Leonardo DRS, Inc. (DRS) Key Metrics
DRS valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $9.45B
- Enterprise value
- $9.98B
- P/E (TTM)
- 29.8 10-yr median 17.2
- Forward P/E
- 30.9
- PEG ratio
- —
- Price / sales
- 2.5 10-yr median 0.8
- Price / book
- 3.6 10-yr median 1.8
- EV / EBITDA
- 20.3 10-yr median 7.7
- Dividend yield
- 1.02% $0.36 a year
- Beta
- 0.16
DRS key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsDRS valuation Price multiples at each fiscal year-end price.
DRS returns How much profit the business earns on the capital it uses.
DRS per-share figures Results divided by the shares outstanding at year-end.
DRS financial health Debt, liquidity and how easily interest is covered.
DRS efficiency & capital use Working capital cycle and where the cash goes.
DRS valuation history
DRS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
DRS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
DRS cash returned to shareholders
DRS price vs earnings per share
DRS key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $9.16B | $8.65B | $5.29B | $2.75B | $1.37B | $1.46B | $752.5M | $374.1M | — | — |
| Enterprise value | $8.99B | $8.51B | $5.32B | $2.93B | $1.62B | $1.93B | $1.49B | $353.3M | — | — |
| P/E ratio | 33.0 | 40.6 | 31.5 | 6.8 | 8.9 | 17.2 | 10.0 | — | — | — |
| Price / sales | 2.5 | 2.7 | 1.9 | 1.0 | 0.5 | 0.5 | 0.3 | 0.2 | — | — |
| Price / book | 3.4 | 3.4 | 2.3 | 1.3 | 0.9 | 1.0 | 0.7 | 8.9 | — | — |
| Price / free cash flow | 40.4 | 46.5 | 36.5 | — | 11.6 | 21.2 | 7.4 | 5.8 | — | — |
| Price / operating cash flow | 25.0 | 31.9 | 25.8 | 83.3 | 7.7 | 11.7 | 4.8 | 3.6 | — | — |
| EV / sales | 2.5 | 2.6 | 1.9 | 1.1 | 0.6 | 0.7 | 0.5 | 0.2 | — | — |
| EV / EBITDA | 20.6 | 22.6 | 17.0 | 4.7 | 5.5 | 8.4 | 7.1 | 2.1 | — | — |
| EV / free cash flow | 39.6 | 45.7 | 36.7 | — | 13.7 | 28.0 | 14.6 | 5.4 | — | — |
| Earnings yield | 3.0% | 2.5% | 3.2% | 14.7% | 11.3% | 5.8% | 10.0% | −2.7% | — | — |
| Free cash flow yield | 2.5% | 2.2% | 2.7% | −1.2% | 8.6% | 4.7% | 13.6% | 17.4% | — | — |
| Dividend yield | 1.0% | 0.0% | 0.0% | 14.4% | 0.0% | 0.0% | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 1.4% | 0.2% | 0.0% | 14.4% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Share price at fiscal year-end | $34.09 | $32.31 | $20.04 | $12.78 | $9.42 | $9.75 | $5.19 | $2.58 | $3.08 | $1.16 |
| Per share | ||||||||||
| Revenue per share | $13.57 | $12.08 | $10.70 | $12.53 | $19.86 | $18.55 | $18.72 | $16.09 | — | — |
| Earnings per share | $1.03 | $0.80 | $0.64 | $1.88 | $1.06 | $0.57 | $0.52 | −$0.07 | — | — |
| Operating cash flow per share | $1.36 | $1.01 | $0.78 | $0.15 | $1.23 | $0.83 | $1.08 | $0.72 | — | — |
| Free cash flow per share | $0.84 | $0.69 | $0.55 | −$0.15 | $0.81 | $0.46 | $0.70 | $0.45 | — | — |
| Cash per share | $2.41 | $2.23 | $1.77 | $1.42 | $1.66 | $0.41 | $0.59 | $0.14 | — | — |
| Book value per share | $10.16 | $9.55 | $8.81 | $9.89 | $10.99 | $9.53 | $7.03 | $0.29 | — | — |
| Tangible book value per share | $5.13 | $4.43 | $3.55 | $3.34 | $3.24 | $2.07 | −$0.74 | $0.29 | — | — |
| Dividends per share | $0.36 | $0.00 | $0.00 | $1.84 | $0.00 | $0.00 | — | — | — | — |
| Capex per share | $0.52 | $0.32 | $0.23 | $0.30 | $0.41 | $0.37 | $0.38 | $0.28 | — | — |
| Debt per share | $1.75 | $1.71 | $1.88 | $2.27 | $3.38 | $3.54 | $5.66 | $0.00 | — | — |
| Shares outstanding | 268.8M | 267.7M | 264.0M | 215.0M | 145.0M | 149.8M | 145.0M | 145.0M | — | — |
