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. 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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.3B | $103M | $22M | $-137M | 1.1% | 18.5% | 35.0% |
| 2024 | $1.1B | $94M | $16M | $-9M | 1.2% | 9.6% | - |
| 2023 | $1.0B | $78M | $-9M | $13M | -0.9% | 15.5% | - |
| 2022 | $898M | $26M | $-37M | $-71M | -3.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 898.30 | 1,037.10 | 1,136.30 | 1,346.80 |
| Cost Of Revenue | 672.30 | 768.50 | 849.10 | 1,038.90 |
| Gross Profit | 226 | 268.60 | 287.20 | 307.90 |
| Operating Expense | 221.40 | 237.10 | 257.50 | 280.20 |
| Operating Income | 4.60 | 31.50 | 29.70 | 27.70 |
| EBITDA | 26.20 | 77.50 | 93.60 | 102.90 |
| EBIT | -14.70 | 32.80 | 41.70 | 43.60 |
| Pretax Income | -33 | 11.10 | 26.50 | 34 |
| Tax Provision | 0.20 | 8.70 | 10.20 | 12 |
| Net Income | -36.90 | -8.90 | 16.30 | 22 |
| Net Income Common Stockholders | -36.90 | -8.90 | 16.30 | 22 |
| Total Expenses | 893.70 | 1,005.60 | 1,106.60 | 1,319.10 |
| Interest Expense | 18.30 | 21.70 | 15.20 | 9.60 |
| Interest Income | 0.60 | 1.20 | 12.20 | 15.50 |
| Research And Development | 38.60 | 38.40 | 40.30 | 40 |
| Selling General And Administration | 182.80 | 198.70 | 217.20 | 240.20 |
| Normalized EBITDA | 46.70 | 77.90 | 94.30 | 105 |
| Normalized Income | -20.70 | -8.58 | 16.73 | 23.36 |
| Basic EPS | -0.29 | -0.07 | 0.11 | 0.14 |
| Diluted EPS | -0.29 | -0.07 | 0.11 | 0.13 |
| Tax Effect Of Unusual Items | -4.30 | -0.08 | -0.27 | -0.74 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.38 | 0.35 |
| Total Unusual Items | -20.50 | -0.40 | -0.70 | -2.10 |
| Total Unusual Items Excluding Goodwill | -20.50 | -0.40 | -0.70 | -2.10 |
| Net Income From Continuing Operation Net Minority Interest | -36.90 | -8.90 | 16.30 | 22 |
| Reconciled Depreciation | 40.90 | 44.70 | 51.90 | 59.30 |
| Reconciled Cost Of Revenue | 672.30 | 768.50 | 849.10 | 1,038.90 |
| Net Interest Income | -17.70 | -20.50 | -3 | 5.90 |
| Net Income From Continuing And Discontinued Operation | -36.90 | -8.90 | 16.30 | 22 |
| Total Operating Income As Reported | -2.90 | 31.10 | 29 | 25.60 |
| Diluted Average Shares | 126.70 | 130.40 | 150.90 | 165.20 |
| Basic Average Shares | 126.70 | 130.40 | 149 | 162.70 |
| Diluted NI Availto Com Stockholders | -36.90 | -8.90 | 16.30 | 22 |
| Minority Interests | -3.70 | -11.30 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -33.20 | 2.40 | 16.30 | 22 |
| Net Income Discontinuous Operations | 0.90 | 0.20 | 0 | 0 |
| Net Income Continuous Operations | -33.20 | 2.40 | 16.30 | 22 |
| Other Income Expense | -19.90 | 0.10 | -0.20 | 0.40 |
| Other Non Operating Income Expenses | 0.60 | 0.50 | 0.50 | 2.50 |
| Special Income Charges | -20.50 | -0.40 | -0.70 | -2.10 |
| Other Special Charges | 13 | 0 | 0 | 0 |
| Restructuring And Mergern Acquisition | 7.50 | 0.40 | 0.70 | 2.10 |
| Net Non Operating Interest Income Expense | -17.70 | -20.50 | -3 | 5.90 |
| Interest Expense Non Operating | 18.30 | 21.70 | 15.20 | 9.60 |
| Interest Income Non Operating | 0.60 | 1.20 | 12.20 | 15.50 |
| Operating Revenue | 898.30 | 1,037.10 | 1,136.30 | 1,346.80 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Kratos Defense & Security Solutions, Inc.this co. | KTOS | $11.2B | 458.15β premium | 5.04 | 1.1% | 130.08 |
| Advanced Energy Industries, Inc. | AEIS | $13.7B | 93.38 | 10.02 | 10.9% | 52.94 |
| Planet Labs PBC | PL | $11.8B | - | 60.64 | -131.0% | -258.32 |
| Dycom Industries, Inc. | DY | $11.7B | 40.83 | 6.29 | 15.1% | 19.58 |
| IES Holdings, Inc. |
| IESC |
| $11.4B |
| 34.01 |
| 11.86 |
| 34.5% |
| 24.57 |
| SPX Technologies, Inc. | SPXC | $10.6B | 41.85 | 4.71 | 10.9% | 23.01 |
| Chart Industries, Inc. | GTLS | $10.0B | 630.00 | 3.08 | 1.2% | 14.27 |
| Watts Water Technologies, Inc. | WTS | $9.9B | 29.23 | 4.89 | 16.8% | 18.53 |
| AeroVironment, Inc. | AVAV | $9.3B | - | 2.14 | 4.9% | 61.93 |
| Peer Median | - | 41.34 | 5.59 | 10.9% | 21.30 | |