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DRS logoLeonardo DRS, Inc.(DRS)Earnings, Financials & Key Ratios

DRS•NASDAQ
$39.70
$10.56B mkt cap·38.5× P/E·Price updated May 6, 2026
SectorIndustrialsIndustryAerospace & DefenseSub-IndustryDefense Electronics and Sensors
AboutLeonardo DRS, Inc., together with its subsidiaries, provides defense products and technologies in the land, air, sea, space, cyber and security, and commercial domains for military applications. It operates in two segments, Advanced Sensing and Computing, and Integrated Mission Systems. The company offers advanced sensor technologies, including infrared systems and sensors for threat detection and situational awareness; uncooled infrared systems and brownout solutions; airborne, ground vehicle mounted, and dismounted soldier electronic warfare (EW) systems; and EW software and training systems, and intelligence solutions. It also provides computing systems for ground vehicles, ships, and submarines; network and data distribution applications; sensor systems; and networked computing infrastructure on military platform. In addition, the company offers force protection systems, such as solutions for counter-unmanned aerial systems, short-range air defense systems, and active protection systems; and power control, distribution, conversion, and propulsion systems, as well as hybrid electric drive propulsion systems, energy storage, gas turbine packages, nuclear instrumentation and controls, and thermal management and refrigeration equipment. It serves the U.S. military, aerospace and defense prime contractors, government intelligence agencies, and international military customers. The company was founded in 1969 and is based in Arlington, Virginia.Show more
  • Revenue$3.65B+12.8%
  • EBITDA$441M+14.8%
  • Net Income$278M+30.5%
  • EPS (Diluted)1.03+28.7%
  • Gross Margin23.22%+2.0%
  • EBITDA Margin12.09%+1.8%
  • Operating Margin9.54%+5.3%
  • Net Margin7.62%+15.7%
  • ROE10.52%+20.5%
  • ROIC10.5%+14.0%
  • Debt/Equity0.17-3.9%
  • Interest Coverage43.50+220.5%
Analysis→Technical→

DRS Key Insights

Leonardo DRS, Inc. (DRS) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 26.7%
  • ✓Strong Piotroski F-Score: 7/9
  • ✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

DRS Price & Volume

Leonardo DRS, Inc. (DRS) stock price & volume — 10-year historical chart

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DRS Growth Metrics

Leonardo DRS, Inc. (DRS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years5.6%
3 Years10.65%
TTM10.46%

Profit CAGR

10 Years-
5 Years26.74%
3 Years-11.79%
TTM23.93%

EPS CAGR

10 Years-
5 Years12.56%
3 Years-18.17%
TTM24.14%

Return on Capital

10 Years10.55%
5 Years12.91%
3 Years9.71%
Last Year10.78%

DRS Recent Earnings

Leonardo DRS, Inc. (DRS) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 12/12 qtrs (100%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
May 5, 2026
EPS
$0.26
Est $0.21
+23.8%
Revenue
$846M
Est $825M
+2.6%
Q1 2026
Feb 24, 2026
EPS
$0.42
Est $0.37
+13.5%
Revenue
$1.1B
Est $995M
+6.5%
Q4 2025
Oct 29, 2025
EPS
$0.29
Est $0.28
+3.6%
Revenue
$960M
Est $996M
-3.7%
Q3 2025
Jul 30, 2025
EPS
$0.23
Est $0.22
+4.5%
Revenue
$829M
Est $906M
-8.5%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 5, 2026
$0.26vs $0.21+23.8%
$846Mvs $825M+2.6%
Q1 2026Feb 24, 2026
$0.42vs $0.37+13.5%
$1.1Bvs $995M+6.5%
Q4 2025Oct 29, 2025
$0.29vs $0.28+3.6%
$960Mvs $996M-3.7%
Q3 2025Jul 30, 2025
$0.23vs $0.22+4.5%
$829Mvs $906M-8.5%
Based on last 12 quarters of dataView full earnings history →

