Defence & Aerospace

Last Updated: 4 June 2026

General Dynamics is a diversified aerospace and defence company spanning four very different businesses: Gulfstream business jets, nuclear and conventional submarines and warships, land combat vehicles and munitions, and government IT and technology services. That breadth makes it unusual among the defence primes — roughly a quarter of revenue comes from selling private jets to corporations and wealthy individuals, while the rest is anchored in long-cycle US and allied defence programmes. FY2025 (year ended 31 December 2025) was a record year: revenue rose 10.1 percent to $52.6 billion, diluted EPS climbed 13.4 percent to $15.45, operating cash flow reached $5.1 billion and backlog grew about 30 percent to $118 billion. This report works through the segments, the financials and the risks using only figures from General Dynamics' own filings and releases.

1. Company Snapshot

Field	Value
Company	General Dynamics Corporation
Ticker / Exchange	GD / NYSE
Sector	Defence & Aerospace
Headquarters	Reston, Virginia, USA
CEO / Leadership	Phebe N. Novakovic (Chair & Chief Executive Officer; CEO since 2013)
Employees	More than 110,000
Market cap	~$91.4 billion (June 2026, share price ~$338.05)
Revenue (FY2025)	$52,550 million ($52.6 billion)
Net earnings (FY2025)	$4.2 billion
GAAP diluted EPS (FY2025)	$15.45
Free cash flow (FY2025)	$3.96 billion
Backlog (31 Dec 2025)	$118 billion (total estimated contract value $179 billion)
Dividend	Annualised ~$6.00/share; yield ~1.8%

2. Bull & Bear Case

Bull Case

• Record submarine and shipbuilding backlog: Marine Systems is the largest segment, riding the Columbia-class and Virginia-class submarine programmes; group backlog reached $118 billion at year-end 2025 and $130.8 billion by Q1 2026.
• Gulfstream cash engine inflecting: Aerospace delivered record Q1 2026 volumes (38 Gulfstream aircraft) with the new G800 carrying strong gross margins, lifting a high-return, non-defence profit stream.
• Broad-based growth and book-to-bill above 1: All four segments grew revenue and earnings in 2025, with full-year book-to-bill of 1.5x signalling demand ahead of deliveries.
• Strong cash conversion and shareholder returns: FY2025 operating cash flow of $5.1 billion was 122 percent of net earnings; the company cut debt by $749 million and paid $1.6 billion in dividends while raising the payout.

Bear Case

• Shipbuilding margin and schedule risk: Marine Systems still earns thinner margins (~7 percent) than its peers, and submarine programmes carry labour and supply-chain execution risk.
• Aerospace cyclicality: Business-jet demand is tied to corporate confidence and the economic cycle, making roughly a quarter of revenue more volatile than pure defence work.
• Government and budget dependence: The three defence segments rely on US and allied budgets exposed to continuing resolutions, shutdowns and procurement shifts.
• Premium multiple on a large base: At a low-20s P/E on a $52 billion revenue base, the shares leave limited room for a Gulfstream demand wobble or a shipbuilding charge.

3. Business Segments

General Dynamics reports four segments. The table shows FY2025 revenue and each segment's share of the $52,550 million total.

Segment	% of revenue	What it is
Marine Systems	~32% ($16.7bn)	Nuclear submarines (Columbia and Virginia classes) and surface ships, built at Electric Boat, Bath Iron Works and NASSCO.
Technologies	~26% ($13.5bn)	Government IT, C4ISR, cyber and mission-support services (GDIT) plus Mission Systems hardware.
Aerospace	~25% ($13.1bn)	Gulfstream business jets and aircraft services — the group's commercial, high-margin franchise.
Combat Systems	~18% ($9.2bn)	Land combat vehicles (Abrams, Stryker), wheeled vehicles, weapons systems and munitions/ammunition.

4. Business Model & Moat

How it makes money. Three of the four segments earn long-cycle revenue from US and allied government contracts that convert from backlog over many years. The fourth, Aerospace, sells Gulfstream jets and aftermarket services to corporations and individuals, generating cash on a faster cycle and at higher margins than defence work.

Where the moat comes from. In submarines, General Dynamics' Electric Boat is one of only two US yards able to build nuclear-powered boats — an effectively un-replicable position protected by decades of investment, security clearances and national-security priority. In business jets, Gulfstream commands a premium brand, an installed fleet and a global service network that lock in recurring revenue.

What can erode it. The defence segments are price-negotiated and budget-dependent, and shipbuilding labour and supply-chain constraints can compress margins. Aerospace, by contrast, is exposed to the broader economic cycle and corporate sentiment.

5. Financial Health

All figures below come from General Dynamics' earnings releases and consolidated statements. The annual table runs through the most recently completed fiscal year, FY2025.

Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt YE ($m)
2021	38,469	—	$11.55	—	$4.76	—
2022	39,407	+2.4%	$12.19	—	$5.04	—
2023	42,272	+7.3%	$12.02	—	$5.28	—
2024	47,716	+12.9%	$13.63	—	$5.68	7,260
2025	52,550	+10.1%	$15.45	—	$6.00	7,007

General Dynamics does not report a non-GAAP adjusted EPS; the Adjusted EPS column is therefore shown as not applicable, and GAAP diluted EPS is the headline figure. Dividend-per-share figures reflect the declared quarterly rate annualised. Long-term debt for 2021–2023 is shown as a dash where the year-end balance-sheet split was not captured from a primary source; total debt fell to $8.0 billion at year-end 2025 (net debt $5.7 billion).

Quarter	Revenue ($m)	Adjusted EPS	GAAP EPS
Q1 2026	13,500	—	$4.10
Q4 2025	14,379	—	$4.17
Q3 2025	12,900	—	$3.88
Q2 2025	13,000	—	$3.74
Q1 2025	12,200	—	$3.66
FY 2025 total	52,550	—	$15.45

The bold row shows full-year 2025 revenue of $52,550 million and GAAP diluted EPS of $15.45. Quarterly revenue figures for 2025 are rounded as reported; they sum to the audited full-year total.

6. Valuation

Raw metrics, June 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$91.4bn (270.4m shares × ~$338.05)
Trailing P/E (GAAP)	~21.9x (price ~$338.05 / FY2025 GAAP EPS $15.45)
P/E (forward)	~20.5x (price ~$338.05 / 2026 EPS guidance midpoint ~$16.50)
P/S (TTM)	~1.74x (market cap ~$91.4bn / FY2025 revenue $52.55bn)
P/FCF	~23.1x (market cap ~$91.4bn / FCF $3.96bn; FCF = operating CF $5.12bn − capex $1.16bn per FY2025 cash flow statement)
EV/EBITDA (TTM)	~15.5x (EV ~$97.1bn / EBITDA ~$6.28bn; EBITDA = FY2025 operating earnings $5.36bn + D&A $0.92bn)
Enterprise value	~$97.1bn (market cap ~$91.4bn + total debt $8.0bn − cash $2.3bn per FY2025 balance sheet)
52-week high	$369.70
52-week low	$268.10
Short interest (% of float)	~1.04% (December 2025)
Days to cover	~2.39

7. Growth Drivers

The biggest driver is submarine production. Marine Systems revenue grew about 17 percent in 2025 and 21 percent in Q1 2026, led by the Columbia-class (the US Navy's next ballistic-missile submarine) and Virginia-class programmes, with margins improving as the yards work through their ramp. The order book here is deep and long-dated.