| Change in shares outstanding | +0.4% | +1.4% | +22.8% | +48.3% | −3.2% | +3.3% | 0.0% | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 10.5% | 8.7% | 7.5% | 21.8% | 10.2% | 7.0% | 14.1% | −28.3% | 11.5% | −0.6% |
| Return on invested capital (ROIC) | 11.6% | 9.9% | 8.7% | 20.9% | 9.7% | 7.5% | 14.5% | 189.8% | 10.8% | −0.2% |
| Return on assets (ROA) | 6.3% | 5.3% | 4.4% | 12.0% | 5.1% | 2.9% | 5.1% | −22.3% | 7.9% | −0.2% |
| Return on tangible assets | 8.5% | 7.6% | 6.6% | 17.8% | 7.9% | 4.6% | 4.3% | −18.7% | 6.2% | −23.4% |
| Free cash flow margin | 6.2% | 5.8% | 5.1% | −1.2% | 4.1% | 2.5% | 3.8% | 2.8% | −2.7% | −39.2% |
| Income quality (OCF / net income) | 1.32 | 1.27 | 1.22 | 0.08 | 1.16 | 1.47 | 2.09 | — | 0.48 | — |
| Financial health | ||||||||||
| Total debt | $470.0M | $458.0M | $497.0M | $487.0M | $490.0M | $530.0M | $821.0M | $0 | $0 | $3.6M |
| Cash & short-term investments | $647.0M | $598.0M | $467.0M | $306.0M | $240.0M | $61.0M | $85.0M | $20.8M | $12.4M | $1.2M |
| Net debt | −$177.0M | −$140.0M | $30.0M | $181.0M | $250.0M | $469.0M | $736.0M | −$20.8M | −$12.4M | $2.4M |
| Debt / equity | 0.17 | 0.18 | 0.21 | 0.23 | 0.31 | 0.37 | 0.81 | 0.00 | 0.00 | 0.35 |
| Debt / assets | 0.10 | 0.11 | 0.13 | 0.13 | 0.16 | 0.18 | 0.28 | 0.00 | 0.00 | 0.17 |
| Net debt / EBITDA | −0.41 | −0.37 | 0.10 | 0.29 | 0.85 | 2.05 | 3.49 | −0.12 | — | — |
| Current ratio | 1.89 | 1.94 | 1.78 | 1.64 | 1.40 | 1.30 | 1.25 | 4.46 | 5.21 | 2.78 |
| Quick ratio | 1.60 | 1.62 | 1.47 | 1.33 | 1.20 | 1.04 | 1.04 | 3.43 | 3.91 | 1.64 |
| Interest coverage | 43.5 | 14.0 | 6.4 | 16.5 | 6.7 | 2.8 | 2.5 | 0.8 | — | — |
| Working capital | $1.09B | $1.05B | $840.0M | $665.0M | $400.0M | $288.0M | $250.0M | $37.8M | $25.6M | $11.1M |
| Invested capital | $2.55B | $2.42B | $2.35B | $2.31B | $1.84B | $1.90B | $1.75B | $21.4M | $16.1M | $13.0M |
| Tangible asset value | $1.38B | $1.19B | $936.0M | $719.0M | $470.0M | $310.0M | −$107.0M | $42.2M | $28.5M | $10.5M |
| Net current asset value | $439.0M | $536.0M | $322.0M | $157.0M | −$87.0M | −$266.0M | −$618.0M | $37.5M | $24.2M | $6.9M |
| Graham number | $15.37 | $13.08 | $11.23 | $20.48 | $16.20 | $11.03 | $9.04 | — | — | — |
| Graham net-net per share | −$0.43 | −$0.02 | −$0.64 | −$1.42 | −$3.17 | −$4.52 | −$6.92 | $0.18 | — | — |
| Capital allocation | ||||||||||
| Dividends paid | $96.0M | $0 | $1.0M | $396.0M | $0 | $0 | — | — | — | — |
| Share buybacks (net) | $35.0M | $19.0M | $1.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividend payout ratio | 34.5% | 0.0% | 0.6% | 97.8% | 0.0% | 0.0% | — | — | — | — |
| Dividends + buybacks / free cash flow | 57.7% | 10.2% | 1.4% | — | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Capex / revenue | 3.8% | 2.6% | 2.1% | 2.4% | 2.1% | 2.0% | 2.0% | 1.7% | 6.8% | 3.2% |
| Capex / operating cash flow | 38.0% | 31.4% | 29.3% | 197.0% | 33.7% | 44.8% | 35.0% | 38.1% | 164.8% | — |
| Capex / depreciation | 1.49 | 0.93 | 0.71 | 1.00 | 1.03 | 1.06 | 1.08 | 0.31 | 2.79 | 0.74 |
| Stock-based compensation / revenue | 0.9% | 0.7% | 0.6% | 0.2% | −4.4% | — | — | — | — | — |
| R&D / revenue | — | 2.8% | 2.9% | 2.2% | 1.7% | 1.5% | — | — | — | — |
| SG&A / revenue | 13.6% | 12.8% | 13.6% | 13.3% | 10.2% | 10.2% | 10.2% | 11.5% | 18.0% | 31.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 119.6 | 123.2 | 135.4 | 131.3 | 113.3 | 117.7 | 61.6 | 1.7 | 85.7 | 8,243.7 |
