Kratos Defense & Security Solutions (KTOS) Financials

$56.08 -0.91 (-1.59%)

As of 11:06 AM Eastern

Annual Income Statements for Kratos Defense & Security Solutions

This table shows Kratos Defense & Security Solutions' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/27/2015	12/25/2016	12/31/2017	12/30/2018	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Net Income / (Loss) Attributable to Common Shareholders	20	-61	-43	-3.50	13	80	-2.00	-37	-8.90	16	22
Consolidated Net Income / (Loss)	20	-61	-43	-3.50	13	79	-1.60	-33	2.40	16	22
Net Income / (Loss) Continuing Operations	-33	-58	-47	4.10	11	80	0.50	-33	2.40	16	22
Total Pre-Tax Income	-45	-52	-57	8.70	16	6.80	4.40	-33	11	27	34
Total Operating Income	-4.50	-18	-12	31	38	29	28	-2.90	31	29	26
Total Gross Profit	162	-421	-446	-448	190	203	225	226	269	287	308
Total Revenue	657	0.00	0.00	0.00	718	748	812	898	1,037	1,136	1,347
Operating Revenue	657	-	-	-	718	748	812	898	1,037	1,136	1,347
Total Cost of Revenue	495	421	446	448	528	545	586	672	769	849	1,039
Operating Cost of Revenue	495	421	446	448	528	545	586	672	769	849	1,039
Total Operating Expenses	166	-403	-434	-479	152	174	197	229	238	258	282
Selling, General & Admin Expense	151	115	127	120	131	145	160	183	199	217	240
Research & Development Expense	16	14	18	16	18	27	35	39	38	40	40
Restructuring Charge	0.10	-	0.00	0.00	3.20	1.70	1.80	7.50	0.40	0.70	2.10
Total Other Income / (Expense), net	-40	-34	-45	-22	-22	-23	-24	-30	-20	-2.50	8.40
Interest & Investment Income	-36	-35	-29	-21	-22	-23	-23	-18	-21	-3.00	5.90
Other Income / (Expense), net	-0.70	0.70	0.80	-1.00	-0.70	0.30	-0.10	0.60	0.50	0.50	2.50
Income Tax Expense	-11	5.80	-10	4.60	4.80	-74	3.90	0.20	8.70	10	12
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	0.10	-0.20	0.40	3.70	11	0.00	0.00
Basic Earnings per Share	$0.34	($0.99)	($0.48)	($0.03)	$0.12	$0.69	($0.02)	($0.29)	($0.07)	$0.11	$0.14
Weighted Average Basic Shares Outstanding	58.70M	61.30M	89.50M	103.80M	106M	115.50M	124.60M	126.70M	130.40M	149M	162.70M
Diluted Earnings per Share	$0.34	($0.99)	($0.48)	($0.03)	$0.11	$0.67	($0.02)	($0.29)	($0.07)	$0.11	$0.13
Weighted Average Diluted Shares Outstanding	58.70M	61.30M	89.50M	106.10M	109.20M	118.70M	128M	126.70M	130.40M	150.90M	165.20M
Weighted Average Basic & Diluted Shares Outstanding	58.20M	61.10M	89M	104.05M	106.94M	123.46M	124.64M	126.66M	130.00M	152.84M	170.33M

This table shows Kratos Defense & Security Solutions' 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	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026
Net Income / (Loss) Attributable to Common Shareholders	-1.60	2.40	1.30	7.90	3.20	3.90	4.50	2.90	8.70	5.90	12
Consolidated Net Income / (Loss)	3.00	5.60	1.30	7.90	3.20	3.90	4.50	2.90	8.70	5.90	12
Net Income / (Loss) Continuing Operations	3.00	5.60	1.30	7.90	3.20	3.90	4.50	2.90	8.70	5.90	12
Total Pre-Tax Income	6.80	7.60	4.00	13	5.80	4.00	5.40	4.60	12	12	9.80
Total Operating Income	12	12	7.00	13	6.50	3.00	6.60	3.70	7.10	8.20	4.70
Total Gross Profit	73	72	71	77	69	70	74	74	77	83	90
Total Revenue	275	274	277	300	276	283	303	352	348	345	371
Operating Revenue	275	274	277	300	276	283	303	352	348	345	371
Total Cost of Revenue	201	202	206	223	207	213	229	278	271	262	281
Operating Cost of Revenue	201	202	206	223	207	213	229	278	271	262	281
Total Operating Expenses	61	60	64	65	63	67	67	70	70	75	85
Selling, General & Admin Expense	51	52	54	55	53	53	57	60	60	64	72
Research & Development Expense	10	8.00	9.60	10	9.90	11	10	10	10	9.80	11
Restructuring Charge	0.00	0.40	-	-	0.20	3.70	0.00	-	0.20	-	1.90
Total Other Income / (Expense), net	-5.40	-4.10	-3.00	0.20	-0.70	1.00	-1.20	0.90	4.80	3.90	5.10
Interest & Investment Income	-5.10	-5.00	-2.80	0.10	0.00	-0.30	-0.90	-1.20	4.60	3.40	4.50
Other Income / (Expense), net	-0.30	0.90	-0.20	0.10	-0.70	1.30	-0.30	2.10	0.20	0.50	0.60
Income Tax Expense	3.80	2.00	2.70	4.80	2.60	0.10	0.90	1.70	3.20	6.20	-2.10
Basic Earnings per Share	($0.01)	$0.01	$0.01	$0.05	$0.02	$0.03	$0.03	$0.02	$0.05	$0.04	$0.07
Weighted Average Basic Shares Outstanding	129.60M	130.40M	139.60M	151.80M	152.60M	149M	154.20M	155.70M	170.50M	162.70M	176.80M
Diluted Earnings per Share	($0.01)	$0.01	$0.01	$0.05	$0.02	$0.03	$0.03	$0.02	$0.05	$0.03	$0.07
Weighted Average Diluted Shares Outstanding	129.60M	130.40M	141.50M	153.50M	154.10M	150.90M	156.20M	157.40M	172.90M	165.20M	179.40M
Weighted Average Basic & Diluted Shares Outstanding	128.94M	130.00M	150.10M	151.00M	151.07M	152.84M	153.44M	168.79M	168.84M	170.33M	187.52M

