Kratos Defense & Security Solutions, Inc. (KTOS) Balance Sheet
KTOS balance sheet, 2025
December 31, 2025 · U.S. dollars$2.47B assets = $470.9M liabilities + $2.00B equity
Both columns are drawn to the same scale: what KTOS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
KTOS financial health
Descriptive bands, not a rating. Fiscal 2025.
KTOS balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $948.6M2016 | $2.47B2025 | +11.2%/yr | |
| Total liabilities | $672.2M2016 | $470.9M2025 | −3.9%/yr | |
| Shareholders’ equity | $276.4M2016 | $2.00B2025 | +24.6%/yr | |
| Cash & short-term investments | $69.1M2016 | $560.6M2025 | +26.2%/yr | |
| Total debt | $432.0M2016 | $145.8M2025 | −11.4%/yr | |
| Net cash (debt) | −$362.9M2016 | $414.8M2025 | +$777.7M | |
| Working capital | $176.6M2016 | $951.9M2025 | +$775.3M | |
| Book value per share | $4.512016 | $11.542025 | +11.0%/yr | |
| Current ratio | 1.902016 | 4.062025 | +2.16 | |
| Debt / equity | 1.562016 | 0.072025 | −1.49 | |
| Shares outstanding | 61.3M2016 | 173.1M2025 | +12.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KTOS assets
KTOS liabilities and equity
KTOS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
KTOS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $560.6M | $329.3M | $72.8M | $81.3M | $349.4M | $380.8M | $172.6M | $182.7M | $129.6M | $69.1M |
| Cash & equivalents | $560.6M | $329.3M | $72.8M | $81.3M | $349.4M | $380.8M | $172.6M | $182.7M | $129.6M | $69.1M |
| Short-term investments | — | — | — | — | — | — | — | — | $400,000 | $500,000 |
| Receivables | $457.3M | $323.7M | $329.1M | $328.3M | $284.6M | $272.2M | $264.4M | $237.4M | $268.4M | $229.4M |
| Inventory | $188.2M | $162.1M | $156.2M | $125.5M | $91.7M | $81.2M | $61.1M | $46.8M | $50.4M | $55.4M |
| Other current assets | $56.8M | $57.0M | $36.1M | $47.5M | $32.4M | $30.6M | $24.1M | $27.8M | $22.9M | $19.2M |
| Total current assets | $1.26B | $872.1M | $594.2M | $582.6M | $758.1M | $764.8M | $522.2M | $494.7M | $471.3M | $373.1M |
| Property, plant & equipment (net) | $405.3M | $325.8M | $289.3M | $260.5M | $206.8M | $186.7M | $159.0M | $67.1M | $61.2M | $49.8M |
| Goodwill & intangible assets | $649.6M | $622.7M | $631.5M | $613.4M | $537.1M | $526.9M | $495.1M | $441.8M | $483.2M | $518.0M |
| Long-term investments | $5.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $144.4M | $130.3M | $117.5M | $95.0M | $87.5M | $84.4M | $9.7M | $6.5M | $8.3M | $7.7M |
| Total assets | $2.47B | $1.95B | $1.63B | $1.55B | $1.59B | $1.56B | $1.19B | $1.01B | $1.02B | $948.6M |
| Liabilities | ||||||||||
| Accounts payable | $69.6M | $82.0M | $63.1M | $57.3M | $50.4M | $55.4M | $53.8M | $46.6M | $48.8M | $52.7M |
| Short-term debt | $16.2M | $13.2M | $13.4M | $10.8M | $10.1M | $8.9M | $9.9M | $73.2M | $800,000 | $1.0M |
| Deferred revenue | $73.4M | $76.3M | $101.8M | $62.1M | $58.1M | $34.0M | $34.3M | $34.9M | $47.2M | $41.8M |
