Kratos Defense & Security Solutions vs Planet Labs
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The short version
- Kratos Defense & Security Solutions is the larger business, with $1.3B of revenue in fiscal 2025 against $308M for Planet Labs, about 4.4 times as much.
- Planet Labs grew revenue faster (25.9%, against 18.5%).
- Kratos Defense & Security Solutions kept more of each dollar of sales as operating profit (1.9% operating margin, against β30.9%).
- Planet Labs turned more of its sales into free cash flow (18.7% FCF margin, against β10.2%).
- Kratos Defense & Security Solutions earned a higher return on the capital invested in it (1.2%, against β70.1%).
| Latest fiscal year | KTOS Β· FY25 | PL Β· FY26 |
|---|---|---|
| Size | ||
| Market cap | $7.4B | $4.8B |
| Revenue | $1.3B | $308M |
| Free cash flow | β$137M | $57.7M |
| Net income | $22.0M | β$247M |
| Growth | ||
| Revenue growth | 18.5% | 25.9% |
| 5-year growth | 12.5% | 22.1% |
| Share count change | 9.5% | 5.4% |
| Profitability | ||
| Gross margin | 22.9% | 56.1% |
| Operating margin | 1.9% | β30.9% |
| Net margin | 1.6% | β80.2% |
| FCF margin | β10.2% | 18.7% |
| Return on capital | 1.2% | β70.1% |
| Return on equity | 1.3% | β78.4% |
| Balance sheet | ||
| Net debt | β$461M | β$193M |
| Net debt / EBITDA | β6.4x | β |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | 4 | 3 |
FY17
KTOS $752M
PL β
FY18
KTOS $618M
PL β
FY19
KTOS $718M
PL β
FY20
KTOS $748M
PL $95.7M
FY21
KTOS $812M
PL $113M
FY22
KTOS $898M
PL $131M
FY23
KTOS $1.0B
PL $191M
FY24
KTOS $1.1B
PL $221M
FY25
KTOS $1.3B
PL $244M
FY26
KTOS β
PL $308M
KTOS
PL
FY17
KTOS β1.6%
PL β
FY18
KTOS 4.9%
PL β
FY19
KTOS 5.3%
PL β
FY20
KTOS 3.9%
PL β111.2%
FY21
KTOS 3.4%
PL β77.3%
FY22
KTOS β0.3%
PL β97.6%
FY23
KTOS 3.0%
PL β91.9%
FY24
KTOS 2.6%
PL β76.9%
FY25
KTOS 1.9%
PL β47.5%
FY26
KTOS β
PL β30.9%
KTOS
PL
FY17
KTOS β
PL β
FY18
KTOS β
PL β
FY19
KTOS β
PL β
FY20
KTOS $8.8M
PL β$50.4M
FY21
KTOS β$11.2M
PL β$30.1M
FY22
KTOS β$71.1M
PL β$52.5M
FY23
KTOS $12.8M
PL β$84.4M
FY24
KTOS β$8.5M
PL β$88.7M
FY25
KTOS β$137M
PL β$58.7M
FY26
KTOS β
PL $57.7M
KTOS
PL
FY17
KTOS β1.4%
PL β
FY18
KTOS 2.3%
PL β
FY19
KTOS 3.9%
PL β
FY20
KTOS 3.6%
PL β
FY21
KTOS 1.5%
PL β
FY22
KTOS β0.2%
PL β70.6%
FY23
KTOS 1.3%
PL β85.5%
FY24
KTOS 1.5%
PL β69.4%
FY25
KTOS 1.2%
PL β41.9%
FY26
KTOS β
PL β70.1%
KTOS
PL
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.