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Side-by-side financial comparison of Firefly Aerospace Inc. (FLY) and KRATOS DEFENSE & SECURITY SOLUTIONS, INC. (KTOS). Click either name above to swap in a different company.

KRATOS DEFENSE & SECURITY SOLUTIONS, INC. is the larger business by last-quarter revenue ($345.1M vs $30.8M, roughly 11.2× Firefly Aerospace Inc.). KRATOS DEFENSE & SECURITY SOLUTIONS, INC. runs the higher net margin — 1.7% vs -433.5%, a 435.2% gap on every dollar of revenue. On growth, Firefly Aerospace Inc. posted the faster year-over-year revenue change (37.6% vs 21.9%). KRATOS DEFENSE & SECURITY SOLUTIONS, INC. produced more free cash flow last quarter ($-12.1M vs $-62.0M).

Firefly Aerospace, Inc. (Firefly) is an American aerospace firm based in Cedar Park, Texas. Firefly develops small- and medium-lift launch vehicles for commercial launches to orbit. Firefly's stated purpose is to increase access to space, similar to other private spaceflight companies.

Kratos Defense & Security Solutions, Inc. is an American technology company with manufacturing concentrations in weapons and military electronics. It is headquartered in San Diego, California, United States. Customers include the U.S. federal government, foreign governments, commercial enterprises and state and local government agencies. The company is divided into 6 divisions.

FLY vs KTOS — Head-to-Head

Bigger by revenue
KTOS
KTOS
11.2× larger
KTOS
$345.1M
$30.8M
FLY
Growing faster (revenue YoY)
FLY
FLY
+15.7% gap
FLY
37.6%
21.9%
KTOS
Higher net margin
KTOS
KTOS
435.2% more per $
KTOS
1.7%
-433.5%
FLY
More free cash flow
KTOS
KTOS
$49.9M more FCF
KTOS
$-12.1M
$-62.0M
FLY

Income Statement — Q3 2025 vs Q4 2025

Metric
FLY
FLY
KTOS
KTOS
Revenue
$30.8M
$345.1M
Net Profit
$-133.4M
$5.9M
Gross Margin
27.6%
24.2%
Operating Margin
-202.1%
2.4%
Net Margin
-433.5%
1.7%
Revenue YoY
37.6%
21.9%
Net Profit YoY
-227.1%
51.3%
EPS (diluted)
$-1.50
$0.03

Green = leading value per metric. Periods may differ when fiscal calendars don't align.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.

Revenue
FLY
FLY
KTOS
KTOS
Q4 25
$345.1M
Q3 25
$30.8M
$347.6M
Q2 25
$15.5M
$351.5M
Q1 25
$302.6M
Q4 24
$283.1M
Q3 24
$22.4M
$275.9M
Q2 24
$21.1M
$300.1M
Q1 24
$277.2M
Net Profit
FLY
FLY
KTOS
KTOS
Q4 25
$5.9M
Q3 25
$-133.4M
$8.7M
Q2 25
$-63.8M
$2.9M
Q1 25
$4.5M
Q4 24
$3.9M
Q3 24
$-40.8M
$3.2M
Q2 24
$-53.5M
$7.9M
Q1 24
$1.3M
Gross Margin
FLY
FLY
KTOS
KTOS
Q4 25
24.2%
Q3 25
27.6%
22.2%
Q2 25
25.7%
21.0%
Q1 25
24.3%
Q4 24
24.7%
Q3 24
34.7%
25.1%
Q2 24
14.0%
25.7%
Q1 24
25.6%
Operating Margin
FLY
FLY
KTOS
KTOS
Q4 25
2.4%
Q3 25
-202.1%
2.0%
Q2 25
-349.5%
1.1%
Q1 25
2.2%
Q4 24
1.1%
Q3 24
-152.9%
2.4%
Q2 24
-232.1%
4.2%
Q1 24
2.5%
Net Margin
FLY
FLY
KTOS
KTOS
Q4 25
1.7%
Q3 25
-433.5%
2.5%
Q2 25
-410.2%
0.8%
Q1 25
1.5%
Q4 24
1.4%
Q3 24
-182.3%
1.2%
Q2 24
-253.7%
2.6%
Q1 24
0.5%
EPS (diluted)
FLY
FLY
KTOS
KTOS
Q4 25
$0.03
Q3 25
$-1.50
$0.05
Q2 25
$-5.78
$0.02
Q1 25
$0.03
Q4 24
$0.03
Q3 24
$-3.57
$0.02
Q2 24
$-4.60
$0.05
Q1 24
$0.01

