NASDAQ : DRS
Leonardo DRS, Inc. — Financial statements
Industrials · Aerospace & Defense · United States
Last price 37.68 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 10.05B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Leonardo DRS, Inc. (DRS) reported revenue of 3.88B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.88B | 3.65B | 3.23B | 2.83B | 2.69B | 2.88B |
| Cost of Revenue | 2.90B | 2.78B | 2.50B | 2.18B | 2.12B | 2.33B |
| Gross Profit | 981.00M | 869.00M | 736.00M | 648.00M | 575.00M | 547.00M |
| Selling, General & Admin | 537.00M | 497.00M | 414.00M | 384.00M | 330.00M | 293.00M |
| Amortization of Goodwill & Intangibles | 22.00M | 22.00M | 22.00M | 22.00M | 10.00M | 9.00M |
| Other Operating Expenses | -1.00M | -2.00M | 4.00M | |||
| Operating Expenses | 559.00M | 519.00M | 435.00M | 406.00M | 338.00M | 306.00M |
| Operating Income | 422.00M | 350.00M | 301.00M | 242.00M | 237.00M | 241.00M |
| Interest Expense | -1.00M | -8.00M | -21.00M | -36.00M | -34.00M | -35.00M |
| Interest & Investment Income | 3.00M | |||||
| Other Non Operating Income (Expenses) | -6.00M | -4.00M | -8.00M | -3.00M | -2.00M | -1.00M |
| EBT Excluding Unusual Items | 418.00M | 338.00M | 272.00M | 203.00M | 201.00M | 205.00M |
| Merger & Restructuring Charges | -1.00M | -2.00M | -8.00M | -11.00M | -30.00M | -5.00M |
| Gain (Loss) on Sale of Assets | 354.00M | |||||
| Pretax Income | 417.00M | 336.00M | 264.00M | 192.00M | 525.00M | 200.00M |
| Income Tax Expense | 52.00M | 58.00M | 51.00M | 24.00M | 120.00M | 46.00M |
| Earnings From Continuing Operations | 365.00M | 278.00M | 213.00M | 168.00M | 405.00M | 154.00M |
| Net Income | 365.00M | 278.00M | 213.00M | 168.00M | 405.00M | 154.00M |
| Net Income to Common | 365.00M | 278.00M | 213.00M | 168.00M | 405.00M | 154.00M |
| Shares Outstanding (Basic) | 266.35M | 265.90M | 263.70M | 261.50M | 214.90M | 210.00M |
| Shares Outstanding (Diluted) | 268.62M | 268.70M | 267.70M | 264.20M | 215.10M | 210.00M |
| EPS (Basic) | 1.37 | 1.05 | 0.81 | 0.64 | 1.88 | 0.73 |
| EPS (Diluted) | 1.36 | 1.03 | 0.80 | 0.64 | 1.88 | 0.73 |
| Free Cash Flow | 344.00M | 227.00M | 186.00M | 145.00M | -32.00M | 118.00M |
| Free Cash Flow Per Share | 1.28 | 0.84 | 0.69 | 0.55 | -0.15 | 0.56 |
| Dividend Per Share | 0.36 | 0.36 | ||||
| Gross Margin | 25.25% | 23.82% | 22.76% | 22.93% | 21.35% | 19.00% |
| Operating Margin | 10.86% | 9.59% | 9.31% | 8.56% | 8.80% | 8.37% |
| Profit Margin | 9.40% | 7.62% | 6.59% | 5.95% | 15.04% | 5.35% |
| Free Cash Flow Margin | 8.86% | 6.22% | 5.75% | 5.13% | -1.19% | 4.10% |
| EBITDA | 523.00M | 443.00M | 392.00M | 327.00M | 302.00M | 299.00M |
| EBITDA Margin | 13.46% | 12.14% | 12.12% | 11.57% | 11.21% | 10.39% |
| D&A For EBITDA | 101.00M | 93.00M | 91.00M | 85.00M | 65.00M | 58.00M |
| EBIT | 422.00M | 350.00M | 301.00M | 242.00M | 237.00M | 241.00M |
| EBIT Margin | 10.86% | 9.59% | 9.31% | 8.56% | 8.80% | 8.37% |