DRS Peer Comparison

Leonardo DRS, Inc. (DRS) competitors in Defense Electronics and Sensors — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
MRCY logoMRCYMercury Systems, Inc.Direct Competitor4.98B82.96-127.639.19%-1.46%-0.96%2.39%0.44
KTOS logoKTOSKratos Defense & Security Solutions, Inc.Direct Competitor10.02B59.31456.2318.52%1.63%1.1%0.09
HEI logoHEIHEICO CorporationDirect Competitor23.35B277.3356.6016.26%15.38%12.93%3.69%0.50
CW logoCWCurtiss-Wright CorporationDirect Competitor27.05B728.9556.6412.08%13.78%18.39%2.05%0.52
ASGN logoASGNASGN IncorporatedDirect Competitor894.99M20.968.06-2.91%2.85%6.26%32.19%0.65
LHX logoLHXL3Harris Technologies, Inc.Product Competitor56.53B302.6535.482.53%7.71%8.87%4.74%0.53
NOC logoNOCNorthrop Grumman CorporationProduct Competitor79.34B558.6019.212.24%10.8%28.05%4.17%1.18
RTX logoRTXRTX CorporationProduct Competitor232.8B172.8734.859.74%8.03%10.92%3.41%0.59

Compare DRS vs Peers

Leonardo DRS, Inc. (DRS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MRCY

Most directly comparable listed peer for DRS.

Scale Benchmark

vs PLTR

Larger-name benchmark to compare DRS against a more recognizable public peer.

Peer Set

Compare Top 5

vs MRCY, KTOS, HEI, CW

DRS Income Statement

Leonardo DRS, Inc. (DRS) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemMar'07Mar'08Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue2.82B3.3B2.71B2.78B2.88B2.69B2.83B3.23B3.65B3.69B
Revenue Growth %62.55%16.81%-17.64%2.36%3.64%-6.46%4.94%14.44%12.8%10.46%
Cost of Goods Sold2.46B2.87B2.25B2.28B2.33B2.12B2.18B2.5B2.8B2.8B
COGS % of Revenue87.15%87.06%83.09%82.22%81%78.65%77.07%77.24%76.78%-
Gross Profit
362.48M▲ 0%
426.48M▲ 17.7%
459M▲ 7.6%
494M▲ 7.6%
547M▲ 10.7%
575M▲ 5.1%
648M▲ 12.7%
736M▲ 13.6%
847M▲ 15.1%
894M▲ 0%
Gross Margin %12.85%12.94%16.91%17.78%19%21.35%22.93%22.76%23.22%24.19%
Gross Profit Growth %50.84%17.65%7.63%7.63%10.73%5.12%12.7%13.58%15.08%-
Operating Expenses50.9M66.1M296M313M311M14M417M443M499M523M
OpEx % of Revenue1.8%2.01%10.91%11.27%10.8%0.52%14.76%13.7%13.68%-
Selling, General & Admin00277M283M293M357M384M414M497M510M
SG&A % of Revenue--10.21%10.19%10.18%13.26%13.59%12.8%13.62%-
