Kratos Defense & Security Solutions (KTOS)


Market Price (9/4/2026): $47.91 | Market Cap: $9.0 BilSector: Industrials | Industry: Aerospace & Defense

Kratos Defense & Security Solutions (KTOS)


Market Price (9/4/2026): $47.91
Market Cap: $9.0 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 -14%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -32%

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 232x, P/EPrice/Earnings or Price/(Net Income) is 294x

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2.6%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -8.5%

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 -4.1%

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 -14%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26%
2 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -32%
3 Megatrend and thematic drivers
Megatrends include Advanced Aviation & Space, and Autonomous Technologies. Themes include Drone Technology, Machine Learning, Show more.
4 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 232x, P/EPrice/Earnings or Price/(Net Income) is 294x
5 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2.6%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -8.5%
6 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 -4.1%
7 Key risks
KTOS key risks include [1] margin erosion from cost overruns on fixed-price contracts, Show more.

KTOS in ETFs

Weight = KTOS's share of each fund

VTI0.01%
ITOT0.01%
IWB0.01%
IJH0.32%
VB0.11%
ARKX6.6%
ARKQ6.1%
ARKK1.1%
+26 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/1/2026

Kratos Defense & Security Solutions (KTOS) stock has lost about 25% since 5/31/2026 because of the following key factors:

1. Persistent Overvaluation and Market Correction Pressures. The stock continued to face downward pressure due to a perceived overvaluation, despite reporting strong operational results. As of September 1, 2026, Kratos Defense & Security Solutions (KTOS) was trading at approximately $49.34, which was about 47.9% above its calculated intrinsic value (GF Value) of $33.36, indicating that the market may have been correcting a previously inflated valuation.

2. Negative Cash Flow from Operations in Fiscal Q2 2026. Despite exceeding revenue and earnings per share estimates for fiscal Q2 2026 (ended June 30, 2026), the company reported negative cash flow from operations of $11 million and negative free cash flow of $18.9 million. This was primarily driven by an increase in working capital requirements, including a $59 million rise in receivables and a $10 million increase in inventory, which raised investor concerns about the company's ability to convert strong sales growth into positive cash generation.

Show more
Updated on 9/1/2026

Kratos Defense & Security Solutions (KTOS) stock has lost about 25% since 5/31/2026 because of the following key factors:

1. Persistent Overvaluation and Market Correction Pressures. The stock continued to face downward pressure due to a perceived overvaluation, despite reporting strong operational results. As of September 1, 2026, Kratos Defense & Security Solutions (KTOS) was trading at approximately $49.34, which was about 47.9% above its calculated intrinsic value (GF Value) of $33.36, indicating that the market may have been correcting a previously inflated valuation.

2. Negative Cash Flow from Operations in Fiscal Q2 2026. Despite exceeding revenue and earnings per share estimates for fiscal Q2 2026 (ended June 30, 2026), the company reported negative cash flow from operations of $11 million and negative free cash flow of $18.9 million. This was primarily driven by an increase in working capital requirements, including a $59 million rise in receivables and a $10 million increase in inventory, which raised investor concerns about the company's ability to convert strong sales growth into positive cash generation.

3. Significant Insider and Institutional Selling. Over the three months leading up to September 1, 2026, insiders sold a substantial 428,688 shares of KTOS stock, totaling $26.7 million, with notable sales by the CEO under a Rule 10b5-1 trading plan. Concurrently, a major institutional investor, Wellington Management Group LLP, reduced its stake in KTOS by 13.3% during fiscal Q2 2026, divesting 343,972 shares valued at approximately $112.2 million. This considerable selling activity from key stakeholders and large investors likely contributed to negative market sentiment and downward pressure on the stock price.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The -25.0% change in KTOS stock from 5/31/2026 to 9/3/2026 was primarily driven by a -23.9% change in the company's P/E Multiple.
(LTM values as of)53120269032026Change
Stock Price ($)64.1348.10-25.0%
Change Contribution By: 
Total Revenues ($ Mil)1,4151,5227.6%
Net Income Margin (%)2.1%2.0%-2.3%
P/E Multiple385.7293.6-23.9%
Shares Outstanding (Mil)177189-6.3%
Cumulative Contribution-25.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/3/2026
ReturnCorrelation
KTOS-25.0% 
Market (SPY)2.2%45.4%
Sector (XLI)0.8%40.6%

