Kratos Defense & Security Solutions, Inc. (KTOS) 10-Year Financial Performance & Capital Metrics

KTOS • • Industrial / General

IndustrialsAerospace & DefenseUnmanned Systems & RoboticsMilitary UAV Systems

AboutKratos Defense & Security Solutions, Inc. operates as a government contractor of the U.S. Department of Defense. The company operates through two segments, Kratos Government Solutions and Unmanned Systems. The Kratos Government Solutions segment offers microwave electronic products, space and satellite communications, training and cybersecurity/ warfare, C5ISR/ modular systems, turbine technologies, and defense and rocket support services. The Unmanned Systems segment provides unmanned aerial systems, and unmanned ground and seaborne systems. It serves national security related agencies, the department of defense, intelligence agencies, and classified agencies, as well as international government agencies and domestic and international commercial customers. Kratos Defense & Security Solutions, Inc. was incorporated in 1994 and is headquartered in San Diego, California.Show more

Revenue $1.14B +9.6%
EBITDA $81M +6.7%
Net Income $16M +283.1%
EPS (Diluted) 0.11 +257.1%
Gross Margin 25.27% -2.4%
EBITDA Margin 7.12% -2.6%
Operating Margin 2.55% -14.9%
Net Margin 1.43% +267.2%
ROE 1.39% +251.5%
ROIC 1.7% -11.8%
Debt/Equity 0.21 -35.3%
Interest Coverage 1.91 +33.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 95 (top 5%)
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

✗Negative free cash flow
✗Shares diluted 15.7% in last year
✗Thin 5Y average net margin of 1.4%
✗Expensive at 13.9x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.73%

5Y9.63%

3Y11.88%

TTM14%

Profit (Net Income) CAGR

10Y-

5Y5.45%

3Y-

TTM35.14%

EPS CAGR

10Y-

5Y0%

3Y-

TTM30%

ROCE

10Y Avg1.25%

5Y Avg1.72%

3Y Avg1.35%

Latest1.94%

Peer Comparison

Military UAV Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KTOSKratos Defense & Security Solutions, Inc.	21.03B	124.56	1132.36	9.57%	1.56%	1.01%		0.21
AVAVAeroVironment, Inc.	18.9B	378.57	244.24	14.5%	-5.08%	-1.57%		0.07

