# Leonardo DRS, Inc. (DRS)

> Source: Nexqual · https://nexqual.com/DRS · data as of 2026-10-15 20:00 UTC · cite as "Nexqual, Leonardo DRS, Inc. (DRS), nexqual.com/DRS" · informational, not investment advice.

**Price:** USD 35.47 (+1.52% on the day) · last close of Oct 15, 2026; US market closed, not a live price. Prev close 34.94 · day 34.59–35.68 · 52w 32.43–50.59 · market cap $9.47B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.78B, net income $322M (8.5% margin), free cash flow $363M (SEC filings).
- Valuation: P/E 29.4x (avg 35.0x at the last 3 fiscal year-ends), EV/EBITDA 19.3x, net cash $121M.
- Analysts: Buy (mean 2.09 on a 1–5 scale) (11 analysts), mean target USD 53.45 (range 47–59).
- Total return with dividends: 1Y -9.7% vs S&P 500 +18.1%; 5Y +250.9% vs S&P 500 +85.1%.
- Next earnings: 2026-10-29, EPS estimate USD 0.35, revenue estimate $1.03B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.88B | $2.69B | $2.83B | $3.23B | $3.65B | $3.78B |
| Gross profit | $547M | $575M | $648M | $736M | $869M | — |
| Operating income | $236M | $561M | $231M | $293M | $348M | $398M |
| Net income | $154M | $405M | $168M | $213M | $278M | $322M |
| EPS (diluted) | $0.73 | $1.88 | $0.64 | $0.80 | $1.03 | — |
| Free cash flow | $118M | -$32.0M | $145M | $186M | $227M | $363M |
| Gross margin | 19.0% | 21.4% | 22.9% | 22.8% | 23.8% | — |
| Operating margin | 8.2% | 20.8% | 8.2% | 9.1% | 9.5% | 10.5% |
| Net margin | 5.3% | 15.0% | 5.9% | 6.6% | 7.6% | 8.5% |
| Revenue growth | +3.6% | -6.5% | +4.9% | +14.4% | +12.8% | — |
| Cash + short-term investments | $240M | $306M | $467M | $598M | $647M | — |
| Total debt | $434M | $425M | $464M | $391M | $374M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 29.4x · P/S 2.5x · EV/EBITDA 19.3x · EV/Sales 2.5x · P/FCF 26.1x · P/B 3.4x · FCF yield 3.83% · Earnings yield 3.40% · Buyback yield (TTM) 0.39% · Net cash $121M · EV $9.35B
P/E at fiscal year-ends: Dec 2025 32.9x, Dec 2024 40.6x, Dec 2023 31.5x.

## Analysts
Consensus Buy (mean 2.09 on a 1–5 scale), 11 analysts; mean target USD 53.45 (low 47, high 59).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-15 | Guggenheim | Initiated | Buy | $51 |
| 2026-07-31 | JP Morgan | Target raised | Neutral | $48 → $53 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-16) | 5Y (from 2021-10-11) |
|---|---|---|
| Total return | -9.7% | +250.9% |
| S&P 500 (SPY) | +18.1% | +85.1% |
| Per year | -9.7% | +28.5% |
| Volatility (annualized) | 38.5% | 42.0% |
| Max drawdown | -29.5% (Jun 2026→Oct 2026) | -44.9% (Mar 2022→Jun 2022) |

## Peers (Aerospace & Defense)
HII (Huntington Ingalls Industries, ) USD 267.22 +3.64% · MOG-A (Moog Inc.) USD 365.14 -2.25% · CAE (CAE Inc) USD 23.91 +1.92% · KTOS (Kratos Defense & Security Solut) USD 40.74 +0.97% · BWXT (BWX Technologies, Inc.) USD 137.2 -1.20% · EMBJ (Embraer S.A.) USD 72.1 +0.33%

## More
Full page: https://nexqual.com/DRS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt