KTOS Nasdaq Aerospace & Defense Financials FY2016βFY2025
Kratos Defense & Security Solutions had $1.3B of revenue in fiscal 2025, up 18.5% on the year before. Over five years, revenue changed +12.5% a year on average.
Hi! I read Kratos Defense & Security Solutionsβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+18.5%
Yes. Sales grew 18.5% last year.
Does it make a profit?
1.6%
A little. It keeps 1.6% of every sale as profit.
Does profit turn into cash?
β10.2%
No. It spent more cash than it brought in.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
4 / 9
Mixed. It passes 4 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Kratos Defense & Security Solutions did it, and the next one. Share prices often move a lot on those days.
Next results
November 3, 2026
Tuesday Β· in 8 days
Estimated from the same quarter last year. It will be replaced by the announced date once there is one.
See who else reports that week β| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 4, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 6, 2026 | Q1 '26 | After the market closes | 8-K β |
| Feb 23, 2026 | Q4 '25 | After the market closes | 8-K β |
| Nov 4, 2025 | Q3 '25 | After the market closes | 8-K β |
| Aug 7, 2025 | Q2 '25 | After the market closes | 8-K β |
| May 7, 2025 | Q1 '25 | After the market closes | 8-K β |
| Feb 26, 2025 | Q4 '24 | After the market closes | 8-K β |
| Nov 7, 2024 | Q3 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Kratos Defense & Security Solutions had $1.3B of revenue in fiscal 2025, up 18.5% on the year before. Over five years, revenue changed +12.5% a year on average. Its operating margin was 1.9%, down 0.6Β pts: of every 100 in sales, about 2 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Kratos Defense & Security Solutions made $22.0M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$137M in fiscal 2025, β10.2% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Kratos Defense & Security Solutions returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 9.5%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $136M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$136M
16 insiders
Of sales under plans
90%
$122M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | Phillip D CarraiPresident, STC Division | Sold plan | 6,500 | $39.86 | $0.3M | Form 4 |
| Sep 21, 2026 | Deanna H LundEVP & CFO, Director | Sold plan | 7,000 | $48.78 | $0.3M | Form 4 |
| Sep 15, 2026 | Phillip D CarraiPresident, STC Division | Sold plan | 6,500 | $47.83 | $0.3M | Form 4 |
| Sep 15, 2026 | Marie MendozaSVP & General Counsel | Sold plan | 1,000 | $48.50 | $0.0M | Form 4 |
| Aug 24, 2026 | Steven S. FendleyPresident, US Division | Sold plan | 7,000 | $56.16 | $0.4M | Form 4 |
| Aug 18, 2026 | Scot B JarvisDirector | Sold | 10,000 | $63.50 | $0.6M | Form 4 |
| Aug 17, 2026 | Phillip D CarraiPresident, STC Division | Sold plan | 26,500 | $63.25 | $1.7M | Form 4 |
| Aug 17, 2026 | Marie MendozaSVP & General Counsel | Sold plan | 1,513 | $64.37 | $0.1M | Form 4 |
