KTOS Kratos Defense & Security Solutions, Inc. - Common Stock
NASDAQ · Aerospace & Defense · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 4, 2026KTOS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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| Ex-date | Split | Type |
|---|---|---|
| Sept. 11, 2009 | 1-for-10 | Reverse |
About Kratos Defense & Security Solutions, Inc. - Common Stock Company overview from Wikipedia
Kratos Defense & Security Solutions, Inc. is an American technology company with manufacturing concentrations in weapons and military electronics. It is headquartered in San Diego, California, United States. Customers include the U.S. federal government, foreign governments, commercial enterprises and state and local government agencies. The company is divided into 6 divisions.
Some of Kratos' most recent products are part of a Pentagon effort to invest in businesses in Silicon Valley.
History
Kratos Defense & Security Solutions was founded as Wireless Facilities Incorporated (WFI), a company whose primary market was the building and support of the telecommunications infrastructure and networks. In 2004, the company primarily sold its services to the US Government, mostly the U.S. Department of Defense.
From 2004 to 2009, the company acquired several companies in the federal services business. Acquisitions included several small public safety firms and mid-sized professional services firms such as:
High Technology Solutions (HTS), communications systems engineering and operational network outsourcing.
Madison Research (MRD): engineering and information technology services.
Haverstick Consulting (Haverstick): engineering and program management, and government outsourcing
SYS Technologies (SYS): information technology products (dopplerVUE and NeuralStar), services and wireless communication systems for the United States Department of Defense, Department of Homeland Security and various industrial customers.
Digital Fusion, Inc (DFI)
In September 2007, the company's name was changed to Kratos Defense & Security Solutions.
Merger with Integral Systems
On July 27, 2011, Integral Systems merged with Kratos. Integral Systems provided services regarding the handling of data from space and terrestrial-based platforms into networks for military, government, and commercial satellite and aerospace customers.
Integral Systems employed about 800 people in 14 locations, and had 6 subsidiaries:
Integral Systems, Inc.: central holding company.
Integral Systems Europe: European branch.
Lumistar: telemetry products for PCI, VME, cPCI, and ISA computer buses.
Newpoint Technologies: communications infrastructure management.
RT Logic: signal processing systems for the space and aerospace communications industry.
SAT Corporation: SAT Corporation bought CVG, Inc. and changed its name to SATCOM Solutions. Less than a year later, Kratos bought Integral Systems, and changed SATCOM Solutions back to CVG, Inc.
CVG, Inc.: satellite-based communication services. Its subsidiaries include Avtec Systems, Inc. and Sophia Wireless.
In February 2019, Kratos purchased Florida Turbine Technologies.
Technical Directions Inc. (TDI)
On February 24, 2020, Kratos bought small turbojet manufacturer, Technical Directions Inc. (TDI), based in Detroit, Michigan. Their smallest TDI-J45 powered the AFRL LOCAAS program of Lockheed Martin, a late 1990s endeavor to build a cheap anti-tank missile, which was since cancelled. It was selected by starting an engine using a leaf blower: TDI achieved ignition at 5% engine speed. TDI engines typically operate at 200–534 kn (370–989 km/h) and at altitudes of 20,000-30,000 ft; they run the fuel through the mechanical bearings to avoid oil lubrication.
The TDI-J85 powers the US AFRL’s Gray Wolf, a low-cost cruise missile built by Northrop Grumman with a range of at least 250 nm (463 km).
In March 2020, the Gray Wolf was tested with high altitude operation and multiple inflight engine starts.
The Gray Wolf may be used in a networked swarm, like the AFRL Golden Horde initiative to be demonstrated in late 2020 with a modified Small Diameter Bomb I and a modified Miniature Air-Launched Decoy, coordinated against a simulated target in a fall 2021 demonstration.
Kratos is expected in 2026 to open a new jet engine production line in Bristow, Oklahoma, initially creating 60 jobs.
Products
AN/SEQ-3 Laser Weapon System
Kratos XQ-58 Valkyrie
Composite Engineering BQM-167 Skeeter
"Demogorgon", or "Off-Board Sensing Station" drone (OBSS program)
Clone Ranger UCAV
Ragnarök (926 km range cruise missile)
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | KTOS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 253.45Y avg ≈129.1 | ≈129.1 | 39.9 | Overvalued | |
| P/S (TTM) | 5.35Y avg ≈4.3 | ≈4.3 | 3.0 | Overvalued | |
| P/B (MRQ) | 2.45Y avg ≈3.4 | ≈3.4 | 3.6 | Undervalued | |
| EV / EBITDA | 103.35Y avg ≈80.0 | ≈80.0 | 20.6 | Overvalued | |
| Price / FCF (TTM) | -62.75Y avg ≈-94.7 | ≈-94.7 | · | · | |
| Price / Cash Flow (TTM) | -204.05Y avg ≈-59.3 | ≈-59.3 | · | · | |
| EV / Revenue | 5.65Y avg ≈4.2 | ≈4.2 | · | · | |
| EV / FCF | -54.75Y avg ≈-86.8 | ≈-86.8 | · | · | |
| Price / Tangible Book (MRQ) | 2.55Y avg ≈6.6 | ≈6.6 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | KTOS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 23.0%5Y avg ≈24.8% | ≈24.8% | 26.0% | Weak | |
| Operating Margin (TTM) | 1.2%5Y avg ≈1.8% | ≈1.8% | 8.3% | Weak | |
