Kratos Defense & Security Solutions (KTOS)
Market Price (8/15/2026): $64.62 | Market Cap: $12.2 BilSector: Industrials | Industry: Aerospace & Defense
Kratos Defense & Security Solutions (KTOS)
Market Price (8/15/2026): $64.62Market Cap: $12.2 BilSector: IndustrialsIndustry: Aerospace & Defense
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -10% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26% Megatrend and thematic driversMegatrends include Advanced Aviation & Space, and Autonomous Technologies. Themes include Drone Technology, Machine Learning, Show more. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 312x, P/EPrice/Earnings or Price/(Net Income) is 394x Not cash flow generativeCFO/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 negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.3% Key risksKTOS key risks include [1] margin erosion from cost overruns on fixed-price contracts, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -10% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26% |
| Megatrend and thematic driversMegatrends include Advanced Aviation & Space, and Autonomous Technologies. Themes include Drone Technology, Machine Learning, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 312x, P/EPrice/Earnings or Price/(Net Income) is 394x |
| Not cash flow generativeCFO/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 negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.3% |
| Key risksKTOS key risks include [1] margin erosion from cost overruns on fixed-price contracts, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 8/14/2026
Kratos Defense & Security Solutions (KTOS) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Strong Q2 2026 Earnings and Raised Guidance fueled a significant rally, overcoming earlier stock stability.
Kratos Defense & Security Solutions reported robust financial results for its fiscal Q2 2026 (ended June 2026) on August 4, 2026. The company posted adjusted earnings per share (EPS) of $0.21, significantly surpassing analysts' consensus estimates of $0.13 to $0.14 by 61.54%. Quarterly revenue also saw a substantial increase of 30.5% year-over-year, reaching $458.8 million, well above the consensus estimate of $410.36 million. This strong performance led management to raise its full-year organic revenue growth outlook for 2026 to between 19% and 23%, from a previous range of 15% to 20%. This positive earnings surprise and optimistic outlook drove a considerable upward movement in the stock price in early August, moving from the low-$50s before the announcement to the mid-$60s by mid-August.
2. Persistent valuation concerns and varied analyst sentiment contributed to periods of market hesitation.
While the stock rallied post-Q2 earnings, earlier in the specified period (from late April to late July 2026), KTOS traded in a relatively stable range or saw declines, with the 52-week high being $134.00 and the stock reaching as low as $43.09 in late July. This prior stagnation was partly influenced by analyst adjustments, with several firms cutting price targets around May 7, 2026, (e.g., Piper Sandler to $75, RBC Capital to $80). Even after the Q2 earnings beat, concerns about the company's valuation persisted. For instance, on August 13, 2026, Truist Securities maintained a 'Buy' rating but lowered its price target from $135.00 to $104.00, noting that the stock appeared significantly overvalued with its current price of $61.89 being an 87.8% premium to its "GF Value™" of $32.96. The trailing twelve-month (TTM) P/E ratio remained high at 366.99, indicating investor caution regarding its price relative to earnings.
Show more
Kratos Defense & Security Solutions (KTOS) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Strong Q2 2026 Earnings and Raised Guidance fueled a significant rally, overcoming earlier stock stability.
Kratos Defense & Security Solutions reported robust financial results for its fiscal Q2 2026 (ended June 2026) on August 4, 2026. The company posted adjusted earnings per share (EPS) of $0.21, significantly surpassing analysts' consensus estimates of $0.13 to $0.14 by 61.54%. Quarterly revenue also saw a substantial increase of 30.5% year-over-year, reaching $458.8 million, well above the consensus estimate of $410.36 million. This strong performance led management to raise its full-year organic revenue growth outlook for 2026 to between 19% and 23%, from a previous range of 15% to 20%. This positive earnings surprise and optimistic outlook drove a considerable upward movement in the stock price in early August, moving from the low-$50s before the announcement to the mid-$60s by mid-August.
2. Persistent valuation concerns and varied analyst sentiment contributed to periods of market hesitation.
While the stock rallied post-Q2 earnings, earlier in the specified period (from late April to late July 2026), KTOS traded in a relatively stable range or saw declines, with the 52-week high being $134.00 and the stock reaching as low as $43.09 in late July. This prior stagnation was partly influenced by analyst adjustments, with several firms cutting price targets around May 7, 2026, (e.g., Piper Sandler to $75, RBC Capital to $80). Even after the Q2 earnings beat, concerns about the company's valuation persisted. For instance, on August 13, 2026, Truist Securities maintained a 'Buy' rating but lowered its price target from $135.00 to $104.00, noting that the stock appeared significantly overvalued with its current price of $61.89 being an 87.8% premium to its "GF Value™" of $32.96. The trailing twelve-month (TTM) P/E ratio remained high at 366.99, indicating investor caution regarding its price relative to earnings.
Show more
Updated on 8/14/2026
Kratos Defense & Security Solutions (KTOS) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Strong Q2 2026 Earnings and Raised Guidance fueled a significant rally, overcoming earlier stock stability.
Kratos Defense & Security Solutions reported robust financial results for its fiscal Q2 2026 (ended June 2026) on August 4, 2026. The company posted adjusted earnings per share (EPS) of $0.21, significantly surpassing analysts' consensus estimates of $0.13 to $0.14 by 61.54%. Quarterly revenue also saw a substantial increase of 30.5% year-over-year, reaching $458.8 million, well above the consensus estimate of $410.36 million. This strong performance led management to raise its full-year organic revenue growth outlook for 2026 to between 19% and 23%, from a previous range of 15% to 20%. This positive earnings surprise and optimistic outlook drove a considerable upward movement in the stock price in early August, moving from the low-$50s before the announcement to the mid-$60s by mid-August.
2. Persistent valuation concerns and varied analyst sentiment contributed to periods of market hesitation.
While the stock rallied post-Q2 earnings, earlier in the specified period (from late April to late July 2026), KTOS traded in a relatively stable range or saw declines, with the 52-week high being $134.00 and the stock reaching as low as $43.09 in late July. This prior stagnation was partly influenced by analyst adjustments, with several firms cutting price targets around May 7, 2026, (e.g., Piper Sandler to $75, RBC Capital to $80). Even after the Q2 earnings beat, concerns about the company's valuation persisted. For instance, on August 13, 2026, Truist Securities maintained a 'Buy' rating but lowered its price target from $135.00 to $104.00, noting that the stock appeared significantly overvalued with its current price of $61.89 being an 87.8% premium to its "GF Value™" of $32.96. The trailing twelve-month (TTM) P/E ratio remained high at 366.99, indicating investor caution regarding its price relative to earnings.