| Aug 14, 2026 | Eric M DemarcoPresident & CEO, Director | Sold plan | 300,000 | $64.33 | $19.3M | Form 4 |
| Aug 5, 2026 | David M CarterPresident, DRSS Division | Sold plan | 4,000 | $55.90 | $0.2M | Form 4 |
| Aug 3, 2026 | Deanna H LundEVP & CFO, Director | Sold plan | 5,000 | $48.56 | $0.2M | Form 4 |
| Jul 27, 2026 | Steven S. FendleyPresident, US Division | Sold plan | 7,000 | $47.13 | $0.3M | Form 4 |
| Jul 15, 2026 | Phillip D CarraiPresident, STC Division | Sold plan | 6,500 | $50.63 | $0.3M | Form 4 |
| Jul 15, 2026 | Marie MendozaSVP & General Counsel | Sold plan | 1,013 | $51.79 | $0.1M | Form 4 |
| Jul 8, 2026 | David M CarterPresident, DRSS Division | Sold plan | 4,000 | $50.46 | $0.2M | Form 4 |
| Jul 1, 2026 | Deanna H LundEVP & CFO, Director | Sold plan | 5,000 | $52.86 | $0.3M | Form 4 |
| Jun 30, 2026 | Stacey G RockPresident, KTT Division | Sold plan | 4,675 | $50.00 | $0.2M | Form 4 |
| Jun 29, 2026 | Steven S. FendleyPresident, US Division | Sold plan | 7,000 | $48.37 | $0.3M | Form 4 |
| Jun 15, 2026 | Phillip D CarraiPresident, STC Division | Sold plan | 6,500 | $57.74 | $0.4M | Form 4 |
| Jun 15, 2026 | Marie MendozaSVP & General Counsel | Sold plan | 1,500 | $57.93 | $0.1M | Form 4 |
| Jun 8, 2026 | Steven S. FendleyPresident, US Division | Sold | 35,000 | $58.24 | $2.0M | Form 4 |
| Jun 5, 2026 | David M CarterPresident, DRSS Division | Sold plan | 4,000 | $59.17 | $0.2M | Form 4 |
| Jun 1, 2026 | Deanna H LundEVP & CFO, Director | Sold plan | 5,000 | $63.74 | $0.3M | Form 4 |
| May 28, 2026 | Stacey G RockPresident, KTT Division | Sold plan | 4,000 | $65.47 | $0.3M | Form 4 |
| May 26, 2026 | Jonah AdelmanPresident, ME Division | Sold | 31,348 | $57.06 | $1.8M | Form 4 |
| May 26, 2026 | Bobbi DoorenbosDirector | Sold | 2,500 | $57.29 | $0.1M | Form 4 |
| May 26, 2026 | Steven S. FendleyPresident, US Division | Sold plan | 7,000 | $57.25 | $0.4M | Form 4 |
| May 15, 2026 | Phillip D CarraiPresident, STC Division | Sold plan | 6,500 | $52.13 | $0.3M | Form 4 |
| May 15, 2026 | Bradley L BoydDirector | Sold | 3,000 | $52.08 | $0.2M | Form 4 |
| May 15, 2026 | Marie MendozaSVP & General Counsel | Sold plan | 1,013 | $53.49 | $0.1M | Form 4 |
| May 7, 2026 | David M CarterPresident, DRSS Division | Sold plan | 4,000 | $58.00 | $0.2M | Form 4 |
| May 1, 2026 | Deanna H LundEVP & CFO, Director | Sold plan | 5,000 | $62.09 | $0.3M | Form 4 |
| Apr 28, 2026 | Stacey G RockPresident, KTT Division | Sold plan | 4,000 | $61.03 | $0.2M | Form 4 |
| Apr 27, 2026 | Steven S. FendleyPresident, US Division | Sold plan | 7,000 | $61.64 | $0.4M | Form 4 |
| Apr 16, 2026 | Scot B JarvisDirector | Sold plan | 5,417 | $75.90 | $0.4M | Form 4 |
| Apr 15, 2026 | Phillip D CarraiPresident, STC Division | Sold plan | 6,500 | $74.72 | $0.5M | Form 4 |
| Apr 15, 2026 | Marie MendozaSVP & General Counsel | Sold plan | 1,500 | $75.69 | $0.1M | Form 4 |
| Apr 8, 2026 | David M CarterPresident, DRSS Division | Sold plan | 4,000 | $74.15 | $0.3M | Form 4 |
| Apr 1, 2026 | William A HoglundDirector | Sold plan | 30,500 | $71.19 | $2.2M | Form 4 |
