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KTOS.NASDAQ
Kratos Defense & Security Solutions
Industrials · Aerospace & Defense
Defense technology company developing uncrewed aircraft, propulsion, satellite communications and other systems for national security applications.MoreShow less
HQ: United StatesListed: United States

Profile & Fundamentals

Kratos Defense & Security Solutions (KTOS.NASDAQ) Profile & Fundamentals

Review Kratos Defense & Security Solutions reported earnings, valuation, balance sheet and ownership, with source tables and separate AI assessments.

Interactive annual chartsAI financial reviewsReported source tables
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Profile & Fundamentals contents

Company and Market Context

Kratos Defense & Security Solutions: Company Profile & Ownership

Kratos Defense & Security Solutions, Inc., a technology company, provides technology, hardware, products, system, and software for the defense, national security, and commercial markets in the United States, other North America, the Asia Pacific, the Middle East, Europe, and Internationally. The company operates through Kratos Government Solutions and Unmanned Systems segments. It offers virtualized ground systems for satellites and space vehicles, including software for command and control, telemetry, and tracking and control; jet powered unmanned aerial drone systems and hypersonic vehicles and rocket systems; propulsion systems for drones, missiles, loitering munitions, supersonic systems, spacecraft and launch systems, command, control, communication, computing, combat, and intelligence surveillance and reconnaissance; and microwave electronic products for missile, radar, missile defense, space, and satellite; and counter unmanned aircraft systems, directed energy, communication and other systems, and virtual and augmented reality training systems for the warfighter. In addition, It supplies turbine engines, engine components, accessories, and fuel management systems for PT6A, Twin-Pac, and JT15D aircraft engines. The company primarily serves national security-related agencies, the U.S. Department of Defense, intelligence and classified agencies, international government agencies, and domestic and international commercial customers. Kratos Defense & Security Solutions, Inc. was formerly known as Wireless Facilities, Inc. and changed its name to Kratos Defense & Security Solutions, Inc. in August 1999. Kratos Defense & Security Solutions, Inc. was incorporated in 1994 and is headquartered in San Diego, California.

KTOS.NASDAQ

Company profile record

Kratos Defense & Security Solutions

Common Stock · Industrials · Aerospace & Defense

Official website

Company

Company / asset
Kratos Defense & Security Solutions
Security type
Common Stock
Sector
Industrials
Industry
Aerospace & Defense
HQ
🇺🇸 United States
Head office
10680 Treena Street, San Diego, CA, United States, 92131

Leadership & scale

Chief executive
Mr. Eric M. DeMarco
CEO year born
1964
Full-time employees
4.3K
Fiscal year end
December
IPO date
1999-11-05

Fundamentals snapshot

Updated 2026-11-09
Market Cap
USD 6.9B
P/E
315.1x
Revenue (Q3 26)
USD 471.8M
Profit (Q3 26)
USD -200.0K
Dividend Yield
--
Revenue (FY 25)
USD 1.3B
Shares in public float
185.8M
Insider ownership
1.28%

Reporting & identifiers

Symbol
KTOS.NASDAQ
Listing
🇺🇸 United States | Dividend Tax: 30%
Ticker Currency
USD
Income Statement Currency
USD
Balance Sheet Currency
USD
Cash Flow Currency
USD
EPS Currency
USD
Contract Type
SPOT
ISIN
US50077B2079
Asset ID
equity_98f68dc4-34bc-5a56-be20-3e3221770b59

Kratos Defense & Security Solutions: Ownership

Shares Outstanding

Latest: 188.8M | Max: 188.8M | Min: 103.5M

Shares Outstanding
237.9M178.4M118.9M59.5M0.00
188.8M
'17
'19
'21
'23
'25
'26

Latest reported ownership snapshot

Float Shares

98.42%

185.8M latest reported shares

Insider Ownership

1.28%

Latest reported insider stake

Short Float

0.06%

Latest reported short interest / float

Top Holders

Top 5 concentration: 30.05%
BlackRock Inc
institution
Filed 2026-06-30 • Change -7.6M (-24.09%)
12.77%(24.0M shares)
State Street Corp
institution
Filed 2026-06-30 • Change +153.4K (+1.72%)
4.81%(9.1M shares)
Vanguard Capital Management, LLC
institution
Filed 2026-06-30 • Change +175.0K (+2.11%)
4.49%(8.4M shares)
Vanguard Portfolio Management, LLC
institution
Filed 2026-06-30 • Change -663.5K (-7.67%)
4.24%(8.0M shares)
First Trust RBA Amer Indl RenaisTM ETF
fund
Filed 2026-10-29 • Change -4.2K (-0.06%)
3.74%(7.0M shares)
iShares Core S&P Mid-Cap ETF
fund
Filed 2026-10-30 • Change +3.6K (+0.05%)
3.58%(6.7M shares)
First Trust Advisors L.P.
institution
Filed 2026-06-30 • Change +3.3M (+122.67%)
3.20%(6.0M shares)
Source tablesView ownership tables

Shares Outstanding

Annual reported shares outstanding; up to 10 reporting dates.

Scroll the table to see every column.

Shares outstanding — reported values
Reporting dateShares outstanding
2017-01-01103,500,000
2018-01-01106,600,000
2019-01-01109,900,000
2020-01-01127,000,000
2021-01-01124,900,000
2022-01-01127,300,000
2023-01-01134,400,000
2024-01-01154,700,000
2025-01-01173,200,000
2026-01-01188,800,000

Top Holders

Available reported ownership records.

Scroll the table to see every column.