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric
FLY
FLY
KTOS
KTOS
Cash + ST InvestmentsLiquidity on hand
$995.2M
$560.6M
Total DebtLower is stronger
Stockholders' EquityBook value
$948.8M
$2.0B
Total Assets
$1.3B
$2.5B
Debt / EquityLower = less leverage

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments
FLY
FLY
KTOS
KTOS
Q4 25
$560.6M
Q3 25
$995.2M
$565.9M
Q2 25
$205.3M
$783.6M
Q1 25
$263.7M
Q4 24
$329.3M
Q3 24
$26.4M
$301.5M
Q2 24
$21.9M
$308.2M
Q1 24
$338.9M
Total Debt
FLY
FLY
KTOS
KTOS
Q4 25
Q3 25
Q2 25
$136.1M
Q1 25
Q4 24
Q3 24
Q2 24
Q1 24
Stockholders' Equity
FLY
FLY
KTOS
KTOS
Q4 25
$2.0B
Q3 25
$948.8M
$2.0B
Q2 25
$-918.0M
$2.0B
Q1 25
$1.4B
Q4 24
$1.4B
Q3 24
$-665.5M
$1.3B
Q2 24
$-620.0M
$1.3B
Q1 24
$1.3B
Total Assets
FLY
FLY
KTOS
KTOS
Q4 25
$2.5B
Q3 25
$1.3B
$2.4B
Q2 25
$466.8M
$2.6B
Q1 25
$2.0B
Q4 24
$2.0B
Q3 24
$1.9B
Q2 24
$1.9B
Q1 24
$1.9B

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric
FLY
FLY
KTOS
KTOS
Operating Cash FlowLast quarter
$-53.0M
$12.1M
Free Cash FlowOCF − Capex
$-62.0M
$-12.1M
FCF MarginFCF / Revenue
-201.3%
-3.5%
Capex IntensityCapex / Revenue
29.0%
7.0%
Cash ConversionOCF / Net Profit
2.05×
TTM Free Cash FlowTrailing 4 quarters
$-137.4M

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow
FLY
FLY
KTOS
KTOS
Q4 25
$12.1M
Q3 25
$-53.0M
$-13.3M
Q2 25
$-11.7M
Q1 25
$-29.2M
Q4 24
$45.6M
Q3 24
$6.1M
Q2 24
$-2.7M
Q1 24
$700.0K
Free Cash Flow
FLY
FLY
KTOS
KTOS
Q4 25
$-12.1M
Q3 25
$-62.0M
$-41.3M
Q2 25
$-32.2M
Q1 25
$-51.8M
Q4 24
$32.0M
Q3 24
$-9.2M
Q2 24
$-15.4M
Q1 24
$-15.9M
FCF Margin
FLY
FLY
KTOS
KTOS
Q4 25
-3.5%
Q3 25
-201.3%
-11.9%
Q2 25
-9.2%
Q1 25
-17.1%
Q4 24
11.3%
Q3 24
-3.3%
Q2 24
-5.1%
Q1 24
-5.7%
Capex Intensity
FLY
FLY
KTOS
KTOS
Q4 25
7.0%
Q3 25
29.0%
8.1%
Q2 25
5.8%
Q1 25
7.5%
Q4 24
4.8%
Q3 24
5.5%
Q2 24
4.2%
Q1 24
6.0%
Cash Conversion
FLY
FLY
KTOS
KTOS
Q4 25
2.05×
Q3 25
-1.53×
Q2 25
-4.03×
Q1 25
-6.49×
Q4 24
11.69×
Q3 24
1.91×
Q2 24
-0.34×
Q1 24
0.54×

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

Revenue Breakdown by Segment

FLY
FLY

Spacecraft Solutions Revenue$21.4M69%
Launch Revenue$9.4M31%

KTOS
KTOS

Kratos Government Solutions$276.7M80%
Non US Government$65.0M19%
Norden Millimeter Inc$5.3M2%

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