| Apr 1, 2026 | Deanna H LundEVP & CFO, Director | Sold plan | 5,000 | $69.63 | $0.3M | Form 4 |
| Mar 30, 2026 | Steven S. FendleyPresident, US Division | Sold plan | 7,000 | $69.59 | $0.5M | Form 4 |
| Mar 26, 2026 | Stacey G RockPresident, KTT Division | Sold plan | 4,000 | $76.78 | $0.3M | Form 4 |
| Mar 26, 2026 | Scot B JarvisDirector | Sold plan | 5,000 | $78.14 | $0.4M | Form 4 |
| Mar 16, 2026 | Marie MendozaSVP & General Counsel | Sold plan | 1,516 | $88.97 | $0.1M | Form 4 |
| Mar 16, 2026 | de Burgreen Maria CervantesVP & Corp. Controller | Sold plan | 6,270 | $89.29 | $0.6M | Form 4 |
| Mar 16, 2026 | Scott I AndersonDirector | Sold plan | 15,000 | $89.11 | $1.3M | Form 4 |
| Mar 16, 2026 | Phillip D CarraiPresident, STC Division | Sold plan | 6,500 | $89.07 | $0.6M | Form 4 |
| Mar 12, 2026 | Scot B JarvisDirector | Sold plan | 5,000 | $88.60 | $0.4M | Form 4 |
| Mar 6, 2026 | Stacey G RockPresident, KTT Division | Sold plan | 6,066 | $87.99 | $0.5M | Form 4 |
| Mar 5, 2026 | David M CarterPresident, DRSS Division | Sold plan | 4,000 | $85.35 | $0.3M | Form 4 |
| Mar 2, 2026 | Deanna H LundEVP & CFO, Director | Sold plan | 5,000 | $91.28 | $0.5M | Form 4 |
| Mar 2, 2026 | Thomas E Mills IVPresident, C5ISR Division | Sold plan | 5,758 | $91.25 | $0.5M | Form 4 |
| Feb 26, 2026 | Scot B JarvisDirector | Sold plan | 5,000 | $88.00 | $0.4M | Form 4 |
| Feb 26, 2026 | Stacey G RockPresident, KTT Division | Sold plan | 4,000 | $90.28 | $0.4M | Form 4 |
| Feb 23, 2026 | Steven S. FendleyPresident, US Division | Sold plan | 7,000 | $92.56 | $0.6M | Form 4 |
| Feb 17, 2026 | Phillip D CarraiPresident, STC Division | Sold plan | 6,500 | $90.91 | $0.6M | Form 4 |
| Feb 17, 2026 | Marie MendozaSVP & General Counsel | Sold plan | 1,500 | $88.08 | $0.1M | Form 4 |
| Feb 12, 2026 | Scot B JarvisDirector | Sold plan | 5,000 | $88.40 | $0.4M | Form 4 |
| Feb 5, 2026 | David M CarterPresident, DRSS Division | Sold plan | 4,000 | $87.40 | $0.3M | Form 4 |
| Feb 2, 2026 | Deanna H LundEVP & CFO, Director | Sold plan | 5,000 | $96.87 | $0.5M | Form 4 |
| Jan 28, 2026 | Scot B JarvisDirector | Sold plan | 5,000 | $118.28 | $0.6M | Form 4 |
| Jan 26, 2026 | Steven S. FendleyPresident, US Division | Sold plan | 7,000 | $107.98 | $0.8M | Form 4 |
| Jan 15, 2026 | Marie MendozaSVP & General Counsel | Sold plan | 1,676 | $120.18 | $0.2M | Form 4 |
| Jan 15, 2026 | Scot B JarvisDirector | Sold plan | 5,000 | $120.18 | $0.6M | Form 4 |
| Jan 15, 2026 | Phillip D CarraiPresident, STC Division | Sold plan | 6,500 | $123.29 | $0.8M | Form 4 |
| Jan 12, 2026 | Stacey G RockPresident, KTT Division | Sold plan | 16,568 | $116.74 | $1.9M | Form 4 |
| Jan 8, 2026 | David M CarterPresident, DRSS Division | Sold plan | 8,123 | $105.40 | $0.9M | Form 4 |
| Jan 8, 2026 | Stacey G RockPresident, KTT Division | Sold plan | 4,000 | $105.37 | $0.4M | Form 4 |
| Jan 7, 2026 | David M CarterPresident, DRSS Division | Sold plan | 4,000 | $92.98 | $0.4M | Form 4 |
| Jan 7, 2026 | Thomas E Mills IVPresident, C5ISR Division | Sold plan | 8,523 | $92.98 | $0.8M | Form 4 |