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	657.1M	668.7M	751.9M	618M	717.5M	747.7M	811.5M	898.3M	1.04B	1.14B
Revenue Growth %	-0.24%	0.02%	0.12%	-0.18%	0.16%	0.04%	0.09%	0.11%	0.15%	0.1%
Cost of Goods Sold+	495.3M	515.1M	554.6M	448.3M	527.5M	544.5M	586.4M	672.3M	768.5M	849.1M
COGS % of Revenue	0.75%	0.77%	0.74%	0.73%	0.74%	0.73%	0.72%	0.75%	0.74%	0.75%
Gross Profit+	161.8M	153.6M	197.3M	169.7M	190M	203.2M	225.1M	226M	268.6M	287.2M
Gross Margin %	0.25%	0.23%	0.26%	0.27%	0.26%	0.27%	0.28%	0.25%	0.26%	0.25%
Gross Profit Growth %	-0.26%	-0.05%	0.28%	-0.14%	0.12%	0.07%	0.11%	0%	0.19%	0.07%
Operating Expenses+	166.9M	160.2M	178.4M	135.4M	152M	173.9M	197.2M	228.9M	237.5M	258.2M
OpEx % of Revenue	0.25%	0.24%	0.24%	0.22%	0.21%	0.23%	0.24%	0.25%	0.23%	0.23%
Selling, General & Admin	134.8M	132.6M	147.5M	110.9M	130.8M	144.5M	160.2M	182.8M	197.8M	214M
SG&A % of Revenue	0.21%	0.2%	0.2%	0.18%	0.18%	0.19%	0.2%	0.2%	0.19%	0.19%
Research & Development	16.2M	13.9M	17.8M	15.6M	18M	27M	35.2M	38.6M	38.4M	40.3M
R&D % of Revenue	0.02%	0.02%	0.02%	0.03%	0.03%	0.04%	0.04%	0.04%	0.04%	0.04%
Other Operating Expenses	-700K	800K	900K	-1M	3.2M	2.4M	1.8M	7.5M	1.3M	3.9M
Operating Income+	-4.5M	-18.6M	-5.8M	30.5M	38M	29.3M	27.9M	-2.9M	31.1M	29M
Operating Margin %	-0.01%	-0.03%	-0.01%	0.05%	0.05%	0.04%	0.03%	-0%	0.03%	0.03%
Operating Income Growth %	-1.23%	-3.13%	0.69%	6.26%	0.25%	-0.23%	-0.05%	-1.1%	11.72%	-0.07%
EBITDA+	21M	4.2M	16.4M	48.3M	73.1M	63.3M	62.6M	38M	75.8M	80.9M
EBITDA Margin %	0.03%	0.01%	0.02%	0.08%	0.1%	0.08%	0.08%	0.04%	0.07%	0.07%
EBITDA Growth %	-0.64%	-0.8%	2.9%	1.95%	0.51%	-0.13%	-0.01%	-0.39%	0.99%	0.07%
D&A (Non-Cash Add-back)	25.5M	22.8M	22.2M	17.8M	35.1M	34M	34.7M	40.9M	44.7M	51.9M
EBIT	-8.6M	-17.1M	-28M	30.3M	39.2M	30.4M	28.1M	-14.7M	32.8M	41.7M
Net Interest Income+	-36M	-34.7M	-28.6M	-20.8M	-21.6M	-22.8M	-23.4M	-17.7M	-20.5M	-3M
Interest Income	0	0	500K	800K	1.9M	800K	300K	600K	1.2M	12.2M
Interest Expense	36M	34.7M	29.1M	21.6M	23.5M	23.6M	23.7M	18.3M	21.7M	15.2M
Other Income/Expense	-40.1M	-34.3M	-45.1M	-21.8M	-22.3M	-22.5M	-23.5M	-30.1M	-20M	-2.5M
Pretax Income+	-44.6M	-52.3M	-50.8M	8.7M	15.7M	6.8M	4.4M	-33M	11.1M	26.5M
Pretax Margin %	-0.07%	-0.08%	-0.07%	0.01%	0.02%	0.01%	0.01%	-0.04%	0.01%	0.02%
Income Tax+	-11.4M	8.1M	-8.2M	4.6M	4.8M	-73.5M	3.9M	200K	8.7M	10.2M
Effective Tax Rate %	-0.44%	1.16%	0.84%	-0.4%	0.8%	11.71%	-0.45%	1.12%	-0.8%	0.62%
Net Income+	19.8M	-60.5M	-42.7M	-3.5M	12.5M	79.6M	-2M	-36.9M	-8.9M	16.3M
Net Margin %	0.03%	-0.09%	-0.06%	-0.01%	0.02%	0.11%	-0%	-0.04%	-0.01%	0.01%
Net Income Growth %	1.25%	-4.06%	0.29%	0.92%	4.57%	5.37%	-1.03%	-17.45%	0.76%	2.83%
Net Income (Continuing)	-33.2M	-57.6M	-46.9M	4.1M	10.9M	80.3M	500K	-33.2M	2.4M	16.3M
Discontinued Operations	53M	0	4.2M	0	1.7M	-900K	-2.1M	900K	200K	0
Minority Interest	0	0	0	0	15M	14.8M	15.2M	11.2M	22.5M	0
EPS (Diluted)+	0.34	-0.99	-0.48	-0.03	0.11	0.67	-0.02	-0.29	-0.07	0.11
EPS Growth %	1.25%	-3.91%	0.52%	0.93%	4.33%	5.09%	-1.03%	-13.5%	0.76%	2.57%
EPS (Basic)	0.34	-0.99	-0.48	-0.03	0.12	0.69	-0.02	-0.29	-0.07	0.11
Diluted Shares Outstanding	58.7M	61.3M	89.5M	106.1M	109.2M	118.7M	128M	126.7M	130.4M	150.9M
Basic Shares Outstanding	58.7M	61.28M	89.5M	103.8M	106M	115.5M	124.6M	126.7M	130.4M	149M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	320.4M	373.1M	471.3M	494.7M	522.2M	764.8M	758.1M	582.6M	594.2M	872.1M
Cash & Short-Term Investments	28.5M	69.1M	129.6M	182.7M	172.6M	380.8M	349.4M	81.3M	72.8M	329.3M
Cash Only	28.5M	69.1M	129.6M	182.7M	172.6M	380.8M	349.4M	81.3M	72.8M	329.3M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	211.4M	234M	212.3M	237.4M	264.1M	272.2M	284.6M	328.3M	329.1M	323.7M
