T3 Defense (DFNS)
Market Price (10/1/2026): $7.11 | Market Cap: $3.4 MilSector: Industrials | Industry: Aerospace & Defense
T3 Defense (DFNS)
Market Price (10/1/2026): $7.11Market Cap: $3.4 MilSector: IndustrialsIndustry: Aerospace & Defense
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 239% Attractive yieldDividend Yield is 9.6% Megatrend and thematic driversMegatrends include Advanced Aviation & Space, Autonomous Technologies, and Cybersecurity. Themes include Drone Technology, Show more. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -33 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -430% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 247% Stock price has recently run up significantly6M Rtn6 month market price return is 936% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 269% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -174%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -176% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 812% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4435% High stock price volatilityVol 12M is 12221% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 71% Key risksDFNS key risks include [1] significant financial distress, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 239% |
| Attractive yieldDividend Yield is 9.6% |
| Megatrend and thematic driversMegatrends include Advanced Aviation & Space, Autonomous Technologies, and Cybersecurity. Themes include Drone Technology, Show more. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -33 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -430% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 247% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 936% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 269% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -174%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -176% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 812% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4435% |
| High stock price volatilityVol 12M is 12221% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 71% |
| Key risksDFNS key risks include [1] significant financial distress, Show more. |
Qualitative Assessment
AI Analysis | Feedback
T3 Defense (DFNS) stock has gained about 3660% since 6/30/2026 because of the following key factors:
1. A 1-for-125 reverse stock split, effective on July 20, 2026, significantly increased the nominal share price. This action was likely undertaken to maintain compliance with Nasdaq's minimum bid price requirement, especially after the company received a notice on August 20, 2026, for not meeting the minimum stockholders' equity of $10 million, with its equity falling to negative $19.659 million as of June 30, 2026.
2. T3 Defense demonstrated early commercial traction through strategic expansion and new contract wins in the defense sector during fiscal Q3 2026. The company, which rebranded in February 2026 to focus on mission-critical defense businesses, saw its subsidiary Rimon achieve year-to-date revenue of approximately $5.25 million as of July 31, 2026, exceeding its full-year 2025 revenue of $4.6 million. Additionally, Rimon secured a $1.3 million power-generation order for a European air-defense production line in September 2026, and T3 Defense entered the UAV and Counter-UAV (C-UAV) platform market in August 2026.
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T3 Defense (DFNS) stock has gained about 3660% since 6/30/2026 because of the following key factors:
1. A 1-for-125 reverse stock split, effective on July 20, 2026, significantly increased the nominal share price. This action was likely undertaken to maintain compliance with Nasdaq's minimum bid price requirement, especially after the company received a notice on August 20, 2026, for not meeting the minimum stockholders' equity of $10 million, with its equity falling to negative $19.659 million as of June 30, 2026.
2. T3 Defense demonstrated early commercial traction through strategic expansion and new contract wins in the defense sector during fiscal Q3 2026. The company, which rebranded in February 2026 to focus on mission-critical defense businesses, saw its subsidiary Rimon achieve year-to-date revenue of approximately $5.25 million as of July 31, 2026, exceeding its full-year 2025 revenue of $4.6 million. Additionally, Rimon secured a $1.3 million power-generation order for a European air-defense production line in September 2026, and T3 Defense entered the UAV and Counter-UAV (C-UAV) platform market in August 2026.
3. Increased revenue guidance fueled investor optimism for future growth. The company had reaffirmed its full-year fiscal 2026 revenue guidance at $26 million in April 2026, representing a substantial increase from its prior guidance of $4.2 million. This revised outlook, coupled with a strong backlog of $12.1 million as of March 31, 2026, signaled anticipated organic growth.
4. The stock experienced periods of high speculative trading and extreme volatility. Despite the company reporting a net loss of approximately $81.4 million in fiscal Q2 2026 (ended June 2026) and showing negative working capital, DFNS saw "aggressive momentum trading" in fiscal Q3 2026, with its price surging from "sub-$1 levels to the $40–$50 range in weeks" and even hitting intraday highs near $70. This indicates that a significant portion of the gains was driven by short-term speculative interest rather than improving core fundamentals.
