Who are Kratos Defense & Security Solutions' biggest customers?

The U.S. government accounts for 68% of Kratos Defense & Security Solutions' revenue (FY2025 10-K).

KTOSKratos Defense & Security Solutions, Inc.

Industrials

$38.68-56% 1Y

$38.68

$38.2652 weeks$130.72

Is the business good?

Mixed

The checks split: 4 of 9 health tests passed and margins steady.

3 neutral, 1 without data

Fundamental health (F-score)4 / 9SEC EDGAR · Dec 28, 2025

Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.

Margin direction, 3 years+0.6 pts

Negative operating leverage, costs are rising faster than sales, squeezing margins as it grows.

Where ROE comes from1% ROA

A balanced mix of margins, efficiency, and leverage. ROE 1% = margin × turnover × leverage.

Unless marked, from derived.

Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.

How good a business is KTOS?

Kratos Defense & Security Solutions, Inc. keeps 1.2% of every revenue dollar as operating profit, against 9.6% for the median Aerospace & Defense name.

1.2%

Operating margin · Aerospace & Defense median 9.6% · 12 months to Q2 2026

Share count, year on year: +21%
Share count, year on year · shareholders own a smaller slice than a year ago
R&D as % of revenue: 2.9%
R&D as % of revenue
Gross margin: 23%
Gross margin

Operating margin by fiscal year
Year	Operating margin
FY2020	3.9%
FY2021	3.4%
FY2022	−0.32%
FY2023	3.0%
FY2024	2.5%
FY2025	1.9%

Details›

Gross margin12 months to Q2 2026: 23%
Operating margin12 months to Q2 2026: 1.2%
Net margin12 months to Q2 2026: 2.0%
Free cash flow margin: −8.5%
R&D as % of revenue: 2.9%
Revenue, trailing twelve months: $1.52B
Free cash flow, trailing twelve months: −$129M
Net income, trailing twelve months: $31M

Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.

Customers and suppliers

Who buys from KTOS and who it buys from, as the companies report it.

68%of revenue comes from the U.S. government

Customerswho buys

U.S. government
68%
Share of revenue · FY2025 10-K

Supplierswho it buys from

None disclosed.

A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; KTOS’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.

Aerospace & Defense

Ranks #25 of 35 by RyuScore