Hexcel
HXL · Aerospace & Defense
$79.62
2.0%Kratos Defense & Security Solutions
KTOS · Aerospace & Defense
$38.68
1.1%The short version
- Hexcel is the larger business, with $1.9B of revenue in fiscal 2025 against $1.3B for Kratos Defense & Security Solutions.
- Kratos Defense & Security Solutions grew revenue faster (18.5%, against −0.5%).
- Hexcel kept more of each dollar of sales as operating profit (9.1% operating margin, against 1.9% operating margin).
- Hexcel turned more of its sales into free cash flow (8.3% FCF margin, against −10.2% FCF margin).
- Hexcel earned a higher return on the capital invested in it (6.5%, against 1.2%).
| Latest fiscal year | HXL · FY25 | KTOS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.1B | $7.4B |
| Revenue | $1.9B | $1.3B |
| Free cash flow | $157M | −$137M |
| Net income | $109M | $22.0M |
| Growth | ||
| Revenue growth | −0.5% | 18.5% |
| 5-year growth | 4.7% | 12.5% |
| Share count change | −3.6% | 9.5% |
| Profitability | ||
| Gross margin | 23.0% | 22.9% |
| Operating margin | 9.1% | 1.9% |
| Net margin | 5.8% | 1.6% |
| FCF margin | 8.3% | −10.2% |
| Return on capital | 6.5% | 1.2% |
| Return on equity | 7.9% | 1.3% |
| Balance sheet | ||
| Net debt | $922M | −$461M |
| Net debt / EBITDA | 3.1x | −6.4x |
| Dividends and buybacks | $508M | $0.0M |
| Valuation & quality | ||
| P/E | 35.9x | — |
| Piotroski F-score | 6 | 4 |
FY16
HXL $2.0B
KTOS $669M
FY17
HXL $2.0B
KTOS $752M
FY18
HXL $2.2B
KTOS $618M
FY19
HXL $2.4B
KTOS $718M
FY20
HXL $1.5B
KTOS $748M
FY21
HXL $1.3B
KTOS $812M
FY22
HXL $1.6B
KTOS $898M
FY23
HXL $1.8B
KTOS $1.0B
FY24
HXL $1.9B
KTOS $1.1B
FY25
HXL $1.9B
KTOS $1.3B
HXL
KTOS
FY16
HXL 18.0%
KTOS −2.7%
FY17
HXL 17.8%
KTOS −1.6%
FY18
HXL 17.0%
KTOS 4.9%
FY19
HXL 18.1%
KTOS 5.3%
FY20
HXL 0.9%
KTOS 3.9%
FY21
HXL 3.9%
KTOS 3.4%
FY22
HXL 11.1%
KTOS −0.3%
FY23
HXL 12.0%
KTOS 3.0%
FY24
HXL 9.8%
KTOS 2.6%
FY25
HXL 9.1%
KTOS 1.9%
HXL
KTOS
FY16
HXL $73.5M
KTOS —
FY17
HXL $151M
KTOS —
FY18
HXL $237M
KTOS —
FY19
HXL $287M
KTOS —
FY20
HXL $214M
KTOS $8.8M
FY21
HXL $124M
KTOS −$11.2M
FY22
HXL $96.8M
KTOS −$71.1M
FY23
HXL $149M
KTOS $12.8M
FY24
HXL $203M
KTOS −$8.5M
FY25
HXL $157M
KTOS −$137M
HXL
KTOS
FY16
HXL 14.6%
KTOS −2.2%
FY17
HXL 14.7%
KTOS −1.4%
FY18
HXL 13.4%
KTOS 2.3%
FY19
HXL 14.5%
KTOS 3.9%
FY20
HXL 0.5%
KTOS 3.6%
FY21
HXL 1.7%
KTOS 1.5%
FY22
HXL 6.4%
KTOS −0.2%
FY23
HXL 8.8%
KTOS 1.3%
FY24
HXL 7.4%
KTOS 1.5%
FY25
HXL 6.5%
KTOS 1.2%
HXL
KTOS
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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.