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Kratos Defense & Security Solutions (KTOS)

Market Price (5/7/2026): $60.6 | Market Cap: $10.7 Bil
Sector: Industrials | Industry: Aerospace & Defense

Kratos Defense & Security Solutions (KTOS)

Market Price (5/7/2026): $60.6
Market Cap: $10.7 Bil
Sector: Industrials
Industry: Aerospace & Defense

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 22%

Megatrend and thematic drivers
Megatrends include Advanced Aviation & Space, and Autonomous Technologies. Themes include Drone Technology, Machine Learning, Show more.

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 249x, P/EPrice/Earnings or Price/(Net Income) is 370x

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -9.4%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.0%

Key risks
KTOS key risks include [1] margin erosion from cost overruns on fixed-price contracts, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 22%
2 Megatrend and thematic drivers
Megatrends include Advanced Aviation & Space, and Autonomous Technologies. Themes include Drone Technology, Machine Learning, Show more.
3 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 249x, P/EPrice/Earnings or Price/(Net Income) is 370x
4 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -9.4%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.0%
6 Key risks
KTOS key risks include [1] margin erosion from cost overruns on fixed-price contracts, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Kratos Defense & Security Solutions (KTOS) stock has lost about 40% since 1/31/2026 because of the following key factors:

1. Significant Stock Dilution from Public Offering.

In late February 2026, Kratos announced and priced an underwritten public offering of 14,285,714 shares of its common stock at $84.00 per share, resulting in expected net proceeds of approximately $1.17 billion. This substantial increase in the number of outstanding shares likely contributed to a downward pressure on the stock price, as new shares dilute the value of existing ones.

2. Negative Impact of U.S. Government Funding Delays.

The company faced headwinds from delays in customer contract funding due to the late 2025 and early 2026 U.S. Government shutdown and an extended Continuing Resolution. This macroeconomic factor disrupted revenue flow and impacted Kratos's financial performance, leading to delays and potential uncertainty for investors.

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Stock Movement Drivers

Fundamental Drivers

The -40.3% change in KTOS stock from 1/31/2026 to 5/6/2026 was primarily driven by a -57.9% change in the company's P/E Multiple.
(LTM values as of)13120265062026Change
Stock Price ($)103.0161.52-40.3%
Change Contribution By: 
Total Revenues ($ Mil)1,2851,41510.1%
Net Income Margin (%)1.6%2.1%33.5%
P/E Multiple878.2370.0-57.9%
Shares Outstanding (Mil)170177-3.6%
Cumulative Contribution-40.3%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/6/2026
ReturnCorrelation
KTOS-40.3% 
Market (SPY)3.6%36.9%
Sector (XLI)7.2%39.1%

Fundamental Drivers

The -32.1% change in KTOS stock from 10/31/2025 to 5/6/2026 was primarily driven by a -62.0% change in the company's P/E Multiple.
(LTM values as of)103120255062026Change
Stock Price ($)90.6061.52-32.1%
Change Contribution By: 
Total Revenues ($ Mil)1,2131,41516.7%
Net Income Margin (%)1.2%2.1%73.8%
P/E Multiple972.9370.0-62.0%
Shares Outstanding (Mil)156177-11.9%
Cumulative Contribution-32.1%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/6/2026
ReturnCorrelation
KTOS-32.1% 
Market (SPY)5.5%36.2%
Sector (XLI)14.8%39.7%

Fundamental Drivers

The 82.1% change in KTOS stock from 4/30/2025 to 5/6/2026 was primarily driven by a 44.8% change in the company's Net Income Margin (%).
(LTM values as of)43020255062026Change
Stock Price ($)33.7861.5282.1%
Change Contribution By: 
Total Revenues ($ Mil)1,1361,41524.5%
Net Income Margin (%)1.4%2.1%44.8%
P/E Multiple316.3370.017.0%
Shares Outstanding (Mil)153177-13.7%
Cumulative Contribution82.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/6/2026
ReturnCorrelation
KTOS82.1% 
Market (SPY)30.4%32.6%
Sector (XLI)36.6%37.9%