| Effective Tax Rate | 12.47% | 17.26% | 19.32% | 12.50% | 22.86% | 23.00% |
| Revenue as Reported | 2.88B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 294.00M | 647.00M | 598.00M | 467.00M | 306.00M | 240.00M |
| Cash & Short-Term Investments | 294.00M | 647.00M | 598.00M | 467.00M | 306.00M | 240.00M |
| Accounts Receivable | 1.44B | 1.26B | 1.12B | 1.06B | 1.04B | 899.00M |
| Receivables | 1.44B | 1.26B | 1.12B | 1.06B | 1.04B | 899.00M |
| Inventory | 374.00M | 352.00M | 358.00M | 329.00M | 319.00M | 205.00M |
| Prepaid Expenses | 45.00M | 26.00M | 27.00M | 21.00M | 20.00M | 23.00M |
| Other Current Assets | 25.00M | 36.00M | 55.00M | 42.00M | 24.00M | 22.00M |
| Total Current Assets | 2.18B | 2.33B | 2.16B | 1.92B | 1.71B | 1.39B |
| Property, Plant & Equipment | 572.00M | 619.00M | 519.00M | 484.00M | 487.00M | 448.00M |
| Long-Term Investments | 21.00M | 21.00M | 27.00M | |||
| Goodwill | 1.24B | 1.24B | 1.24B | 1.24B | 1.24B | 1.07B |
| Other Intangible Assets | 94.00M | 112.00M | 132.00M | 151.00M | 172.00M | 52.00M |
| Long-Term Deferred Tax Assets | 87.00M | 88.00M | 120.00M | 123.00M | 66.00M | 56.00M |
| Other Long-Term Assets | 183.00M | 82.00M | 12.00M | 7.00M | 9.00M | 26.00M |
| Total Assets | 4.37B | 4.49B | 4.18B | 3.92B | 3.68B | 3.07B |
| Accounts Payable | 257.00M | 351.00M | 426.00M | 398.00M | 457.00M | 479.00M |
| Accrued Expenses | 162.00M | 145.00M | 138.00M | 136.00M | 139.00M | 144.00M |
| Short-Term Debt | 5.00M | 4.00M | 35.00M | 10.00M | 15.00M | |
| Current Portion of Long-Term Debt | 11.00M | 11.00M | 12.00M | 11.00M | 20.00M | |
| Current Portion of Leases | 34.00M | 38.00M | 37.00M | 33.00M | 33.00M | 30.00M |
| Current Income Taxes Payable | 17.00M | 10.00M | 24.00M | 46.00M | 31.00M | |
| Current Unearned Revenue | 594.00M | 585.00M | 399.00M | 335.00M | 233.00M | 174.00M |
| Other Current Liabilities | 93.00M | 86.00M | 77.00M | 83.00M | 128.00M | 127.00M |
| Total Current Liabilities | 1.16B | 1.23B | 1.12B | 1.08B | 1.04B | 989.00M |
| Long-Term Debt | 225.00M | 237.00M | 248.00M | 260.00M | 245.00M | |
| Long-Term Leases | 252.00M | 191.00M | 169.00M | 169.00M | 173.00M | 180.00M |
| Pension & Post-Retirement Benefits | 28.00M | 35.00M | 34.00M | 36.00M | 45.00M | 61.00M |
| Long-Term Deferred Tax Liabilities | 3.00M | 3.00M | 7.00M | 4.00M | ||
| Other Long-Term Liabilities | 44.00M | 71.00M | 64.00M | 61.00M | 30.00M | 1.00M |
| Total Liabilities | 1.48B | 1.76B | 1.63B | 1.60B | 1.55B | 1.48B |
| Common Stock | 3.00M | 3.00M | 3.00M | 3.00M | 3.00M | 2.00M |
| Additional Paid-In Capital | 4.98B | 5.08B | 5.19B | 5.17B | 5.15B | 4.63B |
| Retained Earnings | -2.05B | -2.31B | -2.59B | -2.81B | -2.97B | -2.98B |
| Comprehensive Income & Other | -44.00M | -41.00M | -47.00M | -47.00M | -49.00M | -58.00M |
| Shareholders' Equity | 2.89B | 2.73B | 2.56B | 2.33B | 2.13B | 1.59B |
| Total Liabilities & Equity | 4.37B | 4.49B | 4.18B | 3.92B | 3.68B | 3.07B |
| Total Debt | 286.00M | 470.00M | 458.00M | 497.00M | 487.00M | 490.00M |
