Leonardo DRS (DRS)
Market Price (6/19/2026): $46.08 | Market Cap: $12.3 BilSector: Industrials | Industry: Aerospace & Defense
Leonardo DRS (DRS)
Market Price (6/19/2026): $46.08Market Cap: $12.3 BilSector: IndustrialsIndustry: Aerospace & Defense
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12% Low stock price volatilityVol 12M is 40% Megatrend and thematic driversMegatrends include Cybersecurity, Autonomous Technologies, and Advanced Aviation & Space. Themes include Software Security, Show more. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x Key risksDRS key risks include [1] the potential termination of classified U.S. Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Low stock price volatilityVol 12M is 40% |
| Megatrend and thematic driversMegatrends include Cybersecurity, Autonomous Technologies, and Advanced Aviation & Space. Themes include Software Security, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x |
| Key risksDRS key risks include [1] the potential termination of classified U.S. Show more. |
Qualitative Assessment
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Updated on 6/15/2026
Leonardo DRS (DRS) stock has gained about 5% since 2/28/2026 because of the following key factors:
1. Exceptional Fiscal Q4 2025 Earnings Beat and Optimistic Fiscal Year 2026 Guidance.
Leonardo DRS reported strong fiscal Q4 2025 results on February 24, 2026, exceeding analyst expectations with diluted EPS of $0.42 against an estimated $0.37, and revenue of $1.06 billion, surpassing the $1.01 billion consensus. The company also provided a bullish outlook for fiscal year 2026, projecting revenue between $3.85 billion and $3.95 billion and adjusted diluted EPS in the range of $1.20 to $1.26, significantly above previous analyst forecasts. This positive financial performance and forward-looking guidance led to a substantial stock surge of 14.89% on the day of the announcement.
2. Sustained Momentum with Strong Fiscal Q1 2026 Earnings and Upgraded Guidance.
The positive trend continued with Leonardo DRS announcing robust fiscal Q1 2026 results on May 5, 2026. The company reported adjusted diluted EPS of $0.26, beating the $0.21 analyst consensus, and revenue of $846 million, which exceeded estimates of $825.05 million. This represented a 30% year-over-year increase in adjusted diluted EPS and 6% growth in revenue. Following these strong results, the company raised its full-year fiscal 2026 guidance across key metrics, signaling continued confidence in its operational performance and market demand.
Show more
Leonardo DRS (DRS) stock has gained about 5% since 2/28/2026 because of the following key factors:
1. Exceptional Fiscal Q4 2025 Earnings Beat and Optimistic Fiscal Year 2026 Guidance.
Leonardo DRS reported strong fiscal Q4 2025 results on February 24, 2026, exceeding analyst expectations with diluted EPS of $0.42 against an estimated $0.37, and revenue of $1.06 billion, surpassing the $1.01 billion consensus. The company also provided a bullish outlook for fiscal year 2026, projecting revenue between $3.85 billion and $3.95 billion and adjusted diluted EPS in the range of $1.20 to $1.26, significantly above previous analyst forecasts. This positive financial performance and forward-looking guidance led to a substantial stock surge of 14.89% on the day of the announcement.
2. Sustained Momentum with Strong Fiscal Q1 2026 Earnings and Upgraded Guidance.
The positive trend continued with Leonardo DRS announcing robust fiscal Q1 2026 results on May 5, 2026. The company reported adjusted diluted EPS of $0.26, beating the $0.21 analyst consensus, and revenue of $846 million, which exceeded estimates of $825.05 million. This represented a 30% year-over-year increase in adjusted diluted EPS and 6% growth in revenue. Following these strong results, the company raised its full-year fiscal 2026 guidance across key metrics, signaling continued confidence in its operational performance and market demand.
Show more
Updated on 6/15/2026
Leonardo DRS (DRS) stock has gained about 5% since 2/28/2026 because of the following key factors:
1. Exceptional Fiscal Q4 2025 Earnings Beat and Optimistic Fiscal Year 2026 Guidance.
Leonardo DRS reported strong fiscal Q4 2025 results on February 24, 2026, exceeding analyst expectations with diluted EPS of $0.42 against an estimated $0.37, and revenue of $1.06 billion, surpassing the $1.01 billion consensus. The company also provided a bullish outlook for fiscal year 2026, projecting revenue between $3.85 billion and $3.95 billion and adjusted diluted EPS in the range of $1.20 to $1.26, significantly above previous analyst forecasts. This positive financial performance and forward-looking guidance led to a substantial stock surge of 14.89% on the day of the announcement.
2. Sustained Momentum with Strong Fiscal Q1 2026 Earnings and Upgraded Guidance.
The positive trend continued with Leonardo DRS announcing robust fiscal Q1 2026 results on May 5, 2026. The company reported adjusted diluted EPS of $0.26, beating the $0.21 analyst consensus, and revenue of $846 million, which exceeded estimates of $825.05 million. This represented a 30% year-over-year increase in adjusted diluted EPS and 6% growth in revenue. Following these strong results, the company raised its full-year fiscal 2026 guidance across key metrics, signaling continued confidence in its operational performance and market demand.
