Monday, October 19, 2026
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
A Tuck-in. Last week, Kratos acquired Jetset Airmotive from its founders. Jetset’s MRO operations on PT6A turbine engines complement Kratos’ existing MRO operations conducted through its Oklahoma-based CTS subsidiary. Based on previous such transactions, we believe the acquisition was structured as 50% KTOS shares and 50% cash, which would imply roughly $50 million in total. With an estimated $40-$50 million in revenue and typical 13-14% EBITDA margins, Jetset was purchased for approximately 1x revenue and 9x EBITDA. The acquisition should add about $5+ million to annual EBITDA.
New Contracts. Kratos has been awarded more than $100 million over multiple contracts to develop prototype mission applications and cyber capabilities, providing space intelligence data in support of joint operations across the space and cyberspace domains. The contracts will leverage Kratos’ software products, analytics, and expertise in RF, signal processing, cybersecurity, and software development, establishing a proven technology base that can be adapted and integrated to meet emerging space and cyber mission requirements.
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