NASDAQ : KTOS
Kratos Defense & Security Solutions, Inc. — Financial statements
Industrials · Aerospace & Defense · United States
Last price 43.59 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 8.18B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Kratos Defense & Security Solutions, Inc. (KTOS) reported revenue of 1.52B 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 | 1.52B | 1.35B | 1.14B | 1.04B | 898.30M | 811.50M |
| Cost of Revenue | 1.17B | 1.04B | 849.10M | 768.50M | 672.30M | 586.40M |
| Gross Profit | 350.20M | 307.90M | 287.20M | 268.60M | 226.00M | 225.10M |
| Selling, General & Admin | 282.90M | 240.20M | 217.20M | 198.70M | 182.80M | 160.20M |
| Research & Development | 44.10M | 40.00M | 40.30M | 38.40M | 38.60M | 35.20M |
| Operating Expenses | 327.00M | 280.20M | 257.50M | 237.10M | 221.40M | 195.40M |
| Operating Income | 23.20M | 27.70M | 29.70M | 31.50M | 4.60M | 29.70M |
| Interest Expense | -7.50M | -9.60M | -15.20M | -21.70M | -18.30M | -23.70M |
| Interest & Investment Income | 30.20M | 15.50M | 12.20M | 1.20M | 600.00K | 300.00K |
| Currency Exchange Gain (Loss) | -400.00K | -1.10M | -400.00K | -1.70M | -100.00K | -800.00K |
| Other Non Operating Income (Expenses) | 100.00K | 3.60M | 900.00K | 2.20M | 700.00K | 700.00K |
| EBT Excluding Unusual Items | 45.60M | 36.10M | 27.20M | 11.50M | -12.50M | 6.20M |
| Merger & Restructuring Charges | -4.80M | -2.10M | -700.00K | -400.00K | -7.50M | -1.80M |
| Other Unusual Items | -13.00M | |||||
| Pretax Income | 40.80M | 34.00M | 26.50M | 11.10M | -33.00M | 4.40M |
| Income Tax Expense | 9.90M | 12.00M | 10.20M | 8.70M | 200.00K | 3.90M |
| Earnings From Continuing Operations | 30.90M | 22.00M | 16.30M | 2.40M | -33.20M | 500.00K |
| Earnings From Discontinued Operations | -2.10M | |||||
| Net Income to Company | 30.90M | 22.00M | 16.30M | 2.40M | -33.20M | -1.60M |
| Minority Interest in Earnings | -11.30M | -3.70M | -400.00K | |||
| Net Income | 30.90M | 22.00M | 16.30M | -8.90M | -36.90M | -2.00M |
| Net Income to Common | 30.90M | 22.00M | 16.30M | -8.90M | -36.90M | -2.00M |
| Shares Outstanding (Basic) | 176.60M | 162.70M | 149.00M | 130.40M | 126.70M | 124.60M |
| Shares Outstanding (Diluted) | 179.15M | 165.20M | 150.90M | 130.40M | 126.70M | 128.00M |
| EPS (Basic) | 0.17 | 0.14 | 0.11 | -0.07 | -0.29 | -0.02 |
| EPS (Diluted) | 0.17 | 0.13 | 0.11 | -0.07 | -0.29 | -0.02 |
| Free Cash Flow | -128.90M | -137.40M | -8.50M | 12.80M | -71.10M | -15.70M |
| Free Cash Flow Per Share | -0.72 | -0.83 | -0.06 | 0.10 | -0.56 | -0.12 |
| Gross Margin | 23.00% | 22.86% | 25.27% | 25.90% | 25.16% | 27.74% |
| Operating Margin | 1.52% | 2.06% | 2.61% | 3.04% | 0.51% | 3.66% |
| Profit Margin | 2.03% | 1.63% | 1.43% | -0.86% | -4.11% | -0.25% |
| Free Cash Flow Margin | -8.47% | -10.20% | -0.75% | 1.23% | -7.92% | -1.93% |
| EBITDA | 87.00M | 74.80M | 70.00M | 64.70M | 35.10M | 55.40M |
| EBITDA Margin | 5.71% | 5.55% | 6.16% | 6.24% | 3.91% | 6.83% |