Fundamental Drivers

The -44.2% change in KTOS stock from 2/28/2026 to 9/3/2026 was primarily driven by a -56.0% change in the company's P/E Multiple.
(LTM values as of)22820269032026Change
Stock Price ($)86.1848.10-44.2%
Change Contribution By: 
Total Revenues ($ Mil)1,3471,52213.0%
Net Income Margin (%)1.6%2.0%24.2%
P/E Multiple667.9293.6-56.0%
Shares Outstanding (Mil)170189-9.6%
Cumulative Contribution-44.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/3/2026
ReturnCorrelation
KTOS-44.2% 
Market (SPY)13.0%44.8%
Sector (XLI)-1.2%39.5%

Fundamental Drivers

The -26.9% change in KTOS stock from 8/31/2025 to 9/3/2026 was primarily driven by a -58.5% change in the company's P/E Multiple.
(LTM values as of)83120259032026Change
Stock Price ($)65.8448.10-26.9%
Change Contribution By: 
Total Revenues ($ Mil)1,2131,52225.5%
Net Income Margin (%)1.2%2.0%69.8%
P/E Multiple707.0293.6-58.5%
Shares Outstanding (Mil)156189-17.4%
Cumulative Contribution-26.9%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/3/2026
ReturnCorrelation
KTOS-26.9% 
Market (SPY)20.9%38.3%
Sector (XLI)16.0%40.8%

Fundamental Drivers

The 198.9% change in KTOS stock from 8/31/2023 to 9/3/2026 was primarily driven by a 177.3% change in the company's P/S Multiple.
(LTM values as of)83120239032026Change
Stock Price ($)16.0948.10198.9%
Change Contribution By: 
Total Revenues ($ Mil)9671,52257.5%
P/S Multiple2.16.0177.3%
Shares Outstanding (Mil)129189-31.5%
Cumulative Contribution198.9%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/3/2026
ReturnCorrelation
KTOS198.9% 
Market (SPY)77.7%35.8%
Sector (XLI)68.0%42.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
KTOS Return-29%-47%97%30%188%-37%74%
Peers Return8%28%4%15%37%-7%113%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
KTOS Win Rate17%33%83%58%67%33% 
Peers Win Rate55%57%47%58%60%38% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
KTOS Max Drawdown-43%-59%-16%-18%-36%-66% 
Peers Max Drawdown-24%-21%-23%-20%-21%-35% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[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 9/3/2026 (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%23.8%
  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 (KTOS) is a specialized government contractor primarily serving the U.S. Department of Defense and various national security-related agencies. The company is focused on delivering advanced technology solutions and systems aimed at modernizing defense capabilities and supporting critical intelligence and security objectives both domestically and internationally.

The company operates through two main segments. Its Kratos Government Solutions segment provides a broad range of products and services, including sophisticated microwave electronic products, space and satellite communication solutions, and training and cybersecurity/warfare platforms. This segment also offers C5ISR (Command, Control, Communications, Computers, Combat Systems, Intelligence, Surveillance, and Reconnaissance) and modular systems, turbine technologies, and defense and rocket support services.

Kratos's Unmanned Systems segment is dedicated to developing and supplying cutting-edge unmanned aerial systems (UAS), as well as unmanned ground and seaborne systems. These platforms are crucial for various missions, including surveillance, reconnaissance, and operational support. The company's customer base predominantly includes the U.S. Department of Defense, national security and intelligence agencies, classified agencies, and international government bodies, alongside a selection of domestic and international commercial customers.

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

null

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

null

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)

