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Leonardo DRS (DRS) Financials

Leonardo DRS logo
$46.71 +1.10 (+2.41%)
Closing price 04:00 PM Eastern
Extended Trading
$46.68 -0.03 (-0.06%)
As of 07:42 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Leonardo DRS

Annual Income Statements for Leonardo DRS

This table shows Leonardo DRS's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 75 85 154 405 168 213 278
Consolidated Net Income / (Loss)		 75 85 154 405 168 213 278
Net Income / (Loss) Continuing Operations		 75 85 154 405 168 213 278
Total Pre-Tax Income 		95 112 200 525 192 264 336
Total Operating Income		 163 181 236 561 231 293 348
Total Gross Profit		 459 494 547 575 648 736 869
Total Revenue		 2,714 2,778 2,879 2,693 2,826 3,234 3,648
Operating Revenue		 2,714 2,778 2,879 2,693 2,826 3,234 3,648
Total Cost of Revenue		 2,255 2,284 2,332 2,118 2,178 2,498 2,779
Operating Cost of Revenue		 2,255 2,284 2,332 2,118 2,178 2,498 2,779
Total Operating Expenses		 296 313 311 14 417 443 521
Selling, General & Admin Expense		 277 283 293 357 384 414 497
Amortization Expense		 9.00 9.00 9.00 10 22 22 22
Other Operating Expenses / (Income)		 10 21 9.00 -353 11 7.00 2.00
Total Other Income / (Expense), net		 -68 -69 -36 -36 -39 -29 -12
Interest & Investment Income		 - - - - -36 -21 -8.00
Other Income / (Expense), net		 -3.00 -5.00 -1.00 -2.00 -3.00 -8.00 -4.00
Income Tax Expense		 20 27 46 120 24 51 58
Basic Earnings per Share		 $0.52 $0.40 $0.73 $1.88 $0.64 $0.81 $1.05
Weighted Average Basic Shares Outstanding		 - - 145M 260.55M 262.63M 265.16M 265.85M
Diluted Earnings per Share		 $0.52 $0.40 $0.73 $1.88 $0.64 $0.80 $1.03
Weighted Average Diluted Shares Outstanding		 - - 145M 260.55M 262.63M 265.16M 265.85M
Weighted Average Basic & Diluted Shares Outstanding		 - - 145M 260.55M 262.63M 265.16M 265.85M
Cash Dividends to Common per Share		 - - - - - - $0.36

Quarterly Income Statements for Leonardo DRS

This table shows Leonardo DRS's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 47 74 29 38 57 89 50 54 72 102 62
Consolidated Net Income / (Loss)		 47 74 29 38 57 89 50 54 72 102 62
Net Income / (Loss) Continuing Operations		 47 74 29 38 57 89 50 54 72 102 62
Total Pre-Tax Income 		48 95 37 47 69 111 58 67 87 124 77
Total Operating Income		 59 105 43 55 75 120 59 70 93 126 77
Total Gross Profit		 162 210 153 169 179 235 181 197 222 269 212
Total Revenue		 703 926 688 753 812 981 799 829 960 1,060 846
Operating Revenue		 703 926 688 753 812 981 799 829 960 1,060 846
Total Cost of Revenue		 541 716 535 584 633 746 618 632 738 791 634
Operating Cost of Revenue		 541 716 535 584 633 746 618 632 738 791 634
Total Operating Expenses		 103 105 110 114 104 115 122 127 129 143 135
Selling, General & Admin Expense		 96 98 101 107 98 108 117 121 123 136 130
Amortization Expense		 5.00 6.00 5.00 6.00 6.00 5.00 5.00 6.00 5.00 6.00 5.00
Total Other Income / (Expense), net		 -11 -10 -6.00 -8.00 -6.00 -9.00 -1.00 -3.00 -6.00 -2.00 0.00
Interest & Investment Income		 - - - -7.00 -5.00 - -1.00 -2.00 -4.00 - 0.00
Income Tax Expense		 1.00 21 8.00 9.00 12 22 8.00 13 15 22 15
Basic Earnings per Share		 $0.18 $0.27 $0.11 $0.14 $0.22 $0.34 $0.19 $0.20 $0.27 $0.39 $0.23
Weighted Average Basic Shares Outstanding		 262.37M 262.63M 263.14M 263.70M 264.40M 265.16M 266.05M 266.12M 266.03M 265.85M 266.76M
Diluted Earnings per Share		 $0.18 $0.28 $0.11 $0.14 $0.21 $0.34 $0.19 $0.20 $0.26 $0.38 $0.23
Weighted Average Diluted Shares Outstanding		 262.37M 262.63M 263.14M 263.70M 264.40M 265.16M 266.05M 266.12M 266.03M 265.85M 266.76M
Weighted Average Basic & Diluted Shares Outstanding		 262.37M 262.63M 263.14M 263.70M 264.40M 265.16M 266.05M 266.12M 266.03M 265.85M 266.76M
Cash Dividends to Common per Share		 - - - - - - $0.09 $0.09 $0.09 - $0.09

Annual Cash Flow Statements for Leonardo DRS

This table details how cash moves in and out of Leonardo DRS's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 6.00 -24 179 66 161 131 49
Net Cash From Operating Activities		 157 125 178 33 205 271 366
Net Cash From Continuing Operating Activities		 157 125 178 33 205 271 366
Net Income / (Loss) Continuing Operations		 75 85 154 405 168 213 278
Consolidated Net Income / (Loss)		 75 85 154 405 168 213 278
Depreciation Expense		 51 53 58 65 85 91 93
Non-Cash Adjustments To Reconcile Net Income		 -166 67 -71 -411 -19 58 -27
Changes in Operating Assets and Liabilities, net		 197 -80 37 -26 -29 -91 22
Net Cash From Investing Activities		 -151 -70 39 436 -59 -84 -154
Net Cash From Continuing Investing Activities		 -151 -70 39 436 -59 -84 -154
Purchase of Property, Plant & Equipment		 -55 -56 -60 -65 -60 -85 -139
Sale of Property, Plant & Equipment		 8.00 5.00 0.00 0.00 1.00 1.00 0.00
Sale and/or Maturity of Investments		 - - - - 0.00 0.00 -15
Net Cash From Financing Activities		 -1.00 -80 -38 -403 15 -56 -163
Net Cash From Continuing Financing Activities		 -1.00 -80 -38 -403 15 -56 -163
Repayment of Debt		 -881 -1,174 -950 -1,000 -731 -301 -21
Repurchase of Common Equity		 - - 0.00 0.00 0.00 0.00 -35
Payment of Dividends		 - 0.00 0.00 -396 0.00 0.00 -96
Issuance of Debt		 880 1,094 912 990 735 248 1.00
Issuance of Common Equity		 - - 0.00 0.00 12 16 9.00
Other Financing Activities, net		 - 0.00 0.00 3.00 -1.00 -19 -21
Effect of Exchange Rate Changes		 - 1.00 0.00 0.00 0.00 0.00 0.00

