Leonardo DRS, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Leonardo DRS, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,714	2,778	2,879	2,693	2,826	3,234	3,648
Cost of revenue	2,255	2,284	2,332	2,118	2,178	2,498	2,779
Gross profit	459	494	547	575	648	736	869
Research and development	31	41	48	58	82	92	129
General and administrative	277	283	293	357	384	414	497
Operating income	163	181	236	561	231	293	348
Interest expense	65	64	35	34	36	21
Other non-operating income	-3	-5	-1	-2	-3	-8	-4
Pre-tax income	95	112	200	525	192	264	336
Income tax	20	27	46	120	24	51	58
Net income	75	85	154	405	168	213	278
EBITDA	214	234	294	626	316	384	441
EPS, basic	0.35	0.40	0.73	1.88	0.64	0.81	1.05
EPS, diluted	0.35	0.40	0.73	1.88	0.64	0.80	1.03
Shares, basic (weighted)		210	210	215	262	264	266
Shares, diluted (weighted)		210	210	215	264	268	269
Dividend per share							0.36

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	85	61	240	306	467	598	647
Receivables		102	156	166	151	253	334
Inventory		247	205	319	329	358	352
Other current assets		33	22	24	42	55	36
Total current assets		1,263	1,389	1,707	1,918	2,163	2,326
Property, plant and equipment		355	364	404	402	440	512
Lease right-of-use assets		88	84	83	82	79	107
Goodwill	1,057	1,057	1,071	1,236	1,238	1,238	1,238
Intangible assets		60	52	172	151	132	112
Other non-current assets		134	137	92	89	91	210
Total assets		2,956	3,069	3,677	3,921	4,184	4,486
Accounts payable		478	479	457	398	426	351
Deferred revenue		177	174	233	335	399	585
Short-term debt		53	41	29	57	25	26
Total current liabilities		975	989	1,042	1,078	1,116	1,231
Long-term debt		374	352	365	349	340	321
Lease liabilities		81	73	68	68	66	95
Other non-current liabilities		92	74	98	129	130	166
Total liabilities		1,529	1,476	1,550	1,596	1,627	1,756
Total debt		427	393	396	407	366	348
Paid-in capital		4,633	4,632	5,147	5,175	5,194	5,083
Retained earnings		-3,137	-2,983	-2,974	-2,806	-2,593	-2,315
Other comprehensive income		-70	-58	-49	-47	-47	-41
Shareholders' equity	1,019	1,427	1,593	2,127	2,325	2,557	2,730
Total equity	1,019	1,427	1,593	2,127	2,325	2,557	2,730
Total liabilities and equity		2,956	3,069	3,677	3,921	4,184	4,486
Shares outstanding		145	260	260	263	265	266

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	75	85	154	405	168	213	278
Depreciation and amortization	51	53	58	65	85	91	93
Stock-based compensation		0	0	5	17	22	32
Deferred income tax	17	22	46	3	-52	23	28
Change in receivables	9	-35	-54	-1	15	-102	-81
Change in inventory	-36	-38	42	-33	-10	-29	6
Change in payables	156	-58	1	-14	-59	15	-79
Cash from operations	157	125	178	33	205	271	366
Capital expenditures	-55	-56	-60	-65	-60	-85	-139
Acquisitions	-4	0	-14	19	0	0
Cash from investing	-151	-70	39	436	-59	-84	-154
Stock issued			0	0	12	16	9
Share buybacks			0	0	0	0	-35
Dividends paid		0	0	-396	0	0
Cash from financing	-1	-80	-38	-403	15	-56	-163
Exchange rate effect	1	1	0	0	0	0	0
Net change in cash	6	-24	179	66	161	131	49
Free cash flow	102	69	118	-32	145	186	227
Income taxes paid			16	89	45	71	24

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $37.16 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	24.9%	Gross profit / revenue.
Operating margin	10.5%	Operating income / revenue.
EBITDA margin	12.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.3%	Pre-tax income / revenue.
Net margin	8.5%	Net income / revenue.
FCF margin	9.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.3%	Cash from operations / revenue.
Effective tax rate	17.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.7%	Net income / average total assets.
Return on invested capital (ROIC)	12.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	3.7%	Research and development expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.7%	Capital expenditures / revenue.
D&A / revenue	2.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	18.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	14.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	18.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-14.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	14.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	14.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-11.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	30.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-11.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	26.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	28.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-18.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	20.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	35.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	123.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	24.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	22.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	26.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	13.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	7.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.92x	Current assets / current liabilities.
Quick ratio	0.55x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.25x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.05x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	3.6%	Total debt / total assets.
Liabilities / assets	33.2%	Total liabilities / total assets.
Net debt	-$121.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.25x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$975.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	31.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.47B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.90x	Revenue / average total assets.
Fixed asset turnover	7.18x	Revenue / average property, plant and equipment.
Inventory turnover	7.41x	Cost of revenue / average inventory.
Days inventory	49 days	365 x average inventory / cost of revenue.
Receivables turnover	11.8x	Revenue / average receivables.
Days sales outstanding	31 days	365 x average receivables / revenue.
Days payables	23 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	57 days	Days inventory + days sales outstanding - days payables.
FCF conversion	112.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	27.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.20	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$14.05	Revenue / diluted weighted shares.
FCF per share	$1.35	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.86	Cash from operations / diluted weighted shares.
Book value per share	$10.50	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.49	Tangible book value / shares outstanding.
Cash per share	$1.01	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	10.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.92B	Share price x shares outstanding.
Enterprise value	$9.80B	Market cap + total debt - cash - short-term investments.
P/E	30.8x	Market cap / net income. Only when net income is positive.
P/S	2.62x	Market cap / revenue.
P/B	3.54x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.77x	Market cap / tangible book value, when positive.
P/FCF	27.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	19.8x	Market cap / cash from operations, when positive.
EV/Sales	2.59x	Enterprise value / revenue.
EV/EBIT	24.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	20.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	27.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.7%	Free cash flow / market cap.
Earnings yield	3.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.4%	(Dividends paid + share buybacks) / market cap.

What was Leonardo DRS, Inc.'s revenue in fiscal 2025?

Leonardo DRS, Inc. reported revenue of $3.65B for fiscal 2025, 12.8% higher than the year before.

Was Leonardo DRS, Inc. profitable in fiscal 2025?

Yes. Net income was $278.0M, a net margin of 7.6%.

How much free cash flow did Leonardo DRS, Inc. generate in fiscal 2025?

Cash from operations of $366.0M minus capital expenditures of $139.0M left free cash flow of $227.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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