Peer Outperformance in Aerospace & Defense

KTOS has outperformed 56% of its 54 Aerospace & Defense peers over 5Y. Among the peers that beat it are HWM, ATRO and AIR. Aerospace & Defense ranks 4th of 23 industries in Industrials by median 5Y return.
Share of Aerospace & Defense constituents that KTOS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
24%
of 70 industry peers · -25.4% return
3Y
73%
of 60 industry peers · 196.7% return
5Y
56%
of 54 industry peers · 97.8% return
Aerospace & Defense peers with revenue growth within 4pp of KTOS's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
KTOS Kratos Defense & Security Solutions 16.6% 293.6x -25.4%196.7%97.8%
HWM Howmet Aerospace 13.8% 55.7x 49.6%428.6%742.5% +645pp
ATRO Astronics 15.0% 40.5x 102.5%323.5%444.4% +347pp
AIR AAR 18.5% 26.6x 66.0%104.3%272.5% +175pp
BWXT BWX Technologies 14.8% 41.4x 0.1%122.0%194.5% +97pp
TDG TransDigm 17.1% 31.2x -9.4%48.6%131.3% +34pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Aerospace & Defense is KTOS's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Construction & Engineering 31 17.5%99.4%187.0% CDNL 2619% · FIX 2009% · STRL 1891%
Marine Transportation 5 69.1%70.3%169.4% HOS 49321% · MATX 184% · KEX 169%
Construction Machinery & Heavy Transportation Equipment 13 15.9%55.6%114.4% CAT 315% · ALSN 262% · WAB 220%
Aerospace & Defense ← 55 0.1%55.2%71.1% ATI 1040% · FTAI 901% · HWM 742%
Passenger Ground Transportation 3 -11.8%40.0%57.9% UBER 88% · CAR 58% · LYFT -64%
Rail Transportation 7 30.7%66.8%45.4% FSTR 131% · CSX 64% · UNP 51%
Industrial Machinery & Supplies & Components 71 9.5%45.8%43.3% CRS 1386% · PSIX 846% · EROC 573%
Cargo Ground Transportation 16 35.9%1.1%32.1% R 249% · XPO 242% · CVLG 202%
Trading Companies & Distributors 19 1.6%30.1%31.7% DXPE 523% · AIT 285% · WCC 202%
Diversified Support Services 33 12.3%29.7%26.7% LIME 4415% · WLFC 355% · TH 348%
Electrical Components & Equipment 41 17.1%44.4%20.1% POWL 2125% · BE 976% · VRT 858%
Building Products 33 -7.1%4.3%17.8% LMB 571% · GFF 389% · PPIH 288%
Research & Consulting Services 13 -5.9%-19.7%-3.9% HURN 220% · CRAI 91% · GRNQ 81%
Industrial Conglomerates 17 12.5%10.9%-5.0% RCMT 667% · CSW 138% · CSL 76%
Agricultural & Farm Machinery 17 13.7%-6.0%-10.4% BLBD 213% · DE 90% · GENC 57%
Environmental & Facilities Services 29 -6.3%20.5%-12.5% CECO 883% · ADUR 572% · NVRI 360%
Data Processing & Outsourced Services 6 -29.6%-11.5%-24.8% EXLS 51% · BR 15% · G -22%
Passenger Airlines 11 -0.6%-4.9%-27.5% LTM 2468% · UAL 135% · SKYW 111%
Office Services & Supplies 9 13.1%19.0%-31.6% PBI 189% · TILE 151% · HNI 54%
Human Resource & Employment Services 22 8.1%-19.4%-37.1% BBSI 85% · ADP 53% · KFY 31%
Air Freight & Logistics 12 -7.7%-26.9%-39.4% CHRW 82% · FDX 68% · EXPD 60%
Security & Alarm Services 10 -33.9%7.3%-44.9% CIX 143% · MG 95% · NL 56%
Airport Services 3 -67.0%-75.3%-58.7% JOBY -32% · ASLE -59% · UP -100%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

KTOSLMTNOCRTXAVAVLHXMedian
NameKratos D.Lockheed.Northrop.RTX AeroViro.L3Harris. 
Mkt Price48.10532.95528.24202.13147.21260.89231.51
Mkt Cap9.1122.775.1273.07.348.661.8
Rev LTM1,52277,01442,89293,5001,61022,93232,912
Op Inc LTM239,1534,59810,485-952,3133,456
FCF LTM-1298,7293,64610,985-2462,8083,227
FCF 3Y Avg-626,3362,5267,208-912,1522,339
CFO LTM-4010,4025,07814,206-1743,2924,185
CFO 3Y Avg128,0804,14210,385-522,5943,368

Growth & Margins

KTOSLMTNOCRTXAVAVLHXMedian
NameKratos D.Lockheed.Northrop.RTX AeroViro.L3Harris. 
Rev Chg LTM25.5%7.2%5.9%11.8%116.9%7.3%9.6%
Rev Chg 3Y Avg16.6%4.6%4.3%10.0%55.7%8.6%9.3%
Rev Chg Q30.5%10.5%5.1%14.5%143.4%8.4%12.5%
QoQ Delta Rev Chg LTM7.6%2.5%1.2%3.5%17.5%2.0%3.0%
Op Inc Chg LTM13.2%53.7%15.6%26.0%-388.7%4.5%14.4%
Op Inc Chg 3Y Avg109.1%7.5%11.5%56.7%58,379.5%9.9%34.1%
Op Mgn LTM1.5%11.9%10.7%11.2%-5.9%10.1%10.4%
Op Mgn 3Y Avg2.3%10.7%9.1%8.3%2.2%9.9%8.7%
QoQ Delta Op Mgn LTM-0.4%2.0%-0.4%0.3%-0.8%0.2%-0.1%
CFO/Rev LTM-2.6%13.5%11.8%15.2%-10.8%14.4%12.7%
CFO/Rev 3Y Avg1.4%11.0%10.0%12.5%-2.8%11.9%10.5%
FCF/Rev LTM-8.5%11.3%8.5%11.7%-15.3%12.2%9.9%
FCF/Rev 3Y Avg-4.4%8.6%6.1%8.6%-6.3%9.8%7.3%