The second driver is Gulfstream. The G700 and new G800 are now in volume delivery; the company posted record first-quarter deliveries of 38 aircraft in 2026 with the G800 carrying strong gross margins, supporting Aerospace revenue and cash. Combat Systems is benefiting from elevated European demand for vehicles and munitions, while Technologies provides steady, cash-generative IT and C4ISR work. Management raised its 2026 EPS guidance to $16.45–$16.55. Track the wider defence sector and macro calendar on the ChartsView Live Charts and Economic Calendar pages.

8. Peer Comparison

Peer	Market cap (June 2026)	Key 2025 metric
RTX Corporation (RTX)	~$233bn	FY2025 revenue ~$84bn
Lockheed Martin (LMT)	~$119bn	FY2025 revenue ~$74bn
General Dynamics (GD)	~$91bn	FY2025 revenue $52.6bn; backlog $118bn
Northrop Grumman (NOC)	~$76bn	FY2025 revenue $42.0bn
Huntington Ingalls (HII)	~$15bn	Pure-play naval shipbuilder; FY2025 revenue ~$11.7bn

9. Insider Activity

Recent Form 4 activity shows insider selling, principally by the chief executive, with no open-market purchases reported in the period.

Name	Date	Type	Shares	Price	Value	Plan Type
Phebe N. Novakovic (Chair & CEO)	11 Mar 2026	Sale	32,918	~$354	~$11.6m	Open-market (two transactions)

Following the March 2026 sales, Novakovic directly held about 766,457 shares, with additional indirect holdings through the company 401(k) plan and a limited liability company.

10. Key Risks

• Shipbuilding execution (Operational): Marine Systems carries thinner margins and significant labour and supply-chain risk on complex, multi-year submarine programmes.
• Aerospace demand cyclicality (Macro): Business-jet orders depend on corporate confidence and the economic cycle, making roughly a quarter of revenue more volatile than defence work.
• Government and budget dependence (Regulatory/Macro): The defence segments rely on US and allied budgets exposed to continuing resolutions, shutdowns and shifting procurement priorities.
• Contract cost estimation (Operational): Earnings depend on estimates of cost to complete long-cycle contracts; adverse revisions can reduce reported margins.
• International and supply-chain exposure (Operational): Global operations and reliance on subcontractors and raw materials add execution and geopolitical risk.

11. Recent Developments

• 29 Apr 2026 — Q1 2026 results. Revenue rose 10.3 percent to $13.5 billion and diluted EPS rose 12 percent to $4.10; backlog reached $130.8 billion and management raised full-year 2026 EPS guidance to $16.45–$16.55.
• 29 Apr 2026 — Gulfstream record. Aerospace delivered 38 aircraft, the highest first-quarter total in Gulfstream history, with the G800 posting strong gross margins.
• 28 Jan 2026 — FY2025 results. Record full-year revenue of $52.6 billion, diluted EPS of $15.45, operating cash flow of $5.1 billion and backlog of $118 billion.
• 11 Mar 2026 — Insider sale. CEO Phebe Novakovic sold 32,918 shares at around $354 in open-market transactions.

12. Key Dates

• 29 Jul 2026 — Expected Q2 2026 earnings release.
• 10 Apr 2026 — Most recent quarterly dividend ex-dividend date.
• 28 Jan 2026 — Fourth-quarter and full-year 2025 results released.
• 29 Apr 2026 — First-quarter 2026 results released.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Last Updated: 3 Jun 2026

Lockheed Martin Corporation (NYSE: LMT) is the world's largest pure-play defence contractor, best known as the prime contractor for the F-35 Lightning II fighter and the PAC-3 missile-defence interceptor. The company operates through four segments — Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space — and sells overwhelmingly to the US Government and allied nations. In its most recent full year (FY2025, ended 31 December 2025) Lockheed reported record sales of $75.05bn and a record backlog of about $194bn, equivalent to more than two-and-a-half years of revenue. This report compiles publicly available figures from Lockheed's earnings releases and SEC filings; it contains no analyst price targets or ratings.

1. Company Snapshot

Field	Value
Ticker / Exchange	LMT (NYSE)
Sector	Aerospace & Defence
CEO / Leadership	James D. (Jim) Taiclet (Chairman, President & CEO since June 2020)
Headquarters	Bethesda, Maryland, USA
Employees	Approximately 123,000 (incl. ~72,000 engineers, scientists & IT professionals)
Market cap	~$118bn (early June 2026)
FY2025 revenue	$75.05bn
FY2025 net income (GAAP)	$5.02bn
FY2025 GAAP EPS	$21.49
Backlog (YE2025)	~$194bn (record)

Lockheed Martin is led by Chief Executive Officer James D. Taiclet, a former US Air Force pilot who has served as Chairman, President and CEO since June 2020. The group reports through four segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space.

2. Bull and Bear Case

Bull Case

• Record backlog: A near-$194bn backlog at year-end 2025 provides more than two-and-a-half years of revenue visibility, underpinned by long-cycle programmes like the F-35.
• Missile super-cycle: Missiles and Fire Control grew sales 14% in 2025 with record PAC-3 MSE deliveries; the US Army's $4.76bn PAC-3 award lifts annual output toward 2,000 interceptors.
• F-35 franchise: Lockheed delivered a record 191 F-35s in 2025 and continues to win large sustainment and armament awards, anchoring decades of recurring revenue.
• New-domain optionality: Selection for the US Golden Dome space-based interceptor effort opens a potential new multi-year growth avenue in missile defence.
• Shareholder returns: Lockheed has raised its dividend for more than two decades (FY2025 declared $13.35/share) and continues sizeable buybacks, supported by ~$6.9bn FY2025 free cash flow.

Bear Case

• Programme charges: 2025 GAAP EPS fell 4% as classified-programme losses and a $479m pension settlement charge hit earnings, highlighting fixed-price execution risk.
• Customer concentration: The overwhelming majority of revenue comes from the US Government, leaving Lockheed exposed to budget cycles and procurement decisions.
• F-35 dependence: Aeronautics derives a large share of sales from a single platform; schedule, upgrade (TR-3/Block 4) or funding setbacks would be material.
• Slower top-line growth: Revenue growth in the mid-single digits trails faster-growing defence-technology peers.
• Cash-flow variability: Q1 2026 showed weaker cash flow, and program timing can make quarterly free cash flow lumpy.

3. Business Segments

Lockheed Martin reports through four segments. Figures are FY2025 net sales; the segments sum to consolidated revenue of $75.05bn.

Segment	% of revenue	What it is
Aeronautics	~40% ($30.3bn)	Combat aircraft, led by the F-35 Lightning II, plus the F-16, F-22 sustainment and classified programmes.
Rotary and Mission Systems	~23% ($17.2bn)	Sikorsky helicopters, naval and radar systems, training and integrated mission systems.
Missiles and Fire Control	~19% ($14.5bn)	PAC-3, THAAD, HIMARS, Javelin and precision-strike weapons; fastest-growing segment in 2025.
Space	~17% ($13.0bn)	Satellites, strategic and missile-defence systems, and space-based sensing.

4. Business Model and Moat

How it makes money. Lockheed earns the bulk of its revenue from long-term US Government and allied contracts to develop, produce and sustain military platforms and systems. Production contracts are followed by multi-decade sustainment, spares and upgrade work — the F-35, for example, generates revenue across development, production and decades of fleet support.