| Jan 6, 2026 | Eric M DemarcoPresident & CEO, Director | Sold plan | 191,699 | $90.28 | $17.3M | Form 4 |
| Jan 5, 2026 | Eric M DemarcoPresident & CEO, Director | Sold plan | 8,301 | $90.00 | $0.7M | Form 4 |
| Jan 2, 2026 | Deanna H LundEVP & CFO, Director | Sold plan | 5,000 | $77.91 | $0.4M | Form 4 |
| Dec 29, 2025 | Steven S. FendleyPresident, US Division | Sold plan | 7,000 | $76.57 | $0.5M | Form 4 |
| Dec 22, 2025 | Eric M DemarcoPresident & CEO, Director | Sold plan | 200,000 | $80.53 | $16.1M | Form 4 |
| Dec 18, 2025 | Stacey G RockPresident, KTT Division | Sold plan | 8,549 | $71.45 | $0.6M | Form 4 |
| Dec 15, 2025 | Scott I AndersonDirector | Sold plan | 15,401 | $74.51 | $1.1M | Form 4 |
| Dec 15, 2025 | Phillip D CarraiPresident, STC Division | Sold plan | 6,000 | $75.91 | $0.5M | Form 4 |
| Dec 15, 2025 | Marie MendozaSVP & General Counsel | Sold plan | 1,567 | $76.27 | $0.1M | Form 4 |
| Dec 5, 2025 | David M CarterPresident, DRSS Division | Sold plan | 4,000 | $76.29 | $0.3M | Form 4 |
| Dec 2, 2025 | Deanna H LundEVP & CFO, Director | Sold plan | 25,000 | $72.02 | $1.8M | Form 4 |
| Dec 2, 2025 | Eric M DemarcoPresident & CEO, Director | Sold plan | 200,000 | $72.02 | $14.4M | Form 4 |
| Dec 1, 2025 | William A HoglundDirector | Sold | 75,000 | $74.35 | $5.6M | Form 4 |
| Dec 1, 2025 | Amy ZegartDirector | Sold | 10,000 | $74.17 | $0.7M | Form 4 |
| Dec 1, 2025 | Deanna H LundEVP & CFO, Director | Sold plan | 30,000 | $74.08 | $2.2M | Form 4 |
| Dec 1, 2025 | Eric M DemarcoPresident & CEO, Director | Sold plan | 200,000 | $74.09 | $14.8M | Form 4 |
| Nov 25, 2025 | Jonah AdelmanPresident, ME Division | Sold | 30,000 | $74.80 | $2.2M | Form 4 |
| Nov 24, 2025 | Steven S. FendleyPresident, US Division | Sold plan | 7,000 | $69.62 | $0.5M | Form 4 |
| Nov 24, 2025 | Scott I AndersonDirector | Sold | 3,500 | $73.82 | $0.3M | Form 4 |
| Nov 17, 2025 | Phillip D CarraiPresident, STC Division | Sold plan | 6,000 | $72.11 | $0.4M | Form 4 |
| Nov 17, 2025 | Marie MendozaSVP & General Counsel | Sold plan | 1,408 | $72.09 | $0.1M | Form 4 |
| Nov 6, 2025 | David M CarterPresident, DRSS Division | Sold plan | 4,000 | $73.64 | $0.3M | Form 4 |
| Nov 3, 2025 | Deanna H LundEVP & CFO, Director | Sold plan | 5,000 | $90.26 | $0.5M | Form 4 |
| Oct 27, 2025 | Steven S. FendleyPresident, US Division | Sold plan | 7,000 | $91.25 | $0.6M | Form 4 |
| Oct 15, 2025 | Phillip D CarraiPresident, STC Division | Sold plan | 6,000 | $96.89 | $0.6M | Form 4 |
| Oct 15, 2025 | Marie MendozaSVP & General Counsel | Sold plan | 1,440 | $97.10 | $0.1M | Form 4 |
| Oct 7, 2025 | David M CarterPresident, DRSS Division | Sold plan | 4,000 | $102.81 | $0.4M | Form 4 |
| Oct 1, 2025 | Deanna H LundEVP & CFO, Director | Sold plan | 5,000 | $92.02 | $0.5M | Form 4 |
| Oct 1, 2025 | Stacey G RockPresident, KTT Division | Sold plan | 3,846 | $92.02 | $0.4M | Form 4 |
| Sep 29, 2025 | Steven S. FendleyPresident, US Division | Sold plan | 7,000 | $88.88 | $0.6M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Kratos Defense & Security Solutions has $461M more cash than debt.