Fundamental Drivers

The 376.9% change in KTOS stock from 4/30/2023 to 5/6/2026 was primarily driven by a 320.4% change in the company's P/S Multiple.
(LTM values as of)43020235062026Change
Stock Price ($)12.9061.52376.9%
Change Contribution By: 
Total Revenues ($ Mil)8981,41557.5%
P/S Multiple1.87.7320.4%
Shares Outstanding (Mil)127177-28.0%
Cumulative Contribution376.9%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/6/2026
ReturnCorrelation
KTOS376.9% 
Market (SPY)78.7%32.7%
Sector (XLI)85.0%41.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
KTOS Return-29%-47%97%30%188%-22%116%
Peers Return8%28%4%15%37%-6%116%
S&P 500 Return27%-19%24%23%16%6%93%

Monthly Win Rates [3]
KTOS Win Rate17%33%83%58%67%20% 
Peers Win Rate55%57%47%58%60%40% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
KTOS Max Drawdown-30%-53%-3%-17%-8%-22% 
Peers Max Drawdown-13%-5%-19%-5%-12%-8% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: LMT, NOC, RTX, AVAV, LHX. See KTOS Returns vs. Peers.
[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 5/6/2026 (YTD)

How Low Can It Go

EventKTOSS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-52.6%-24.5%
  % Gain to Breakeven111.1%32.4%
  Time to Breakeven418 days427 days
2020 COVID-19 Crash
  % Loss-51.0%-33.7%
  % Gain to Breakeven104.0%50.9%
  Time to Breakeven179 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-15.6%-19.2%
  % Gain to Breakeven18.4%23.7%
  Time to Breakeven9 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-20.5%-3.7%
  % Gain to Breakeven25.8%3.9%
  Time to Breakeven9 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-37.4%-12.2%
  % Gain to Breakeven59.9%13.9%
  Time to Breakeven63 days62 days
2014-2016 Oil Price Collapse
  % Loss-60.3%-6.8%
  % Gain to Breakeven151.8%7.3%
  Time to Breakeven212 days15 days

Compare to LMT, NOC, RTX, AVAV, LHX

In The Past

Kratos Defense & Security Solutions's stock fell -9.2% during the 2025 US Tariff Shock. Such a loss loss requires a 10.1% 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.

EventKTOSS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-52.6%-24.5%
  % Gain to Breakeven111.1%32.4%
  Time to Breakeven418 days427 days
2020 COVID-19 Crash
  % Loss-51.0%-33.7%
  % Gain to Breakeven104.0%50.9%
  Time to Breakeven179 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-20.5%-3.7%
  % Gain to Breakeven25.8%3.9%
  Time to Breakeven9 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-37.4%-12.2%
  % Gain to Breakeven59.9%13.9%
  Time to Breakeven63 days62 days
2014-2016 Oil Price Collapse
  % Loss-60.3%-6.8%
  % Gain to Breakeven151.8%7.3%
  Time to Breakeven212 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-47.3%-17.9%
  % Gain to Breakeven89.6%21.8%
  Time to Breakeven2075 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-32.9%-15.4%
  % Gain to Breakeven48.9%18.2%
  Time to Breakeven2976 days125 days
2008-2009 Global Financial Crisis
  % Loss-72.7%-53.4%
  % Gain to Breakeven266.1%114.4%
  Time to Breakeven3728 days1085 days

Compare to LMT, NOC, RTX, AVAV, LHX

In The Past

Kratos Defense & Security Solutions's stock fell -9.2% during the 2025 US Tariff Shock. Such a loss loss requires a 10.1% 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 Kratos Defense & Security Solutions (KTOS)

Kratos Defense & Security Solutions, Inc. operates as a government contractor of the U.S. Department of Defense. The company operates through two segments, Kratos Government Solutions and Unmanned Systems. The Kratos Government Solutions segment offers microwave electronic products, space and satellite communications, training and cybersecurity/ warfare, C5ISR/ modular systems, turbine technologies, and defense and rocket support services. The Unmanned Systems segment provides unmanned aerial systems, and unmanned ground and seaborne systems. It serves national security related agencies, the department of defense, intelligence agencies, and classified agencies, as well as international government agencies and domestic and international commercial customers. Kratos Defense & Security Solutions, Inc. was incorporated in 1994 and is headquartered in San Diego, California.