3. Strategic positioning in key defense technology areas and favorable macroeconomic tailwinds provided underlying support.
Kratos benefits from a robust demand environment within the defense sector, driven by ongoing geopolitical tensions and increased global defense spending on next-generation technologies. The company's focus on unmanned systems (drones), hypersonics, missile defense, and satellite communications aligns with current military priorities. A significant factor emerging in August 2026 was the announcement of new U.S. tariffs on imported drones and key components, which is expected to favor domestic manufacturers like Kratos by shifting demand towards U.S.-produced systems. Kratos also reported a strong last 12-month book-to-bill ratio of 1.3 to 1 and a substantial bid and proposal pipeline of $15 billion, signaling strong future demand and long-term growth prospects.
4. A significant insider stock sale by the CEO potentially capped immediate upward momentum.
On August 14, 2026, Eric M. DeMarco, President and CEO of Kratos, sold 300,000 shares of the company's common stock for approximately $19.3 million. The shares were sold at prices ranging from $62.77 to $66.88 per share. While executed under a pre-arranged 10b5-1 trading plan, this substantial insider selling, exceeding the $5 million threshold, could be interpreted by some investors as a signal of reduced insider conviction at higher price levels or simply profit-taking. This notable transaction occurred immediately following the significant post-earnings rally, potentially contributing to a stabilization of the stock price rather than continued rapid ascent.
Show less
Kratos Defense & Security Solutions (KTOS) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Strong Q2 2026 Earnings and Raised Guidance fueled a significant rally, overcoming earlier stock stability.
Kratos Defense & Security Solutions reported robust financial results for its fiscal Q2 2026 (ended June 2026) on August 4, 2026. The company posted adjusted earnings per share (EPS) of $0.21, significantly surpassing analysts' consensus estimates of $0.13 to $0.14 by 61.54%. Quarterly revenue also saw a substantial increase of 30.5% year-over-year, reaching $458.8 million, well above the consensus estimate of $410.36 million. This strong performance led management to raise its full-year organic revenue growth outlook for 2026 to between 19% and 23%, from a previous range of 15% to 20%. This positive earnings surprise and optimistic outlook drove a considerable upward movement in the stock price in early August, moving from the low-$50s before the announcement to the mid-$60s by mid-August.
2. Persistent valuation concerns and varied analyst sentiment contributed to periods of market hesitation.
While the stock rallied post-Q2 earnings, earlier in the specified period (from late April to late July 2026), KTOS traded in a relatively stable range or saw declines, with the 52-week high being $134.00 and the stock reaching as low as $43.09 in late July. This prior stagnation was partly influenced by analyst adjustments, with several firms cutting price targets around May 7, 2026, (e.g., Piper Sandler to $75, RBC Capital to $80). Even after the Q2 earnings beat, concerns about the company's valuation persisted. For instance, on August 13, 2026, Truist Securities maintained a 'Buy' rating but lowered its price target from $135.00 to $104.00, noting that the stock appeared significantly overvalued with its current price of $61.89 being an 87.8% premium to its "GF Value™" of $32.96. The trailing twelve-month (TTM) P/E ratio remained high at 366.99, indicating investor caution regarding its price relative to earnings.
3. Strategic positioning in key defense technology areas and favorable macroeconomic tailwinds provided underlying support.
Kratos benefits from a robust demand environment within the defense sector, driven by ongoing geopolitical tensions and increased global defense spending on next-generation technologies. The company's focus on unmanned systems (drones), hypersonics, missile defense, and satellite communications aligns with current military priorities. A significant factor emerging in August 2026 was the announcement of new U.S. tariffs on imported drones and key components, which is expected to favor domestic manufacturers like Kratos by shifting demand towards U.S.-produced systems. Kratos also reported a strong last 12-month book-to-bill ratio of 1.3 to 1 and a substantial bid and proposal pipeline of $15 billion, signaling strong future demand and long-term growth prospects.
4. A significant insider stock sale by the CEO potentially capped immediate upward momentum.
On August 14, 2026, Eric M. DeMarco, President and CEO of Kratos, sold 300,000 shares of the company's common stock for approximately $19.3 million. The shares were sold at prices ranging from $62.77 to $66.88 per share. While executed under a pre-arranged 10b5-1 trading plan, this substantial insider selling, exceeding the $5 million threshold, could be interpreted by some investors as a signal of reduced insider conviction at higher price levels or simply profit-taking. This notable transaction occurred immediately following the significant post-earnings rally, potentially contributing to a stabilization of the stock price rather than continued rapid ascent.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 2.4% change in KTOS stock from 4/30/2026 to 8/14/2026 was primarily driven by a 24.2% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8142026 | Change |