| Total current liabilities | $311.0M | $296.7M | $292.5M | $234.2M | $221.1M | $197.6M | $182.7M | $164.7M | $188.9M | $196.5M |
| Long-term debt | $0 | $174.6M | $219.3M | $250.2M | $296.7M | $301.0M | $333.5M | $294.2M | $293.5M | $431.0M |
| Lease obligations | $145.8M | $107.4M | $49.9M | $51.6M | $42.8M | $47.5M | $47.5M | — | — | — |
| Other long-term liabilities | $159.9M | $126.4M | $122.2M | $119.6M | $111.4M | $124.1M | $80.7M | $31.9M | $30.1M | $44.7M |
| Total liabilities | $470.9M | $597.7M | $634.0M | $604.0M | $629.2M | $622.7M | $596.9M | $490.8M | $512.5M | $672.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $200,000 | $200,000 | — | — | — | — | — | — | $1.23B | $956.2M |
| Retained earnings (deficit) | −$641.9M | −$663.9M | −$680.2M | −$671.3M | −$634.4M | −$632.4M | −$712.0M | −$724.5M | −$720.8M | −$678.1M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $2.1M | −$500,000 | $1.7M | −$800,000 | $600,000 | $1.4M | −$400,000 | −$700,000 | −$1.4M | −$1.7M |
| Minority interest | — | $0 | $22.5M | $11.2M | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $2.00B | $1.35B | $976.0M | $936.3M | $945.1M | $925.3M | $589.1M | $519.3M | $511.5M | $276.4M |
| Key figures | ||||||||||
| Total debt | $145.8M | $282.0M | $321.4M | $301.8M | $339.5M | $348.5M | $343.4M | $367.4M | $294.3M | $432.0M |
| Net cash (debt) | $414.8M | $47.3M | −$248.6M | −$220.5M | $9.9M | $32.3M | −$170.8M | −$184.7M | −$164.7M | −$362.9M |
| Working capital | $951.9M | $575.4M | $301.7M | $348.4M | $537.0M | $567.2M | $339.5M | $330.0M | $282.4M | $176.6M |
| Tangible book value | $1.35B | $730.5M | $344.5M | $322.9M | $408.0M | $398.4M | $94.0M | $77.5M | $28.3M | −$241.6M |
| Book value per share | $11.54 | $8.97 | $7.48 | $7.39 | $7.38 | $7.80 | $5.39 | $4.89 | $5.72 | $4.51 |
| Shares outstanding | 173.1M | 150.9M | 130.4M | 126.7M | 128.0M | 118.7M | 109.2M | 106.1M | 89.5M | 61.3M |
| Current ratio | 4.06 | 2.94 | 2.03 | 2.49 | 3.43 | 3.87 | 2.86 | 3.00 | 2.49 | 1.90 |
| Quick ratio | 3.27 | 2.20 | 1.37 | 1.75 | 2.87 | 3.30 | 2.39 | 2.55 | 2.11 | 1.52 |
| Debt / equity | 0.07 | 0.21 | 0.33 | 0.32 | 0.36 | 0.38 | 0.58 | 0.71 | 0.58 | 1.56 |
| Equity / assets | 80.9% | 69.4% | 59.8% | 60.3% | 59.5% | 59.2% | 49.7% | 51.4% | 50.0% | 29.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.44B | $1.46B | $560.6M | $565.9M | $783.6M | $263.7M | $329.3M | $301.5M | $308.2M | $338.9M | $72.8M | $42.2M |
| Cash & equivalents | $1.44B | $1.46B | $560.6M | $565.9M | $783.6M | $263.7M | $329.3M | $301.5M | $308.2M | $338.9M | $72.8M | $42.2M |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | — | $3.2M |
| Receivables | $576.7M | $528.6M | $457.3M | $423.4M | $398.8M | $362.5M | $323.7M | $319.1M | $338.4M | $325.8M | $329.1M | $351.9M |
| Inventory | $235.9M | $225.7M | $188.2M | $180.0M | $177.8M | $176.0M | $162.1M | $158.9M | $154.8M | $159.8M | $156.2M | $150.1M |