AI Analysis | Feedback

1. A smaller Northrop Grumman, specializing in military drones and advanced defense electronics.

2. The military's go-to for drones and cutting-edge defense technology.

AI Analysis | Feedback

  • Unmanned Systems: Kratos develops and manufactures unmanned aerial, ground, and seaborne vehicles for defense and commercial applications.
  • Space and Satellite Communications: The company provides products and solutions for satellite ground systems, communications, and space domain awareness.
  • C5ISR/Modular Systems: Kratos develops and supplies command, control, communications, computers, combat systems, intelligence, surveillance, and reconnaissance (C5ISR) systems and other modular defense solutions.
  • Microwave Electronic Products: They offer various microwave electronic components and subsystems used in defense and space applications.
  • Turbine Technologies: Kratos develops and produces advanced turbine components and systems, often for propulsion and power generation in defense platforms.
  • Defense and Rocket Support Services: These services encompass a range of support functions for defense systems and rocket programs.
  • Training and Cybersecurity/Warfare Services: Kratos provides specialized training programs and cybersecurity/electronic warfare solutions for national security agencies.

AI Analysis | Feedback

Kratos Defense & Security Solutions (KTOS) primarily serves government entities, with the U.S. Department of Defense being a major customer. Its major customers include:

  • U.S. Department of Defense
  • National security related agencies
  • Intelligence agencies
  • Classified agencies
  • International government agencies
  • Domestic and international commercial customers

As the company primarily sells to government agencies and, to a lesser extent, other commercial entities whose specific names are not disclosed in the provided information, no public company symbols for customer companies can be provided.

AI Analysis | Feedback

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AI Analysis | Feedback

Eric DeMarco, President and Chief Executive Officer

Mr. DeMarco joined Kratos Defense & Security Solutions, Inc. (then Wireless Facilities, Inc.) in November 2003 as President and Chief Operating Officer, assuming the role of CEO in April 2004. He has been instrumental in transforming the company from a commercial communications business into a leading national security-focused technology, product, and systems provider through both organic growth and strategic acquisitions. Prior to his tenure at Kratos, Mr. DeMarco served as President and Chief Operating Officer of The Titan Corporation, where he significantly grew the company's revenue and backlog before its acquisition by L-3. He began his career in public accounting and has also served as Chairman of the Board of Wavestream Corporation.

Deanna Hom Lund, Executive Vice President and Chief Financial Officer

Ms. Lund has served as Chief Financial Officer of Kratos Defense & Security Solutions, Inc. since April 2004 and became a director in May 2021. Her background includes experience in public accounting and corporate finance leadership. She has overseen public-company financial reporting, including during a period involving a sale to L-3.

Phillip Carrai, President of Space, Training & Cybersecurity Division

Mr. Carrai is responsible for all aspects of business operations, business development, sales, and mergers and acquisitions for Kratos' Space, Training & Cybersecurity division. He joined Kratos in 2008. Previously, he was the CEO of Ai Metrix, a telecommunications software company that Kratos acquired in 2006. He also served as CEO of McCabe and Associates, a testing and analysis software company, which was later sold to a private equity firm.

Steven S. Fendley, Corporate Senior Vice President and President of Unmanned Systems Division

As President of the Unmanned Systems Division, Mr. Fendley leads the segment that provides unmanned aerial, ground, and seaborne systems, along with related command, control, and communications systems.

Marie Mendoza, General Counsel and Vice President

Ms. Mendoza serves as General Counsel and Vice President at Kratos Defense & Security Solutions, Inc.

AI Analysis | Feedback

The key risks for Kratos Defense & Security Solutions (KTOS) include its significant reliance on U.S. government contracts and spending, a high valuation coupled with potential stock volatility, and challenges with free cash flow and return on invested capital.

