A Business at a Glance
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Leonardo DRS, Inc. provides advanced defense technology to U.S. national security customers and allied defense forces worldwide. We specialize in the design, development, manufacture, and integration of advanced sensing, network computing, force protection, and electric power and propulsion technologies and solutions. As a mid-sized defense technology company, our combination of operational speed and agility, deep domain expertise, and established positions on priority defense platforms has resulted in a durable and diversified portfolio of programs across the DoW. We believe DRS is well positioned to support current operational requirements, while facilitating the DoW’s rapid transition toward more autonomous, software-enabled, interconnected, and multi-domain capabilities required to address increasingly complex and proliferating threats.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.6B | 3.6B | 3.2B | 2.8B | 2.7B | 2.9B |
| Net Income | 278M | 278M | 213M | 168M | 405M | 154M |
| EPS | $1.03 | $1.03 | $0.80 | $0.64 | $1.88 | $0.73 |
| Free Cash Flow | 227M | 227M | 186M | 145M | -32M | 118M |
| ROIC | 11.7% | 16.2% | 13.5% | 10.9% | 22.3% | 11.7% |
| Gross Margin | 23.8% | 23.8% | 22.8% | 22.9% | 21.4% | 19.0% |
| Debt/Equity | 0.14 | 0.14 | 0.15 | 0.20 | 0.20 | 0.27 |
| Dividends/Share | $0.25 | $0.36 | $0.00 | $0.00 | $1.84 | $0.00 |
| Operating Income | 348M | 348M | 293M | 231M | 561M | 236M |
| Operating Margin | 9.5% | 9.5% | 9.1% | 8.2% | 20.8% | 8.2% |
| ROE | 10.2% | 10.5% | 8.3% | 7.2% | 19.0% | 9.7% |
| Shares Outstanding | 270M | 270M | 266M | 263M | 215M | 211M |
| Metric | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 2.8B | 2.9B | 2.7B | 2.8B | 3.2B | 3.6B | 3.6B |
| Gross Margin | 17.8% | 19.0% | 21.4% | 22.9% | 22.8% | 23.8% | 23.8% |
| R&D | N/A | 48M | 58M | 82M | 92M | 129M | 129M |
| SG&A | 283M | 293M | 357M | 384M | 414M | 497M | 497M |
| EBIT | 181M | 236M | 561M | 231M | 293M | 348M | 348M |
| Op. Margin | 6.5% | 8.2% | 20.8% | 8.2% | 9.1% | 9.5% | 9.5% |
| Net Income | 85M | 154M | 405M | 168M | 213M | 278M | 278M |
| Net Margin | 3.1% | 5.3% | 15.0% | 5.9% | 6.6% | 7.6% | 7.6% |
| Non-Recurring | 0 | 5.0M | 3.0M | 11M | 8.0M | 2.0M | 2.0M |
| Returns on Capital | |||||||
| ROIC | 7.7% | 11.7% | 22.3% | 10.9% | 13.5% | 16.2% | 11.7% |
| ROE | 6.0% | 9.7% | 19.0% | 7.2% | 8.3% | 10.5% | 10.2% |
| ROA | 2.9% | 5.0% | 11.0% | 4.3% | 5.1% | 6.4% | 6.2% |
| Cash Flow | |||||||
| Op. Cash Flow | 125M | 178M | 33M | 205M | 271M | 366M | 366M |
| Free Cash Flow | 69M | 118M | -32M | 145M | 186M | 227M | 227M |
| Owner Earnings | 72M | 120M | -37M | 103M | 158M | 241M | 241M |
| CapEx | 56M | 60M | 65M | 60M | 85M | 139M | 139M |
| Maint. CapEx | 53M | 58M | 65M | 85M | 91M | 93M | 93M |
| Growth CapEx | 3.0M | 2.0M | 0 | 0 | 0 | 46M | 46M |
| D&A | 53M | 58M | 65M | 85M | 91M | 93M | 93M |
| CapEx/OCF | 44.8% | 33.7% | 197.0% | 29.3% | 31.4% | 38.0% | 38.0% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 396M | 0 | 0 | 68M | 68M |
| Dividend Yield | N/A | N/A | 16.5% | N/A | N/A | 0.7% | 0.5% |
| Share Buybacks | 0 | 0 | 0 | 1.0M | 19M | 35M | 35M |
| Buyback Yield | N/A | N/A | N/A | 0.0% | N/A | 0.4% | 0.3% |
| Stock-Based Comp | N/A | N/A | 5.0M | 17M | 22M | 32M | 32M |
| Debt Repayment | 11M | 18M | 8.0M | 727M | 291M | 11M | 11M |
| Balance Sheet | |||||||
| Net Debt | 358M | -46M | -189M | -471M | -806M | -921M | -274M |
| Cash & Equiv. | 61M | 240M | 306M | 467M | 598M | 647M | 647M |
| Long-Term Debt | 374M | 352M | 365M | 349M | 340M | 321M | 321M |
| Debt/Equity | 0.34 | 0.27 | 0.20 | 0.20 | 0.15 | 0.14 | 0.14 |
| Interest Coverage | 2.8 | 6.7 | 16.5 | 6.4 | 14.0 | 43.5 | 43.5 |
| Equity | 1.4B | 1.6B | 2.1B | 2.3B | 2.6B | 2.7B | 2.7B |