3. Major New Government Contract Awards Enhancing Long-Term Revenue Visibility.
Leonardo DRS secured significant multi-year contract awards within the period, bolstering its market position and future revenue streams. On February 17, 2026, the company announced multiple contracts under the Missile Defense Agency's (MDA) Scalable Homeland Innovative Enterprise Layered Defense (SHIELD) indefinite-delivery/indefinite-quantity (IDIQ) program, carrying a ceiling value of $151 billion. This was followed by an engineering solutions contract for the Advanced Technology Support Program V (ATSP5) with a total potential value exceeding $25 billion over ten years, announced on March 23, 2026. These IDIQ contracts position Leonardo DRS to compete for future task orders in critical defense technology areas such as advanced sensing, computing, and integrated mission systems, including research and development in quantum computing.
Show less
Leonardo DRS (DRS) stock has gained about 5% since 2/28/2026 because of the following key factors:
1. Exceptional Fiscal Q4 2025 Earnings Beat and Optimistic Fiscal Year 2026 Guidance.
Leonardo DRS reported strong fiscal Q4 2025 results on February 24, 2026, exceeding analyst expectations with diluted EPS of $0.42 against an estimated $0.37, and revenue of $1.06 billion, surpassing the $1.01 billion consensus. The company also provided a bullish outlook for fiscal year 2026, projecting revenue between $3.85 billion and $3.95 billion and adjusted diluted EPS in the range of $1.20 to $1.26, significantly above previous analyst forecasts. This positive financial performance and forward-looking guidance led to a substantial stock surge of 14.89% on the day of the announcement.
2. Sustained Momentum with Strong Fiscal Q1 2026 Earnings and Upgraded Guidance.
The positive trend continued with Leonardo DRS announcing robust fiscal Q1 2026 results on May 5, 2026. The company reported adjusted diluted EPS of $0.26, beating the $0.21 analyst consensus, and revenue of $846 million, which exceeded estimates of $825.05 million. This represented a 30% year-over-year increase in adjusted diluted EPS and 6% growth in revenue. Following these strong results, the company raised its full-year fiscal 2026 guidance across key metrics, signaling continued confidence in its operational performance and market demand.
3. Major New Government Contract Awards Enhancing Long-Term Revenue Visibility.
Leonardo DRS secured significant multi-year contract awards within the period, bolstering its market position and future revenue streams. On February 17, 2026, the company announced multiple contracts under the Missile Defense Agency's (MDA) Scalable Homeland Innovative Enterprise Layered Defense (SHIELD) indefinite-delivery/indefinite-quantity (IDIQ) program, carrying a ceiling value of $151 billion. This was followed by an engineering solutions contract for the Advanced Technology Support Program V (ATSP5) with a total potential value exceeding $25 billion over ten years, announced on March 23, 2026. These IDIQ contracts position Leonardo DRS to compete for future task orders in critical defense technology areas such as advanced sensing, computing, and integrated mission systems, including research and development in quantum computing.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 6.6% change in DRS stock from 2/28/2026 to 6/18/2026 was primarily driven by a 3.0% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 6182026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.22 | 46.08 | 6.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,648 | 3,695 | 1.3% |
| Net Income Margin (%) | 7.6% | 7.8% | 3.0% |
| P/E Multiple | 41.3 | 42.3 | 2.2% |
| Shares Outstanding (Mil) | 266 | 266 | 0.0% |
| Cumulative Contribution | 6.6% |
Market Drivers
2/28/2026 to 6/18/2026| Return | Correlation | |
|---|---|---|
| DRS | 6.6% | |
| Market (SPY) | 9.2% | 39.1% |
| Sector (XLI) | 2.4% | 51.7% |
Fundamental Drivers
The 35.4% change in DRS stock from 11/30/2025 to 6/18/2026 was primarily driven by a 23.6% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6182026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.03 | 46.08 | 35.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,569 | 3,695 | 3.5% |
| Net Income Margin (%) | 7.4% | 7.8% | 5.7% |
| P/E Multiple | 34.2 | 42.3 | 23.6% |
| Shares Outstanding (Mil) | 266 | 266 | 0.1% |
| Cumulative Contribution | 35.4% |
Market Drivers
11/30/2025 to 6/18/2026| Return | Correlation | |
|---|---|---|
| DRS | 35.4% | |
| Market (SPY) | 9.9% | 35.8% |
| Sector (XLI) | 18.4% | 47.5% |
Fundamental Drivers
The 9.9% change in DRS stock from 5/31/2025 to 6/18/2026 was primarily driven by a 12.2% change in the company's Net Income Margin (%).| (LTM values as of) | 5312025 | 6182026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.93 | 46.08 | 9.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,345 | 3,695 | 10.5% |
| Net Income Margin (%) | 7.0% | 7.8% | 12.2% |
| P/E Multiple | 47.5 | 42.3 | -11.1% |
| Shares Outstanding (Mil) | 265 | 266 | -0.2% |
| Cumulative Contribution | 9.9% |
Market Drivers
5/31/2025 to 6/18/2026| Return | Correlation | |
|---|---|---|
| DRS | 9.9% | |
| Market (SPY) | 28.1% | 31.4% |
| Sector (XLI) | 28.4% | 44.0% |
Fundamental Drivers
The 209.4% change in DRS stock from 5/31/2023 to 6/18/2026 was primarily driven by a 315.8% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6182026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.89 | 46.08 | 209.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,650 | 3,695 | 39.4% |
| Net Income Margin (%) | 14.4% | 7.8% | -45.4% |
| P/E Multiple | 10.2 | 42.3 | 315.8% |
| Shares Outstanding (Mil) | 260 | 266 | -2.2% |
| Cumulative Contribution | 209.4% |
Market Drivers
5/31/2023 to 6/18/2026| Return | Correlation | |
|---|---|---|
| DRS | 209.4% | |
| Market (SPY) | 85.7% | 40.8% |
| Sector (XLI) | 95.3% | 49.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DRS Return | - | 16% | 57% | 61% | 7% | 37% | 330% |
| Peers Return | 25% | 22% | -0% | 4% | 48% | 1% | 139% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| DRS Win Rate | - | 50% | 58% | 58% | 58% | 67% | |
| Peers Win Rate | 60% | 53% | 47% | 57% | 68% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| DRS Max Drawdown | - | - | -15% | -14% | -32% | -18% | |
| Peers Max Drawdown | -15% | -17% | -22% | -20% | -16% | -24% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LHX, RTX, GD, NOC, HII.