  1. Dependence on Government Contracts and Spending: Kratos operates primarily as a government contractor for the U.S. Department of Defense and other national security agencies. This makes the company highly susceptible to fluctuations in government spending, budgetary constraints, and shifts in procurement policies, such as the move towards Lowest Price Technically Acceptable (LPTA) rather than best value contracts. Some of Kratos's contracts are classified, which can limit investor insight into certain parts of its business.
  2. High Valuation and Stock Volatility: KTOS shares have recently traded at a substantial premium, with a valuation of 123.87x EV/aEBITDA in March 2026. This high valuation, combined with a history of significant stock price fluctuations, exposes investors to heightened volatility risk. The company's stock price can be influenced by various factors beyond its control, including general market conditions, failure to meet analyst expectations, and even rumors.
  3. Challenges with Free Cash Flow and Return on Invested Capital (ROIC): Kratos has experienced a declining free cash flow margin, which was negative 7.3% for the trailing 12 months as of January 2026. Furthermore, its Return on Invested Capital (ROIC) has consistently decreased, suggesting that new investments may not be generating profitable returns efficiently and that growth opportunities might be limited. This indicates potential concerns regarding the company's capital efficiency and profitability from its growth initiatives.

AI Analysis | Feedback

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AI Analysis | Feedback

Kratos Defense & Security Solutions (KTOS) operates in several addressable markets related to its Kratos Government Solutions and Unmanned Systems segments:

  • Space and Satellite Communications (Defense): The global satellite communication market in the defense sector is expected to grow from USD 6.20 billion in 2025 to USD 8.86 billion by 2031, at a Compound Annual Growth Rate (CAGR) of 6.14%. North America was the largest revenue-generating market in 2025.

  • Defense Cybersecurity: The global defense cybersecurity market was valued at USD 32.26 billion in 2025 and is estimated to grow from USD 36.02 billion in 2026 to reach USD 62.36 billion by 2031, with a CAGR of 11.65%. North America held the largest revenue share in the defense cybersecurity market, securing 37.55% in 2025.

  • C5ISR/Modular Systems: The global C5ISR (Command, Control, Communications, Computers, Combat Systems, Intelligence, Surveillance, and Reconnaissance) market is projected to grow from USD 11.9 billion in 2025 to USD 38.3 billion by 2035, reflecting a CAGR of 12.4%. North America sustained 33.10% of the global C5ISR market share in 2025.

  • Turbine Technologies (Military Aircraft Engines): The Global Military Aircraft Engine Market size is around USD 34.29 billion in 2025 and is projected to reach USD 67.19 billion by 2032, with a CAGR of approximately 10.09% from 2026-2032. The United States leads the aircraft micro turbine engines market.

  • Defense and Rocket Support Services (Rockets and Missiles): The Global Rockets and Missiles Market is estimated to be valued at USD 65.67 billion in 2026 and is expected to reach USD 101.38 billion by 2033, exhibiting a CAGR of 6.4%. North America is estimated to lead this market with a share of 39.6% in 2026.

  • Unmanned Aerial Systems (UAS): The global Unmanned Aerial Vehicle (UAV) market size was valued at USD 41.27 billion in 2025 and is projected to grow from USD 47.55 billion in 2026 to USD 160.44 billion by 2034, exhibiting a CAGR of 16.40%. North America dominated the unmanned aerial vehicle market with a market share of 34.12% in 2025.

  • Unmanned Ground and Seaborne Systems (as part of the broader Unmanned Systems market): The global unmanned systems market size, which includes aerial, ground, and marine systems, was estimated at USD 26.55 billion in 2024 and is projected to reach USD 48.31 billion by 2030, growing at a CAGR of 10.5%. North America accounted for the largest global revenue share of over 45% in the unmanned systems industry in 2024.

  • Counter Unmanned Aerial Systems (C-UAS): The Global Counter Unmanned Aerial System (UAS) Market was valued at approximately USD 5.12 billion in 2025 and is projected to grow from USD 8.5 billion in 2026 to approximately USD 27.98 billion by 2032, reflecting strong market expansion. North America dominates this market, accounting for nearly 52% of the total market share during the forecast period.