Why the moat is durable. Defence primes are protected by enormous barriers to entry: security clearances, classified know-how, multi-year qualification, and incumbency on platforms that, once selected, are effectively irreplaceable for their service lives. A record backlog locks in future revenue, and the customer base is the world's best-funded military.

Capital and returns. The business is R&D- and capital-intensive but converts mature programmes into steady cash, which Lockheed has returned through more than 20 years of dividend increases and consistent share repurchases.

5. Financial Health

Lockheed has grown revenue steadily since a flat 2022, reaching a record $75.05bn in 2025. Earnings dipped in 2025 on programme charges and a pension settlement. Lockheed does not publish a single non-GAAP “adjusted EPS”; the Adjusted EPS column below mirrors GAAP, with 2025 GAAP EPS including a $479m pre-tax pension settlement charge. All figures are from Lockheed earnings releases and SEC filings.

Year	Revenue ($bn)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
2021	67.04	—	$22.76	$22.76	$10.60	$11.68bn
2022	65.98	−1.6%	$21.66	$21.66	$11.40	$15.55bn
2023	67.57	+2.4%	$27.55	$27.55	$12.15	$17.46bn
2024	71.04	+5.1%	$22.31	$22.31	$12.75	$20.27bn
2025	75.05	+5.6%	$21.49	$21.49	$13.35	$21.70bn

Quarterly trend through FY2025 (most recent first):

Quarter	Revenue ($bn)	Adjusted EPS	GAAP EPS
Q4 2025	20.32	$5.80	$5.80
Q3 2025	18.61	$6.95	$6.95
Q2 2025	18.16	$1.46	$1.46
Q1 2025	17.96	$7.28	$7.28
FY2025 total	75.05	$21.49	$21.49

Q2 2025 GAAP EPS was depressed by classified-programme losses recognised that quarter. FY2025 operating cash flow was $8.56bn and capital expenditure $1.65bn, giving free cash flow of about $6.9bn. Year-end cash stood at $4.12bn against total debt of about $21.70bn. You can monitor live price action on the ChartsView Live Charts page.

6. Valuation

Raw metrics, June 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$118bn (share price ~$513, early June 2026)
Trailing P/E (GAAP)	~23.9x (price $513 / FY2025 GAAP EPS $21.49)
P/E (forward)	~17.2x (price $513 / 2026 EPS guidance midpoint ~$29.80)
P/S (TTM)	~1.58x (market cap $118bn / FY2025 sales $75.05bn)
Enterprise value	~$136bn (market cap $118bn + total debt ~$21.7bn − cash ~$4.1bn per FY2025 balance sheet)
EV/EBITDA (TTM)	~14.4x (EV ~$136bn / EBITDA ~$9.4bn; EBITDA = operating income $7.73bn + D&A $1.69bn per FY2025 statements)
P/FCF	~17.2x (market cap $118bn / FCF ~$6.9bn; FCF = operating CF $8.56bn − capex $1.65bn per FY2025 cash flow statement)
52-week high	$692.00
52-week low	$410.11
Short interest (% of float)	~1.29% (approx 2.55m shares; per FINRA bi-monthly data via aggregators)
Days to cover	~1.6

7. Growth Drivers

Lockheed's growth is anchored by elevated global defence spending and a record backlog. The clearest near-term driver is munitions: Missiles and Fire Control grew 14% in 2025 and is guided to grow another 14% in 2026, with the $4.76bn PAC-3 MSE award lifting annual interceptor output toward 2,000 units. The F-35 franchise continues to expand through record deliveries (191 in 2025) and large sustainment and armament awards. Newer avenues include the US Golden Dome space-based interceptor programme, where Lockheed was among the companies selected for prototype work, and continued Space-segment growth in strategic and missile-defence systems. Management guides FY2026 sales of $77.5–$80.0bn and diluted EPS of $29.35–$30.25, implying a strong rebound from the charge-affected 2025. Track macro and defence-budget catalysts on the ChartsView Economic Calendar.

8. Peer Comparison

Peer	Market cap (June 2026)	Key 2025 metric
RTX Corporation (RTX)	~$235bn	FY2025 revenue $88.60bn; backlog $268bn
Northrop Grumman (NOC)	~$70bn (approx)	FY2024 revenue $41.03bn
General Dynamics (GD)	~$80bn (approx)	FY2024 revenue $47.7bn (group)

Lockheed is the most defence-concentrated of the large US primes, with less commercial-aerospace exposure than RTX and a heavier weighting to combat aircraft and missiles than General Dynamics.

9. Insider Activity

Recent Form 4 filings show modest executive share sales, several tied to equity vesting or pre-arranged plans:

Name	Date	Type	Shares	Price	Value	Plan Type
Timothy S. Cahill (President, Missiles & Fire Control)	11 Mar 2026	Sale	4,620	Various (8 lots)	Not disclosed	Open market

CEO James Taiclet reported no open-market sales over the prior 18 months; his holdings are subject to the company's executive share-ownership guidelines. Executive sales can reflect personal diversification or tax planning rather than a view on the business.

10. Key Risks

• Fixed-price programme losses (financial): Classified and other fixed-price contracts have produced charges; further losses would hit earnings and cash.
• US Government concentration (macro/political): The vast majority of revenue depends on US defence budgets, appropriations timing and procurement choices.
• F-35 platform dependence (operational): Heavy reliance on one programme means schedule, upgrade or funding setbacks would be material.
• Pension and accounting items (financial): Pension settlement and FAS/CAS adjustments add volatility to reported earnings.
• Export and regulatory (regulatory): Foreign military sales are subject to government approval, export controls and geopolitical shifts.

11. Recent Developments

• 31 May 2026 — Wartime contract buildup. Lockheed was awarded roughly $1bn in military contracts amid heightened Middle East tension, underscoring demand for munitions and air defence.
• 26 May 2026 — F-35 sustainment order. Aeronautics received a $100.4m order for F-35 brake assembly heat sinks, alongside an $879m F-35 armament order during May.
• 25 Apr 2026 — Golden Dome selection. Lockheed was among companies selected by the US Space Force for space-based interceptor prototype work under the Golden Dome initiative.
• 29 Jan 2026 — FY2025 results. Lockheed reported record sales of $75.05bn, GAAP EPS of $21.49 and a record ~$194bn backlog, and issued 2026 guidance of $77.5–$80.0bn sales and $29.35–$30.25 EPS.

12. Key Dates

• 21 Jul 2026 — expected Q2 2026 earnings release
• 26 Jun 2026 — Q2 2026 dividend payment date (ex-dividend 02 Jun 2026)
• 29 Jan 2026 — FY2025 results released

Join the discussion on the ChartsView Forum and compare notes with other members.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Last Updated: 3 Jun 2026

RTX Corporation (NYSE: RTX) is one of the world's largest aerospace and defence companies, formed from the 2020 merger of Raytheon Company and United Technologies. The business is built on three franchises: Collins Aerospace and Pratt & Whitney serve commercial and military aviation, while the Raytheon segment is a leading prime contractor for missiles, air-and-missile defence and sensors. In its most recent full year (FY2025, ended 31 December 2025) RTX reported record sales of $88.60bn and a backlog of $268bn, split between $161bn of commercial and $107bn of defence work. This report compiles publicly available figures from RTX's earnings releases and SEC filings; it contains no analyst price targets or ratings.