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Stock Movement Drivers
Fundamental Drivers
The 3660.2% change in DFNS stock from 6/30/2026 to 9/30/2026 was primarily driven by a 3726.7% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 9302026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.17 | 6.43 | 3660.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 8 | 109.4% |
| P/S Multiple | 0.0 | 0.4 | 3726.7% |
| Shares Outstanding (Mil) | 0 | 0 | -53.1% |
| Cumulative Contribution | 3660.2% |
Market Drivers
6/30/2026 to 9/30/2026| Return | Correlation | |
|---|---|---|
| DFNS | 3660.2% | |
| Market (SPY) | 2.1% | -6.0% |
| Sector (XLI) | -9.9% | -12.7% |
Fundamental Drivers
The 796.4% change in DFNS stock from 3/31/2026 to 9/30/2026 was primarily driven by a -86.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312026 | 9302026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.72 | 6.43 | 796.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | -6 | 8 | -234.7% |
| P/S Multiple | -0.0 | 0.4 | -5013.8% |
| Shares Outstanding (Mil) | 0 | 0 | -86.5% |
| Cumulative Contribution | 796.4% |
Market Drivers
3/31/2026 to 9/30/2026| Return | Correlation | |
|---|---|---|
| DFNS | 796.4% | |
| Market (SPY) | 17.6% | -4.7% |
| Sector (XLI) | 3.5% | -8.7% |
Fundamental Drivers
The -8.1% change in DFNS stock from 9/30/2025 to 9/30/2026 was primarily driven by a -855.6% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 9302026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.00 | 6.43 | -8.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | -6 | 8 | -239.0% |
| P/S Multiple | -0.1 | 0.4 | -855.6% |
| Shares Outstanding (Mil) | 0 | 0 | -91.3% |
| Cumulative Contribution | -8.1% |
Market Drivers
9/30/2025 to 9/30/2026| Return | Correlation | |
|---|---|---|
| DFNS | -8.1% | |
| Market (SPY) | 15.4% | -2.5% |
| Sector (XLI) | 9.2% | -6.4% |
Fundamental Drivers
The 904.7% change in DFNS stock from 9/30/2023 to 9/30/2026 was primarily driven by a 139880.9% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 9302026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.64 | 6.43 | 904.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 22 | 8 | -65.8% |
| P/S Multiple | 0.0 | 0.4 | 139880.9% |
| Shares Outstanding (Mil) | 0 | 0 | -97.9% |
| Cumulative Contribution | 904.7% |
Market Drivers
9/30/2023 to 9/30/2026| Return | Correlation | |
|---|---|---|
| DFNS | 904.7% | |
| Market (SPY) | 84.5% | -1.2% |
| Sector (XLI) | 71.3% | -3.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DFNS Return | 488% | -91% | 12929% | 60% | -89% | 67% | 2006% |
| Peers Return | -9% | -8% | 40% | 22% | 69% | -5% | 128% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| DFNS Win Rate | 50% | 17% | 67% | 33% | 25% | 11% | |
| Peers Win Rate | 40% | 48% | 60% | 62% | 60% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| DFNS Max Drawdown | -92% | -93% | -100% | -94% | -90% | -97% | |
| Peers Max Drawdown | -31% | -35% | -20% | -20% | -24% | -37% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TDG, HEI, KTOS, MRCY, AIR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/30/2026 (YTD)
How Low Can It Go
| Event | DFNS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.7% | -18.8% |
| % Gain to Breakeven | 31.1% | 23.1% |
| Time to Breakeven | 2 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -25.5% | -7.8% |
| % Gain to Breakeven | 34.3% | 8.5% |
| Time to Breakeven | 3 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.9% | -9.5% |
| % Gain to Breakeven | 42.7% | 10.5% |
| Time to Breakeven | 1 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -99.5% | -6.7% |
| % Gain to Breakeven | 18900.0% | 7.1% |
| Time to Breakeven | 33 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -76.3% | -24.5% |
| % Gain to Breakeven | 321.8% | 32.4% |
| Time to Breakeven | 427 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.6% | -33.7% |
| % Gain to Breakeven | 130.2% | 50.9% |
| Time to Breakeven | 267 days | 140 days |
In The Past
T3 Defense's stock fell -23.7% during the 2025 US Tariff Shock. Such a loss loss requires a 31.1% gain to breakeven.
