AeroVironment vs Kratos Defense & Security Solutions
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The short version
- AeroVironment is the larger business, with $2.0B of revenue in fiscal 2026 against $1.3B for Kratos Defense & Security Solutions.
- AeroVironment grew revenue faster (140.9%, against 18.5%).
- Kratos Defense & Security Solutions kept more of each dollar of sales as operating profit (1.9% operating margin, against β15.7%).
- AeroVironment turned more of its sales into free cash flow (β7.1% FCF margin, against β10.2%).
- Kratos Defense & Security Solutions earned a higher return on the capital invested in it (1.2%, against β9.1%).
| Latest fiscal year | AVAV Β· FY26 | KTOS Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.1B | $7.4B |
| Revenue | $2.0B | $1.3B |
| Free cash flow | β$141M | β$137M |
| Net income | β$265M | $22.0M |
| Growth | ||
| Revenue growth | 140.9% | 18.5% |
| 5-year growth | 38.0% | 12.5% |
| Share count change | 74.2% | 9.5% |
| Profitability | ||
| Gross margin | 25.3% | 22.9% |
| Operating margin | β15.7% | 1.9% |
| Net margin | β13.4% | 1.6% |
| FCF margin | β7.1% | β10.2% |
| Return on capital | β9.1% | 1.2% |
| Return on equity | β10.0% | 1.3% |
| Balance sheet | ||
| Net debt | $115M | β$461M |
| Net debt / EBITDA | β | β6.4x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | 3 | 4 |
Revenue
FY17
AVAV $229M
KTOS $752M
FY18
AVAV $271M
KTOS $618M
FY19
AVAV $314M
KTOS $718M
FY20
AVAV $367M
KTOS $748M
FY21
AVAV $395M
KTOS $812M
FY22
AVAV $446M
KTOS $898M
FY23
AVAV $541M
KTOS $1.0B
FY24
AVAV $717M
KTOS $1.1B
FY25
AVAV $821M
KTOS $1.3B
FY26
AVAV $2.0B
KTOS β
AVAV
KTOS
Operating margin
FY17
AVAV 9.1%
KTOS β1.6%
FY18
AVAV 11.2%
KTOS 4.9%
FY19
AVAV 10.8%
KTOS 5.3%
FY20
AVAV 12.8%
KTOS 3.9%
FY21
AVAV 11.0%
KTOS 3.4%
FY22
AVAV β2.2%
KTOS β0.3%
FY23
AVAV β33.1%
KTOS 3.0%
FY24
AVAV 10.0%
KTOS 2.6%
FY25
AVAV 5.0%
KTOS 1.9%
FY26
AVAV β15.7%
KTOS β
AVAV
KTOS
Free cash flow
FY17
AVAV β$17.3M
KTOS β
FY18
AVAV $60.3M
KTOS β
FY19
AVAV $18.1M
KTOS β
FY20
AVAV $13.9M
KTOS $8.8M
FY21
AVAV $75.3M
KTOS β$11.2M
FY22
AVAV β$31.9M
KTOS β$71.1M
FY23
AVAV β$3.5M
KTOS $12.8M
FY24
AVAV β$7.7M
KTOS β$8.5M
FY25
AVAV β$20.9M
KTOS β$137M
FY26
AVAV β$141M
KTOS β
AVAV
KTOS
Return on capital
FY17
AVAV β
KTOS β1.4%
FY18
AVAV β
KTOS 2.3%
FY19
AVAV β
KTOS 3.9%
FY20
AVAV β
KTOS 3.6%
FY21
AVAV β
KTOS 1.5%
FY22
AVAV β1.2%
KTOS β0.2%
FY23
AVAV β22.6%
KTOS 1.3%
FY24
AVAV 10.5%
KTOS 1.5%
FY25
AVAV 4.8%
KTOS 1.2%
FY26
AVAV β9.1%
KTOS β
AVAV
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.