| EBITDA Margin (TTM) | 5.4%5Y avg ≈5.2% | ≈5.2% | 8.9% | Weak | |
| Pretax Margin (TTM) | 2.7%5Y avg ≈0.57% | ≈0.57% | 7.9% | Weak | |
| Net Profit Margin (TTM) | 2.0%5Y avg ≈-0.48% | ≈-0.48% | 6.3% | Weak | |
| ROA (TTM) | 0.93%5Y avg ≈-0.27% | ≈-0.27% | 4.6% | Weak | |
| ROE (TTM) | 1.1%5Y avg ≈-0.64% | ≈-0.64% | 10.6% | Weak | |
| ROIC | 0.83%5Y avg ≈0.57% | ≈0.57% | 7.3% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | KTOS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity | 0.05Y avg ≈0.2 | ≈0.2 | 0.3 | Low debt | |
| Current Ratio (MRQ) | 5.55Y avg ≈2.9 | ≈2.9 | 2.4 | Strong liquidity | |
| Quick Ratio | 2.35Y avg ≈1.3 | ≈1.3 | 0.9 | Strong liquidity | |
| Long-Term Debt / Equity | 0.05Y avg ≈0.2 | ≈0.2 | 0.6 | Low debt |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | KTOS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 18.5%5Y avg ≈13.6% | ≈13.6% | · | · | |
| Revenue CAGR 3Y | 14.4%5Y avg ≈12.6% | ≈12.6% | · | · | |
| Revenue CAGR 5Y | 12.5% | · | · | · | |
| EPS YoY | 18.2% | · | · | · | |
| Net Income YoY | 35.0% | · | · | · | |
| EPS CAGR 5Y | -28.0% | · | · | · | |
| Net Income CAGR 5Y | -22.7% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | KTOS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.65Y avg ≈0.6 | ≈0.6 | 0.8 | Weak | |
| Receivables Turnover | 9.55Y avg ≈9.2 | ≈9.2 | 9.8 | Weak | |
| Revenue / Employee | ≈$313.2K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 5, 2026 | $0.21 | $0.14 | 45.7% |
| March 31, 2026 | $0.16 | $0.14 | 16.8% | |
| Dec. 31, 2025 | $0.18 | $0.16 | 12.0% | |
| Sept. 30, 2025 | $0.14 | $0.13 | 10.1% | |
| June 30, 2025 | $0.11 | $0.09 | 15.9% | |
| March 31, 2025 | $0.12 | $0.09 | 26.8% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.35B | $1.14B | $1.04B | $898M | $812M | $748M | $718M | $618M | $603M | $542M | $657M | $763M | |
| Cost of Revenue | $1.04B | $849M | $768M | $672M | $586M | $544M | $528M | $448M | $446M | $421M | $495M | $584M | |
| Gross Profit | $308M | $287M | $269M | $226M | $225M | $203M | $190M | $170M | $158M | $120M | $162M | $179M | |
| R&D Expense | $40M | $40M | $38M | $39M | $35M | $27M | $18M | $16M | $18M | $14M | $16M | $19M | |
| SG&A Expense | $240M | $217M | $199M | $183M | $160M | $144M | $131M | $120M | $127M | $115M | $151M | $154M | |
| Operating Income | $26M | $29M | $31M | $-3M | $28M | $29M | $38M | $30M | $-12M | $-18M | $-4M | $5M | |
| Other Non-op | $2M | $500.0K | $500.0K | $600.0K | $-100.0K | $300.0K | $-700.0K | $-1M | $800.0K | $700.0K | $-700.0K | $1M | |
| Pretax Income | $34M | $26M | $11M | $-33M | $4M | $7M | $16M | $9M | $-57M | $-52M | $-45M | $-72M | |
| Income Tax | $12M | $10M | $9M | $200.0K | $4M | $-74M | $5M | $5M | $-10M | $6M | $-11M | $4M | |
| Net Income | $22M | $16M | $-9M | $-37M | $-2M | $80M | $12M | $-4M | $-43M | $-60M | $20M | $-78M | |
| EPS (Basic) | $0.14 | $0.11 | $-0.07 | $-0.29 | $-0.02 | $0.69 | $0.12 | $-0.03 | $-0.48 | $-0.99 | $0.34 | $-1.35 | |
| EPS (Diluted) | $0.13 | $0.11 | $-0.07 | $-0.29 | $-0.02 | $0.67 | $0.11 | $-0.03 | $-0.48 | $-0.99 | $0.34 | $-1.35 | |
| Shares (Basic) | 162,700,000 | 149,000,000 | 130,400,000 | 126,700,000 | 124,600,000 | 115,500,000 | 106,000,000 | 103,800,000 | 89,500,000 | 61,300,000 | 58,700,000 | 57,600,000 | |
| Shares (Diluted) | 165,200,000 | 150,900,000 | 130,400,000 | 126,700,000 | 128,000,000 | 118,700,000 | 109,200,000 | 106,100,000 | 89,500,000 | 61,300,000 | 58,700,000 | 57,600,000 | |
| EBITDA | $73M | $69M | $64M | $28M | $54M | $54M | $61M | $48M | $17M | $4M | $21M | $59M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $561M | $329M | $73M | $81M | $349M | $381M | $173M | $183M | $130M | $69M | $28M | $34M | |
| Receivables | $165M | $118M | $129M | $106M | $94M | $95M | $85M | $65M | $74M | $229M | $207M | $218M | |
| Inventory | · | · | · | · | · | · | · | $47M | $50M | $57M | $56M | $48M | |
| Prepaid Expense | $13M | $18M | $16M | $12M | $10M | $12M | $9M | $9M | $11M | $9M | $11M | $7M | |
| Other Current Assets | $44M | $39M | $20M | $35M | $22M | $18M | $11M | $10M | $10M | $5M | $14M | $7M | |
| Current Assets | $1.26B | $872M | $594M | $583M | $758M | $765M | $522M | $495M | $471M | $373M | $320M | $373M | |
| PP&E (Net) | · | · | · | · | · | · | $117M | $67M | $58M | $50M | $56M | $62M | |
| PP&E (Gross) | · | · | · | · | · | · | · | $136M | $122M | $108M | $110M | $109M | |
| Accum. Depreciation | · | · | · | · | · | · | · | $69M | $64M | $58M | $54M | $48M | |
| Goodwill | $596M | $569M | $569M | $558M | $494M | $484M | $456M | $426M | $426M | $485M | $483M | $483M | |
| Intangibles | $54M | $54M | $62M | $55M | $43M | $43M | $40M | $16M | $22M | $33M | $36M | $50M | |
| Other Non-current Assets | $144M | $130M | $118M | $95M | $88M | $84M | $10M | $6M | $8M | $8M | $7M | $26M | |
| Total Assets | $2.47B | $1.95B | $1.63B | $1.55B | $1.59B | $1.56B | $1.19B | $1.01B | $1.02B | $949M | $903M | $1.13B | |
| Accounts Payable | $70M | $82M | $63M | $57M | $50M | $55M | $54M | $47M | $35M | $53M | $48M | $45M | |
| Accrued Liabilities | $60M | $39M | $35M | $34M | $27M | $35M | $33M | $38M | $41M | $50M | $33M | $32M | |
| Current Liabilities | $311M | $297M | $292M | $234M | $221M | $198M | $183M | $165M | $189M | $196M | $172M | $226M | |
| Capital Leases | $34M | $30M | $38M | $41M | $33M | $39M | $38M | · | · | · | · | $0 | |
| Deferred Tax | · | · | · | · | · | · | · | · | $7M | $17M | $10M | $900.0K | |