1. Company Snapshot

Field	Value
Ticker / Exchange	RTX (NYSE)
Sector	Aerospace & Defence
CEO / Leadership	Christopher T. Calio (Chairman & CEO; CEO since May 2024, Chairman since April 2025)
Headquarters	Arlington, Virginia, USA
Employees	Approximately 185,000
Market cap	~$234.7bn (early June 2026)
FY2025 revenue	$88.60bn
FY2025 net income (GAAP)	$6.73bn
FY2025 GAAP EPS	$4.96
FY2025 adjusted EPS	$6.29
Backlog (YE2025)	$268bn ($161bn commercial / $107bn defence)

RTX is led by Chief Executive Officer Christopher T. Calio, who became CEO in May 2024 and added the Chairman role in April 2025. The group's three reportable segments are Collins Aerospace, Pratt & Whitney and Raytheon.

2. Bull and Bear Case

Bull Case

• Record backlog and defence demand: A $268bn backlog at year-end 2025 — rising to $271bn after Q1 2026 — gives multi-year revenue visibility, reinforced by elevated global defence spending and munitions reorders.
• Commercial aftermarket strength: Collins and Pratt & Whitney benefit from a large installed base of aircraft and engines, generating high-margin spares and maintenance revenue as global air traffic grows.
• GTF engine franchise: Pratt & Whitney secured over 1,000 GTF orders in 2025, including large fleet commitments, building a long-tail services annuity despite earlier durability issues.
• Rising shareholder returns: RTX raised its quarterly dividend 8% during 2025 and again to $0.73 in May 2026, with FY2025 free cash flow of about $7.9bn supporting buybacks and dividends.
• Raised 2026 outlook: After a strong Q1 2026, management lifted full-year adjusted EPS guidance to $6.70–$6.90 and adjusted sales to $92.5–$93.5bn.

Bear Case

• Programme and supply-chain execution: The GTF powder-metal inspection campaign and broader supply constraints have weighed on cash and margins, and any recurrence would hit Pratt & Whitney hard.
• Government budget dependence: The Raytheon segment relies heavily on US and allied defence budgets, which are subject to political negotiation, continuing resolutions and shifting priorities.
• Premium valuation: At roughly 35x trailing GAAP earnings, the shares price in continued execution, leaving little room for disappointment.
• Tariff and cost inflation: Management flagged tariff impacts during 2025, and input-cost inflation can compress fixed-price contract margins.
• Legacy legal and accounting items: Acquisition-accounting adjustments and prior legal settlements continue to create a gap between GAAP and adjusted earnings.

3. Business Segments

RTX reports through three segments. The figures below are FY2025 adjusted (segment) sales; inter-segment eliminations of roughly $2.6bn bridge the segment total to consolidated revenue of $88.60bn.

Segment	% of revenue	What it is
Pratt & Whitney	~36% ($32.92bn)	Designs and services commercial and military aircraft engines, including the geared turbofan (GTF) family and the F135 engine for the F-35.
Collins Aerospace	~33% ($30.20bn)	Avionics, interiors, mechanical and electrical systems for commercial and military aircraft, plus mission systems.
Raytheon	~31% ($28.04bn)	Defence prime: integrated air and missile defence, effectors/missiles, radars and advanced sensors for US and allied forces.

4. Business Model and Moat

How it makes money. RTX earns revenue from original-equipment sales (engines, avionics, missiles, radars) and, crucially, from long-duration aftermarket services — spare parts, maintenance, repair and overhaul on a vast installed base. Defence work is largely contract-based with the US Government and allied nations, blending cost-plus and fixed-price arrangements.

Why the moat is durable. Aerospace and defence is protected by extreme barriers to entry: decades-long certification cycles, classified technology, entrenched platform positions (an engine or radar designed into an airframe is rarely displaced), and a backlog that locks in future revenue. Switching costs for customers are very high once a platform is fielded.

Capital and returns. The model is capital-intensive in R&D and tooling but throws off substantial recurring cash once programmes mature, which RTX returns through a growing dividend and buybacks while funding the next generation of platforms.

5. Financial Health

RTX has grown revenue every year since 2021, with the 2023 step-up reflecting the full-year contribution of the combined group and 2024–2025 driven by both commercial recovery and defence demand. All figures are from RTX earnings releases and SEC filings.

Year	Revenue ($bn)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
2021	64.39	—	$2.56	$4.27	$2.005	$31.35bn
2022	67.07	+4.2%	$3.50	$4.78	$2.16	$31.29bn
2023	68.92	+2.8%	$2.23	$5.06	$2.32	$43.64bn
2024	80.74	+17.1%	$3.55	$5.73	$2.48	$41.08bn
2025	88.60	+9.7%	$4.96	$6.29	$2.67	$34.29bn

Quarterly trend through FY2025 (most recent first):

Quarter	Revenue ($bn)	Adjusted EPS	GAAP EPS
Q4 2025	24.24	$1.55	$1.19
Q3 2025	22.48	$1.70	$1.41
Q2 2025	21.58	$1.56	$1.22
Q1 2025	20.31	$1.47	$1.14
FY2025 total	88.60	$6.29	$4.96

FY2025 operating cash flow was $10.57bn and capital expenditure $2.63bn, giving free cash flow of about $7.9bn. Year-end cash and equivalents stood at $7.44bn against total debt of roughly $37.9bn. You can monitor live price action on the ChartsView Live Charts page.

6. Valuation

Raw metrics, June 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$234.7bn (share price ~$174, early June 2026)
Trailing P/E (GAAP)	~35x (price $174 / FY2025 GAAP EPS $4.96)
P/E (forward)	~25.6x (price $174 / 2026 adjusted EPS guidance midpoint ~$6.80)
P/S (TTM)	~2.65x (market cap $234.7bn / FY2025 sales $88.60bn)
Enterprise value	~$265bn (market cap $234.7bn + total debt ~$37.9bn − cash ~$7.4bn per FY2025 balance sheet)
EV/EBITDA (TTM)	~19.4x (EV ~$265bn / EBITDA ~$13.7bn; EBITDA = operating income $9.30bn + D&A $4.38bn per FY2025 statements)
P/FCF	~29.6x (market cap $234.7bn / FCF ~$7.9bn; FCF = operating CF $10.57bn − capex $2.63bn per FY2025 cash flow statement)
52-week high	$214.50
52-week low	$135.43
Short interest (% of float)	~1.15% (approx 14.4m shares; per FINRA bi-monthly data via aggregators)
Days to cover	~2.4

7. Growth Drivers

RTX's near-term growth rests on three pillars. First, defence demand: heightened geopolitical tension has driven record orders for air-and-missile defence (Patriot/PAC-3-class interceptors, NASAMS, SPY-6 radars) and munitions reloads, with the Raytheon segment booking multi-billion-dollar awards. Second, commercial aerospace: a growing global fleet and constrained new-aircraft supply boost high-margin aftermarket revenue at Collins and Pratt & Whitney. Third, the GTF services annuity: with more than 1,000 GTF engines ordered in 2025 and large new fleet commitments such as AirAsia X's 150 A220s, Pratt & Whitney is building a decades-long maintenance stream. Management's raised 2026 outlook ($92.5–$93.5bn adjusted sales, $6.70–$6.90 adjusted EPS) reflects confidence across all three. Track macro and defence-budget catalysts on the ChartsView Economic Calendar.

