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% | -283.1% |
| 2023 | $1.0B | $78M | $-9M | $13M | -0.9% | 15.5% | -75.9% |
| 2022 | $898M | $26M | $-37M | $-71M | -3.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 898.30 | 1,037.10 | 1,136.30 | 1,346.80 |
| Operating 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 |
| Research And Development | - | 38.60 | 38.40 | 40.30 | 40 |
| Selling General And Administration | - | 182.80 | 198.70 | 217.20 | 240.20 |
| Total Expenses | - | 893.70 | 1,005.60 | 1,106.60 | 1,319.10 |
| Operating Income | - | 4.60 | 31.50 | 29.70 | 27.70 |
| Total Operating Income As Reported | - | -2.90 | 31.10 | 29 | 25.60 |
| EBITDA | - | 26.20 | 77.50 | 93.60 | 102.90 |
| Normalized EBITDA | - | 46.70 | 77.90 | 94.30 | 105 |
| EBIT | - | -14.70 | 32.80 | 41.70 | 43.60 |
| Interest Income | - | 0.60 | 1.20 | 12.20 | 15.50 |
| Interest Expense | - | 18.30 | 21.70 | 15.20 | 9.60 |
| Net Interest Income | - | -17.70 | -20.50 | -3 | 5.90 |
| Other Non Operating Income Expenses | - | 0.60 | 0.50 | 0.50 | 2.50 |
| Other Income Expense | - | -19.90 | 0.10 | -0.20 | 0.40 |
| Interest Income Non Operating | - | 0.60 | 1.20 | 12.20 | 15.50 |
| Interest Expense Non Operating | - | 18.30 | 21.70 | 15.20 | 9.60 |
| Net Non Operating Interest Income Expense | - | -17.70 | -20.50 | -3 | 5.90 |
| Pretax Income | - | -33 | 11.10 | 26.50 | 34 |
| Tax Provision | - | 0.20 | 8.70 | 10.20 | 12 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -4.30 | -0.08 | -0.27 | -0.74 |
| Net Income Continuous Operations | - | -33.20 | 2.40 | 16.30 | 22 |
| Net Income From Continuing And Discontinued Operation | - | -36.90 | -8.90 | 16.30 | 22 |
| Net Income From Continuing Operation Net Minority Interest | - | -36.90 | -8.90 | 16.30 | 22 |
| Net Income | - | -36.90 | -8.90 | 16.30 | 22 |
| Net Income Common Stockholders | - | -36.90 | -8.90 | 16.30 | 22 |
| Net Income Including Noncontrolling Interests | - | -33.20 | 2.40 | 16.30 | 22 |
| Normalized Income | - | -20.70 | -8.58 | 16.73 | 23.36 |
| Diluted NI Availto Com Stockholders | - | -36.90 | -8.90 | 16.30 | 22 |
| Basic Average Shares | - | 126.70 | 130.40 | 149 | 162.70 |
| Diluted Average Shares | - | 126.70 | 130.40 | 150.90 | 165.20 |
| Reconciled Depreciation | - | 40.90 | 44.70 | 51.90 | 59.30 |
| Reconciled Cost Of Revenue | - | 672.30 | 768.50 | 849.10 | 1,038.90 |
| Total Unusual Items | - | -20.50 | -0.40 | -0.70 | -2.10 |
| Total Unusual Items Excluding Goodwill | - | -20.50 | -0.40 | -0.70 | -2.10 |
| Minority Interests | - | -3.70 | -11.30 | 0 | 0 |
| Net Income Discontinuous Operations | -2.10 | 0.90 | 0.20 | - | - |
| Special Income Charges | - | -20.50 | -0.40 | -0.70 | -2.10 |
| Other Special Charges | - | 13 | - | - | - |
| Restructuring And Mergern Acquisition | - | 7.50 | 0.40 | 0.70 | 2.10 |
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 | $11.9B | 540.40β premium | 5.96 | 1.1% | 111.51 |
| Dycom Industries, Inc. | DY | $14.7B | 52.18 | 7.89 | 15.1% | 24.09 |
| Legence Corp. | LGN | $14.6B | -244.26 | 20.78 | -8.5% | 96.52 |
| Advanced Energy Industries, Inc. | AEIS | $12.8B | 86.52 | 9.42 | 10.9% | 52.10 |
| SPX Technologies, Inc. |
| 2021 | - | - | - | - | - | - | - |
| SPXC |
| $11.8B |
| 48.45 |
| 5.28 |
| 10.9% |
| 24.67 |
| Joby Aviation, Inc. | JOBY | $11.0B | -11.78 | 7.77 | -66.0% | -15.83 |
| Watts Water Technologies, Inc. | WTS | $10.5B | 30.87 | 5.19 | 16.8% | 20.02 |
| AeroVironment, Inc. | AVAV | $10.3B | 237.14 | 11.67 | 4.9% | 125.13 |
| Chart Industries, Inc. | GTLS | $9.9B | 244.09 | 3.08 | 1.3% | 21.83 |
| Peer Median | - | 50.32 | 7.83 | 7.9% | 24.38 | |