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Leonardo DRS, Inc.

DRS Clue Score68
United States Fiscal year ends December CIK 0001833756
$36.24 +1.03% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $36.24 +103.48% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 29 Nov 2022. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2019Revenue2,714.0Operating income163.0Net income75.0EPS, diluted0.52Fiscal year 2020Revenue2,778.0 +2.4%Operating income181.0Net income85.0 +13.3%EPS, diluted0.40 −23.1%Fiscal year 2021Revenue2,879.0 +3.6%Operating income236.0Net income154.0 +81.2%EPS, diluted0.73 +82.5%Fiscal year 2022Revenue2,693.0 −6.5%Operating income561.0Net income405.0 +163.0%EPS, diluted1.88 +157.5%Fiscal year 2023Revenue2,826.0 +4.9%Operating income231.0Net income168.0 −58.5%EPS, diluted0.64 −66.0%Fiscal year 2024Revenue3,234.0 +14.4%Operating income293.0Net income213.0 +26.8%EPS, diluted0.80 +25.0%Fiscal year 2025Revenue3,648.0 +12.8%Operating income348.0Net income278.0 +30.5%EPS, diluted1.03 +28.7%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 2,714.0 2,778.0 2,879.0 2,693.0 2,826.0 3,234.0 3,648.0
Growth +2.4% +3.6% −6.5% +4.9% +14.4% +12.8%
Operating income 163.0 181.0 236.0 561.0 231.0 293.0 348.0
Net income 75.0 85.0 154.0 405.0 168.0 213.0 278.0
Growth +13.3% +81.2% +163.0% −58.5% +26.8% +30.5%
EPS, diluted 0.52 0.40 0.73 1.88 0.64 0.80 1.03
Growth −23.1% +82.5% +157.5% −66.0% +25.0% +28.7%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2019Gross margin16.9%Operating margin6.0%Net margin2.8%Free cash flow margin3.8%Fiscal year 2020Gross margin17.8%Operating margin6.5%Net margin3.1%Free cash flow margin2.5%Fiscal year 2021Gross margin19.0%Operating margin8.2%Net margin5.3%Free cash flow margin4.1%Fiscal year 2022Gross margin21.4%Operating margin20.8%Net margin15.0%Free cash flow margin−1.2%Fiscal year 2023Gross margin22.9%Operating margin8.2%Net margin5.9%Free cash flow margin5.1%Fiscal year 2024Gross margin22.8%Operating margin9.1%Net margin6.6%Free cash flow margin5.8%Fiscal year 2025Gross margin23.8%Operating margin9.5%Net margin7.6%Free cash flow margin6.2%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 16.9% 17.8% 19.0% 21.4% 22.9% 22.8% 23.8%
Operating margin 6.0% 6.5% 8.2% 20.8% 8.2% 9.1% 9.5%
Net margin 2.8% 3.1% 5.3% 15.0% 5.9% 6.6% 7.6%
Free cash flow margin 3.8% 2.5% 4.1% −1.2% 5.1% 5.8% 6.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2019Operating cash flow157.0Capital expenditure−55.0Free cash flow102.0Fiscal year 2020Operating cash flow125.0Capital expenditure−56.0Free cash flow69.0 −32.4%Dividends paid0.0Fiscal year 2021Operating cash flow178.0Capital expenditure−60.0Free cash flow118.0 +71.0%Dividends paid0.0Fiscal year 2022Operating cash flow33.0Capital expenditure−65.0Free cash flow−32.0 −127.1%Dividends paid−396.0Fiscal year 2023Operating cash flow205.0Capital expenditure−60.0Free cash flow145.0Buybacks0.0Dividends paid0.0Fiscal year 2024Operating cash flow271.0Capital expenditure−85.0Free cash flow186.0 +28.3%Buybacks0.0Dividends paid0.0Fiscal year 2025Operating cash flow366.0Capital expenditure−139.0Free cash flow227.0 +22.0%Buybacks−35.0
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 157.0 125.0 178.0 33.0 205.0 271.0 366.0
Capital expenditure −55.0 −56.0 −60.0 −65.0 −60.0 −85.0 −139.0
Free cash flow 102.0 69.0 118.0 −32.0 145.0 186.0 227.0
Growth −32.4% +71.0% −127.1% +28.3% +22.0%
Buybacks n/a n/a n/a n/a 0.0 0.0 −35.0
Dividends paid n/a 0.0 0.0 −396.0 0.0 0.0 n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2019Cash85.0Shareholders’ equity1,019.0Fiscal year 2020Cash61.0Shareholders’ equity1,427.0Fiscal year 2021Cash240.0Total debt393.0Net cash (debt)−153.0Shareholders’ equity1,593.0Debt to equity0.25Fiscal year 2022Cash306.0Total debt396.0Net cash (debt)−90.0Shareholders’ equity2,127.0Debt to equity0.19Fiscal year 2023Cash467.0Total debt407.0Net cash (debt)60.0Shareholders’ equity2,325.0Debt to equity0.18Fiscal year 2024Cash598.0Total debt366.0Net cash (debt)232.0Shareholders’ equity2,557.0Debt to equity0.14Fiscal year 2025Cash647.0Total debt348.0Net cash (debt)299.0Shareholders’ equity2,730.0Debt to equity0.13
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 85.0 61.0 240.0 306.0 467.0 598.0 647.0
Total debt n/a n/a 393.0 396.0 407.0 366.0 348.0
Net cash (debt) n/a n/a −153.0 −90.0 60.0 232.0 299.0
Shareholders’ equity 1,019.0 1,427.0 1,593.0 2,127.0 2,325.0 2,557.0 2,730.0
Debt to equity n/a n/a 0.25 0.19 0.18 0.14 0.13

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Operations
157.0 125.0 178.0 33.0 205.0 271.0 366.0
Growth −20.4% +42.4% −81.5% +521.2% +32.2% +35.1%
51.0 53.0 58.0 65.0 85.0 91.0 93.0
Investment
−55.0 −56.0 −60.0 −65.0 −60.0 −85.0 −139.0
calc 102.0 69.0 118.0 −32.0 145.0 186.0 227.0
Growth −32.4% +71.0% −127.1% +28.3% +22.0%
calc n/a 0.33 0.56 −0.15 0.55 0.69 0.84
−151.0 −70.0 39.0 436.0 −59.0 −84.0 −154.0
Financing
−1.0 −80.0 −38.0 −403.0 15.0 −56.0 −163.0
n/a 0.0 0.0 −396.0 0.0 0.0 n/a
n/a n/a n/a n/a 0.0 0.0 −35.0

Lines marked calc are worked out here from filed figures; point at one for how. Capital expenditure, dividends and buybacks are shown as money out, so negative.