BWX Technologies vs Kratos Defense & Security Solutions
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The short version
- BWX Technologies is the larger business, with $3.2B of revenue in fiscal 2025 against $1.3B for Kratos Defense & Security Solutions, about 2.4 times as much.
- BWX Technologies kept more of each dollar of sales as operating profit (12.7% operating margin, against 1.9%).
- BWX Technologies turned more of its sales into free cash flow (9.2% FCF margin, against −10.2%).
- BWX Technologies earned a higher return on the capital invested in it (13.9%, against 1.2%).
| Latest fiscal year | BWXT · FY25 | KTOS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.7B | $7.4B |
| Revenue | $3.2B | $1.3B |
| Free cash flow | $295M | −$137M |
| Net income | $329M | $22.0M |
| Growth | ||
| Revenue growth | 18.3% | 18.5% |
| 5-year growth | 8.5% | 12.5% |
| Share count change | 0.0% | 9.5% |
| Profitability | ||
| Gross margin | 22.9% | 22.9% |
| Operating margin | 12.7% | 1.9% |
| Net margin | 10.3% | 1.6% |
| FCF margin | 9.2% | −10.2% |
| Return on capital | 13.9% | 1.2% |
| Return on equity | 28.4% | 1.3% |
| Balance sheet | ||
| Net debt | $1.5B | −$461M |
| Net debt / EBITDA | 3.0x | −6.4x |
| Dividends and buybacks | $123M | $0.0M |
| Valuation & quality | ||
| P/E | 33.0x | — |
| Piotroski F-score | 7 | 4 |
Revenue
FY16
BWXT $1.6B
KTOS $669M
FY17
BWXT $1.7B
KTOS $752M
FY18
BWXT $1.8B
KTOS $618M
FY19
BWXT $1.9B
KTOS $718M
FY20
BWXT $2.1B
KTOS $748M
FY21
BWXT $2.1B
KTOS $812M
FY22
BWXT $2.2B
KTOS $898M
FY23
BWXT $2.5B
KTOS $1.0B
FY24
BWXT $2.7B
KTOS $1.1B
FY25
BWXT $3.2B
KTOS $1.3B
BWXT
KTOS
Operating margin
FY16
BWXT 15.1%
KTOS −2.7%
FY17
BWXT 17.3%
KTOS −1.6%
FY18
BWXT 16.9%
KTOS 4.9%
FY19
BWXT 17.2%
KTOS 5.3%
FY20
BWXT 16.9%
KTOS 3.9%
FY21
BWXT 16.3%
KTOS 3.4%
FY22
BWXT 15.6%
KTOS −0.3%
FY23
BWXT 15.4%
KTOS 3.0%
FY24
BWXT 14.1%
KTOS 2.6%
FY25
BWXT 12.7%
KTOS 1.9%
BWXT
KTOS
Free cash flow
FY16
BWXT $187M
KTOS —
FY17
BWXT $125M
KTOS —
FY18
BWXT $60.0M
KTOS —
FY19
BWXT $97.2M
KTOS —
FY20
BWXT −$58.6M
KTOS $8.8M
FY21
BWXT $75.0M
KTOS −$11.2M
FY22
BWXT $46.4M
KTOS −$71.1M
FY23
BWXT $212M
KTOS $12.8M
FY24
BWXT $255M
KTOS −$8.5M
FY25
BWXT $295M
KTOS −$137M
BWXT
KTOS
Return on capital
FY16
BWXT —
KTOS −2.2%
FY17
BWXT —
KTOS −1.4%
FY18
BWXT 32.6%
KTOS 2.3%
FY19
BWXT 24.3%
KTOS 3.9%
FY20
BWXT 21.5%
KTOS 3.6%
FY21
BWXT 16.6%
KTOS 1.5%
FY22
BWXT 14.0%
KTOS −0.2%
FY23
BWXT 14.4%
KTOS 1.3%
FY24
BWXT 14.9%
KTOS 1.5%
FY25
BWXT 13.9%
KTOS 1.2%
BWXT
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.