Quarterly Cash Flow Statements for Leonardo DRS

This table details how cash moves in and out of Leonardo DRS's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 12 420 -307 -11 49 400 -218 -102 31 338 -319
Net Cash From Operating Activities		 36 515 -265 34 59 443 -138 -28 107 425 -66
Net Cash From Continuing Operating Activities		 36 515 -265 34 59 443 -138 -28 107 425 -66
Net Income / (Loss) Continuing Operations		 47 74 29 38 57 89 50 54 72 102 62
Consolidated Net Income / (Loss)		 47 74 29 38 57 89 50 54 72 102 62
Depreciation Expense		 21 22 22 23 23 23 23 23 23 24 24
Non-Cash Adjustments To Reconcile Net Income		 -39 158 -97 -21 45 195 -102 -28 149 -46 -40
Changes in Operating Assets and Liabilities, net		 7.00 261 -219 -6.00 -66 136 -109 -77 -137 345 -112
Net Cash From Investing Activities		 -16 -17 -10 -34 -11 -29 -32 -28 -45 -49 -29
Net Cash From Continuing Investing Activities		 -16 -17 -10 -34 -11 -29 -32 -28 -45 -49 -29
Purchase of Property, Plant & Equipment		 -15 -18 -10 -34 -12 -29 -32 -28 -30 -49 -30
Sale of Property, Plant & Equipment		 -1.00 1.00 - - 1.00 - 0.00 - - - 1.00
Net Cash From Financing Activities		 -8.00 -78 -32 -11 1.00 -14 -48 -46 -31 -38 -224
Net Cash From Continuing Financing Activities		 -8.00 -78 -32 -11 1.00 -14 -48 -46 -30 -39 -224
Repayment of Debt		 -170 -262 -67 -114 -100 -20 -6.00 -5.00 -5.00 -5.00 -195
Repurchase of Common Equity		 - - 0.00 -2.00 - -15 -3.00 -11 -10 -11 -4.00
Payment of Dividends		 - - 0.00 - - - -24 -24 -24 -24 -24
Issuance of Debt		 160 180 35 100 95 18 2.00 -5.00 3.00 1.00 -4.00
Issuance of Common Equity		 2.00 4.00 2.00 5.00 6.00 3.00 0.00 3.00 6.00 - 3.00
Other Financing Activities, net		 - - -2.00 - - - -17 -4.00 - - 0.00
Effect of Exchange Rate Changes		 - - 0.00 - - - 0.00 - - - 0.00

Annual Balance Sheets for Leonardo DRS

This table presents Leonardo DRS's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 2,956 3,069 3,677 3,921 4,184 4,486
Total Current Assets		 1,263 1,389 1,707 1,918 2,163 2,326
Cash & Equivalents		 61 240 306 467 598 647
Accounts Receivable		 102 156 166 151 253 334
Inventories, net		 247 205 319 329 358 352
Prepaid Expenses		 33 23 20 21 27 26
Other Current Assets		 705 765 896 950 927 967
Plant, Property, & Equipment, net		 0.00 364 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 1,693 1,316 1,970 2,003 2,021 2,160
Goodwill		 1,057 1,071 1,236 1,238 1,238 1,238
Intangible Assets		 60 52 172 151 132 112
Noncurrent Deferred & Refundable Income Taxes		 87 56 66 123 120 88
Other Noncurrent Operating Assets		 489 137 496 491 531 722
Total Liabilities & Shareholders' Equity		 2,956 3,069 3,677 3,921 4,184 4,486
Total Liabilities		 1,529 1,476 1,550 1,596 1,627 1,756
Total Current Liabilities		 975 989 1,042 1,078 1,116 1,231
Short-Term Debt		 53 41 29 57 25 26
Accounts Payable		 478 479 457 398 426 351
Current Deferred Revenue		 - - 233 335 399 585
Other Current Liabilities		 444 469 323 288 266 269
Total Noncurrent Liabilities		 554 487 508 518 511 525
Long-Term Debt		 374 352 365 349 340 321
Noncurrent Deferred & Payable Income Tax Liabilities		 - - 0.00 4.00 7.00 3.00
Noncurrent Employee Benefit Liabilities		 88 61 45 36 34 35
Other Noncurrent Operating Liabilities		 92 74 98 129 130 166
Commitments & Contingencies		 - - 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,427 1,593 2,127 2,325 2,557 2,730
Total Preferred & Common Equity		 1,427 1,593 2,127 2,325 2,557 2,730
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,427 1,593 2,127 2,325 2,557 2,730
Common Stock		 4,634 4,634 5,150 5,178 5,197 5,086
Retained Earnings		 -3,137 -2,983 -2,974 -2,806 -2,593 -2,315
Accumulated Other Comprehensive Income / (Loss)		 -70 -58 -49 -47 -47 -41