| Other current assets | $106.3M | $91.8M | $56.8M | $67.7M | $68.7M | $62.2M | $57.0M | $58.9M | $49.8M | $47.2M | $36.1M | $60.2M |
| Total current assets | $2.36B | $2.31B | $1.26B | $1.24B | $1.43B | $864.4M | $872.1M | $838.4M | $851.2M | $871.7M | $594.2M | $604.4M |
| Property, plant & equipment (net) | $470.0M | $459.6M | $405.3M | $384.5M | $352.4M | $342.8M | $325.8M | $320.4M | $313.0M | $294.2M | $289.3M | $277.9M |
| Goodwill & intangible assets | $1.09B | $1.10B | $649.6M | $652.2M | $657.2M | $658.5M | $622.7M | $624.8M | $627.0M | $629.1M | $631.5M | $608.9M |
| Long-term investments | $11.9M | $7.0M | $5.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $159.4M | $161.9M | $144.4M | $149.6M | $147.2M | $139.2M | $130.3M | $128.8M | $123.0M | $119.6M | $117.5M | $99.6M |
| Total assets | $4.09B | $4.04B | $2.47B | $2.42B | $2.59B | $2.00B | $1.95B | $1.91B | $1.91B | $1.91B | $1.63B | $1.59B |
| Liabilities | ||||||||||||
| Accounts payable | $104.8M | $112.0M | $69.6M | $66.2M | $97.6M | $82.7M | $82.0M | $61.0M | $58.8M | $61.9M | $63.1M | $57.4M |
| Short-term debt | $18.9M | $18.7M | $16.2M | $15.0M | $14.0M | $14.0M | $13.2M | $11.6M | $11.7M | $11.6M | $13.4M | $12.1M |
| Deferred revenue | $93.6M | $108.1M | $73.4M | $64.2M | $77.3M | $82.0M | $76.3M | $61.9M | $80.9M | $97.5M | $101.8M | $79.4M |
| Total current liabilities | $425.3M | $410.7M | $311.0M | $287.4M | $322.4M | $304.9M | $296.7M | $260.5M | $272.3M | $288.2M | $292.5M | $263.0M |
| Long-term debt | $0 | $0 | $0 | $0 | $169.8M | $172.2M | $174.6M | $177.0M | $179.5M | $179.4M | $219.3M | $234.2M |
| Lease obligations | $193.6M | $185.4M | $145.8M | $134.3M | $109.5M | $111.0M | $107.4M | $43.8M | $45.8M | $46.9M | $49.9M | $55.1M |
| Other long-term liabilities | $237.7M | $222.0M | $159.9M | $154.4M | $133.5M | $140.2M | $126.4M | $132.0M | $133.1M | $118.4M | $122.2M | $120.9M |
| Total liabilities | $663.0M | $632.7M | $470.9M | $441.8M | $625.7M | $617.3M | $597.7M | $569.5M | $584.9M | $586.0M | $634.0M | $618.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $200,000 | $200,000 | $200,000 | $200,000 | $200,000 | $200,000 | $200,000 | $200,000 | $200,000 | $200,000 | — | — |
| Retained earnings (deficit) | −$625.6M | −$630.0M | −$641.9M | −$647.8M | −$656.5M | −$659.4M | −$663.9M | −$667.8M | −$671.0M | −$678.9M | −$680.2M | −$682.6M |
| Accumulated other comprehensive income | $600,000 | $1.1M | $2.1M | $2.1M | $2.8M | $100,000 | −$500,000 | $300,000 | $1.5M | $2.1M | $1.7M | $2.5M |
| Total shareholders' equity | $3.43B | $3.41B | $2.00B | $1.98B | $1.96B | $1.39B | $1.35B | $1.34B | $1.33B | $1.31B | $976.0M | $953.4M |
| Key figures | ||||||||||||
| Total debt | $193.6M | $185.4M | $145.8M | $134.3M | $279.3M | $283.2M | $282.0M | $220.8M | $225.3M | $226.3M | $321.4M | $289.3M |
| Net cash (debt) | $1.24B | $1.28B | $414.8M | $431.6M | $504.3M | −$19.5M | $47.3M | $80.7M | $82.9M | $112.6M | −$248.6M | −$247.1M |