| D&A For EBITDA | 63.80M | 47.10M | 40.30M | 33.20M | 30.50M | 25.70M |
| EBIT | 23.20M | 27.70M | 29.70M | 31.50M | 4.60M | 29.70M |
| EBIT Margin | 1.52% | 2.06% | 2.61% | 3.04% | 0.51% | 3.66% |
| Effective Tax Rate | 24.27% | 35.29% | 38.49% | 78.38% | 88.64% | |
| Revenue as Reported | 1.52B | 1.35B | 1.14B | 1.04B | 898.30M | 811.50M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.44B | 560.60M | 329.30M | 72.80M | 81.30M | 349.40M |
| Cash & Short-Term Investments | 1.44B | 560.60M | 329.30M | 72.80M | 81.30M | 349.40M |
| Accounts Receivable | 576.70M | 457.40M | 323.80M | 329.20M | 328.50M | 284.70M |
| Receivables | 576.70M | 457.40M | 323.80M | 329.20M | 328.50M | 284.70M |
| Inventory | 235.90M | 188.20M | 162.10M | 156.20M | 125.50M | 91.70M |
| Prepaid Expenses | 24.10M | 12.90M | 18.00M | 16.00M | 11.90M | 9.80M |
| Other Current Assets | 82.20M | 43.80M | 38.90M | 20.00M | 35.40M | 22.50M |
| Total Current Assets | 2.36B | 1.26B | 872.10M | 594.20M | 582.60M | 758.10M |
| Property, Plant & Equipment | 470.00M | 405.30M | 325.80M | 289.30M | 260.50M | 206.80M |
| Long-Term Investments | 11.90M | 5.00M | ||||
| Goodwill | 871.20M | 595.70M | 568.90M | 569.10M | 558.20M | 493.90M |
| Other Intangible Assets | 220.80M | 53.90M | 53.80M | 62.40M | 55.20M | 43.20M |
| Long-Term Deferred Charges | 400.00K | 400.00K | 700.00K | 1.00M | ||
| Other Long-Term Assets | 159.40M | 144.00M | 129.90M | 116.80M | 94.00M | 87.50M |
| Total Assets | 4.09B | 2.47B | 1.95B | 1.63B | 1.55B | 1.59B |
| Accounts Payable | 104.80M | 69.60M | 82.00M | 63.10M | 57.30M | 50.40M |
| Accrued Expenses | 188.10M | 139.30M | 107.80M | 98.10M | 86.30M | 73.20M |
| Current Portion of Long-Term Debt | 10.00M | 7.50M | 6.30M | |||
| Current Portion of Leases | 18.90M | 16.20M | 13.20M | 13.40M | 12.50M | 11.30M |
| Current Unearned Revenue | 93.60M | 73.40M | 76.30M | 101.80M | 62.10M | 58.10M |
| Other Current Liabilities | 19.90M | 12.50M | 7.40M | 8.60M | 9.70M | 28.10M |
| Total Current Liabilities | 425.30M | 311.00M | 296.70M | 292.50M | 234.20M | 221.10M |
| Long-Term Debt | 174.60M | 219.30M | 250.20M | 296.70M | ||
| Long-Term Leases | 174.70M | 129.60M | 94.20M | 88.70M | 90.70M | 75.90M |
| Other Long-Term Liabilities | 63.00M | 30.30M | 32.20M | 33.50M | 28.90M | 35.50M |
| Total Liabilities | 663.00M | 470.90M | 597.70M | 634.00M | 604.00M | 629.20M |
| Common Stock | 200.00K | 200.00K | 200.00K | |||
| Additional Paid-In Capital | 4.05B | 2.64B | 2.02B | 1.65B | 1.61B | 1.58B |
| Retained Earnings | -625.60M | -641.90M | -663.90M | -680.20M | -671.30M | -634.40M |
| Comprehensive Income & Other | 600.00K | 2.10M | -500.00K | 1.70M | -800.00K | 600.00K |
| Total Common Equity | 3.43B | 2.00B | 1.35B | 976.00M | 936.30M | 945.10M |
| Minority Interest | 22.50M | 11.20M | 15.20M | |||
| Shareholders' Equity | 3.43B | 2.00B | 1.35B | 998.50M | 947.50M | 960.30M |
| Total Liabilities & Equity | 4.09B | 2.47B | 1.95B | 1.63B | 1.55B | 1.59B |