Quarterly Balance Sheets for Leonardo DRS

This table presents Leonardo DRS's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 2,931 3,681 3,662 3,713 3,781 3,819 3,861 4,096 4,079 4,245 4,211
Total Current Assets		 1,431 1,712 1,697 1,740 1,772 1,805 1,860 2,070 2,025 2,166 2,056
Cash & Equivalents		 63 174 35 47 160 149 198 380 278 309 328
Accounts Receivable		 170 158 198 200 194 188 237 254 265 327 324
Inventories, net		 246 364 378 383 342 367 363 385 400 404 371
Prepaid Expenses		 - 19 17 17 23 31 29 28 26 32 27
Other Current Assets		 952 997 1,069 1,093 1,053 1,070 1,033 1,023 1,056 1,094 1,006
Plant, Property, & Equipment, net		 362 402 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 1,138 1,567 1,965 1,973 2,009 2,014 2,001 2,026 2,054 2,079 2,155
Goodwill		 952 1,236 1,236 1,236 1,238 1,238 1,238 1,238 1,238 1,238 1,238
Intangible Assets		 45 167 161 156 146 144 138 126 120 114 106
Noncurrent Deferred & Refundable Income Taxes		 49 72 68 87 123 122 124 119 118 118 89
Other Noncurrent Operating Assets		 92 92 500 494 502 510 501 543 578 609 722
Total Liabilities & Shareholders' Equity		 2,931 3,681 3,662 3,713 3,781 3,819 3,861 4,096 4,079 4,245 4,211
Total Liabilities		 1,393 1,538 1,473 1,471 1,426 1,413 1,387 1,525 1,479 1,597 1,441
Total Current Liabilities		 912 1,019 943 951 902 896 880 1,027 958 1,082 1,105
Short-Term Debt		 67 250 136 132 30 22 22 27 22 24 11
Accounts Payable		 285 258 290 328 220 263 292 299 265 342 187
Current Deferred Revenue		 195 - 292 258 361 348 315 467 436 440 640
Other Current Liabilities		 365 511 225 233 291 263 251 234 235 276 267
Total Noncurrent Liabilities		 481 519 530 520 524 517 507 498 521 515 336
Long-Term Debt		 350 360 357 351 356 351 345 335 331 326 140
Noncurrent Deferred & Payable Income Tax Liabilities		 - 6.00 8.00 8.00 4.00 4.00 6.00 7.00 6.00 5.00 4.00
Noncurrent Employee Benefit Liabilities		 56 42 41 35 35 36 34 29 29 28 32
Other Noncurrent Operating Liabilities		 75 111 124 126 129 126 122 127 155 156 160
Commitments & Contingencies		 - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,538 2,143 2,189 2,242 2,355 2,406 2,474 2,571 2,600 2,648 2,770
Total Preferred & Common Equity		 1,538 2,143 2,189 2,242 2,355 2,406 2,474 2,571 2,600 2,648 2,770
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,538 2,143 2,189 2,242 2,355 2,406 2,474 2,571 2,600 2,648 2,770
Common Stock		 4,634 5,154 5,163 5,169 5,179 5,192 5,203 5,161 5,131 5,108 5,065
Retained Earnings		 -3,039 -2,962 -2,927 -2,880 -2,777 -2,739 -2,682 -2,543 -2,489 -2,417 -2,253
Accumulated Other Comprehensive Income / (Loss)		 -57 -49 -47 -47 -47 -47 -47 -47 -42 -43 -42

