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Held by 374 of 6,047 reporting institutions (95th percentile) — extremely crowded.
Data as of Q2 2026
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $35.0M buybacks = $35.0M returned on $227.0M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 7 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 9%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 7 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $647.0M (at 2025-12-31) covers all $43.0M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~5.7% on $370.0M of debt. Interest last disclosed in FY2024 (no longer broken out).
Cash of $647.0M fully covers short-term debt of $26.0M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $3.65B 100.0% | $3.23B 100.0% | $2.83B 100.0% | $2.69B 100.0% | $2.88B 100.0% | $2.78B 100.0% | $2.71B 100.0% |
| Cost of Revenue | $2.78B 76.2% | $2.50B 77.2% | $2.18B 77.1% | $2.12B 78.6% | $2.33B 81.0% | $2.28B 82.2% | $2.25B 83.1% |
| Gross Profit | $869.0M 23.8% | $736.0M 22.8% | $648.0M 22.9% | $575.0M 21.4% | $547.0M 19.0% | $494.0M 17.8% | $459.0M 16.9% |
| Research & Development | $129.0M 3.5% | $92.0M 2.8% | $82.0M 2.9% | $58.0M 2.2% | $48.0M 1.7% | $41.0M 1.5% | $31.0M 1.1% |
| Selling, General & Admin | $497.0M 13.6% | $414.0M 12.8% | $384.0M 13.6% | $357.0M 13.3% | $293.0M 10.2% | $283.0M 10.2% | $277.0M 10.2% |
| Operating Income | $348.0M 9.5% | $293.0M 9.1% | $231.0M 8.2% | $561.0M 20.8% | $236.0M 8.2% | $181.0M 6.5% | $163.0M 6.0% |
| Interest Expense | — | $21.0M 0.6% | $36.0M 1.3% | $34.0M 1.3% | $35.0M 1.2% | $64.0M 2.3% | $65.0M 2.4% |
| Other Income (Expense), net | -$4.0M -0.1% | -$8.0M -0.2% | -$3.0M -0.1% | -$2.0M -0.1% | -$1.0M -0.0% | -$5.0M -0.2% | -$3.0M -0.1% |
| Pretax Income | $336.0M 9.2% | $264.0M 8.2% | $192.0M 6.8% | $525.0M 19.5% | $200.0M 6.9% | $112.0M 4.0% | $95.0M 3.5% |
| Income Tax Expense | $58.0M 1.6% | $51.0M 1.6% | $24.0M 0.8% | $120.0M 4.5% | $46.0M 1.6% | $27.0M 1.0% | $20.0M 0.7% |
| Net Income | $278.0M 7.6% | $213.0M 6.6% | $168.0M 5.9% | $405.0M 15.0% | $154.0M 5.3% | $85.0M 3.1% | $75.0M 2.8% |
| Per Share | |||||||
| EPS (Basic) | $1.05 | $0.81 | $0.64 | $1.88 | $0.73 | $0.40 | $0.36 |
| EPS (Diluted) | $1.03 | $0.80 | $0.64 | $1.88 | $0.73 | $0.40 | $0.36 |
| Weighted Avg Shares (Basic) | 265.9M | 263.7M | 261.5M | 214.9M | 210.0M | 210.0M | — |
| Weighted Avg Shares (Diluted) | 268.7M | 267.7M | 264.2M | 215.1M | 210.0M | 210.0M | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $34.94 today, the market must believe free cash flow compounds 19.6%/yr for a decade (off $186.0M on the 3-yr avg basis).
On the basis ($162.3M) the requirement is 21.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 19.6% is more optimistic than its 6-yr track record.