Research & Development50.9M66.1M00000000
R&D % of Revenue1.8%2.01%--------
Other Operating Expenses0019M30M18M-343M33M29M2M3M
Operating Income
311.58M▲ 0%
360.38M▲ 15.7%
163M▼ 54.8%
181M▲ 11.0%
236M▲ 30.4%
561M▲ 137.7%
231M▼ 58.8%
293M▲ 26.8%
348M▲ 18.8%
366M▲ 0%
Operating Margin %11.04%10.94%6.01%6.52%8.2%20.83%8.17%9.06%9.54%9.91%
Operating Income Growth %61.68%15.66%-54.77%11.04%30.39%137.71%-58.82%26.84%18.77%-
EBITDA388.25M438.57M214M234M294M626M316M384M441M436M
EBITDA Margin %13.76%13.31%7.89%8.42%10.21%23.25%11.18%11.87%12.09%11.8%
EBITDA Growth %60.63%12.96%-51.2%9.35%25.64%112.93%-49.52%21.52%14.84%8.73%
D&A (Non-Cash Add-back)76.66M78.19M51M53M58M65M85M91M93M70M
EBIT308.51M361.71M160M176M235M559M228M285M348M286M
Net Interest Income-118.64M-108.36M-65M-64M-35M-34M-36M-21M-8M-7M
Interest Income1.27M2.06M00000000
Interest Expense119.91M110.42M65M64M35M34M36M21M8M7M
Other Income/Expense-122.99M-109.09M-68M-69M-36M-36M-39M-29M-12M-11M
Pretax Income
188.59M▲ 0%
251.29M▲ 33.2%
95M▼ 62.2%
112M▲ 17.9%
200M▲ 78.6%
525M▲ 162.5%
192M▼ 63.4%
264M▲ 37.5%
336M▲ 27.3%
355M▲ 0%
Pretax Margin %6.69%7.63%3.5%4.03%6.95%19.5%6.79%8.16%9.21%9.61%
Income Tax60.1M83.75M20M27M46M120M24M51M58M35M
Effective Tax Rate %31.87%33.33%21.05%24.11%23%22.86%12.5%19.32%17.26%9.86%
Net Income
127.06M▲ 0%
165.77M▲ 30.5%
75M▼ 54.8%
85M▲ 13.3%
154M▲ 81.2%
405M▲ 163.0%
168M▼ 58.5%
213M▲ 26.8%
278M▲ 30.5%
290M▲ 0%
Net Margin %4.5%5.03%2.76%3.06%5.35%15.04%5.94%6.59%7.62%7.85%
Net Income Growth %55.91%30.47%-54.76%13.33%81.18%162.99%-58.52%26.79%30.52%23.93%
Net Income (Continuing)128.49M167.53M75M85M154M405M168M213M278M290M
Discontinued Operations0000000000
Minority Interest0000000000
EPS (Diluted)
6.23▲ 0%
2.01▼ 67.8%
0.52▼ 74.1%
0.57▲ 9.6%
1.06▲ 86.0%
1.88▲ 77.4%
0.64▼ 66.0%
0.80▲ 25.0%
1.03▲ 28.7%
-▲ 0%
EPS Growth %-61.04%-67.82%-74.06%9.62%85.96%77.36%-65.96%25%28.75%24.14%
EPS (Basic)6.382.010.520.571.061.880.640.811.05-
Diluted Shares Outstanding20.39M82.69M145M149.78M145M215M264M267.7M268.8M0
Basic Shares Outstanding19.93M82.46M145M149.78M145M215M262.5M264M265.3M0
Dividend Payout Ratio3.91%2.98%---97.78%--34.53%-