[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 6/18/2026 (YTD)
How Low Can It Go
| Event | DRS | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.6% | -6.7% |
| % Gain to Breakeven | 17.2% | 7.1% |
| Time to Breakeven | 8 days | 31 days |
In The Past
Leonardo DRS's stock fell -2.3% during the 2025 US Tariff Shock. Such a loss loss requires a 2.4% gain to breakeven.
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Asset Allocation
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In The Past
Leonardo DRS's stock fell -2.3% during the 2025 US Tariff Shock. Such a loss loss requires a 2.4% 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 Leonardo DRS (DRS)
Leonardo DRS (DRS) is a prominent mid-tier defense company specializing in advanced defense products and technologies for land, air, sea, space, and cyber domains. The company develops solutions in critical areas such as sensing, electronic warfare, cybersecurity, network computing, communications, force protection, and electrical power conversion and propulsion. Acting as either a prime or sub-contractor, DRS serves a broad array of military and intelligence needs, leveraging internally developed proprietary intellectual property and a 50-year legacy of innovation in military applications.
The company's offerings are structured across three main segments. Its Advanced Sensor Technologies segment provides world-class electro-optical sensors, laser systems, electronic warfare, and intelligence and surveillance solutions, including ground vehicle targeting and soldier sensor systems, as well as high-performance infrared focal plane arrays and radio frequency receivers. The Network Computing & Communications segment delivers advanced defense electronics, ruggedized computing equipment for ground combat vehicles and naval vessels, and secure global satellite communications for the U.S. military. Finally, the Integrated Mission Systems segment focuses on critical force protection (like counter-UAS and the TROPHY™ Active Protection System), vehicle integration, and electrical conversion and ship propulsion systems, particularly for the U.S. Navy's top shipbuilding programs.
DRS's primary customers include all branches of the U.S. military, major aerospace and defense prime contractors, government intelligence agencies, and international military customers. The company's significant growth has been driven by its strategic alignment with the nation's top defense priorities, its role as a trusted partner, and its ability to adapt high-technology solutions across a wide range of military platforms. This extensive installed base also allows for continuous revenue opportunities through upgrades, positioning DRS as a resilient and adaptable provider in the dynamic defense market.
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1. L3Harris, but focused on cutting-edge military sensors, electronic warfare, and mission systems.
2. The advanced electronics and mission systems provider for defense, akin to a specialized technology division of a Raytheon or General Dynamics.
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- Electro-Optical Sensor Systems: Provides advanced electro-optical sensors for ground vehicle targeting, surveillance, soldier systems, and infrared imaging.
- Electronic Warfare (EW) Systems: Delivers systems designed to detect and counter adversary electronic capabilities across various domains.
- Laser Systems: Offers advanced laser technologies, including quantum cascade lasers, for military and commercial applications.
- Signals Intelligence (SIGINT) Receivers and Transceivers: Supplies high-performance radio frequency receivers and transceivers for intelligence and surveillance.
- Ruggedized Computing Equipment: Provides advanced tactical computing units designed for harsh military environments in ground vehicles and command posts.
- Naval Computing & Control Systems: Delivers computing infrastructure, network and data distribution, radar, and rugged control systems for naval vessels.
- Secured Satellite Communications: Offers a global network of terrestrial and satellite bandwidth for secure commercial satellite communications to the U.S. military.
- Active Protection Systems (APS): Provides ground vehicle protection systems, such as TROPHY™ APS, against evolving threats.
- Short-Range Air Defense (SHORAD) Systems: Delivers mission equipment packages, like IM-SHORAD, to defend against aerial threats.
- Counter-Unmanned Aerial Systems (C-UAS): Offers solutions for detecting and mitigating threats posed by unmanned aerial systems.