|---|---|---|---|
| Stock Price ($) | 63.05 | 64.58 | 2.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,347 | 1,522 | 13.0% |
| Net Income Margin (%) | 1.6% | 2.0% | 24.2% |
| P/E Multiple | 488.6 | 394.2 | -19.3% |
| Shares Outstanding (Mil) | 170 | 189 | -9.6% |
| Cumulative Contribution | 2.4% |
Market Drivers
4/30/2026 to 8/14/2026| Return | Correlation | |
|---|---|---|
| KTOS | 2.4% | |
| Market (SPY) | 8.0% | 41.4% |
| Sector (XLI) | 6.8% | 36.1% |
Fundamental Drivers
The -37.3% change in KTOS stock from 1/31/2026 to 8/14/2026 was primarily driven by a -55.1% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8142026 | Change |
|---|---|---|---|
| Stock Price ($) | 103.01 | 64.58 | -37.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,285 | 1,522 | 18.5% |
| Net Income Margin (%) | 1.6% | 2.0% | 30.4% |
| P/E Multiple | 878.2 | 394.2 | -55.1% |
| Shares Outstanding (Mil) | 170 | 189 | -9.6% |
| Cumulative Contribution | -37.3% |
Market Drivers
1/31/2026 to 8/14/2026| Return | Correlation | |
|---|---|---|
| KTOS | -37.3% | |
| Market (SPY) | 12.5% | 39.8% |
| Sector (XLI) | 13.1% | 37.6% |
Fundamental Drivers
The 10.0% change in KTOS stock from 7/31/2025 to 8/14/2026 was primarily driven by a 31.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8142026 | Change |
|---|---|---|---|
| Stock Price ($) | 58.70 | 64.58 | 10.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,162 | 1,522 | 31.1% |
| Net Income Margin (%) | 1.7% | 2.0% | 20.9% |
| P/E Multiple | 464.2 | 394.2 | -15.1% |
| Shares Outstanding (Mil) | 154 | 189 | -18.2% |
| Cumulative Contribution | 10.0% |
Market Drivers
7/31/2025 to 8/14/2026| Return | Correlation | |
|---|---|---|
| KTOS | 10.0% | |
| Market (SPY) | 23.9% | 39.0% |
| Sector (XLI) | 24.0% | 39.8% |
Fundamental Drivers
The 328.0% change in KTOS stock from 7/31/2023 to 8/14/2026 was primarily driven by a 286.5% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8142026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.09 | 64.58 | 328.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 934 | 1,522 | 63.0% |
| P/S Multiple | 2.1 | 8.0 | 286.5% |
| Shares Outstanding (Mil) | 128 | 189 | -32.1% |
| Cumulative Contribution | 328.0% |
Market Drivers
7/31/2023 to 8/14/2026| Return | Correlation | |
|---|---|---|
| KTOS | 328.0% | |
| Market (SPY) | 75.6% | 35.2% |
| Sector (XLI) | 75.9% | 41.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KTOS Return | -29% | -47% | 97% | 30% | 188% | -17% | 129% |
| Peers Return | 8% | 28% | 4% | 15% | 37% | 5% | 140% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| KTOS Win Rate | 17% | 33% | 83% | 58% | 67% | 38% | |
| Peers Win Rate | 55% | 57% | 47% | 58% | 60% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
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 8/14/2026 (YTD)
How Low Can It Go
| Event | KTOS | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -52.6% | -24.5% |
| % Gain to Breakeven | 111.1% | 32.4% |
| Time to Breakeven | 418 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.0% | -33.7% |
| % Gain to Breakeven | 104.0% | 50.9% |
| Time to Breakeven | 179 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.6% | -19.2% |
| % Gain to Breakeven | 18.4% | 23.8% |
| Time to Breakeven | 9 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -20.5% | -3.7% |
| % Gain to Breakeven | 25.8% | 3.9% |
| Time to Breakeven | 9 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -37.4% | -12.2% |
| % Gain to Breakeven | 59.9% | 13.9% |
| Time to Breakeven | 63 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -60.3% | -6.8% |
| % Gain to Breakeven | 151.8% | 7.3% |
| Time to Breakeven | 212 days | 15 days |
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.
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| Event | KTOS | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -52.6% | -24.5% |
| % Gain to Breakeven | 111.1% | 32.4% |
| Time to Breakeven | 418 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.0% | -33.7% |
| % Gain to Breakeven | 104.0% | 50.9% |
| Time to Breakeven | 179 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -20.5% | -3.7% |
| % Gain to Breakeven | 25.8% | 3.9% |
| Time to Breakeven | 9 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -37.4% | -12.2% |
| % Gain to Breakeven | 59.9% | 13.9% |
| Time to Breakeven | 63 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -60.3% | -6.8% |
| % Gain to Breakeven | 151.8% | 7.3% |
| Time to Breakeven | 212 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -47.3% | -17.9% |
| % Gain to Breakeven | 89.6% | 21.8% |
| Time to Breakeven | 2075 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -32.9% | -15.4% |
| % Gain to Breakeven | 48.9% | 18.2% |
| Time to Breakeven | 2976 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -72.7% | -53.4% |
| % Gain to Breakeven | 266.1% | 114.4% |
| Time to Breakeven | 3728 days | 1085 days |
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.
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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.