  • Microwave Electronic Products: null

AI Analysis | Feedback

Kratos Defense & Security Solutions, Inc. (KTOS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

  1. Expanding Unmanned Systems Portfolio and Production: Kratos anticipates significant growth from its unmanned aerial systems (UAS) segment, encompassing high-performance jet drones like the XQ-58A Valkyrie, which has become a U.S. Marine Corps Program of Record, ensuring a predictable long-term revenue stream. The company plans to substantially increase Valkyrie production, aiming for approximately 40 aircraft annually by the end of 2027 to 2028. This growth is further supported by the development of next-generation tactical and target drones (e.g., Thanatos and Apollo) and strategic international partnerships, such as with Airbus to offer Valkyrie to the German Air Force.
  2. Significant Growth in Hypersonic Systems: The company's hypersonic franchise, including rocket motors and systems, is identified as a primary driver of future revenue growth. Kratos expects revenues from this segment to approximately double in 2026 over 2025, reaching around $400 million, and potentially increase by over 75% again in 2027 to approximately $700 million. Key programs like the Multi-Mission Affordable Capacity Effector - Testbed (MACH-TB) are expected to ramp up, aligning with increased U.S. defense budget allocations for hypersonic development.
  3. Advancements in Space and Satellite Communications and Virtualized Ground Systems: Kratos's Government Solutions segment is benefiting from its OpenSpace software for virtualized satellites, C2 (Command and Control), and TT&C (Telemetry, Tracking, and Command) systems. The company has secured an initial program award of approximately $500 million in its space and satellite business. Furthermore, strategic acquisitions, such as Nomad Global Communication Solutions and the pending addition of Orbit Technologies, are enhancing Kratos's capabilities in satellite, microwave, and command & control, strengthening its position within the defense community.
  4. Strategic Investments in Next-Generation Propulsion Systems: To support the growth of its unmanned and hypersonic platforms, Kratos is investing in the development and production of next-generation jet engines for drones, missiles, and loitering munitions. This includes a partnership with GE Aerospace to establish a new engine factory, which will ensure a dedicated supply of propulsion systems and help scale production, thereby mitigating potential supply chain bottlenecks.

AI Analysis | Feedback

Share Repurchases

  • Kratos Defense & Security Solutions does not have a practice of conducting stock buybacks.

Share Issuance

  • In February 2026, Kratos announced the pricing of an underwritten public offering of 14,285,714 shares of its common stock at $84.00 per share, with net proceeds expected to be approximately $1.173 billion.
  • The net proceeds from this offering are intended to fund important capital expenditures, invest in new product, system, and software development, strengthen the balance sheet, and finance recent and future strategic acquisitions.

Outbound Investments

  • Kratos signed a definitive agreement in November 2025 to acquire 100 percent of Orbit Technologies Ltd for $356.3 million, expected to be funded via cash on Kratos' balance sheet and to close by the end of March 2026.
  • The company completed a small tuck-in acquisition of Nomad Global Communication Solutions by February 2026.
  • Kratos acquired certain assets of Norden Millimeter, Inc. in February 2025.

Capital Expenditures

  • Capital expenditures for the full year 2025 were $71.1 million, with an operating cash flow use of $42.1 million and a free cash flow use of $125.4 million, driven by investments in inventory, facilities, and Valkyrie production.
  • Kratos forecasts capital expenditures of $135-$145 million for fiscal year 2026 to fund hypersonics, Valkyrie, and other growth programs.
  • The primary focus of capital expenditures includes expanding and building out manufacturing and production facilities for microwave products, rocket systems, hypersonics, and Unmanned Systems to meet existing and anticipated customer orders and requirements.