| Days of inventory on hand | 46.6 | 50.2 | 54.3 | 45.2 | 35.4 | 36.4 | 17.8 | 1.8 | 153.6 | 7,134.0 |
| Days payables outstanding | 51.0 | 60.2 | 71.6 | 80.7 | 74.9 | 81.0 | 86.8 | — | — | — |
| Cash conversion cycle (days) | 115.2 | 113.2 | 118.1 | 95.8 | 73.8 | 73.1 | -7.3 | — | — | — |
| Receivables turnover | 3.05 | 2.96 | 2.70 | 2.78 | 3.22 | 3.10 | 5.92 | 216.35 | 4.26 | 0.04 |
| Payables turnover | 7.15 | 6.06 | 5.09 | 4.53 | 4.87 | 4.50 | 4.21 | — | — | — |
| Inventory turnover | 7.83 | 7.27 | 6.72 | 8.08 | 10.32 | 10.02 | 20.48 | 200.38 | 2.38 | 0.05 |
| Asset turnover | 0.83 | 0.80 | 0.74 | 0.80 | 0.96 | 0.95 | 1.85 | 52.12 | 0.92 | 0.01 |
| Average receivables | $1.20B | $1.09B | $1.05B | $968.5M | $894.0M | $895.5M | $458.1M | $10.8M | $6.1M | $289.6M |
| Average payables | $388.5M | $412.0M | $427.5M | $468.0M | $478.5M | $507.0M | $536.0M | — | — | — |
| Average inventory | $355.0M | $343.5M | $324.0M | $262.0M | $226.0M | $228.0M | $110.1M | $9.6M | $7.5M | $222.4M |
| Intangibles / total assets | 29.2% | 32.7% | 35.4% | 38.3% | 36.6% | 37.8% | 39.0% | 0.0% | 0.0% | 0.0% |
Computed from DRS's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
DRS valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Leonardo DRS traded at 33.0 times earnings, against a 10-year median of 17.2. Based on the latest twelve months, the trailing P/E is 29.8 and the forward P/E is 30.9. Leonardo DRS earned a return on equity of 10.5% and a return on invested capital of 11.6% in fiscal 2025. It ended the year with $470.0 million of debt and $647.0 million in cash and short-term investments, a net cash position of $177.0 million. It returned $131.0 million to shareholders: $96.0 million in dividends and $35.0 million in share buybacks, 58% of free cash flow.
See the DRS income statement, the DRS chart for price history, or the DRS stock overview for the latest quote and news.
DRS key metrics FAQ
What is Leonardo DRS's P/E ratio?
Leonardo DRS's trailing P/E ratio is 29.8 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 30.9. At the end of fiscal 2025 it was 33.0, compared with a 10-year median of 17.2.
What is Leonardo DRS's EV/EBITDA?
Leonardo DRS's enterprise value was 20.6 times EBITDA at the end of fiscal 2025 (enterprise value $9.0 billion, EBITDA $437.0 million); the current EV/EBITDA is 20.3.
What is Leonardo DRS's return on equity?
Leonardo DRS's return on equity (ROE) was 10.5% in fiscal 2025: net income of $278.0 million on average shareholders' equity of $2.6 billion.
What is Leonardo DRS's ROIC?
Leonardo DRS's return on invested capital was 11.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Leonardo DRS have?
Leonardo DRS had total debt of $470.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.17 and more cash than debt.
What is Leonardo DRS's dividend yield?
Leonardo DRS's forward dividend yield is 1.02%. Leonardo DRS paid $96.0 million in dividends in fiscal 2025 ($0.36 per share), a payout ratio of 34.5%.
Does Leonardo DRS buy back its shares?
Yes. Leonardo DRS spent $35.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.4% over the year, to 268.8M..
What is Leonardo DRS's free cash flow yield?
Leonardo DRS generated $227.0 million of free cash flow in fiscal 2025, a free cash flow yield of 2.5% on its market value at year-end ($9.2 billion).
What is Leonardo DRS's current ratio?
Leonardo DRS's current ratio was 1.89 at the end of fiscal 2025: current assets were 1.89 times current liabilities.