This table details how cash moves in and out of Kratos Defense & Security Solutions' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/27/2015	12/25/2016	12/31/2017	12/30/2018	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Net Change in Cash & Equivalents	-5.00	40	60	113	-22	207	-57	-533	-9.30	258	230
Net Cash From Operating Activities	-30	-15	-27	10	30	45	31	-26	65	50	-42
Net Cash From Continuing Operating Activities	-30	-15	-27	18	29	45	35	-26	65	50	-42
Net Income / (Loss) Continuing Operations	-33	-58	-47	4.10	11	80	0.50	-33	2.40	16	22
Consolidated Net Income / (Loss)	20	-61	-43	-3.50	13	79	-1.60	-33	2.40	16	22
Depreciation Expense	26	23	22	18	23	25	26	31	33	40	47
Amortization Expense	3.00	2.40	2.00	1.00	13	10	10	11	12	12	13
Non-Cash Adjustments To Reconcile Net Income	-11	-4.40	20	-27	9.20	9.40	9.90	22	69	-2.00	-51
Changes in Operating Assets and Liabilities, net	-14	23	-25	22	-27	-80	-11	-57	-52	-17	-73
Net Cash From Investing Activities	-5.70	-14	-25	41	-44	-87	-52	-177	-44	-70	-88
Net Cash From Continuing Investing Activities	-5.70	-14	-25	41	-44	-87	-52	-177	-44	-70	-88
Purchase of Property, Plant & Equipment	-11	-9.00	-26	-23	-26	-36	-47	-45	-52	-58	-95
Acquisitions	0.00	-5.10	0.00	-2.90	-18	-52	-12	-132	0.30	-12	-5.00
Sale of Property, Plant & Equipment	0.90	0.00	0.70	66	0.30	0.10	2.20	0.20	8.30	0.00	12
Net Cash From Financing Activities	-215	63	113	1.70	3.50	248	-9.30	-63	-31	278	361
Net Cash From Continuing Financing Activities	-215	63	113	1.70	3.50	248	-9.30	-63	-31	278	361
Repayment of Debt	-217	-15	-457	-0.90	0.00	-0.60	-5.10	-356	-101	-53	-183
Issuance of Debt	0.00	0.00	300	0.00	0.00	5.10	0.00	300	69	10	0.00
Issuance of Common Equity	3.40	78	271	3.70	4.90	240	-	0.00	0.00	331	556
Other Financing Activities, net	-1.10	-	0.00	0.00	-1.40	2.80	-4.20	-7.70	1.30	-11	-12
Effect of Exchange Rate Changes	-0.20	-	-	-	-	-	-	-	-	-1.10	1.00
Cash Interest Paid	44	32	28	21	20	20	20	14	20	15	6.30
Cash Income Taxes Paid	8.80	-0.10	-0.60	1.50	0.60	2.50	2.00	4.40	6.50	5.00	6.50

This table details how cash moves in and out of Kratos Defense & Security Solutions' 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	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026
Net Change in Cash & Equivalents	-5.50	21	267	-31	-7.60	287	-66	521	-218	-6.30	904
Net Cash From Operating Activities	-	67	0.70	-2.70	6.10	46	-29	-12	-13	12	-27
Net Cash From Continuing Operating Activities	-	67	0.70	-2.70	6.10	46	-29	-12	-14	13	-27
Net Income / (Loss) Continuing Operations	3.00	5.60	1.30	7.90	3.20	3.90	4.50	2.90	8.70	5.90	12
Consolidated Net Income / (Loss)	3.00	5.60	1.30	7.90	3.20	3.90	4.50	2.90	8.70	5.90	12
Depreciation Expense	8.20	9.20	9.30	10	10	10	10	12	12	13	17
Amortization Expense	3.20	3.20	3.20	3.10	3.00	3.00	3.20	3.10	3.10	3.30	3.50
Non-Cash Adjustments To Reconcile Net Income	16	12	-3.60	-8.00	-11	47	8.70	50	9.00	-77	16
Changes in Operating Assets and Liabilities, net	-30	37	-9.50	-16	0.90	-18	-56	-80	-47	68	-76
Net Cash From Investing Activities	-14	-19	-17	-24	-15	-14	-23	-21	-28	-17	-365
Net Cash From Continuing Investing Activities	-14	-19	-17	-24	-15	-14	-23	-21	-28	-17	-365
Purchase of Property, Plant & Equipment	-14	-19	-17	-13	-15	-14	-23	-21	-28	-24	-20
Acquisitions	-	0.30	-	-	-	-	0.00	-	-	-5.00	-349
Sale of Property, Plant & Equipment	-	-	-	-	-	-	0.00	-	-	-	4.20
Net Cash From Financing Activities	8.70	-19	283	-3.60	1.60	-3.00	-15	551	-176	0.50	1,297
Net Cash From Continuing Financing Activities	8.70	-19	283	-3.60	1.60	-3.00	-15	551	-176	0.50	1,297
Repayment of Debt	-14	-33	-46	-1.20	-2.50	-2.50	-2.50	-2.50	-180	1.70	-0.80
Issuance of Common Equity	-	-	331	-	-	-	0.00	556	-	-	1,349
Other Financing Activities, net	3.00	-0.40	-12	-2.40	4.10	-0.50	-12	-2.60	3.90	-1.20	-51
Effect of Exchange Rate Changes	-	-	-0.60	-0.20	0.90	-	0.70	-	-0.30	-0.70	-1.10

This table presents Kratos Defense & Security Solutions' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/27/2015	12/25/2016	12/31/2017	12/30/2018	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Total Assets	903	949	1,024	1,010	1,186	1,563	1,590	1,552	1,633	1,951	2,467
Total Current Assets	320	373	471	495	522	765	758	583	594	872	1,263
Cash & Equivalents	29	69	131	183	173	381	349	81	73	329	561
Accounts Receivable	207	229	212	237	264	272	285	329	329	324	457
Inventories, net	56	55	49	47	61	81	92	126	156	162	188
Prepaid Expenses	11	8.90	11	8.90	9.40	12	9.80	12	16	18	13
Other Current Assets	14	5.20	9.50	10	11	18	23	35	20	39	44
Plant, Property, & Equipment, net	56	50	58	67	0.00	0.00	0.00	0.00	244	288	362
Total Noncurrent Assets	527	526	495	448	664	798	831	969	795	791	842
Long-Term Investments	-	-	-	-	-	-	-	-	-	-	5.00
Goodwill	483	485	426	426	456	484	494	558	569	569	596
Intangible Assets	37	33	22	16	40	43	43	55	62	54	54
Other Noncurrent Operating Assets	6.80	7.70	8.10	6.50	169	271	294	356	163	168	188
Total Liabilities & Shareholders' Equity	903	949	1,024	1,010	1,186	1,563	1,590	1,552	1,633	1,951	2,467
Total Liabilities	649	672	513	491	597	623	629	604	634	598	471
Total Current Liabilities	172	197	189	165	183	198	221	234	293	297	311
Accounts Payable	48	53	35	47	54	55	50	57	63	82	70
Accrued Expenses	33	50	41	38	33	35	27	34	35	39	61
Current Deferred Revenue	42	42	43	35	34	34	58	62	102	76	73
Current Employee Benefit Liabilities	37	39	30	34	37	48	47	52	65	72	82
Other Current Liabilities	5.10	6.70	9.40	4.70	20	21	36	26	28	28	25
Total Noncurrent Liabilities	477	476	324	326	414	425	408	370	342	301	160
Other Noncurrent Operating Liabilities	18	24	24	26	116	83	76	77	122	32	160
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	254	276	512	519	574	925	945	936	976	1,353	1,996
Total Preferred & Common Equity	254	276	512	519	574	925	945	936	976	1,353	1,996
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	254	276	512	519	574	925	945	936	976	1,353	1,996
Common Stock	873	956	1,234	1,245	1,287	1,556	1,579	1,608	1,655	2,018	2,636
Retained Earnings	-618	-678	-721	-725	-712	-632	-634	-671	-680	-664	-642
Accumulated Other Comprehensive Income / (Loss)	-1.40	-1.70	-1.40	-0.70	-0.40	1.40	0.60	-0.80	1.70	-0.50	2.10