| Total Debt | 193.60M | 145.80M | 292.00M | 328.90M | 359.70M | 383.90M |
| Net Cash (Debt) | 1.24B | 414.80M | 37.30M | -256.10M | -278.40M | -34.50M |
| Net Cash Per Share | 6.94 | 2.51 | 0.25 | -1.96 | -2.20 | -0.27 |
| Filing Date Shares Outstanding | 187.72M | 170.33M | 152.84M | 130.00M | 126.66M | 124.64M |
| Total Common Shares Outstanding | 187.56M | 168.88M | 151.09M | 129.29M | 125.99M | 123.99M |
| Working Capital | 1.93B | 951.90M | 575.40M | 301.70M | 348.40M | 537.00M |
| Book Value Per Share | 18.27 | 11.82 | 8.96 | 7.55 | 7.43 | 7.62 |
| Tangible Book Value | 2.33B | 1.35B | 730.50M | 344.50M | 322.90M | 408.00M |
| Tangible Book Value Per Share | 12.45 | 7.97 | 4.83 | 2.66 | 2.56 | 3.29 |
| Land | 40.50M | 41.30M | 40.80M | 38.40M | 19.80M | |
| Machinery | 281.30M | 249.80M | 212.40M | 183.20M | 156.70M | |
| Construction In Progress | 103.90M | 81.80M | 69.70M | 51.00M | 45.30M | |
| Leasehold Improvements | 43.00M | 30.80M | 24.00M | 22.90M | 16.90M | |
| Order Backlog | 1.57B | 1.45B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 30.90M | 22.00M | 16.30M | -8.90M | -36.90M | -2.00M |
| Depreciation & Amortization | 76.90M | 59.30M | 51.90M | 44.70M | 40.90M | 34.70M |
| Other Amortization | 400.00K | 500.00K | 700.00K | 700.00K | 800.00K | 1.00M |
| Stock-Based Compensation | 49.50M | 35.50M | 29.80M | 25.30M | 26.30M | 25.80M |
| Provision & Write-off of Bad Debts | 100.00K | 1.00M | -200.00K | |||
| Other Operating Activities | 10.70M | 8.60M | 4.40M | 13.80M | 19.10M | 2.10M |
| Change in Accounts Receivable | -140.60M | -126.00M | 5.10M | 1.30M | -27.30M | -13.10M |
| Change in Inventory | -36.80M | -19.30M | -5.00M | -29.60M | -23.80M | -5.30M |
| Change in Accounts Payable | -8.20M | -13.70M | 15.10M | 4.40M | 4.50M | -5.30M |
| Change in Unearned Revenue | -11.10M | -5.50M | -25.70M | 28.40M | 2.70M | 24.10M |
| Change in Income Taxes | -2.10M | 900.00K | -300.00K | -500.00K | 100.00K | 1.40M |
| Change in Other Net Operating Assets | -9.30M | -4.40M | -42.60M | -15.40M | -32.10M | -27.90M |
| Operating Cash Flow | -39.60M | -42.10M | 49.70M | 65.20M | -25.70M | 30.80M |
| Capital Expenditures | -89.30M | -95.30M | -58.20M | -52.40M | -45.40M | -46.50M |
| Sale of Property, Plant & Equipment | 25.50M | 12.00M | 8.30M | 200.00K | 2.20M | |
| Cash Acquisitions | -346.80M | -11.50M | 300.00K | -132.20M | -12.30M | |
| Investment in Securities | -11.90M | -5.00M | ||||
| Other Investing Activities | 2.00M | 4.50M | ||||
| Investing Cash Flow | -420.50M | -88.30M | -69.70M | -43.80M | -177.40M | -52.10M |
| Long-Term Debt Issued | 10.00M | 69.00M | 300.00M | |||
| Long-Term Debt Repaid | -186.80M | -53.90M | -102.50M | -353.70M | -6.10M | |
| Net Debt Issued (Repaid) | -182.90M | -186.80M | -43.90M | -33.50M | -53.70M | -6.10M |
| Issuance of Common Stock | 1.36B | 565.80M | 338.90M | 6.50M | 6.20M | 5.90M |
| Repurchase of Common Stock | -60.80M | -20.00M | -17.40M | -3.70M | -12.50M | -9.10M |