| Other Non-current Liabilities | $30M | $32M | $34M | $77M | $76M | $83M | $79M | $26M | $24M | $24M | $18M | $24M | |
| Total Liabilities | $471M | $598M | $634M | $604M | $629M | $623M | $597M | $491M | $512M | $672M | $649M | $907M | |
| Long-term Debt | · | · | · | · | $297M | $302M | $295M | $294M | $294M | $432M | $445M | $656M | |
| Total Debt | $0 | $175M | $219M | $250M | $297M | $301M | $295M | $294M | $294M | $432M | $445M | $623M | |
| Common Stock | $200.0K | $200.0K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Retained Earnings | $-642M | $-664M | $-680M | $-671M | $-634M | $-632M | $-712M | $-724M | $-721M | $-678M | $-618M | $-637M | |
| AOCI | $2M | $-500.0K | $2M | $-800.0K | $600.0K | $1M | $-400.0K | $-700.0K | $-1M | $-2M | $-1M | $-2M | |
| Stockholders' Equity | $2.00B | $1.35B | $976M | $936M | $945M | $925M | $574M | $519M | $512M | $276M | $254M | $224M | |
| Liabilities + Equity | $2.47B | $1.95B | $1.63B | $1.55B | $1.59B | $1.56B | $1.19B | $1.01B | $1.02B | $949M | $903M | $1.13B | |
| Shares Outstanding | 168,875,032 | 151,100,000 | 129,300,000 | 126,000,000 | 124,000,000 | 123,000,000 | 106,600,000 | 103,800,000 | 103,300,000 | 73,900,000 | 59,100,000 | 57,800,000 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $47M | $40M | $33M | $30M | $26M | $25M | $23M | $18M | $22M | $22M | $26M | $32M | |
| Stock-based Comp | $36M | $30M | $25M | $26M | $26M | $21M | $11M | $7M | $8M | $5M | $6M | $4M | |
| Deferred Tax | $8M | $4M | $2M | $-3M | $-400.0K | $-78M | $-5M | $-400.0K | $-10M | $5M | $900.0K | $2M | |
| Amort. of Intangibles | $10M | $9M | $7M | $7M | $5M | $7M | $7M | $6M | $10M | $10M | $13M | $19M | |
| Restructuring | · | · | · | · | · | · | · | $0 | $0 | $9M | $0 | $0 | |
| Other Non-cash | $-155M | $-41M | $13M | $-42M | $-14M | $-2M | $-13M | $-3M | $-4M | $16M | $-82M | $40M | |
| Operating Cash Flow | $-42M | $50M | $65M | $-26M | $35M | $45M | $29M | $18M | $-27M | $-15M | $-30M | $2M | |
| CapEx | $95M | $58M | $52M | $45M | $46M | $36M | · | · | · | · | · | · | |
| Investing Cash Flow | $-88M | $-70M | $-44M | $-177M | $-52M | $-87M | $-44M | $40M | · | · | · | · | |
| Debt Issued | · | $0 | $0 | $200M | $0 | $5M | $0 | $0 | $300M | $0 | $0 | $618M | |
| Net Debt Issued | · | $0 | $0 | $200M | $0 | $5M | $0 | $0 | $-149M | $-14M | $-175M | $-43M | |
| Stock Issued | $556M | $331M | $0 | $0 | $0 | $240M | $0 | $-1M | $269M | $76M | $0 | $0 | |
| Net Stock Activity | $556M | $331M | · | $0 | $0 | $240M | $0 | $-1M | $269M | $76M | · | $0 | |
| Financing Cash Flow | $361M | $278M | $-31M | $-63M | $-9M | $248M | $4M | $2M | $113M | · | · | · | |
| Net Change in Cash | $231M | $256M | $-8M | $-268M | $-32M | $209M | $-10M | $52M | $60M | $40M | $-5M | $-21M | |
| Taxes Paid | $6M | $5M | $6M | $4M | $2M | $2M | $600.0K | $2M | $-600.0K | $-100.0K | $9M | $1M | |
| Free Cash Flow | $-137M | $-8M | $13M | $-71M | · | · | · | · | · | · | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.9% | 25.3% | 25.9% | 25.2% | 27.7% | 27.2% | 26.5% | 27.5% | 26.2% | 23.0% | 24.6% | 25.1% | |
| Operating Margin | 1.9% | 2.5% | 3.0% | -0.29% | 3.4% | 3.9% | 5.3% | 4.9% | -0.77% | -2.8% | -0.68% | 2.3% | |
| Net Margin | 1.6% | 1.4% | -0.86% | -4.1% | -0.25% | 10.7% | 1.7% | -0.57% | -5.7% | -9.0% | 3.0% | -9.0% | |
| Pretax Margin | 2.5% | 2.3% | 1.1% | -3.6% | 0.54% | 0.91% | 2.2% | 1.4% | -6.8% | -7.8% | -6.8% | -8.4% | |
| EBITDA Margin | 5.4% | 6.1% | 6.2% | 3.1% | 6.6% | 7.2% | 8.6% | 7.8% | 2.2% | 0.63% | 3.2% | 6.8% | |
| ROA | 1.0% | 0.84% | -0.56% | -2.4% | -0.13% | 5.8% | 1.1% | -0.34% | -4.3% | -6.5% | 1.9% | -6.6% | |
| ROE | 1.1% | 1.2% | -0.92% | -3.9% | -0.21% | 9.0% | 2.2% | -0.68% | -8.2% | -25.2% | 7.7% | -34.3% | |
| ROIC | 0.83% | 1.2% | 0.52% | -0.23% | 0.26% | 28.2% | 3.0% | 1.8% | -0.60% | -3.0% | -0.48% | 2.5% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.1 | 2.9 | 2.0 | 2.5 | 3.4 | 3.9 | 2.9 | 3.0 | 2.5 | 1.9 | 1.9 | 1.7 | |
| Quick Ratio | 2.3 | 1.5 | 0.7 | 0.8 | 2.0 | 2.4 | 1.4 | 1.5 | 2.1 | 1.5 | 1.4 | 1.3 | |
| Debt / Equity | 0.0 | 0.1 | 0.2 | 0.3 | 0.3 | 0.3 | 0.5 | 0.6 | 0.6 | 1.6 | 1.8 | 2.8 | |
| LT Debt / Equity | 0.0 | 0.1 | 0.2 | 0.3 | 0.3 | 0.3 | 0.5 | 0.6 | 0.6 | 1.6 | 1.7 | 2.8 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.6 | 0.7 | 0.6 | 0.5 | 0.5 | 0.7 | 0.6 | 0.8 | 0.7 | 0.6 | 0.7 | |
| Inventory Turnover | · | · | · | · | · | · | · | 9.3 | 10.3 | 9.1 | 9.5 | 9.0 | |
| Receivables Turnover | 9.5 | 9.2 | 8.8 | 9.0 | 8.6 | 8.3 | 9.6 | 8.9 | 3.0 | 3.1 | 3.1 | 3.4 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $11.82 | $8.96 | $7.55 | $7.43 | $7.62 | $7.52 | $5.38 | $5.00 | $4.95 | $3.74 | $4.30 | $3.88 | |
| Revenue / Share | $8.15 | $7.53 | $7.95 | $7.09 | $6.34 | $6.30 | $6.57 | $5.82 | $8.40 | $10.91 | $11.19 | · | |
| Cash Flow / Share | $-0.25 | $0.33 | $0.50 | $-0.20 | $0.28 | $0.38 | $0.26 | $0.17 | $-0.30 | $-0.20 | $-0.51 | · | |
| Cash / Share | $3.32 | $2.18 | $0.56 | $0.65 | $2.82 | $3.09 | $1.62 | $1.76 | $1.25 | $0.93 | $0.48 | $0.60 | |
| EPS (TTM) | $0.13 | $0.11 | $-0.07 | $-0.29 | $-0.02 | $0.67 | $0.11 | $-0.03 | $-0.48 | $-0.99 | $0.34 | $-1.35 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 18.5% | 9.6% | 15.4% | 10.7% | 8.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 14.4% | 11.9% | 11.5% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 12.5% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 18.2% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | -28.0% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 35.0% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | -22.7% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.35B | $1.14B | $1.04B | $898M | $812M | $748M | $718M | $618M | $603M | $542M | $657M | $763M | |