DRS Balance Sheet

Leonardo DRS, Inc. (DRS) balance sheet — assets, liabilities & shareholders' equity

Line itemMar'07Mar'08Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets1.13B1.23B1.25B1.26B1.39B1.71B1.92B2.16B2.33B2.06B
Cash & Short-Term Investments95.83M86.25M85M61M240M306M467M598M647M328M
Cash Only95.83M86.25M85M61M240M306M467M598M647M328M
Short-Term Investments0000000000
Accounts Receivable535.24M574.13M902M889M899M1.04B1.06B1.13B1.26B324M
Days Sales Outstanding69.2563.59121.31116.81113.98140.69136.78126.97126.57104.98
Inventory367.61M437.71M209M247M205M319M329M358M352M371M
Days Inventory Outstanding54.5755.6933.8339.4732.0954.9755.1452.3145.8749.75
Other Current Assets71.5M58.1M36M33M22M24M42M55M36M1.03B
Total Non-Current Assets3.09B3.09B1.64B1.69B1.68B1.97B2B2.02B2.29B2.15B
Property, Plant & Equipment231.21M255.68M253M355M364M404M402M440M619M512M
Fixed Asset Turnover12.20x12.89x10.73x7.83x7.91x6.67x7.03x7.35x5.89x7.14x
Goodwill2.62B2.62B1.06B1.06B1.07B1.24B1.24B1.24B1.24B1.24B
Intangible Assets0069M60M52M172M151M132M112M106M
Long-Term Investments196.98M167.77M025M27M00021M42M
Other Non-Current Assets42.62M38.24M141M109M110M92M89M91M85M521M
Total Assets
4.21B▲ 0%
4.32B▲ 2.4%
2.89B▼ 33.1%
2.96B▲ 2.4%
3.07B▲ 3.8%
3.68B▲ 19.8%
3.92B▲ 6.6%
4.18B▲ 6.7%
4.62B▲ 10.3%
4.21B▲ 0%
Asset Turnover0.67x0.76x0.94x0.94x0.94x0.73x0.72x0.77x0.79x0.86x
Asset Growth %4.79%2.4%-33.09%2.35%3.82%19.81%6.64%6.71%10.35%29.91%
Total Current Liabilities770.53M870.79M1B975M989M1.04B1.08B1.12B1.23B1.1B
Accounts Payable297.43M357.86M536M478M479M457M398M426M351M187M
Days Payables Outstanding44.1645.5386.7676.3974.9778.7666.762.2545.7437.3
Short-Term Debt5.16M5.38M56M53M41M29M57M25M54M11M
Deferred Revenue (Current)51.47M36.95M175M177M174M233M335M399M585M1.46B
Other Current Liabilities331.97M370.63M136M184M201M204M146M140M86M1.09B
Current Ratio1.46x1.41x1.25x1.30x1.40x1.64x1.78x1.94x1.89x1.89x
Quick Ratio0.98x0.90x1.04x1.04x1.20x1.33x1.47x1.62x1.60x1.60x
Cash Conversion Cycle79.6773.7568.3879.8971.09116.91125.21117.04126.7117.43
Total Non-Current Liabilities1.94B1.76B868M554M487M508M518M511M656M336M
Long-Term Debt1.78B1.63B656M374M352M365M349M340M226M140M
Capital Lease Obligations0088M81M73M68M68M66M190M375M
Deferred Tax Liabilities46.5M42.1M00004M7M134M149M
Other Non-Current Liabilities112.18M92.07M124M99M62M75M97M98M106M481M
Total Liabilities2.71B2.63B1.87B1.53B1.48B1.55B1.6B1.63B1.89B1.44B
Total Debt1.79B1.63B821M530M490M487M497M458M470M151M
Net Debt1.69B1.55B736M469M250M181M30M-140M-177M-177M
Debt / Equity1.19x0.97x0.81x0.37x0.31x0.23x0.21x0.18x0.17x0.17x
Debt / EBITDA4.61x3.72x3.84x2.26x1.67x0.78x1.57x1.19x1.07x0.35x
Net Debt / EBITDA4.36x3.53x3.44x2.00x0.85x0.29x0.09x-0.36x-0.40x-0.40x
Interest Coverage2.57x3.28x2.46x2.75x6.71x16.44x6.33x13.57x43.50x40.86x
Total Equity
1.5B▲ 0%
1.68B▲ 12.1%
1.02B▼ 39.5%
1.43B▲ 40.0%
1.59B▲ 11.6%
2.13B▲ 33.5%
2.33B▲ 9.3%
2.56B▲ 10.0%
2.73B▲ 6.8%
2.77B▲ 0%
Equity Growth %11.16%12.06%-39.48%40.04%11.63%33.52%9.31%9.98%6.77%29.6%
Book Value per Share73.6920.367.039.5310.999.898.819.5510.1610.16
Total Shareholders' Equity1.5B1.68B1.02B1.43B1.59B2.13B2.33B2.56B2.73B2.77B
Common Stock407K414K1M1M2M3M3M3M3M3M
Retained Earnings399.79M537.13M-3.22B-3.14B-2.98B-2.97B-2.81B-2.59B-2.31B-2.25B
Treasury Stock0000000000
Accumulated OCI2.26M16.14M-93M-70M-58M-49M-47M-47M-41M-42M
Minority Interest0000000000

DRS Cash Flow Statement

Leonardo DRS, Inc. (DRS) cash flow — operating, investing & free cash flow history