Cash, debt and the ratios that show how comfortably Kratos Defense & Security Solutions can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $349M | $81.3M | $72.8M | $329M | $561M |
| Debt incl. finance leases | $341M | $302M | $272M | $241M | $99.2M |
| Net debt / EBITDA | β0.2x | 8.0x | 3.1x | β1.3x | β6.4x |
| Debt / equity | 0.4x | 0.3x | 0.3x | 0.2x | 0.1x |
| Interest coverage | 1.2x | β0.2x | 1.4x | 1.9x | 2.7x |
| Current ratio | 3.4x | 2.5x | 2.0x | 2.9x | 4.1x |
| Quick ratio | 3.0x | 2.0x | 1.5x | 2.4x | 3.5x |
| Total assets | $1.6B | $1.6B | $1.6B | $2.0B | $2.5B |
| Total liabilities | $629M | $604M | $634M | $598M | $471M |
| Shareholders' equity | $945M | $936M | $976M | $1.4B | $2.0B |
| Net debt (β = net cash) | β$8.3M | $221M | $199M | β$88.4M | β$461M |
KIRA Β· Its return on capital was 1.2%: every 100 invested in the business earned about 1 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Kratos Defense & Security Solutions passes 4 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 6 / 9 | 7 / 9 | 4 / 9 |
| Accruals ratio | β4.7% | β1.9% | 2.9% |
| Altman Z'' | 1.60 | 3.30 | 6.20 |
What does the share cost, and how does it compare?
KIRA Β· At $38.68 a share, the company is worth $7.4B.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of $461M and divides by 165.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today β Β· peers 35.9x Β· sector 26.0x.