8. Peer Comparison

Peer	Market cap (June 2026)	Key 2025 metric
Lockheed Martin (LMT)	~$118bn	FY2025 revenue $75.05bn; record backlog $194bn
Northrop Grumman (NOC)	~$70bn (approx)	FY2024 revenue $41.03bn
General Dynamics (GD)	~$80bn (approx)	FY2024 revenue $47.7bn (group); $44.47bn defence-related

RTX is the largest of the US prime contractors by revenue, with its commercial-aerospace exposure differentiating it from the more purely defence-focused Lockheed Martin and Northrop Grumman.

9. Insider Activity

Recent Form 4 filings show routine executive share sales, several executed under pre-arranged plans or tied to equity vesting:

Name	Date	Type	Shares	Price	Value	Plan Type
Shane G. Eddy (President, Pratt & Whitney)	13 Feb 2026	Sale	17,527	~$199	~$3.49m	Open market / 10b5-1
Kevin G. DaSilva (SVP & Treasurer)	13 Feb 2026	Sale	8,136	~$201	~$1.64m	Open market / 10b5-1

CEO Christopher Calio's holdings are governed by the company's executive share-ownership guidelines. As always, executive sales can reflect personal diversification or tax planning rather than a view on the business.

10. Key Risks

• Programme execution (operational): Engine durability campaigns and supply-chain bottlenecks can disrupt deliveries and cash flow.
• Defence budget concentration (macro/political): A large share of revenue depends on US and allied government budgets and appropriations timing.
• Fixed-price contract risk (financial): Cost inflation on fixed-price defence and OE contracts can compress margins.
• Regulatory and legal (regulatory): Export controls, government investigations and legacy legal matters carry compliance and financial risk.
• Valuation (market): A premium multiple leaves the shares exposed to de-rating if growth or cash conversion disappoints.

11. Recent Developments

• 01 May 2026 — Dividend increase. RTX raised its quarterly dividend to $0.73 per share, continuing its track record of annual increases.
• 22 Apr 2026 — Strong Q1 2026 and raised outlook. Sales rose 9% to $22.1bn with adjusted EPS up 21% to $1.78; backlog reached $271bn and full-year guidance was lifted to $6.70–$6.90 adjusted EPS.
• 15 Apr 2026 — F135 engine award. Pratt & Whitney secured a roughly $6.6bn production award for F135 engines (F-35 lots 18–19).
• 27 Jan 2026 — FY2025 results. RTX reported record sales of $88.60bn, adjusted EPS of $6.29 and a $268bn backlog, and announced its 2026 outlook.

12. Key Dates

• 21 Jul 2026 — expected Q2 2026 earnings release
• 11 Jun 2026 — Q2 2026 dividend payment date (ex-dividend 22 May 2026)
• 27 Jan 2026 — FY2025 results released

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Cohort plc (LSE: CHRT) is the parent company of seven independent, entrepreneurial defence-technology businesses — Chess, EID, ELAC SONAR, EM Solutions, MASS, MCL and SEA — supplying communications, intelligence, sensors and effector systems to navies, armed forces and government agencies in the UK, Germany, Portugal, Australia and international markets. The Group has been admitted to London's Alternative Investment Market (AIM) since March 2006. For the year to 30 April 2025 it delivered record revenue of £270.0m, adjusted operating profit of £27.5m (a 10.2% adjusted operating margin) and free cash flow of £38.0m, with a record closing order book of £616.4m (per the FY2025 Annual Report, published August 2025; FCF per yfinance annual financials, pulled 2026-05-31). In its FY2026 trading update (RNS, 27 May 2026) the Group reported unaudited revenue of approximately £303m and adjusted operating profit of approximately £36.0m, both ahead of market expectations, with the order book at a new record of £620m. The shares trade at 1,382p, within a 52-week range of 881p to 1,796p (per yfinance, pulled 2026-05-31). Audited FY2026 results are scheduled for 15 July 2026.

1. Company Snapshot

Field	Value
Name	Cohort plc
Ticker / Exchange	CHRT / London Stock Exchange (AIM)
Sector / Industry	Industrials / Aerospace & Defence (per yfinance)
Market cap	£633.0m (per yfinance, pulled 2026-05-31)
Enterprise value	£673.5m (per yfinance, pulled 2026-05-31)
FY2025 revenue	£270.0m (per the FY2025 Annual Report, published August 2025)
FY2025 operating profit (adjusted)	£27.5m adjusted (per the FY2025 Annual Report); statutory operating profit £27.8m (per yfinance annual financials)
FY2025 free cash flow	£38.0m (operating cash flow £51.2m less capex £13.2m, per yfinance annual financials)
Gross margin	33.5% (per yfinance, TTM)
Net margin	6.5% (per yfinance, TTM)
Employees	approximately 1,650 full-time (per yfinance, pulled 2026-05-31)
CEO	Andrew (Andy) Thomis, Chief Executive (per the company's Board of Directors page)
Headquarters	One Waterside Drive, Arlington Business Park, Theale, Reading, RG7 4SW, UK
Website	https://www.cohortplc.com
Fiscal year-end	30 April
Next earnings	15 July 2026 — FY2026 audited final results
Dividend yield	1.22% (per yfinance, pulled 2026-05-31)
52-week high	1,796p (per yfinance, pulled 2026-05-31)
52-week low	881p (per yfinance, pulled 2026-05-31)
Short interest	not disclosed in this report's source data

2. Bull Case vs Bear Case

Bull Case

• Record order book provides multi-year revenue visibility. Per the FY2026 trading update (RNS, 27 May 2026), the closing order book reached a record £620m (FY2025: £616.4m), with the on-order revenue horizon extending into the mid-2030s. The Group stated the order book underpins approximately £253m (around 80%) of FY2027 market-consensus revenue.

• Both headline metrics came in ahead of expectations in FY2026. Per the FY2026 trading update (RNS, 27 May 2026), unaudited revenue rose approximately 12% to about £303m and adjusted operating profit rose to about £36.0m, an 11.9% adjusted margin, both described by the Group as ahead of market expectations.

• Communications & Intelligence is scaling and improving margin. Per the FY2026 trading update (RNS, 27 May 2026), the Communications & Intelligence division grew revenue 27% to £159m with an operating margin of approximately 20% (FY2025: £125.4m at 16.8%), helped by a full-year contribution from EM Solutions.

• Long, unbroken dividend record. Per the FY2025 Annual Report (published August 2025), the dividend was increased 10% and has been raised in every year since the Group's IPO in 2006. Strong cash generation supported this, with operating cash conversion of 114% in FY2025.

• Strategic expansion into Australia via EM Solutions. Per the FY2025 Annual Report (published August 2025), Cohort completed the acquisition of Australian satellite-communications specialist EM Solutions for an enterprise value of £75m on 31 January 2025; in its first three months of ownership it contributed £6.7m of revenue and £1.9m of adjusted operating profit.

Bear Case

• Sensors & Effectors revenue and margin are under pressure. Per the FY2026 trading update (RNS, 27 May 2026), Sensors & Effectors revenue declined approximately 1% to £144m (FY2025: £147.1m) at an operating margin of approximately 7.0%, materially below the Communications & Intelligence division's margin.

• First-half FY2026 profit and EPS fell year on year. Per the H1 FY2026 interim results (six months to 31 October 2025, announced 9 December 2025), adjusted operating profit slipped to £9.7m (H1 FY2025: £10.1m) and adjusted earnings per share fell to 16.16p (H1 FY2025: 20.00p), reflecting a higher weighted average share count after an equity placing.