Annual Metrics And Ratios for Leonardo DRS

This table displays calculated financial ratios and metrics derived from Leonardo DRS's official financial filings.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% 2.36% 3.64% -6.46% 4.94% 14.44% 12.80%
EBITDA Growth		 0.00% 8.53% 27.95% 112.97% -49.84% 20.13% 16.22%
EBIT Growth		 0.00% 10.00% 33.52% 137.87% -59.21% 25.00% 20.70%
NOPAT Growth		 0.00% 6.75% 32.29% 138.15% -53.30% 16.96% 21.80%
Net Income Growth		 0.00% 13.33% 81.18% 162.99% -58.52% 26.79% 30.52%
EPS Growth		 0.00% -23.08% 82.50% 157.53% -65.96% 25.00% 28.75%
Operating Cash Flow Growth		 0.00% -20.38% 42.40% -81.46% 521.21% 32.20% 35.06%
Free Cash Flow Firm Growth		 0.00% 0.00% 113.81% -115.84% 522.66% 15.20% 3.14%
Invested Capital Growth		 0.00% 0.00% -2.62% 26.86% 2.21% 2.65% 4.56%
Revenue Q/Q Growth		 0.00% 0.00% -16.98% 0.00% 3.90% 1.73% 2.21%
EBITDA Q/Q Growth		 0.00% 0.00% 1.38% 1.13% 8.30% 3.30% 2.58%
EBIT Q/Q Growth		 0.00% 0.00% 1.29% 0.72% 9.09% 4.01% 2.99%
NOPAT Q/Q Growth		 0.00% 0.00% 3.18% 1.88% 4.44% 6.51% 2.62%
Net Income Q/Q Growth		 0.00% 0.00% 7.69% 1.76% 5.66% 7.58% 4.91%
EPS Q/Q Growth		 0.00% 0.00% -8.75% 11.24% 3.23% 8.11% 4.04%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -27.05% -23.26% 761.29% -20.99% -4.69%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -107.54% 125.85% -31.35% -22.45%
Invested Capital Q/Q Growth		 0.00% 0.00% -10.37% 17.07% -15.46% -12.07% -9.63%
Profitability Metrics		 - - - - - - -
Gross Margin		 16.91% 17.78% 19.00% 21.35% 22.93% 22.76% 23.82%
EBITDA Margin		 7.77% 8.24% 10.18% 23.17% 11.08% 11.63% 11.98%
Operating Margin		 6.01% 6.52% 8.20% 20.83% 8.17% 9.06% 9.54%
EBIT Margin		 5.90% 6.34% 8.16% 20.76% 8.07% 8.81% 9.43%
Profit (Net Income) Margin		 2.76% 3.06% 5.35% 15.04% 5.94% 6.59% 7.62%
Tax Burden Percent		 78.95% 75.89% 77.00% 77.14% 87.50% 80.68% 82.74%
Interest Burden Percent		 59.38% 63.64% 85.11% 93.92% 84.21% 92.63% 97.67%
Effective Tax Rate		 21.05% 24.11% 23.00% 22.86% 12.50% 19.32% 17.26%
Return on Invested Capital (ROIC)		 0.00% 15.32% 10.27% 21.85% 9.03% 10.31% 12.11%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -13.29% -0.41% -1.20% -243.75% 26.22% 15.84%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -3.41% -0.07% -0.08% -1.48% -1.58% -1.60%
Return on Equity (ROE)		 0.00% 11.91% 10.20% 21.77% 7.55% 8.73% 10.52%
Cash Return on Invested Capital (CROIC)		 0.00% -184.68% 12.93% -1.83% 6.84% 7.69% 7.65%
Operating Return on Assets (OROA)		 0.00% 5.95% 7.80% 16.57% 6.00% 7.03% 7.94%
Return on Assets (ROA)		 0.00% 2.88% 5.11% 12.01% 4.42% 5.26% 6.41%
Return on Common Equity (ROCE)		 0.00% 11.91% 10.20% 21.77% 7.55% 8.73% 10.52%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 5.96% 9.67% 19.04% 7.23% 8.33% 0.00%
Net Operating Profit after Tax (NOPAT)		 129 137 182 433 202 236 288
NOPAT Margin		 4.74% 4.94% 6.31% 16.07% 7.15% 7.31% 7.89%
Net Nonoperating Expense Percent (NNEP)		 0.00% 28.62% 10.68% 23.05% 252.78% -15.92% -3.73%
Return On Investment Capital (ROIC_SIMPLE)		 - - - 17.17% 7.40% 8.09% 9.36%
Cost of Revenue to Revenue		 83.09% 82.22% 81.00% 78.65% 77.07% 77.24% 76.18%
SG&A Expenses to Revenue		 10.21% 10.19% 10.18% 13.26% 13.59% 12.80% 13.62%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 10.91% 11.27% 10.80% 0.52% 14.76% 13.70% 14.28%
Earnings before Interest and Taxes (EBIT)		 160 176 235 559 228 285 344
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 211 229 293 624 313 376 437
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 0.00 0.47 0.00 0.87 2.26 3.34 3.32
Price to Tangible Book Value (P/TBV)		 0.00 2.16 0.00 2.58 5.62 7.20 6.57
Price to Revenue (P/Rev)		 0.25 0.24 0.00 0.69 1.86 2.64 2.49
Price to Earnings (P/E)		 8.93 7.88 0.00 4.58 31.30 40.11 32.62
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.06%
Earnings Yield		 11.20% 12.69% 0.00% 21.86% 3.20% 2.49% 3.07%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.58 0.00 0.88 2.30 3.58 3.61
Enterprise Value to Revenue (EV/Rev)		 0.00 0.37 0.00 0.72 1.84 2.57 2.40
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 4.52 0.00 3.11 16.60 22.10 20.07
Enterprise Value to EBIT (EV/EBIT)		 0.00 5.89 0.00 3.47 22.79 29.16 25.49
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 7.54 0.00 4.49 25.71 35.15 30.46
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 8.29 0.00 58.82 25.35 30.66 23.96
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 33.94 47.11 48.20
Leverage & Solvency		 - - - - - - -
Debt to Equity		 0.00 0.30 0.25 0.19 0.17 0.14 0.13
Long-Term Debt to Equity		 0.00 0.26 0.22 0.17 0.15 0.13 0.12
