Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Kratos Defense & Security Solutions, Inc.KTOS · manufacturing | |
|---|---|
| Grade |  Astrongest fifth of 255 graded peers; percentile 16.9, sampling error 3.0 points; lower is stronger |
| Rank | 44 of 255 |
| Profitability | Dpercentile 65.9 |
| Solvency | A/Bpercentile 18.8 |
| Growth and financing | Bpercentile 29.6 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $2.5B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none active · fortress balance sheetnot computable: distress |
| Inputs computable | 9 of 14 |
| Graded from | filings received through Feb 23, 2026228 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $41.932026-10-08; market equity $7.9B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 23, 2026; the document on sec.gov.
Kratos is a technology, hardware, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field relevant solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 65.9 | |||||||
| Gross profitability | 12.5% | [1,5] | 21.9% | 81.0 | 275 | 2025-12-28 | |
| Return on invested capital | not computable | 9.7% | |||||
| latest aligned inputs end 2021-12-26; latest annual assets end 2025-12-28 | |||||||
| Accruals ratio | 2.9% | [1,6-8] | (3.6%) | 87.3 | 308 | 2025-12-28 | |
| Gross margin stability, five years | 1.6 pts | [2,5,9-16] | 2.1 pts | 29.4 | 229 | 2025-12-28 | |
| Solvency, sleeve percentile 18.8 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | 6.20 | [1,17-22] | 3.66 | 20.6 | 244 | 2025-12-28 | |
| Net debt to EBITDA | not computable | 1.78x | |||||
| latest aligned inputs end 2021-12-26; latest annual assets end 2025-12-28 | |||||||
| Interest coverage | not computable | 5.09x | |||||
| one or more required annual facts are missing | |||||||
| Current ratio | 4.06x | [17-18] | 2.25x | 17.0 | 325 | 2025-12-28 | |
| Growth and financing, sleeve percentile 29.6 | |||||||
| Revenue growth, three-year compound | 14.5% | [2,10,12,14] | 2.1% | 13.8 | 269 | 2025-12-28 | |
| Free cash flow growth, three-year compound | not computable | 13.9% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | 2,563.9% | [17-18,20,23-28] | 26.4% | 0.7 | 139 | 2025-12-28 | |
| Asset growth, three years | 16.7% | [1,8,29-30] | 4.4% | 14.0 | 279 | 2025-12-28 | |
| Net share issuance, one year | 11.4% | [31-32] | 0.01% | 89.7 | 243 | 2026-02-20 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite -0.278; sampling error 3.0 percentile points on 255 peers.
Among 255 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 39 | Kadant Inc. (KAI) Kadant Inc. (KAI) Astrongest fifth; percentile 15.0 NYSE · Special Industry Machinery (No Metalworking Machinery) market equity $3.1B; last close $260.43 No active warnings; 11 of 14 inputs | 15.0 | A | |
| 40 | Nwpx Infrastructure, Inc. (NWPX) Nwpx Infrastructure, Inc. (NWPX) Astrongest fifth; percentile 15.4 Nasdaq · Steel Pipe & Tubes market equity $970.8M; last close $100.64 No active warnings; 9 of 14 inputs | 15.4 | A | |
| 41 | Axcelis Technologies Inc. (ACLS) Axcelis Technologies Inc. (ACLS) Astrongest fifth; percentile 15.7 Nasdaq · Special Industry Machinery, NEC market equity $4.1B; last close $133.67 No active warnings; 11 of 14 inputs | 15.7 | A | |
| 42 | Gencor Industries Inc. (GENC) Gencor Industries Inc. (GENC) Astrongest fifth; percentile 16.1 NYSE · Construction Machinery & Equip last close $18.01 Warnings: late filer, fortress balance sheet; 10 of 14 inputs | 16.1 | A | late filer, fortress balance sheet |
| 43 | Movado Group Inc. (MOV) Movado Group Inc. (MOV) Astrongest fifth; percentile 16.5 NYSE · Watches, Clocks, Clockwork Operated Devices/Parts last close $32.02 No active warnings; 8 of 14 inputs | 16.5 | A | |
| 44 | Kratos Defense & Security Solutions, Inc. (KTOS) Kratos Defense & Security Solutions, Inc. (KTOS) Astrongest fifth; percentile 16.9 Nasdaq · Guided Missiles & Space Vehicles & Parts market equity $7.9B; last close $41.93 Warnings: fortress balance sheet; 9 of 14 inputs | 16.9 | A | fortress balance sheet |