• Net cash position has swung to net debt intra-year. Per the H1 FY2026 interim results (announced 9 December 2025), the Group moved from net funds of £5.3m at 30 April 2025 to net debt of £32.5m at 31 October 2025, driven by planned capital expenditure and a working-capital build; FY2026 year-end net funds recovered to £2.9m (per the FY2026 trading update, RNS, 27 May 2026).

• Customer and budget concentration in government defence. Per the FY2025 Annual Report (published August 2025), the Group depends heavily on government defence budgets and a small number of large customers (including the UK Ministry of Defence and allied navies); 53% of FY2025 revenue came from naval customers.

• Premium earnings multiple leaves little margin for error. Per yfinance (pulled 2026-05-31), the shares trade on a trailing P/E of approximately 34.6x, a level that assumes continued delivery against the order book and divisional margin recovery.

3. What Does Cohort Actually Do?

Cohort is a holding company that owns seven independent defence and security technology businesses and groups them into two reporting divisions. Segment revenue is shown below.

Division	FY2025 revenue	FY2026 revenue (unaudited)	YoY
Communications & Intelligence (MASS, MCL, EID, EM Solutions)	£125.4m	£159m	+27%
Sensors & Effectors (SEA, Chess, ELAC SONAR)	£147.1m	£144m	-1%
Group total (after consolidation)	£270.0m	approximately £303m	+12%

Source: FY2025 figures and FY2026 unaudited figures per the FY2026 trading update (RNS, 27 May 2026); Group total FY2025 per the FY2025 Annual Report (published August 2025). Divisional revenue is reported before intra-group eliminations and so does not sum exactly to the Group total.

The Communications & Intelligence division supplies electronic warfare, digital services and training (MASS), advanced surveillance and electronic systems for UK government end users including the MoD (MCL), naval and military communications systems (EID, based in Portugal), and high-end satellite-communications terminals for navy and maritime customers (EM Solutions, based in Australia). The Sensors & Effectors division supplies technology-based products for defence and transport markets plus research and training (SEA), surveillance, fire-control and positioning systems (Chess), and sonar systems and underwater communications (ELAC SONAR, based in Germany). Across both divisions the common thread is mission-critical hardware and software for the maritime, land and intelligence domains, with naval customers accounting for 53% of FY2025 revenue (per the FY2025 Annual Report, published August 2025).

Geographic split: international revenue (sales outside the UK, Australia, Germany and Portugal) was £90.7m in FY2025 (FY2024: £74.4m), per the FY2025 Annual Report (published August 2025). A fuller country-by-country breakdown is not disclosed in this report's source data.

4. The Business Model

Cohort operates a decentralised, federated model: each of the seven subsidiaries retains its own management, brand and customer relationships, while the listed parent provides capital allocation, governance and acquisition firepower (per the FY2025 Annual Report, published August 2025). Revenue is predominantly project- and contract-based — design, manufacture, supply and through-life support of defence equipment — supplemented by long-duration service and support contracts that build recurring, visible revenue. The 15-year Maritime Sensor Enhancement Team support contract won by SEA from Thales UK (announced May 2025) is an example of the long-tail support work that lengthens the order book.

The Group's competitive moat rests on specialised, accredited defence technology, long qualification cycles, sovereign and security-cleared supply positions (UK, German, Portuguese and Australian national programmes), and high switching costs once equipment is embedded in a navy or army platform. Distribution is direct to governments, prime contractors (such as Thales and BAE Systems) and allied defence ministries. Unit economics differ by division: Communications & Intelligence earned an operating margin of approximately 20% in FY2026, while Sensors & Effectors earned approximately 7.0% (per the FY2026 trading update, RNS, 27 May 2026). Cash conversion has been strong, at 114% of profit in FY2025 (per the FY2025 Annual Report, published August 2025). Growth is delivered both organically and through bolt-on acquisitions funded by internal cash and debt facilities, including the new £175m five-year banking facility referenced in the FY2026 trading update (RNS, 27 May 2026).

5. Financial Health

Five-year trend (FY2022–FY2026; figures in £m unless stated). FY2022–FY2025 operating profit, net income and diluted EPS are statutory figures per yfinance annual financials; FY2026 is unaudited and only the figures disclosed in the trading update are shown.

Metric	FY2022	FY2023	FY2024	FY2025	FY2026 (unaudited)
Revenue	137.8	182.7	202.5	270.0	approximately 303
Operating profit	8.7	15.3	21.2	27.8	approximately 36.0 (adjusted)
Net income	9.2	11.4	15.3	19.2	not disclosed (audited results due 15 July 2026)
Diluted EPS (p)	22.42	27.86	37.72	44.25	not disclosed (audited results due 15 July 2026)
Free cash flow	17.5	11.1	16.4	38.0	not disclosed (audited results due 15 July 2026)

Source: FY2022–FY2025 per yfinance annual financials (pulled 2026-05-31); FY2026 revenue and adjusted operating profit per the FY2026 trading update (RNS, 27 May 2026).

Balance sheet (FY2022–FY2025; £m):

Metric	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	40.4	51.0	55.2	74.6
Total debt (incl. lease liabilities)	39.5	44.5	40.5	78.9
Total equity (incl. minority interest)	89.2	99.8	109.8	160.1
Ordinary shares in issue (m)	40.55	40.74	40.69	45.47
Share buybacks (£m)	2.9	0.6	1.9	4.0

Source: yfinance annual financials (pulled 2026-05-31). The Group reported net funds (cash less borrowings, excluding lease liabilities) of £5.3m at 30 April 2025 (per the FY2025 Annual Report, published August 2025).

Half-year trend (Cohort reports semi-annually; quarterly figures are not disclosed for AIM companies):

Period	Revenue	Adjusted operating profit	Adjusted diluted EPS (p)
H1 FY2025 (6m to 31 Oct 2024)	£118.2m	£10.1m	20.00
H1 FY2026 (6m to 31 Oct 2025)	£128.8m	£9.7m	16.16

Source: H1 FY2026 interim results (announced 9 December 2025). Directionally, Group revenue has grown strongly across the five years (more than doubling from FY2022 to FY2026), driven by both organic growth and acquisitions, while first-half FY2026 profit dipped year on year and the Group carried net debt at the half-year stage before returning to a small net-funds position by 30 April 2026.

6. Valuation & Market Data

Raw market data only — no commentary on cheap or expensive.

Metric	Value (per yfinance, pulled 2026-05-31)
Share price	1,382p
Previous close	not disclosed in this report's source data
Day range	not disclosed in this report's source data
52-week high / low	1,796p / 881p
Market cap	£633.0m
Enterprise value	£673.5m
Shares outstanding	45.8m
Float	31.0m
Average daily volume (10d)	234,135 shares
Volume (date)	not disclosed in this report's source data
Beta	0.31
Trailing P/E (GAAP)	34.6x
Forward P/E	20.6x
P/S (TTM)	2.26x
P/B	3.81x
EV/Revenue	2.4x
EV/EBITDA	20.3x
P/FCF	not disclosed in this report's source data
Gross margin (TTM)	33.5%
Operating margin (TTM, GAAP)	5.8%
Net margin (TTM)	6.5%
ROE	13.5%
ROA	4.4%
Debt-to-equity	57.0%
Current ratio	1.36x
Dividend yield	1.22%
Short interest	not disclosed in this report's source data
Put/call ratio	not disclosed in this report's source data

7. What Are They Building / What's Coming

Cohort's forward pipeline is anchored by its record £620m order book and a run of recently announced contract wins across the Group (per the FY2026 trading update, RNS, 27 May 2026, and company announcements). Per company announcements, Portuguese subsidiary EID secured a €42.3m contract in March 2026 to supply Integrated Communication Systems and Networks to the Portuguese Navy's new fleet, with deliveries scheduled through 2029; UK subsidiary MCL announced contract wins totalling £17.9m in January 2026, including a £14.0m UK government order for uncrewed air systems plus two years of in-service support, and a £3.9m order for tactical audio systems; and SEA won a 15-year Maritime Sensor Enhancement Team support contract from Thales UK (announced May 2025) covering maintenance and inspection of the Royal Navy's towed-array handling equipment.

