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Leonardo DRS, Inc. (DRS)

NASDAQ / Industrials / Aerospace & Defense

Share price

35.47 USD Market dataClose of Oct 15, 2026

Market capitalisation

9.47B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 27, 2026
Ratios computed
Oct 15, 2026
Filed years
7, FY2019 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

10.8% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

33.78x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

2.4% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2006 Revenue: 2.82B USDFY2006 Net income: 127.1M USDFY2007 Revenue: 3.30B USDFY2007 Net income: 165.8M USDFY2018 Revenue: 2.33B USDFY2018 Net income: -10.0M USDFY2019 Revenue: 2.71B USDFY2019 Net income: 75.0M USDFY2020 Revenue: 2.78B USDFY2020 Net income: 85.0M USDFY2021 Revenue: 2.88B USDFY2021 Net income: 154.0M USDFY2022 Revenue: 2.69B USDFY2022 Net income: 405.0M USDFY2023 Revenue: 2.83B USDFY2023 Net income: 168.0M USDFY2024 Revenue: 3.23B USDFY2024 Net income: 213.0M USDFY2025 Revenue: 3.65B USDFY2025 Net income: 278.0M USD
Revenue Net income10 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 33.78x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Aerospace & Defense industry (42 companies), 33.78x sits at the 48th percentile; the middle half of that group runs from 24.18x to 64.31x.

Is it good

Return on invested capital was 10.8% in FY2025, in the band labelled "Around the cost of capital" (8.0% to 12.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Aerospace & Defense industry (34 companies), 10.8% sits at the 58th percentile; the middle half of that group runs from 1.5% to 13.2%.

Is it safe

Leonardo DRS, Inc. held more cash than debt at the end of FY2025 (net cash of 71.0m USD), so net debt to EBITDA is a net cash position rather than a leverage reading.

No peer distribution is published for net debt to EBITDA today; the year-by-year comparison uses the filed annual figures.

Year by year against peers
Whether Leonardo DRS, Inc.'s return on equity stayed above the median of the Aerospace & Defense industry, year by year. (FY2020 to FY2025, 6 fiscal years of Leonardo DRS, Inc. with a comparable figure)
The direction
Which way Leonardo DRS, Inc.'s gross margin has moved, and how steadily. (FY2006 to FY2025, 10 filed years of Leonardo DRS, Inc.)
What could explain it
What in Leonardo DRS, Inc.'s filed statements could explain the movements. (11 readings drawn from the statement lines Leonardo DRS, Inc. filed)
What to check next
What to check next on Leonardo DRS, Inc., and where in its filings. (4 questions for Leonardo DRS, Inc.)
In one paragraph
One paragraph on Leonardo DRS, Inc.'s returns, cash, balance sheet and price. (14 of sixteen figures read for Leonardo DRS, Inc.)

These are DRS’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research DRSPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 27, 2026, accession 0001833756-26-000013.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Leonardo DRS, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax10.8% ComputedFY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Return on equity10.2% ComputedFY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Return on capital employed, pre-tax10.7% ComputedFY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Return on assets6.2% ComputedFY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Gross margin23.8% ComputedFY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Operating margin9.5% ComputedFY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Net margin7.6% ComputedFY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
DRS 7.6%
SARO 4.6%HXL 5.8%CAE 8.6%KTOS 1.6%AMTM 0.5%
0.5%8.6%
Net margin: DRS against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Leonardo DRS, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.21 ComputedFY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Current ratio1.89 ComputedFY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Quick ratio1.60 ComputedFY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Altman Z-score3.90 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Net debt-71.0M ComputedFY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Total assets 4.49BTotal liabilities 1.76BShareholders' equity 2.73BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Leonardo DRS, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 27, 2026, 0001833756-26-000013).

Leonardo DRS, Inc: balance sheet position
Total assets4.49B FiledFY2025 10-K, filed Feb 27, 2026
Total liabilities1.76B FiledFY2025 10-K, filed Feb 27, 2026
Shareholders' equity2.73B FiledFY2025 10-K, filed Feb 27, 2026
Cash647.0M FiledFY2025 10-K, filed Feb 27, 2026
Total debt576.0M FiledFY2025 10-K, filed Feb 27, 2026
Net debt-71.0M
Current ratio1.89
Debt to equity0.21
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Leonardo DRS, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings33.78x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
P/E on trailing twelve months29.55x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book3.49x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Price to sales2.61x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Enterprise value to EBIT27.18x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Enterprise value to EBITDA21.45x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Price to earnings over growth1.59 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Diluted earnings per share1.03 USD FiledFY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Graham number15.49 USD ComputedFY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013