| Net Income TTM | $22M | $16M | $-9M | $-37M | $-2M | $80M | $12M | $-4M | $-43M | $-60M | $20M | $-78M | |
| Market Cap | $13.12B | $4.01B | $2.62B | $1.19B | $2.46B | $3.25B | $1.89B | $1.43B | $1.09B | $555M | $246M | $295M | |
| Enterprise Value | $12.56B | $3.85B | $2.77B | $1.36B | $2.41B | $3.17B | $2.02B | $1.54B | $1.26B | $918M | $663M | $883M | |
| P/E | 597.7 | 241.1 | -289.9 | -32.6 | -992.0 | 39.4 | 161.5 | -458.3 | -22.1 | -7.6 | 12.2 | -3.8 | |
| P/S | 9.7 | 3.5 | 2.5 | 1.3 | 3.0 | 4.3 | 2.6 | 2.3 | 1.8 | 1.0 | 0.4 | 0.4 | |
| P/B | 6.6 | 3.0 | 2.7 | 1.3 | 2.6 | 3.5 | 3.3 | 2.7 | 2.1 | 2.0 | 1.0 | 1.3 | |
| P / Tangible Book | 9.7 | 5.5 | 7.6 | 3.7 | 6.0 | 8.2 | · | · | · | · | · | · | |
| P / Cash Flow | -311.7 | 80.6 | 40.2 | -46.5 | 69.7 | 72.7 | 65.6 | 78.8 | -40.5 | -44.8 | -8.3 | 38.3 | |
| P / FCF | -95.5 | -471.4 | 204.9 | -16.8 | · | · | · | · | · | · | · | · | |
| EV / EBITDA | 172.8 | 55.6 | 43.1 | 48.7 | 44.9 | 58.8 | 32.9 | 31.8 | 75.4 | 218.6 | 31.6 | 15.0 | |
| EV / FCF | -91.4 | -453.2 | 216.4 | -19.1 | · | · | · | · | · | · | · | · | |
| EV / Revenue | 9.3 | 3.4 | 2.7 | 1.5 | 3.0 | 4.2 | 2.8 | 2.5 | 2.1 | 1.7 | 1.0 | 1.2 | |
| Earnings Yield | 0.17% | 0.41% | -0.34% | -3.1% | -0.10% | 2.5% | 0.62% | -0.22% | -4.5% | -13.2% | 8.2% | -26.5% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $459M | $371M | $345M | $348M | $352M | $303M | $283M | $276M | $300M | $277M | $274M | $275M | $257M | $232M | $249M | $229M | |
| Cost of Revenue | $359M | $281M | $262M | $270M | $278M | $229M | $213M | $207M | $223M | $206M | $202M | $201M | $193M | $172M | $188M | $174M | |
| Gross Profit | $100M | $90M | $83M | $77M | $74M | $74M | $70M | $69M | $77M | $71M | $72M | $73M | $64M | $59M | $61M | $55M | |
| R&D Expense | $14M | $11M | $10M | $10M | $10M | $10M | $11M | $10M | $10M | $10M | $8M | $10M | $10M | $10M | $11M | $10M | |
| SG&A Expense | $87M | $72M | $64M | $60M | $60M | $57M | $56M | $53M | $54M | $54M | $53M | $51M | $47M | $48M | $46M | $48M | |
| Operating Income | $-2M | $5M | $8M | $7M | $4M | $7M | $3M | $6M | $12M | $7M | $12M | $12M | $7M | $500.0K | $4M | $-4M | |
| Other Non-op | $-2M | $600.0K | $500.0K | $200.0K | $2M | $-300.0K | $1M | $-700.0K | $100.0K | $-200.0K | $900.0K | $-300.0K | $200.0K | $-300.0K | $2M | $-1M | |
| Pretax Income | $7M | $10M | $12M | $12M | $5M | $5M | $4M | $6M | $13M | $4M | $8M | $7M | $2M | $-5M | $600.0K | $-9M | |
| Income Tax | $3M | $-2M | $6M | $3M | $2M | $900.0K | $100.0K | $3M | $5M | $3M | $2M | $4M | $2M | $700.0K | $5M | $-800.0K | |
| Net Income | $4M | $12M | $6M | $9M | $3M | $4M | $4M | $3M | $8M | $1M | $2M | $-2M | $-3M | $-7M | $-8M | $-8M | |
| EPS (Basic) | $0.02 | $0.07 | $0.04 | $0.05 | $0.02 | $0.03 | $0.03 | $0.02 | $0.05 | $0.01 | $0.01 | $-0.01 | $-0.02 | $-0.05 | $-0.07 | $-0.06 | |
| EPS (Diluted) | $0.02 | $0.07 | $0.03 | $0.05 | $0.02 | $0.03 | $0.03 | $0.02 | $0.05 | $0.01 | $0.01 | $-0.01 | $-0.02 | $-0.05 | $-0.07 | $-0.06 | |
| Shares (Basic) | 188,600,000 | 176,800,000 | · | 170,500,000 | 155,700,000 | 154,200,000 | · | 152,600,000 | 151,800,000 | 139,600,000 | · | 129,600,000 | 129,100,000 | 128,100,000 | · | 127,200,000 | |
| Shares (Diluted) | 190,100,000 | 179,400,000 | · | 172,900,000 | 157,400,000 | 156,200,000 | · | 154,100,000 | 153,500,000 | 141,500,000 | · | 129,600,000 | 129,100,000 | 128,100,000 | · | 127,200,000 | |
| EBITDA | $20M | $22M | · | $19M | $16M | $17M | · | $17M | $23M | $16M | · | $20M | $15M | · | · | $5M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.44B | $1.46B | $561M | $566M | $784M | $264M | $329M | $302M | $308M | $339M | · | $42M | $48M | $47M | · | $125M | |
| Receivables | $171M | $194M | $165M | $136M | $142M | $118M | $118M | $113M | $132M | $117M | · | $128M | $116M | $144M | · | $84M | |
| Prepaid Expense | $24M | $22M | $13M | $15M | $14M | $16M | $18M | $37M | $29M | $27M | · | $18M | $13M | $14M | · | $14M | |
| Other Current Assets | $82M | $69M | $44M | $53M | $54M | $46M | $39M | $22M | $21M | $20M | · | $42M | $43M | $39M | · | $40M | |
| Current Assets | $2.36B | $2.31B | $1.26B | $1.24B | $1.43B | $864M | $872M | $838M | $851M | $872M | · | $604M | $588M | $588M | · | $601M | |
| Goodwill | $871M | $884M | $596M | $595M | $599M | $597M | $569M | $569M | $569M | $569M | · | $558M | $558M | $558M | · | $552M | |
| Intangibles | $221M | $220M | $54M | $57M | $59M | $62M | $54M | $56M | $58M | $60M | · | $51M | $52M | $54M | · | $62M | |
| Other Non-current Assets | $159M | $162M | $144M | $150M | $147M | $139M | $130M | $129M | $123M | $120M | · | $100M | $98M | $97M | · | $94M | |
| Total Assets | $4.09B | $4.04B | $2.47B | $2.42B | $2.59B | $2.00B | $1.95B | $1.91B | $1.91B | $1.91B | · | $1.59B | $1.56B | $1.56B | · | $1.57B | |
| Accounts Payable | $105M | $112M | $70M | $66M | $98M | $83M | $82M | $61M | $59M | $62M | · | $57M | $58M | $55M | · | $54M | |
| Accrued Liabilities | $96M | $59M | $60M | $67M | $48M | $42M | $39M | $40M | $35M | $36M | · | $40M | $41M | $36M | · | $30M | |
| Current Liabilities | $425M | $411M | $311M | $287M | $322M | $305M | $297M | $260M | $272M | $288M | · | $263M | $251M | $245M | · | · | |