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- 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.
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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.
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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.
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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.
- 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.
- 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.
- 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.
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Kratos Defense & Security Solutions (KTOS) operates in several addressable markets related to its Kratos Government Solutions and Unmanned Systems segments:
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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.
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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.
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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.
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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.
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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.
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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
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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:
- 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.
- 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.
- 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.
- 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.
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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.
Peer Outperformance in Aerospace & Defense
KTOS has outperformed 67% 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
27%
of 70 industry peers · -6.6% return
3Y
80%
of 60 industry peers · 322.1% return
5Y
67%
of 54 industry peers · 190.1% 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 | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| KTOS | Kratos Defense & Security Solutions | 16.6% | 394.2x | -6.6% | 322.1% | 190.1% | — |
| HWM | Howmet Aerospace | 13.8% | 61.8x | 64.7% | 497.9% | 813.4% | +623pp |
| ATRO | Astronics | 15.0% | 50.8x | 184.2% | 461.6% | 587.6% | +398pp |
| AIR | AAR | 18.5% | 30.8x | 88.3% | 145.0% | 326.3% | +136pp |
| BWXT | BWX Technologies | 14.8% | 44.7x | -0.3% | 142.3% | 231.8% | +42pp |
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 med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 37.1% | 137.7% | 208.8% | CDNL 2932% · STRL 2391% · FIX 2274% |
| Marine Transportation | 4 | 53.9% | 62.6% | 157.2% | MATX 217% · SFL 174% · KEX 140% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 16.5% | 58.5% | 110.2% | CAT 327% · ALSN 250% · WAB 246% |
| Aerospace & Defense ← | 55 | 20.5% | 88.2% | 91.1% | DFNS 4465% · ATI 1073% · FTAI 1000% |
| Industrial Machinery & Supplies & Components | 71 | 16.6% | 58.2% | 58.0% | CRS 1470% · PSIX 953% · EROC 861% |
| Passenger Ground Transportation | 3 | -12.9% | 44.7% | 57.7% | UBER 80% · CAR 58% · LYFT -67% |
| Cargo Ground Transportation | 16 | 47.9% | 18.3% | 55.4% | PAMT 646% · XPO 286% · R 276% |
| Trading Companies & Distributors | 18 | 8.7% | 38.7% | 42.9% | DXPE 580% · AIT 318% · URI 239% |
| Rail Transportation | 7 | 35.6% | 70.6% | 40.5% | FSTR 112% · CSX 58% · UNP 44% |
| Diversified Support Services | 33 | 12.9% | 36.6% | 37.9% | LIME 4210% · TH 411% · WLFC 372% |
| Electrical Components & Equipment | 40 | 31.1% | 49.1% | 35.3% | POWL 2482% · VRT 987% · BE 983% |
| Building Products | 33 | -2.8% | 18.0% | 29.2% | GFF 458% · LMB 429% · PPIH 288% |
| Office Services & Supplies | 10 | 18.3% | 26.7% | 6.2% | TILE 186% · PBI 156% · EBF 55% |
| Industrial Conglomerates | 18 | 23.0% | 30.8% | 0.0% | RCMT 719% · CSW 172% · TTI 171% |
| Environmental & Facilities Services | 28 | -8.2% | 18.4% | -4.1% | CECO 1079% · ADUR 667% · NVRI 293% |
| Research & Consulting Services | 13 | -9.3% | -21.0% | -4.4% | HURN 219% · CRAI 97% · BAH 6% |
| Passenger Airlines | 11 | 19.4% | -1.7% | -20.2% | LTM 2224% · UAL 170% · SKYW 157% |
| Agricultural & Farm Machinery | 17 | -7.8% | -15.6% | -24.4% | BLBD 185% · DE 69% · GENC 52% |
| Data Processing & Outsourced Services | 6 | -32.9% | -14.3% | -28.8% | EXLS 45% · BR 7% · MMS -28% |
| Human Resource & Employment Services | 21 | 12.4% | -22.1% | -34.1% | BBSI 74% · ADP 42% · KFY 37% |
| Air Freight & Logistics | 12 | -9.4% | -3.1% | -35.0% | CHRW 82% · FDX 66% · EXPD 59% |
| Security & Alarm Services | 10 | -24.9% | -25.4% | -40.3% | CIX 107% · MG 86% · BCO 55% |
| Airport Services | 3 | -68.3% | -66.1% | -56.3% | JOBY -17% · ASLE -56% · UP -100% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 257.39 |
| Mkt Cap | 68.8 |
| Rev LTM | 32,912 |
| Op Inc LTM | 3,456 |
| FCF LTM | 3,227 |
| FCF 3Y Avg | 2,339 |
| CFO LTM | 4,185 |
| CFO 3Y Avg | 3,368 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.6% |
| Rev Chg 3Y Avg | 9.3% |
| Rev Chg Q | 12.5% |
