Leonardo DRS, Inc. (DRS)

Industry: Aerospace & Defense Sector: Industrials Currency Used: US Live Price: $42.57

Enterprise Value

Metric	MRQ	MRQ-1	2025	2024	2023	2022	2021	2020	2019	2018
Stock Price	45.40	46.48	41.59	26.83	16.76	11.40	11.06	6.43	3.71	2.79
Market Capitalization	12,044.62M	12,331.14M	11,032.94M	7,080.68M	4,399.49M	2,067.47M	1,604.06M	932.35M	538.43M	405.03M
(-) Cash & Equivalents	309.00M	278.00M	322.33M	276.25M	180.75M	137.75M	109.75M	15.25M	21.25M	0.00M
(+) Total Debt	471.00M	472.00M	465.00M	467.75M	582.75M	549.75M	594.75M	132.50M	178.00M	0.00M
Enterprise Value	12,206.62M	12,525.14M	11,175.61M	7,272.18M	4,801.49M	2,479.47M	2,089.06M	1,049.60M	695.18M	405.03M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2008-03-31	2007-03-31	2006-03-31
Revenue	3,569M	3,179M	3,234M	2,826M	2,693M	2,879M	2,778M	2,714M	2,333M	3,295M	2,821M	1,736M
Cost of Revenue	2,734M	2,468M	2,498M	2,178M	2,118M	2,332M	2,284M	2,255M	1,919M	2,869M	2,459M	1,495M
Gross Profit	835M	711M	736M	648M	575M	547M	494M	459M	414M	426M	362M	240M
Gross Profit Margin	23.4%	22.4%	22.8%	22.9%	21.4%	19.0%	17.8%	16.9%	17.7%	12.9%	12.8%	13.8%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	66M	51M	48M
SG&A Expenses	469M	404M	414M	384M	357M	293M	283M	277M	268M	0M	0M	0M
Operating Expenses	493M	433M	443M	417M	14M	311M	313M	296M	369M	66M	51M	48M
Operating Income (EBIT)	342M	278M	293M	231M	561M	236M	181M	163M	45M	360M	312M	193M
Operating Income Margin	9.6%	8.7%	9.1%	8.2%	20.8%	8.2%	6.5%	6.0%	1.9%	10.9%	11.0%	11.1%
Interest Income	0M	0M	0M	0M	0M	0M	0M	0M	0M	2M	1M	7M
Interest Expense	11M	26M	21M	36M	34M	35M	64M	65M	58M	110M	120M	63M
Net Interest Income	-11M	-26M	-21M	-36M	-34M	-35M	-64M	-65M	-58M	-108M	-119M	-56M
Unusual Items	-8M	-4M	-8M	-3M	-2M	-1M	-5M	-3M	-4M	-1M	-4M	-2M
EBT Excluding Unusual Items	331M	252M	272M	195M	527M	201M	117M	98M	-13M	252M	193M	137M
Pre-Tax Income	323M	248M	264M	192M	525M	200M	112M	95M	-17M	251M	189M	135M
Pre-Tax Margin	9.1%	7.8%	8.2%	6.8%	19.5%	6.9%	4.0%	3.5%	-0.7%	7.6%	6.7%	7.8%
Income Tax Expense	58M	50M	51M	24M	120M	46M	27M	20M	-7M	84M	60M	52M
Net Income	265M	198M	213M	168M	405M	154M	85M	75M	-10M	166M	127M	81M
Net Income Margin	7.4%	6.2%	6.6%	5.9%	15.0%	5.3%	3.1%	2.8%	-0.4%	5.0%	4.5%	4.7%
Depreciation & Amortization	92M	90M	91M	85M	65M	58M	53M	51M	128M	78M	77M	49M
EBITDA	434M	368M	384M	316M	626M	294M	234M	214M	173M	439M	388M	242M
EBITDA Margin	12.2%	11.6%	11.9%	11.2%	23.2%	10.2%	8.4%	7.9%	7.4%	13.3%	13.8%	13.9%
NOPAT	281M	222M	236M	202M	433M	182M	137M	129M	36M	240M	212M	119M
NOPAT Margin	7.9%	7.0%	7.3%	7.2%	16.1%	6.3%	4.9%	4.7%	1.5%	7.3%	7.5%	6.8%