| Net Cash (Debt) | 8.00M | 177.00M | 140.00M | -30.00M | -181.00M | -250.00M |
| Net Cash Per Share | 0.03 | 0.66 | 0.52 | -0.11 | -0.84 | -1.19 |
| Filing Date Shares Outstanding | 266.62M | 265.85M | 265.16M | 262.63M | 260.55M | 210.45M |
| Total Common Shares Outstanding | 266.71M | 265.82M | 265.06M | 262.53M | 260.23M | 210.45M |
| Working Capital | 1.02B | 1.09B | 1.05B | 840.00M | 665.00M | 400.00M |
| Book Value Per Share | 10.84 | 10.27 | 9.65 | 8.86 | 8.17 | 7.57 |
| Tangible Book Value | 1.56B | 1.38B | 1.19B | 936.00M | 719.00M | 470.00M |
| Tangible Book Value Per Share | 5.84 | 5.19 | 4.48 | 3.57 | 2.76 | 2.23 |
| Land | 457.00M | 389.00M | 380.00M | 342.00M | 321.00M | 312.00M |
| Machinery | 739.00M | 699.00M | 585.00M | 531.00M | 525.00M | 489.00M |
| Order Backlog | 8.45B | 8.27B | 7.75B | 4.27B | 2.86B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 365.00M | 278.00M | 213.00M | 168.00M | 405.00M | 154.00M |
| Depreciation & Amortization | 101.00M | 93.00M | 91.00M | 85.00M | 65.00M | 58.00M |
| Loss (Gain) From Sale of Assets | -354.00M | |||||
| Stock-Based Compensation | 30.00M | 32.00M | 22.00M | 17.00M | 5.00M | |
| Other Operating Activities | 24.00M | 28.00M | 24.00M | -51.00M | -6.00M | 31.00M |
| Change in Accounts Receivable | -61.00M | -140.00M | -66.00M | -21.00M | -135.00M | -125.00M |
| Change in Inventory | 30.00M | 6.00M | -29.00M | -10.00M | -33.00M | 42.00M |
| Change in Accounts Payable | -84.00M | -79.00M | 15.00M | -59.00M | -14.00M | 1.00M |
| Change in Unearned Revenue | 154.00M | 186.00M | 64.00M | 102.00M | 72.00M | -3.00M |
| Change in Other Net Operating Assets | -69.00M | -38.00M | -63.00M | -26.00M | 28.00M | 20.00M |
| Operating Cash Flow | 490.00M | 366.00M | 271.00M | 205.00M | 33.00M | 178.00M |
| Capital Expenditures | -146.00M | -139.00M | -85.00M | -60.00M | -65.00M | -60.00M |
| Sale of Property, Plant & Equipment | 1.00M | 1.00M | 1.00M | |||
| Cash Acquisitions | 19.00M | -14.00M | ||||
| Divestitures | 482.00M | |||||
| Investment in Securities | -15.00M | -2.00M | ||||
| Other Investing Activities | 1.00M | 115.00M | ||||
| Investing Cash Flow | -144.00M | -154.00M | -84.00M | -59.00M | 436.00M | 39.00M |
| Short-Term Debt Issued | 1.00M | 20.00M | 775.00M | 930.00M | ||
| Long-Term Debt Issued | 280.00M | 715.00M | 223.00M | |||
| Total Debt Issued | 1.00M | 1.00M | 280.00M | 735.00M | 998.00M | 930.00M |
| Short-Term Debt Repaid | -32.00M | -1.00B | -968.00M | |||
| Long-Term Debt Repaid | -11.00M | -291.00M | -727.00M | |||
| Total Debt Repaid | -197.00M | -11.00M | -323.00M | -727.00M | -1.00B | -968.00M |
| Net Debt Issued (Repaid) | -196.00M | -10.00M | -43.00M | 8.00M | -2.00M | -38.00M |
| Issuance of Common Stock | 8.00M | 9.00M | 16.00M | 12.00M | ||
| Repurchase of Common Stock | -64.00M | -56.00M | -19.00M | -1.00M | ||
| Common Dividends Paid | -96.00M | -96.00M | ||||