| QoQ Delta Rev Chg LTM | 3.0% |
| Op Inc Chg LTM | 14.4% |
| Op Inc Chg 3Y Avg | 34.1% |
| Op Mgn LTM | 10.4% |
| Op Mgn 3Y Avg | 8.7% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 12.7% |
| CFO/Rev 3Y Avg | 10.5% |
| FCF/Rev LTM | 9.9% |
| FCF/Rev 3Y Avg | 7.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 68.8 |
| P/S | 2.8 |
| P/Op Inc | 20.8 |
| P/EBIT | 17.9 |
| P/E | 25.8 |
| P/CFO | 14.9 |
| Total Yield | 4.5% |
| Dividend Yield | 1.4% |
| FCF Yield 3Y Avg | 3.8% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 16.3% |
| 3M Rtn | 20.4% |
| 6M Rtn | -15.4% |
| 12M Rtn | 5.7% |
| 3Y Rtn | 87.0% |
| 1M Excs Rtn | 13.5% |
| 3M Excs Rtn | 13.4% |
| 6M Excs Rtn | -28.2% |
| 12M Excs Rtn | -14.4% |
| 3Y Excs Rtn | 7.7% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Kratos Government Solutions | 1,055 | 866 | 825 | 677 | 580 |
| Unmanned Systems | 292 | 270 | 212 | 222 | 232 |
| Total | 1,347 | 1,136 | 1,037 | 898 | 812 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Kratos Government Solutions | 61 | 57 | 53 | 27 | 42 |
| Unmanned Systems | 3 | 3 | 4 | -3 | 13 |
| Merger and acquisition related expenses | -2 | -1 | -0 | -1 | |
| Stock compensation expense | -36 | -30 | -25 | -26 | |
| Corporate activities | -28 | ||||
| Total | 26 | 29 | 31 | -3 | 28 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Kratos Government Solutions | 1,473 | 1,250 | 1,190 | 1,105 | 908 |
| Corporate Assets | 556 | 315 | |||
| Unmanned Systems | 439 | 386 | 379 | 350 | 327 |
| Corporate activities | 64 | 97 | 355 | ||
| Discontinued operations | 0 | ||||
| Total | 2,467 | 1,951 | 1,632 | 1,552 | 1,590 |
Price Behavior
Price Behavior
| Market Price | $64.58 | |
| Market Cap ($ Bil) | 11.4 | |
| First Trading Date | 11/05/1999 | |
| Distance from 52W High | -50.6% | |
| 50 Days | 200 Days | |
| DMA Price | $52.44 | $73.50 |
| DMA Trend | down | down |
| Distance from DMA | 23.1% | -12.1% |
| 3M | 1YR | |
| Volatility | 70.8% | 71.9% |
| Downside Capture | 144.77 | 245.85 |
| Upside Capture | 209.35 | 184.42 |
| Correlation (SPY) | 45.3% | 38.1% |
KTOS Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.32 | 1.96 | 2.16 | 2.08 | 2.15 | 1.28 |
| Up Beta | 1.90 | 1.53 | 2.05 | 1.88 | 1.70 | 0.99 |
| Down Beta | 4.99 | 2.15 | 2.50 | 1.48 | 2.29 | 1.10 |
| Up Capture | 110% | 101% | 114% | 128% | 295% | 582% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 13 | 23 | 49 | 123 | 385 |
| Down Capture | 207% | 252% | 249% | 229% | 168% | 108% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 30 | 40 | 77 | 128 | 357 |
[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 | -6.1% | 71.8% | 0.21 | - |
| Sector ETF (XLI) | 23.7% | 17.0% | 1.08 | 39.5% |
| Equity (SPY) | 21.5% | 12.8% | 1.25 | 38.0% |
| Gold (GLD) | 30.0% | 28.5% | 0.91 | 29.1% |
| Commodities (DBC) | 38.1% | 20.1% | 1.49 | 5.8% |
| Real Estate (VNQ) | 14.4% | 13.9% | 0.73 | 9.5% |
| Bitcoin (BTCUSD) | -48.7% | 42.8% | -1.44 | 32.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KTOS | |
|---|---|---|---|---|
| KTOS | 20.3% | 53.0% | 0.54 | - |
| Sector ETF (XLI) | 14.2% | 17.6% | 0.63 | 44.2% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 39.8% |
| Gold (GLD) | 19.5% | 18.6% | 0.85 | 18.2% |
| Commodities (DBC) | 9.6% | 19.6% | 0.38 | 13.0% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 27.9% |
| Bitcoin (BTCUSD) | 8.2% | 52.8% | 0.34 | 24.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KTOS | |
|---|---|---|---|---|
| KTOS | 29.9% | 51.3% | 0.71 | - |
| Sector ETF (XLI) | 14.4% | 20.0% | 0.63 | 47.2% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 43.4% |
| Gold (GLD) | 12.0% | 16.2% | 0.60 | 13.2% |
| Commodities (DBC) | 7.7% | 18.0% | 0.34 | 18.3% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 33.8% |
| Bitcoin (BTCUSD) | 60.0% | 66.1% | 1.00 | 17.8% |
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Returns Analyses
Earnings Returns History
Updated 8/13/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 6.7% | 22.9% | |
| 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% |
| 8/7/2025 | 8.1% | 17.0% | 8.6% |
| 5/7/2025 | -5.1% | -7.0% | 12.2% |
| 2/26/2025 | 5.2% | 11.4% | 26.1% |
| 11/7/2024 | 9.0% | 6.1% | 14.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 14 |
| # Negative | 14 | 11 | 10 |
| Median Positive | 7.5% | 9.2% | 11.6% |
| Median Negative | -4.5% | -7.1% | -10.7% |
| Max Positive | 17.0% | 22.9% | 26.1% |
| Max Negative | -14.2% | -15.6% | -19.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 6.7% | 22.9% | |
| 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% |
| 8/7/2025 | 8.1% | 17.0% | 8.6% |
| 5/7/2025 | -5.1% | -7.0% | 12.2% |
| 2/26/2025 | 5.2% | 11.4% | 26.1% |
| 11/7/2024 | 9.0% | 6.1% | 14.3% |
| 8/7/2024 | -1.6% | -1.1% | 5.1% |
| 5/7/2024 | 5.8% | 6.9% | 10.9% |
| 2/13/2024 | 17.0% | 13.4% | -2.4% |
| 11/2/2023 | -3.9% | -4.4% | 12.6% |
| 8/3/2023 | 15.0% | 15.4% | 12.3% |
| 5/3/2023 | 7.5% | 4.2% | 6.7% |
| 2/23/2023 | 13.2% | 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% |
| 5/5/2021 | 6.2% | -3.4% | 3.1% |
| 2/25/2021 | -3.5% | -12.0% | -8.7% |
| 10/29/2020 | -2.5% | 3.4% | 9.2% |
| 8/4/2020 | 3.9% | 3.5% | 6.9% |
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 14 |
| # Negative | 14 | 11 | 10 |
| Median Positive | 7.5% | 9.2% | 11.6% |