Largest reported holders
HolderSharesOwnershipReported date
BlackRock Inc24,035,36712.77%2026-06-30
State Street Corp9,064,8594.81%2026-06-30
Vanguard Capital Management, LLC8,449,6934.49%2026-06-30
Vanguard Portfolio Management, LLC7,987,0084.24%2026-06-30
First Trust RBA Amer Indl RenaisTM ETF7,046,3063.74%2026-10-29
iShares Core S&P Mid-Cap ETF6,748,0243.58%2026-10-30
First Trust Advisors L.P.6,016,0733.2%2026-06-30
Vanguard MStar Total Stk Mkt Idx Invest5,982,7213.18%2026-09-30
ARK Investment Management LLC4,672,5662.48%2026-06-30
Vanguard Small Cap Index4,223,1882.24%2026-09-30
Amvescap Plc.4,086,2322.17%2026-06-30
Geode Capital Management, LLC3,711,6271.97%2026-06-30
Stt Strt® SPDR® S&P® Arspc & Dfnc ETF3,367,4401.79%2026-10-30
Hood River Capital Management LLC3,137,7271.67%2026-06-30
Van Eck Associates Corporation2,978,6101.58%2026-06-30

Kratos Defense & Security Solutions: Earnings, Profitability & Valuation

Latest Financials Filed On

Earnings & Revenue

Earnings and Revenue Trajectory

AI Review

AI review as of Sep 20, 2026. Newer financial records are available: Financial statements filed Nov 5, 2026. This review has not been updated for those records.

Revenue is growing at a rapid pace, expanding 18.5% in fiscal 2025 to $1.35 billion and surging over 30% in recent quarters to reach $1.52 billion on a trailing basis. This top-line momentum is driven by surging demand for solid rocket propulsion, target drones, and satellite communications systems, boosting total company backlog to a record $2.08 billion. However, headline sales strength conceals remarkably weak bottom-line profits. Trailing twelve-month operating income stood at just $23.5 million, producing a razor-thin operating margin of 1.5%. Scaling up manufacturing has consumed massive amounts of cash, resulting in negative free cash flow of $129 million. Until high-volume factory production replaces developmental testing, reported earnings will remain low.

Revenue, Net Income, and Free Cash Flow

Latest: USD 1.3B | Max: USD 1.3B | Min: USD -137.4M

RevenueFree Cash FlowNet Income
USD 1.7BUSD 1.2BUSD 708.6MUSD 196.5MUSD 0.00USD -315.5M
1.3B
-137.4M
22.0M
'16
'18
'20
'22
'24
'25

Valuation

P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.

Latest: >100x

>100x>100x>100x>100x0x
>100x
'24'25

Profitability & Margins

Margins and Operating Efficiency

AI Review

AI review as of Sep 20, 2026. Newer financial records are available: Financial statements filed Nov 5, 2026. This review has not been updated for those records.

Profitability margins have steadily compressed over recent years rather than expanding with sales. Gross margins drifted downward from 27.7% in 2021 to 22.1% in fiscal 2025, while operating margins have struggled to stay above 2.0%. This compression reflects aerospace wage inflation, expensive developmental prototyping, and higher depreciation from newly constructed manufacturing facilities. This trend highlights the realities of defense hardware manufacturing. Government procurement rules audit contractor costs and place strict statutory caps on allowable profit margins, while rival software primes capture higher-margin autonomy contracts. Meaningful profit margin expansion will require transitioning from cost-heavy development contracts into high-volume serial hardware manufacturing and recurring OpenSpace software licensing.

Profitability Margins

Latest: 22.1% | Max: 27.7% | Min: -9.0%

Gross MarginOperating MarginNet Margin
37.3%24.6%11.9%0.0%-13.5%
22.1%
2.1%
1.6%
'16
'18
'20
'22
'24
'25

Latest Profitability Ratios as of 2025-12-31

Gross Margin

22.1%

Gross profit / revenue

Operating Margin

2.1%

Operating income / revenue

Net Margin

1.6%

Net income / revenue

FCF Margin

-10.2%

Free cash flow / revenue

Source tablesView earnings, profitability & valuation tables

Revenue, Net Income, and Free Cash Flow

Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.

Scroll the table to see every column.

Annual earnings and cash flow
Period endRevenue (USD)Net income (USD)Free cash flow (USD)
2016-12-31668,700,000-60,500,000-21,600,000
2017-12-31751,900,000-42,700,000-53,500,000
2018-12-31618,000,000-3,500,000-4,500,000
2019-12-31717,500,00012,500,0003,699,999
2020-12-31747,700,00079,600,00010,700,000
2021-12-31811,500,000-2,000,000-15,700,000
2022-12-31898,300,000-36,900,000-71,100,000
2023-12-311,037,100,000-8,900,00012,800,000
2024-12-311,136,300,00016,300,000-8,500,000
2025-12-311,346,800,00022,000,000-137,400,000

Published P/E Ratio

Published valuation snapshots retain each observation's earnings basis.

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Published valuation snapshots
Period endP/E (times earnings)Earnings basis
2025-12-31597.6Trailing four quarters
2024-12-31250.4Trailing four quarters

Profitability Margins

Matching annual reporting dates. Values are percentages.

Scroll the table to see every column.

Annual profitability margins
Period endGross margin (%)Operating margin (%)Net margin (%)Free cash flow margin (%)
2016-12-3122.97-2.78-9.05-3.23
2017-12-3126.24-0.77-5.68-7.12
2018-12-3127.464.94-0.57-0.73
2019-12-3126.485.31.740.52
2020-12-3127.183.9210.651.43
2021-12-3127.743.44-0.25-1.93
2022-12-3125.16-0.32-4.11-7.91
2023-12-3125.93-0.861.23
2024-12-3125.282.551.43-0.75
2025-12-3122.152.061.63-10.2

Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Snapshot retrieved 2026-11-10.

Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.

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