Defense technology company developing uncrewed aircraft, propulsion, satellite communications and other systems for national security applications.
Profile & Fundamentals
Kratos Defense & Security Solutions: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Kratos Defense & Security Solutions Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
Kratos Defense & Security Solutions, Inc., a technology company, provides technology, hardware, products, system, and software for the defense, national security, and commercial markets in the United States, other North America, the Asia Pacific, the Middle East, Europe, and Internationally. The company operates through Kratos Government Solutions and Unmanned Systems segments. It offers virtualized ground systems for satellites and space vehicles, including software for command and control, telemetry, and tracking and control; jet powered unmanned aerial drone systems and hypersonic vehicles and rocket systems; propulsion systems for drones, missiles, loitering munitions, supersonic systems, spacecraft and launch systems, command, control, communication, computing, combat, and intelligence surveillance and reconnaissance; and microwave electronic products for missile, radar, missile defense, space, and satellite; and counter unmanned aircraft systems, directed energy, communication and other systems, and virtual and augmented reality training systems for the warfighter. The company primarily serves national security-related agencies, the U.S. Department of Defense, intelligence and classified agencies, international government agencies, and domestic and international commercial customers. Kratos Defense & Security Solutions, Inc. was formerly known as Wireless Facilities, Inc. and changed its name to Kratos Defense & Security Solutions, Inc. in August 1999. Kratos Defense & Security Solutions, Inc. was incorporated in 1994 and is headquartered in San Diego, California.
Company profile record
Kratos Defense & Security Solutions
Common Stock · Industrials · Aerospace & Defense
Company
- Company / asset
- Kratos Defense & Security Solutions
- Security type
- Common Stock
- Sector
- Industrials
- Industry
- Aerospace & Defense
- HQ
- 🇺🇸 United States
- Head office
- 10680 Treena Street, San Diego, CA, United States, 92131
Leadership & scale
- Chief executive
- Mr. Eric M. DeMarco
- CEO year born
- 1964
- Full-time employees
- 4.3K
- Fiscal year end
- December
- IPO date
- 1999-11-05
Fundamentals snapshot
- Market Cap
- USD 8.3B
- P/E
- 268.9x
- Revenue (Q2 26)
- USD 458.8M
- Profit (Q2 26)
- USD 4.4M
- Dividend Yield
- --
- Revenue (FY 25)
- USD 1.3B
- Shares in public float
- 185.3M
- Insider ownership
- 1.29%
Reporting & identifiers
- Symbol
- KTOS.NASDAQ
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US50077B2079
- Asset ID
- equity_98f68dc4-34bc-5a56-be20-3e3221770b59
Ownership
Shares Outstanding
Latest: 190.1M | Max: 190.1M | Min: 103.5M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
97.46%
185.3M latest reported shares
Insider Ownership
1.29%
Latest reported insider stake
Short Float
0.06%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 103,500,000 |
| 2018-01-01 | 106,600,000 |
| 2019-01-01 | 109,900,000 |
| 2020-01-01 | 127,000,000 |
| 2021-01-01 | 124,900,000 |
| 2022-01-01 | 127,300,000 |
| 2023-01-01 | 134,400,000 |
| 2024-01-01 | 154,700,000 |
| 2025-01-01 | 173,200,000 |
| 2026-01-01 | 190,100,000 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 31,663,184 | 16.87% | 2026-03-31 |
| State Street Corp | 8,911,499 | 4.75% | 2026-03-31 |
| Vanguard Portfolio Management, LLC | 8,650,496 | 4.61% | 2026-03-31 |
| Vanguard Capital Management, LLC | 8,274,730 | 4.41% | 2026-03-31 |
| First Trust RBA Amer Indl RenaisTM ETF | 6,611,764 | 3.52% | 2026-08-31 |
| iShares Core S&P Mid-Cap ETF | 6,567,344 | 3.5% | 2026-08-31 |
| First Trust Advisors L.P. | 6,016,073 | 3.2% | 2026-06-30 |
| Vanguard MStar Total Stk Mkt Idx Invest | 5,966,409 | 3.18% | 2026-08-31 |
| Geode Capital Management, LLC | 5,264,282 | 2.8% | 2026-03-31 |
| Amvescap Plc. | 5,137,574 | 2.74% | 2026-03-31 |
| Vanguard Small Cap Index | 4,315,284 | 2.3% | 2026-08-31 |
| Franklin Templeton Inc | 3,977,702 | 2.12% | 2026-03-31 |
| ARK Investment Management LLC | 3,491,194 | 1.86% | 2026-03-31 |
| Van Eck Associates Corporation | 3,093,333 | 1.65% | 2026-03-31 |
| Stt Strt® SPDR® S&P® Arspc & Dfnc ETF | 3,040,748 | 1.62% | 2026-08-31 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Revenue is growing at a rapid pace, expanding 18.5% in fiscal 2025 to $1.35 billion and surging over 30% in recent quarters to reach $1.52 billion on a trailing basis. This top-line momentum is driven by surging demand for solid rocket propulsion, target drones, and satellite communications systems, boosting total company backlog to a record $2.08 billion. However, headline sales strength conceals remarkably weak bottom-line profits. Trailing twelve-month operating income stood at just $23.5 million, producing a razor-thin operating margin of 1.5%. Scaling up manufacturing has consumed massive amounts of cash, resulting in negative free cash flow of $129 million. Until high-volume factory production replaces developmental testing, reported earnings will remain low.