Valuation

KTOSLMTNOCRTXAVAVLHXMedian
NameKratos D.Lockheed.Northrop.RTX AeroViro.L3Harris. 
Mkt Cap9.1122.775.1273.07.348.661.8
P/S6.01.61.82.94.52.12.5
P/Op Inc391.013.416.326.0-77.021.018.7
P/EBIT232.014.412.723.4-66.617.315.8
P/E293.619.516.735.3-23.526.122.8
P/CFO-229.111.814.819.2-42.014.813.3
Total Yield0.3%7.7%7.8%4.2%-4.3%5.7%5.0%
Dividend Yield0.0%2.6%1.8%1.4%0.0%1.9%1.6%
FCF Yield 3Y Avg-0.7%5.6%3.6%3.9%-1.1%4.4%3.8%
D/E0.00.20.20.10.10.20.2
Net D/E-0.10.10.20.10.00.20.1

Returns

KTOSLMTNOCRTXAVAVLHXMedian
NameKratos D.Lockheed.Northrop.RTX AeroViro.L3Harris. 
1M Rtn-7.3%-9.0%-3.8%-6.9%-12.9%-8.6%-7.9%
3M Rtn-24.1%3.3%-2.7%13.0%-28.0%-15.4%-9.1%
6M Rtn-43.8%-17.6%-28.0%-0.1%-33.3%-27.0%-27.5%
12M Rtn-25.4%21.7%-7.6%29.7%-38.2%-2.9%-5.3%
3Y Rtn196.7%28.8%27.5%148.7%50.1%55.2%52.7%
1M Excs Rtn-13.4%-7.5%-5.1%-9.1%-12.7%-9.1%-9.1%
3M Excs Rtn-26.3%1.2%-4.8%10.9%-30.1%-17.6%-11.2%
6M Excs Rtn-57.2%-31.0%-41.4%-13.5%-46.7%-40.4%-40.9%
12M Excs Rtn-45.6%1.6%-27.8%9.6%-58.4%-23.1%-25.4%
3Y Excs Rtn135.3%-42.7%-43.1%79.2%-17.4%-16.1%-16.7%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Kratos Government Solutions1,055866825677580
Unmanned Systems292270212222232
Total1,3471,1361,037898812


Operating Income by Segment
$ Mil20252024202320222021
Kratos Government Solutions6157532742
Unmanned Systems334-313
Merger and acquisition related expenses-2-1-0-1 
Stock compensation expense-36-30-25-26 
Corporate activities    -28
Total262931-328


Assets by Segment
$ Mil20252024202320222021
Kratos Government Solutions1,4731,2501,1901,105908
Corporate Assets556315   
Unmanned Systems439386379350327
Corporate activities  6497355
Discontinued operations   0 
Total2,4671,9511,6321,5521,590


Price Behavior

Price Behavior
Market Price$48.10 
Market Cap ($ Bil)9.1 
First Trading Date11/05/1999 
Distance from 52W High-63.2% 
   50 Days200 Days
DMA Price$52.49$71.67
DMA Trenddowndown
Distance from DMA-8.4%-32.9%
 3M1YR
Volatility63.8%72.3%
Downside Capture245.39270.75
Upside Capture96.37178.71
Correlation (SPY)44.5%38.2%
KTOS Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta3.372.842.252.242.161.30
Up Beta3.823.022.201.911.741.03
Down Beta11.885.382.902.332.401.08
Up Capture255%185%151%166%272%633%
Bmk +ve Days10213268138427
Stock +ve Days12202553121386
Down Capture172%244%231%230%170%109%
Bmk -ve Days11213259113324
Stock -ve Days9223974129355

[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
KTOS-25.5%72.3%-0.11-
Sector ETF (XLI)17.8%17.1%0.7940.7%
Equity (SPY)21.2%12.8%1.2338.4%
Gold (GLD)25.1%29.1%0.7728.3%
Commodities (DBC)42.9%20.4%1.644.5%
Real Estate (VNQ)10.7%13.6%0.5010.8%
Bitcoin (BTCUSD)-31.0%43.5%-0.7329.2%

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 KTOS
KTOS14.0%53.0%0.44-
Sector ETF (XLI)12.5%17.6%0.5444.6%
Equity (SPY)13.1%17.2%0.5840.1%
Gold (GLD)19.6%18.8%0.8518.4%
Commodities (DBC)11.0%19.5%0.4412.5%
Real Estate (VNQ)2.0%18.9%0.0027.9%
Bitcoin (BTCUSD)10.5%52.6%0.3824.3%