KIRA Β· Kratos Defense & Security Solutions grew sales faster than 2 of its 4 similar companies.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Kratos Defense & Security Solutions KTOS | $7.4B | 18.5% | 1.9% | β10.2% | 1.2% | β | 4 | |
| Hexcel HXL | $6.1B | β0.5% | 9.1% | 8.3% | 6.5% | 35.9x | 6 | Compare β |
| AeroVironment AVAV | $6.2B | 140.9% | β15.7% | β7.1% | β9.1% | β | 3 | Compare β |
| Axon Enterprise AXON | $35.0B | 33.5% | β2.2% | 2.7% | β2.2% | 176.3x | 6 | Compare β |
| BWX Technologies BWXT | $12.1B | 18.3% | 12.7% | 9.2% | 13.9% | 34.0x | 7 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $669M | $752M | $618M | $718M | $748M | $812M | $898M | $1.0B | $1.1B | $1.3B |
| Gross profit | $121M | $158M | $170M | $190M | $203M | $225M | $226M | $269M | $287M | $308M |
| Research and development | $13.9M | $17.8M | $15.6M | $18.0M | $27.0M | $35.2M | $38.6M | $38.4M | $40.3M | $40.0M |
| Operating income | β$18.0M | β$12.0M | $30.5M | $38.0M | $29.3M | $27.9M | β$2.9M | $31.1M | $29.0M | $25.6M |
| Interest expense | $34.7M | $29.1M | $21.6M | $23.5M | $23.6M | $23.7M | $18.3M | $21.7M | $15.2M | $9.6M |
| Pretax income | β$51.8M | β$57.1M | $8.7M | $15.7M | $6.8M | $4.4M | β$33.0M | $11.1M | $26.5M | $34.0M |
| Income tax | $5.8M | β$10.2M | $4.6M | $4.8M | β$73.5M | $3.9M | $0.2M | $8.7M | $10.2M | $12.0M |
| Net income | β$60.5M | β$42.7M | β$3.5M | $12.5M | $79.6M | β$2.0M | β$36.9M | β$8.9M | $16.3M | $22.0M |
| Diluted EPS | β$0.99 | β$0.48 | β$0.03 | $0.11 | $0.67 | β$0.02 | β$0.29 | β$0.07 | $0.11 | $0.13 |
| Diluted shares | 0.06B | 0.09B | 0.11B | 0.11B | 0.12B | 0.13B | 0.13B | 0.13B | 0.15B | 0.17B |
| Cash flow | ||||||||||
| Cash from operations | β$14.6M | β$26.9M | $18.1M | $28.9M | $44.7M | $35.3M | β$25.7M | $65.2M | $49.7M | β$42.1M |
| Capital expenditure | β | β | β | β | $35.9M | $46.5M | $45.4M | $52.4M | $58.2M | $95.3M |
| Free cash flow | β | β | β | β | $8.8M | β$11.2M | β$71.1M | $12.8M | β$8.5M | β$137M |
| Depreciation and amortization | $22.5M | $22.2M | $17.9M | $23.4M | $24.6M | $25.7M | $30.5M | $33.2M | $40.3M | $47.1M |
| Stock-based compensation | $5.1M | $7.8M | $7.2M | $11.0M | $21.0M | $25.8M | $26.3M | $25.3M | $29.8M | $35.5M |
| Acquisitions | $5.1M | $0.0M | $2.9M | $17.7M | $51.5M | $12.3M | $132M | $0.3M | $11.5M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $69.1M | $131M | $183M | $173M | $381M | $349M | $81.3M | $72.8M | $329M | $561M |
| Total debt | $432M | $294M | $294M | $295M | $302M | $297M | $250M | $219M | $175M | $0.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $39.0M | $39.7M | $44.4M | $51.6M | $52.2M | $66.3M | $99.2M |
| Current assets | $373M | $471M | $495M | $522M | $765M | $758M | $583M | $594M | $872M | $1.3B |
| Current liabilities | $197M | $189M | $165M | $183M | $198M | $221M | $234M | $293M | $297M | $311M |
| Inventory | $57.2M | $49.6M | $46.8M | $61.1M | $81.2M | $91.7M | $126M | $156M | $162M | $188M |
