KTOS · Kratos Defense & Security Solutions, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $1.35B | $1.14B | $1.04B | $898.30M | $811.50M | $747.70M |
| Cost of Revenue | $1.04B | $849.10M | $768.50M | $672.30M | $586.40M | $544.50M |
| Gross Profit | $307.90M | $287.20M | $268.60M | $226.00M | $225.10M | $203.20M |
| R&D | $40.00M | $40.30M | $38.40M | $38.60M | $35.20M | $27.00M |
| SG&A | $240.20M | $214.00M | $197.80M | $182.50M | $160.20M | $144.50M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $47.10M | $40.30M | $33.20M | $30.50M | $25.70M | $24.60M |
| Operating Income | $25.60M | $29.00M | $31.10M | ($2.60M) | $27.90M | $29.30M |
| Interest Expense | $9.60M | $15.20M | $21.70M | $18.30M | $23.70M | $23.60M |
| Income Tax | $12.00M | $10.20M | $8.90M | $1.40M | $3.90M | ($73.50M) |
| Net Income | $22.00M | $16.30M | ($8.90M) | ($36.90M) | ($2.00M) | $79.60M |
| EPS - Basic | $0.14 | $0.11 | ($0.07) | ($0.29) | ($0.02) | $0.69 |
| EPS - Diluted | $0.13 | $0.11 | ($0.07) | ($0.29) | ($0.02) | $0.67 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $560.60M | $329.30M | $72.80M | $81.30M | $349.40M | $380.80M |
| Accounts Receivable | $165.00M | $117.50M | $128.80M | $105.70M | $93.90M | $95.30M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $69.60M | $82.00M | $63.10M | $57.30M | $50.40M | $55.40M |
| Current Assets | $1.26B | $872.10M | $594.20M | $582.60M | $758.10M | $764.80M |
| Total Assets | $2.47B | $1.95B | $1.63B | $1.55B | $1.59B | $1.56B |
| Current Liabilities | $311.00M | $296.70M | $292.50M | $234.20M | $221.10M | $197.60M |
| Long-term Debt | $0 | $174.60M | $219.30M | $250.20M | $296.70M | $301.00M |
| Total Liabilities | $470.90M | $597.70M | $634.00M | $604.00M | $629.20M | $622.70M |
| Stockholders' Equity | $2.00B | $1.35B | $976.00M | $936.30M | $945.10M | $925.30M |
| Retained Earnings | ($641.90M) | ($663.90M) | ($680.20M) | ($671.30M) | ($634.40M) | ($632.40M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($42.10M) | $65.20M | $65.20M | ($25.60M) | $35.30M | $44.70M |
| Investing Cash Flow | ($88.30M) | ($69.70M) | ($43.80M) | ($177.40M) | ($52.10M) | $40.50M |
| Financing Cash Flow | $360.70M | $277.60M | ($30.70M) | ($63.30M) | ($9.30M) | $247.70M |
| CapEx | $95.30M | $58.20M | $52.40M | $46.50M | - | - |
| Free Cash Flow | ($137.40M) | $7.00M | $12.80M | ($72.10M) | - | - |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 22.9% | 25.3% | 25.9% | 25.2% | 27.7% | 27.2% |
| Operating margin | 1.9% | 2.6% | 3.0% | -0.3% | 3.4% | 3.9% |
| EBITDA margin | 5.4% | 6.1% | 6.2% | 3.1% | 6.6% | 7.2% |
| Net margin | 1.6% | 1.4% | -0.9% | -4.1% | -0.2% | 10.6% |
| Free cash flow margin | -10.2% | 0.6% | 1.2% | -8.0% | - | - |
| FCF / Net income | -6.25 | 0.43 | -1.44 | 1.95 | - | - |
| R&D / Revenue | 3.0% | 3.5% | 3.7% | 4.3% | 4.3% | 3.6% |
| SG&A / Revenue | 17.8% | 18.8% | 19.1% | 20.3% | 19.7% | 19.3% |
| Effective tax rate | 35.3% | 38.5% | - | - | 205.3% | -1204.9% |