Days Sales Outstanding	117.43	127.73	103.06	140.21	134.35	132.88	128.01	133.4	115.82	103.98
Inventory	55.6M	55.4M	50.4M	46.8M	61.1M	81.2M	91.7M	125.5M	156.2M	162.1M
Days Inventory Outstanding	40.97	39.26	33.17	38.1	42.28	54.43	57.08	68.14	74.19	69.68
Other Current Assets	14.3M	5.7M	68.5M	18.9M	15M	18.6M	22.6M	35.6M	20.1M	39M
Total Non-Current Assets+	582.9M	575.5M	552.7M	515.4M	663.8M	798M	831.4M	968.9M	1.04B	1.08B
Property, Plant & Equipment	56.2M	49.8M	61.2M	67.1M	159M	186.7M	206.8M	260.5M	289.3M	325.8M
Fixed Asset Turnover	11.69x	13.43x	12.29x	9.21x	4.51x	4.00x	3.92x	3.45x	3.58x	3.49x
Goodwill	483.4M	485.4M	461.2M	425.7M	455.6M	483.9M	493.9M	558.2M	569.1M	568.9M
Intangible Assets	36.5M	32.6M	22M	16.1M	39.5M	43M	43.2M	55.2M	62.4M	53.8M
Long-Term Investments	-10.5M	-37.4M	-39.6M	0	0	0	0	0	0	0
Other Non-Current Assets	6.8M	7.7M	8.3M	6.5M	9.7M	84.4M	87.5M	95M	117.5M	130.3M
Total Assets+	903.3M	948.6M	1.02B	1.01B	1.19B	1.56B	1.59B	1.55B	1.63B	1.95B
Asset Turnover	0.73x	0.70x	0.73x	0.61x	0.60x	0.48x	0.51x	0.58x	0.64x	0.58x
Asset Growth %	-0.21%	0.05%	0.08%	-0.01%	0.17%	0.32%	0.02%	-0.02%	0.05%	0.2%
Total Current Liabilities+	172.4M	196.5M	188.9M	164.7M	182.7M	197.6M	221.1M	234.2M	292.5M	296.7M
Accounts Payable	48.3M	52.7M	34.7M	46.6M	53.8M	55.4M	50.4M	57.3M	63.1M	82M
Days Payables Outstanding	35.59	37.34	22.84	37.94	37.23	37.14	31.37	31.11	29.97	35.25
Short-Term Debt	1M	1M	800K	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	43.8M	47.4M	68M	43.5M	50.4M	63.1M	73.8M	68.7M	78.8M	86.4M
Current Ratio	1.86x	1.90x	2.49x	3.00x	2.86x	3.87x	3.43x	2.49x	2.03x	2.94x
Quick Ratio	1.54x	1.62x	2.23x	2.72x	2.52x	3.46x	3.01x	1.95x	1.50x	2.39x
Cash Conversion Cycle	122.81	129.64	113.39	140.37	139.4	150.17	153.72	170.42	160.04	138.41
Total Non-Current Liabilities+	476.7M	475.7M	323.6M	326.1M	414.2M	425.1M	408.1M	369.8M	341.5M	301M
Long-Term Debt	444.1M	431M	293.5M	294.2M	295.1M	301M	296.7M	250.2M	219.3M	174.6M
Capital Lease Obligations	0	0	0	0	37.6M	38.6M	32.7M	40.8M	88.7M	94.2M
Deferred Tax Liabilities	10.5M	17.3M	7M	0	0	0	0	0	0	0
Other Non-Current Liabilities	22.1M	27.4M	23.1M	31.9M	81.5M	85.5M	78.7M	78.8M	33.5M	32.2M
Total Liabilities	649.1M	672.2M	512.5M	490.8M	596.9M	622.7M	629.2M	604M	634M	597.7M
Total Debt+	445.1M	432M	294.3M	294.2M	342.6M	348.5M	339.5M	301.8M	321.4M	282M
Net Debt	416.6M	362.9M	163.8M	111.5M	170M	-32.3M	-9.9M	220.5M	248.6M	-47.3M
Debt / Equity	1.75x	1.56x	0.58x	0.57x	0.58x	0.37x	0.35x	0.32x	0.32x	0.21x
Debt / EBITDA	21.20x	102.86x	17.95x	6.09x	4.69x	5.51x	5.42x	7.94x	4.24x	3.49x
Net Debt / EBITDA	19.84x	86.40x	9.99x	2.31x	2.33x	-0.51x	-0.16x	5.80x	3.28x	-0.58x
Interest Coverage	-0.13x	-0.54x	-0.20x	1.41x	1.62x	1.24x	1.18x	-0.16x	1.43x	1.91x
Total Equity+	254.2M	276.4M	511.5M	519.3M	589.1M	940.1M	960.3M	947.5M	998.5M	1.35B
Equity Growth %	0.13%	0.09%	0.85%	0.02%	0.13%	0.6%	0.02%	-0.01%	0.05%	0.36%
Book Value per Share	4.33	4.51	5.72	4.89	5.39	7.92	7.50	7.48	7.66	8.97
Total Shareholders' Equity	254.2M	276.4M	511.5M	519.3M	574.1M	925.3M	945.1M	936.3M	976M	1.35B
Common Stock	0	0	0	0	0	0	0	0	0	200K
Retained Earnings	-617.6M	-678.1M	-720.8M	-724.5M	-712M	-632.4M	-634.4M	-671.3M	-680.2M	-663.9M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.4M	-1.7M	-1.4M	-700K	-400K	1.4M	600K	-800K	1.7M	-500K
Minority Interest	0	0	0	0	15M	14.8M	15.2M	11.2M	22.5M	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-29.7M	-12.4M	-27M	18.1M	30M	46.6M	30.8M	-25.7M	65.2M	49.7M
Operating CF Margin %	-0.05%	-0.02%	-0.04%	0.03%	0.04%	0.06%	0.04%	-0.03%	0.06%	0.04%
Operating CF Growth %	-5.87%	0.58%	-1.18%	1.67%	0.66%	0.55%	-0.34%	-1.83%	3.54%	-0.24%
Net Income	19.8M	-60.5M	-42.7M	-3.5M	12.5M	79.4M	-1.6M	-36.9M	-8.9M	16.3M