- Electrical Power Conversion & Ship Propulsion Systems: Supplies critical power components and propulsion systems for U.S. Navy shipbuilding programs.
- Military Transportation & Logistics Solutions: Provides offerings and ground vehicle integration capabilities to support U.S. forces in various operational environments.
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Leonardo DRS (DRS) serves a diverse customer base primarily within the defense sector. Its major customers include:
- U.S. Military: All branches of the U.S. military, including the Army and Navy, are significant customers. DRS is a leading provider for specific programs such as the Expedited Active Protection System (TROPHY™ APS) for the U.S. Army, the Initial Maneuver Short-Range Air Defense (IM-SHORAD) Mission Equipment Package Program for the U.S. Army, and power conversion and propulsion systems for the U.S. Navy.
- U.S. Government Intelligence Agencies: These agencies utilize DRS's intelligence and surveillance solutions, including advanced sensor technologies.
- International Military Customers: DRS supplies defense systems and solutions to military customers in various international countries.
- Major Aerospace and Defense Prime Contractors: DRS acts as both a prime contractor and a sub-contractor, supplying its products and solutions to other large defense companies for integration into broader military platforms. The company description does not specify the names of these individual prime contractors.
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John Baylouny President and Chief Executive Officer
John Baylouny assumed the role of President and Chief Executive Officer of Leonardo DRS on January 1, 2026. He brings over 35 years of experience in the aerospace and defense industry, having held various leadership positions within Leonardo DRS and its predecessor, DRS Technologies. His previous roles include Chief Operating Officer since 2018, Corporate Chief Technology Officer, and General Manager of the Land Systems business unit and the Advanced ISR business unit. Baylouny's extensive career at Leonardo DRS has involved direct P&L and operational responsibility, general management, product development, program management, and product design across the company's portfolio. Prior to his long tenure at DRS, he also served as Senior Vice President-Engineering at Ocean Power Technologies, Inc. from 2005 to 2007.
Michael Dippold Executive Vice President, Chief Financial Officer
Michael Dippold was appointed Executive Vice President and Chief Financial Officer for Leonardo DRS on January 1, 2017. He is responsible for the company's financial activities and operations, SEC reporting, tax and treasury functions, and economic and business strategies. Dippold has over 20 years of finance experience. Before joining DRS, he spent four years at KPMG, primarily working on Defense Industry client accounts, including DRS Technologies, where he assisted with acquisitions and the implementation of Sarbanes Oxley. He then joined DRS, holding roles of increasing responsibility, including Senior Vice President, Corporate Controller, and played a significant part in complex transactions such as the RADA merger, which facilitated Leonardo DRS's return to the public markets.
Mark A. Dorfman Executive Vice President, General Counsel and Secretary
Mark A. Dorfman serves as the Executive Vice President, General Counsel, and Secretary for Leonardo DRS. He has held the position of General Counsel since August 2005 and Corporate Secretary since December 2009.
Tami E. Gesiskie Senior Vice President, Human Resources
Tami E. Gesiskie is the Senior Vice President of Human Resources at Leonardo DRS. She has held a Human Resources Officer role with the company since December 1992.
Dr. Philip Perconti Corporate Chief Technology Officer
Dr. Philip Perconti holds the position of Corporate Chief Technology Officer at Leonardo DRS. He was appointed to a Chief Tech/Sci/R&D Officer role in December 2021.
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The key risks to Leonardo DRS's business are:
1. Dependence on U.S. Government Defense Spending and Contracts
Leonardo DRS's business is heavily reliant on contracts with the U.S. military, intelligence community, and major aerospace and defense prime contractors. Approximately 80% of its 2025 revenue was derived directly or indirectly from U.S. government contracts, primarily with the Department of Defense. This makes the company highly susceptible to fluctuations in federal defense budgets, changes in spending priorities, government shutdowns, or the inability to secure and retain key contracts. A reduction in defense spending or a shift in focus away from areas where DRS has significant capabilities could materially and adversely affect its financial performance.2. Technological Obsolescence and Intense Competition
Operating in the defense technology sector, Leonardo DRS faces a constant need to innovate and adapt to rapid technological advancements and evolving threats. The company emphasizes its advanced sensor technologies, electronic warfare systems, and network computing solutions. However, failure to keep pace with new technologies or to successfully develop and integrate next-generation solutions could lead to technological obsolescence. Furthermore, as a "mid-tier" defense company, it operates in a highly competitive landscape against larger prime contractors and other specialized firms, requiring continuous investment in research and development to maintain its competitive edge and secure new contracts.3. Supply Chain Disruptions and Cost Overruns on Fixed-Price Contracts
Leonardo DRS's business is exposed to risks related to its supply chain, including potential shortages of materials and components. The company has previously experienced issues such as constraints in Germanium supply, which necessitated finding alternative, higher-cost sources. Additionally, a significant portion of its revenue is derived from fixed-price contracts, which expose the company to the risk of cost overruns and inflationary pressures. If actual costs exceed estimates on these contracts, especially on long and complex programs, the company's profitability could be negatively impacted.AI Analysis | Feedback
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Leonardo DRS operates in several defense technology markets. The addressable market sizes for its main products and services are detailed below:
Advanced Sensor Technologies
- Military Electro-Optical and Infrared (EO/IR) Systems: The global market size for military electro-optical and infrared systems was valued at approximately USD 17.04 billion in 2025 and is projected to reach USD 28.98 billion by 2034. North America held a significant share of 36.8% in 2025. The U.S. Military Electro-Optical and Infrared Systems Market alone is valued at USD 2.69 billion in 2025 and is expected to grow to USD 3.98 billion by 2035.