| Capital Leases | $40M | $35M | $34M | $33M | $32M | $33M | $30M | $32M | $34M | $35M | · | $43M | $41M | $40M | · | $35M | |
| Other Non-current Liabilities | $63M | $55M | $30M | $35M | $38M | $43M | $32M | $100M | $99M | $83M | · | $77M | $77M | $77M | · | $82M | |
| Total Liabilities | $663M | $633M | $471M | $442M | $626M | $617M | $598M | $570M | $585M | $586M | · | $618M | $602M | $614M | · | $625M | |
| Total Debt | · | · | · | $0 | $170M | $172M | · | $177M | $180M | $179M | · | $234M | $232M | · | · | $293M | |
| Common Stock | $200.0K | $200.0K | $200.0K | $200.0K | $200.0K | $200.0K | $200.0K | $200.0K | $200.0K | $200.0K | · | $0 | $0 | $0 | · | $0 | |
| Retained Earnings | $-626M | $-630M | $-642M | $-648M | $-656M | $-659M | $-664M | $-668M | $-671M | $-679M | · | $-683M | $-681M | $-678M | · | $-663M | |
| AOCI | $600.0K | $1M | $2M | $2M | $3M | $100.0K | $-500.0K | $300.0K | $2M | $2M | · | $2M | $3M | $-500.0K | · | $-4M | |
| Stockholders' Equity | $3.43B | $3.41B | $2.00B | $1.98B | $1.96B | $1.39B | $1.35B | $1.34B | $1.33B | $1.31B | · | $953M | $946M | $931M | $936M | $935M | |
| Liabilities + Equity | $4.09B | $4.04B | $2.47B | $2.42B | $2.59B | $2.00B | $1.95B | $1.91B | $1.91B | $1.91B | · | $1.59B | $1.56B | $1.56B | · | $1.57B | |
| Shares Outstanding | 187,557,916 | 187,392,912 | 168,875,032 | 168,838,631 | 168,555,887 | 153,349,134 | 151,092,292 | 151,015,662 | 150,729,318 | 150,020,266 | 129,300,000 | 128,072,596 | 127,641,905 | 126,678,288 | 126,000,000 | 125,947,889 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $22M | $17M | $13M | $12M | $12M | $10M | $10M | $10M | $10M | $9M | $9M | $8M | $8M | $8M | $8M | $9M | |
| Stock-based Comp | $16M | $15M | $9M | $9M | $9M | $9M | $7M | $7M | $7M | $9M | $6M | $6M | $6M | $7M | $6M | $7M | |
| Deferred Tax | $900.0K | $1M | $8M | $-100.0K | $0 | $0 | $4M | $0 | · | · | $2M | $0 | · | · | $-3M | $-100.0K | |
| Amort. of Intangibles | $10M | $6M | $2M | $2M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $2M | $1M | $3M | |
| Other Non-cash | · | $-72M | · | · | · | $-53M | · | · | · | $-19M | · | · | · | · | · | · | |
| Operating Cash Flow | $-11M | $-27M | $12M | $-13M | $-12M | $-29M | $46M | $6M | $-3M | $700.0K | $67M | $-100.0K | $24M | $-26M | $7M | $-3M | |
| CapEx | $17M | $20M | $24M | $28M | $20M | $23M | $14M | $15M | $13M | $17M | $19M | $14M | $11M | $8M | $11M | $13M | |
| Investing Cash Flow | $-10M | $-365M | $-17M | $-28M | $-20M | $-23M | $-14M | $-15M | $-24M | $-17M | $-19M | $-14M | $-3M | $-8M | $-10M | $-13M | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | |
| Stock Issued | $-200.0K | $1.35B | $0 | $0 | $556M | $0 | $0 | $0 | $0 | $331M | $0 | $0 | $0 | $0 | · | · | |
| Net Stock Activity | · | $1.35B | · | · | · | $0 | · | · | · | $331M | · | · | · | · | · | · | |
| Financing Cash Flow | $-6M | $1.30B | $500.0K | $-176M | $551M | $-14M | $-3M | $2M | $-4M | $283M | $-19M | $9M | $-19M | $-1M | $-42M | $800.0K | |
| Net Change in Cash | $-27M | $904M | $-5M | $-218M | $520M | $-66M | $28M | $-7M | $-31M | $266M | $31M | $-6M | $2M | $-35M | $-44M | $-17M | |
| Free Cash Flow | · | $-47M | · | · | · | $-52M | · | · | · | $-16M | · | · | · | · | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.8% | 24.1% | · | 22.2% | 21.0% | 24.3% | · | 25.1% | 25.7% | 25.6% | · | 26.7% | 24.9% | · | · | 24.0% | |
| Operating Margin | -0.35% | 1.3% | · | 2.0% | 1.1% | 2.2% | · | 2.4% | 4.2% | 2.5% | · | 4.4% | 2.6% | · | · | -1.6% | |
| Net Margin | 0.96% | 3.2% | · | 2.5% | 0.83% | 1.5% | · | 1.2% | 2.6% | 0.47% | · | -0.58% | -1.1% | · | · | -3.5% | |
| Pretax Margin | 1.5% | 2.6% | · | 3.4% | 1.3% | 1.8% | · | 2.1% | 4.2% | 1.4% | · | 2.5% | 0.70% | · | · | -3.9% | |
| EBITDA Margin | 4.5% | 5.8% | · | 5.5% | 4.4% | 5.6% | · | 6.1% | 7.6% | 5.9% | · | 7.4% | 5.7% | · | · | 2.3% | |
| ROA | 0.13% | 0.39% | · | 0.40% | 0.13% | 0.23% | · | 0.18% | 0.45% | 0.07% | · | -0.10% | -0.17% | · | · | -0.51% | |
| ROE | 0.16% | 0.50% | · | 0.52% | 0.18% | 0.33% | · | 0.28% | 0.69% | 0.12% | · | -0.17% | -0.29% | · | · | -0.85% | |
| ROIC | -0.03% | 0.17% | · | 0.26% | 0.11% | 0.35% | · | 0.24% | 0.52% | 0.15% | · | 0.45% | -0.19% | · | · | -0.27% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.5 | 5.6 | · | 4.3 | 4.4 | 2.8 | · | 3.2 | 3.1 | 3.0 | · | 2.3 | 2.3 | · | · | · | |
| Quick Ratio | 3.8 | 4.0 | · | 2.4 | 2.9 | 1.3 | · | 1.6 | 1.6 | 1.6 | · | 0.6 | 0.7 | · | · | · | |
| Debt / Equity | · | · | · | 0.0 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.2 | 0.2 | · | · | 0.3 | |
| LT Debt / Equity | · | · | · | 0.0 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.2 | 0.2 | · | · | 0.3 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | · | · | 0.1 | |
| Receivables Turnover | 2.9 | 2.4 | · | 2.8 | 2.6 | 2.6 | · | 2.3 | 2.4 | 2.1 | · | 2.6 | 2.4 | · | · | 2.7 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $18.27 | $18.20 | · | $11.74 | $11.63 | $9.05 | · | $8.89 | $8.82 | $8.71 | · | $7.44 | $7.41 | · | · | $7.43 | |
| Revenue / Share | $2.41 | $2.07 | · | $2.01 | $2.23 | $1.94 | · | $1.79 | $1.96 | $1.96 | · | $2.12 | $1.99 | · | · | $1.80 | |
| Cash Flow / Share | · | $-0.15 | · | · | · | $-0.19 | · | · | · | $0.00 | · | · | · | · | · | · | |
| Cash / Share | $7.66 | $7.81 | · | $3.35 | $4.65 | $1.72 | · | $2.00 | $2.04 | $2.26 | · | $0.33 | $0.38 | · | · | $0.99 | |
