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Firefly Aerospace vs Kratos Defense & Security Solutions: revenue, profit, margins and growth compared

Firefly Aerospace brought in $159.9M of revenue in fiscal 2025, Kratos Defense & Security Solutions $1.3B in fiscal 2025. Revenue changed by +163.0% at Firefly Aerospace and +18.5% at Kratos Defense & Security Solutions on the year before, so Firefly Aerospace grew faster. Firefly Aerospace kept -186.6% of its revenue as net profit, Kratos Defense & Security Solutions 1.6%. Free cash flow was -$237.8M at Firefly Aerospace and -$137.4M at Kratos Defense & Security Solutions.

Side by side, latest fiscal year

FLYKTOS
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 28, 2025)
Revenue$159.9M$1.3B
Revenue growth+163.0%+18.5%
Net income-$298.3M$22M
Net margin-186.6%1.6%
Free cash flow-$237.8M-$137.4M
Free cash flow margin-148.7%-10.2%
Earnings per share (diluted)-$4.83$0.13
Cash$793M$560.6M
Debtn/a$0
Price to earningsn/a350.9
Market value$4.1B$8.6B
Dividend yieldn/an/a
Rank by revenue in sector#367 of 451 · Industrials#254 of 451 · Industrials

Over the years

Revenue
FLY FY2023: $55.2MFLY FY2025: $60.8MFLY FY2025: $159.9MKTOS FY2018: $618MKTOS FY2019: $717.5MKTOS FY2020: $747.7MKTOS FY2021: $811.5MKTOS FY2022: $898.3MKTOS FY2023: $1BKTOS FY2024: $1.1BKTOS FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
FLY $159.9MKTOS $1.3B
Net income
FLY FY2023: -$135.5MFLY FY2025: -$231.1MFLY FY2025: -$298.3MKTOS FY2018: -$3.5MKTOS FY2019: $12.5MKTOS FY2020: $79.6MKTOS FY2021: -$2MKTOS FY2022: -$36.9MKTOS FY2023: -$8.9MKTOS FY2024: $16.3MKTOS FY2025: $22MFY18FY19FY20FY21FY22FY23FY24FY25
FLY -$298.3MKTOS $22M
Net margin
FLY FY2023: -245.2%FLY FY2025: -380.2%FLY FY2025: -186.6%KTOS FY2018: -0.6%KTOS FY2019: 1.7%KTOS FY2020: 10.6%KTOS FY2021: -0.2%KTOS FY2022: -4.1%KTOS FY2023: -0.9%KTOS FY2024: 1.4%KTOS FY2025: 1.6%FY18FY19FY20FY21FY22FY23FY24FY25
FLY -186.6%KTOS 1.6%
Revenue growth
FLY FY2025: +10.1%FLY FY2025: +163.0%KTOS FY2019: +16.1%KTOS FY2020: +4.2%KTOS FY2021: +8.5%KTOS FY2022: +10.7%KTOS FY2023: +15.5%KTOS FY2024: +9.6%KTOS FY2025: +18.5%FY19FY20FY21FY22FY23FY24FY25
FLY +163.0%KTOS +18.5%
Free cash flow
FLY FY2023: -$170.7MFLY FY2025: -$190.3MFLY FY2025: -$237.8MKTOS FY2020: $8.8MKTOS FY2021: -$11.2MKTOS FY2022: -$71.1MKTOS FY2023: $12.8MKTOS FY2024: -$8.5MKTOS FY2025: -$137.4MFY20FY21FY22FY23FY24FY25
FLY -$237.8MKTOS -$137.4M

Fiscal years as each company reports them; the two may end in different months.

Questions about Firefly Aerospace and Kratos Defense & Security Solutions

Which is bigger by revenue, Firefly Aerospace or Kratos Defense & Security Solutions?

Kratos Defense & Security Solutions is bigger by revenue: $1.3B in fiscal 2025, against $159.9M for Firefly Aerospace in fiscal 2025.

Which keeps more of its revenue as profit, Firefly Aerospace or Kratos Defense & Security Solutions?

Firefly Aerospace had a net margin of -186.6% in fiscal 2025; Kratos Defense & Security Solutions had 1.6% in fiscal 2025.

Which grew revenue faster, Firefly Aerospace or Kratos Defense & Security Solutions?

In their latest fiscal years revenue changed by +163.0% at Firefly Aerospace and +18.5% at Kratos Defense & Security Solutions.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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