Revenue is growing at a rapid pace, expanding 18.5% in fiscal 2025 to $1.35 billion and surging over 30% in recent quarters to reach $1.52 billion on a trailing basis. This top-line momentum is driven by surging demand for solid rocket propulsion, target drones, and satellite communications systems, boosting total company backlog to a record $2.08 billion. However, headline sales strength conceals remarkably weak bottom-line profits. Trailing twelve-month operating income stood at just $23.5 million, producing a razor-thin operating margin of 1.5%. Scaling up manufacturing has consumed massive amounts of cash, resulting in negative free cash flow of $129 million. Until high-volume factory production replaces developmental testing, reported earnings will remain low.
Revenue, Net Income, and Free Cash Flow
Latest: USD 1.3B | Max: USD 1.3B | Min: USD -137.4M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: >100x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profitability margins have steadily compressed over recent years rather than expanding with sales. Gross margins drifted downward from 27.7% in 2021 to 22.1% in fiscal 2025, while operating margins have struggled to stay above 2.0%. This compression reflects aerospace wage inflation, expensive developmental prototyping, and higher depreciation from newly constructed manufacturing facilities. This trend highlights the realities of defense hardware manufacturing. Government procurement rules audit contractor costs and place strict statutory caps on allowable profit margins, while rival software primes capture higher-margin autonomy contracts. Meaningful profit margin expansion will require transitioning from cost-heavy development contracts into high-volume serial hardware manufacturing and recurring OpenSpace software licensing.
Profitability margins have steadily compressed over recent years rather than expanding with sales. Gross margins drifted downward from 27.7% in 2021 to 22.1% in fiscal 2025, while operating margins have struggled to stay above 2.0%. This compression reflects aerospace wage inflation, expensive developmental prototyping, and higher depreciation from newly constructed manufacturing facilities. This trend highlights the realities of defense hardware manufacturing. Government procurement rules audit contractor costs and place strict statutory caps on allowable profit margins, while rival software primes capture higher-margin autonomy contracts. Meaningful profit margin expansion will require transitioning from cost-heavy development contracts into high-volume serial hardware manufacturing and recurring OpenSpace software licensing.
Profitability Margins
Latest: 22.1% | Max: 27.7% | Min: -9.0%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
22.1%
Gross profit / revenue
Operating Margin
2.1%
Operating income / revenue
Net Margin
1.6%
Net income / revenue
FCF Margin
-10.2%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 668,700,000 | -60,500,000 | -21,600,000 |
| 2017-12-31 | 751,900,000 | -42,700,000 | -53,500,000 |
| 2018-12-31 | 618,000,000 | -3,500,000 | -4,500,000 |
| 2019-12-31 | 717,500,000 | 12,500,000 | 3,699,999 |
| 2020-12-31 | 747,700,000 | 79,600,000 | 10,700,000 |
| 2021-12-31 | 811,500,000 | -2,000,000 | -15,700,000 |
| 2022-12-31 | 898,300,000 | -36,900,000 | -71,100,000 |
| 2023-12-31 | 1,037,100,000 | -8,900,000 | 12,800,000 |
| 2024-12-31 | 1,136,300,000 | 16,300,000 | -8,500,000 |
| 2025-12-31 | 1,346,800,000 | 22,000,000 | -137,400,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 597.62 | Trailing four quarters |
| 2024-12-31 | 250.37 | Trailing four quarters |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 22.97 | -2.78 | -9.05 | -3.23 |
| 2017-12-31 | 26.24 | -0.77 | -5.68 | -7.12 |
| 2018-12-31 | 27.46 | 4.94 | -0.57 | -0.73 |
| 2019-12-31 | 26.48 | 5.3 | 1.74 | 0.52 |
| 2020-12-31 | 27.18 | 3.92 | 10.65 | 1.43 |
| 2021-12-31 | 27.74 | 3.44 | -0.25 | -1.93 |
| 2022-12-31 | 25.16 | -0.32 | -4.11 | -7.91 |
| 2023-12-31 | 25.9 | 3 | -0.86 | 1.23 |
| 2024-12-31 | 25.28 | 2.55 | 1.43 | -0.75 |
| 2025-12-31 | 22.15 | 2.06 | 1.63 | -10.2 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-10-01.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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