Strategically, the Group is investing in capacity, including a new ELAC SONAR facility in Germany that drove much of the first-half FY2026 capital expenditure (per the H1 FY2026 interim results, announced 9 December 2025), and continues to pursue bolt-on acquisitions following the EM Solutions deal, supported by the new £175m five-year banking facility (per the FY2026 trading update, RNS, 27 May 2026). Management has guided that increased deliveries are expected to drive profit growth, and the order book underpins approximately 80% of FY2027 consensus revenue (per the FY2026 trading update, RNS, 27 May 2026). No internal management revenue or profit forecasts beyond these disclosures are included in this report's source data.

8. Competitive Landscape

Cohort competes with larger UK and European defence contractors as both a rival and, frequently, a sub-system supplier to them. Peer market data (per yfinance, pulled 2026-05-31):

Company	Ticker	Market cap	Revenue	Gross margin	P/S
Cohort plc	CHRT	£633.0m	£270.0m	33.5%	2.26x
Chemring Group	CHG	£1.49bn	£497.5m	67.0%	2.99x
QinetiQ Group	QQ	£2.60bn	£1.92bn	16.3%	1.35x
Avon Technologies	AVON	$510.7m	$326.0m	42.5%	1.57x
Babcock International	BAB	£5.36bn	£4.96bn	8.6%	1.08x
BAE Systems	BA	£59.4bn	£28.3bn	13.2%	2.10x
Rheinmetall	RHM	€60.2bn	€10.07bn	53.5%	5.98x

Footnote on currency: market cap, revenue and ratios for Avon Technologies are reported in US dollars and for Rheinmetall in euros; the remaining companies are reported in pounds sterling. Figures are not FX-converted and are therefore not directly comparable across currencies.

Cohort is among the smaller listed UK defence players by revenue and market capitalisation, positioned below QinetiQ, Babcock and BAE Systems but operating in specialised maritime, sonar, communications and electronic-warfare niches where it supplies both end customers and primes. Its FY2025 gross margin of 33.5% sits above the larger systems integrators (Babcock, BAE Systems, QinetiQ) but below specialist peers such as Chemring. No view is offered here on relative winners or losers.

9. Leadership and Ownership

Andrew (Andy) Thomis is Chief Executive of Cohort, a role he assumed after succeeding co-founder Stanley Carter; he was a director at flotation and previously Managing Director of subsidiary MASS (per the company's Board of Directors page). Simon Walther is Finance Director, and Nick Prest CBE chairs the Board (per the company's Board of Directors page). Detailed individual executive tenures and remuneration are set out in the FY2025 Annual Report and are not fully reproduced in this report's source data.

Ownership is characterised by a high level of insider and founder holding alongside UK institutional investors. Per yfinance (pulled 2026-05-31), insiders hold approximately 24.5% and institutions approximately 47.8% across 88 institutional holders. Per public shareholding disclosures (pulled 2026-05-31), co-founder Stanley Carter remains the largest individual shareholder with approximately 19.45%, and shares not in public hands stood at 27.30% as at 30 June 2025.

Holder	Approx. stake	Source
Stanley Carter (co-founder)	19.45%	public shareholding disclosures (pulled 2026-05-31)
Directors & insiders (aggregate)	24.5%	yfinance (pulled 2026-05-31)
Schroders plc	4.98% (as at July 2025)	TR-1 major-holding disclosure
Institutions (aggregate, 88 holders)	47.8%	yfinance (pulled 2026-05-31)

Other named significant managers in the shareholder register include Canaccord Genuity Wealth Management, Liontrust Investment Partners, Rathbones Investment Management, Hargreaves Lansdown Asset Management and Herald Investment Management (per public shareholding disclosures, pulled 2026-05-31). A full top-ten institutional register with precise percentages is not disclosed in this report's source data. Recent insider transactions are not disclosed in this report's source data.

10. Risks and Challenges

• Dependence on government defence budgets (Market & Demand): Per the FY2025 Annual Report (Principal Risks, published August 2025), the Group's revenue is heavily dependent on UK, German, Portuguese, Australian and allied government defence spending, which is subject to political priorities, fiscal pressure and programme timing.
• Customer concentration (Concentration): Per the FY2025 Annual Report (Principal Risks, published August 2025), a significant proportion of revenue comes from a small number of large customers, including the UK Ministry of Defence and allied navies, with 53% of FY2025 revenue from naval customers; loss or delay of a major programme would have a material impact.
• Contract execution and fixed-price delivery (Operational): Per the FY2025 Annual Report (Principal Risks, published August 2025), many contracts are fixed-price and technically complex, exposing the Group to cost-overrun, delivery and performance risk, a factor in the Sensors & Effectors margin pressure seen in FY2025 and FY2026.
• Acquisition integration (Operational): Per the FY2025 Annual Report (Principal Risks, published August 2025), the Group's growth strategy relies on acquisitions such as EM Solutions, which carry integration, cultural and financial-control risks.
• Skilled-people availability (Operational): Per the FY2025 Annual Report (Principal Risks, published August 2025), the business depends on attracting and retaining security-cleared engineers and specialists in a competitive labour market.
• Export controls and regulation (Regulatory): Per the FY2025 Annual Report (Principal Risks, published August 2025), international sales are subject to export-licensing, ITAR-style controls and sanctions regimes, the breach of which could result in penalties or loss of licences.
• Information and cyber security (Cyber & Physical): Per the FY2025 Annual Report (Principal Risks, published August 2025), the Group handles classified and sensitive information, making cyber-attack and data compromise a material operational and reputational risk.
• Foreign-exchange exposure (Financial): Per the FY2025 Annual Report (Principal Risks, published August 2025), with subsidiaries in Germany, Portugal and Australia and significant export revenue, the Group is exposed to currency movements that it manages through forward contracts.

11. Recent Developments

Most recent first.

• 27 May 2026 — FY2026 full-year trading update, ahead of expectations: Cohort reported unaudited revenue of approximately £303m (+12%) and adjusted operating profit of approximately £36.0m (11.9% margin) for the year to 30 April 2026, both ahead of market expectations, with a record order book of £620m, order intake of £313m, year-end net funds of £2.9m and a new £175m five-year banking facility. Source: Cohort plc RNS (Investegate / Equity Development).

12. Key Dates Coming Up

• 15 July 2026: FY2026 audited final results announcement (year to 30 April 2026). Source: Equity Development note, May 2026.
• Approximately September 2026: Annual General Meeting (FY2026). Date not yet confirmed in this report's source data; the FY2025 AGM was held on 25 September 2025.
• Approximately August–October 2026: FY2026 final dividend ex-dividend and payment dates. Not yet confirmed in this report's source data; for FY2025 the final dividend was paid on 3 October 2025.