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
KTOS20.2%50.9%0.56-
Sector ETF (XLI)13.4%20.0%0.5947.5%
Equity (SPY)15.3%17.9%0.7343.7%
Gold (GLD)12.5%16.3%0.6313.8%
Commodities (DBC)8.0%18.1%0.3618.0%
Real Estate (VNQ)4.9%20.7%0.2034.0%
Bitcoin (BTCUSD)63.1%66.1%1.0317.9%

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

Short Interest

Short Interest: As Of Date8142026
Short Interest: Shares Quantity8.3 Mil
Short Interest: % Change Since 7312026-12.8%
Average Daily Volume4.7 Mil
Days-to-Cover Short Interest1.8 days
Basic Shares Quantity188.6 Mil
Short % of Basic Shares4.4%

Earnings Returns History

Updated 9/4/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/20266.7%22.9%-7.9%
5/6/2026-7.3%-14.7%-4.9%
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%
...
SUMMARY STATS   
# Positive101313
# Negative141111
Median Positive7.8%11.4%12.2%
Median Negative-4.5%-7.1%-9.5%
Max Positive17.0%22.9%26.1%
Max Negative-14.2%-15.6%-19.5%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/20266.7%22.9%-7.9%
5/6/2026-7.3%-14.7%-4.9%
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%
2/13/202417.0%13.4%-2.4%
11/2/2023-3.9%-4.4%12.6%
8/3/202315.0%15.4%12.3%
5/3/20237.5%4.2%6.7%
2/23/202313.2%13.4%15.9%
11/3/2022-0.1%2.0%-11.9%
8/4/2022-1.1%0.5%-19.5%
5/5/2022-9.2%-15.6%-5.0%
2/22/2022-7.8%22.7%21.4%
11/3/2021-7.9%-7.1%-12.8%
8/3/2021-12.1%-9.3%-9.5%
5/5/20216.2%-3.4%3.1%
2/25/2021-3.5%-12.0%-8.7%
10/29/2020-2.5%3.4%9.2%
SUMMARY STATS   
# Positive101313
# Negative141111
Median Positive7.8%11.4%12.2%
Median Negative-4.5%-7.1%-9.5%
Max Positive17.0%22.9%26.1%
Max Negative-14.2%-15.6%-19.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/04/202610-Q
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
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/04/202610-Q
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
03/31/202205/05/202210-Q
12/31/202102/22/202210-K
09/30/202111/03/202110-Q
06/30/202108/03/202110-Q
03/31/202105/05/202110-Q
12/31/202002/25/202110-K
09/30/202010/29/202010-Q
06/30/202008/04/202010-Q
03/31/202005/07/202010-Q
12/31/201902/24/202010-K
09/30/201911/05/201910-Q

Recent Forward Guidance

Updated 8/5/2026

Latest: Q2 2026 Earnings Reported 8/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 RevenueReported460.00 Mil470.00 Mil480.00 Mil16.0% Higher NewGuidance: 405.00 Mil for Q2 2026
Q3 2026 Organic Revenue GrowthReported19.0%22.0%25.0%   
Q3 2026 Adjusted EBITDAReported40.00 Mil42.50 Mil45.00 Mil30.8% Higher NewGuidance: 32.50 Mil for Q2 2026
2026 RevenueReported1.75 Bil1.78 Bil1.81 Bil2.9% RaisedGuidance: 1.73 Bil for 2026
2026 Organic Revenue GrowthReported18.0%20.5%23.0%   
2026 Adjusted EBITDAReported173.00 Mil174.50 Mil176.00 Mil0.9% RaisedGuidance: 173.00 Mil for 2026
2026 Capital ExpendituresReported125.00 Mil130.00 Mil135.00 Mil   
2026 Free Cash Flow UseReported-105.00 Mil-95.00 Mil-85.00 Mil   


Prior: Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 R&DReported12.00 Mil13.00 Mil14.00 Mil   
Q2 2026 RevenueReported400.00 Mil405.00 Mil410.00 Mil19.1% Higher NewGuidance: 340.00 Mil for Q1 2026
Q2 2026 Operating Income (loss)Reported-8.00 Mil-7.00 Mil-6.00 Mil   
Q2 2026 Adjusted EBITDAReported30.00 Mil32.50 Mil35.00 Mil18.2% Higher NewGuidance: 27.50 Mil for Q1 2026
Q2 2026 Free Cash Flow UseReported-105.00 Mil-95.00 Mil-85.00 Mil   
2026 R&DReported50.00 Mil51.50 Mil53.00 Mil   
2026 RevenueReported1.70 Bil1.73 Bil1.76 Bil5.8% RaisedGuidance: 1.64 Bil for 2026
2026 Operating IncomeReported18.00 Mil20.50 Mil23.00 Mil   
2026 Adjusted EBITDAReported170.00 Mil173.00 Mil176.00 Mil6.8% RaisedGuidance: 162.00 Mil for 2026