| Other Financing Activities | -13.00M | -10.00M | -10.00M | -4.00M | -5.00M | |
| Financing Cash Flow | -361.00M | -163.00M | -56.00M | 15.00M | -403.00M | -38.00M |
| Net Cash Flow | -15.00M | 49.00M | 131.00M | 161.00M | 66.00M | 179.00M |
| Free Cash Flow | 344.00M | 227.00M | 186.00M | 145.00M | -32.00M | 118.00M |
| Free Cash Flow Margin | 8.86% | 6.22% | 5.75% | 5.13% | -1.19% | 4.10% |
| Free Cash Flow Per Share | 1.28 | 0.84 | 0.69 | 0.55 | -0.15 | 0.56 |
| Levered Free Cash Flow | 313.12M | 198.75M | 155.00M | 130.75M | -56.12M | 203.75M |
| Unlevered Free Cash Flow | 313.75M | 203.75M | 168.12M | 153.25M | -34.88M | 225.62M |
| Cash Interest Paid | 21.00M | 21.00M | 27.00M | 38.00M | 34.00M | 35.00M |
| Change in Working Capital | -30.00M | -65.00M | -79.00M | -14.00M | -82.00M | -65.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 9.84B | 9.07B | 8.54B | 5.26B | 3.33B | |
| Enterprise Value | 9.84B | 9.23B | 8.80B | 5.79B | 3.77B | |
| Last Close Price | 37.68 | 33.89 | 31.80 | 19.72 | 12.58 | |
| PE Ratio | 27.15 | 32.62 | 40.11 | 31.30 | 8.21 | |
| Forward PE | 24.86 | 28.88 | 31.17 | 25.99 | 17.75 | |
| PS Ratio | 2.50 | 2.49 | 2.64 | 1.86 | 1.24 | |
| PB Ratio | 3.48 | 3.32 | 3.34 | 2.26 | 1.56 | |
| P/TBV Ratio | 6.23 | 6.57 | 7.20 | 5.62 | 4.62 | |
| P/FCF Ratio | 28.24 | 39.95 | 45.93 | 36.26 | ||
| P/OCF Ratio | 19.82 | 24.78 | 31.52 | 25.65 | 100.76 | |
| PEG Ratio | 2.07 | 2.00 | 1.82 | 2.41 | ||
| EV/Sales Ratio | 2.50 | 2.53 | 2.72 | 2.05 | 1.40 | |
| EV/EBITDA Ratio | 18.56 | 20.84 | 22.46 | 17.70 | 12.47 | |
| EV/EBIT Ratio | 23.00 | 26.37 | 29.25 | 23.92 | 15.89 | |
| EV/FCF Ratio | 28.21 | 40.66 | 47.34 | 39.92 | ||
| Debt / Equity Ratio | 0.10 | 0.17 | 0.18 | 0.21 | 0.23 | 0.31 |
| Debt / EBITDA Ratio | 0.51 | 1.00 | 1.10 | 1.41 | 1.49 | 1.51 |
| Debt / FCF Ratio | 0.83 | 2.07 | 2.46 | 3.43 | 4.15 | |
| Net Debt / Equity Ratio | -0.00 | -0.07 | -0.06 | 0.01 | 0.09 | 0.16 |
| Net Debt / EBITDA Ratio | -0.01 | -0.40 | -0.36 | 0.09 | 0.60 | 0.84 |
| Net Debt / FCF Ratio | -0.02 | -0.78 | -0.75 | 0.21 | -5.66 | 2.12 |
| Asset Turnover | 0.90 | 0.84 | 0.80 | 0.74 | 0.80 | 0.96 |
| Inventory Turnover | 7.46 | 7.83 | 7.27 | 6.72 | 8.08 | 10.32 |
| Quick Ratio | 1.50 | 1.55 | 1.54 | 1.42 | 1.29 | 1.15 |
| Current Ratio | 1.88 | 1.89 | 1.94 | 1.78 | 1.64 | 1.40 |
| Return on Equity (ROE) | 13.18% | 10.52% | 8.73% | 7.55% | 21.77% | 10.20% |
| Return on Assets (ROA) | 6.12% | 5.05% | 4.64% | 3.98% | 4.39% | 5.00% |
| Return on Invested Capital (ROIC) | 13.00% | 11.65% | 10.18% | 9.08% | 8.81% | 9.93% |
| Return on Capital Employed (ROCE) | 13.10% | 10.80% | 9.80% | 8.50% | 9.00% | 11.60% |
| Earnings Yield | 3.68% | 3.06% | 2.49% | 3.19% | 12.18% | |
| FCF Yield | 3.54% | 2.50% | 2.18% | 2.76% | -0.96% | |
| Dividend Yield | 0.98% | 1.05% | ||||
| Payout Ratio | 26.47% | 34.53% | ||||
| Buyback Yield / Dilution | 0.02% | -0.37% | -1.32% | -22.83% | -2.43% | |
| Total Shareholder Return | 1.01% | 0.68% | -1.32% | -22.83% | -2.43% |