Line itemMar'07Mar'08Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations195.24M211.46M157M125M178M33M205M271M366M366M
Operating CF Margin %6.92%6.42%5.78%4.5%6.18%1.23%7.25%8.38%10.03%-
Operating CF Growth %24.3%8.31%-25.75%-20.38%42.4%-81.46%521.21%32.2%35.06%-52.89%
Net Income127.06M165.77M75M85M154M405M168M213M278M290M
Depreciation & Amortization76.66M78.19M51M53M58M65M85M91M93M94M
Stock-Based Compensation000005M17M22M32M28M
Deferred Taxes10.62M17.2M12M30M31M-6M-52M23M28M27M
Other Non-Cash Items255.86M254.98M3M3M0-354M1M1M0-156M
Working Capital Changes-37.67M-60.51M16M-46M-65M-82M-14M-79M-65M155M
Change in Receivables-100.8M-38.64M9M-35M-54M-1M15M-102M-140M-167M
Change in Inventory-51.28M-104.6M-36M-38M42M-33M-10M-29M6M14M
Change in Payables68.11M55.44M156M-58M1M-14M-59M15M-79M-105M
Cash from Investing-69.92M-76.84M-151M-70M39M436M-59M-84M-154M-151M
Capital Expenditures-55.91M-71.31M-55M-56M-60M-65M-60M-85M-139M-137M
CapEx % of Revenue1.98%2.16%2.03%2.02%2.08%2.41%2.12%2.63%3.81%-
Acquisitions-16.74M-5.97M-4M5M-14M501M0000
Investments----------
Other Investing2.73M441K-92M-10M55M01M1M0-14M
Cash from Financing-31M-144.35M-1M-80M-38M-403M15M-56M-163M-339M
Debt Issued (Net)-44.27M-155.46M1M-76M-38M-2M8M-43M-10M-9M
Equity Issued (Net)12.87M10.56M000011M-3M-26M-23M
Dividends Paid-4.96M-4.93M000-396M00-96M-79M
Share Repurchases000000-1M-19M-35M-36M
Other Financing5.36M5.48M-2M-4M0-5M-4M-10M-31M-228M
Net Change in Cash
94.32M▲ 0%
-9.58M▼ 110.2%
6M▲ 162.6%
-24M▼ 500.0%
179M▲ 845.8%
66M▼ 63.1%
161M▲ 143.9%
131M▼ 18.6%
49M▼ 62.6%
-52M▲ 0%
Free Cash Flow
139.33M▲ 0%
140.15M▲ 0.6%
102M▼ 27.2%
69M▼ 32.4%
118M▲ 71.0%
-32M▼ 127.1%
145M▲ 553.1%
186M▲ 28.3%
227M▲ 22.0%
301M▲ 0%
FCF Margin %4.94%4.25%3.76%2.48%4.1%-1.19%5.13%5.75%6.22%8.15%
FCF Growth %22.36%0.59%-27.22%-32.35%71.01%-127.12%553.13%28.28%22.04%3.44%
FCF per Share6.831.690.700.460.81-0.150.550.690.840.84
FCF Conversion (FCF/Net Income)1.54x1.28x2.09x1.47x1.16x0.08x1.22x1.27x1.32x1.04x
Interest Paid0000000000
Taxes Paid0000000000

DRS Key Ratios

Leonardo DRS, Inc. (DRS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric200620072019202020212022202320242025TTM
Return on Equity (ROE)8.9%10.41%5.55%6.95%10.2%21.77%7.55%8.73%10.52%10.79%
Return on Invested Capital (ROIC)7.33%8.41%4.9%7.44%9.47%20.27%7.43%9.21%10.5%10.5%
Gross Margin12.85%12.94%16.91%17.78%19%21.35%22.93%22.76%23.22%24.19%
Net Margin4.5%5.03%2.76%3.06%5.35%15.04%5.94%6.59%7.62%7.85%
Debt / Equity1.19x0.97x0.81x0.37x0.31x0.23x0.21x0.18x0.17x0.17x
Interest Coverage2.57x3.28x2.46x2.75x6.71x16.44x6.33x13.57x43.50x40.86x
FCF Conversion1.54x1.28x2.09x1.47x1.16x0.08x1.22x1.27x1.32x1.04x
Revenue Growth62.55%16.81%-17.64%2.36%3.64%-6.46%4.94%14.44%12.8%10.46%

DRS SEC Filings & Documents

Leonardo DRS, Inc. (DRS) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 5, 2026·SEC

Material company update

Mar 10, 2026·SEC

Material company update

Feb 24, 2026·SEC

10-K Annual Reports

2
FY 2025

Mar 3, 2025·SEC

FY 2024

Feb 28, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 5, 2026·SEC

FY 2025

Oct 29, 2025·SEC

FY 2025

Jul 30, 2025·SEC

DRS Frequently Asked Questions

Leonardo DRS, Inc. (DRS) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Leonardo DRS, Inc. (DRS) reported $3.69B in revenue for fiscal year 2025. This represents a 113% increase from $1.74B in 2005.

Leonardo DRS, Inc. (DRS) grew revenue by 12.8% over the past year. This is steady growth.

Yes, Leonardo DRS, Inc. (DRS) is profitable, generating $290.0M in net income for fiscal year 2025 (7.6% net margin).

Dividend & Returns

Yes, Leonardo DRS, Inc. (DRS) pays a dividend with a yield of 0.90%. This makes it attractive for income-focused investors.

Leonardo DRS, Inc. (DRS) has a return on equity (ROE) of 10.5%. This is reasonable for most industries.

Leonardo DRS, Inc. (DRS) generated $301.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Explore More DRS

Leonardo DRS, Inc. (DRS) financial analysis — history, returns, DCA and operating performance tools

Full DRS Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

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