This table presents Kratos Defense & Security Solutions' 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	9/25/2022	3/26/2023	6/25/2023	10/1/2023	3/31/2024	6/30/2024	9/29/2024	3/30/2025	6/29/2025	9/28/2025	3/29/2026
Total Assets	1,568	1,557	1,563	1,591	1,915	1,914	1,912	2,005	2,586	2,423	4,043
Total Current Assets	601	588	588	604	872	851	838	864	1,429	1,237	2,310
Cash & Equivalents	125	47	48	42	339	308	302	264	784	566	1,464
Accounts Receivable	302	354	338	352	326	338	319	363	399	423	529
Inventories, net	120	134	146	150	160	155	159	176	178	180	226
Prepaid Expenses	14	14	13	18	27	29	37	17	15	15	23
Other Current Assets	40	39	43	42	20	21	22	46	54	53	69
Plant, Property, & Equipment, net	218	214	0.00	227	251	0.00	281	301	312	343	414
Total Noncurrent Assets	749	755	975	759	792	1,063	794	839	845	844	1,318
Long-Term Investments	-	-	-	-	-	-	-	-	-	-	7.00
Goodwill	552	558	558	558	569	569	569	597	599	595	884
Intangible Assets	62	54	52	51	60	58	56	62	59	57	220
Other Noncurrent Operating Assets	135	144	365	150	163	436	169	180	187	192	207
Total Liabilities & Shareholders' Equity	1,568	1,557	1,563	1,591	1,915	1,914	1,912	2,005	2,586	2,423	4,043
Total Liabilities	625	614	603	618	586	585	570	617	626	442	633
Total Current Liabilities	214	245	251	263	288	272	261	305	322	287	411
Accounts Payable	54	55	58	57	62	59	61	83	98	66	112
Accrued Expenses	30	36	41	40	36	35	40	42	48	67	59
Current Deferred Revenue	49	65	73	79	98	81	62	82	77	64	108
Current Employee Benefit Liabilities	55	56	54	55	61	63	61	70	72	69	89
Other Current Liabilities	15	30	22	28	30	33	36	28	27	22	43
Total Noncurrent Liabilities	411	369	352	355	298	313	309	312	303	154	222
Capital Lease Obligations	35	40	41	43	35	34	32	97	32	119	167
Other Noncurrent Operating Liabilities	82	77	77	77	83	99	100	43	101	35	55
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	935	931	946	953	1,306	1,329	1,343	1,388	1,960	1,982	3,410
Total Preferred & Common Equity	935	931	946	953	1,306	1,329	1,343	1,388	1,960	1,982	3,410
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	935	931	946	953	1,306	1,329	1,343	1,388	1,960	1,982	3,410
Common Stock	1,602	1,610	1,624	1,634	1,983	1,999	2,010	2,047	2,614	2,627	4,039
Retained Earnings	-663	-678	-681	-683	-679	-671	-668	-659	-657	-648	-630
Accumulated Other Comprehensive Income / (Loss)	-3.70	-0.50	2.90	2.50	2.10	1.50	0.30	0.10	2.80	2.10	1.10