Owner's Earnings	238M	214M	219M	193M	405M	152M	82M	71M	78M	173M	148M	87M
Owner's Earnings Margin	6.7%	6.7%	6.8%	6.8%	15.0%	5.3%	3.0%	2.6%	3.3%	5.2%	5.2%	5.0%
EPS (Basic)	1.00	0.75	0.81	0.64	1.88	1.06	0.57	0.52	-0.07	2.01	6.38	16.51
EPS (Diluted)	0.99	0.74	0.80	0.64	1.88	1.06	0.57	0.52	-0.07	2.00	6.23	15.99
Shares (Basic)	265M	264M	264M	263M	215M	145M	150M	145M	145M	82M	20M	5M
Shares (Diluted)	269M	267M	268M	264M	215M	145M	150M	145M	145M	83M	20M	5M

Product Segments

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Integrated Mission Systems Segment	973.00M	—	1,138.00M	—	—	—
Product	762.00M	2,875.00M	—	2,631.00M	2,443.00M	2,505.00M
Service	50.00M	195.00M	—	195.00M	250.00M	374.00M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2008-03-31	2007-03-31	2006-03-31
Cash & Cash Equivalents	309.00M	278.00M	598.00M	467.00M	306.00M	240.00M	61.00M	85.00M	86.25M	95.83M	1.29M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	309.00M	278.00M	598.00M	467.00M	306.00M	240.00M	61.00M	85.00M	86.25M	95.83M	1.29M
Net Receivables	1,381.00M	1,281.00M	1,125.00M	1,059.00M	1,038.00M	899.00M	889.00M	902.00M	574.13M	535.24M	435.04M
Inventory	404.00M	400.00M	358.00M	329.00M	319.00M	205.00M	247.00M	209.00M	437.71M	367.61M	331.62M
Other Current Assets	40.00M	40.00M	55.00M	42.00M	24.00M	22.00M	33.00M	36.00M	58.10M	71.50M	59.60M
Total Current Assets	2,134.00M	1,999.00M	2,136.00M	1,897.00M	1,687.00M	1,366.00M	1,230.00M	1,232.00M	1,156.19M	1,070.19M	827.55M
Property, Plant & Equipment	477.00M	463.00M	440.00M	402.00M	404.00M	364.00M	355.00M	253.00M	255.68M	231.21M	220.51M
Goodwill	1,238.00M	1,238.00M	1,238.00M	1,238.00M	1,236.00M	1,071.00M	1,057.00M	1,057.00M	2,624.59M	2,616.64M	2,608.07M
Intangible Assets	114.00M	120.00M	132.00M	151.00M	172.00M	52.00M	60.00M	69.00M	0.00M	0.00M	0.00M
Long-Term Investments	21.00M	0.00M	0.00M	0.00M	0.00M	27.00M	25.00M	0.00M	167.77M	196.98M	231.14M
Tax Assets	118.00M	118.00M	120.00M	123.00M	66.00M	56.00M	87.00M	117.00M	4.20M	1.60M	2.40M
Other Non-Current Assets	111.00M	115.00M	91.00M	89.00M	92.00M	110.00M	109.00M	141.00M	38.24M	42.62M	56.22M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	2,079.00M	2,054.00M	2,021.00M	2,003.00M	1,970.00M	1,680.00M	1,693.00M	1,637.00M	3,090.48M	3,089.05M	3,118.33M
Total Assets	4,213.00M	4,053.00M	4,157.00M	3,900.00M	3,657.00M	3,046.00M	2,923.00M	2,869.00M	4,246.67M	4,159.24M	3,945.88M
Accounts Payable	342.00M	265.00M	426.00M	398.00M	457.00M	479.00M	478.00M	536.00M	357.86M	297.43M	224.67M
Short-Term Debt	52.00M	22.00M	25.00M	57.00M	29.00M	41.00M	53.00M	56.00M	5.38M	5.16M	4.62M
Tax Payables	0.00M	15.00M	24.00M	46.00M	31.00M	0.00M	0.00M	0.00M	36.95M	51.47M	34.56M