| Working capital | $1.93B | $1.90B | $951.9M | $949.6M | $1.11B | $559.5M | $575.4M | $577.9M | $578.9M | $583.5M | $301.7M | $341.4M |
| Tangible book value | $2.33B | $2.31B | $1.35B | $1.33B | $1.30B | $729.1M | $730.5M | $718.1M | $702.3M | $677.0M | $344.5M | $344.5M |
| Book value per share | $18.03 | $19.01 | $11.53 | $11.46 | $12.45 | $8.88 | $8.75 | $8.71 | $8.66 | $9.23 | $7.26 | $7.36 |
| Shares outstanding | 190.1M | 179.4M | 173.2M | 172.9M | 157.4M | 156.2M | 154.7M | 154.1M | 153.5M | 141.5M | 134.4M | 129.6M |
| Current ratio | 5.54 | 5.63 | 4.06 | 4.30 | 4.43 | 2.84 | 2.94 | 3.22 | 3.13 | 3.02 | 2.03 | 2.30 |
| Quick ratio | 4.74 | 4.85 | 3.27 | 3.44 | 3.67 | 2.05 | 2.20 | 2.38 | 2.37 | 2.31 | 1.37 | 1.50 |
| Debt / equity | 0.06 | 0.05 | 0.07 | 0.07 | 0.14 | 0.20 | 0.21 | 0.16 | 0.17 | 0.17 | 0.33 | 0.30 |
| Equity / assets | 83.8% | 84.3% | 80.9% | 81.8% | 75.8% | 69.2% | 69.4% | 70.2% | 69.4% | 68.2% | 59.8% | 59.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 23, 2026); data from EODHD.
KTOS financial position
At the end of fiscal 2025 (December 31, 2025), Kratos Defense & Security Solutions had total assets of $2.5 billion (up 26.5% from a year earlier), total liabilities of $470.9 million and shareholders' equity of $2.0 billion. It held $560.6 million in cash and short-term investments against $145.8 million of debt, a net cash position of $414.8 million. Its current ratio was 4.06. In the latest quarter (ended June 30, 2026) total assets were $4.1 billion and equity $3.4 billion.
Related: KTOS income statement, KTOS cash flow statement, KTOS key metrics. See the KTOS stock overview for the latest quote and news.
KTOS balance sheet FAQ
What are Kratos Defense & Security Solutions's total assets?
Kratos Defense & Security Solutions reported total assets of $2.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.0 billion a year earlier.
How much debt does Kratos Defense & Security Solutions have?
Kratos Defense & Security Solutions had $145.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.07.
How much cash does Kratos Defense & Security Solutions have?
Kratos Defense & Security Solutions held $560.6 million in cash and short-term investments at the end of fiscal 2025; with $145.8 million of debt that is net cash of $414.8 million.
What is Kratos Defense & Security Solutions's book value?
Kratos Defense & Security Solutions's shareholders' equity (book value) was $2.0 billion at the end of fiscal 2025, or $11.54 per share.
What is Kratos Defense & Security Solutions's current ratio?
Kratos Defense & Security Solutions had current assets of $1.3 billion and current liabilities of $311.0 million, a current ratio of 4.06 (it can cover its short-term obligations).
How much goodwill does Kratos Defense & Security Solutions have?
Kratos Defense & Security Solutions carried $649.6 million of goodwill and intangible assets, 26.3% of total assets, at the end of fiscal 2025.