This table displays calculated financial ratios and metrics derived from Kratos Defense & Security Solutions' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/27/2015	12/25/2016	12/31/2017	12/30/2018	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-13.88%	-100.00%	0.00%	0.00%	0.00%	4.21%	8.53%	10.70%	15.45%	9.57%	18.53%
EBITDA Growth	-43.45%	-67.38%	71.05%	272.31%	51.65%	-11.99%	-1.70%	-37.95%	95.43%	6.62%	7.06%
EBIT Growth	-180.00%	-232.69%	35.26%	363.39%	26.44%	-20.64%	-6.08%	-108.27%	1,473.91%	-6.65%	-4.75%
NOPAT Growth	-184.91%	-300.00%	33.33%	271.11%	83.55%	1,211.49%	-99.08%	-164.03%	431.25%	165.27%	-7.14%
Net Income Growth	125.38%	-405.56%	29.42%	91.80%	460.00%	530.16%	-102.02%	-1,975.00%	107.23%	579.17%	34.97%
EPS Growth	125.19%	-391.18%	51.52%	93.75%	466.67%	509.09%	-102.99%	-1,350.00%	75.86%	257.14%	18.18%
Operating Cash Flow Growth	-1,288.00%	50.84%	-84.25%	138.66%	188.46%	49.00%	-31.10%	-183.44%	353.70%	-23.77%	-184.71%
Free Cash Flow Firm Growth	-105.17%	273.57%	30.46%	-129.29%	-619.04%	389.55%	-123.38%	-494.96%	110.43%	-256.93%	-93.31%
Invested Capital Growth	1.22%	-4.75%	-5.26%	3.57%	12.67%	26.44%	4.40%	22.84%	-1.38%	4.67%	20.70%
Revenue Q/Q Growth	1.53%	-100.00%	100.00%	100.00%	0.00%	-31.40%	-16.79%	4.38%	2.42%	0.83%	4.83%
EBITDA Q/Q Growth	-17.08%	65.22%	-60.96%	100.83%	6.69%	-3.58%	0.95%	-4.60%	12.90%	-8.27%	9.19%
EBIT Q/Q Growth	-79.31%	18.40%	-221.74%	637.50%	-1.84%	-3.27%	0.72%	-291.67%	27.94%	-21.96%	18.57%
NOPAT Q/Q Growth	-36.36%	17.05%	-246.34%	336.89%	-12.34%	1,664.00%	-99.40%	-216.00%	115.17%	-19.99%	5.15%
Net Income Q/Q Growth	-8.76%	-0.33%	-72.18%	88.49%	-14.29%	1,885.00%	-102.03%	-7.79%	129.63%	-9.44%	10.00%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-15.38%	2,133.33%	-103.03%	0.00%	0.00%	22.22%	0.00%
Operating Cash Flow Q/Q Growth	-395.00%	2.67%	-17.98%	92.59%	15.38%	121.29%	-45.96%	27.20%	1,287.23%	-30.49%	-389.53%
Free Cash Flow Firm Q/Q Growth	-105.68%	-26.52%	197.87%	-114.94%	-22.43%	317.38%	-108.54%	16.80%	123.52%	-98.06%	6.10%
Invested Capital Q/Q Growth	-1.03%	0.40%	-9.38%	0.87%	1.66%	13.73%	5.54%	0.16%	-5.49%	-4.26%	1.65%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.62%	0.00%	0.00%	0.00%	26.48%	27.18%	27.74%	25.16%	25.90%	25.28%	22.86%
EBITDA Margin	3.55%	0.00%	0.00%	0.00%	10.23%	8.64%	7.83%	4.39%	7.42%	7.23%	6.53%
Operating Margin	-0.68%	0.00%	0.00%	0.00%	5.30%	3.92%	3.44%	-0.32%	3.00%	2.55%	1.90%
EBIT Margin	-0.79%	0.00%	0.00%	0.00%	5.20%	3.96%	3.43%	-0.26%	3.05%	2.60%	2.09%
Profit (Net Income) Margin	3.01%	0.00%	0.00%	0.00%	1.76%	10.62%	-0.20%	-3.70%	0.23%	1.43%	1.63%
Tax Burden Percent	-44.39%	116.80%	74.78%	-40.23%	80.25%	1,167.65%	-36.36%	100.61%	21.62%	61.51%	64.71%
Interest Burden Percent	857.69%	299.42%	509.82%	29.49%	42.09%	22.97%	15.83%	1,434.78%	35.13%	89.83%	121.00%
Effective Tax Rate	0.00%	0.00%	0.00%	52.87%	30.57%	-1,080.88%	88.64%	0.00%	78.38%	38.49%	35.29%
Return on Invested Capital (ROIC)	-0.47%	0.00%	0.00%	0.00%	3.90%	42.68%	0.34%	-0.19%	0.58%	1.52%	1.16%
ROIC Less NNEP Spread (ROIC-NNEP)	4.79%	0.00%	0.00%	0.00%	-7.43%	-536.25%	19.42%	-31.63%	-1.82%	39.03%	-1.03%
Return on Net Nonoperating Assets (RNNOA)	8.74%	0.00%	0.00%	0.00%	-1.63%	-32.30%	-0.51%	-3.29%	-0.34%	-0.14%	0.15%
Return on Equity (ROE)	8.28%	-22.80%	-10.84%	-0.68%	2.27%	10.38%	-0.17%	-3.48%	0.25%	1.39%	1.31%
Cash Return on Invested Capital (CROIC)	-1.68%	2.97%	4.08%	-1.21%	-8.01%	19.33%	-3.96%	-20.70%	1.97%	-3.04%	-17.60%
Operating Return on Assets (OROA)	-0.51%	0.00%	0.00%	0.00%	3.40%	2.15%	1.76%	-0.15%	1.98%	1.65%	1.27%
Return on Assets (ROA)	1.95%	0.00%	0.00%	0.00%	1.15%	5.78%	-0.10%	-2.11%	0.15%	0.91%	1.00%
Return on Common Equity (ROCE)	8.28%	-22.80%	-10.84%	-0.68%	2.24%	10.18%	-0.17%	-3.43%	0.24%	1.37%	1.31%
Return on Equity Simple (ROE_SIMPLE)	7.79%	-21.89%	-8.35%	-0.67%	2.19%	8.58%	-0.17%	-3.55%	0.25%	1.20%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.15	-13	-8.40	14	26	346	3.17	-2.03	6.72	18	17
NOPAT Margin	-0.48%	0.00%	0.00%	0.00%	3.68%	46.28%	0.39%	-0.23%	0.65%	1.57%	1.23%
Net Nonoperating Expense Percent (NNEP)	-5.26%	12.02%	14.49%	16.38%	11.34%	578.93%	-19.08%	31.44%	2.40%	-37.51%	2.19%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-0.17%	0.56%	1.17%	0.78%
Cost of Revenue to Revenue	75.38%	0.00%	0.00%	0.00%	73.52%	72.82%	72.26%	74.84%	74.10%	74.73%	77.14%
SG&A Expenses to Revenue	22.93%	0.00%	0.00%	0.00%	18.23%	19.33%	19.74%	20.35%	19.07%	18.83%	17.83%
R&D to Revenue	2.47%	0.00%	0.00%	0.00%	2.51%	3.61%	4.34%	4.30%	3.70%	3.55%	2.97%
Operating Expenses to Revenue	25.31%	0.00%	0.00%	0.00%	21.18%	23.26%	24.30%	25.48%	22.90%	22.72%	20.96%
Earnings before Interest and Taxes (EBIT)	-5.20	-17	-11	30	37	30	28	-2.30	32	30	28
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	23	7.60	13	48	73	65	64	39	77	82	88
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.97	1.64	2.14	2.75	3.29	3.50	2.60	1.27	2.68	2.96	6.57
Price to Tangible Book Value (P/TBV)	0.00	0.00	17.15	18.41	23.90	8.13	6.03	3.68	7.59	5.48	9.74
Price to Revenue (P/Rev)	0.37	0.00	0.00	0.00	2.63	4.33	3.03	1.32	2.52	3.53	9.74
Price to Earnings (P/E)	12.41	0.00	0.00	0.00	151.07	40.71	0.00	0.00	0.00	245.80	596.31
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	8.06%	0.00%	0.00%	0.00%	0.66%	2.46%	0.00%	0.00%	0.00%	0.41%	0.17%
Enterprise Value to Invested Capital (EV/IC)	0.97	1.26	2.05	2.42	2.83	3.55	2.60	1.21	2.43	3.21	8.13
Enterprise Value to Revenue (EV/Rev)	1.01	0.00	0.00	0.00	2.82	4.30	3.03	1.57	2.69	3.39	9.42
Enterprise Value to EBITDA (EV/EBITDA)	28.40	107.48	96.66	31.77	27.60	49.75	38.66	35.79	36.17	46.92	144.35
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	52.13	54.31	108.57	88.31	0.00	88.14	130.57	451.53
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	106.99	76.79	9.29	774.37	0.00	414.19	215.93	765.96
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	147.87	67.53	71.89	79.71	0.00	42.72	77.50	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	41.47	48.89	0.00	0.00	20.51	0.00	0.00	122.56	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.75	1.56	0.57	0.57	0.50	0.36	0.34	0.31	0.22	0.13	0.06
Long-Term Debt to Equity	1.75	1.56	0.57	0.57	0.50	0.36	0.34	0.31	0.22	0.13	0.06
Financial Leverage	1.83	1.50	0.60	0.21	0.22	0.06	-0.03	0.10	0.19	0.00	-0.15
Leverage Ratio	4.25	3.49	2.50	1.97	1.98	1.80	1.66	1.65	1.64	1.52	1.32
Compound Leverage Factor	36.47	10.45	12.76	0.58	0.83	0.41	0.26	23.62	0.57	1.37	1.60
Debt to Total Capital	63.65%	60.98%	36.46%	36.16%	33.37%	26.54%	25.54%	23.50%	18.01%	11.43%	6.10%
Short-Term Debt to Total Capital	0.14%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	63.51%	60.84%	36.46%	36.16%	33.37%	26.54%	25.54%	23.50%	18.01%	11.43%	6.10%
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%	1.70%	1.16%	1.18%	0.90%	1.85%	0.00%	0.00%
Common Equity to Total Capital	36.35%	39.02%	63.54%	63.84%	64.93%	72.31%	73.28%	75.60%	80.14%	88.57%	93.90%
Debt to EBITDA	19.10	56.84	22.58	6.08	4.02	5.26	5.19	7.39	2.85	2.13	1.47
Net Debt to EBITDA	17.85	47.68	12.51	2.30	1.67	-0.65	-0.32	5.32	1.90	-1.88	-4.90
Long-Term Debt to EBITDA	19.06	56.71	22.58	6.08	4.02	5.26	5.19	7.39	2.85	2.13	1.47
Debt to NOPAT	-141.30	-34.29	-34.94	20.47	11.19	0.98	103.90	-143.35	32.61	9.79	7.82
Net Debt to NOPAT	-132.03	-28.76	-19.36	7.74	4.64	-0.12	-6.31	-103.30	21.79	-8.67	-26.02
Long-Term Debt to NOPAT	-140.98	-34.21	-34.94	20.47	11.19	0.98	103.90	-143.35	32.61	9.79	7.82
Altman Z-Score	0.18	-0.43	0.59	1.23	2.11	3.53	2.76	1.42	2.81	4.53	17.40
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	1.35%	1.95%	1.58%	1.38%	1.73%	0.96%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.86	1.90	2.50	3.00	2.86	3.87	3.43	2.49	2.03	2.94	4.06
Quick Ratio	1.36	1.52	1.81	2.55	2.39	3.31	2.87	1.75	1.37	2.20	3.27
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-11	20	26	-7.53	-54	157	-37	-218	23	-36	-251
Operating Cash Flow to CapEx	-285.58%	-162.22%	-105.91%	0.00%	115.38%	124.86%	69.53%	-56.86%	147.85%	85.40%	-50.54%