Deferred Revenue	440.00M	436.00M	399.00M	335.00M	233.00M	174.00M	177.00M	175.00M	36.95M	51.47M	34.56M
Other Current Liabilities	75.00M	140.00M	140.00M	146.00M	204.00M	201.00M	184.00M	136.00M	370.63M	331.97M	346.41M
Total Current Liabilities	909.00M	878.00M	1,014.00M	982.00M	954.00M	895.00M	892.00M	903.00M	807.77M	737.50M	644.83M
Long-Term Debt	326.00M	331.00M	340.00M	349.00M	365.00M	352.00M	374.00M	656.00M	1,627.47M	1,783.05M	1,828.77M
Capital Lease Obligations	0.00M	119.00M	93.00M	91.00M	93.00M	97.00M	103.00M	109.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	5.00M	6.00M	7.00M	4.00M	0.00M	0.00M	0.00M	0.00M	42.10M	46.50M	35.60M
Other Non-Current Liabilities	91.00M	92.00M	98.00M	97.00M	75.00M	62.00M	99.00M	124.00M	92.07M	112.18M	102.81M
Total Non-Current Liabilities	422.00M	548.00M	538.00M	541.00M	533.00M	511.00M	576.00M	889.00M	1,761.64M	1,941.73M	1,967.18M
Total Liabilities	1,331.00M	1,426.00M	1,552.00M	1,523.00M	1,487.00M	1,406.00M	1,468.00M	1,792.00M	2,569.41M	2,679.23M	2,612.00M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	3.00M	3.00M	3.00M	3.00M	3.00M	2.00M	1.00M	1.00M	0.41M	0.41M	0.40M
Retained Earnings	-2,417.00M	-2,489.00M	-2,593.00M	-2,806.00M	-2,974.00M	-2,983.00M	-3,137.00M	-3,222.00M	537.13M	399.79M	277.71M
Accumulated OCI	-43.00M	-42.00M	-47.00M	-47.00M	-49.00M	-58.00M	-70.00M	-93.00M	16.14M	2.26M	-3.31M
Minority Interest	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	-2,457.00M	-2,528.00M	-2,637.00M	-2,850.00M	-3,020.00M	-3,039.00M	-3,206.00M	-3,314.00M	553.68M	402.46M	274.79M
Total Equity	-2,457.00M	-2,528.00M	-2,637.00M	-2,850.00M	-3,020.00M	-3,039.00M	-3,206.00M	-3,314.00M	553.68M	402.46M	274.79M
Total Liabilities & Equity	-1,126.00M	-1,102.00M	-1,085.00M	-1,327.00M	-1,533.00M	-1,633.00M	-1,738.00M	-1,522.00M	3,123.09M	3,081.69M	2,886.80M
Tangible Assets	2,861.00M	2,695.00M	2,787.00M	2,511.00M	2,249.00M	1,923.00M	1,806.00M	1,743.00M	1,622.08M	1,542.59M	1,337.81M
Tangible Equity	-3,809.00M	-3,886.00M	-4,007.00M	-4,239.00M	-4,428.00M	-4,162.00M	-4,323.00M	-4,440.00M	-2,070.91M	-2,214.18M	-2,333.27M
Tangible Book Value	-3,809.00M	-3,886.00M	-4,007.00M	-4,239.00M	-4,428.00M	-4,162.00M	-4,323.00M	-4,440.00M	-2,070.91M	-2,214.18M	-2,333.27M
Total Investments	21.00M	0.00M	0.00M	0.00M	0.00M	27.00M	25.00M	0.00M	167.77M	196.98M	231.14M
Net Debt	69.00M	75.00M	-233.00M	-61.00M	88.00M	153.00M	366.00M	627.00M	1,546.60M	1,692.37M	1,832.10M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2008-03-31	2007-03-31	2006-03-31
Working Capital	1,084.0M	1,067.0M	1,047.0M	840.0M	665.0M	400.0M	288.0M	250.0M	354.8M	355.1M	200.4M