Better Bets vs. Kratos Defense & Security Solutions (KTOS)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Kratos Defense & Security Solutions Stock Plummets 19% With 5-Day Losing Streak03/25/2026
2KTOS Stock Surges 43% With A 7-day Winning Spree On USMC Deal & PT Hikes01/17/2026
3KTOS Stock Surges 36% With A 6-day Spree On Multiple Analyst Upgrades01/16/2026
4How Does Kratos Defense & Security Solutions Stock Compare With Peers?01/09/2026
5Kratos Stock (+13%): Analyst Buy Call Ignites Volume Surge01/06/2026
6Kratos Defense & Security Solutions Earnings Notes12/27/2025
7Kratos Stock (+8.1%): KeyBanc Upgrade Ignites Institutional Buying12/23/2025
8Would You Still Hold Kratos Defense & Security Solutions Stock If It Fell 30%?10/17/2025
9ARTICLES 
10Kratos Defense & Security Solutions Stock In Shambles: Down -19% With 5-Day Losing Streak03/25/2026
11KTOS Stock Surges 43% With A 7-day Winning Spree On Multiple Analyst Upgrades01/17/2026
12KTOS Stock Surges 36% With A 6-day Winning Spree On Analyst Upgrades01/16/2026
13How Does Kratos Defense & Security Solutions Stock Compare With Peers?01/09/2026
14Mid Cap Stocks Trading At 52-Week High09/26/2025
Title
0DASHBOARDS
1Kratos Defense & Security Solutions Stock Plummets 19% With 5-Day Losing Streak
2KTOS Stock Surges 43% With A 7-day Winning Spree On USMC Deal & PT Hikes
3KTOS Stock Surges 36% With A 6-day Spree On Multiple Analyst Upgrades
4How Does Kratos Defense & Security Solutions Stock Compare With Peers?
5Kratos Stock (+13%): Analyst Buy Call Ignites Volume Surge
6Kratos Defense & Security Solutions Earnings Notes
7Kratos Stock (+8.1%): KeyBanc Upgrade Ignites Institutional Buying
8Would You Still Hold Kratos Defense & Security Solutions Stock If It Fell 30%?
9ARTICLES
10Kratos Defense & Security Solutions Stock In Shambles: Down -19% With 5-Day Losing Streak
11KTOS Stock Surges 43% With A 7-day Winning Spree On Multiple Analyst Upgrades
12KTOS Stock Surges 36% With A 6-day Winning Spree On Analyst Upgrades
13How Does Kratos Defense & Security Solutions Stock Compare With Peers?
14Mid Cap Stocks Trading At 52-Week High

Trade Ideas

Select ideas related to KTOS.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
GEO_4302026_Dip_Buyer_ValueBuy04302026GEOGEODip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		0.0%0.0%0.0%
RUN_4302026_Short_Squeeze04302026RUNSunrunSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		0.0%0.0%0.0%
RSG_4172026_Monopoly_xInd_xCD_Getting_Cheaper04172026RSGRepublic ServicesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.8%0.8%-1.1%
VRSK_4102026_Dip_Buyer_FCFYield04102026VRSKVerisk AnalyticsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		12.3%12.3%0.0%
UHAL_4102026_Monopoly_xInd_xCD_Getting_Cheaper04102026UHALU-HaulMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.3%0.3%-1.0%

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Peer Comparisons

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Financials

KTOSLMTNOCRTXAVAVLHXMedian
NameKratos D.Lockheed.Northrop.RTX AeroViro.L3Harris. 
Mkt Price61.52514.26559.60176.74174.37302.20239.47
Mkt Cap10.9118.279.5238.28.756.568.0
Rev LTM1,41575,10642,36790,3731,61022,47732,422
Op Inc LTM287,4224,6969,820-952,2333,464
FCF LTM-1335,6623,3057,971-2462,5892,947
FCF 3Y Avg-495,6212,4056,279-912,0022,204
CFO LTM-407,3684,66611,117-1743,0533,860
CFO 3Y Avg247,3684,0229,442-522,4393,230

Growth & Margins

KTOSLMTNOCRTXAVAVLHXMedian
NameKratos D.Lockheed.Northrop.RTX AeroViro.L3Harris. 
Rev Chg LTM21.8%4.6%5.0%10.6%116.9%5.8%8.2%
Rev Chg 3Y Avg15.0%4.3%4.6%9.7%55.7%8.9%9.3%
Rev Chg Q22.6%0.3%4.4%8.7%143.4%11.9%10.3%
QoQ Delta Rev Chg LTM5.1%0.1%1.0%2.0%17.5%2.8%2.4%
Op Inc Chg LTM-5.5%0.9%21.3%46.5%-388.7%3.8%2.4%
Op Inc Chg 3Y Avg145.2%-4.0%13.2%29.1%58,379.5%7.1%21.2%
Op Mgn LTM2.0%9.9%11.1%10.9%-5.9%9.9%9.9%
Op Mgn 3Y Avg2.6%10.8%9.1%8.1%2.2%9.7%8.6%
QoQ Delta Op Mgn LTM-0.1%-0.4%0.9%0.4%-0.8%0.1%0.0%
CFO/Rev LTM-2.8%9.8%11.0%12.3%-10.8%13.6%10.4%
CFO/Rev 3Y Avg2.4%10.2%9.8%11.7%-2.8%11.4%10.0%
FCF/Rev LTM-9.4%7.5%7.8%8.8%-15.3%11.5%7.7%
FCF/Rev 3Y Avg-3.5%7.8%5.8%7.7%-6.3%9.3%6.8%