- Infrared Imaging: The global infrared imaging market was valued at USD 7.8 billion in 2025 and is projected to reach USD 12.3 billion by 2034. North America dominated this market in 2025. Specifically for defense, the U.S. Thermal Imaging for Defense Market size was USD 3.15 billion in 2025 and is expected to reach USD 4.70 billion by 2035.
- Military Laser Systems: The global military laser systems market was valued at USD 6.52 billion in 2024 and is estimated to reach USD 12.47 billion by 2033. Another estimate places the global market at USD 5.7 billion in 2024, growing to USD 14 billion by 2034. North America held the largest share, accounting for 37.8% in 2024.
- Intelligence, Surveillance, and Reconnaissance (ISR): The global ISR market was valued at approximately USD 41.6 billion in 2024 and is projected to reach USD 57 billion by 2030. Other reports indicate a market size of USD 42 billion in 2024, expected to reach USD 71.2 billion by 2034. North America dominated this market and is expected to reach over USD 26.5 billion by 2034.
- Signals Intelligence (SIGINT): The global signals intelligence market was estimated at USD 18.51 billion in 2025 and is projected to reach USD 28.51 billion by 2033. Another estimate values the global market at USD 30.4 billion in 2025, with a projection to reach USD 60.9 billion by 2035. North America held the largest revenue share of 36.4% in 2025, and valued at USD 7.54 billion in 2024.
- Quantum Cascade Lasers: The global market for quantum cascade lasers is projected to grow from USD 441.9 million in 2025 to USD 673.3 million by 2035. North America dominated this market with a 35% share in 2023, and the military and defense segment accounted for over 30% of the market in 2023.
Network Computing & Communications
- Ruggedized Military Computing: The global rugged military computers market was valued at USD 4.84 billion in 2024 and is anticipated to grow to USD 6.95 billion by 2030. The U.S. military computers market alone was estimated at USD 3.0 billion in 2024.
- Rugged Servers: The global rugged servers market size was USD 550 million in 2023 and is projected to reach USD 1 billion by 2032. The military and defense segment accounted for over 25% of this market in 2023. Another report estimates the global market at USD 713.2 million in 2025, projected to reach USD 1,244.9 million by 2033. North America held a 38.9% revenue share in the global rugged servers market in 2025.
- Military Satellite Communications: The global military communications market was valued at USD 38.85 billion in 2024 and is expected to reach USD 54.35 billion by 2033. Military SATCOM systems were the highest contributor to this market. The global military satellite market was valued at USD 30.3 billion in 2023 and is projected to reach USD 73.3 billion by 2032. North America dominated the military satellite market with a 38.00% share in 2025. The global commercial and military satellite communications market was valued at USD 49.91 billion in 2024 and is projected to reach USD 66.57 billion by 2033.
Integrated Mission Systems
- Active Protection Systems (APS): The global active protection system market grew from USD 5.21 billion in 2025 to USD 5.65 billion in 2026, with projections to reach USD 9.29 billion by 2032. North America dominated this market with a 34.44% share in 2025. Another source values the global market at USD 3.76 billion in 2024, expected to reach USD 6.70 billion by 2032.
- Short-Range Air Defense (SHORAD) Systems: The global short-range air defense systems market was valued at $12.4 billion in 2021 and is projected to reach $21.1 billion by 2031. Other reports state the global market was around USD 18 billion in 2024, projected to reach USD 26 billion by 2030. North America leads this market, holding approximately a 30% market share and valuing at USD 4.0 billion in 2023, projected to rise to USD 6.0 billion by 2032.
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Here are the 3 expected drivers of future revenue growth for Leonardo DRS (DRS) over the next 2-3 years:
1. Robust Backlog and Sustained Customer Demand Across Core Defense Programs: Leonardo DRS's significant backlog provides multi-year revenue visibility, fueled by consistent customer demand in critical defense areas such as sensors, computing, and naval power systems. The company achieved a book-to-bill ratio of 1.2x or better for the fourth consecutive year, pushing its year-end backlog to $8.7 billion, and demand for electric power and propulsion, advanced infrared sensing, counter-UAS, naval network computing, and tactical radar technologies was particularly strong in 2025.
2. Strategic Investments in Research & Development and Capacity Expansion: Leonardo DRS is aggressively investing in its future capabilities. Internal research and development spending increased by over 40% in 2025, with plans to maintain a similar percentage of sales in 2026. Capital expenditures also rose by more than 60% in 2025, targeting capacity expansion in areas like Charleston naval power, tactical radar, and infrared production, indicating a focus on high-growth markets such as airborne, missiles, space, and unmanned systems.