| EPS (TTM) | $0.17 | $0.17 | · | $0.13 | $0.10 | $0.13 | · | $0.09 | $0.06 | $-0.01 | · | $-0.15 | $-0.20 | $-0.27 | · | $-0.24 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.52B | $1.42B | · | $1.28B | $1.21B | $1.16B | · | $1.13B | $1.13B | $1.08B | · | $1.01B | $967M | $881M | · | $861M | |
| Net Income TTM | $31M | $29M | · | $20M | $14M | $20M | · | $15M | $10M | $-600.0K | · | $-20M | $-26M | $-36M | · | $-31M | |
| Market Cap | $8.85B | $13.48B | · | $14.57B | $7.73B | $4.70B | · | $3.52B | $3.02B | $2.76B | · | $1.92B | $1.77B | · | · | $1.42B | |
| Enterprise Value | · | · | · | $14.00B | $7.11B | $4.61B | · | $3.39B | $2.89B | $2.60B | · | $2.12B | $1.95B | · | · | $1.58B | |
| P/E | 277.7 | 423.2 | · | 663.7 | 458.4 | 236.0 | · | 258.8 | 333.5 | -1838.0 | · | -100.1 | -69.3 | -49.2 | · | -46.9 | |
| P/S | 5.8 | 9.5 | · | 11.3 | 6.4 | 4.0 | · | 3.1 | 2.7 | 2.5 | · | 1.9 | 1.8 | · | · | 1.6 | |
| P/B | 2.6 | 4.0 | · | 7.4 | 3.9 | 3.4 | · | 2.6 | 2.3 | 2.1 | · | 2.0 | 1.9 | · | · | 1.5 | |
| P / Tangible Book | 3.8 | 5.8 | · | 11.0 | 5.9 | 6.5 | · | 4.9 | 4.3 | 4.1 | · | 5.6 | 5.3 | 5.3 | · | 4.4 | |
| P / Cash Flow | · | -492.0 | · | · | · | -161.1 | · | · | · | 3939.1 | · | · | · | · | · | · | |
| EV / Revenue | · | · | · | 10.9 | 5.9 | 4.0 | · | 3.0 | 2.6 | 2.4 | · | 2.1 | 2.0 | · | · | 1.8 | |
| Earnings Yield | 0.36% | 0.24% | · | 0.15% | 0.22% | 0.42% | · | 0.39% | 0.30% | -0.05% | · | -1.0% | -1.4% | -2.0% | · | -2.1% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-28 | 2024-12-29 | 2024-03-31 | 2023-12-31 | 2022-12-25 |
|---|---|---|---|---|---|
| Revenue | $1.35B | $1.14B | · | $1.04B | $898M |
| Gross Margin % | 22.9% | 25.3% | · | 25.9% | 25.2% |
| Operating Margin % | 1.9% | 2.5% | · | 3.0% | -0.29% |
| Net Income | $22M | $16M | · | $-9M | $-37M |
| Diluted EPS | $0.13 | $0.11 | · | $-0.07 | $-0.29 |
| Metric | 2025-12-28 | 2024-12-29 | 2024-03-31 | 2023-12-31 | 2022-12-25 |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.1 | · | 0.2 | 0.3 |
| Current Ratio | 4.1 | 2.9 | · | 2.0 | 2.5 |
| Quick Ratio | 2.3 | 1.5 | · | 0.7 | 0.8 |
| Metric | 2025-12-28 | 2024-12-29 | 2024-03-31 | 2023-12-31 | 2022-12-25 |
|---|---|---|---|---|---|
| Free Cash Flow | $-137M | $-8M | · | $13M | $-71M |
Institutional owners (13F) 699 filers · $9.2B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 110 (-42 vs prior Q) | 175 (+96 vs prior Q) | 245 (-57 vs prior Q) | 225 (+21 vs prior Q) | -5.4M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $1,251,540,468 | 16,487,162 | 13.54% | Shares |
| BlackRock, Inc. | $1,198,403,385 | 24,035,367 | 12.97% | Shares |
| STATE STREET CORP | $451,939,721 | 9,064,859 | 4.89% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $421,301,693 | 8,449,693 | 4.56% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $398,232,219 | 7,987,008 | 4.31% | Shares |
| FIRST TRUST ADVISORS LP | $299,961,399 | 6,016,073 | 3.25% | Shares |
| ARK Investment Management LLC | $232,974,116 | 4,672,566 | 2.52% | Shares |
| Invesco Ltd. | $203,739,527 | 4,086,232 | 2.20% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $185,107,310 | 3,711,627 | 2.00% | Shares |
| ALLIANCEBERNSTEIN L.P. | $157,268,747 | 2,230,446 | 1.70% | Shares |
| Hood River Capital Management LLC | $156,447,068 | 3,137,727 | 1.69% | Shares |
| VAN ECK ASSOCIATES CORP | $148,513,495 | 2,978,610 | 1.61% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $131,622,288 | 2,639,843 | 1.42% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $129,566,000 | 2,598,589 | 1.40% | Shares |
| Artisan Partners Limited Partnership | $117,670,190 | 2,360,012 | 1.27% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $112,236,256 | 2,251,028 | 1.21% | Shares |
| MORGAN STANLEY | $110,249,160 | 2,211,173 | 1.19% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $107,851,767 | 2,163,092 | 1.17% | Shares |
| NORGES BANK | $94,202,542 | 1,889,341 | 1.02% | Shares |
| Rovida Investment Management Ltd | $88,452,175 | 1,773,655 | 0.96% | Shares |
| Stephens Investment Management Group LLC | $79,976,637 | 1,604,024 | 0.87% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $74,007,697 | 1,484,310 | 0.80% | Shares |
| NORTHERN TRUST CORP | $71,834,549 | 1,440,725 | 0.78% | Shares |
| Amova Asset Management Americas, Inc. | $71,090,134 | 1,425,509 | 0.77% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $71,075,879 | 1,425,509 | 0.77% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $70,357,346 | 1,411,098 | 0.76% | Shares |
| GOLDMAN SACHS GROUP INC | $66,311,338 | 1,329,951 | 0.72% | Shares |
| Bank of New York Mellon Corp | $65,292,849 | 1,309,524 | 0.71% | Shares |
| MILLENNIUM MANAGEMENT LLC | $64,627,684 | 1,296,183 | 0.70% | Shares |
| Clearbridge Investments, LLC | $64,377,199 | 1,291,159 | 0.70% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $61,843,552 | 1,240,344 | 0.67% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $59,324,226 | 1,189,816 | 0.64% | Shares |
| Alyeska Investment Group, L.P. | $57,840,342 | 1,160,055 | 0.63% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $57,648,132 | 1,156,200 | 0.62% | Put option |
| RAYMOND JAMES FINANCIAL INC | $56,941,018 | 1,142,018 | 0.62% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $54,601,686 | 1,095,100 | 0.59% | Call option |
| BAMCO INC /NY/ | $53,746,138 | 1,077,941 | 0.58% | Shares |
| FMR LLC | $53,021,412 | 1,063,406 | 0.57% | Shares |
| AMERICAN CAPITAL MANAGEMENT INC | $51,338,499 | 1,029,653 | 0.56% | Shares |
| Cubist Systematic Strategies, LLC | $50,390,555 | 551,500 | 0.55% | Put option |