Depreciation & Amortization	25.5M	22.8M	22.5M	17.9M	36.1M	34M	34.7M	41.7M	44.7M	51.9M
Stock-Based Compensation	6.1M	5.1M	7.8M	7.2M	11M	21M	25.8M	26.3M	25.3M	29.8M
Deferred Taxes	-17.8M	4.7M	-10.2M	-400K	0	-78.2M	-400K	0	2.5M	4.4M
Other Non-Cash Items	-46.2M	13.4M	43.7M	10.4M	-1.4M	3.8M	-1.6M	26.4M	12.8M	700K
Working Capital Changes	-17.1M	2.1M	-48.1M	-13.5M	-28.2M	-13.4M	-26.1M	-83.2M	-11.2M	-53.4M
Change in Receivables	10.3M	-24.7M	-39.1M	8.2M	-13.2M	-3.7M	2.6M	-27.3M	1.3M	5.1M
Change in Inventory	-8.2M	-2.7M	7.1M	2M	-4.6M	-5.3M	-5.3M	-23.8M	-29.6M	-5M
Change in Payables	2.9M	2.9M	-3.4M	12.2M	0	-2.4M	-5.3M	0	4.4M	15.1M
Cash from Investing+	-5.7M	-13.9M	-25.8M	40.5M	-43.7M	-87.3M	-52.1M	-177.4M	-43.8M	-69.7M
Capital Expenditures	-11.3M	-9.2M	-26.5M	-22.6M	-26.3M	-35.9M	-46.5M	-45.4M	-52.4M	-58.2M
CapEx % of Revenue	0.02%	0.01%	0.04%	0.04%	0.04%	0.05%	0.06%	0.05%	0.05%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	5.6M	400K	700K	66M	300K	100K	6.7M	200K	8.3M	0
Cash from Financing+	-214.7M	63.1M	113.4M	1.7M	3.5M	247.7M	-9.3M	-63.3M	-30.7M	277.6M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.3M	2M	-5.9M	2.5M	4.9M	3.4M	-9.1M	2.9M	-3.7M	-9.2M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-41M	-21.6M	-53.5M	-4.5M	3.7M	10.7M	-15.7M	-71.1M	12.8M	-8.5M
FCF Margin %	-0.06%	-0.03%	-0.07%	-0.01%	0.01%	0.01%	-0.02%	-0.08%	0.01%	-0.01%
FCF Growth %	-4.06%	0.47%	-1.48%	0.92%	1.82%	1.89%	-2.47%	-3.53%	1.18%	-1.66%
FCF per Share	-0.70	-0.35	-0.60	-0.04	0.03	0.09	-0.12	-0.56	0.10	-0.06
FCF Conversion (FCF/Net Income)	-1.50x	0.20x	0.63x	-5.17x	2.40x	0.59x	-15.40x	0.70x	-7.33x	3.05x
Interest Paid	43.8M	0	0	20.5M	19.9M	19.9M	19.9M	13.7M	19.6M	14.6M
Taxes Paid	8.8M	0	0	1.5M	0	2.5M	2M	0	6.5M	5M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.28%	-22.8%	-10.84%	-0.68%	2.26%	10.41%	-0.21%	-3.87%	-0.91%	1.39%
Return on Invested Capital (ROIC)	-0.45%	-2.13%	-0.66%	3.5%	4.1%	2.64%	2.25%	-0.21%	1.93%	1.7%
Gross Margin	24.62%	22.97%	26.24%	27.46%	26.48%	27.18%	27.74%	25.16%	25.9%	25.27%
Net Margin	3.01%	-9.05%	-5.68%	-0.57%	1.74%	10.65%	-0.25%	-4.11%	-0.86%	1.43%
Debt / Equity	1.75x	1.56x	0.58x	0.57x	0.58x	0.37x	0.35x	0.32x	0.32x	0.21x
Interest Coverage	-0.13x	-0.54x	-0.20x	1.41x	1.62x	1.24x	1.18x	-0.16x	1.43x	1.91x
FCF Conversion	-1.50x	0.20x	0.63x	-5.17x	2.40x	0.59x	-15.40x	0.70x	-7.33x	3.05x
Revenue Growth	-24.3%	1.77%	12.44%	-17.81%	16.1%	4.21%	8.53%	10.7%	15.45%	9.57%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Product	-	-	-	-	444.9M	499M	592.1M	573.1M	634.5M	712.9M
Product Growth	-	-	-	-	-	12.16%	18.66%	-3.21%	10.71%	12.36%
Service	-	-	-	-	272.6M	248.7M	219.4M	325.2M	402.6M	423.4M
Service Growth	-	-	-	-	-	-8.77%	-11.78%	48.22%	23.80%	5.17%
Kratos Government Solutions	209.5M	221M	196.5M	333.5M	-	-	-	-	-	-
Kratos Government Solutions Growth	-	5.49%	-11.09%	69.72%	-	-	-	-	-	-
Kratos Unmanned Systems	66.3M	75.8M	-	113.5M	-	-	-	-	-	-
Kratos Unmanned Systems Growth	-	14.33%	-	-	-	-	-	-	-	-
Public Safety and Security	144.7M	127.1M	-	-	-	-	-	-	-	-
Public Safety and Security Growth	-	-12.16%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	-	-	-	-	899.1M
UNITED STATES Growth	-	-	-	-	-	-	-	-	-	-
Middle East	-	-	-	-	-	-	-	-	-	73.1M
Middle East Growth	-	-	-	-	-	-	-	-	-	-
Asia Pacific	-	-	-	-	-	-	-	-	-	61.7M
Asia Pacific Growth	-	-	-	-	-	-	-	-	-	-
Europe	-	-	-	-	-	-	-	-	-	49.7M
Europe Growth	-	-	-	-	-	-	-	-	-	-
Other Countries	-	-	-	-	-	-	-	-	-	34.1M
Other Countries Growth	-	-	-	-	-	-	-	-	-	-
Other North America	-	-	-	-	-	-	-	-	-	18.6M
Other North America Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Kratos Defense & Security Solutions, Inc. (KTOS) reported $1.28B in revenue for fiscal year 2024. This represents a 78% increase from $723.1M in 2011.

