15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $1.3B | $22M | 22.9% | 1.9% | -$137M | $0 | $561M |
| 2024 | $1.1B | $16M | 25.3% | 2.6% | -$9M | $175M | $329M |
| 2023 | $1.0B | -$9M | 25.9% | 3.0% | $13M | $219M | $73M |
| 2022 | $898M | -$37M | 25.2% | -0.3% | -$71M | $250M | $81M |
| 2021 | $812M | -$2M | 27.7% | 3.4% | — | $297M | $349M |
| 2020 | $748M | $80M | 27.2% | 3.9% | — | $302M | $381M |
| 2019 | $718M | $13M | 26.5% | 5.3% | — | $295M | $173M |
| 2018 | $618M | -$4M | 27.5% | 4.9% | — | $294M | $183M |
| 2017 | $603M | -$43M | 26.1% | -2.0% | — | $294M | $131M |
| 2016 | $542M | -$61M | 22.2% | -3.3% | — | $432M | $69M |
| 2015 | — | $20M | — | — | — | $445M | $29M |
| 2014 | — | -$78M | — | — | — | $656M | $34M |
| 2013 | — | -$37M | — | — | — | $644M | $54M |
| 2012 | — | -$114M | — | — | — | $649M | $48M |
| 2011 | — | -$24M | — | — | — | $655M | $70M |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $371M | $12M | 24.2% | 1.3% | -$47M | — | $1.5B |
| Dec '25 | $345M | $6M | 24.2% | 2.4% | -$12M | $0 | $561M |
| Sep '25 | $348M | $9M | 22.2% | 2.0% | -$41M | $0 | $566M |
| Jun '25 | $352M | $3M | 21.0% | 1.1% | -$32M | $170M | $784M |
| Mar '25 | $303M | $5M | 24.3% | 2.2% | -$52M | $172M | $264M |
| Dec '24 | $283M | $4M | 24.7% | 1.1% | $32M | $175M | $329M |
| Sep '24 | $276M | $3M | 25.1% | 2.4% | -$9M | $177M | $302M |
| Jun '24 | $300M | $8M | 25.7% | 4.2% | -$15M | $180M | $308M |
| Mar '24 | $277M | $1M | 25.6% | 2.5% | -$16M | $179M | $339M |
| Dec '23 | $274M | $2M | 26.3% | 4.3% | $48M | $219M | $73M |
| Oct '23 | $275M | -$2M | 26.7% | 4.4% | -$14M | $234M | $42M |
| Jun '23 | $257M | -$3M | 24.9% | 2.6% | $12M | $232M | $48M |
| Mar '23 | $232M | -$7M | 25.6% | 0.2% | -$33M | $250M | $47M |
| Dec '22 | $249M | -$8M | 24.6% | 1.6% | — | $250M | $81M |
| Sep '22 | $229M | -$8M | 24.0% | -1.6% | — | $293M | $125M |
| Jun '22 | $224M | -$5M | 25.8% | -0.8% | — | $294M | $142M |
| Mar '22 | $196M | -$16M | 26.5% | -0.6% | — | $295M | $254M |
| Dec '21 | $212M | -$3M | 29.1% | 4.3% | — | $297M | $349M |
| Sep '21 | $201M | -$2M | 30.2% | 5.2% | — | $297M | $370M |
| Jun '21 | $205M | $1M | 25.4% | 1.6% | — | $302M | $369M |
How the market has priced KTOS against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Kratos Defense's revenue has grown 12.5% per year, and net income declined 22.7% per year. These are computed facts, not advice.
As of FY2025, Kratos Defense reported $0 of total debt against $561M of cash.
In FY2025, gross margin was 22.9%, operating margin 1.9%, and net margin 1.6%.
As of Jun '26, Kratos Defense traded at a price-to-earnings ratio of about 394.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.