Financial Leverage		 0.00 0.26 0.17 0.06 0.01 -0.06 -0.10
Leverage Ratio		 0.00 2.07 2.00 1.81 1.71 1.66 1.64
Compound Leverage Factor		 0.00 1.32 1.70 1.70 1.44 1.54 1.60
Debt to Total Capital		 0.00% 23.03% 19.79% 15.63% 14.87% 12.49% 11.28%
Short-Term Debt to Total Capital		 0.00% 2.86% 2.06% 1.15% 2.09% 0.86% 0.85%
Long-Term Debt to Total Capital		 0.00% 20.17% 17.72% 14.48% 12.78% 11.64% 10.43%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 76.97% 80.21% 84.37% 85.13% 87.51% 88.72%
Debt to EBITDA		 0.00 1.86 1.34 0.63 1.30 0.97 0.79
Net Debt to EBITDA		 0.00 1.60 0.52 0.14 -0.19 -0.62 -0.69
Long-Term Debt to EBITDA		 0.00 1.63 1.20 0.58 1.12 0.90 0.73
Debt to NOPAT		 0.00 3.11 2.16 0.91 2.01 1.54 1.21
Net Debt to NOPAT		 0.00 2.66 0.84 0.20 -0.30 -0.99 -1.04
Long-Term Debt to NOPAT		 0.00 2.72 1.94 0.84 1.73 1.44 1.11
Altman Z-Score		 0.00 0.03 0.00 1.04 2.14 3.58 3.74
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - -
Current Ratio		 0.00 1.30 1.40 1.64 1.78 1.94 1.89
Quick Ratio		 0.00 0.29 0.40 0.45 0.57 0.76 0.80
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -1,656 229 -36 153 176 182
Operating Cash Flow to CapEx		 334.04% 245.10% 296.67% 50.77% 347.46% 322.62% 263.31%
Free Cash Flow to Firm to Interest Expense		 0.00 -25.87 6.53 -1.07 4.25 8.40 0.00
Operating Cash Flow to Interest Expense		 2.42 1.95 5.09 0.97 5.69 12.90 0.00
Operating Cash Flow Less CapEx to Interest Expense		 1.69 1.16 3.37 -0.94 4.06 8.90 0.00
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.00 0.94 0.96 0.80 0.74 0.80 0.84
Accounts Receivable Turnover		 0.00 27.24 22.32 16.73 17.83 16.01 12.43
Inventory Turnover		 0.00 9.25 10.32 8.08 6.72 7.27 7.83
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 4.78 4.87 4.53 5.09 6.06 7.15
Days Sales Outstanding (DSO)		 0.00 13.40 16.35 21.82 20.47 22.80 29.37
Days Inventory Outstanding (DIO)		 0.00 39.47 35.37 45.15 54.30 50.19 46.63
Days Payable Outstanding (DPO)		 0.00 76.39 74.89 80.65 71.64 60.20 51.03
Cash Conversion Cycle (CCC)		 0.00 -23.51 -23.17 -13.68 3.13 12.79 24.97
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 0.00 1,793 1,746 2,215 2,264 2,324 2,430
Invested Capital Turnover		 0.00 3.10 1.63 1.36 1.26 1.41 1.53
Increase / (Decrease) in Invested Capital		 0.00 1,793 -47 469 49 60 106
Enterprise Value (EV)		 0.00 1,036 0.00 1,941 5,197 8,310 8,769
Market Capitalization		 670 670 0.00 1,853 5,258 8,543 9,069
Book Value per Share		 $0.00 $44.73 $10.99 $14.67 $8.86 $9.67 $10.26
Tangible Book Value per Share		 $0.00 $9.72 $3.24 $4.96 $3.57 $4.49 $5.19
Total Capital		 0.00 1,854 1,986 2,521 2,731 2,922 3,077
Total Debt		 0.00 427 393 394 406 365 347
Total Long-Term Debt		 0.00 374 352 365 349 340 321
Net Debt		 0.00 366 153 88 -61 -233 -300
Capital Expenditures (CapEx)		 47 51 60 65 59 84 139
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 280 201 388 430 474 474
Debt-free Net Working Capital (DFNWC)		 0.00 341 441 694 897 1,072 1,121
Net Working Capital (NWC)		 0.00 288 400 665 840 1,047 1,095
Net Nonoperating Expense (NNE)		 54 52 28 28 34 23 9.93
Net Nonoperating Obligations (NNO)		 0.00 366 153 88 -61 -233 -300
Total Depreciation and Amortization (D&A)		 51 53 58 65 85 91 93
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 10.08% 6.98% 14.41% 15.22% 14.66% 12.99%
Debt-free Net Working Capital to Revenue		 0.00% 12.28% 15.32% 25.77% 31.74% 33.15% 30.73%
Net Working Capital to Revenue		 0.00% 10.37% 13.89% 24.69% 29.72% 32.37% 30.02%
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $1.06 $1.88 $0.64 $0.81 $1.05
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 145M 260.55M 262.63M 265.16M 265.85M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $1.06 $1.88 $0.64 $0.80 $1.03
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 145M 260.55M 262.63M 265.16M 265.85M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 145M 260.55M 262.63M 265.16M 265.85M
Normalized Net Operating Profit after Tax (NOPAT)		 129 137 182 433 202 236 288
Normalized NOPAT Margin		 4.74% 4.94% 6.31% 16.07% 7.15% 7.31% 7.89%
Pre Tax Income Margin		 3.50% 4.03% 6.95% 19.50% 6.79% 8.16% 9.21%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 2.46 2.75 6.71 16.44 6.33 13.57 0.00
NOPAT to Interest Expense		 1.98 2.15 5.19 12.73 5.61 11.26 0.00
EBIT Less CapEx to Interest Expense		 1.74 1.95 5.00 14.53 4.69 9.57 0.00
NOPAT Less CapEx to Interest Expense		 1.26 1.35 3.48 10.82 3.98 7.26 0.00
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 97.78% 0.00% 0.00% 34.53%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 97.78% 0.60% 8.92% 47.12%