| Median Negative | -4.5% | -7.1% | -10.7% |
| Max Positive | 17.0% | 22.9% | 26.1% |
| Max Negative | -14.2% | -15.6% | -19.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/24/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Recent Forward Guidance
Updated 8/5/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | 460.00 Mil | 470.00 Mil | 480.00 Mil | 16.0% | Higher New | Guidance: 405.00 Mil for Q2 2026 | |
| Q3 2026 Organic Revenue Growth | 19.0% | 22.0% | 25.0% | ||||
| Q3 2026 Adjusted EBITDA | 40.00 Mil | 42.50 Mil | 45.00 Mil | 30.8% | Higher New | Guidance: 32.50 Mil for Q2 2026 | |
| 2026 Revenue | 1.75 Bil | 1.78 Bil | 1.81 Bil | 2.9% | Raised | Guidance: 1.73 Bil for 2026 | |
| 2026 Organic Revenue Growth | 18.0% | 20.5% | 23.0% | ||||
| 2026 Adjusted EBITDA | 173.00 Mil | 174.50 Mil | 176.00 Mil | 0.9% | Raised | Guidance: 173.00 Mil for 2026 | |
| 2026 Free Cash Flow Use | -105.00 Mil | -95.00 Mil | -85.00 Mil | ||||
| 2026 Capital Expenditures | 125.00 Mil | 130.00 Mil | 135.00 Mil | ||||
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 400.00 Mil | 405.00 Mil | 410.00 Mil | 19.1% | Higher New | Guidance: 340.00 Mil for Q1 2026 | |
| Q2 2026 R&D | 12.00 Mil | 13.00 Mil | 14.00 Mil | ||||
| Q2 2026 Operating Income (loss) | -8.00 Mil | -7.00 Mil | -6.00 Mil | ||||
| Q2 2026 Adjusted EBITDA | 30.00 Mil | 32.50 Mil | 35.00 Mil | 18.2% | Higher New | Guidance: 27.50 Mil for Q1 2026 | |
| Q2 2026 Free Cash Flow Use | -105.00 Mil | -95.00 Mil | -85.00 Mil | ||||
| 2026 Revenue | 1.70 Bil | 1.73 Bil | 1.76 Bil | 5.8% | Raised | Guidance: 1.64 Bil for 2026 | |
| 2026 R&D | 50.00 Mil | 51.50 Mil | 53.00 Mil | ||||
| 2026 Operating Income | 18.00 Mil | 20.50 Mil | 23.00 Mil | ||||
| 2026 Adjusted EBITDA | 170.00 Mil | 173.00 Mil | 176.00 Mil | 6.8% | Raised | Guidance: 162.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/23/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 335.00 Mil | 340.00 Mil | 345.00 Mil | 1.5% | Raised | Guidance: 335.00 Mil for Q1 2026 | |
| Q1 2026 Adjusted EBITDA | 25.00 Mil | 27.50 Mil | 30.00 Mil | ||||
| 2026 Revenue | 1.59 Bil | 1.64 Bil | 1.68 Bil | ||||
| 2026 Adjusted EBITDA | 157.00 Mil | 162.00 Mil | 167.00 Mil | ||||
| 2026 Revenue Growth | 15.0% | 17.5% | 20.0% | 0 | Affirmed | Guidance: 17.5% for 2026 | |
| 2027 Revenue Growth | 18.0% | 20.5% | 23.0% | 0 | Affirmed | Guidance: 20.5% for 2027 | |
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 320.00 Mil | 325.00 Mil | 330.00 Mil | 1.6% | Higher New | Guidance: 320.00 Mil for Q3 2025 | |
| Q4 2025 Adjusted EBITDA | 29.00 Mil | 31.50 Mil | 34.00 Mil | 14.5% | Higher New | Guidance: 27.50 Mil for Q3 2025 | |
| Q1 2026 Revenue | 330.00 Mil | 335.00 Mil | 340.00 Mil | ||||
| 2025 Revenue | 1.32 Bil | 1.32 Bil | 1.33 Bil | 1.9% | Raised | Guidance: 1.30 Bil for 2025 | |
| 2025 Adjusted EBITDA | 114.00 Mil | 117.00 Mil | 120.00 Mil | 0.0% | Affirmed | Guidance: 117.00 Mil for 2025 | |
| 2026 Revenue Growth | 15.0% | 17.5% | 20.0% | Raised | |||
| 2027 Revenue Growth | 18.0% | 20.5% | 23.0% | ||||
Insider Activity
Updated 8/14/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Demarco, Eric M | President & CEO | by trust | Sell | 8142026 | 64.33 | 300,000 | 19,300,305 | 48,999,100 | Form |
| 2 | Carter, David M | President, DRSS Division | Direct | Sell | 8072026 | 55.90 | 4,000 | 223,599 | 3,479,034 | Form |
| 3 | Lund, Deanna H | EVP & CFO | Direct | Sell | 8052026 | 48.55 | 5,000 | 242,772 | 13,618,871 | Form |
| 4 | Fendley, Steven S | President, US Division | Direct | Sell | 7292026 | 47.13 | 7,000 | 329,910 | 13,908,990 | Form |
| 5 | Mendoza, Marie | SVP & General Counsel | Direct | Sell | 7172026 | 51.79 | 1,013 | 52,463 | 3,297,262 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Demarco, Eric M | President & CEO | by trust | Sell | 8142026 | 64.33 | 300,000 | 19,300,305 | 48,999,100 | Form |
| 2 | Carter, David M | President, DRSS Division | Direct | Sell | 8072026 | 55.90 | 4,000 | 223,599 | 3,479,034 | Form |
| 3 | Lund, Deanna H | EVP & CFO | Direct | Sell | 8052026 | 48.55 | 5,000 | 242,772 | 13,618,871 | Form |
| 4 | Fendley, Steven S | President, US Division | Direct | Sell | 7292026 | 47.13 | 7,000 | 329,910 | 13,908,990 | Form |
| 5 | Mendoza, Marie | SVP & General Counsel | Direct | Sell | 7172026 | 51.79 | 1,013 | 52,463 | 3,297,262 | Form |
| 6 | Carrai, Phillip D | President, STC Division | Direct | Sell | 7172026 | 50.63 | 6,500 | 329,105 | 10,562,961 | Form |
| 7 | Carter, David M | President, DRSS Division | Direct | Sell | 7102026 | 50.45 | 4,000 | 201,818 | 3,342,012 | Form |
| 8 | Lund, Deanna H | EVP & CFO | Direct | Sell | 7022026 | 52.85 | 5,000 | 264,270 | 15,084,804 | Form |
| 9 | Rock, Stacey G | President, KTT Division | Direct | Sell | 7022026 | 50.00 | 4,675 | 233,750 | 480,000 | Form |
| 10 | Fendley, Steven S | President, US Division | Direct | Sell | 7012026 | 48.37 | 7,000 | 338,556 | 14,612,384 | Form |
| 11 | Mendoza, Marie | SVP & General Counsel | Direct | Sell | 6172026 | 57.93 | 1,500 | 86,889 | 3,733,159 | Form |
| 12 | Carrai, Phillip D | President, STC Division | Direct | Sell | 6172026 | 57.74 | 6,500 | 375,323 | 12,417,525 | Form |
| 13 | Fendley, Steven S | President, US Division | Direct | Sell | 6102026 | 58.23 | 35,000 | 2,038,204 | 17,999,493 | Form |