Free Cash Flow to Firm to Interest Expense	-3.34	0.00	1.49	0.00	0.00	0.00	0.00	-16.76	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-8.74	0.00	-1.55	0.00	0.00	0.00	0.00	-1.98	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-11.79	0.00	-3.02	0.00	0.00	0.00	0.00	-5.45	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.65	0.00	0.00	0.00	0.65	0.54	0.51	0.57	0.65	0.63	0.61
Accounts Receivable Turnover	3.10	0.00	0.00	0.00	2.86	2.79	2.91	2.93	3.15	3.48	3.45
Inventory Turnover	9.62	7.59	8.54	9.36	9.78	7.65	6.78	6.19	5.46	5.34	5.93
Fixed Asset Turnover	11.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.27	4.14
Accounts Payable Turnover	10.66	8.34	10.20	11.03	10.51	9.97	11.09	12.48	12.77	11.70	13.71
Days Sales Outstanding (DSO)	117.84	0.00	0.00	0.00	127.64	131.00	125.26	124.58	115.74	104.88	105.86
Days Inventory Outstanding (DIO)	37.95	48.07	42.75	39.00	37.33	47.69	53.81	58.96	66.90	68.41	61.54
Days Payable Outstanding (DPO)	34.23	43.74	35.79	33.10	34.74	36.60	32.93	29.24	28.59	31.19	26.63
Cash Conversion Cycle (CCC)	121.56	0.00	0.00	0.00	130.23	142.09	146.15	154.30	154.04	142.10	140.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	680	648	614	636	716	905	945	1,161	1,145	1,199	1,560
Invested Capital Turnover	0.97	0.00	0.00	0.00	1.06	0.92	0.88	0.85	0.90	0.97	0.94
Increase / (Decrease) in Invested Capital	8.20	-32	-34	22	81	189	40	216	-16	54	268
Enterprise Value (EV)	662	817	1,257	1,538	2,026	3,214	2,455	1,410	2,785	3,852	12,688
Market Capitalization	246	454	1,094	1,427	1,888	3,241	2,460	1,189	2,616	4,006	13,119
Book Value per Share	$4.30	$4.57	$4.95	$5.01	$5.40	$7.54	$7.62	$7.43	$7.57	$8.96	$11.82
Tangible Book Value per Share	($4.50)	($3.99)	$0.62	$0.75	$0.74	$3.25	$3.29	$2.56	$2.67	$4.84	$7.98
Total Capital	699	708	805	814	884	1,280	1,290	1,239	1,218	1,528	2,126
Total Debt	445	432	294	294	295	340	329	291	219	175	130
Total Long-Term Debt	444	431	294	294	295	340	329	291	219	175	130
Net Debt	416	362	163	111	123	-42	-20	210	147	-155	-431
Capital Expenditures (CapEx)	10	9.00	25	-43	26	36	44	45	44	58	83
Debt-free, Cash-free Net Working Capital (DFCFNWC)	120	108	152	147	167	186	188	267	229	246	391
Debt-free Net Working Capital (DFNWC)	149	178	283	330	340	567	537	348	302	575	952
Net Working Capital (NWC)	148	177	283	330	340	567	537	348	302	575	952
Net Nonoperating Expense (NNE)	-23	48	34	18	14	267	4.77	31	4.32	1.54	-5.44
Net Nonoperating Obligations (NNO)	426	371	102	116	127	-35	-15	214	147	-155	-436
Total Depreciation and Amortization (D&A)	29	25	24	19	36	35	36	42	45	53	60
Debt-free, Cash-free Net Working Capital to Revenue	18.23%	0.00%	0.00%	0.00%	23.26%	24.84%	23.12%	29.73%	22.07%	21.66%	29.05%
Debt-free Net Working Capital to Revenue	22.68%	0.00%	0.00%	0.00%	47.32%	75.86%	66.17%	38.78%	29.09%	50.64%	70.68%
Net Working Capital to Revenue	22.52%	0.00%	0.00%	0.00%	47.32%	75.86%	66.17%	38.78%	29.09%	50.64%	70.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.34	($0.99)	($0.48)	($0.03)	$0.12	$0.69	($0.02)	($0.29)	($0.07)	$0.11	$0.14
Adjusted Weighted Average Basic Shares Outstanding	58.70M	61.30M	89.50M	103.80M	106M	115.50M	124.60M	126.70M	130.40M	149M	162.70M
Adjusted Diluted Earnings per Share	$0.34	($0.99)	($0.48)	($0.03)	$0.11	$0.67	($0.02)	($0.29)	($0.07)	$0.11	$0.13
Adjusted Weighted Average Diluted Shares Outstanding	58.70M	61.30M	89.50M	106.10M	109.20M	118.70M	128M	126.70M	130.40M	150.90M	165.20M
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	59.58M	74.53M	103.51M	104.05M	106.94M	123.46M	124.64M	126.66M	130.00M	152.84M	170.33M
Normalized Net Operating Profit after Tax (NOPAT)	-3.57	-5.60	8.75	24	29	22	21	3.22	23	20	18
Normalized NOPAT Margin	-0.54%	0.00%	0.00%	0.00%	3.99%	2.97%	2.56%	0.36%	2.19%	1.78%	1.33%
Pre Tax Income Margin	-6.79%	0.00%	0.00%	0.00%	2.19%	0.91%	0.54%	-3.67%	1.07%	2.33%	2.52%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.53	0.00	-0.65	0.00	0.00	0.00	0.00	-0.18	0.00	0.00	0.00
NOPAT to Interest Expense	-0.93	0.00	-0.49	0.00	0.00	0.00	0.00	-0.16	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-4.59	0.00	-2.12	0.00	0.00	0.00	0.00	-3.65	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-3.99	0.00	-1.95	0.00	0.00	0.00	0.00	-3.63	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	-31.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Kratos Defense & Security Solutions' 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	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	170,329,158.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	170,329,158.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.07
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	20.12%	9.83%	19.59%	16.82%	0.47%	3.40%	9.16%	17.13%	25.99%	21.90%	22.60%
EBITDA Growth	237.68%	57.23%	75.45%	47.46%	-18.03%	-29.60%	3.11%	-20.69%	16.75%	42.05%	28.64%
EBIT Growth	353.19%	133.33%	3,300.00%	82.61%	-51.26%	-65.87%	-7.35%	-53.97%	25.86%	102.33%	-15.87%
NOPAT Growth	313.59%	132.41%	550.00%	622.24%	-33.37%	-66.07%	141.76%	-70.00%	44.74%	36.70%	3.77%
Net Income Growth	137.50%	214.29%	122.41%	2,075.00%	6.67%	-30.36%	246.15%	-63.29%	171.88%	51.28%	164.44%
EPS Growth	0.00%	0.00%	120.00%	350.00%	300.00%	200.00%	200.00%	-60.00%	150.00%	0.00%	133.33%
Operating Cash Flow Growth	0.00%	876.81%	102.72%	-111.49%	0.00%	-32.34%	-4,271.43%	-333.33%	-318.03%	-73.46%	6.16%
Free Cash Flow Firm Growth	82.38%	110.15%	91.92%	18.40%	21.75%	-305.41%	-1,351.50%	-256.69%	-656.96%	-82.08%	-288.66%
Invested Capital Growth	4.51%	-1.38%	1.24%	3.96%	3.33%	4.67%	15.53%	11.54%	22.62%	20.70%	51.13%
Revenue Q/Q Growth	6.89%	-0.29%	1.24%	8.26%	-8.06%	2.61%	6.89%	16.16%	-1.11%	-0.72%	7.51%
EBITDA Q/Q Growth	31.64%	7.30%	-22.80%	35.23%	-26.82%	-7.85%	13.07%	4.02%	7.73%	12.11%	2.40%
EBIT Q/Q Growth	72.46%	5.88%	-46.03%	85.29%	-53.97%	-25.86%	46.51%	-7.94%	25.86%	19.18%	-39.08%
NOPAT Q/Q Growth	461.50%	60.17%	-72.63%	241.78%	-53.88%	-18.44%	88.03%	-57.59%	122.53%	-22.97%	42.74%
Net Income Q/Q Growth	850.00%	86.67%	-76.79%	507.69%	-59.49%	21.88%	15.38%	-35.56%	200.00%	-32.18%	101.69%
EPS Q/Q Growth	50.00%	200.00%	0.00%	400.00%	-60.00%	50.00%	0.00%	-33.33%	150.00%	-40.00%	133.33%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-98.96%	-485.71%	325.93%	647.54%	-164.04%	59.93%	-13.68%	190.98%	-326.45%
Free Cash Flow Firm Q/Q Growth	2.64%	152.48%	17.53%	-213.97%	6.64%	-37.75%	-259.47%	22.85%	-98.13%	5.15%	-168.05%
Invested Capital Q/Q Growth	1.92%	-5.49%	1.80%	2.49%	1.29%	-4.26%	16.24%	-1.06%	11.35%	1.65%	34.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.73%	26.26%	25.61%	25.72%	25.08%	24.66%	24.32%	21.00%	22.18%	24.17%	24.15%
EBITDA Margin	8.49%	9.13%	6.96%	8.70%	6.92%	6.22%	6.58%	5.89%	6.42%	7.24%	6.90%
Operating Margin	4.44%	4.27%	2.53%	4.17%	2.36%	1.06%	2.18%	1.05%	2.04%	2.38%	1.27%
EBIT Margin	4.33%	4.60%	2.45%	4.20%	2.10%	1.52%	2.08%	1.65%	2.10%	2.52%	1.43%
Profit (Net Income) Margin	1.09%	2.05%	0.47%	2.63%	1.16%	1.38%	1.49%	0.83%	2.50%	1.71%	3.21%
Tax Burden Percent	44.12%	73.68%	32.50%	62.20%	55.17%	97.50%	83.33%	63.04%	73.11%	48.76%	121.43%
Interest Burden Percent	57.14%	60.32%	58.82%	100.79%	100.00%	93.02%	85.71%	79.31%	163.01%	139.08%	184.91%
Effective Tax Rate	55.88%	26.32%	67.50%	37.80%	44.83%	2.50%	16.67%	36.96%	26.89%	51.24%	-21.43%
Return on Invested Capital (ROIC)	1.67%	2.83%	0.74%	2.41%	1.19%	1.00%	1.62%	0.62%	1.38%	1.09%	1.24%
ROIC Less NNEP Spread (ROIC-NNEP)	0.63%	1.15%	-0.82%	2.59%	0.67%	-22.78%	3.33%	0.45%	0.07%	0.33%	0.29%
Return on Net Nonoperating Assets (RNNOA)	0.15%	0.21%	-0.05%	0.15%	0.04%	0.08%	-0.14%	-0.09%	-0.01%	-0.05%	-0.08%
Return on Equity (ROE)	1.82%	3.05%	0.70%	2.56%	1.23%	1.08%	1.48%	0.52%	1.37%	1.05%	1.17%
Cash Return on Invested Capital (CROIC)	-8.15%	1.97%	0.21%	-1.86%	-1.46%	-3.04%	-12.88%	-9.80%	-19.19%	-17.60%	-39.68%
Operating Return on Assets (OROA)	2.78%	3.00%	1.53%	2.72%	1.35%	0.96%	1.23%	0.89%	1.24%	1.54%	0.67%
Return on Assets (ROA)	0.70%	1.33%	0.29%	1.70%	0.75%	0.87%	0.88%	0.44%	1.48%	1.04%	1.50%
Return on Common Equity (ROCE)	1.80%	2.99%	0.69%	2.54%	1.22%	1.07%	1.47%	0.52%	1.37%	1.05%	1.17%
Return on Equity Simple (ROE_SIMPLE)	-0.85%	0.00%	0.73%	1.34%	1.34%	0.00%	1.41%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	5.38	8.62	2.28	7.78	3.59	2.93	5.50	2.33	5.19	4.00	5.71