Quarterly Metrics And Ratios for Leonardo DRS

This table displays calculated financial ratios and metrics derived from Leonardo DRS's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 265,846,193.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 265,846,193.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.23
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 10.88% 12.93% 20.91% 19.90% 15.51% 5.94% 16.13% 10.09% 18.23% 8.05% 5.88%
EBITDA Growth		 -79.90% 23.53% 39.13% 24.19% 22.78% 9.52% 28.13% 19.48% 17.53% 7.97% 23.17%
EBIT Growth		 -84.57% 22.35% 75.00% 28.57% 27.59% 10.58% 40.48% 27.78% 22.97% 8.70% 30.51%
NOPAT Growth		 -79.79% 12.81% 79.75% -0.17% 7.25% 17.64% 50.91% 26.87% 24.23% 7.72% 21.90%
Net Income Growth		 -83.15% 13.85% 141.67% 8.57% 21.28% 20.27% 72.41% 42.11% 26.32% 14.61% 24.00%
EPS Growth		 -86.47% 7.69% 120.00% 7.69% 16.67% 21.43% 72.73% 42.86% 23.81% 11.76% 21.05%
Operating Cash Flow Growth		 1,000.00% 84.59% 20.66% 383.33% 63.89% -13.98% 47.92% -182.35% 81.36% -4.06% 52.17%
Free Cash Flow Firm Growth		 -313.03% 108.27% 105.01% 109.42% 113.31% 10.45% 148.76% -81.42% -68.06% -106.50% -72.10%
Invested Capital Growth		 41.54% 2.21% 0.08% -0.64% -1.31% 2.65% -1.08% 1.71% 1.74% 4.56% 1.57%
Revenue Q/Q Growth		 11.94% 31.72% -25.70% 9.45% 7.84% 20.81% -18.55% 3.75% 15.80% 10.42% -20.19%
EBITDA Q/Q Growth		 27.42% 59.49% -49.21% 20.31% 25.97% 42.27% -40.58% 12.20% 23.91% 30.70% -32.21%
EBIT Q/Q Growth		 38.10% 79.31% -59.62% 28.57% 37.04% 55.41% -48.70% 16.95% 31.88% 37.36% -38.40%
NOPAT Q/Q Growth		 29.69% 41.58% -58.79% 31.94% 39.33% 55.30% -47.14% 10.92% 36.42% 34.66% -40.18%
Net Income Q/Q Growth		 34.29% 57.45% -60.81% 31.03% 50.00% 56.14% -43.82% 8.00% 33.33% 41.67% -39.22%
EPS Q/Q Growth		 38.46% 55.56% -60.71% 27.27% 50.00% 61.90% -44.12% 5.26% 30.00% 46.15% -39.47%
Operating Cash Flow Q/Q Growth		 400.00% 1,330.56% -151.46% 112.83% 73.53% 650.85% -131.15% 79.71% 482.14% 297.20% -115.53%
Free Cash Flow Firm Q/Q Growth		 -11.61% 104.50% -3.31% 93.89% 57.73% -62.65% 117.75% -85.52% 171.20% -107.60% 1,034.25%
Invested Capital Q/Q Growth		 1.17% -15.46% 14.00% 1.90% 0.49% -12.07% 9.85% 4.78% 0.52% -9.63% 6.71%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 23.04% 22.68% 22.24% 22.44% 22.04% 23.96% 22.65% 23.76% 23.13% 25.38% 25.06%
EBITDA Margin		 11.24% 13.61% 9.30% 10.23% 11.95% 14.07% 10.26% 11.10% 11.88% 14.06% 11.94%
Operating Margin		 8.39% 11.34% 6.25% 7.30% 9.24% 12.23% 7.38% 8.44% 9.69% 11.89% 9.10%
EBIT Margin		 8.25% 11.23% 6.10% 7.17% 9.11% 11.72% 7.38% 8.32% 9.48% 11.79% 9.10%
Profit (Net Income) Margin		 6.69% 7.99% 4.22% 5.05% 7.02% 9.07% 6.26% 6.51% 7.50% 9.62% 7.33%
Tax Burden Percent		 97.92% 77.89% 78.38% 80.85% 82.61% 80.18% 86.21% 80.60% 82.76% 82.26% 80.52%
Interest Burden Percent		 82.76% 91.35% 88.10% 87.04% 93.24% 96.52% 98.31% 97.10% 95.60% 99.20% 100.00%
Effective Tax Rate		 2.08% 22.11% 21.62% 19.15% 17.39% 19.82% 13.79% 19.40% 17.24% 17.74% 19.48%
Return on Invested Capital (ROIC)		 9.78% 11.15% 5.59% 6.87% 9.12% 13.83% 8.30% 8.78% 10.73% 15.01% 10.52%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.06% -46.55% 4.17% 4.97% 7.48% 18.74% 7.47% 7.16% 6.00% 15.62% 10.52%
Return on Net Nonoperating Assets (RNNOA)		 1.47% -0.28% 0.61% 0.74% 0.96% -1.13% 0.32% 0.43% 0.25% -1.58% -0.38%
Return on Equity (ROE)		 11.26% 10.86% 6.21% 7.61% 10.08% 12.70% 8.61% 9.20% 10.98% 13.43% 10.14%
Cash Return on Invested Capital (CROIC)		 -25.93% 6.84% 8.30% 8.87% 9.66% 7.69% 10.97% 8.32% 8.80% 7.65% 10.07%
Operating Return on Assets (OROA)		 6.76% 8.35% 4.82% 5.89% 7.65% 9.36% 6.27% 7.21% 8.35% 9.92% 8.10%
Return on Assets (ROA)		 5.47% 5.94% 3.33% 4.14% 5.89% 7.24% 5.31% 5.64% 6.60% 8.10% 6.52%
Return on Common Equity (ROCE)		 11.26% 10.86% 6.21% 7.61% 10.08% 12.70% 8.61% 9.20% 10.98% 13.43% 10.14%
Return on Equity Simple (ROE_SIMPLE)		 7.09% 0.00% 7.86% 7.81% 8.00% 0.00% 9.10% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 58 82 34 44 62 96 51 56 77 104 62
NOPAT Margin		 8.22% 8.83% 4.90% 5.91% 7.63% 9.81% 6.37% 6.81% 8.02% 9.78% 7.33%
Net Nonoperating Expense Percent (NNEP)		 2.73% 57.70% 1.42% 1.90% 1.64% -4.91% 0.83% 1.62% 4.73% -0.62% 0.00%
Return On Investment Capital (ROIC_SIMPLE)		 - 2.99% - - - 3.29% 1.73% 1.91% 2.57% 3.37% 2.12%
Cost of Revenue to Revenue		 76.96% 77.32% 77.76% 77.56% 77.96% 76.04% 77.35% 76.24% 76.88% 74.62% 74.94%
SG&A Expenses to Revenue		 13.66% 10.58% 14.68% 14.21% 12.07% 11.01% 14.64% 14.60% 12.81% 12.83% 15.37%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 14.65% 11.34% 15.99% 15.14% 12.81% 11.72% 15.27% 15.32% 13.44% 13.49% 15.96%
Earnings before Interest and Taxes (EBIT)		 58 104 42 54 74 115 59 69 91 125 77
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 79 126 64 77 97 138 82 92 114 149 101
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.95 2.26 2.46 2.79 3.01 3.34 3.39 4.76 4.56 3.32 4.27
Price to Tangible Book Value (P/TBV)		 5.15 5.62 5.97 6.56 6.78 7.20 7.22 9.96 9.32 6.57 8.30
Price to Revenue (P/Rev)		 1.61 1.86 1.97 2.19 2.34 2.64 2.61 3.61 3.39 2.49 3.20
Price to Earnings (P/E)		 27.52 31.30 31.33 35.71 37.58 40.11 37.26 49.46 45.59 32.62 40.81
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.27% 0.39% 0.59% 1.06% 0.81%
Earnings Yield		 3.63% 3.20% 3.19% 2.80% 2.66% 2.49% 2.68% 2.02% 2.19% 3.07% 2.45%
Enterprise Value to Invested Capital (EV/IC)		 1.80 2.30 2.33 2.64 2.88 3.58 3.41 4.65 4.51 3.61 4.50
Enterprise Value to Revenue (EV/Rev)		 1.77 1.84 2.04 2.26 2.39 2.57 2.60 3.64 3.40 2.40 3.16
Enterprise Value to EBITDA (EV/EBITDA)		 16.65 16.60 18.19 20.05 20.91 22.10 22.08 30.42 28.46 20.07 25.34
Enterprise Value to EBIT (EV/EBIT)		 23.02 22.79 24.48 26.89 27.78 29.16 28.81 39.25 36.30 25.49 31.85
Enterprise Value to NOPAT (EV/NOPAT)		 24.86 25.71 27.84 31.97 34.29 35.15 34.29 46.85 43.21 30.46 38.99
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 25.35 21.98 21.68 22.19 30.66 21.86 37.03 31.57 23.96 26.62
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 33.94 28.10 29.65 29.62 47.11 30.88 56.40 51.68 48.20 45.02
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.22 0.17 0.16 0.16 0.15 0.14 0.14 0.14 0.13 0.13 0.05
