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KTOS · NasdaqGS

Kratos Defense & Security Solutions, Inc.

Aerospace & Defense · United States

USD 36.69-0.1% daily changeQuote 2026-11-11 · USD
Market cap (USD)
US$6.91B
Trailing P/E
305.75x
Forward P/E
32.83x
Quarterly revenue growth
35.7%
Trailing net margin
1.3%
Indicated dividend yield
—

Snapshot 2026-11-11 · Latest financial period 2026-09-27 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.

Company background

Kratos Defense & Security Solutions, Inc., a technology company, provides technology, hardware, products, system, and software for the defense, national security, and commercial markets in the United States, other North America, the Asia Pacific, the Middle East, Europe, and Internationally. The company operates through Kratos Government Solutions and Unmanned Systems segments. It offers virtualized ground systems for satellites and space vehicles, including software for command and control, telemetry, and tracking and control; jet powered unmanned aerial drone systems and hypersonic vehicles and rocket systems; propulsion systems for drones, missiles, loitering munitions, supersonic systems, spacecraft and launch systems, command, control, communication, computing, combat, and intelligence surveillance and reconnaissance; and microwave electronic products for missile, radar, missile defense, space, and satellite; and counter unmanned aircraft systems, directed energy, communication and other systems, and virtual and augmented reality training systems for the warfighter. In addition, It supplies turbine engines, engine components, accessories, and fuel management systems for PT6A, Twin-Pac, and JT15D aircraft engines. The company primarily serves national security-related agencies, the U.S. Department of Defense, intelligence and classified agencies, international government agencies, and domestic and international commercial customers. Kratos Defense & Security Solutions, Inc. was formerly known as Wireless Facilities, Inc. and changed its name to Kratos Defense & Security Solutions, Inc. in August 1999. Kratos Defense & Security Solutions, Inc. was incorporated in 1994 and is headquartered in San Diego, California.

Company website

Q3 2026

Go beyond the headline.

KTOS Stock: Record Orders, But Who Funds the Growth? — Q3 2026

Published 2026-11-10

Q3 2026 REPORT HIGHLIGHTS

What’s changed for KTOS

Kratos accelerates in government solutions while cash use and shareholder funding remain the valuation test.

  1. Orders accelerate.

    Consolidated backlog reached $2.650 billion and quarterly book-to-bill was 2.2.

  2. KGS leads the growth.

    Government solutions grew 35.8% organically; Unmanned revenue fell 14.4%.

  3. Adjusted profit improved.

    EBITDA reached $50.9 million, while GAAP operating loss was $4.9 million.

  4. Cash remains the test.

    Full-year company-defined free-cash-flow use is now guided at $110–120 million.

  5. The valuation changed.

    Our prior AVOID/$26 becomes HOLD/$34 against the lower $35.10 reference close.

Comparable businesses

KTOS peer comparison

Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.

Comparison stocks

No suitable peers with fresh, comparable size data are available. We have not substituted unrelated companies.

Market metrics · missing or inapplicable values shown as —
MetricKTOSKratos Defense & Security Solutions, Inc.Snapshot 2026-11-11Financial period: 2026-09-27
Market capMarket value, converted to USDUS$6.91B
Forward P/EProvider forward earnings estimate32.83x
EV / EBITDAEnterprise value / trailing EBITDA64.02x
Revenue growthLatest quarter vs prior-year quarter35.7%
Operating marginLatest reported quarter0.8%
Free cash flow yieldTrailing cash flow / market cap-1.6%
Net debt / EBITDANet debt / trailing EBITDA-12.88x
Debt / equityTotal debt / positive book equity0.07x
Trailing P/ETrailing twelve-month earnings305.75x
Price / bookPrice / positive book equity per share2.00x
EV / salesEnterprise value / trailing revenue3.50x
Earnings growthLatest quarter vs prior-year quarter—
Gross marginTrailing twelve months23.0%
Net marginTrailing twelve months1.3%
Return on equityProvider trailing return; positive equity only0.8%
Free cash flow marginTrailing free cash flow / revenue-6.8%
Dividend yieldIndicated annual dividend / price—
Earnings payoutProvider trailing dividend payout0.0%
Current ratioCurrent assets / current liabilities5.42x
BetaProvider historical market sensitivity1.17

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Comparison methodology & limitations

Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.

Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.

Reported performance

Financial trends

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Financial history
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Market context

Valuation & price history

Adjusted closing price

Price history

Price history loads separately.

Earnings-multiple scenario

Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.

Starting assumptions, when available, use provider forward estimates as of 2026-11-11. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.

THE RESEARCH RECORD

Research history for KTOS

All available reporting periods
Q3 20262026-11-10
Q2 20262026-08-05

Reported figures

Verify material figures against company filings. Market data and AI-assisted analysis may contain errors.