Kratos Defense & Security Solutions, Inc
Kratos Defense & Security Solutions is a U.S.-based defense technology company that designs and delivers hardware, software, systems, and services for national security and commercial customers. Its portfolio spans unmanned aerial systems, space and satellite ground systems, microwave electronics, C5ISR, rocket and hypersonic systems, and related support services, with an emphasis on affordable, rapidly fielded solutions.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaJet-powered drones, target drones, unmanned ground and seaborne systems, and related command-and-control offerings.
Virtualized ground systems, satellite command-and-control, telemetry, tracking and control, and cyber-related solutions.
Electronic components and subsystems used in missile, radar, and air defense applications.
Rocket systems, propulsion, hypersonic vehicles, loitering munitions, and related support services.
Command, control, communications, computing, intelligence, surveillance, reconnaissance, and training solutions.
Tuotteet
Raportoitu · osuus liikevaihdosta- Products65,2 %
- Services34,8 %
Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
Kratos sells primarily to U.S. Government agencies, including the Department of War, intelligence agencies, and homeland security-related organizations, often as a prime contractor or subcontractor. It also serves local, state, and foreign governments, plus domestic and international commercial customers, with many programs tied to defense modernization and mission-critical platform support.
Buys drones, microwave electronics, rocket support, and C5ISR systems for defense missions and platform modernization.
Partners and integrators that buy Kratos subsystems or team with it on larger programs when win probability or capital needs favor collaboration.
Buy secure systems, cyber-related offerings, and mission support capabilities for classified or sensitive operations.
Buy defense systems and support through foreign military sales and related government channels.
Buy satellite ground systems, launch-related technologies, and other specialized hardware/software offerings.
Strategia
Kratos is focused on affordable, rapidly developed defense technologies that can be designed for low-cost future manufacturing and fielded quickly. It prioritizes programs where it can win as prime contractor when the probability of success is high, while teaming with larger integrators when the opportunity is bigger or the investment requirement is higher.
Target drone and unmanned platforms are a growth engine and align with defense demand for attritable systems.
These programs match U.S. defense recapitalization priorities and can deepen strategic customer relationships.
These areas support recurring mission needs and broaden Kratos' role across defense and space architectures.
Teaming with large primes helps access larger programs while limiting balance-sheet risk.
Maantiede
Q1/2026Kratos is headquartered in the United States and derives the vast majority of revenue from U.S. Government-related contracts. The company also serves foreign governments and international commercial customers, so export controls, security requirements, and geopolitical demand trends matter to its business mix.
Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.
Riskit
Kratos depends heavily on U.S. Government spending, program timing, and contract awards, so delays, reductions, or competitive losses can quickly affect revenue. The business also faces cyber, supply-chain, labor-clearance, and execution risks because it operates in secure, technically demanding defense markets with specialized manufacturing and classified customer environments.
- Dependence on U.S. Government spending and appropriationsVaikutus: KorkeaTodennäköisyys: Korkea
A large share of revenue comes from government contracts, so budget changes or delays can reduce demand and timing of awards.
Kohdistuu: 68% of fiscal 2025 revenue from U.S. Government contracts
- Cyber and security threatsVaikutus: KorkeaTodennäköisyys: Kohtalainen
Kratos handles sensitive defense work and secure facilities, making it exposed to unauthorized access, data loss, and operational disruption.
Kohdistuu - Competitive pressure and contract lossVaikutus: KeskitasoTodennäköisyys: Korkea
Defense programs are bid-driven and often contested, so lower win rates can reduce revenue and backlog.
Kohdistuu: Prime and subcontract opportunities
- Program concentration and customer dependenceVaikutus: KeskitasoTodennäköisyys: Korkea
A loss or delay in a major customer, platform, or application can materially affect operating results.
Kohdistuu: Large defense programs and recurring recompetes
- Labor shortages and clearance constraintsVaikutus: KeskitasoTodennäköisyys: Kohtalainen
The company needs specialized, cleared personnel to execute programs and retain production capacity.
Kohdistuu
Kirjanpito
Harkinnanvaraiset erätDefense contracts may recognize revenue over time or at delivery, affecting timing and quarter-to-quarter comparability.
Vaikutus: Can shift reported revenue and margin between periods
Specialized hardware and program-specific components can become excess or obsolete if demand changes.
Vaikutus: May require reserves that reduce gross profit
Acquisitions and acquired technologies must be tested if market conditions or program performance weaken.
Vaikutus: Could create non-cash charges to earnings
Defense contracting and operational risks can create warranty, legal, or environmental liabilities.
Vaikutus: May affect expenses and balance-sheet liabilities
Recent asset acquisitions, such as Norden Millimeter assets, require fair value allocation and ongoing estimate updates.
Vaikutus: Can affect amortization, margins, and reported assets
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Päivitetty: 24.9.2026