Long-Term Debt to Equity		 0.16 0.15 0.15 0.15 0.14 0.13 0.13 0.13 0.12 0.12 0.05
Financial Leverage		 0.21 0.01 0.15 0.15 0.13 -0.06 0.04 0.06 0.04 -0.10 -0.04
Leverage Ratio		 1.76 1.71 1.66 1.63 1.61 1.66 1.60 1.58 1.58 1.64 1.56
Compound Leverage Factor		 1.45 1.56 1.46 1.42 1.50 1.60 1.57 1.53 1.51 1.63 1.56
Debt to Total Capital		 17.72% 14.87% 14.08% 13.42% 12.92% 12.49% 12.34% 11.95% 11.67% 11.28% 5.17%
Short-Term Debt to Total Capital		 4.84% 2.09% 1.09% 0.79% 0.77% 0.86% 0.92% 0.75% 0.80% 0.85% 0.38%
Long-Term Debt to Total Capital		 12.88% 12.78% 12.99% 12.63% 12.14% 11.64% 11.42% 11.21% 10.87% 10.43% 4.79%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 82.28% 85.13% 85.92% 86.58% 87.08% 87.51% 87.66% 88.05% 88.33% 88.72% 94.83%
Debt to EBITDA		 1.67 1.30 1.17 1.08 1.01 0.97 0.92 0.86 0.82 0.79 0.33
Net Debt to EBITDA		 1.51 -0.19 0.68 0.65 0.46 -0.62 -0.05 0.18 0.10 -0.69 -0.38
Long-Term Debt to EBITDA		 1.21 1.12 1.08 1.01 0.95 0.90 0.85 0.81 0.77 0.73 0.30
Debt to NOPAT		 2.50 2.01 1.78 1.72 1.65 1.54 1.43 1.33 1.25 1.21 0.51
Net Debt to NOPAT		 2.25 -0.30 1.05 1.03 0.76 -0.99 -0.07 0.28 0.15 -1.04 -0.59
Long-Term Debt to NOPAT		 1.81 1.73 1.65 1.62 1.55 1.44 1.32 1.25 1.16 1.11 0.47
Altman Z-Score		 1.74 2.04 2.50 2.98 3.44 3.45 3.73 5.37 4.96 3.57 5.39
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.83 1.78 1.96 2.01 2.11 1.94 2.02 2.11 2.00 1.89 1.86
Quick Ratio		 0.26 0.57 0.39 0.38 0.49 0.76 0.62 0.57 0.59 0.80 0.59
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -728 33 32 61 97 36 79 11 31 -2.35 22
Operating Cash Flow to CapEx		 225.00% 3,029.41% -2,650.00% 100.00% 536.36% 1,527.59% -431.25% -100.00% 356.67% 867.35% -227.59%
Free Cash Flow to Firm to Interest Expense		 -72.82 3.64 6.34 8.78 19.39 9.05 78.86 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 3.60 57.22 -53.00 4.86 11.80 110.75 -138.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 2.00 55.33 -55.00 0.00 9.60 103.50 -170.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.82 0.74 0.79 0.82 0.84 0.80 0.85 0.87 0.88 0.84 0.89
Accounts Receivable Turnover		 14.70 17.83 16.73 15.91 14.55 16.01 14.93 15.10 12.66 12.43 12.79
Inventory Turnover		 6.67 6.72 6.44 6.38 6.62 7.27 7.10 6.86 7.13 7.83 7.39
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 6.85 5.09 9.52 8.59 7.96 6.06 9.95 9.96 8.62 7.15 11.50
Days Sales Outstanding (DSO)		 24.83 20.47 21.81 22.95 25.09 22.80 24.44 24.17 28.84 29.37 28.55
Days Inventory Outstanding (DIO)		 54.72 54.30 56.64 57.22 55.16 50.19 51.41 53.24 51.20 46.63 49.36
Days Payable Outstanding (DPO)		 53.32 71.64 38.35 42.48 45.85 60.20 36.70 36.65 42.32 51.03 31.73
Cash Conversion Cycle (CCC)		 26.22 3.13 40.10 37.69 34.40 12.79 39.15 40.76 37.72 24.97 46.18
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,678 2,264 2,581 2,630 2,643 2,324 2,553 2,675 2,689 2,430 2,593
Invested Capital Turnover		 1.19 1.26 1.14 1.16 1.19 1.41 1.30 1.29 1.34 1.53 1.44
Increase / (Decrease) in Invested Capital		 786 49 2.00 -17 -35 60 -28 45 46 106 40
Enterprise Value (EV)		 4,811 5,197 6,022 6,937 7,611 8,310 8,700 12,441 12,123 8,769 11,658
Market Capitalization		 4,375 5,258 5,796 6,713 7,442 8,543 8,718 12,366 12,082 9,069 11,835
Book Value per Share		 $8.56 $8.86 $8.95 $9.14 $9.38 $9.67 $9.70 $9.77 $9.95 $10.26 $10.42
Tangible Book Value per Share		 $3.24 $3.57 $3.69 $3.89 $4.16 $4.49 $4.55 $4.67 $4.87 $5.19 $5.36
Total Capital		 2,725 2,731 2,741 2,779 2,841 2,922 2,933 2,953 2,998 3,077 2,921
Total Debt		 483 406 386 373 367 365 362 353 350 347 151
Total Long-Term Debt		 351 349 356 351 345 340 335 331 326 321 140
Net Debt		 436 -61 226 224 169 -233 -18 75 41 -300 -177
Capital Expenditures (CapEx)		 16 17 10 34 11 29 32 28 30 49 29
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 874 430 740 782 804 474 690 811 799 474 634
Debt-free Net Working Capital (DFNWC)		 921 897 900 931 1,002 1,072 1,070 1,089 1,108 1,121 962
Net Working Capital (NWC)		 789 840 870 909 980 1,047 1,043 1,067 1,084 1,095 951
Net Nonoperating Expense (NNE)		 11 7.79 4.70 6.47 4.96 7.22 0.86 2.42 4.97 1.65 0.00
Net Nonoperating Obligations (NNO)		 436 -61 226 224 169 -233 -18 75 41 -300 -177
Total Depreciation and Amortization (D&A)		 21 22 22 23 23 23 23 23 23 24 24
Debt-free, Cash-free Net Working Capital to Revenue		 32.13% 15.22% 25.13% 25.47% 25.29% 14.66% 20.63% 23.71% 22.39% 12.99% 17.16%
Debt-free Net Working Capital to Revenue		 33.86% 31.74% 30.56% 30.33% 31.52% 33.15% 31.99% 31.83% 31.05% 30.73% 26.04%
Net Working Capital to Revenue		 29.01% 29.72% 29.54% 29.61% 30.83% 32.37% 31.18% 31.19% 30.37% 30.02% 25.74%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.18 $0.27 $0.11 $0.14 $0.22 $0.34 $0.19 $0.20 $0.27 $0.39 $0.23
Adjusted Weighted Average Basic Shares Outstanding		 262.37M 262.63M 263.14M 263.70M 264.40M 265.16M 266.05M 266.12M 266.03M 265.85M 266.76M
Adjusted Diluted Earnings per Share		 $0.18 $0.28 $0.11 $0.14 $0.21 $0.34 $0.19 $0.20 $0.26 $0.38 $0.23
Adjusted Weighted Average Diluted Shares Outstanding		 262.37M 262.63M 263.14M 263.70M 264.40M 265.16M 266.05M 266.12M 266.03M 265.85M 266.76M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 262.37M 262.63M 263.14M 263.70M 264.40M 265.16M 266.05M 266.12M 266.03M 265.85M 266.76M
Normalized Net Operating Profit after Tax (NOPAT)		 58 82 34 44 62 96 51 56 77 104 62
Normalized NOPAT Margin		 8.22% 8.83% 4.90% 5.91% 7.63% 9.81% 6.37% 6.81% 8.02% 9.78% 7.33%
Pre Tax Income Margin		 6.83% 10.26% 5.38% 6.24% 8.50% 11.32% 7.26% 8.08% 9.06% 11.70% 9.10%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 5.80 11.56 8.40 7.71 14.80 28.75 59.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 5.78 9.09 6.74 6.35 12.39 24.05 50.86 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 4.20 9.67 6.40 2.86 12.60 21.50 27.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 4.18 7.20 4.74 1.50 10.19 16.80 18.86 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 10.26% 19.20% 27.17% 34.53% 33.10%
Augmented Payout Ratio		 0.63% 0.60% 1.08% 2.13% 2.02% 8.92% 19.66% 32.40% 43.40% 47.12% 45.52%