Kratos Defense & Security Solutions, Inc. (KTOS) grew revenue by 9.6% over the past year. This is steady growth.

Yes, Kratos Defense & Security Solutions, Inc. (KTOS) is profitable, generating $20.0M in net income for fiscal year 2024 (1.4% net margin).

Dividend & Returns

Kratos Defense & Security Solutions, Inc. (KTOS) has a return on equity (ROE) of 1.4%. This is below average, suggesting room for improvement.

Kratos Defense & Security Solutions, Inc. (KTOS) had negative free cash flow of $93.3M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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Kratos Defense & Security Solutions, Inc. (KTOS) 10-Year Financial Performance & Capital Metrics

KTOS • • Industrial / General

IndustrialsAerospace & DefenseUnmanned Systems & RoboticsMilitary UAV Systems

Revenue $1.14B +9.6%
EBITDA $81M +6.7%
Net Income $16M +283.1%
EPS (Diluted) 0.11 +257.1%
Gross Margin 25.27% -2.4%
EBITDA Margin 7.12% -2.6%
Operating Margin 2.55% -14.9%
Net Margin 1.43% +267.2%
ROE 1.39% +251.5%
ROIC 1.7% -11.8%
Debt/Equity 0.21 -35.3%
Interest Coverage 1.91 +33.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 95 (top 5%)
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

✗Negative free cash flow
✗Shares diluted 15.7% in last year
✗Thin 5Y average net margin of 1.4%
✗Expensive at 13.9x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.73%

5Y9.63%

3Y11.88%

TTM14%

Profit (Net Income) CAGR

10Y-

5Y5.45%

3Y-

TTM35.14%

EPS CAGR

10Y-

5Y0%

3Y-

TTM30%

ROCE

10Y Avg1.25%

5Y Avg1.72%

3Y Avg1.35%

Latest1.94%

Peer Comparison

Military UAV Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KTOSKratos Defense & Security Solutions, Inc.	21.03B	124.56	1132.36	9.57%	1.56%	1.01%		0.21
AVAVAeroVironment, Inc.	18.9B	378.57	244.24	14.5%	-5.08%	-1.57%		0.07