Q4 2025 Earnings Reported 2/23/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 RevenueReported335.00 Mil340.00 Mil345.00 Mil1.5% RaisedGuidance: 335.00 Mil for Q1 2026
Q1 2026 Adjusted EBITDAReported25.00 Mil27.50 Mil30.00 Mil   
2026 RevenueReported1.59 Bil1.64 Bil1.68 Bil   
2026 Revenue GrowthReported15.0%17.5%20.0% 0AffirmedGuidance: 17.5% for 2026
2026 Adjusted EBITDAReported157.00 Mil162.00 Mil167.00 Mil   
2027 Revenue GrowthReported18.0%20.5%23.0% 0AffirmedGuidance: 20.5% for 2027

Q3 2025 Earnings Reported 11/4/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2025 RevenueReported320.00 Mil325.00 Mil330.00 Mil1.6% Higher NewGuidance: 320.00 Mil for Q3 2025
Q4 2025 Adjusted EBITDAReported29.00 Mil31.50 Mil34.00 Mil14.5% Higher NewGuidance: 27.50 Mil for Q3 2025
Q1 2026 RevenueReported330.00 Mil335.00 Mil340.00 Mil   
2025 RevenueReported1.32 Bil1.32 Bil1.33 Bil1.9% RaisedGuidance: 1.30 Bil for 2025
2025 Adjusted EBITDAReported114.00 Mil117.00 Mil120.00 Mil0.0% AffirmedGuidance: 117.00 Mil for 2025
2026 Revenue GrowthReported15.0%17.5%20.0%  Raised
2027 Revenue GrowthReported18.0%20.5%23.0%   