Financials Breakdown Chart

Key Financial Trends

Leonardo DRS (NASDAQ: DRS) delivered a mixed start to fiscal 2026, with solid profitability on the income statement but notably weak operating cash flow in the quarter. Over the last several years, the company has generally shown steady revenue growth, improving operating earnings, and significant balance sheet expansion, but cash conversion has been uneven and working-capital swings remain a key factor for investors to watch.

  • Revenue growth remains intact. Q1 2026 revenue rose to $846 million from $799 million in Q1 2025 and $688 million in Q1 2024, showing a clear multi-year uptrend.
  • Operating income improved meaningfully year over year. Q1 2026 operating income was $77 million, up from $59 million in Q1 2025 and $43 million in Q1 2024.
  • Gross profit margin held up well. Q1 2026 gross profit of $212 million on $846 million of revenue implies a gross margin of about 25%, which is stronger than the prior-year period.
  • Net income also improved versus last year. Q1 2026 net income was $62 million versus $50 million in Q1 2025 and $29 million in Q1 2024.
  • Debt has come down from recent peaks. Total debt fell sharply from $350 million at Q3 2025 to $151 million at Q1 2026, suggesting stronger balance sheet flexibility.
  • Cash remains healthy. The company ended Q1 2026 with $328 million in cash and equivalents, providing liquidity support despite the weak quarter of cash generation.
  • Equity base has expanded over the last few years. Total common equity increased to $2.77 billion in Q1 2026 from $2.57 billion in Q1 2025 and $2.14 billion in Q1 2023.
  • Q1 2026 cash flow was pressured by working capital. Operating cash flow was negative $66 million, driven by a $112 million use of operating assets and liabilities.
  • Deferred revenue remains a major balance sheet item. Current deferred revenue was $640 million in Q1 2026, which is a positive sign of backlog/advance billings, but it also makes working capital interpretation more complex.
  • Goodwill and intangibles remain significant. Goodwill of $1.238 billion and intangibles of $106 million mean a substantial portion of assets is acquisition-related rather than tangible.
  • Operating cash flow swung sharply lower. After generating $425 million in operating cash flow in Q4 2025, Leonardo DRS reported negative operating cash flow in Q1 2026.
  • Cash declined materially in the quarter. Net change in cash and equivalents was negative $319 million in Q1 2026.
  • Working capital volatility is a recurring issue. The company has shown large quarter-to-quarter swings in operating assets and liabilities, which can make cash flow less predictable.
  • Margins are good, but cost of revenue is still high. In Q1 2026, cost of revenue consumed about 75% of revenue, so profitability still depends on disciplined execution and mix.

Overall, Leonardo DRS looks like a company with improving earnings power and a stronger capital structure than a year ago, but the latest quarter highlights an important caution: reported earnings are not always translating into operating cash flow. For retail investors, the key questions are whether revenue growth can continue, whether working-capital pressure normalizes, and whether free cash flow improves consistently over the next several quarters.

06/04/26 11:30 PM ETAI Generated. May Contain Errors.

Leonardo DRS Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Leonardo DRS's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Leonardo DRS's net income appears to be on an upward trend, with a most recent value of $278 million in 2025, rising from $75 million in 2019. The previous period was $213 million in 2024. Check out Leonardo DRS's forecast to explore projected trends and price targets.

Leonardo DRS's total operating income in 2025 was $348 million, based on the following breakdown:
  • Total Gross Profit: $869 million
  • Total Operating Expenses: $521 million

Over the last 6 years, Leonardo DRS's total revenue changed from $2.71 billion in 2019 to $3.65 billion in 2025, a change of 34.4%.

Leonardo DRS's total liabilities were at $1.76 billion at the end of 2025, a 7.9% increase from 2024, and a 14.8% increase since 2020.

In the past 5 years, Leonardo DRS's cash and equivalents has ranged from $61 million in 2020 to $647 million in 2025, and is currently $647 million as of their latest financial filing in 2025.

Over the last 6 years, Leonardo DRS's book value per share changed from 0.00 in 2019 to 10.26 in 2025, a change of 1,026.2%.


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Financial statements for NASDAQ:DRS last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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