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Asset Allocation
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| Event | DFNS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.7% | -18.8% |
| % Gain to Breakeven | 31.1% | 23.1% |
| Time to Breakeven | 2 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -25.5% | -7.8% |
| % Gain to Breakeven | 34.3% | 8.5% |
| Time to Breakeven | 3 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.9% | -9.5% |
| % Gain to Breakeven | 42.7% | 10.5% |
| Time to Breakeven | 1 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -99.5% | -6.7% |
| % Gain to Breakeven | 18900.0% | 7.1% |
| Time to Breakeven | 33 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -76.3% | -24.5% |
| % Gain to Breakeven | 321.8% | 32.4% |
| Time to Breakeven | 427 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.6% | -33.7% |
| % Gain to Breakeven | 130.2% | 50.9% |
| Time to Breakeven | 267 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -94.1% | -3.7% |
| % Gain to Breakeven | 1600.0% | 3.9% |
| Time to Breakeven | 1560 days | 6 days |
In The Past
T3 Defense's stock fell -23.7% during the 2025 US Tariff Shock. Such a loss loss requires a 31.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About T3 Defense (DFNS)
T3 Defense (DFNS) operates as a Special Purpose Acquisition Company (SPAC) whose primary business objective is to complete a significant business combination. This typically involves a merger, share exchange, asset acquisition, stock purchase, recapitalization, or reorganization with one or more existing businesses. Currently, T3 Defense does not have significant ongoing commercial operations, nor does it offer any specific products or services to customers.
The company is strategically focused on identifying and acquiring suitable target entities within the defense, aerospace, and communication industries. For an investor, T3 Defense represents an investment in the potential future success of an operating company that it aims to combine with, rather than a business with existing products or services and a defined customer base.
AI Analysis | Feedback
Here are 1-3 brief analogies for T3 Defense (DFNS):
It's like a publicly traded private equity firm, but focused on acquiring a single defense, aerospace, or communications company to bring it to the public market.
Think of it as a corporate 'venture fund' for the defense industry, where its capital is earmarked for one major acquisition to create a new public company.
It's like a publicly traded 'startup accelerator' for defense companies, but instead of accelerating a new idea, it acquires an existing private company to quickly bring it to the stock market.
AI Analysis | Feedback
- Business Combination Pursuit: The company's primary activity is to seek and execute a merger, acquisition, or similar business combination with a target entity in the defense, aerospace, and communication industries, as it does not have significant operations of its own.
AI Analysis | Feedback
Based on the provided background information for LGL Systems Acquisition Corp. (the company described), it "does not have significant operations."
As a Special Purpose Acquisition Company (SPAC) without significant operations, it does not currently sell products or services and therefore does not have traditional major customers.
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Menny Shalom, Chief Executive Officer
Menny Shalom is the CEO of T3 Defense Group and a seasoned entrepreneur with over 20 years of leadership experience across defense tech, precision manufacturing, and enterprise software. He previously served as CEO of Motomova and Hold Me Ltd. Prior to these roles, he was the Founder & CEO of both Wayerz and Mipso.
Morel Levi, Chief Financial Officer
Morel Levi has served as Chief Financial Officer of T3 Defense Inc. since December 2025, where he oversees the company's financial strategy across its growing defense portfolio. He also holds the positions of CFO and Financial Controller at Nukk Picolo. Before joining T3 Defense, Mr. Levi was a Controller at Blender Financial Technologies Ltd. from 2022 to 2025, and he began his career at Kost Forer Gabbay & Kasierer (EY Israel) from 2020 to 2022, where he developed extensive expertise in audit, compliance, and corporate finance.
Emil Blumer, Chief Business Officer
Emil Blumer was appointed Chief Business Officer of T3 Defense on February 23, 2026. He brings over 25 years of experience in the defense industry, having held senior roles at Rafael Advanced Defense Systems in program leadership, business development, and commercial management within international defense markets. His career also includes senior leadership positions at Avnon and Magal.
Jordan Buchler, CEO of Manufacturing & Industrial Processing Division
Jordan Buchler was appointed CEO of T3 Defense's Manufacturing & Industrial Processing Division on February 23, 2026. He possesses over 20 years of experience in public-sector and industrial operations. In his role, Mr. Buchler is responsible for expanding manufacturing throughput, standardizing industrial and quality processes, and managing subsidiaries such as Industrial Techno-Logic Solutions (ITS) and Positech.
Uriya Rosenbaum, Financial Manager
Uriya Rosenbaum serves as T3 Defense Group's financial manager. Before his tenure at T3 Defense, he contributed to the growth and financial operations of Lili Financial Services, where he oversaw financial modeling, variance analysis, and comprehensive reporting. He also gained a strong foundation in financial analysis through his roles as an Assurance Senior at EY and an FP&A Manager in the IDF, and he has experience with both US and Israeli GAAP, as well as IFRS.
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Acquisition and Integration Risk
T3 Defense Inc. operates as a "federated holding company focused on acquiring and operating mission-critical defense businesses" with a "disciplined roll-up strategy" aimed at consolidating and scaling high-value suppliers in the defense industrial base. This strategy inherently involves substantial risks, including the challenge of identifying appropriate acquisition targets, successfully negotiating and closing deals, and effectively integrating acquired companies into its existing operations. Failure to realize anticipated synergies or to integrate new businesses efficiently could negatively impact the company's financial performance and growth objectives. *Dependence on Government Spending and National Security Programs
As a company focused on "mission-critical defense businesses embedded in national security programs in the United States and Israel," T3 Defense Inc. is heavily reliant on government defense budgets, priorities, and procurement cycles. Reductions in defense spending, shifts in national security strategies, or the cancellation or delay of key programs could significantly impact the company's revenue streams and overall profitability. *Geopolitical and Regulatory Risks
Operating within the defense sector, particularly with a strategic focus on the U.S. and Israeli markets, exposes T3 Defense Inc. to inherent geopolitical instability and international conflicts. While such events may sometimes drive demand, they also introduce significant unpredictability, potential supply chain disruptions, and evolving regulatory landscapes that could affect operations, market access, and financial performance.AI Analysis | Feedback
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Capital Allocation Decisions for LGL Systems Acquisition Corp. (formerly trading as DFNS)
Share Repurchases
- Approximately 93% of the Class A common stock was redeemed in connection with the business combination with IronNet in August 2021.
Share Issuance
- A private placement (PIPE) that closed concurrently with the business combination with IronNet provided $125.0 million to the combined company in August 2021.
Inbound Investments
- The business combination with IronNet in August 2021 generated gross proceeds of approximately $136.7 million, which included $125.0 million from a private placement and approximately $11.7 million from the trust account after deducting funds used to satisfy redemptions.
Outbound Investments
- LGL Systems Acquisition Corp. completed a business combination through a reverse merger with IronNet Cybersecurity, Inc., which was valued at an enterprise value of $926.7 million in March 2021.
Capital Expenditures
- As a Special Purpose Acquisition Company (SPAC) with no significant operations, LGL Systems Acquisition Corp. did not report traditional capital expenditures.
Peer Outperformance in Aerospace & Defense
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| DFNS | T3 Defense | 25.0% | -0.0x | -8.1% | 904.7% | 60.7% | — |
| GE | GE Aerospace | 26.2% | 36.2x | 4.2% | 259.5% | 380.4% | +320pp |
| HEI | Heico | 25.8% | 50.0x | -6.0% | 87.7% | 124.9% | +64pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 4.5% | 117.0% | 185.9% | CDNL 2254% · FIX 2179% · STRL 2051% |
| Marine Transportation | 5 | 89.4% | 58.5% | 169.1% | HOS 40374% · MATX 183% · KEX 169% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 0.9% | 44.2% | 102.4% | CAT 355% · ALSN 240% · WAB 234% |
| Aerospace & Defense ← | 54 | -13.8% | 59.4% | 65.0% | ATI 994% · FTAI 819% · HWM 608% |
| Rail Transportation | 7 | 17.6% | 57.7% | 47.7% | FSTR 133% · CSX 64% · UNP 51% |
| Industrial Machinery & Supplies & Components | 73 | 9.0% | 42.2% | 45.2% | CRS 1103% · PSIX 1094% · EROC 605% |
| Trading Companies & Distributors | 19 | 2.4% | 34.2% | 42.4% | DXPE 489% · AIT 278% · WCC 210% |
| Diversified Support Services | 33 | 9.6% | 27.3% | 33.3% | LIME 3176% · TH 399% · WLFC 303% |
| Cargo Ground Transportation | 16 | 36.1% | 1.6% | 29.8% | XPO 258% · R 209% · CVLG 145% |
| Electrical Components & Equipment | 40 | 4.0% | 60.0% | 24.4% | POWL 2304% · BE 1400% · VRT 888% |
| Building Products | 33 | -15.9% | 0.6% | 17.7% | LMB 637% · GFF 346% · PPIH 297% |
| Industrial Conglomerates | 17 | 7.7% | 3.0% | -2.0% | RCMT 541% · CSW 125% · DD 72% |
| Passenger Ground Transportation | 3 | -31.8% | 42.4% | -7.9% | UBER 46% · CAR -8% · LYFT -73% |
| Environmental & Facilities Services | 30 | -15.3% | 17.2% | -8.5% | CECO 859% · ADUR 447% · GEO 311% |
| Agricultural & Farm Machinery | 17 | 12.8% | -1.5% | -11.9% | BLBD 160% · DE 109% · GENC 53% |
| Research & Consulting Services | 14 | -16.8% | -24.6% | -26.1% | HURN 199% · CRAI 72% · GRNQ 17% |
| Data Processing & Outsourced Services | 6 | -35.7% | -15.3% | -29.7% | EXLS 36% · BR 6% · G -27% |
| Office Services & Supplies | 9 | 14.7% | 16.9% | -36.0% | PBI 164% · TILE 125% · HNI 41% |
| Passenger Airlines | 11 | 14.3% | 13.9% | -37.8% | LTM 2978% · UAL 116% · DAL 91% |
| Human Resource & Employment Services | 22 | -1.1% | -17.8% | -38.0% | BBSI 61% · ADP 43% · HQI 7% |
| Air Freight & Logistics | 12 | -32.1% | -24.2% | -39.3% | CHRW 93% · FDX 77% · EXPD 68% |
| Security & Alarm Services | 10 | -25.6% | 19.5% | -40.3% | CIX 155% · MG 104% · BCO 66% |
| Airport Services | 3 | -71.9% | -78.6% | -69.4% | JOBY -40% · ASLE -69% · UP -100% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 92.04 |
| Mkt Cap | 6.5 |
| Rev LTM | 2,504 |
| Op Inc LTM | 151 |
| FCF LTM | 101 |
| FCF 3Y Avg | 55 |
| CFO LTM | 151 |
| CFO 3Y Avg | 92 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 21.3% |
| Rev Chg 3Y Avg | 17.8% |
| Rev Chg Q | 23.1% |
| QoQ Delta Rev Chg LTM | 5.4% |
| Op Inc Chg LTM | 23.4% |
| Op Inc Chg 3Y Avg | 24.5% |
| Op Mgn LTM | 4.7% |
| Op Mgn 3Y Avg | 7.0% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 8.1% |
| CFO/Rev 3Y Avg | 11.0% |
| FCF/Rev LTM | 5.4% |
| FCF/Rev 3Y Avg | 7.7% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Revenue - general support services - related party | 5 | 19 | 19 | 19 | 19 |
| Revenue - financial services | 1 | 2 | 2 | 0 | |
| Total | 6 | 21 | 22 | 19 | 19 |
| $ Mil | 2022 | 2021 | 2020 |
|---|---|---|---|
| Revenue - general support services - related party | 0 | 0 | 0 |