| 45 | Moog Inc. (MOG-A) Moog Inc. (MOG-A) A/Bon the A/B boundary; percentile 17.5 NYSE · Misc Industrial & Commercial Machinery & Equipment last close $363.40 No active warnings; 7 of 14 inputs | 17.5 | A/B | |
| 46 | Moog Inc. (MOG-B) Moog Inc. (MOG-B) A/Bon the A/B boundary; percentile 17.5 NYSE · Misc Industrial & Commercial Machinery & Equipment last close $420.07 No active warnings; 7 of 14 inputs | 17.5 | A/B | |
| 47 | Douglas Dynamics, Inc. (PLOW) Douglas Dynamics, Inc. (PLOW) A/Bon the A/B boundary; percentile 18.1 NYSE · Construction Machinery & Equip market equity $909.0M; last close $39.45 No active warnings; 9 of 14 inputs | 18.1 | A/B | |
| 48 | Mueller Water Products, Inc. (MWA) Mueller Water Products, Inc. (MWA) A/Bon the A/B boundary; percentile 18.5 NYSE · Miscellaneous Fabricated Metal Products market equity $3.4B; last close $21.57 No active warnings; 10 of 14 inputs | 18.5 | A/B | |
| 49 | Power Solutions International, Inc. (PSIX) Power Solutions International, Inc. (PSIX) A/Bon the A/B boundary; percentile 18.9 Nasdaq · Engines & Turbines market equity $1.1B; last close $48.59 No active warnings; 8 of 14 inputs | 18.9 | A/B |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | A | 17.4 | 2204 |
| sector peers, equal sleeves (the grade) | A | 16.9 | 255 |
| same exchange, equal sleeves | A | 18.3 | 1219 |
| sector peers, equal inputs | A/B | 17.7 | 255 |
Each letter is one fifth of the 255 graded peers, about 51 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (44.2%) | 13.7% | 6 | hotter than 6 of 100 peers |
| Distance from 52-week high | (67.9%) | (24.3%) | 5 | closer to its high than 5 of 100 peers |
| EBIT to enterprise value | 0.4% | 4.1% | 22 | pricier than 78 of 100 peers |
| Free cash flow yield | (1.7%) | 3.4% | 18 | pricier than 82 of 100 peers |
| Book value to price | 0.44 | 0.34 | 59 | pricier than 41 of 100 peers |
| Sales to price | 0.17 | 0.54 | 11 | pricier than 89 of 100 peers |
| Composite equity issuance, five years | 41.9% | (9.5%) | 91 | more equity-funded than 91 of 100 peers |
| Relative strength against the sector, log excess return | (0.72) | (0.00) | 6 | ahead of 6 of 100 peers |
Inputs: market equity $7.9B; EBIT $25.6M; free cash flow -$137.4M; book equity $3.4B; sales $1.3B; debt $296.7M; cash $1.4B[33].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 4 of 9, period end 2025-12-28 | ||
|---|---|---|
| Return on assets above zero | 1.1% | ✓ pass[6,8] |
| Operating cash flow above zero | -$42.1M | ✗ fail[7] |
| Return on assets improved | 0.1 pts | ✓ pass[6,8,29,34] |
| Operating cash flow exceeds net income | -$64.1M | ✗ fail[6-7] |
| Long-term leverage fell | (9.7 pts) | ✓ pass[1,8,29,35-36] |
| Current ratio improved | 112.1 pts | ✓ pass[17-18,27-28] |
| No new shares issued | 11.4% | ✗ fail[31-32] |
| Gross margin improved | (2.4 pts) | ✗ fail[2,5,9-10] |
| Asset turnover improved | (0.6 pts) | ✗ fail[2,8,10,29] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $1.4B[37] |
| Operating cash flow, four quarters | -$39.6M[7,37-41] |
| Months of runway | 435.6 |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 66 |
| 10-Q received Aug 4, 2026 | |
| Median daily dollar volume | $187.0M |
| 63 sessions | |
| Days since newest grade input | 228 |
Downloads [top]
|
Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $2.5B | 2025-12-28 | 2026-02-23 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.3B | 2025-12-28 | 2026-02-23 | 10-K | filing · viewer · series |
| 3 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $349.4M | 2021-12-26 | 2023-02-23 | 10-K | filing · viewer · series |
| 4 | total debt | us-gaap:LongTermDebt | $296.7M | 2021-12-26 | 2023-02-23 | 10-K | filing · viewer · series |
| 5 | gross profit | us-gaap:GrossProfit | $307.9M | 2025-12-28 | 2026-02-23 | 10-K | filing · viewer · series |
| 6 | net income | us-gaap:NetIncomeLoss | $22.0M | 2025-12-28 | 2026-02-23 | 10-K | filing · viewer · series |
| 7 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$42.1M | 2025-12-28 | 2026-02-23 | 10-K | filing · viewer · series |
| 8 | assets | us-gaap:Assets | $2.0B | 2024-12-29 | 2026-02-23 | 10-K | filing · viewer · series |