| 14 | Carter, David M | President, DRSS Division | Direct | Sell | 6092026 | 59.16 | 4,000 | 236,659 | 4,146,983 | Form |
| 15 | Lund, Deanna H | EVP & CFO | Direct | Sell | 6032026 | 63.74 | 5,000 | 318,676 | 18,493,475 | Form |
| 16 | Rock, Stacey G | President, KTT Division | Direct | Sell | 5292026 | 65.47 | 4,000 | 261,872 | 909,744 | Form |
| 17 | Doorenbos, Bobbi | Direct | Sell | 5282026 | 57.29 | 2,500 | 143,225 | 716,126 | Form | |
| 18 | Fendley, Steven S | President, US Division | Direct | Sell | 5282026 | 57.24 | 7,000 | 400,693 | 19,696,330 | Form |
| 19 | Adelman, Jonah | President, ME Division | Direct | Sell | 5282026 | 57.06 | 31,348 | 1,788,626 | 456,457 | Form |
| 20 | Mendoza, Marie | SVP & General Counsel | Direct | Sell | 5192026 | 53.49 | 1,013 | 54,185 | 3,530,126 | Form |
| 21 | Carrai, Phillip D | President, STC Division | Direct | Sell | 5192026 | 52.13 | 6,500 | 338,847 | 11,549,463 | Form |
| 22 | Boyd, Bradley L | Direct | Sell | 5192026 | 52.08 | 3,000 | 156,240 | 858,280 | Form | |
| 23 | Carter, David M | President, DRSS Division | Direct | Sell | 5082026 | 58.00 | 4,000 | 232,003 | 4,296,175 | Form |
| 24 | Lund, Deanna H | EVP & CFO | Direct | Sell | 5052026 | 62.10 | 5,000 | 310,479 | 18,330,672 | Form |
| 25 | Rock, Stacey G | President, KTT Division | Direct | Sell | 4292026 | 61.03 | 4,000 | 244,100 | 1,092,165 | Form |
| 26 | Fendley, Steven S | President, US Division | Direct | Sell | 4292026 | 61.64 | 7,000 | 431,451 | 21,636,605 | Form |
| 27 | Jarvis, Scot B | Direct | Sell | 4172026 | 75.90 | 5,417 | 411,150 | 5,701,836 | Form | |
| 28 | Mendoza, Marie | SVP & General Counsel | Direct | Sell | 4172026 | 75.69 | 1,500 | 113,535 | 5,045,193 | Form |
| 29 | Carrai, Phillip D | President, STC Division | Direct | Sell | 4172026 | 74.72 | 6,500 | 485,693 | 17,028,982 | Form |
| 30 | Carter, David M | President, DRSS Division | Direct | Sell | 4102026 | 74.16 | 4,000 | 296,625 | 5,787,967 | Form |
| 31 | Lund, Deanna H | EVP & CFO | Direct | Sell | 4032026 | 69.63 | 5,000 | 348,130 | 20,892,583 | Form |
| 32 | Hoglund, William A | by LLC | Sell | 4032026 | 71.19 | 30,500 | 2,171,297 | 17,975,489 | Form | |
| 33 | Fendley, Steven S | President, US Division | Direct | Sell | 4012026 | 69.59 | 7,000 | 487,120 | 24,914,301 | Form |
| 34 | Rock, Stacey G | President, KTT Division | Direct | Sell | 3272026 | 76.78 | 4,000 | 307,103 | 1,671,947 | Form |
| 35 | Jarvis, Scot B | Direct | Sell | 3272026 | 78.14 | 5,000 | 390,700 | 6,283,784 | Form | |
| 36 | Mendoza, Marie | SVP & General Counsel | Direct | Sell | 3182026 | 88.97 | 1,516 | 134,883 | 6,043,567 | Form |
| 37 | Cervantes, De Burgreen Maria | VP & Corp. Controller | Direct | Sell | 3182026 | 89.29 | 6,270 | 559,845 | 5,301,023 | Form |
| 38 | Carrai, Phillip D | President, STC Division | Direct | Sell | 3182026 | 89.07 | 6,500 | 578,947 | 20,868,107 | Form |
| 39 | Anderson, Scott I | Direct | Sell | 3182026 | 89.11 | 15,000 | 1,336,715 | 4,574,594 | Form | |
| 40 | Jarvis, Scot B | Direct | Sell | 3132026 | 88.60 | 5,000 | 443,000 | 7,567,946 | Form | |
| 41 | Rock, Stacey G | President, KTT Division | Direct | Sell | 3062026 | 87.99 | 6,066 | 533,739 | 2,254,006 | Form |
| 42 | Carter, David M | President, DRSS Division | Direct | Sell | 3062026 | 85.36 | 4,000 | 341,422 | 6,996,078 | Form |
| 43 | Mills, Thomas E IV | President, C5ISR Division | Direct | Sell | 3042026 | 91.26 | 5,758 | 525,454 | 372,873 | Form |
| 44 | Lund, Deanna H | EVP & CFO | Direct | Sell | 3042026 | 91.28 | 5,000 | 456,395 | 24,650,605 | Form |
| 45 | Rock, Stacey G | President, KTT Division | Direct | Sell | 2272026 | 90.28 | 4,000 | 361,104 | 2,037,166 | Form |
| 46 | Jarvis, Scot B | Direct | Sell | 2272026 | 88.00 | 5,000 | 440,019 | 7,957,040 | Form | |
| 47 | Fendley, Steven S | President, US Division | Direct | Sell | 2252026 | 92.57 | 7,000 | 647,976 | 30,977,713 | Form |
| 48 | Mendoza, Marie | SVP & General Counsel | Direct | Sell | 2192026 | 88.08 | 1,500 | 132,120 | 5,471,618 | Form |
| 49 | Carrai, Phillip D | President, STC Division | Direct | Sell | 2192026 | 90.91 | 6,500 | 590,913 | 19,393,297 | Form |
| 50 | Jarvis, Scot B | Direct | Sell | 2132026 | 88.40 | 5,000 | 442,000 | 8,434,863 | Form | |
| 51 | Carter, David M | President, DRSS Division | Direct | Sell | 2062026 | 87.40 | 4,000 | 349,593 | 6,801,857 | Form |
| 52 | Lund, Deanna H | EVP & CFO | Direct | Sell | 2042026 | 96.87 | 5,000 | 484,363 | 26,638,292 | Form |
| 53 | Jarvis, Scot B | Direct | Sell | 1302026 | 118.28 | 5,000 | 591,380 | 11,876,924 | Form | |
| 54 | Fendley, Steven S | President, US Division | Direct | Sell | 1282026 | 107.97 | 7,000 | 755,824 | 36,887,562 | Form |
| 55 | Mendoza, Marie | SVP & General Counsel | Direct | Sell | 1162026 | 120.18 | 1,676 | 201,422 | 7,618,571 | Form |
| 56 | Jarvis, Scot B | Direct | Sell | 1162026 | 120.18 | 5,000 | 600,900 | 12,669,015 | Form | |
| 57 | Carrai, Phillip D | President, STC Division | Direct | Sell | 1162026 | 123.30 | 6,500 | 801,418 | 27,092,989 | Form |
| 58 | Carter, David M | President, DRSS Division | Direct | Sell | 1092026 | 105.40 | 8,123 | 856,193 | 8,623,692 | Form |
| 59 | Mills, Thomas E IV | President, C5ISR Division | Direct | Sell | 1092026 | 92.98 | 8,523 | 792,451 | 911,369 | Form |