Valuation

KTOSLMTNOCRTXAVAVLHXMedian
NameKratos D.Lockheed.Northrop.RTX AeroViro.L3Harris. 
Mkt Cap10.9118.279.5238.28.756.568.0
P/S7.71.61.92.65.42.52.6
P/Op Inc392.715.916.924.3-91.225.320.6
P/EBIT249.517.412.821.6-78.921.319.4
P/E370.024.717.432.8-38.732.628.6
P/CFO-269.916.017.021.4-49.818.516.5
Total Yield0.3%6.0%6.6%4.6%-2.6%4.7%4.6%
Dividend Yield0.0%2.0%0.8%1.5%0.0%1.6%1.2%
FCF Yield 3Y Avg-0.3%4.8%2.9%3.5%-0.9%4.2%3.2%
D/E0.00.20.20.20.10.20.2
Net D/E-0.10.20.20.10.00.20.1

Returns

KTOSLMTNOCRTXAVAVLHXMedian
NameKratos D.Lockheed.Northrop.RTX AeroViro.L3Harris. 
1M Rtn-17.0%-19.4%-19.6%-10.9%-7.9%-15.8%-16.4%
3M Rtn-32.6%-14.2%-18.6%-9.9%-32.2%-10.6%-16.4%
6M Rtn-20.5%10.1%-1.2%2.3%-50.3%6.1%0.6%
12M Rtn69.8%12.8%16.6%40.2%10.0%42.2%28.4%
3Y Rtn353.4%22.4%31.6%95.4%69.6%71.2%70.4%
1M Excs Rtn-25.8%-29.4%-30.3%-22.0%-18.0%-25.9%-25.9%
3M Excs Rtn-39.6%-21.2%-25.6%-16.9%-39.2%-17.6%-23.4%
6M Excs Rtn-40.0%-0.7%-9.5%-6.9%-60.1%-2.0%-8.2%
12M Excs Rtn41.1%-18.3%-15.1%9.4%-22.7%10.3%-2.8%
3Y Excs Rtn293.3%-58.0%-49.6%11.4%-5.2%-11.6%-8.4%

Comparison Analyses

Financials

Segment Financials

Assets by Segment
$ Mil20252024202320222021
Kratos Government Solutions1,2501,1901,105908877
Unmanned Systems386379350327292
Corporate Assets31564   
Corporate activities  97355393
Discontinued operations   0 
Total1,9511,6321,5521,5901,563


Price Behavior

Price Behavior
Market Price$61.52 
Market Cap ($ Bil)10.5 
First Trading Date11/05/1999 
Distance from 52W High-52.9% 
   50 Days200 Days
DMA Price$76.45$80.88
DMA Trendupdown
Distance from DMA-19.5%-23.9%
 3M1YR
Volatility77.0%68.7%
Downside Capture2.191.04
Upside Capture142.40204.41
Correlation (SPY)39.2%32.0%
KTOS Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta1.791.981.942.161.781.15
Up Beta2.201.231.701.471.230.92
Down Beta7.340.820.271.862.071.03
Up Capture13%135%112%231%334%453%
Bmk +ve Days15223166141428
Stock +ve Days10182659138392
Down Capture389%329%301%220%149%105%
Bmk -ve Days4183056108321
Stock -ve Days12253865112348

[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 KTOS
KTOS66.1%68.6%1.02-
Sector ETF (XLI)33.3%15.6%1.6537.7%
Equity (SPY)28.5%12.5%1.7832.5%
Gold (GLD)40.6%27.2%1.2318.8%
Commodities (DBC)50.9%18.0%2.2014.8%
Real Estate (VNQ)12.8%13.5%0.6512.4%
Bitcoin (BTCUSD)-14.2%42.1%-0.2528.1%