Insider Activity

Updated 8/26/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Fendley, Steven SPresident, US DivisionDirectSell826202656.167,000393,12016,180,314Form
2Mendoza, MarieSVP & General CounselDirectSell819202664.371,51397,3923,989,395Form
3Carrai, Phillip DPresident, STC DivisionDirectSell819202663.2526,5001,676,07711,516,485Form
4Demarco, Eric MPresident & CEOby trustSell814202664.33300,00019,300,30548,999,100Form
5Carter, David MPresident, DRSS DivisionDirectSell807202655.904,000223,5993,479,034Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Fendley, Steven SPresident, US DivisionDirectSell826202656.167,000393,12016,180,314Form
2Mendoza, MarieSVP & General CounselDirectSell819202664.371,51397,3923,989,395Form
3Carrai, Phillip DPresident, STC DivisionDirectSell819202663.2526,5001,676,07711,516,485Form
4Demarco, Eric MPresident & CEOby trustSell814202664.33300,00019,300,30548,999,100Form
5Carter, David MPresident, DRSS DivisionDirectSell807202655.904,000223,5993,479,034Form
6Lund, Deanna HEVP & CFODirectSell805202648.555,000242,77213,618,871Form
7Fendley, Steven SPresident, US DivisionDirectSell729202647.137,000329,91013,908,990Form
8Mendoza, MarieSVP & General CounselDirectSell717202651.791,01352,4633,297,262Form
9Carrai, Phillip DPresident, STC DivisionDirectSell717202650.636,500329,10510,562,961Form
10Carter, David MPresident, DRSS DivisionDirectSell710202650.454,000201,8183,342,012Form
11Lund, Deanna HEVP & CFODirectSell702202652.855,000264,27015,084,804Form
12Rock, Stacey GPresident, KTT DivisionDirectSell702202650.004,675233,750480,000Form
13Fendley, Steven SPresident, US DivisionDirectSell701202648.377,000338,55614,612,384Form
14Mendoza, MarieSVP & General CounselDirectSell617202657.931,50086,8893,733,159Form
15Carrai, Phillip DPresident, STC DivisionDirectSell617202657.746,500375,32312,417,525Form
16Fendley, Steven SPresident, US DivisionDirectSell610202658.2335,0002,038,20417,999,493Form
17Carter, David MPresident, DRSS DivisionDirectSell609202659.164,000236,6594,146,983Form
18Lund, Deanna HEVP & CFODirectSell603202663.745,000318,67618,493,475Form
19Rock, Stacey GPresident, KTT DivisionDirectSell529202665.474,000261,872909,744Form
20Doorenbos, Bobbi DirectSell528202657.292,500143,225716,126Form
21Fendley, Steven SPresident, US DivisionDirectSell528202657.247,000400,69319,696,330Form
22Adelman, JonahPresident, ME DivisionDirectSell528202657.0631,3481,788,626456,457Form
23Mendoza, MarieSVP & General CounselDirectSell519202653.491,01354,1853,530,126Form
24Carrai, Phillip DPresident, STC DivisionDirectSell519202652.136,500338,84711,549,463Form
25Boyd, Bradley L DirectSell519202652.083,000156,240858,280Form
26Carter, David MPresident, DRSS DivisionDirectSell508202658.004,000232,0034,296,175Form
27Lund, Deanna HEVP & CFODirectSell505202662.105,000310,47918,330,672Form
28Rock, Stacey GPresident, KTT DivisionDirectSell429202661.034,000244,1001,092,165Form
29Fendley, Steven SPresident, US DivisionDirectSell429202661.647,000431,45121,636,605Form
30Jarvis, Scot B DirectSell417202675.905,417411,1505,701,836Form
31Mendoza, MarieSVP & General CounselDirectSell417202675.691,500113,5355,045,193Form
32Carrai, Phillip DPresident, STC DivisionDirectSell417202674.726,500485,69317,028,982Form
33Carter, David MPresident, DRSS DivisionDirectSell410202674.164,000296,6255,787,967Form
34Lund, Deanna HEVP & CFODirectSell403202669.635,000348,13020,892,583Form
35Hoglund, William A by LLCSell403202671.1930,5002,171,29717,975,489Form
36Fendley, Steven SPresident, US DivisionDirectSell401202669.597,000487,12024,914,301Form
37Rock, Stacey GPresident, KTT DivisionDirectSell327202676.784,000307,1031,671,947Form
38Jarvis, Scot B DirectSell327202678.145,000390,7006,283,784Form
39Mendoza, MarieSVP & General CounselDirectSell318202688.971,516134,8836,043,567Form
40Cervantes, De Burgreen MariaVP & Corp. ControllerDirectSell318202689.296,270559,8455,301,023Form
41Carrai, Phillip DPresident, STC DivisionDirectSell318202689.076,500578,94720,868,107Form
42Anderson, Scott I DirectSell318202689.1115,0001,336,7154,574,594Form
43Jarvis, Scot B DirectSell313202688.605,000443,0007,567,946Form
44Rock, Stacey GPresident, KTT DivisionDirectSell306202687.996,066533,7392,254,006Form
45Carter, David MPresident, DRSS DivisionDirectSell306202685.364,000341,4226,996,078Form
46Mills, Thomas E IVPresident, C5ISR DivisionDirectSell304202691.265,758525,454372,873Form
47Lund, Deanna HEVP & CFODirectSell304202691.285,000456,39524,650,605Form
48Rock, Stacey GPresident, KTT DivisionDirectSell227202690.284,000361,1042,037,166Form
49Jarvis, Scot B DirectSell227202688.005,000440,0197,957,040Form
50Fendley, Steven SPresident, US DivisionDirectSell225202692.577,000647,97630,977,713Form
51Mendoza, MarieSVP & General CounselDirectSell219202688.081,500132,1205,471,618Form
52Carrai, Phillip DPresident, STC DivisionDirectSell219202690.916,500590,91319,393,297Form
53Jarvis, Scot B DirectSell213202688.405,000442,0008,434,863Form
54Carter, David MPresident, DRSS DivisionDirectSell206202687.404,000349,5936,801,857Form