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	657.1M	668.7M	751.9M	618M	717.5M	747.7M	811.5M	898.3M	1.04B	1.14B
Revenue Growth %	-0.24%	0.02%	0.12%	-0.18%	0.16%	0.04%	0.09%	0.11%	0.15%	0.1%
Cost of Goods Sold+	495.3M	515.1M	554.6M	448.3M	527.5M	544.5M	586.4M	672.3M	768.5M	849.1M
COGS % of Revenue	0.75%	0.77%	0.74%	0.73%	0.74%	0.73%	0.72%	0.75%	0.74%	0.75%
Gross Profit+	161.8M	153.6M	197.3M	169.7M	190M	203.2M	225.1M	226M	268.6M	287.2M
Gross Margin %	0.25%	0.23%	0.26%	0.27%	0.26%	0.27%	0.28%	0.25%	0.26%	0.25%
Gross Profit Growth %	-0.26%	-0.05%	0.28%	-0.14%	0.12%	0.07%	0.11%	0%	0.19%	0.07%
Operating Expenses+	166.9M	160.2M	178.4M	135.4M	152M	173.9M	197.2M	228.9M	237.5M	258.2M
OpEx % of Revenue	0.25%	0.24%	0.24%	0.22%	0.21%	0.23%	0.24%	0.25%	0.23%	0.23%
Selling, General & Admin	134.8M	132.6M	147.5M	110.9M	130.8M	144.5M	160.2M	182.8M	197.8M	214M
SG&A % of Revenue	0.21%	0.2%	0.2%	0.18%	0.18%	0.19%	0.2%	0.2%	0.19%	0.19%
Research & Development	16.2M	13.9M	17.8M	15.6M	18M	27M	35.2M	38.6M	38.4M	40.3M
R&D % of Revenue	0.02%	0.02%	0.02%	0.03%	0.03%	0.04%	0.04%	0.04%	0.04%	0.04%
Other Operating Expenses	-700K	800K	900K	-1M	3.2M	2.4M	1.8M	7.5M	1.3M	3.9M
Operating Income+	-4.5M	-18.6M	-5.8M	30.5M	38M	29.3M	27.9M	-2.9M	31.1M	29M
Operating Margin %	-0.01%	-0.03%	-0.01%	0.05%	0.05%	0.04%	0.03%	-0%	0.03%	0.03%
Operating Income Growth %	-1.23%	-3.13%	0.69%	6.26%	0.25%	-0.23%	-0.05%	-1.1%	11.72%	-0.07%
EBITDA+	21M	4.2M	16.4M	48.3M	73.1M	63.3M	62.6M	38M	75.8M	80.9M
EBITDA Margin %	0.03%	0.01%	0.02%	0.08%	0.1%	0.08%	0.08%	0.04%	0.07%	0.07%
EBITDA Growth %	-0.64%	-0.8%	2.9%	1.95%	0.51%	-0.13%	-0.01%	-0.39%	0.99%	0.07%
D&A (Non-Cash Add-back)	25.5M	22.8M	22.2M	17.8M	35.1M	34M	34.7M	40.9M	44.7M	51.9M
EBIT	-8.6M	-17.1M	-28M	30.3M	39.2M	30.4M	28.1M	-14.7M	32.8M	41.7M
Net Interest Income+	-36M	-34.7M	-28.6M	-20.8M	-21.6M	-22.8M	-23.4M	-17.7M	-20.5M	-3M
Interest Income	0	0	500K	800K	1.9M	800K	300K	600K	1.2M	12.2M
Interest Expense	36M	34.7M	29.1M	21.6M	23.5M	23.6M	23.7M	18.3M	21.7M	15.2M
Other Income/Expense	-40.1M	-34.3M	-45.1M	-21.8M	-22.3M	-22.5M	-23.5M	-30.1M	-20M	-2.5M
Pretax Income+	-44.6M	-52.3M	-50.8M	8.7M	15.7M	6.8M	4.4M	-33M	11.1M	26.5M
Pretax Margin %	-0.07%	-0.08%	-0.07%	0.01%	0.02%	0.01%	0.01%	-0.04%	0.01%	0.02%
Income Tax+	-11.4M	8.1M	-8.2M	4.6M	4.8M	-73.5M	3.9M	200K	8.7M	10.2M
Effective Tax Rate %	-0.44%	1.16%	0.84%	-0.4%	0.8%	11.71%	-0.45%	1.12%	-0.8%	0.62%
Net Income+	19.8M	-60.5M	-42.7M	-3.5M	12.5M	79.6M	-2M	-36.9M	-8.9M	16.3M
Net Margin %	0.03%	-0.09%	-0.06%	-0.01%	0.02%	0.11%	-0%	-0.04%	-0.01%	0.01%
Net Income Growth %	1.25%	-4.06%	0.29%	0.92%	4.57%	5.37%	-1.03%	-17.45%	0.76%	2.83%
Net Income (Continuing)	-33.2M	-57.6M	-46.9M	4.1M	10.9M	80.3M	500K	-33.2M	2.4M	16.3M
Discontinued Operations	53M	0	4.2M	0	1.7M	-900K	-2.1M	900K	200K	0
Minority Interest	0	0	0	0	15M	14.8M	15.2M	11.2M	22.5M	0
EPS (Diluted)+	0.34	-0.99	-0.48	-0.03	0.11	0.67	-0.02	-0.29	-0.07	0.11
EPS Growth %	1.25%	-3.91%	0.52%	0.93%	4.33%	5.09%	-1.03%	-13.5%	0.76%	2.57%
EPS (Basic)	0.34	-0.99	-0.48	-0.03	0.12	0.69	-0.02	-0.29	-0.07	0.11
Diluted Shares Outstanding	58.7M	61.3M	89.5M	106.1M	109.2M	118.7M	128M	126.7M	130.4M	150.9M
Basic Shares Outstanding	58.7M	61.28M	89.5M	103.8M	106M	115.5M	124.6M	126.7M	130.4M	149M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	320.4M	373.1M	471.3M	494.7M	522.2M	764.8M	758.1M	582.6M	594.2M	872.1M
Cash & Short-Term Investments	28.5M	69.1M	129.6M	182.7M	172.6M	380.8M	349.4M	81.3M	72.8M	329.3M
Cash Only	28.5M	69.1M	129.6M	182.7M	172.6M	380.8M	349.4M	81.3M	72.8M	329.3M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	211.4M	234M	212.3M	237.4M	264.1M	272.2M	284.6M	328.3M	329.1M	323.7M
Days Sales Outstanding	117.43	127.73	103.06	140.21	134.35	132.88	128.01	133.4	115.82	103.98
Inventory	55.6M	55.4M	50.4M	46.8M	61.1M	81.2M	91.7M	125.5M	156.2M	162.1M
Days Inventory Outstanding	40.97	39.26	33.17	38.1	42.28	54.43	57.08	68.14	74.19	69.68