Default is 9.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.27B shares (market data) · net debt -$294.0M
mean -7.6% · volatility σ 76% · implied rate exceeded in 3/5 yrs
Central path = implied 19.6%/yr growth; shaded band = ±1σ (76%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Ranked against 39 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SOLV | $14.7B | 9.7× | 7.1× | 1.8× | 0.9% | 53.5% | 18.7% | 30.8% | 15.4% | 1.6× | 853 |
| TRMB | $14.0B | 34.1× | 19.1× | 3.9× | -2.6% | 69.1% | 11.8% | 7.3% | 5.9% | 1.4× | 680 |
| NXT | $13.5B | 23.1× | 17.0× | 3.8× | 20.3% | 32.6% | 16.5% | 25.1% | 25.1% | -1.5× | 695 |
| ONTO | $12.9B | 94.8× | 81.8× | 12.9× | 1.8% | 49.7% | 13.6% | 6.5% | 6.5% | -2.3× | 656 |
| BAX | $12.9B | — | 30.2× | 1.1× | 5.7% | 30.1% | -8.5% | -15.6% | -6.1% | 11.1× | 675 |
| PEN | $12.6B | 70.8× | 60.1× | 9.0× | 17.5% | 67.1% | 12.7% | 12.4% | 12.4% | -0.9× | 440 |
| NVMI | $10.9B | 43.0× | 40.0× | 12.4× | 31.0% | 57.4% | 29.4% | 19.7% | 19.7% | -0.8× | 334 |
| AVTR | $10.5B | — | — | 1.6× | -3.4% | 32.7% | -8.1% | -9.5% | -5.6% | — | 438 |
| COO | $10.4B | 29.2× | 12.1× | 2.5× | 5.1% | 65.5% | 9.2% | 4.6% | 3.5% | 2.3× | 651 |
| GMED | $10.2B | 19.5× | 12.8× | 3.5× | 16.7% | 67.4% | 18.3% | 11.8% | 11.8% | -0.7× | 581 |
| ALGN | $10.2B | 25.4× | 11.6× | 2.5× | 0.9% | 67.2% | 10.2% | 10.1% | 10.1% | -1.4× | 650 |
| CGNX | $10.1B | 88.3× | 53.8× | 10.2× | 8.7% | 66.9% | 11.5% | 7.7% | 7.7% | -1.4× | 624 |
| GKOS | $9.8B | — | — | 19.2× | 32.3% | 55.7% | -37.0% | -28.6% | -28.6% | — | 346 |
| BIO | $9.7B | 13.1× | 48.9× | 3.8× | 0.7% | 51.9% | 29.4% | 10.2% | 8.8% | 3.2× | — |
| PODD | $9.6B | 39.7× | 17.0× | 3.5× | 30.7% | 71.6% | 9.1% | 16.3% | 16.1% | 0.0× | 708 |
| DRS | $9.4B | 34.1× | 20.6× | 2.6× | 12.8% | 23.8% | 7.6% | 10.2% | 9.0% | -0.7× | 374 |
| TXG | $9.4B | — | — | 14.6× | 5.2% | 69.1% | -6.8% | -5.5% | -5.5% | — | 377 |
| BRKR | $8.6B | — | 35.1× | 2.5× | 2.1% | 45.9% | -0.3% | -0.4% | -0.2% | 5.4× | — |
| RAL | $8.0B | — | — | 3.9× | -4.0% | 50.3% | -59.1% | -74.8% | -43.9% | — | 525 |
| MSA | $7.0B | 25.6× | 16.8× | 3.7× | 3.7% | 46.5% | 14.9% | 20.4% | 14.3% | 0.9× | 439 |
| CAMT | $6.7B | 137.3× | 46.3× | 13.4× | 15.6% | 50.5% | 10.2% | 8.2% | 8.2% | -1.3× | 232 |
| ST | $6.2B | 202.4× | 17.1× | 1.7× | -5.8% | 29.3% | 0.8% | 1.1% | 0.6% | 4.6× | 449 |
| BLCO | $5.6B | — | 37.4× | 1.1× | 6.5% | — | -7.1% | -5.6% | -3.1% | 16.9× | 97 |
| HAE | $5.5B | 59.4× | 29.9× | 4.2× | -2.0% | 59.0% | 7.3% | 12.2% | 4.8% | 4.5× | 315 |
| TFX | $5.3B | — | 43.2× | 2.6× | 17.2% | 56.2% | -45.4% | -29.0% | -15.7% | 13.0× | 371 |
Peers = companies sharing DRS's sector (Search, Detection, Navigation, Guidance, Aeronautical Sys) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-14
Where each multiple sits in its own 7-yr range · 88th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 7-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 10% against ROIC 9% — 1% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.5× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Cost of Revenue | 83.1 | 82.2 | 81.0 | 78.6 | 77.1 | 77.2 | 76.2 |
| Gross Profit | 16.9 | 17.8 | 19.0 | 21.4 | 22.9 | 22.8 | 23.8 |
| R&D | 1.1 | 1.5 | 1.7 | 2.2 | 2.9 | 2.8 | 3.5 |
| SG&A | 10.2 | 10.2 | 10.2 | 13.3 | 13.6 | 12.8 | 13.6 |
| Operating Income | 6.0 | 6.5 | 8.2 | 20.8 | 8.2 | 9.1 | 9.5 |
| Income Tax | 0.7 | 1.0 | 1.6 | 4.5 | 0.8 | 1.6 | 1.6 |