NOPAT Margin	1.96%	3.15%	0.82%	2.59%	1.30%	1.03%	1.82%	0.66%	1.49%	1.16%	1.54%
Net Nonoperating Expense Percent (NNEP)	1.05%	1.68%	1.57%	-0.18%	0.52%	23.78%	-1.71%	0.17%	1.31%	0.77%	0.95%
Return On Investment Capital (ROIC_SIMPLE)	-	0.72%	-	-	-	0.19%	0.33%	0.11%	0.25%	0.19%	0.16%
Cost of Revenue to Revenue	73.27%	73.74%	74.39%	74.28%	74.92%	75.34%	75.68%	79.00%	77.82%	75.83%	75.85%
SG&A Expenses to Revenue	18.54%	18.92%	19.62%	18.16%	19.06%	18.54%	18.84%	17.04%	17.20%	18.40%	19.49%
R&D to Revenue	3.75%	2.92%	3.46%	3.40%	3.59%	3.74%	3.30%	2.90%	2.88%	2.84%	2.88%
Operating Expenses to Revenue	22.29%	21.99%	23.09%	21.56%	22.73%	23.60%	22.14%	19.94%	20.14%	21.79%	22.88%
Earnings before Interest and Taxes (EBIT)	12	13	6.80	13	5.80	4.30	6.30	5.80	7.30	8.70	5.30
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	23	25	19	26	19	18	20	21	22	25	26
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.02	2.68	0.00	2.26	2.62	2.96	3.38	3.59	7.35	6.57	3.59
Price to Tangible Book Value (P/TBV)	5.58	7.59	0.00	4.28	4.90	5.48	6.44	5.40	10.96	9.74	5.31
Price to Revenue (P/Rev)	1.90	2.52	0.00	2.67	3.12	3.53	4.04	5.80	11.34	9.74	8.66
Price to Earnings (P/E)	0.00	0.00	0.00	300.35	237.62	245.80	240.47	485.09	728.18	596.31	416.79
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.33%	0.42%	0.41%	0.42%	0.21%	0.14%	0.17%	0.24%
Enterprise Value to Invested Capital (EV/IC)	1.80	2.43	0.00	2.35	2.74	3.21	3.37	4.68	9.20	8.13	5.20
Enterprise Value to Revenue (EV/Rev)	2.15	2.69	0.00	2.58	3.04	3.39	4.04	5.32	10.99	9.42	7.74
Enterprise Value to EBITDA (EV/EBITDA)	31.93	36.17	0.00	31.04	38.26	46.92	56.77	83.47	175.37	144.35	116.98
Enterprise Value to EBIT (EV/EBIT)	88.17	88.14	0.00	66.26	90.59	130.57	161.89	290.64	595.65	451.53	404.02
Enterprise Value to NOPAT (EV/NOPAT)	0.00	414.19	0.00	118.44	153.60	215.93	234.86	444.98	896.15	765.96	603.40
Enterprise Value to Operating Cash Flow (EV/OCF)	463.35	42.72	0.00	44.48	47.89	77.50	237.11	597.43	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	122.56	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.29	0.22	0.16	0.16	0.16	0.13	0.19	0.10	0.06	0.06	0.05
Long-Term Debt to Equity	0.29	0.22	0.16	0.16	0.16	0.13	0.19	0.10	0.06	0.06	0.05
Financial Leverage	0.24	0.19	0.05	0.06	0.06	0.00	-0.04	-0.21	-0.16	-0.15	-0.27
Leverage Ratio	1.65	1.64	1.53	1.52	1.51	1.52	1.44	1.37	1.30	1.32	1.26
Compound Leverage Factor	0.94	0.99	0.90	1.53	1.51	1.42	1.24	1.09	2.13	1.83	2.33
Debt to Total Capital	22.18%	18.01%	13.91%	13.84%	13.48%	11.43%	16.25%	9.34%	5.68%	6.10%	4.66%
Short-Term Debt 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%
Long-Term Debt to Total Capital	22.18%	18.01%	13.91%	13.84%	13.48%	11.43%	16.25%	9.34%	5.68%	6.10%	4.66%
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	1.54%	1.85%	1.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	76.28%	80.14%	84.63%	86.16%	86.52%	88.57%	83.75%	90.66%	94.32%	93.90%	95.34%
Debt to EBITDA	4.06	2.85	2.52	2.28	2.34	2.13	3.26	2.61	1.48	1.47	1.78
Net Debt to EBITDA	3.45	1.90	-1.46	-1.01	-1.03	-1.88	0.07	-7.52	-5.55	-4.90	-13.94
Long-Term Debt to EBITDA	4.06	2.85	2.52	2.28	2.34	2.13	3.26	2.61	1.48	1.47	1.78
Debt to NOPAT	-6.25	32.61	12.40	8.70	9.38	9.79	13.47	13.93	7.57	7.82	9.19
Net Debt to NOPAT	-5.30	21.79	-7.17	-3.85	-4.14	-8.67	0.28	-40.11	-28.35	-26.02	-71.90
Long-Term Debt to NOPAT	-6.25	32.61	12.40	8.70	9.38	9.79	13.47	13.93	7.57	7.82	9.19
Altman Z-Score	2.19	2.78	0.00	3.56	4.18	4.49	5.02	7.38	20.41	17.37	12.32
Noncontrolling Interest Sharing Ratio	1.41%	1.73%	1.54%	0.64%	0.83%	0.96%	0.83%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.30	2.03	3.02	3.13	3.22	2.94	2.84	4.43	4.30	4.06	5.63
Quick Ratio	1.50	1.37	2.31	2.37	2.38	2.20	2.05	3.67	3.44	3.27	4.85
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-47	25	-13	-39	-37	-51	-182	-140	-278	-264	-707
Operating Cash Flow to CapEx	0.00%	349.22%	4.22%	-21.26%	39.87%	335.29%	-129.20%	-57.07%	-47.50%	50.00%	-174.52%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.64	0.65	0.62	0.65	0.64	0.63	0.59	0.54	0.59	0.61	0.47
Accounts Receivable Turnover	3.10	3.15	3.19	3.33	3.36	3.48	3.38	3.29	3.46	3.45	3.18
Inventory Turnover	5.58	5.46	5.46	5.54	5.42	5.34	5.19	5.57	5.85	5.93	5.43
Fixed Asset Turnover	4.55	0.00	4.66	0.00	4.44	4.27	4.20	0.00	4.12	4.14	3.96
Accounts Payable Turnover	13.61	12.77	13.74	14.20	14.15	11.70	12.06	11.85	15.57	13.71	11.21
Days Sales Outstanding (DSO)	117.89	115.74	114.57	109.61	108.66	104.88	108.13	110.91	105.47	105.86	114.91
Days Inventory Outstanding (DIO)	65.40	66.90	66.83	65.94	67.32	68.41	70.29	65.50	62.44	61.54	67.18
Days Payable Outstanding (DPO)	26.82	28.59	26.57	25.70	25.79	31.19	30.27	30.80	23.44	26.63	32.56
Cash Conversion Cycle (CCC)	156.47	154.04	154.84	149.85	150.18	142.10	148.15	145.61	144.47	140.76	149.53
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,212	1,145	1,206	1,236	1,252	1,199	1,393	1,378	1,535	1,560	2,105
Invested Capital Turnover	0.85	0.90	0.90	0.93	0.92	0.97	0.89	0.93	0.92	0.94	0.81
Increase / (Decrease) in Invested Capital	52	-16	15	47	40	54	187	143	283	268	712
Enterprise Value (EV)	2,178	2,785	0.00	2,909	3,424	3,852	4,695	6,452	14,117	12,688	10,949
Market Capitalization	1,923	2,616	0.00	3,003	3,517	4,006	4,689	7,034	14,564	13,119	12,253
Book Value per Share	$7.45	$7.57	$9.36	$8.86	$8.89	$8.96	$9.08	$12.77	$11.74	$11.82	$20.02
Tangible Book Value per Share	$2.69	$2.67	$4.85	$4.68	$4.76	$4.84	$4.77	$8.49	$7.88	$7.98	$13.54
Total Capital	1,250	1,218	1,543	1,543	1,552	1,528	1,657	2,162	2,101	2,126	3,577
Total Debt	277	219	215	214	209	175	269	202	119	130	167
Total Long-Term Debt	277	219	215	214	209	175	269	202	119	130	167
Net Debt	235	147	-124	-95	-92	-155	5.50	-582	-447	-431	-1,305
Capital Expenditures (CapEx)	14	19	17	13	15	14	23	21	28	24	16
Debt-free, Cash-free Net Working Capital (DFCFNWC)	299	229	245	271	276	246	296	323	384	391	435
Debt-free Net Working Capital (DFNWC)	341	302	584	579	578	575	560	1,107	950	952	1,900
Net Working Capital (NWC)	341	302	584	579	578	575	560	1,107	950	952	1,900
Net Nonoperating Expense (NNE)	2.38	3.02	0.98	-0.12	0.39	-0.98	1.00	-0.57	-3.51	-1.90	-6.19
Net Nonoperating Obligations (NNO)	239	147	-123	-94	-91	-155	5.50	-582	-447	-436	-1,305
Total Depreciation and Amortization (D&A)	11	12	13	14	13	13	14	15	15	16	20
Debt-free, Cash-free Net Working Capital to Revenue	29.55%	22.07%	22.60%	24.05%	24.53%	21.66%	25.46%	26.62%	29.86%	29.05%	30.77%
Debt-free Net Working Capital to Revenue	33.72%	29.09%	53.90%	51.43%	51.28%	50.64%	48.16%	91.21%	73.91%	70.68%	134.24%
Net Working Capital to Revenue	33.72%	29.09%	53.90%	51.43%	51.28%	50.64%	48.16%	91.21%	73.91%	70.68%	134.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.01)	$0.01	$0.01	$0.05	$0.02	$0.03	$0.03	$0.02	$0.05	$0.04	$0.07
Adjusted Weighted Average Basic Shares Outstanding	129.60M	130.40M	139.60M	151.80M	152.60M	149M	154.20M	155.70M	170.50M	162.70M	176.80M
Adjusted Diluted Earnings per Share	$0.00	$0.01	$0.01	$0.05	$0.02	$0.03	$0.03	$0.02	$0.05	$0.03	$0.07
Adjusted Weighted Average Diluted Shares Outstanding	129.60M	130.40M	141.50M	153.50M	154.10M	150.90M	156.20M	157.40M	172.90M	165.20M	179.40M
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	128.94M	130.00M	150.10M	151.00M	151.07M	152.84M	153.44M	168.79M	168.84M	170.33M	187.52M
Normalized Net Operating Profit after Tax (NOPAT)	8.54	8.92	4.90	7.78	3.70	6.53	5.50	2.33	5.34	5.74	4.62
Normalized NOPAT Margin	3.11%	3.26%	1.77%	2.59%	1.34%	2.31%	1.82%	0.66%	1.54%	1.66%	1.25%
Pre Tax Income Margin	2.48%	2.78%	1.44%	4.23%	2.10%	1.41%	1.78%	1.31%	3.42%	3.51%	2.64%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	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%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, data-driven snapshot of Kratos Defense & Security Solutions (KTOS) using the last four years of quarterly statements provided. The focus is on identifying trends in revenue, profitability, cash flow, and balance-sheet health that could matter to retail investors.

