Hexcel vs Kratos Defense & Security Solutions
Hexcel reported revenue of $1.9 billion in fiscal 2025, 1.4 times Kratos Defense & Security Solutions' $1.3 billion in fiscal 2025. Hexcel's revenue fell 0.5% in its latest year, and Kratos Defense & Security Solutions' grew 18.5%. Hexcel had an operating margin of 9.1%, against 1.9% at Kratos Defense & Security Solutions. Free cash flow was $157 million at Hexcel and −$137 million at Kratos Defense & Security Solutions. Their fiscal years end in different months (December 31 and December 28), so the periods don't line up exactly.
Side by side
| Hexcel | Kratos Defense & Security Solutions | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 28, 2025 |
| Revenue | $1.9B | $1.3B |
| Revenue growth | −0.5% | 18.5% |
| Revenue growth a year, last 5 years | 4.7% | 12.5% |
| Gross margin | 23.0% | 22.9% |
| Operating margin | 9.1% | 1.9% |
| Net margin | 5.8% | 1.6% |
| Free cash flow | $157M | −$137M |
| Free cash flow margin | 8.3% | −10.2% |
| Return on capital | 6.5% | 1.2% |
| Net debt to EBITDA | 3.1x | −6.3x |
| Dividends and buybacks | $508M | $0M |
| Change in diluted share count | −3.6% | 9.5% |
| Last close | $79.74 | $40.43 |
| P/E at the last close | 35.9× | — |
| Insider trades, last 12 months | sold $2.8 million | sold $135.6 million |
| Piotroski F-score | 6 of 9 | 4 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
HexcelKratos Defense & Security Solutions
Operating margin
Percent of revenue
HexcelKratos Defense & Security Solutions
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
HexcelKratos Defense & Security Solutions
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Hexcel and Kratos Defense & Security Solutions pages.