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 KTOS
KTOS17.3%51.2%0.50-
Sector ETF (XLI)13.2%17.4%0.6044.9%
Equity (SPY)12.7%17.1%0.5840.2%
Gold (GLD)21.0%17.9%0.9614.4%
Commodities (DBC)13.9%19.1%0.6016.4%
Real Estate (VNQ)3.5%18.8%0.0930.6%
Bitcoin (BTCUSD)8.7%56.1%0.3722.9%

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 KTOS
KTOS27.0%50.5%0.67-
Sector ETF (XLI)14.0%20.0%0.6247.5%
Equity (SPY)14.9%17.9%0.7143.6%
Gold (GLD)13.7%16.0%0.7110.0%
Commodities (DBC)9.5%17.7%0.4519.9%
Real Estate (VNQ)5.7%20.7%0.2435.0%
Bitcoin (BTCUSD)68.4%66.9%1.0717.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date4152026
Short Interest: Shares Quantity9.4 Mil
Short Interest: % Change Since 3312026-14.1%
Average Daily Volume3.4 Mil
Days-to-Cover Short Interest2.8 days
Basic Shares Quantity176.8 Mil
Short % of Basic Shares5.3%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/23/2026-3.8%-3.8%-17.8%
11/4/2025-14.2%-15.1%-15.2%
8/7/20258.1%17.0%8.6%
5/7/2025-5.1%-7.0%12.2%
2/26/20255.2%11.4%26.1%
11/7/20249.0%6.1%14.3%
8/7/2024-1.6%-1.1%5.1%
5/7/20245.8%6.9%10.9%
...
SUMMARY STATS   
# Positive91313
# Negative1399
Median Positive9.0%6.9%12.3%
Median Negative-3.9%-7.1%-11.9%
Max Positive17.0%22.7%30.0%
Max Negative-14.2%-15.6%-19.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202502/23/202610-K
09/30/202511/04/202510-Q
06/30/202508/07/202510-Q
03/31/202505/07/202510-Q
12/31/202402/26/202510-K
09/30/202411/07/202410-Q
06/30/202408/07/202410-Q
03/31/202405/07/202410-Q
12/31/202302/13/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/03/202310-Q
12/31/202202/23/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/23/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Revenue335.00 Mil340.00 Mil345.00 Mil1.5% RaisedGuidance: 335.00 Mil for Q1 2026
Q1 2026 Adjusted EBITDA25.00 Mil27.50 Mil30.00 Mil-12.7% Lower NewActual: 31.50 Mil for Q4 2025
2026 Revenue1.59 Bil1.64 Bil1.68 Bil23.4% Higher NewActual: 1.32 Bil for 2025
2026 Adjusted EBITDA157.00 Mil162.00 Mil167.00 Mil38.5% Higher NewActual: 117.00 Mil for 2025
2026 Revenue Growth15.0%17.5%20.0%00AffirmedGuidance: 17.5% for 2026
2027 Revenue Growth18.0%20.5%23.0%00AffirmedGuidance: 20.5% for 2027

Prior: Q3 2025 Earnings Reported 11/4/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Revenue320.00 Mil325.00 Mil330.00 Mil   
Q1 2026 Revenue330.00 Mil335.00 Mil340.00 Mil   
Q4 2025 Adjusted EBITDA29.00 Mil31.50 Mil34.00 Mil   
2025 Revenue1.32 Bil1.32 Bil1.33 Bil1.9% RaisedGuidance: 1.30 Bil for 2025
2025 Adjusted EBITDA114.00 Mil117.00 Mil120.00 Mil0 AffirmedGuidance: 117.00 Mil for 2025
2026 Revenue Growth15.0%17.5%20.0%   
2027 Revenue Growth18.0%20.5%23.0%   

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Lund, Deanna HEVP & CFODirectSell505202662.105,000310,47918,330,672Form
2Rock, Stacey GPresident, KTT DivisionDirectSell429202661.034,000244,1001,092,165Form
3Fendley, Steven SPresident, US DivisionDirectSell429202661.647,000431,45121,636,605Form
4Jarvis, Scot B DirectSell417202675.905,417411,1505,701,836Form
5Mendoza, MarieSVP & General CounselDirectSell417202675.691,500113,5355,045,193Form

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