| Total Assets | 3.0B | 3.1B | 3.7B | 3.9B | 4.2B | 4.5B | 4.5B |
| Total Liabilities | 1.5B | 1.5B | 1.6B | 1.6B | 1.6B | 1.8B | 1.8B |
| Intangibles | 60M | 52M | 172M | 151M | 132M | 112M | 112M |
| Retained Earnings | -3.1B | -3.0B | -3.0B | -2.8B | -2.6B | -2.3B | -2.3B |
| Working Capital | 288M | 400M | 665M | 840M | 1.0B | 1.1B | 1.1B |
| Current Assets | 1.3B | 1.4B | 1.7B | 1.9B | 2.2B | 2.3B | 2.3B |
| Current Liabilities | 975M | 989M | 1.0B | 1.1B | 1.1B | 1.2B | 1.2B |
| Per Share Data | |||||||
| EPS | 0.59 | 0.73 | 1.88 | 0.64 | 0.80 | 1.03 | 1.03 |
| Owner EPS | 0.50 | 0.57 | -0.17 | 0.39 | 0.59 | 0.89 | 0.89 |
| Book Value | 9.91 | 7.55 | 9.87 | 8.86 | 9.60 | 10.11 | 10.11 |
| Cash Flow/Share | 0.87 | 0.84 | 0.15 | 0.78 | 1.02 | 1.36 | 1.37 |
| Dividends/Share | N/A | 0.00 | 1.84 | 0.00 | 0.00 | 0.36 | 0.25 |
| Shares Out. | 144.1M | 211.0M | 215.4M | 262.5M | 266.3M | 269.9M | 269.9M |
| Valuation | |||||||
| P/E Ratio | 17.1 | 12.9 | 6.6 | 31.2 | 40.3 | 33.3 | 46.0 |
| P/FCF | 21.1 | 16.9 | N/A | 36.2 | 46.1 | 40.8 | 56.4 |
| EV/EBIT | 10.0 | 8.2 | 4.4 | 20.7 | 26.5 | 23.9 | 36.0 |
| Price/Book | 1.0 | 1.3 | 1.3 | 2.3 | 3.4 | 3.4 | 4.7 |
| Price/Sales | 0.3 | 0.8 | 0.9 | 1.5 | 2.1 | 2.8 | 3.5 |
| FCF Yield | 4.7% | 5.9% | -1.2% | 2.8% | 2.2% | 2.5% | 1.8% |
| Market Cap | 1.5B | 2.0B | 2.7B | 5.2B | 8.6B | 9.3B | 12.8B |
| Avg. Price | 5.98 | 11.27 | 11.14 | 15.84 | 25.65 | 38.29 | 47.43 |
| Year-End Price | 10.10 | 9.45 | 12.46 | 19.99 | 32.22 | 34.28 | 47.43 |
Leonardo DRS, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Leonardo DRS, Inc. trades at 46.0x trailing earnings, compared to its 15-year median P/E of 24.2x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 55.5x vs a median of 36.2x. The company's 5-year average ROIC is 14.9% with a gross margin of 22.0%. Total shareholder yield (dividends + buybacks) is 0.8%. At current prices, the estimated annualized return to fair value is +11.2%.
Leonardo DRS, Inc. (DRS) has a current P/E ratio of 46.0, compared to its historical median P/E of 24.2. The stock is currently considered Expensive based on its historical valuation range.
Leonardo DRS, Inc. (DRS) has a 5-year average return on invested capital (ROIC) of 14.9%. This indicates solid capital allocation.
Leonardo DRS, Inc. (DRS) has a market capitalization of $12.8B. It is classified as a large-cap stock.
Yes, Leonardo DRS, Inc. (DRS) pays a dividend with a trailing twelve-month yield of 0.53%. The company also returns capital through share buybacks, with a buyback yield of 0.27%.
Based on historical P/E analysis, Leonardo DRS, Inc. (DRS) appears expensive. The current P/E of 46.0 is 90% above its historical median of 24.2. The estimated fair value CAGR (P/E method) is 5.2%.
Leonardo DRS, Inc. (DRS) operates in the Search, Detection, Navigation, Guidance, Aeronautical Sys industry, within the Technology sector.
Leonardo DRS, Inc. (DRS) reported annual revenue of $3.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Leonardo DRS, Inc. (DRS) has a net profit margin of 7.6%. This is a modest margin.
Leonardo DRS, Inc. (DRS) generated $227 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Leonardo DRS, Inc. (DRS) has a debt-to-equity ratio of 0.14. This indicates a conservatively financed balance sheet.
Leonardo DRS, Inc. (DRS) reported earnings per share (EPS) of $1.03 in its most recent fiscal year.
Leonardo DRS, Inc. (DRS) has a return on equity (ROE) of 10.5%. This indicates moderate shareholder returns.
Leonardo DRS, Inc. (DRS) has a 5-year average gross margin of 22.0%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 6 years of financial data for Leonardo DRS, Inc. (DRS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Leonardo DRS, Inc. (DRS) has a book value per share of $10.11, based on its most recent annual SEC filing.