| 9 | gross profit | us-gaap:GrossProfit | $287.2M | 2024-12-29 | 2026-02-23 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.1B | 2024-12-29 | 2026-02-23 | 10-K | filing · viewer · series |
| 11 | gross profit | us-gaap:GrossProfit | $268.6M | 2023-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.0B | 2023-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 13 | gross profit | us-gaap:GrossProfit | $226.0M | 2022-12-25 | 2025-02-26 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $898.3M | 2022-12-25 | 2025-02-26 | 10-K | filing · viewer · series |
| 15 | gross profit | us-gaap:GrossProfit | $225.1M | 2021-12-26 | 2024-02-13 | 10-K | filing · viewer · series |
| 16 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $811.5M | 2021-12-26 | 2024-02-13 | 10-K | filing · viewer · series |
| 17 | current assets | us-gaap:AssetsCurrent | $1.3B | 2025-12-28 | 2026-02-23 | 10-K | filing · viewer · series |
| 18 | current liabilities | us-gaap:LiabilitiesCurrent | $311.0M | 2025-12-28 | 2026-02-23 | 10-K | filing · viewer · series |
| 19 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$641.9M | 2025-12-28 | 2026-02-23 | 10-K | filing · viewer · series |
| 20 | operating income | us-gaap:OperatingIncomeLoss | $25.6M | 2025-12-28 | 2026-02-23 | 10-K | filing · viewer · series |
| 21 | book equity | us-gaap:StockholdersEquity | $2.0B | 2025-12-28 | 2026-02-23 | 10-K | filing · viewer · series |
| 22 | liabilities | us-gaap:Liabilities | $470.9M | 2025-12-28 | 2026-02-23 | 10-K | filing · viewer · series |
| 23 | capital expenditure | us-gaap:PaymentsToAcquireProductiveAssets | $95.3M | 2025-12-28 | 2026-02-23 | 10-K | filing · viewer · series |
| 24 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $47.1M | 2025-12-28 | 2026-02-23 | 10-K | filing · viewer · series |
| 25 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $34.0M | 2025-12-28 | 2026-02-23 | 10-K | filing · viewer · series |
| 26 | income tax | us-gaap:IncomeTaxExpenseBenefit | $12.0M | 2025-12-28 | 2026-02-23 | 10-K | filing · viewer · series |
| 27 | current assets | us-gaap:AssetsCurrent | $872.1M | 2024-12-29 | 2026-02-23 | 10-K | filing · viewer · series |
| 28 | current liabilities | us-gaap:LiabilitiesCurrent | $296.7M | 2024-12-29 | 2026-02-23 | 10-K | filing · viewer · series |
| 29 | assets | us-gaap:Assets | $1.6B | 2023-12-31 | 2025-02-26 | 10-K | filing · viewer · series |
| 30 | assets | us-gaap:Assets | $1.6B | 2022-12-25 | 2024-02-13 | 10-K | filing · viewer · series |
| 31 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 170,329,158 | 2026-02-20 | 2026-02-23 | 10-K | filing · viewer · series |
| 32 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 152,842,507 | 2025-02-21 | 2025-02-26 | 10-K | filing · viewer · series |
| 33 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 187,721,327 | 2026-07-31 | 2026-08-04 | 10-Q | filing · viewer · series |
| 34 | net income | us-gaap:NetIncomeLoss | $16.3M | 2024-12-29 | 2026-02-23 | 10-K | filing · viewer · series |
| 35 | long term debt | us-gaap:LongTermDebtNoncurrent | $0 | 2025-12-28 | 2026-02-23 | 10-K | filing · viewer · series |
| 36 | long term debt | us-gaap:LongTermDebtNoncurrent | $174.6M | 2024-12-29 | 2026-02-23 | 10-K | filing · viewer · series |
| 37 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $1.4B | 2026-06-28 | 2026-08-04 | 10-Q | filing · viewer · series |
| 38 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$38.4M | 2026-06-28 | 2026-08-04 | 10-Q | filing · viewer · series |
| 39 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$27.4M | 2026-03-29 | 2026-05-06 | 10-Q | filing · viewer · series |
| 40 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$54.2M | 2025-09-28 | 2025-11-04 | 10-Q | filing · viewer · series |
| 41 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$40.9M | 2025-06-29 | 2026-08-04 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 16.9 is 3.1 points from the nearest band edge; sampling error is 3.0 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
