Kratos Defense & Security (KTOS) – A Better Than Expected Fourth Quarter

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Wednesday, February 14, 2024

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

4Q23 Results. Coming in above expectations, 4Q23 revenue totaled $273.8 million, up 9.8% y-o-y, with the improvement driven by 17% growth in the Government Solutions segment. Adjusted EBITDA came in at $29.1 million, up from $19.2 million a year ago. Adjusted EPS was $0.12 versus $0.08. We had forecasted revenue of $250 million, adjusted EBITDA of $22.5 million, and adjusted EPS of $0.08.

Opportunity, Opportunity, Opportunity. The Company continues to rack up awards. Yesterday, Kratos announced the award of the $579 million SATCOM C2 System ID/IQ. This was the Company’s only major re-compete. Notably, the size of the contract is 50% larger than the prior contract, adding another growth vehicle.

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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 


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