| Revenue - financial services | -3 | -1 | |
| Corporate/Other | -9 | -0 | -0 |
| Total | -12 | -1 | -0 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 202 | 9 | |||
| Corporate/Other | 2 | 8 | 3 | ||
| Revenue - financial services | 1 | 11 | 16 | ||
| Total | 202 | 9 | 3 | 18 | 19 |
Price Behavior
| Market Price | $6.43 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 02/23/2007 | |
| Distance from 52W High | -92.4% | |
| 50 Days | 200 Days | |
| DMA Price | $20.25 | $6.67 |
| DMA Trend | up | up |
| Distance from DMA | -68.2% | -3.5% |
| 3M | 1YR | |
| Volatility | 24,434.1% | 12,245.6% |
| Downside Capture | -1419.01 | 150.07 |
| Upside Capture | 829.90 | 115.20 |
| Correlation (SPY) | -5.8% | -2.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 5.34 | 11.72 | -131.57 | -65.48 | -23.48 | -5.74 |
| Up Beta | 12.77 | 19.63 | -0.74 | -1.36 | 1.49 | -0.04 |
| Down Beta | 8.91 | 6.98 | 357.17 | 174.62 | 94.68 | 22.97 |
| Up Capture | 123% | 261% | 1700% | 386% | 132% | 182% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 6 | 11 | 21 | 47 | 94 | 310 |
| Down Capture | 816% | 880% | -4986% | -654% | 129% | 72% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 15 | 30 | 42 | 78 | 154 | 411 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DFNS | |
|---|---|---|---|---|
| DFNS | -4.2% | 12,221.3% | 0.99 | - |
| Sector ETF (XLI) | 10.1% | 17.3% | 0.39 | -6.4% |
| Equity (SPY) | 15.9% | 13.0% | 0.87 | -2.5% |
| Gold (GLD) | 8.1% | 29.6% | 0.26 | -2.7% |
| Commodities (DBC) | 43.1% | 20.8% | 1.61 | 6.9% |
| Real Estate (VNQ) | 2.2% | 13.6% | -0.09 | -12.0% |
| Bitcoin (BTCUSD) | -27.1% | 44.5% | -0.58 | -3.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DFNS | |
|---|---|---|---|---|
| DFNS | -17.7% | 6,051.9% | 0.70 | - |
| Sector ETF (XLI) | 12.6% | 17.6% | 0.55 | -2.5% |
| Equity (SPY) | 13.2% | 17.2% | 0.59 | -0.7% |
| Gold (GLD) | 18.2% | 18.9% | 0.78 | -1.8% |
| Commodities (DBC) | 10.6% | 19.6% | 0.42 | 3.3% |
| Real Estate (VNQ) | 0.5% | 18.9% | -0.08 | -2.9% |
| Bitcoin (BTCUSD) | 13.9% | 52.3% | 0.44 | -1.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DFNS | |
|---|---|---|---|---|
| DFNS | -2.3% | 4,283.0% | 0.52 | - |
| Sector ETF (XLI) | 13.2% | 20.0% | 0.58 | -1.6% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | -0.5% |
| Gold (GLD) | 11.8% | 16.4% | 0.58 | -1.4% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 2.6% |
| Real Estate (VNQ) | 4.5% | 20.7% | 0.18 | -1.8% |
| Bitcoin (BTCUSD) | 63.6% | 66.2% | 1.03 | -1.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/15/2026 | 9.0% | -3.3% | -25.9% |
| SUMMARY STATS | |||
| # Positive | 1 | 0 | 0 |
| # Negative | 0 | 1 | 1 |
| Median Positive | 9.0% | ||
| Median Negative | -3.3% | -25.9% | |
| Max Positive | 9.0% | ||
| Max Negative | -3.3% | -25.9% | |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/15/2026 | 9.0% | -3.3% | -25.9% |
| SUMMARY STATS | |||
| # Positive | 1 | 0 | 0 |
| # Negative | 0 | 1 | 1 |
| Median Positive | 9.0% | ||
| Median Negative | -3.3% | -25.9% | |
| Max Positive | 9.0% | ||
| Max Negative | -3.3% | -25.9% | |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/18/2026 | 10-Q |
| 03/31/2026 | 05/20/2026 | 10-Q |
| 12/31/2025 | 04/09/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/23/2025 | 10-Q |
| 12/31/2024 | 05/08/2025 | 10-KT |
| 09/30/2024 | 02/10/2025 | 10-K |