Other Current Assets	14.3M	5.7M	68.5M	18.9M	15M	18.6M	22.6M	35.6M	20.1M	39M
Total Non-Current Assets+	582.9M	575.5M	552.7M	515.4M	663.8M	798M	831.4M	968.9M	1.04B	1.08B
Property, Plant & Equipment	56.2M	49.8M	61.2M	67.1M	159M	186.7M	206.8M	260.5M	289.3M	325.8M
Fixed Asset Turnover	11.69x	13.43x	12.29x	9.21x	4.51x	4.00x	3.92x	3.45x	3.58x	3.49x
Goodwill	483.4M	485.4M	461.2M	425.7M	455.6M	483.9M	493.9M	558.2M	569.1M	568.9M
Intangible Assets	36.5M	32.6M	22M	16.1M	39.5M	43M	43.2M	55.2M	62.4M	53.8M
Long-Term Investments	-10.5M	-37.4M	-39.6M	0	0	0	0	0	0	0
Other Non-Current Assets	6.8M	7.7M	8.3M	6.5M	9.7M	84.4M	87.5M	95M	117.5M	130.3M
Total Assets+	903.3M	948.6M	1.02B	1.01B	1.19B	1.56B	1.59B	1.55B	1.63B	1.95B
Asset Turnover	0.73x	0.70x	0.73x	0.61x	0.60x	0.48x	0.51x	0.58x	0.64x	0.58x
Asset Growth %	-0.21%	0.05%	0.08%	-0.01%	0.17%	0.32%	0.02%	-0.02%	0.05%	0.2%
Total Current Liabilities+	172.4M	196.5M	188.9M	164.7M	182.7M	197.6M	221.1M	234.2M	292.5M	296.7M
Accounts Payable	48.3M	52.7M	34.7M	46.6M	53.8M	55.4M	50.4M	57.3M	63.1M	82M
Days Payables Outstanding	35.59	37.34	22.84	37.94	37.23	37.14	31.37	31.11	29.97	35.25
Short-Term Debt	1M	1M	800K	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	43.8M	47.4M	68M	43.5M	50.4M	63.1M	73.8M	68.7M	78.8M	86.4M
Current Ratio	1.86x	1.90x	2.49x	3.00x	2.86x	3.87x	3.43x	2.49x	2.03x	2.94x
Quick Ratio	1.54x	1.62x	2.23x	2.72x	2.52x	3.46x	3.01x	1.95x	1.50x	2.39x
Cash Conversion Cycle	122.81	129.64	113.39	140.37	139.4	150.17	153.72	170.42	160.04	138.41
Total Non-Current Liabilities+	476.7M	475.7M	323.6M	326.1M	414.2M	425.1M	408.1M	369.8M	341.5M	301M
Long-Term Debt	444.1M	431M	293.5M	294.2M	295.1M	301M	296.7M	250.2M	219.3M	174.6M
Capital Lease Obligations	0	0	0	0	37.6M	38.6M	32.7M	40.8M	88.7M	94.2M
Deferred Tax Liabilities	10.5M	17.3M	7M	0	0	0	0	0	0	0
Other Non-Current Liabilities	22.1M	27.4M	23.1M	31.9M	81.5M	85.5M	78.7M	78.8M	33.5M	32.2M
Total Liabilities	649.1M	672.2M	512.5M	490.8M	596.9M	622.7M	629.2M	604M	634M	597.7M
Total Debt+	445.1M	432M	294.3M	294.2M	342.6M	348.5M	339.5M	301.8M	321.4M	282M
Net Debt	416.6M	362.9M	163.8M	111.5M	170M	-32.3M	-9.9M	220.5M	248.6M	-47.3M
Debt / Equity	1.75x	1.56x	0.58x	0.57x	0.58x	0.37x	0.35x	0.32x	0.32x	0.21x
Debt / EBITDA	21.20x	102.86x	17.95x	6.09x	4.69x	5.51x	5.42x	7.94x	4.24x	3.49x
Net Debt / EBITDA	19.84x	86.40x	9.99x	2.31x	2.33x	-0.51x	-0.16x	5.80x	3.28x	-0.58x
Interest Coverage	-0.13x	-0.54x	-0.20x	1.41x	1.62x	1.24x	1.18x	-0.16x	1.43x	1.91x
Total Equity+	254.2M	276.4M	511.5M	519.3M	589.1M	940.1M	960.3M	947.5M	998.5M	1.35B
Equity Growth %	0.13%	0.09%	0.85%	0.02%	0.13%	0.6%	0.02%	-0.01%	0.05%	0.36%
Book Value per Share	4.33	4.51	5.72	4.89	5.39	7.92	7.50	7.48	7.66	8.97
Total Shareholders' Equity	254.2M	276.4M	511.5M	519.3M	574.1M	925.3M	945.1M	936.3M	976M	1.35B
Common Stock	0	0	0	0	0	0	0	0	0	200K
Retained Earnings	-617.6M	-678.1M	-720.8M	-724.5M	-712M	-632.4M	-634.4M	-671.3M	-680.2M	-663.9M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.4M	-1.7M	-1.4M	-700K	-400K	1.4M	600K	-800K	1.7M	-500K
Minority Interest	0	0	0	0	15M	14.8M	15.2M	11.2M	22.5M	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-29.7M	-12.4M	-27M	18.1M	30M	46.6M	30.8M	-25.7M	65.2M	49.7M
Operating CF Margin %	-0.05%	-0.02%	-0.04%	0.03%	0.04%	0.06%	0.04%	-0.03%	0.06%	0.04%
Operating CF Growth %	-5.87%	0.58%	-1.18%	1.67%	0.66%	0.55%	-0.34%	-1.83%	3.54%	-0.24%
Net Income	19.8M	-60.5M	-42.7M	-3.5M	12.5M	79.4M	-1.6M	-36.9M	-8.9M	16.3M
Depreciation & Amortization	25.5M	22.8M	22.5M	17.9M	36.1M	34M	34.7M	41.7M	44.7M	51.9M
Stock-Based Compensation	6.1M	5.1M	7.8M	7.2M	11M	21M	25.8M	26.3M	25.3M	29.8M
Deferred Taxes	-17.8M	4.7M	-10.2M	-400K	0	-78.2M	-400K	0	2.5M	4.4M
Other Non-Cash Items	-46.2M	13.4M	43.7M	10.4M	-1.4M	3.8M	-1.6M	26.4M	12.8M	700K
Working Capital Changes	-17.1M	2.1M	-48.1M	-13.5M	-28.2M	-13.4M	-26.1M	-83.2M	-11.2M	-53.4M