Total Capital	3,119.0M	3,072.0M	3,015.0M	2,822.0M	2,614.0M	2,083.0M	1,957.0M	1,840.0M	3,316.5M	3,290.7M	3,185.0M
Capital Employed	3,163.0M	3,121.0M	3,068.0M	2,843.0M	2,635.0M	2,080.0M	1,981.0M	1,887.0M	3,445.2M	3,444.2M	3,318.8M
Invested Capital	2,810.0M	2,794.0M	2,417.0M	2,355.0M	2,308.0M	1,843.0M	1,896.0M	1,755.0M	3,230.2M	3,194.8M	3,183.7M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2008-03-31	2007-03-31	2006-03-31
Net Income	265.00M	198.00M	213.00M	168.00M	405.00M	154.00M	85.00M	75.00M	-10.00M	165.77M	127.06M	81.49M
Depreciation & Amortization	92.00M	90.00M	91.00M	85.00M	65.00M	58.00M	53.00M	51.00M	128.00M	78.19M	76.66M	48.99M
Deferred Income Tax	22.00M	-38.00M	23.00M	-52.00M	-6.00M	31.00M	30.00M	12.00M	-3.00M	17.21M	10.62M	15.45M
Stock-Based Compensation	25.00M	33.00M	22.00M	17.00M	5.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-20.00M	71.00M	-79.00M	-14.00M	-82.00M	-65.00M	-46.00M	16.00M	-18.00M	-60.51M	-37.67M	1.22M
Accounts Receivable	-3.00M	3.00M	-102.00M	15.00M	-1.00M	-54.00M	-35.00M	9.00M	44.00M	-38.64M	-100.80M	-28.55M
Inventory	-41.00M	20.00M	-29.00M	-10.00M	-33.00M	42.00M	-38.00M	-36.00M	42.00M	-104.60M	-51.28M	-36.66M
Accounts Payable	41.00M	-36.00M	15.00M	-59.00M	-14.00M	1.00M	-58.00M	156.00M	83.00M	55.44M	68.11M	51.01M
Other Working Capital	-17.00M	84.00M	37.00M	40.00M	-34.00M	-54.00M	85.00M	-113.00M	-187.00M	27.28M	46.29M	15.42M
Other Non-Cash Items	0.00M	-11.00M	1.00M	1.00M	-354.00M	0.00M	3.00M	3.00M	8.00M	254.98M	255.86M	122.08M
Net Cash from Operating Activities	384.00M	343.00M	271.00M	205.00M	33.00M	178.00M	125.00M	157.00M	105.00M	211.46M	195.24M	157.06M
Capital Expenditures (PPE)	-119.00M	-74.00M	-85.00M	-60.00M	-65.00M	-60.00M	-56.00M	-55.00M	-40.00M	-71.31M	-55.91M	-43.19M
Acquisitions (Net)	0.00M	1.00M	0.00M	0.00M	501.00M	-14.00M	5.00M	-4.00M	-6.00M	-5.97M	-16.74M	-1,424.26M
Purchases of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	-2.00M	-4.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	60.00M	-5.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	-15.00M	1.00M	1.00M	1.00M	0.00M	55.00M	-10.00M	-92.00M	0.00M	0.44M	2.73M	0.06M
Net Cash from Investing Activities	-134.00M	-72.00M	-84.00M	-59.00M	436.00M	39.00M	-70.00M	-151.00M	-46.00M	-76.84M	-69.92M	-1,467.40M
Net Debt Issuance	-10.00M	-125.00M	-43.00M	8.00M	-2.00M	-38.00M	-76.00M	1.00M	-17.00M	-155.46M	-44.27M	1,023.76M
Long-Term Debt Issuance	-12.00M	-121.00M	-11.00M	-12.00M	6.00M	-20.00M	-65.00M	-15.00M	-28.00M	-155.46M	-4.27M	1,060.06M
Short-Term Debt Issuance	2.00M	-4.00M	-32.00M	20.00M	-8.00M	-18.00M	-11.00M	16.00M	11.00M	0.00M	-40.00M	-36.30M