| 06/30/2024 | 09/11/2024 | 10-Q |
| 03/31/2024 | 08/14/2024 | 10-Q |
| 12/31/2023 | 07/30/2024 | 10-Q |
| 09/30/2023 | 07/12/2024 | 10-K |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 06/20/2023 | 10-Q |
| 12/31/2022 | 05/19/2023 | 10-Q |
| 09/30/2022 | 04/10/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/18/2026 | 10-Q |
| 03/31/2026 | 05/20/2026 | 10-Q |
| 12/31/2025 | 04/09/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/23/2025 | 10-Q |
| 12/31/2024 | 05/08/2025 | 10-KT |
| 09/30/2024 | 02/10/2025 | 10-K |
| 06/30/2024 | 09/11/2024 | 10-Q |
| 03/31/2024 | 08/14/2024 | 10-Q |
| 12/31/2023 | 07/30/2024 | 10-Q |
| 09/30/2023 | 07/12/2024 | 10-K |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 06/20/2023 | 10-Q |
| 12/31/2022 | 05/19/2023 | 10-Q |
| 09/30/2022 | 04/10/2023 | 10-K |
| 06/30/2022 | 08/22/2022 | 10-Q |
| 03/31/2022 | 05/23/2022 | 10-Q |
| 12/31/2021 | 02/14/2022 | 10-Q |
| 09/30/2021 | 12/29/2021 | 10-K |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/14/2021 | 10-Q |
| 12/31/2020 | 02/12/2021 | 10-Q |
| 09/30/2020 | 12/28/2020 | 10-K |
| 06/30/2020 | 08/13/2020 | 10-Q |
| 03/31/2020 | 05/15/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-Q |
| 09/30/2019 | 01/14/2020 | 10-K |
Insider Activity
Updated 4/28/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kotaieva, Anastasiia | Direct | Sell | 12312025 | 4.03 | 75,000 | Form | |||
| 2 | Kotaieva, Anastasiia | Direct | Sell | 12312025 | 4.09 | 75,000 | 306,765 | 306,765 | Form | |
| 3 | Kotaieva, Anastasiia | X Group Fund of Funds Limited Partnership | Sell | 12292025 | 4.26 | 55,604 | 237,034 | 4,902,288 | Form | |
| 4 | Kotaieva, Anastasiia | X Group Fund of Funds Limited Partnership | Sell | 12292025 | 4.49 | 55,604 | 249,629 | 5,412,389 | Form | |
| 5 | Kotaieva, Anastasiia | X Group Fund of Funds Limited Partnership | Sell | 12292025 | 4.57 | 70,000 | 320,082 | 5,766,949 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kotaieva, Anastasiia | Direct | Sell | 12312025 | 4.03 | 75,000 | Form | |||
| 2 | Kotaieva, Anastasiia | Direct | Sell | 12312025 | 4.09 | 75,000 | 306,765 | 306,765 | Form | |
| 3 | Kotaieva, Anastasiia | X Group Fund of Funds Limited Partnership | Sell | 12292025 | 4.26 | 55,604 | 237,034 | 4,902,288 | Form | |
| 4 | Kotaieva, Anastasiia | X Group Fund of Funds Limited Partnership | Sell | 12292025 | 4.49 | 55,604 | 249,629 | 5,412,389 | Form | |
| 5 | Kotaieva, Anastasiia | X Group Fund of Funds Limited Partnership | Sell | 12292025 | 4.57 | 70,000 | 320,082 | 5,766,949 | Form | |
| 6 | Kotaieva, Anastasiia | X Group Fund of Funds Limited Partnership | Sell | 12292025 | 4.41 | 30,000 | 132,438 | 5,876,702 | Form | |
| 7 | Kotaieva, Anastasiia | X Group Fund of Funds Limited Partnership | Sell | 12222025 | 4.53 | 70,000 | 317,058 | 6,165,406 | Form | |
| 8 | Kotaieva, Anastasiia | X Group Fund of Funds Limited Partnership | Sell | 12222025 | 4.72 | 38,744 | 182,957 | 6,758,398 | Form | |
| 9 | Kotaieva, Anastasiia | See Footnote | Buy | 10102025 | 0.00 | 1,259,853 | Form | |||
| 10 | Kotaieva, Anastasiia | See Footnote | Buy | 10102025 | 0.00 | 117,568 | Form |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Aerospace & Defense Resources |
| Defense News |
| FlightGlobal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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