| CITADEL ADVISORS LLC | $50,259,528 | 1,008,013 | 0.54% | Shares |
| JANE STREET GROUP, LLC | $44,609,742 | 894,700 | 0.48% | Put option |
| UBS Group AG | $44,364,829 | 889,788 | 0.48% | Shares |
| JANE STREET GROUP, LLC | $42,231,420 | 847,000 | 0.46% | Call option |
| PRINCIPAL FINANCIAL GROUP INC | $41,925,579 | 840,866 | 0.45% | Shares |
| FRANKLIN RESOURCES INC | $38,254,740 | 767,243 | 0.41% | Shares |
| SEVEN GRAND MANAGERS, LLC | $37,395,000 | 750,000 | 0.40% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $36,816,928 | 738,406 | 0.40% | Shares |
| JPMORGAN CHASE & CO | $34,998,175 | 736,865 | 0.38% | Shares |
| PARADIGM CAPITAL MANAGEMENT INC/NY | $34,842,168 | 698,800 | 0.38% | Shares |
Activists & 5%+ owners 6 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Oak Investment Partners IX, Limited Partnership, Oak Associates IX, LLC, Oak IX Affiliates Fund – A, Limited Partnership, Oak IX Affiliates Fund, Limited Partnership, Oak IX Affiliates, LLC, Oak Investment Partners X, Limited Partnership, Oak Associates X, LLC, Oak X Affiliates Fund, Limited Partnership, Oak X Affiliates, LLC, Oak Investment Partners XIII, Limited Partnership, Oak Associates XIII, LLC, Oak Management Corporation, Bandel L. Carano, Edward F. Glassmeyer, Frederic W. Harman, Ann H. Lamont ×3 filings | Aug. 6, 2019 | · | Initial filing | · | SEC |
| MMI Investments, L.P., MMI Plus, L.P., MCM Capital Management, LLC, Clay B. Lifflander ×7 filings | Dec. 1, 2011 | · | Initial filing | · | SEC |
| Kratos Defense & Security Solutions, Inc. | May 24, 2011 | · | Initial filing | M&A / sale | SEC |
| Integral Systems, Inc. | May 24, 2011 | · | Initial filing | M&A / sale | SEC |
| HENRY BROS. ELECTRONICS, INC. ×2 filings | Oct. 15, 2010 | · | Initial filing | M&A / sale | SEC |
| Charles Tomas ×2 filings | April 16, 2010 | · | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 43 insiders · 20 officers · 13 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Deanna H Lund | EVP & CFO | Sept. 21, 2026 S | 273,511 | 0 | 52 | $-7,630,334 |
| Phillip D Carrai | President, STC Division | Sept. 15, 2026 S | 175,653 | 0 | 46 | $-6,956,672 |
| Steven S. Fendley | President, US Division | Aug. 24, 2026 S | 288,111 | 0 | 27 | $-7,485,007 |
| David M Carter | President, DRSS Division | Aug. 5, 2026 S | 62,237 | 0 | 60 | $-4,120,794 |
| Stacey G Rock | President, KTT Division | June 30, 2026 S | 9,600 | 0 | 35 | $-4,908,222 |
| Jonah Adelman | President, ME Division | May 26, 2026 S | 8,000 | 0 | 2 | $-4,032,717 |
| Thomas E Mills IV | President, C5ISR Division | March 4, 2026 F | 12,730 | 0 | 12 | $-1,317,877 |
| Gerald R Beaman | President, US Division | Sept. 22, 2016 M | 85,296 | 0 | 0 | $0 |
| Wayne L Armstrong | President, ADTS Division | April 9, 2014 F | 23,063 | 0 | 0 | $0 |
| Richard B Selvaggio | President, USS Division | Feb. 19, 2013 F | 13,929 | 0 | 0 | $0 |
| David Robin Mickle | President, Govt. Services Div. | Jan. 30, 2007 A | · | 0 | 0 | $0 |
| Marie Mendoza | SVP & General Counsel | Sept. 15, 2026 S | 61,200 | 0 | 17 | $-1,282,230 |
| De Burgreen Maria Cervantes | VP & Corp. Controller | March 16, 2026 S | 59,369 | 0 | 4 | $-559,822 |
| Richard Duckworth | VP & Corporate Controller | April 26, 2016 M | 19,040 | 0 | 0 | $0 |
| Deborah Sue Butera | SVP, General Counsel, CCO, Sec | July 1, 2015 M | 37,938 | 0 | 0 | $0 |
| Laura Siegal | VP, Corp. Controller & Treas. | Jan. 4, 2013 A | · | 0 | 0 | $0 |
| Edward M Lake | Corporate Vice President | Jan. 4, 2010 M | 5,688 | 0 | 0 | $0 |
| James R Edwards | Sr. VP, Gen. Counsel & Sec. | March 26, 2007 A | 100 | 0 | 0 | $0 |
| Carol Clay | Vice President | Aug. 9, 2005 A | · | 0 | 0 | $0 |
| Rochelle R Bold | Senior Vice President | Aug. 9, 2005 A | 15,000 | 0 | 0 | $0 |
| JARVIS SCOT | Director | Aug. 18, 2026 S | 65,123 | 0 | 9 | $-3,954,143 |
| Bobbi Doorenbos | Director | May 26, 2026 S | 12,500 | 0 | 1 | $-143,225 |
| Bradley L Boyd | Director | May 15, 2026 S | 16,480 | 0 | 1 | $-156,240 |
| David Arnold King | Director | May 12, 2026 A | · | 0 | 0 | $0 |
| Amy Zegart | Director | May 12, 2026 A | 0 | 0 | 1 | $-741,700 |
| William A Hoglund | Director | May 12, 2026 A | 252,500 | 0 | 4 | $-7,747,567 |
| Daniel J Hagen | Director | Oct. 2, 2024 M | 20,000 | 0 | 0 | $0 |
| Jane Elizabeth Judd | Director | Nov. 1, 2023 M | 106,420 | 0 | 0 | $0 |
| Samuel N Liberatore | Director | Nov. 1, 2023 M | 113,032 | 0 | 0 | $0 |
| Bandel L Carano | Director | Aug. 7, 2018 P | 616,098 | 0 | 0 | $0 |
| Masood Tayebi | Director | Jan. 26, 2007 X | 6,091,529 | 0 | 0 | $0 |
| Andrew M Leitch | Director | Jan. 3, 2006 A | · | 0 | 0 | $0 |
| Massih Tayebi | 10% owner | Jan. 3, 2003 J | · | 0 | 0 | $0 |
| Eric M Demarco | · | Aug. 14, 2026 S | 761,632 | 0 | 17 | $-82,680,276 |
| Scott I Anderson | · | May 12, 2026 A | 51,334 | 0 | 10 | $-2,742,564 |
| Ben Goodwin | · | March 13, 2025 F | 52,466 | 0 | 0 | $0 |
| Richard Poirier | · | July 1, 2015 M | 81,705 | 0 | 0 | $0 |
| Howard W. Bates | · | March 4, 2009 M | 566,476 | 0 | 0 | $0 |
| Farzad Ghassemi | · | Nov. 3, 2003 M | 0 | 0 | 0 | $0 |
| Frankie Farjood | · | Nov. 3, 2003 M | 0 | 0 | 0 | $0 |
| Terry Ashwill | · | Nov. 3, 2003 M | 0 | 0 | 0 | $0 |
| Greg Jacobsen | · | Aug. 11, 2003 M | 0 | 0 | 0 | $0 |
| David Garrison | · | Aug. 7, 2003 M | 500 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 63 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| ARKX · ARK ETF Trust | 6.22% | 1,013,090 NS | July 31, 2026 | N-PORT |