| Other Financing Activities | 300.00K | 1.70M | -3.30M | |||
| Financing Cash Flow | 1.12B | 360.70M | 277.60M | -30.70M | -63.30M | -9.30M |
| Foreign Exchange Rate Adjustments | -1.50M | 1.00M | -1.10M | 800.00K | -1.70M | -1.50M |
| Net Cash Flow | 654.00M | 231.30M | 256.50M | -8.50M | -268.10M | -32.10M |
| Free Cash Flow | -128.90M | -137.40M | -8.50M | 12.80M | -71.10M | -15.70M |
| Free Cash Flow Margin | -8.47% | -10.20% | -0.75% | 1.23% | -7.92% | -1.93% |
| Free Cash Flow Per Share | -0.72 | -0.83 | -0.06 | 0.10 | -0.56 | -0.12 |
| Levered Free Cash Flow | -118.29M | -126.89M | 13.76M | 60.52M | -72.96M | 16.05M |
| Unlevered Free Cash Flow | -114.00M | -121.39M | 22.56M | 73.39M | -62.33M | 29.86M |
| Cash Interest Paid | 8.30M | 6.30M | 14.60M | 19.60M | 13.70M | 19.90M |
| Cash Income Tax Paid | 6.50M | 6.50M | 5.00M | 6.50M | 4.40M | 2.00M |
| Change in Working Capital | -208.10M | -168.00M | -53.40M | -11.40M | -75.90M | -26.10M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.71B | 13.12B | 4.01B | 2.62B | 1.19B | 2.46B |
| Enterprise Value | 6.47B | 12.69B | 4.00B | 2.94B | 1.47B | 2.49B |
| Last Close Price | 41.09 | 77.70 | 26.52 | 20.29 | 9.44 | 19.84 |
| PE Ratio | 243.25 | 596.32 | 245.80 | |||
| Forward PE | 43.40 | 109.99 | 50.93 | 52.98 | 26.41 | 49.99 |
| PS Ratio | 5.07 | 9.74 | 3.53 | 2.52 | 1.32 | 3.03 |
| PB Ratio | 2.25 | 6.57 | 2.96 | 2.62 | 1.25 | 2.56 |
| P/TBV Ratio | 3.30 | 9.74 | 5.49 | 7.59 | 3.68 | 6.03 |
| P/FCF Ratio | 204.39 | |||||
| P/OCF Ratio | 80.61 | 40.12 | 79.87 | |||
| PEG Ratio | 20.86 | 20.86 | 20.86 | 20.86 | 20.86 | |
| EV/Sales Ratio | 4.25 | 9.42 | 3.52 | 2.83 | 1.63 | 3.07 |
| EV/EBITDA Ratio | 74.36 | 169.62 | 57.20 | 45.43 | 41.80 | 44.94 |
| EV/EBIT Ratio | 278.86 | 458.03 | 134.81 | 93.31 | 318.96 | 83.82 |
| EV/FCF Ratio | 229.62 | |||||
| Debt / Equity Ratio | 0.06 | 0.07 | 0.22 | 0.33 | 0.38 | 0.40 |
| Debt / EBITDA Ratio | 1.87 | 1.61 | 3.43 | 4.11 | 7.36 | 5.70 |
| Debt / FCF Ratio | 25.70 | |||||
| Net Debt / Equity Ratio | -0.36 | -0.21 | -0.03 | 0.26 | 0.29 | 0.04 |
| Net Debt / EBITDA Ratio | -14.30 | -5.54 | -0.53 | 3.96 | 7.93 | 0.62 |
| Net Debt / FCF Ratio | 9.65 | 3.02 | 4.39 | 20.01 | -3.92 | -2.20 |
| Asset Turnover | 0.46 | 0.61 | 0.63 | 0.65 | 0.57 | 0.52 |
| Inventory Turnover | 5.67 | 5.93 | 5.33 | 5.46 | 6.19 | 6.78 |
| Quick Ratio | 4.74 | 3.27 | 2.20 | 1.37 | 1.75 | 2.87 |
| Current Ratio | 5.54 | 4.06 | 2.94 | 2.03 | 2.49 | 3.43 |
| Return on Equity (ROE) | 1.15% | 1.31% | 1.39% | 0.25% | -3.48% | 0.05% |
| Return on Assets (ROA) | 0.43% | 0.78% | 1.04% | 1.24% | 0.18% | 1.18% |
| Return on Invested Capital (ROIC) | 0.81% | 1.24% | 1.42% | 0.55% | 0.41% | 0.35% |
| Return on Capital Employed (ROCE) | 0.60% | 1.30% | 1.80% | 2.40% | 0.30% | 2.20% |
| Earnings Yield | 0.41% | 0.17% | 0.41% | -0.34% | -3.10% | -0.08% |
| FCF Yield | -1.67% | -1.05% | -0.21% | 0.49% | -5.98% | -0.64% |
| Buyback Yield / Dilution | -15.14% | -9.48% | -15.72% | -2.92% | 1.02% | -7.83% |