| 60 | Carter, David M | President, DRSS Division | Direct | Sell | 1092026 | 92.98 | 4,000 | 371,924 | 8,362,628 | Form |
| 61 | Demarco, Eric M | President & CEO | by trust | Sell | 1062026 | 90.28 | 191,699 | 17,306,704 | 62,033,345 | Form |
| 62 | Demarco, Eric M | President & CEO | by trust | Sell | 1062026 | 90.00 | 8,301 | 747,102 | 79,094,670 | Form |
| 63 | Lund, Deanna H | EVP & CFO | Direct | Sell | 1062026 | 77.91 | 5,000 | 389,561 | 18,950,960 | Form |
| 64 | Fendley, Steven S | President, US Division | Direct | Sell | 12312025 | 76.57 | 7,000 | 535,962 | 24,381,290 | Form |
| 65 | Demarco, Eric M | President & CEO | by trust | Sell | 12232025 | 80.53 | 200,000 | 16,106,552 | 64,123,163 | Form |
| 66 | Rock, Stacey G | President, KTT Division | Direct | Sell | 12192025 | 71.45 | 8,549 | 610,831 | 2,163,737 | Form |
| 67 | Mendoza, Marie | SVP & General Counsel | Direct | Sell | 12172025 | 76.27 | 1,567 | 119,515 | 4,388,271 | Form |
| 68 | Carrai, Phillip D | President, STC Division | Direct | Sell | 12172025 | 75.91 | 6,000 | 455,451 | 15,102,913 | Form |
| 69 | Anderson, Scott I | Direct | Sell | 12172025 | 74.51 | 15,401 | 1,147,482 | 4,942,346 | Form | |
| 70 | Carter, David M | President, DRSS Division | Direct | Sell | 12092025 | 76.30 | 4,000 | 305,192 | 6,547,058 | Form |
| 71 | Demarco, Eric M | President & CEO | by trust | Sell | 12032025 | 72.02 | 200,000 | 14,404,050 | 71,749,237 | Form |
| 72 | Lund, Deanna H | EVP & CFO | Direct | Sell | 12032025 | 72.02 | 25,000 | 1,800,546 | 17,881,940 | Form |
| 73 | Demarco, Eric M | President & CEO | by trust | Sell | 12032025 | 74.09 | 200,000 | 14,817,162 | 88,624,186 | Form |
| 74 | Lund, Deanna H | EVP & CFO | Direct | Sell | 12032025 | 74.08 | 30,000 | 2,222,426 | 20,245,186 | Form |
| 75 | Zegart, Amy | by trust | Sell | 12032025 | 74.17 | 10,000 | Form | |||
| 76 | Hoglund, William A | by LLC | Sell | 12032025 | 74.35 | 75,000 | 5,576,070 | 10,943,446 | Form | |
| 77 | Adelman, Jonah | President, ME Division | Direct | Sell | 11262025 | 74.80 | 30,000 | 2,243,877 | 699,192 | Form |
| 78 | Fendley, Steven S | President, US Division | Direct | Sell | 11262025 | 69.62 | 7,000 | 487,367 | 22,658,230 | Form |
| 79 | Anderson, Scott I | by trust | Sell | 11262025 | 73.82 | 3,500 | 258,370 | 799,692 | Form | |
| 80 | Carrai, Phillip D | President, STC Division | Direct | Sell | 11192025 | 72.11 | 6,000 | 432,646 | 14,779,760 | Form |
| 81 | Mendoza, Marie | SVP & General Counsel | Direct | Sell | 11192025 | 72.09 | 1,408 | 101,503 | 4,262,177 | Form |
| 82 | Carter, David M | President, DRSS Division | Direct | Sell | 11072025 | 73.64 | 4,000 | 294,558 | 6,613,491 | Form |
| 83 | Lund, Deanna H | EVP & CFO | Direct | Sell | 11052025 | 90.26 | 5,000 | 451,324 | 27,360,552 | Form |
| 84 | Fendley, Steven S | President, US Division | Direct | Sell | 10292025 | 91.25 | 7,000 | 638,768 | 30,334,250 | Form |
| 85 | Mendoza, Marie | SVP & General Counsel | Direct | Sell | 10172025 | 97.10 | 1,440 | 139,824 | 5,864,452 | Form |
| 86 | Carrai, Phillip D | President, STC Division | Direct | Sell | 10172025 | 96.90 | 6,000 | 581,389 | 24,422,307 | Form |
| 87 | Carter, David M | President, DRSS Division | Direct | Sell | 10092025 | 102.81 | 4,000 | 411,232 | 9,644,306 | Form |
| 88 | Rock, Stacey G | President, KTT Division | Direct | Sell | 10032025 | 92.02 | 3,846 | 353,917 | 3,147,341 | Form |
| 89 | Lund, Deanna H | EVP & CFO | Direct | Sell | 10032025 | 92.03 | 5,000 | 460,135 | 28,350,694 | Form |
| 90 | Fendley, Steven S | President, US Division | Direct | Sell | 10012025 | 88.88 | 7,000 | 622,150 | 30,167,099 | Form |
| 91 | Mendoza, Marie | SVP & General Counsel | Direct | Sell | 9172025 | 69.45 | 1,408 | 97,786 | 4,301,941 | Form |
| 92 | Cervantes, De Burgreen Maria | VP & Corp. Controller | Direct | Sell | 9172025 | 69.80 | 6,264 | 437,202 | 3,741,694 | Form |
| 93 | Carrai, Phillip D | President, STC Division | Direct | Sell | 9172025 | 68.82 | 6,000 | 412,919 | 17,760,529 | Form |
| 94 | Carter, David M | President, DRSS Division | Direct | Sell | 9162025 | 68.70 | 4,000 | 274,806 | 6,719,630 | Form |
| 95 | Rock, Stacey G | President, KTT Division | Direct | Sell | 9042025 | 64.19 | 4,000 | 256,754 | 2,447,383 | Form |
| 96 | Mills, Thomas E IV | President, C5ISR Division | Direct | Sell | 9042025 | 65.54 | 5,758 | 377,385 | 635,223 | Form |
| 97 | Fendley, Steven S | President, US Division | Direct | Sell | 8272025 | 67.58 | 7,000 | 473,064 | 23,412,694 | Form |
| 98 | Lund, Deanna H | EVP & CFO | Direct | Sell | 8212025 | 65.10 | 5,000 | 325,521 | 20,398,901 | Form |
| 99 | Mendoza, Marie | SVP & General Counsel | Direct | Sell | 8152025 | 68.35 | 2,000 | 136,708 | 4,330,718 | Form |
| 100 | Carrai, Phillip D | President, STC Division | Direct | Sell | 8152025 | 67.78 | 6,000 | 406,691 | 17,899,404 | Form |
| 101 | Rock, Stacey G | President, KTT Division | Direct | Sell | 8012025 | 55.51 | 4,000 | 222,025 | 2,339,812 | Form |
| 102 | Fendley, Steven S | President, US Division | Direct | Sell | 7312025 | 58.53 | 7,000 | 409,723 | 20,688,144 | Form |
Investor Activity (13F)
Updated Aug 15, 202613F 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.
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Core Cache Last Updated: 8/14/2026