DRSLeonardo DRS, Inc.

Search, Detection, Navigation, Guidance, Aeronautical Sys

Revenue: $3.6B; 13% YoY
Operating margin: 9.5%; 5.3% YoY
EBITDA: $441M; 15% YoY
Market cap: $10.0B
Employees: 7,300; $500K revenue each
Net debt / EBITDA: -0.3×; −$129M net debt
AI in 10-K: 2.3; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
132% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
10% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
28% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$500K · 70th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.3 per 10K words · 60th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.3× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$8M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.9B	$2.7B	$2.8B	$3.2B	$3.6B	13%
Operating income	$236M	$561M	$231M	$293M	$348M	19%
Net income	$154M	$405M	$168M	$213M	$278M	31%
Operating cash flow	$178M	$33M	$205M	$271M	$366M	35%
Capex	$60M	$65M	$60M	$85M	$139M	64%
Stock-based comp	$0	$5M	$17M	$22M	$32M	45%
Buybacks	—	—	$0	$0	$35M
Dividends	$0	$396M	$0	$0	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 1
Open-market sells, 12 mo: $9M · 22
Net: −$8M

Pay vs performance

No pay-versus-performance disclosure yet.