| Property and equipment, net | $49.8M | $58.0M | $67.1M | $117M | $144M | $168M | $213M | $244M | $288M | $362M |
| Total assets | $949M | $1.0B | $1.0B | $1.2B | $1.6B | $1.6B | $1.6B | $1.6B | $2.0B | $2.5B |
| Total liabilities | $672M | $513M | $491M | $597M | $623M | $629M | $604M | $634M | $598M | $471M |
| Shareholders' equity | $276M | $512M | $519M | $574M | $925M | $945M | $936M | $976M | $1.4B | $2.0B |
| Margins | ||||||||||
| Gross margin | 18.0% | 21.0% | 27.5% | 26.5% | 27.2% | 27.7% | 25.2% | 25.9% | 25.3% | 22.9% |
| Operating margin | β2.7% | β1.6% | 4.9% | 5.3% | 3.9% | 3.4% | β0.3% | 3.0% | 2.6% | 1.9% |
| EBITDA margin | 0.7% | 1.4% | 7.8% | 8.6% | 7.2% | 6.6% | 3.1% | 6.2% | 6.1% | 5.4% |
| Net margin | β9.1% | β5.7% | β0.6% | 1.7% | 10.7% | β0.3% | β4.1% | β0.9% | 1.4% | 1.6% |
| FCF margin | β | β | β | β | 1.2% | β1.4% | β7.9% | 1.2% | β0.8% | β10.2% |
| Returns | ||||||||||
| Return on capital | β2.2% | β1.4% | 2.3% | 3.9% | 3.6% | 1.5% | β0.2% | 1.3% | 1.5% | 1.2% |
| Return on capital employed | β2.4% | β1.5% | 3.6% | 4.1% | 2.5% | 2.0% | β0.2% | 2.3% | 1.9% | 1.3% |
| Return on equity | β22.8% | β10.8% | β0.7% | 2.3% | 10.6% | β0.2% | β3.9% | β0.9% | 1.4% | 1.3% |
| Return on assets | β6.5% | β4.3% | β0.3% | 1.1% | 5.8% | β0.1% | β2.4% | β0.6% | 0.9% | 1.0% |
| Growth | ||||||||||
| Revenue growth | 1.8% | 12.4% | β17.8% | 16.1% | 4.2% | 8.5% | 10.7% | 15.5% | 9.6% | 18.5% |
| Net income growth | β405.6% | β | β | β | 536.8% | β102.5% | β | β | β | 35.0% |
| EPS growth | β391.2% | β | β | β | 509.1% | β103.0% | β | β | β | 18.2% |
| FCF growth | β | β | β | β | β | β227.3% | β | β | β166.4% | β |
| Share count change | 4.4% | 46.0% | 18.6% | 2.9% | 8.7% | 7.8% | β1.0% | 2.9% | 15.7% | 9.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | 80.6x | 16.1x | 2.3x | 2.6x | β0.7x | β0.2x | 8.0x | 3.1x | β1.3x | β6.4x |
| Debt / equity | 1.6x | 0.6x | 0.6x | 0.6x | 0.4x | 0.4x | 0.3x | 0.3x | 0.2x | 0.1x |
| Interest coverage | β0.5x | β0.4x | 1.4x | 1.6x | 1.2x | 1.2x | β0.2x | 1.4x | 1.9x | 2.7x |
| Current ratio | 1.9x | 2.5x | 3.0x | 2.9x | 3.9x | 3.4x | 2.5x | 2.0x | 2.9x | 4.1x |
| Quick ratio | 1.6x | 2.2x | 2.7x | 2.5x | 3.5x | 3.0x | 2.0x | 1.5x | 2.4x | 3.5x |
| Capital allocation | ||||||||||
| Capex / revenue | β | β | β | β | 4.8% | 5.7% | 5.1% | 5.1% | 5.1% | 7.1% |
| Stock comp / revenue | 0.8% | 1.0% | 1.2% | 1.5% | 2.8% | 3.2% | 2.9% | 2.4% | 2.6% | 2.6% |
| Payouts / FCF | β | β | β | β | 0.0% | β | β | 0.0% | β | β |
| Quality scores | ||||||||||
| Piotroski F-score | 3.0 | 6.0 | 6.0 | 6.0 | 6.0 | 4.0 | 4.0 | 6.0 | 7.0 | 4.0 |
| Altman Z'' | β0.8 | 0.5 | 1.1 | 1.2 | 2.8 | 2.6 | 1.7 | 1.6 | 3.3 | 6.2 |
| Accruals ratio | β5.0% | β1.6% | β2.1% | β1.5% | 2.5% | β2.4% | β0.7% | β4.7% | β1.9% | 2.9% |
Source: SEC EDGAR XBRL filings (CIK 0001069258). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