Revenue growth: KTOS has shown meaningful quarterly growth into 2025, with Q4 2025 operating revenue of $345.1M vs $283.1M in Q4 2024, reflecting a solid year-over-year lift and a trend of expanding quarterly sales.
Improving profitability indicators: Net income attributable to common shareholders rose in 2025, with KTOS reporting $5.9M in Q4 2025 (vs. $3.9M in Q4 2024). Q3 2025 also posted $8.7M in net income for the period, signaling improving profitability across the year.
Strong liquidity and cash position: Cash & equivalents were robust in 2025, with about $783.6M in Q2 2025 and $565.9M in Q3 2025. An equity financing event in Q2 2025 raised approximately $555.9M, boosting liquidity and the equity base.
Low leverage profile: KTOS carried no long-term debt in the Q3 2025 balance sheet (Long-Term Debt = $0), with liabilities primarily current and capital lease-related, supporting a relatively low net debt posture given the sizable equity base (Total Common Equity around $1.98B in Q3 2025).
Stable gross margins: Gross profit margins hovered in the mid-20s over the examined period (roughly 24% in late 2025), indicating durable core-profitability on product/service sales.

Financing activity and dilution: The large equity issue in Q2 2025 (issuance of common equity around $555.9M) materially boosted cash and equity but implies share count dilution, a neutral-to-mixed factor for investors.
Cash flow volatility across quarters: Operating cash flow has been uneven in several quarters (e.g., negative readings in multiple periods before the Q4 2025 improvement), suggesting working-capital and timing effects rather than a steady cash-growth trajectory.
Debt structure exposure: The company relies more on equity financing than on debt, with long-term debt essentially flat or zero across recent quarters and capital leases representing a portion of liabilities. This is a neutral dynamic for leverage risk, depending on future capital needs.