Net Stock Issuance	-27.00M	17.00M	-3.00M	11.00M	0.00M	0.00M	0.00M	0.00M	0.00M	10.56M	12.87M	-15.83M
Common Stock Issuance	12.00M	17.00M	16.00M	12.00M	0.00M	0.00M	0.00M	0.00M	0.00M	10.56M	12.87M	-15.83M
Common Stock Repurchased	-39.00M	-2.00M	-19.00M	-1.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	2.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-72.00M	0.00M	0.00M	0.00M	-396.00M	0.00M	0.00M	0.00M	0.00M	-4.93M	-4.96M	-3.71M
Common Dividends Paid	-55.00M	0.00M	0.00M	0.00M	-396.00M	0.00M	0.00M	0.00M	0.00M	-4.93M	-4.96M	-3.71M
Preferred Dividends Paid	-17.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-30.00M	-12.00M	-10.00M	-4.00M	-5.00M	0.00M	-4.00M	-2.00M	-13.00M	5.48M	5.36M	0.00M
Net Cash from Financing Activities	-139.00M	-120.00M	-56.00M	15.00M	-403.00M	-38.00M	-80.00M	-1.00M	-30.00M	-144.35M	-31.00M	1,004.22M
Effect of FX on Cash	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.00M	1.00M	-2.00M	0.00M	0.00M	0.00M
Net Change in Cash	111.00M	151.00M	131.00M	161.00M	66.00M	179.00M	-24.00M	6.00M	27.00M	-9.58M	94.32M	-306.11M
Cash at Beginning of Period	1,454.00M	823.00M	467.00M	306.00M	240.00M	61.00M	85.00M	79.00M	52.00M	95.83M	1.52M	307.41M
Cash at End of Period	1,565.00M	974.00M	598.00M	467.00M	306.00M	240.00M	61.00M	85.00M	79.00M	86.25M	95.83M	1.29M
Operating Cash Flow	384.00M	343.00M	271.00M	205.00M	33.00M	178.00M	125.00M	157.00M	105.00M	211.46M	195.24M	157.06M
Capital Expenditure	-119.00M	-74.00M	-85.00M	-60.00M	-65.00M	-60.00M	-56.00M	-55.00M	-40.00M	-71.31M	-55.91M	-43.19M
Free Cash Flow	265.00M	269.00M	186.00M	145.00M	-32.00M	118.00M	69.00M	102.00M	65.00M	140.15M	139.33M	113.87M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2008-03-31	2007-03-31	2006-03-31
EBITDA	458.00M	397.00M	413.00M	349.00M	283.00M	312.00M	264.00M	233.00M	274.00M	438.57M	388.25M	241.70M
(-) Tax Adjustment	82.24M	80.04M	79.78M	43.63M	64.69M	71.76M	63.64M	49.05M	95.90M	146.18M	123.73M	84.59M
(-) Change In Working Capital	-20.00M	71.00M	-79.00M	-14.00M	-82.00M	-65.00M	-46.00M	16.00M	-18.00M	-60.51M	-37.67M	1.22M
(-) Capital Expenditure	-119.00M	-74.00M	-85.00M	-60.00M	-65.00M	-60.00M	-56.00M	-55.00M	-40.00M	-71.31M	-55.91M	-43.19M
Unlevered Free Cash Flow	276.76M	171.96M	327.22M	259.38M	235.31M	245.24M	190.36M	112.95M	156.10M	281.58M	246.28M	112.69M
(-) Net Interest Income After Taxes	-9.02M	-20.76M	-16.94M	-31.50M	-26.23M	-26.95M	-48.57M	-51.32M	-37.70M	-72.25M	-80.83M	-36.29M
Net Debt Issuance	-10.00M	-125.00M	-43.00M	8.00M	-2.00M	-38.00M	-76.00M	1.00M	-17.00M	-155.46M	-44.27M	1,023.76M
Levered Free Cash Flow	275.78M	67.72M	301.16M	298.88M	259.54M	234.19M	162.93M	165.26M	176.80M	198.37M	282.84M	1,172.74M