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Kratos Defense & Security Solutions vs Rocket Lab: revenue, profit, margins and growth compared

Kratos Defense & Security Solutions brought in $1.3B of revenue in fiscal 2025, Rocket Lab $601.8M in fiscal 2025. Revenue changed by +18.5% at Kratos Defense & Security Solutions and +38.0% at Rocket Lab on the year before, so Rocket Lab grew faster. Kratos Defense & Security Solutions kept 1.6% of its revenue as net profit, Rocket Lab -32.9%. Free cash flow was -$137.4M at Kratos Defense & Security Solutions and -$321.8M at Rocket Lab.

Side by side, latest fiscal year

KTOSRKLB
Fiscal year endedFY2025 (December 28, 2025)FY2025 (December 31, 2025)
Revenue$1.3B$601.8M
Revenue growth+18.5%+38.0%
Net income$22M-$198.2M
Net margin1.6%-32.9%
Free cash flow-$137.4M-$321.8M
Free cash flow margin-10.2%-53.5%
Earnings per share (diluted)$0.13-$0.37
Cash$560.6M$828.7M
Debt$0$152.4M
Price to earnings350.9n/a
Market value$8.6B$44.3B
Dividend yieldn/an/a
Rank by revenue in sector#254 of 451 · Industrials#304 of 451 · Industrials

Over the years

Revenue
KTOS FY2018: $618MKTOS FY2019: $717.5MKTOS FY2020: $747.7MKTOS FY2021: $811.5MKTOS FY2022: $898.3MKTOS FY2023: $1BKTOS FY2024: $1.1BKTOS FY2025: $1.3BRKLB FY2020: $35.2MRKLB FY2021: $62.2MRKLB FY2022: $211MRKLB FY2023: $244.6MRKLB FY2024: $436.2MRKLB FY2025: $601.8MFY18FY19FY20FY21FY22FY23FY24FY25
KTOS $1.3BRKLB $601.8M
Net income
KTOS FY2018: -$3.5MKTOS FY2019: $12.5MKTOS FY2020: $79.6MKTOS FY2021: -$2MKTOS FY2022: -$36.9MKTOS FY2023: -$8.9MKTOS FY2024: $16.3MKTOS FY2025: $22MRKLB FY2020: -$55MRKLB FY2021: -$117.3MRKLB FY2022: -$135.9MRKLB FY2023: -$182.6MRKLB FY2024: -$190.2MRKLB FY2025: -$198.2MFY18FY19FY20FY21FY22FY23FY24FY25
KTOS $22MRKLB -$198.2M
Net margin
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%RKLB FY2020: -156.4%RKLB FY2021: -188.5%RKLB FY2022: -64.4%RKLB FY2023: -74.6%RKLB FY2024: -43.6%RKLB FY2025: -32.9%FY18FY19FY20FY21FY22FY23FY24FY25
KTOS 1.6%RKLB -32.9%
Revenue growth
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%RKLB FY2021: +77.0%RKLB FY2022: +239.0%RKLB FY2023: +15.9%RKLB FY2024: +78.3%RKLB FY2025: +38.0%FY19FY20FY21FY22FY23FY24FY25
KTOS +18.5%RKLB +38.0%
Free cash flow
KTOS FY2020: $8.8MKTOS FY2021: -$11.2MKTOS FY2022: -$71.1MKTOS FY2023: $12.8MKTOS FY2024: -$8.5MKTOS FY2025: -$137.4MRKLB FY2020: -$52.9MRKLB FY2021: -$97.5MRKLB FY2022: -$149MRKLB FY2023: -$153.6MRKLB FY2024: -$116MRKLB FY2025: -$321.8MFY20FY21FY22FY23FY24FY25
KTOS -$137.4MRKLB -$321.8M

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

Questions about Kratos Defense & Security Solutions and Rocket Lab

Which is bigger by revenue, Kratos Defense & Security Solutions or Rocket Lab?

Kratos Defense & Security Solutions is bigger by revenue: $1.3B in fiscal 2025, against $601.8M for Rocket Lab in fiscal 2025.

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

Kratos Defense & Security Solutions had a net margin of 1.6% in fiscal 2025; Rocket Lab had -32.9% in fiscal 2025.

Which grew revenue faster, Kratos Defense & Security Solutions or Rocket Lab?

In their latest fiscal years revenue changed by +18.5% at Kratos Defense & Security Solutions and +38.0% at Rocket Lab.

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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