55Lund, Deanna HEVP & CFODirectSell204202696.875,000484,36326,638,292Form
56Jarvis, Scot B DirectSell1302026118.285,000591,38011,876,924Form
57Fendley, Steven SPresident, US DivisionDirectSell1282026107.977,000755,82436,887,562Form
58Mendoza, MarieSVP & General CounselDirectSell1162026120.181,676201,4227,618,571Form
59Jarvis, Scot B DirectSell1162026120.185,000600,90012,669,015Form
60Carrai, Phillip DPresident, STC DivisionDirectSell1162026123.306,500801,41827,092,989Form
61Carter, David MPresident, DRSS DivisionDirectSell1092026105.408,123856,1938,623,692Form
62Mills, Thomas E IVPresident, C5ISR DivisionDirectSell109202692.988,523792,451911,369Form
63Carter, David MPresident, DRSS DivisionDirectSell109202692.984,000371,9248,362,628Form
64Demarco, Eric MPresident & CEOby trustSell106202690.28191,69917,306,70462,033,345Form
65Demarco, Eric MPresident & CEOby trustSell106202690.008,301747,10279,094,670Form
66Lund, Deanna HEVP & CFODirectSell106202677.915,000389,56118,950,960Form
67Fendley, Steven SPresident, US DivisionDirectSell1231202576.577,000535,96224,381,290Form
68Demarco, Eric MPresident & CEOby trustSell1223202580.53200,00016,106,55264,123,163Form
69Rock, Stacey GPresident, KTT DivisionDirectSell1219202571.458,549610,8312,163,737Form
70Mendoza, MarieSVP & General CounselDirectSell1217202576.271,567119,5154,388,271Form
71Carrai, Phillip DPresident, STC DivisionDirectSell1217202575.916,000455,45115,102,913Form
72Anderson, Scott I DirectSell1217202574.5115,4011,147,4824,942,346Form
73Carter, David MPresident, DRSS DivisionDirectSell1209202576.304,000305,1926,547,058Form
74Demarco, Eric MPresident & CEOby trustSell1203202572.02200,00014,404,05071,749,237Form
75Lund, Deanna HEVP & CFODirectSell1203202572.0225,0001,800,54617,881,940Form
76Demarco, Eric MPresident & CEOby trustSell1203202574.09200,00014,817,16288,624,186Form
77Lund, Deanna HEVP & CFODirectSell1203202574.0830,0002,222,42620,245,186Form
78Zegart, Amy by trustSell1203202574.1710,000  Form
79Hoglund, William A by LLCSell1203202574.3575,0005,576,07010,943,446Form
80Adelman, JonahPresident, ME DivisionDirectSell1126202574.8030,0002,243,877699,192Form
81Fendley, Steven SPresident, US DivisionDirectSell1126202569.627,000487,36722,658,230Form
82Anderson, Scott I by trustSell1126202573.823,500258,370799,692Form
83Carrai, Phillip DPresident, STC DivisionDirectSell1119202572.116,000432,64614,779,760Form
84Mendoza, MarieSVP & General CounselDirectSell1119202572.091,408101,5034,262,177Form
85Carter, David MPresident, DRSS DivisionDirectSell1107202573.644,000294,5586,613,491Form
86Lund, Deanna HEVP & CFODirectSell1105202590.265,000451,32427,360,552Form
87Fendley, Steven SPresident, US DivisionDirectSell1029202591.257,000638,76830,334,250Form
88Mendoza, MarieSVP & General CounselDirectSell1017202597.101,440139,8245,864,452Form
89Carrai, Phillip DPresident, STC DivisionDirectSell1017202596.906,000581,38924,422,307Form
90Carter, David MPresident, DRSS DivisionDirectSell10092025102.814,000411,2329,644,306Form
91Rock, Stacey GPresident, KTT DivisionDirectSell1003202592.023,846353,9173,147,341Form
92Lund, Deanna HEVP & CFODirectSell1003202592.035,000460,13528,350,694Form
93Fendley, Steven SPresident, US DivisionDirectSell1001202588.887,000622,15030,167,099Form
94Mendoza, MarieSVP & General CounselDirectSell917202569.451,40897,7864,301,941Form
95Cervantes, De Burgreen MariaVP & Corp. ControllerDirectSell917202569.806,264437,2023,741,694Form
96Carrai, Phillip DPresident, STC DivisionDirectSell917202568.826,000412,91917,760,529Form
97Carter, David MPresident, DRSS DivisionDirectSell916202568.704,000274,8066,719,630Form
98Rock, Stacey GPresident, KTT DivisionDirectSell904202564.194,000256,7542,447,383Form
99Mills, Thomas E IVPresident, C5ISR DivisionDirectSell904202565.545,758377,385635,223Form
100Fendley, Steven SPresident, US DivisionDirectSell827202567.587,000473,06423,412,694Form
101Lund, Deanna HEVP & CFODirectSell821202565.105,000325,52120,398,901Form
102Mendoza, MarieSVP & General CounselDirectSell815202568.352,000136,7084,330,718Form
103Carrai, Phillip DPresident, STC DivisionDirectSell815202567.786,000406,69117,899,404Form
104Rock, Stacey GPresident, KTT DivisionDirectSell801202555.514,000222,0252,339,812Form
105Fendley, Steven SPresident, US DivisionDirectSell731202558.537,000409,72320,688,144Form

Investor Activity (13F)

Updated Sep 4, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Rovida Investment Management Ltd$125.0 Mil15.7%17Hold13F
S Squared Technology, LLC$12.3 Mil4.7%35TRIM -5.4%13F
Jericho Capital Asset Management L.P.$186.8 Mil2.8%23New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Jericho Capital Asset Management L.P.$186.8 Mil2.8%23New13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
FengHe Fund Management Pte. Ltd.$35.3 Mil2.0%38ExitedDec 31, 202513F
S Squared Technology, LLC$12.3 Mil4.7%35TRIM -5.4%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Jericho Capital Asset Management L.P.$186.8 Mil2.8%23New13F
Rovida Investment Management Ltd$125.0 Mil15.7%17Hold13F
S Squared Technology, LLC$12.3 Mil4.7%35TRIM -5.4%13F
Core Cache Last Updated: 9/3/2026