3. Alignment with National Defense Priorities and Advanced Technology Solutions: The company's portfolio is well-aligned with key U.S. national defense priorities, including shipbuilding, layered strategic air and missile defense, counter-unmanned aerial systems (UAS), unmanned systems, electronic warfare, and missiles and munitions. Furthermore, Leonardo DRS is advancing its technological offerings with new software and hardware launches, such as SAGEcore (integrated AI, sensing, and edge computing) and THOR (multifunction network computing), which aim to enable next-generation command and control across various domains.
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Share Repurchases
- Leonardo DRS announced an equity buyback plan on February 20, 2025.
- From October 1, 2025, to December 31, 2025, the company repurchased 292,564 shares for $11 million.
- Under the buyback plan announced on February 20, 2025, the company completed the repurchase of 893,292 shares for $35.05 million. In 2025, the company repurchased $35 million of its own shares.
Share Issuance
- Leonardo DRS's shares outstanding for the quarter ending September 30, 2025, were 0.268 billion, a 0.04% increase year-over-year.
- In 2024, shares outstanding were 0.268 billion, marking a 1.32% increase from 2023.
- Shares outstanding in 2023 were 0.264 billion, representing a 22.88% increase from 2022.
Outbound Investments
- In 2025, Leonardo DRS invested $15 million to increase its ownership stake in Hoverfly, a company specializing in power-tethered unmanned aerial systems.
Capital Expenditures
- Capital expenditures increased by over 60% in 2025.
- The company opened a 140,000 square foot naval power and propulsion manufacturing and testing facility in South Carolina, intended to increase capacity for U.S. Navy submarine and shipbuilding programs. This expansion was supported by an additional $45 million in funding for a 40,000 square foot capacity increase.
- In the first quarter of 2025, capital expenditures amounted to $32 million.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 290.12 |
| Mkt Cap | 64.6 |
| Rev LTM | 32,422 |
| Op Inc LTM | 3,464 |
| FCF LTM | 2,947 |
| FCF 3Y Avg | 2,204 |
| CFO LTM | 3,860 |
| CFO 3Y Avg | 3,230 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.9% |
| Rev Chg 3Y Avg | 9.3% |
| Rev Chg Q | 9.5% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | 19.9% |
| Op Inc Chg 3Y Avg | 10.7% |
| Op Mgn LTM | 10.1% |
| Op Mgn 3Y Avg | 9.2% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 12.1% |
| CFO/Rev 3Y Avg | 10.4% |
| FCF/Rev LTM | 8.5% |
| FCF/Rev 3Y Avg | 7.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 64.6 |
| P/S | 2.1 |
| P/Op Inc | 21.5 |
| P/EBIT | 18.8 |
| P/E | 26.8 |
| P/CFO | 17.0 |
| Total Yield | 5.6% |
| Dividend Yield | 1.4% |
| FCF Yield 3Y Avg | 3.3% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Advanced Sensing and Computing (ASC) | 2,355 | 2,118 | 1,831 | 1,733 | 970 |
| Integrated Mission Systems (IMS) | 1,307 | 1,138 | 1,021 | 983 | 972 |
| Corporate & Eliminations | -14 | -22 | -26 | -23 | -22 |
| Network Computing & Communications (NC&C) | 959 | ||||
| Total | 3,648 | 3,234 | 2,826 | 2,693 | 2,879 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Advanced Sensing and Computing (ASC) | 240 | 183 | 136 | 199 | 125 |
| Integrated Mission Systems (IMS) | 115 | 117 | 92 | 119 | 90 |
| Corporate & Eliminations | -7 | -7 | 3 | 0 | |
| Amortization of intangibles | -10 | -9 | |||
| Deal related transaction costs | -43 | -5 | |||
| Depreciation | -55 | -49 | |||
| Gain on sale of business | 354 | ||||
| COVID-19 response costs | -6 | ||||
| Network Computing & Communications (NC&C) | 95 | ||||
| Restructuring costs | -5 | ||||
| Total | 348 | 293 | 231 | 564 | 236 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Advanced Sensing and Computing (ASC) | 2,451 | 2,249 | 2,244 | 2,167 | 1,545 |
| Integrated Mission Systems (IMS) | 1,300 | 1,225 | 1,146 | 1,152 | 1,145 |
| Corporate & Eliminations | 735 | 710 | 531 | 358 | 379 |
| Total | 4,486 | 4,184 | 3,921 | 3,677 | 3,069 |
Price Behavior
Price Behavior
| Market Price | $46.08 | |
| Market Cap ($ Bil) | 12.3 | |