| Return on assets | 0.9% | 0.8% | -0.5% | -2.4% | -0.1% | 5.1% |
| Return on equity | 1.1% | 1.2% | -0.9% | -3.9% | -0.2% | 8.6% |
| Return on invested capital | 0.8% | 1.2% | 2.1% | -0.2% | 1.1% | 2.4% |
| Liquidity | ||||||
| Current ratio | 4.06 | 2.94 | 2.03 | 2.49 | 3.43 | 3.87 |
| Quick ratio | 4.06 | 2.94 | 2.03 | 2.49 | 3.43 | 3.87 |
| Cash ratio | 1.80 | 1.11 | 0.25 | 0.35 | 1.58 | 1.93 |
| Leverage | ||||||
| Debt / Equity | 0.00 | 0.13 | 0.22 | 0.27 | 0.31 | 0.33 |
| Debt / Assets | 0.00 | 0.09 | 0.13 | 0.16 | 0.19 | 0.19 |
| Debt / EBITDA | 0.00 | 2.52 | 3.41 | 8.97 | 5.54 | 5.58 |
| Interest coverage | 2.7x | 1.9x | 1.4x | -0.1x | 1.2x | 1.2x |
| Equity multiplier | 1.24 | 1.44 | 1.67 | 1.66 | 1.68 | 1.69 |
| Liabilities / Assets | 0.19 | 0.31 | 0.39 | 0.39 | 0.40 | 0.40 |
| Efficiency | ||||||
| Asset turnover | 0.55 | 0.58 | 0.64 | 0.58 | 0.51 | 0.48 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 45d | 38d | 45d | 43d | 42d | 47d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 24d | 35d | 30d | 31d | 31d | 37d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 583.9x | 239.8x | - | - | - | 39.4x |
| P / B | 6.3x | 2.9x | 2.7x | 1.4x | 2.6x | 3.4x |
| P / S | 9.3x | 3.5x | 2.6x | 1.5x | 3.1x | 4.2x |
| EV / EBITDA | 164.8x | 55.2x | 43.4x | 52.9x | 45.3x | 56.7x |
| Growth | ||||||
| Revenue growth (YoY) | 18.5% | 9.6% | 15.5% | 10.7% | 8.5% | 4.2% |
| Revenue CAGR (3y) | 14.5% | 11.9% | 11.5% | 7.8% | 10.4% | -0.2% |
| Revenue CAGR (5y) | 12.5% | 9.6% | 11.4% | 3.6% | 3.9% | 2.6% |
| Gross profit growth (YoY) | 7.2% | 6.9% | 18.8% | 0.4% | 10.8% | 6.9% |
| Operating income growth (YoY) | -11.7% | -6.8% | - | - | -4.8% | -22.9% |
| Net income growth (YoY) | 35.0% | - | 75.9% | -1745.0% | - | 536.8% |
| EPS growth (YoY) | 18.2% | - | 75.9% | -1350.0% | - | 509.1% |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | -28.0% | 0.0% | - | - | - | - |
| FCF growth (YoY) | - | -45.3% | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 47.5% | 38.6% | 4.2% | -0.9% | 2.1% | 61.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-28.
Business segments
$1.99B totalKratos Government Solutions$1.05B · 53.0%
Government Solutions Segment$703.10M · 35.3%
Unmanned Systems Segment$231.20M · 11.6%
Product / service
$1.35B totalProduct$877.80M · 65.2%
Service$469.00M · 34.8%
Geographic
$1.61B totalUS$1.06B · 66.0%
Non Us$267.70M · 16.6%
Europe$78.10M · 4.8%
Asia Pacific$71.20M · 4.4%
Middle East$66.20M · 4.1%
Other Countries$46.90M · 2.9%
Other North America$19.40M · 1.2%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
2.41
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✓Net income positive
- ✗Operating cash flow positive
- ✓ROA improved YoY
- ✗Cash flow > net income
- ✓Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Guided Missiles & Space Vehicles & Parts
Comparing KRATOS DEFENSE & SECURITY SOLUTIONS against the 5 most active filers in the same SIC group.