Short-term operating cash flow weakness: Net cash from continuing operating activities was negative in several quarters (e.g., Q1 2025 around -$29.2M, Q2 2025 around -$11.7M, Q3 2025 around -$13.8M), indicating near-term cash-generation challenges before later improvements.
Cash burn from investing activities in several periods: Net cash from investing activities was consistently negative across quarters (e.g., Q2–Q3 2025), reflecting ongoing capital spending and acquisitions that reduce near-term cash despite solid revenue growth and profitability.

Takeaways for investors:

KTOS’s revenue trend and improving profitability in 2025 point to strengthening operations, while the balance sheet remains solid with a strong equity cushion and limited debt. The notable equity issuance in 2025 supports liquidity but comes with dilution. Near-term cash flow from operations has been volatile, influenced by working capital and capital expenditures, which is typical for defense-focused manufacturing and program execution cycles. Overall, KTOS appears to be in a healthier equity position with modest leverage, but investors may want to monitor quarterly cash flow dynamics and the sustainability of operating cash generation as growth initiatives continue.

05/12/26 08:59 AM ETAI Generated. May Contain Errors.

Kratos Defense & Security Solutions Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Kratos Defense & Security Solutions' financial year ends in December. Their financial year 2025 ended on December 28, 2025.

Kratos Defense & Security Solutions' net income appears to be on an upward trend, with a most recent value of $22 million in 2025, rising from $19.80 million in 2015. The previous period was $16.30 million in 2024. View Kratos Defense & Security Solutions' forecast to see where analysts expect Kratos Defense & Security Solutions to go next.

Kratos Defense & Security Solutions' total operating income in 2025 was $25.60 million, based on the following breakdown:

Total Gross Profit: $307.90 million
Total Operating Expenses: $282.30 million

Over the last 10 years, Kratos Defense & Security Solutions' total revenue changed from $657.10 million in 2015 to $1.35 billion in 2025, a change of 105.0%.

Kratos Defense & Security Solutions' total liabilities were at $470.90 million at the end of 2025, a 21.2% decrease from 2024, and a 27.5% decrease since 2015.

In the past 10 years, Kratos Defense & Security Solutions' cash and equivalents has ranged from $28.50 million in 2015 to $560.60 million in 2025, and is currently $560.60 million as of their latest financial filing in 2025.

Over the last 10 years, Kratos Defense & Security Solutions' book value per share changed from 4.30 in 2015 to 11.82 in 2025, a change of 174.8%.

Related Companies

Financial statements for NASDAQ:KTOS last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Kratos Defense & Security Solutions (KTOS) Financials

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Kratos Defense & Security Solutions (KTOS) Financials

Annual Income Statements for Kratos Defense & Security Solutions

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Quarterly Cash Flow Statements for Kratos Defense & Security Solutions

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Kratos Defense & Security Solutions Financials - Frequently Asked Questions

When does Kratos Defense & Security Solutions' fiscal year end?

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How has Kratos Defense & Security Solutions' revenue changed over the last 10 years?

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How has Kratos Defense & Security Solutions' book value per share changed over the last 10 years?

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