| First Trading Date | 11/29/2022 | |
| Distance from 52W High | -7.3% | |
| 50 Days | 200 Days | |
| DMA Price | $44.28 | $40.98 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 4.1% | 12.5% |
| 3M | 1YR | |
| Volatility | 42.3% | 40.4% |
| Downside Capture | 150.79 | 157.80 |
| Upside Capture | 92.31 | 120.86 |
| Correlation (SPY) | 43.2% | 35.0% |
DRS Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.02 | 1.47 | 1.13 | 1.32 | 1.08 | 1.05 |
| Up Beta | 3.60 | 1.60 | 0.98 | 0.92 | 0.98 | 0.93 |
| Down Beta | 3.78 | 2.50 | 0.24 | 0.47 | 0.50 | 0.76 |
| Up Capture | 225% | 90% | 146% | 249% | 133% | 282% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 11 | 19 | 30 | 61 | 124 | 404 |
| Down Capture | -53% | 183% | 143% | 141% | 131% | 105% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 9 | 22 | 32 | 62 | 125 | 337 |
[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 DRS | |
|---|---|---|---|---|
| DRS | 2.6% | 40.4% | 0.16 | - |
| Sector ETF (XLI) | 28.7% | 16.2% | 1.38 | 46.3% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 34.7% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 17.3% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | 2.0% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 19.2% |
| Bitcoin (BTCUSD) | -38.3% | 42.4% | -1.02 | 25.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DRS | |
|---|---|---|---|---|
| DRS | 33.6% | 38.7% | 1.15 | - |
| Sector ETF (XLI) | 13.5% | 17.5% | 0.61 | 44.1% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 36.8% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 10.7% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 11.2% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 28.0% |
| Bitcoin (BTCUSD) | 11.6% | 54.2% | 0.41 | 19.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DRS | |
|---|---|---|---|---|
| DRS | 15.6% | 38.7% | 1.15 | - |
| Sector ETF (XLI) | 14.2% | 20.0% | 0.62 | 44.1% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 36.8% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 10.7% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 11.2% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 28.0% |
| Bitcoin (BTCUSD) | 60.4% | 66.8% | 1.00 | 19.4% |
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Returns Analyses
Earnings Returns History
Updated 6/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | -0.8% | 3.7% | 14.3% |
| 2/24/2026 | 14.9% | 19.3% | 15.7% |
| 10/29/2025 | -4.4% | -10.0% | -15.9% |
| 7/30/2025 | -10.3% | -13.9% | -12.6% |
| 5/1/2025 | 8.8% | 12.4% | 14.7% |
| 2/20/2025 | 5.6% | 1.2% | 14.4% |
| 10/30/2024 | 11.4% | 16.3% | 22.0% |
| 7/30/2024 | -0.7% | -7.4% | -2.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 10 |
| # Negative | 6 | 4 | 4 |
| Median Positive | 7.2% | 4.0% | 14.3% |
| Median Negative | -2.7% | -8.7% | -7.7% |
| Max Positive | 14.9% | 19.3% | 22.0% |
| Max Negative | -10.3% | -13.9% | -15.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | -0.8% | 3.7% | 14.3% |
| 2/24/2026 | 14.9% | 19.3% | 15.7% |
| 10/29/2025 | -4.4% | -10.0% | -15.9% |
| 7/30/2025 | -10.3% | -13.9% | -12.6% |
| 5/1/2025 | 8.8% | 12.4% | 14.7% |
| 2/20/2025 | 5.6% | 1.2% | 14.4% |
| 10/30/2024 | 11.4% | 16.3% | 22.0% |
| 7/30/2024 | -0.7% | -7.4% | -2.2% |
| 5/1/2024 | -4.6% | 0.7% | 8.7% |
| 2/27/2024 | 8.7% | 9.2% | 3.6% |
| 11/2/2023 | 1.9% | 1.2% | -2.8% |
| 8/2/2023 | 5.7% | 4.3% | 3.9% |
| 5/3/2023 | 1.5% | 1.7% | 2.4% |
| 3/10/2023 | -1.0% | -0.3% | 19.5% |
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 10 |
| # Negative | 6 | 4 | 4 |
| Median Positive | 7.2% | 4.0% | 14.3% |
| Median Negative | -2.7% | -8.7% | -7.7% |
| Max Positive | 14.9% | 19.3% | 22.0% |
| Max Negative | -10.3% | -13.9% | -15.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/28/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/28/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/28/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/13/2021 | 10-Q |
| 03/31/2021 | 05/17/2021 | 10-Q |
| 12/31/2020 | 03/15/2021 | S-1/A |
| 03/31/2020 | 06/15/2021 | 10-Q/A |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 3.90 Bil | 3.94 Bil | 3.98 Bil | 1.0% | Raised | Guidance: 3.90 Bil for 2026 | |
