Axon Enterprise vs Kratos Defense & Security Solutions
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The short version
- Axon Enterprise is the larger business, with $2.8B of revenue in fiscal 2025 against $1.3B for Kratos Defense & Security Solutions, about 2.1 times as much.
- Axon Enterprise grew revenue faster (33.5%, against 18.5%).
- Kratos Defense & Security Solutions kept more of each dollar of sales as operating profit (1.9% operating margin, against −2.2%).
- Axon Enterprise turned more of its sales into free cash flow (2.7% FCF margin, against −10.2%).
- Kratos Defense & Security Solutions earned a higher return on the capital invested in it (1.2%, against −2.2%).
| Latest fiscal year | AXON · FY25 | KTOS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $34.7B | $7.4B |
| Revenue | $2.8B | $1.3B |
| Free cash flow | $75.1M | −$137M |
| Net income | $125M | $22.0M |
| Growth | ||
| Revenue growth | 33.5% | 18.5% |
| 5-year growth | 32.5% | 12.5% |
| Share count change | 4.9% | 9.5% |
| Profitability | ||
| Gross margin | 59.7% | 22.9% |
| Operating margin | −2.2% | 1.9% |
| Net margin | 4.5% | 1.6% |
| FCF margin | 2.7% | −10.2% |
| Return on capital | −2.2% | 1.2% |
| Return on equity | 4.5% | 1.3% |
| Balance sheet | ||
| Net debt | $104M | −$461M |
| Net debt / EBITDA | 4.9x | −6.4x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | 174.4x | — |
| Piotroski F-score | 6 | 4 |
Revenue
FY16
AXON $268M
KTOS $669M
FY17
AXON $344M
KTOS $752M
FY18
AXON $420M
KTOS $618M
FY19
AXON $531M
KTOS $718M
FY20
AXON $681M
KTOS $748M
FY21
AXON $863M
KTOS $812M
FY22
AXON $1.2B
KTOS $898M
FY23
AXON $1.6B
KTOS $1.0B
FY24
AXON $2.1B
KTOS $1.1B
FY25
AXON $2.8B
KTOS $1.3B
AXON
KTOS
Operating margin
FY16
AXON 11.9%
KTOS −2.7%
FY17
AXON 3.8%
KTOS −1.6%
FY18
AXON 5.9%
KTOS 4.9%
FY19
AXON −1.2%
KTOS 5.3%
FY20
AXON −2.1%
KTOS 3.9%
FY21
AXON −19.5%
KTOS 3.4%
FY22
AXON 7.8%
KTOS −0.3%
FY23
AXON 10.1%
KTOS 3.0%
FY24
AXON 2.8%
KTOS 2.6%
FY25
AXON −2.2%
KTOS 1.9%
AXON
KTOS
Free cash flow
FY16
AXON $16.2M
KTOS —
FY17
AXON $8.1M
KTOS —
FY18
AXON $52.7M
KTOS —
FY19
AXON $49.7M
KTOS —
FY20
AXON −$34.2M
KTOS $8.8M
FY21
AXON $74.6M
KTOS −$11.2M
FY22
AXON $180M
KTOS −$71.1M
FY23
AXON $130M
KTOS $12.8M
FY24
AXON $330M
KTOS −$8.5M
FY25
AXON $75.1M
KTOS −$137M
AXON
KTOS
Return on capital
FY16
AXON 32.1%
KTOS −2.2%
FY17
AXON 8.8%
KTOS −1.4%
FY18
AXON 24.4%
KTOS 2.3%
FY19
AXON −2.1%
KTOS 3.9%
FY20
AXON −3.7%
KTOS 3.6%
FY21
AXON −24.3%
KTOS 1.5%
FY22
AXON 8.3%
KTOS −0.2%
FY23
AXON 15.2%
KTOS 1.3%
FY24
AXON 3.5%
KTOS 1.5%
FY25
AXON −2.2%
KTOS 1.2%
AXON
KTOS
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.