bn | $4.04bn | $2.47bn | $2.42bn | $2.59bn | $2.00bn | $1.95bn | $1.91bn |
| Cash and short-term investments | $1.44bn | $1.46bn | $560.6m | $565.9m | $783.6m | $263.7m | $329.3m | $301.5m |
| Debt | $18.9m | $18.7m | $16.2m | $86.0m | $233.1m | $236.1m | $239.0m | $243.2m |
| Shareholders' equity | $3.43bn | $3.41bn | $2.00bn | $1.98bn | $1.96bn | $1.39bn | $1.35bn | $1.34bn |
Financial ratios
Data as of 30 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 22.1% | 25.3% | 25.9% | 25.2% | 27.7% | 27.2% |
| Operating margin | 2.1% | 2.6% | 3.0% | -1.7% | 3.4% | 4.0% |
| Net margin | 1.6% | 1.4% | -0.9% | -4.1% | -0.2% | 10.6% |
| Return on equity | 1.1% | 1.2% | -0.9% | -3.9% | -0.2% | 8.6% |
| Return on assets | 0.9% | 0.8% | -0.5% | -2.4% | -0.1% | 5.1% |
| Free cash flow yield | 0.7% | 1.6% | 2.0% | 0.4% | 1.4% | 1.5% |
| Revenue growth | 18.5% | 9.6% | 15.5% | 10.7% | 8.5% | 4.2% |
| Earnings growth | 35.0% | -283.1% | -75.9% | 1745.0% | -102.5% | 536.8% |
| Current ratio | 4.06x | 2.94x | 2.03x | 2.49x | 3.43x | 3.87x |
| Debt to equity | 0.01x | 0.14x | 0.24x | 0.28x | 0.32x | 0.33x |
| Equity ratio | 80.9% | 69.4% | 59.8% | 60.3% | 59.5% | 59.2% |
| Interest coverage | 2.64x | 1.91x | 1.43x | -0.84x | 1.17x | 1.25x |
| R&D as a share of sales | 3.0% | 3.5% | 3.7% | 4.3% | 4.3% | 3.6% |
| Buybacks as a share of market value | -12.0% | -15.1% | -5.6% | -1.9% | 1.7% | -15.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 14.5% | 12.5% | 7.4% |
| Operating income | — | -1.3% | — |
| Net income | — | -22.7% | 1.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 23.6% | 24.4% | 25.2% | 25.4% |
| Operating margin | 2.3% | 1.6% | 2.2% | 1.8% |
| Net margin | 1.5% | -0.2% | 1.2% | -0.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | — | 250.4 | -306.4 | -35.6 | -1211.5 | 43.8 | 158.3 | -429.1 | -25.7 | -8.0 |
| Price to sales | 9.8 | 3.6 | 2.6 | 1.5 | 3.0 | 4.7 | 2.8 | 2.4 | 1.5 | 0.7 |
Market value over time
31 Oct 2016 to 29 Sept 2026, in USD
$340.0m$8.18bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 180% | 24% | 121% | -51% | -27% | 45% | 38% | 19% | 51% | 81% |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 10-to-1 reverse split · 11 Sept 2009
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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