We publish no fair value or price target of our own. Value DRS on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Leonardo DRS, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Leonardo DRS, Inc: valuation
Share price35.47 USD
Market capitalisation9.47B USD
Enterprise value to EBITDA21.45x
Graham number15.49 USD
Diluted earnings per share, FY20251.03 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Aug 13, 2021: low 5.65x, median 31.82x, high 55.05x, latest 29.55x. 1,297 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Leonardo DRS, Inc

  1. StandardAero, Inc. (SARO)Market cap 6.95B USD
  2. Hexcel Corporation (HXL)Market cap 6.80B USD
  3. CAE Inc. (CAE)Market cap 7.70B USD
  4. Kratos Defense & Security Solutions, Inc. (KTOS)Market cap 7.65B USD
  5. Amentum Holdings, Inc. (AMTM)Market cap 4.67B USD

Same industry (Aerospace & Defense) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Leonardo DRS, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield2.4% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Free cash flow227.0M USD ComputedFY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Free cash flow margin6.2% ComputedFY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Dividend yield1.0% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
FY2006 Free cash flow: 139.3M USDFY2006 Net income: 127.1M USDFY2007 Free cash flow: 140.1M USDFY2007 Net income: 165.8M USDFY2018 Free cash flow: 65.0M USDFY2018 Net income: -10.0M USDFY2019 Free cash flow: 102.0M USDFY2019 Net income: 75.0M USDFY2020 Free cash flow: 69.0M USDFY2020 Net income: 85.0M USDFY2021 Free cash flow: 118.0M USDFY2021 Net income: 154.0M USDFY2022 Free cash flow: -32.0M USDFY2022 Net income: 405.0M USDFY2023 Free cash flow: 145.0M USDFY2023 Net income: 168.0M USDFY2024 Free cash flow: 186.0M USDFY2024 Net income: 213.0M USDFY2025 Free cash flow: 227.0M USDFY2025 Net income: 278.0M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Leonardo DRS, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
33.78xFY2025Oct 15, 2026
3.49xFY2025Oct 15, 2026
27.18xFY2025Oct 15, 2026
2.4%FY2025Oct 15, 2026
10.8%FY2025Feb 27, 2026
1.0%FY2025Oct 15, 2026
0.21FY2025Feb 27, 2026
1.89FY2025Feb 27, 2026
2.61xFY2025Oct 15, 2026
1.59FY2025Oct 15, 2026
3.90FY2025Oct 15, 2026
-2.34FY2025Feb 27, 2026
7/9FY2025Feb 27, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 7 filed fiscal years on record, FY2019 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 fiscal years, FY2006 to FY2025. 7 read from the annual reports Leonardo DRS, Inc filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

Leonardo DRS, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20253.65B348.0M278.0M1.03227.0M9.5%10.2%10-K, Feb 27, 20260001833756-26-000013
FY20243.23B293.0M213.0M0.80186.0M9.1%8.3%10-K, Mar 3, 20250001628280-25-009248
FY20232.83B231.0M168.0M0.64145.0M8.2%7.2%10-K, Feb 28, 20240001628280-24-007359
FY20222.69B561.0M405.0M1.88-32.0M20.8%19.0%10-K, Mar 28, 20230001628280-23-009545
FY20212.88B236.0M154.0M0.73118.0M8.2%9.7%10-K, Mar 28, 20220001628280-22-007409
FY20202.78B181.0M85.0M0.4069.0M6.5%6.0%10-K, Mar 28, 20220001628280-22-007409
FY20192.71B163.0M75.0M0.52102.0M6.0%n/a10-K, Mar 28, 20220001628280-22-007409
FY20182.33B45.0M-10.0M-0.0765.0M1.9%n/aMarket data, supplied Oct 15, 2026accession n/a
FY20073.30B360.4M165.8Mn/a140.1M10.9%9.8%Market data, supplied Oct 15, 2026accession n/a
FY20062.82B311.6M127.1Mn/a139.3M11.0%8.5%Market data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2006 to FY2025: 1.4%
  • Earnings, compound annual growth FY2006 to FY2025: 4.2%
  • Earnings per share: Earnings per share was not positive in both 2018 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow, compound annual growth FY2006 to FY2025: 2.6%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Leonardo DRS, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.34 ComputedFY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Piotroski F-score7/9 ComputedFY2025 10-K, filed Feb 27, 2026, 0001833756-26-000013
Named tests met2 of 30 Computed
Beta1.03 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 2 met, 26 not met, 2 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
ROIC at or above WACC; Near the 52-week low
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Z-score and coverage (Edward Altman); Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(4)
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 4 figures could not be read on this company, among them Interest Coverage, Payout Ratio, Dividend Coverage Ratio. Each blank in the table above names the rest, with its reason. 2 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 7 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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