| Net Income | 2.8 | 3.1 | 5.3 | 15.0 | 5.9 | 6.6 | 7.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DRS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 0.42pts above its cost of capital, but net margin has stepped down from 1503.9% to 762.06% over 3 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 13.4% | 9.9% (today's — no rate published for this year) | 3.5pts |
| FY2020 | 7.9% | 9.9% (today's — no rate published for this year) | -2.0pts |
| FY2021 | 9.7% | 6.5% | 3.2pts |
| FY2022 | 18.9% | 7.5% | 11.3pts |
| FY2023 | 7.5% | 7.2% | 0.4pts |
| FY2024 | 9.4% | 9.6% | -0.2pts |
| FY2025 | 10.6% | 9.9% (today's — no rate published for this year) | 0.7pts |
| Now | 9.0% | 9.9% | -0.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2019 | 16.9% | 6.0% | 2.8% |
| FY2020 | 17.8% | 6.5% | 3.1% |
| FY2021 | 19.0% | 8.2% | 5.3% |
| FY2022 | 21.4% | 20.8% | 15.0% |
| FY2023 | 22.9% | 8.2% | 5.9% |
| FY2024 | 22.8% | 9.1% | 6.6% |
| FY2025 | 23.8% | 9.5% | 7.6% |
Return on equity (10%) and return on invested capital (9%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$1.2B of goodwill — 44% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is 18.41% against 10.33% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Cash conversion of 0.65x sits below the level that would make the earnings clearly cash-backed.
Reported free cash flow is $227M; after share-based compensation it is $195M. The difference is a real cost that the cash flow statement adds back.
Covers interest 11.6x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 16.57x |
| 5% | 15.74x |
| 10% | 14.91x |
| 15% | 14.09x |
| 20% | 13.26x |
| 25% | 12.43x |
| 30% | 11.60x |
| 35% | 10.77x |
| 40% | 9.94x |
| 45% | 9.11x |
| 50% | 8.29x |
| 55% | 7.46x |
| 60% | 6.63x |
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $229,000,000 of the $582,000,000 total — a fixed obligation that does not appear in a headline debt figure.
At $35.16, free cash flow must compound 20.0%/yr for 10 years. It has done 14.26%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −32.4% | 20.0% |
| FY2021 | 71.0% | 20.0% |
| FY2022 | −127.1% | 20.0% |
| FY2024 | 28.3% | 20.0% |
| FY2025 | 22.0% | 20.0% |
The implied rate has been matched or beaten in 3 of the last 5 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $278M | $278M |
| Share-based comp | $32M | $310M |
| Other non-cash & working capital | $56M | $366M |
| Operating cash flow | $366M | $366M |
| Capex | −$139M | $227M |
| Free cash flow | $227M | $227M |
| FCF after SBC | $195M | $195M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 2.4% | not reported | not reported |
| FY2021 | 3.6% | 52.9% | 49.3 points |
| FY2022 | -6.5% | 6.4% | 12.9 points |
| FY2023 | 4.9% | -9.0% | -14.0 points |
| FY2024 | 14.4% | 67.5% | 53.1 points |
| FY2025 | 12.8% | 32.0% | 19.2 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | not reported | not reported | not reported | not reported |
| FY2020 | 13.4 days | 39.5 days | 76.4 days | -23.5 days |
| FY2021 | 19.8 days | 32.1 days | 75 days | -23.1 days |
| FY2022 | 22.5 days | 55 days | 78.8 days | -1.3 days |
| FY2023 | 19.5 days | 55.1 days | 66.7 days | 7.9 days |
| FY2024 | 28.6 days | 52.3 days | 62.2 days | 18.6 days |
| FY2025 | 33.4 days | 46.2 days | 46.1 days | 33.5 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | not reported |
| FY2020 | -1.4 percent |
| FY2021 | -0.8 percent |
| FY2022 | 10.1 percent |
| FY2023 | -0.9 percent |
| FY2024 | -1.4 percent |
| FY2025 | -2.0 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.