| ARKQ · ARK ETF Trust | 5.81% | 2,313,570 NS | July 31, 2026 | N-PORT |
| SPIT · RBB Fund, Inc. | 1.62% | 11,581 NS | July 31, 2026 | N-PORT |
| ARKK · ARK ETF Trust | 1.16% | 1,389,399 NS | July 31, 2026 | N-PORT |
| PAMC · Pacer Funds Trust | 0.75% | 8,645 NS | July 31, 2026 | N-PORT |
| ITA · iShares Trust | 0.69% | 1,876,112 SH | Sept. 11, 2026 | Daily |
| PPA · Invesco Exchange-Traded Fund Trust | 0.61% | 1,064,891 SH | Oct. 2, 2026 | Daily |
| RFG · Invesco Exchange-Traded Fund Trust | 0.54% | 42,137 SH | Oct. 2, 2026 | Daily |
| IVOG · VANGUARD ADMIRAL FUNDS | 0.49% | 185,029 SH | Aug. 19, 2026 | Daily |
| DFEN · Direxion Shares ETF Trust | 0.41% | 33,460 NS | July 31, 2026 | N-PORT |
| QQQJ · Invesco Exchange-Traded Fund Trust … | 0.40% | 110,947 SH | Oct. 2, 2026 | Daily |
| ISCG · iShares Trust | 0.29% | 58,433 SH | Sept. 11, 2026 | Daily |
| HFGO · Hartford Funds Exchange-Traded Trust | 0.28% | 12,038 NS | July 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.26% | 2,484,722 SH | Aug. 19, 2026 | Daily |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.26% | 303,076 SH | Aug. 19, 2026 | Daily |
| PTMC · Pacer Funds Trust | 0.25% | 20,663 NS | July 31, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.22% | 30,353 NS | July 31, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.19% | 2,754 NS | July 31, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.19% | 80,736 NS | July 31, 2026 | N-PORT |
| TRFM · ETF Series Solutions | 0.16% | 8,373 NS | July 31, 2026 | N-PORT |
| TEXN · iShares Trust | 0.14% | 575 SH | Sept. 11, 2026 | Daily |
| ESML · iShares Trust | 0.14% | 84,749 SH | Sept. 11, 2026 | Daily |
| FSMD · FIDELITY COVINGTON TRUST | 0.13% | 68,734 NS | July 31, 2026 | N-PORT |
| MADE · iShares Trust | 0.13% | 1,599 SH | Sept. 11, 2026 | Daily |
| FIDU · FIDELITY COVINGTON TRUST | 0.12% | 61,531 NS | July 31, 2026 | N-PORT |
| SMMD · iShares Trust | 0.12% | 98,911 SH | Sept. 11, 2026 | Daily |
| VIS · VANGUARD WORLD FUND | 0.12% | 227,411 SH | Aug. 19, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.11% | 2,151,641 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.11% | 4,301,380 SH | Aug. 19, 2026 | Daily |
| IYJ · iShares Trust | 0.11% | 44,039 SH | Sept. 11, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.11% | 346,894 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.08% | 11,938 SH | Sept. 11, 2026 | Daily |
| IWS · iShares Trust | 0.08% | 258,518 SH | Sept. 11, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.08% | 48,211 SH | Oct. 2, 2026 | Daily |
| IWR · iShares Trust | 0.06% | 756,803 SH | Sept. 11, 2026 | Daily |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.06% | 17,046 SH | Oct. 2, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.04% | 7,478 SH | Oct. 2, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.03% | 310,714 NS | July 31, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.03% | 84,795 NS | July 31, 2026 | N-PORT |
| IUSG · iShares Trust | 0.02% | 164,383 SH | Sept. 11, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.02% | 16,157 NS | July 31, 2026 | N-PORT |
| IWD · iShares Trust | 0.02% | 382,430 SH | Sept. 11, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.02% | 10,324 NS | July 31, 2026 | N-PORT |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 104,121 SH | Aug. 19, 2026 | Daily |
| IWP · iShares Trust | 0.02% | 71,111 SH | Sept. 11, 2026 | Daily |
| TILT · FlexShares Trust | 0.02% | 7,584 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.01% | 33,804 NS | July 31, 2026 | N-PORT |
| IWB · iShares Trust | 0.01% | 127,638 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.01% | 244,691 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.01% | 49,396 SH | Sept. 11, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 5,955,327 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.01% | 152,746 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.01% | 30,448 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.01% | 15,574 SH | Aug. 19, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.01% | 1,098 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.01% | 37,027 NS | July 31, 2026 | N-PORT |
| IWF · iShares Trust | 0.00% | 46,598 SH | Sept. 11, 2026 | Daily |
| VONG · VANGUARD SCOTTSDALE FUNDS | 0.00% | 20,532 SH | Aug. 19, 2026 | Daily |
| IJH · iShares Trust | · | 6,580,016 SH | Sept. 11, 2026 | Daily |
| IJK · iShares Trust | · | 1,087,495 SH | Sept. 11, 2026 | Daily |
| XJH · iShares Trust | · | 25,616 SH | Sept. 8, 2026 | Daily |
| ISCB · iShares Trust | · | 8,269 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 76,803 SH | Sept. 11, 2026 | Daily |
KTOS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
21 analysts · 2026-10-01Mean target $102.19 +137.3%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| KTOS | $13.12B | 597.7 | 18.5% | 1.6% | 1.1% | 22.9% |
| TXT | $15.17B | 17.0 | 8.0% | 6.2% | 12.0% | · |
| BWXT | · | 48.3 | 18.3% | 10.3% | 28.4% | · |
| HII | $13.34B | 22.1 | 8.2% | 4.9% | 12.2% | · |
| DRS | $9.06B | 33.1 | 12.8% | 7.6% | 10.4% | 23.8% |
| AVAV | $9.87B | -36.1 | 140.9% | -13.4% | -6.0% | 25.3% |
| SARO | $9.59B | 34.6 | 15.8% | 4.6% | 10.7% | · |
| HXL | $5.59B | 194.5 | -0.48% | 5.8% | 7.8% | 23.0% |
| LOAR | $6.37B | 90.7 | 23.2% | 14.5% | 6.4% | 52.7% |
| BETA | · | -2.2 | 136.0% | -2094.2% | -70.7% | 72.2% |
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