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KRATOS DEFENSE & SECURITY SOLUTIONS, INC.

KTOS Clue Score49
United States Fiscal year ends December CIK 0001069258
$42.36 +1.03% Close, 9 Oct 2026
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Price $42.36 +89.02% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. 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 2016Revenue541.9Operating income−18.0Net income−60.5EPS, diluted−0.99Fiscal year 2017Revenue603.3 +11.3%Operating income−12.0Net income−42.7EPS, diluted−0.48Fiscal year 2018Revenue618.0 +2.4%Operating income30.5Net income−3.5EPS, diluted−0.03Fiscal year 2019Revenue717.5 +16.1%Operating income38.0Net income12.5EPS, diluted0.11Fiscal year 2020Revenue747.7 +4.2%Operating income29.3Net income79.6 +536.8%EPS, diluted0.67 +509.1%Fiscal year 2021Revenue811.5 +8.5%Operating income27.9Net income−2.0 −102.5%EPS, diluted−0.02 −103.0%Fiscal year 2022Revenue898.3 +10.7%Operating income−2.9Net income−36.9EPS, diluted−0.29Fiscal year 2023Revenue1,037.1 +15.5%Operating income31.1Net income−8.9EPS, diluted−0.07Fiscal year 2024Revenue1,136.3 +9.6%Operating income29.0Net income16.3EPS, diluted0.11Fiscal year 2025Revenue1,346.8 +18.5%Operating income25.6Net income22.0 +35.0%EPS, diluted0.13 +18.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 541.9 603.3 618.0 717.5 747.7 811.5 898.3 1,037.1 1,136.3 1,346.8
Growth +11.3% +2.4% +16.1% +4.2% +8.5% +10.7% +15.5% +9.6% +18.5%
Operating income −18.0 −12.0 30.5 38.0 29.3 27.9 −2.9 31.1 29.0 25.6
Net income −60.5 −42.7 −3.5 12.5 79.6 −2.0 −36.9 −8.9 16.3 22.0
Growth +536.8% −102.5% +35.0%
EPS, diluted −0.99 −0.48 −0.03 0.11 0.67 −0.02 −0.29 −0.07 0.11 0.13
Growth +509.1% −103.0% +18.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin22.2%Operating margin−3.3%Net margin−11.2%Fiscal year 2017Gross margin26.1%Operating margin−2.0%Net margin−7.1%Fiscal year 2018Gross margin27.5%Operating margin4.9%Net margin−0.6%Fiscal year 2019Gross margin26.5%Operating margin5.3%Net margin1.7%Fiscal year 2020Gross margin27.2%Operating margin3.9%Net margin10.6%Free cash flow margin1.2%Fiscal year 2021Gross margin27.7%Operating margin3.4%Net margin−0.2%Free cash flow margin−1.4%Fiscal year 2022Gross margin25.2%Operating margin−0.3%Net margin−4.1%Free cash flow margin−7.9%Fiscal year 2023Gross margin25.9%Operating margin3.0%Net margin−0.9%Free cash flow margin1.2%Fiscal year 2024Gross margin25.3%Operating margin2.6%Net margin1.4%Free cash flow margin−0.7%Fiscal year 2025Gross margin22.9%Operating margin1.9%Net margin1.6%Free cash flow margin−10.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 22.2% 26.1% 27.5% 26.5% 27.2% 27.7% 25.2% 25.9% 25.3% 22.9%
Operating margin −3.3% −2.0% 4.9% 5.3% 3.9% 3.4% −0.3% 3.0% 2.6% 1.9%
Net margin −11.2% −7.1% −0.6% 1.7% 10.6% −0.2% −4.1% −0.9% 1.4% 1.6%
Free cash flow margin n/a n/a n/a n/a 1.2% −1.4% −7.9% 1.2% −0.7% −10.2%