Change in Receivables	10.3M	-24.7M	-39.1M	8.2M	-13.2M	-3.7M	2.6M	-27.3M	1.3M	5.1M
Change in Inventory	-8.2M	-2.7M	7.1M	2M	-4.6M	-5.3M	-5.3M	-23.8M	-29.6M	-5M
Change in Payables	2.9M	2.9M	-3.4M	12.2M	0	-2.4M	-5.3M	0	4.4M	15.1M
Cash from Investing+	-5.7M	-13.9M	-25.8M	40.5M	-43.7M	-87.3M	-52.1M	-177.4M	-43.8M	-69.7M
Capital Expenditures	-11.3M	-9.2M	-26.5M	-22.6M	-26.3M	-35.9M	-46.5M	-45.4M	-52.4M	-58.2M
CapEx % of Revenue	0.02%	0.01%	0.04%	0.04%	0.04%	0.05%	0.06%	0.05%	0.05%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	5.6M	400K	700K	66M	300K	100K	6.7M	200K	8.3M	0
Cash from Financing+	-214.7M	63.1M	113.4M	1.7M	3.5M	247.7M	-9.3M	-63.3M	-30.7M	277.6M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.3M	2M	-5.9M	2.5M	4.9M	3.4M	-9.1M	2.9M	-3.7M	-9.2M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-41M	-21.6M	-53.5M	-4.5M	3.7M	10.7M	-15.7M	-71.1M	12.8M	-8.5M
FCF Margin %	-0.06%	-0.03%	-0.07%	-0.01%	0.01%	0.01%	-0.02%	-0.08%	0.01%	-0.01%
FCF Growth %	-4.06%	0.47%	-1.48%	0.92%	1.82%	1.89%	-2.47%	-3.53%	1.18%	-1.66%
FCF per Share	-0.70	-0.35	-0.60	-0.04	0.03	0.09	-0.12	-0.56	0.10	-0.06
FCF Conversion (FCF/Net Income)	-1.50x	0.20x	0.63x	-5.17x	2.40x	0.59x	-15.40x	0.70x	-7.33x	3.05x
Interest Paid	43.8M	0	0	20.5M	19.9M	19.9M	19.9M	13.7M	19.6M	14.6M
Taxes Paid	8.8M	0	0	1.5M	0	2.5M	2M	0	6.5M	5M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.28%	-22.8%	-10.84%	-0.68%	2.26%	10.41%	-0.21%	-3.87%	-0.91%	1.39%
Return on Invested Capital (ROIC)	-0.45%	-2.13%	-0.66%	3.5%	4.1%	2.64%	2.25%	-0.21%	1.93%	1.7%
Gross Margin	24.62%	22.97%	26.24%	27.46%	26.48%	27.18%	27.74%	25.16%	25.9%	25.27%
Net Margin	3.01%	-9.05%	-5.68%	-0.57%	1.74%	10.65%	-0.25%	-4.11%	-0.86%	1.43%
Debt / Equity	1.75x	1.56x	0.58x	0.57x	0.58x	0.37x	0.35x	0.32x	0.32x	0.21x
Interest Coverage	-0.13x	-0.54x	-0.20x	1.41x	1.62x	1.24x	1.18x	-0.16x	1.43x	1.91x
FCF Conversion	-1.50x	0.20x	0.63x	-5.17x	2.40x	0.59x	-15.40x	0.70x	-7.33x	3.05x
Revenue Growth	-24.3%	1.77%	12.44%	-17.81%	16.1%	4.21%	8.53%	10.7%	15.45%	9.57%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Product	-	-	-	-	444.9M	499M	592.1M	573.1M	634.5M	712.9M
Product Growth	-	-	-	-	-	12.16%	18.66%	-3.21%	10.71%	12.36%
Service	-	-	-	-	272.6M	248.7M	219.4M	325.2M	402.6M	423.4M
Service Growth	-	-	-	-	-	-8.77%	-11.78%	48.22%	23.80%	5.17%
Kratos Government Solutions	209.5M	221M	196.5M	333.5M	-	-	-	-	-	-
Kratos Government Solutions Growth	-	5.49%	-11.09%	69.72%	-	-	-	-	-	-
Kratos Unmanned Systems	66.3M	75.8M	-	113.5M	-	-	-	-	-	-
Kratos Unmanned Systems Growth	-	14.33%	-	-	-	-	-	-	-	-
Public Safety and Security	144.7M	127.1M	-	-	-	-	-	-	-	-
Public Safety and Security Growth	-	-12.16%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	-	-	-	-	899.1M
UNITED STATES Growth	-	-	-	-	-	-	-	-	-	-
Middle East	-	-	-	-	-	-	-	-	-	73.1M
Middle East Growth	-	-	-	-	-	-	-	-	-	-
Asia Pacific	-	-	-	-	-	-	-	-	-	61.7M
Asia Pacific Growth	-	-	-	-	-	-	-	-	-	-
Europe	-	-	-	-	-	-	-	-	-	49.7M
Europe Growth	-	-	-	-	-	-	-	-	-	-
Other Countries	-	-	-	-	-	-	-	-	-	34.1M
Other Countries Growth	-	-	-	-	-	-	-	-	-	-
Other North America	-	-	-	-	-	-	-	-	-	18.6M
Other North America Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Kratos Defense & Security Solutions, Inc. (KTOS) reported $1.28B in revenue for fiscal year 2024. This represents a 78% increase from $723.1M in 2011.

Kratos Defense & Security Solutions, Inc. (KTOS) grew revenue by 9.6% over the past year. This is steady growth.

Yes, Kratos Defense & Security Solutions, Inc. (KTOS) is profitable, generating $20.0M in net income for fiscal year 2024 (1.4% net margin).

Dividend & Returns

Kratos Defense & Security Solutions, Inc. (KTOS) has a return on equity (ROE) of 1.4%. This is below average, suggesting room for improvement.

Kratos Defense & Security Solutions, Inc. (KTOS) had negative free cash flow of $93.3M in fiscal year 2024, likely due to heavy capital investments.