| 2026 Adjusted EBITDA | 515.00 Mil | 522.50 Mil | 530.00 Mil | 1.5% | Raised | Guidance: 515.00 Mil for 2026 | |
| 2026 Tax Rate | 18.5% | 0 | Affirmed | Guidance: 18.5% for 2026 | |||
| 2026 Diluted WASO | 269.00 Mil | 0 | Affirmed | Guidance: 269.00 Mil for 2026 | |||
| 2026 Adjusted Diluted EPS | 1.26 | 1.28 | 1.3 | 4.1% | Raised | Guidance: 1.23 for 2026 | |
Prior: Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 3.85 Bil | 3.90 Bil | 3.95 Bil | 9.1% | Higher New | Actual: 3.58 Bil for 2025 | |
| 2026 Adjusted EBITDA | 505.00 Mil | 515.00 Mil | 525.00 Mil | 15.7% | Higher New | Actual: 445.00 Mil for 2025 | |
| 2026 Tax Rate | 18.5% | 2.8% | 0.5% | Higher New | Actual: 18.0% for 2025 | ||
| 2026 Diluted WASO | 269.00 Mil | 0 | Same New | Actual: 269.00 Mil for 2025 | |||
| 2026 Adjusted Diluted EPS | 1.2 | 1.23 | 1.26 | 12.3% | Higher New | Actual: 1.09 for 2025 | |
Insider Activity
Updated 6/15/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wallace, Sally | EVP, Chief Operating Officer | Direct | Sell | 6152026 | 50.00 | 1,300 | 65,000 | 2,852,650 | Form |
| 2 | Dippold, Michael | EVP and CFO | Direct | Sell | 6092026 | 46.48 | 8,318 | 386,621 | 2,577,781 | Form |
| 3 | Dorfman, Mark | EVP, GC and Secretary | Direct | Sell | 6052026 | 45.75 | 5,536 | 253,272 | 1,680,946 | Form |
| 4 | Rinsky, Jason | EVP Chief Tax and Treasury | Direct | Sell | 6042026 | 46.87 | 3,865 | 181,153 | 1,467,500 | Form |
| 5 | Morrow, Pamela | SVP and Controller | Direct | Sell | 5282026 | 45.13 | 11,545 | 521,026 | 476,167 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wallace, Sally | EVP, Chief Operating Officer | Direct | Sell | 6152026 | 50.00 | 1,300 | 65,000 | 2,852,650 | Form |
| 2 | Dippold, Michael | EVP and CFO | Direct | Sell | 6092026 | 46.48 | 8,318 | 386,621 | 2,577,781 | Form |
| 3 | Dorfman, Mark | EVP, GC and Secretary | Direct | Sell | 6052026 | 45.75 | 5,536 | 253,272 | 1,680,946 | Form |
| 4 | Rinsky, Jason | EVP Chief Tax and Treasury | Direct | Sell | 6042026 | 46.87 | 3,865 | 181,153 | 1,467,500 | Form |
| 5 | Morrow, Pamela | SVP and Controller | Direct | Sell | 5282026 | 45.13 | 11,545 | 521,026 | 476,167 | Form |
| 6 | Jeffery, Reuben Iii | Direct | Buy | 5192026 | 42.77 | 25,000 | 1,069,328 | 1,069,328 | Form | |
| 7 | Dorfman, Mark | EVP, GC and Secretary | Direct | Sell | 4032026 | 45.38 | 4,659 | 211,425 | 1,918,576 | Form |
| 8 | Dippold, Michael | EVP and CFO | Direct | Sell | 4032026 | 45.38 | 7,071 | 320,882 | 2,894,246 | Form |
| 9 | Wallace, Sally | EVP, Chief Operating Officer | Direct | Sell | 4032026 | 46.35 | 28,960 | 1,342,296 | 2,704,662 | Form |
| 10 | Dippold, Michael | EVP and CFO | Direct | Sell | 3172026 | 45.27 | 16,330 | 739,259 | 1,205,178 | Form |
| 11 | Dorfman, Mark | EVP, GC and Secretary | Direct | Sell | 3172026 | 45.27 | 10,014 | 453,334 | 799,740 | Form |
| 12 | Morrow, Pamela | SVP and Controller | Direct | Sell | 3042026 | 45.20 | 12,000 | 542,400 | 293,529 | Form |
| 13 | Dippold, Michael | EVP and CFO | Direct | Sell | 12022025 | 33.74 | 5,294 | 178,620 | 1,806,440 | Form |
| 14 | Dorfman, Mark | EVP, GC and Secretary | Direct | Sell | 12022025 | 33.74 | 3,840 | 129,562 | 1,193,046 | Form |
| 15 | Baylouny, John | EVP and COO | Direct | Sell | 10162025 | 43.69 | 8,481 | 370,535 | 4,631,446 | Form |
| 16 | Baylouny, John | EVP and COO | Direct | Sell | 9182025 | 41.78 | 11,420 | 477,128 | 4,783,309 | Form |
| 17 | Dorfman, Mark | EVP, GC and Secretary | Direct | Sell | 9152025 | 41.65 | 12,801 | 533,162 | 1,632,680 | Form |
| 18 | Dippold, Michael | EVP and CFO | Direct | Sell | 9152025 | 41.65 | 19,360 | 806,344 | 2,450,436 | Form |
| 19 | Salzman, Eric | Direct | Sell | 8212025 | 41.17 | 4,403 | 181,272 | 486,629 | Form | |
| 20 | Baylouny, John | EVP and COO | Direct | Sell | 8212025 | 41.17 | 11,375 | 468,309 | 5,183,632 | Form |
| 21 | Carey, David W | Direct | Sell | 6162025 | 45.94 | 6,438 | 295,762 | 1,097,139 | Form |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Aerospace & Defense Resources |
| Defense News |
| FlightGlobal |
External Quote Links
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/18/2026