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 2016Operating cash flow−14.6Fiscal year 2017Operating cash flow−26.9Fiscal year 2018Operating cash flow18.1Fiscal year 2019Operating cash flow28.9Fiscal year 2020Operating cash flow44.7Capital expenditure−35.9Free cash flow8.8Fiscal year 2021Operating cash flow35.3Capital expenditure−46.5Free cash flow−11.2 −227.3%Fiscal year 2022Operating cash flow−25.7Capital expenditure−45.4Free cash flow−71.1Fiscal year 2023Operating cash flow65.2Capital expenditure−52.4Free cash flow12.8Fiscal year 2024Operating cash flow49.7Capital expenditure−58.2Free cash flow−8.5 −166.4%Fiscal year 2025Operating cash flow−42.1Capital expenditure−95.3Free cash flow−137.4
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −14.6 −26.9 18.1 28.9 44.7 35.3 −25.7 65.2 49.7 −42.1
Capital expenditure n/a n/a n/a n/a −35.9 −46.5 −45.4 −52.4 −58.2 −95.3
Free cash flow n/a n/a n/a n/a 8.8 −11.2 −71.1 12.8 −8.5 −137.4
Growth −227.3% −166.4%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash69.1Total debt432.0Net cash (debt)−362.9Shareholders’ equity276.4Debt to equity1.56Fiscal year 2017Cash130.5Total debt294.3Net cash (debt)−163.8Shareholders’ equity511.5Debt to equity0.58Fiscal year 2018Cash182.7Total debt294.2Net cash (debt)−111.5Shareholders’ equity519.3Debt to equity0.57Fiscal year 2019Cash172.6Total debt295.1Net cash (debt)−122.5Shareholders’ equity574.1Debt to equity0.51Fiscal year 2020Cash380.8Total debt301.0Net cash (debt)79.8Shareholders’ equity925.3Debt to equity0.33Fiscal year 2021Cash349.4Total debt296.7Net cash (debt)52.7Shareholders’ equity945.1Debt to equity0.31Fiscal year 2022Cash81.3Total debt250.2Net cash (debt)−168.9Shareholders’ equity936.3Debt to equity0.27Fiscal year 2023Cash72.8Total debt219.3Net cash (debt)−146.5Shareholders’ equity976.0Debt to equity0.22Fiscal year 2024Cash329.3Total debt174.6Net cash (debt)154.7Shareholders’ equity1,353.2Debt to equity0.13Fiscal year 2025Cash560.6Total debt0.0Net cash (debt)560.6Shareholders’ equity1,996.3Debt to equity0.00
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 69.1 130.5 182.7 172.6 380.8 349.4 81.3 72.8 329.3 560.6
Total debt 432.0 294.3 294.2 295.1 301.0 296.7 250.2 219.3 174.6 0.0
Net cash (debt) −362.9 −163.8 −111.5 −122.5 79.8 52.7 −168.9 −146.5 154.7 560.6
Shareholders’ equity 276.4 511.5 519.3 574.1 925.3 945.1 936.3 976.0 1,353.2 1,996.3
Debt to equity 1.56 0.58 0.57 0.51 0.33 0.31 0.27 0.22 0.13 0.00

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

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 25 Dec 2016 FY2017 31 Dec 2017 FY2018 30 Dec 2018 FY2019 29 Dec 2019 FY2020 27 Dec 2020 FY2021 26 Dec 2021 FY2022 25 Dec 2022 FY2023 31 Dec 2023 FY2024 29 Dec 2024 FY2025 28 Dec 2025
Margins
22.2% 26.1% 27.5% 26.5% 27.2% 27.7% 25.2% 25.9% 25.3% 22.9%
−3.3% −2.0% 4.9% 5.3% 3.9% 3.4% −0.3% 3.0% 2.6% 1.9%
−9.6% −9.5% 1.4% 2.2% 0.9% 0.5% −3.7% 1.1% 2.3% 2.5%
−11.2% −7.1% −0.6% 1.7% 10.6% −0.2% −4.1% −0.9% 1.4% 1.6%
n/a n/a n/a n/a 1.2% −1.4% −7.9% 1.2% −0.7% −10.2%
Spending
2.6% 3.0% 2.5% 2.5% 3.6% 4.3% 4.3% 3.7% 3.5% 3.0%
21.1% 21.1% 19.4% 18.2% 19.3% 19.7% 20.3% 19.2% 19.1% 17.8%
n/a n/a n/a n/a 4.8% 5.7% 5.1% 5.1% 5.1% 7.1%
n/a n/a 52.9% 30.6% −1,080.9% 88.6% n/a 78.4% 38.5% 35.3%
Returns
−21.9% −8.3% −0.7% 2.2% 8.6% −0.2% −3.9% −0.9% 1.2% 1.1%
−6.4% −4.2% −0.3% 1.1% 5.1% −0.1% −2.4% −0.5% 0.8% 0.9%
Balance and payout
1.56 0.58 0.57 0.51 0.33 0.31 0.27 0.22 0.13 0.00
70.9% 50.0% 48.6% 50.3% 39.8% 39.6% 38.9% 38.8% 30.6% 19.1%