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Risk Warning: This research is for information only and is not investment advice or a recommendation to buy or sell any security. CFD Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74–89% of retail investor accounts lose money when trading CFDs. Affiliate Disclosure: We may receive a commission from some links on this page at no extra cost to you. Data Disclaimer: All figures are sourced from company filings, earnings releases, and public market data as at the date above. Forward-looking statements are attributed to the company and may not be achieved. Always do your own research. Generated by ChartsView research tooling. Thesis strength measures how well the evidence in this report supports the company's stated thesis — it is NOT a buy/sell rating or price target. ChartsView is not authorised by the FCA to provide regulated investment advice.

Filtronic plc (LSE: FTC) is a UK AIM-listed radio-frequency (RF) technology company that designs and manufactures products for the aerospace, defence, space and telecommunications infrastructure markets (per Filtronic's FY2025 final results, year ended 31 May 2025, and the yfinance company description, pulled 2026-05-26). For the fiscal year ended 31 May 2025 the Company reported revenue of £56.3 million (+121% year over year from £25.4 million), operating profit of £13.4 million (+272% from £3.6 million), adjusted EBITDA of £17.0 million (FY2024 £4.9 million) and profit for the year of £14.0 million (per Filtronic's FY2025 final results). Net income was £14.0 million and diluted EPS was 6.05 pence (per yfinance annual financials). The shares last traded at 382.99 pence against a 52-week range of 114.0 to 480.0 pence (per yfinance, pulled 2026-05-26), giving a market capitalisation of about £842 million. FY2026 full-year results (year ending 31 May 2026) are expected in the UK summer reporting window; the exact date is not disclosed in this report's source data. All figures are in pounds sterling (GBP); yfinance reports per-share prices in pence (GBp).

1. Company Snapshot

Field	Value
Name	Filtronic plc (per Filtronic's FY2025 final results)
Ticker / Exchange	FTC / London Stock Exchange (AIM) — ORD 0.1p (per yfinance, pulled 2026-05-26)
Sector / Industry	Technology / Communication Equipment — RF for aerospace, defence, space, telecoms infrastructure (per yfinance, pulled 2026-05-26)
Market cap	GBP 842M (per yfinance marketCap, 2026-05-26)
Enterprise value	GBP 827M (per yfinance enterpriseValue, 2026-05-26)
FY2025 revenue (year ended 2025-05-31)	£56.3M (+121% YoY; per Filtronic's FY2025 final results)
FY2025 operating profit	£13.4M (+272% YoY; per Filtronic's FY2025 final results)
FY2025 free cash flow	not disclosed in this report's source data as a stated line; yfinance freeCashflow is -£2.4M (operating cash flow offset by capex; per yfinance, pulled 2026-05-26)
Gross margin (FY2025)	approximately 61% (derived: gross profit £34.5M / revenue £56.3M, per yfinance annual financials — NOT a statutory subtotal in the FY2025 final results)
Net margin (FY2025)	approximately 25% (net income £14.0M on revenue £56.3M, per Filtronic's FY2025 final results and yfinance annual financials)
Employees	186 at 31 May 2025 (FY2024: 133) (per Filtronic's FY2025 final results)
CEO	Nat Edington, Chief Executive Officer (per Filtronic's FY2025 final results)
Headquarters	Sedgefield, United Kingdom (per Filtronic's FY2025 final results)
Website	filtronic.com (per yfinance, pulled 2026-05-26)
Fiscal year-end	31 May (per yfinance lastFiscalYearEnd and Filtronic's FY2025 final results)
Next earnings	FY2026 full-year results, UK summer reporting window; exact date not disclosed in this report's source data
Dividend yield	None — no dividend proposed for FY2025 (per Filtronic's FY2025 final results)
52-week high	480.0p (per yfinance, pulled 2026-05-26)
52-week low	114.0p (per yfinance, pulled 2026-05-26)
Short interest	not disclosed in this report's source data (per yfinance, pulled 2026-05-26)

2. Bull Case vs Bear Case

Bull Case

• Revenue more than doubled in FY2025 to £56.3 million. Per Filtronic's FY2025 final results (year ended 31 May 2025): revenue rose 121% from £25.4 million (FY2024) to £56.3 million (FY2025), building on 56% growth in the prior year. The Chief Executive's review attributes the growth to delivery against the Company's growth strategy and increased demand from its key customer in the space sector.
• Operating-profit and EBITDA inflection. Per Filtronic's FY2025 final results: operating profit rose 272% from £3.6 million (FY2024) to £13.4 million (FY2025), and adjusted EBITDA rose to £17.0 million (FY2024: £4.9 million). The results attribute margin improvement to a more favourable sales mix, including a reduced proportion of low-margin 5G telecommunications equipment.
• Strong cash generation and balance sheet. Per Filtronic's FY2025 final results: cash at bank rose to £14.5 million at 31 May 2025 (FY2024: £7.2 million); net cash (excluding right-of-use property leases) was £12.3 million (FY2024: £5.2 million); cash generated from operating activities was £13.8 million (FY2024: £6.3 million). The Group holds an undrawn £5.0 million revolving credit facility with Santander UK plc signed in October 2024.
• Strategic partnership with SpaceX expanded. Per Filtronic's FY2025 final results: the initial strategic partnership with SpaceX was signed in April 2024 and was expanded in FY2025 for further alignment of E-band technology; the final results describe this as the enabler for the 121% revenue growth. New space-sector wins were announced with Viasat, the European Space Agency and Airbus (for its system on the OneWeb constellation).
• Post-period order momentum and structural demand drivers. Per Filtronic's FY2025 final results: post period end the Company secured the largest contract in its recent history of $32.5 million (£24.0 million), following defence and satellite-communications awards from Leonardo and Airbus. The Chairman's statement cites supportive long-term structural growth drivers from the convergence of space, aerospace and defence.

Bear Case

• Single-customer concentration is high. Per Filtronic's FY2025 final results: the Company's lead customer contributed 83% of FY2025 revenue (FY2024: 48%). The results state the Company expects this concentration to decrease going forward as it executes on a growing pipeline, but the current dependence on one customer is material.
• Trailing P/E of 95.7 prices in continued sharp growth. Per yfinance (pulled 2026-05-26): trailing P/E is 95.75, forward P/E is 104.64 and P/S (TTM) is 15.05 — multiples that already discount continued growth and margin expansion.
• SpaceX share warrants reduce reported revenue. Per Filtronic's FY2025 final results: IFRS 15 requires the SpaceX share warrants to be treated as non-cash variable consideration payable to the customer, resulting in a £1.3 million charge to revenue in FY2025 (FY2024: £nil). This is a recurring feature of the customer relationship.
• Currency headwind entering FY2026. Per Filtronic's FY2025 final results: the Company does most of its trading with customers in US dollars and entered FY2026 "facing headwinds from a weakened USD"; the outlook notes hedging is undertaken only against highly probable future cash flows and working-capital exposures.
• Small AIM-listed company — limited float and liquidity. Per yfinance (pulled 2026-05-26): float is 192.6 million shares with average daily volume of 7.1 million; AIM-listed small-caps generally trade with wider bid-ask spreads and lower analyst coverage than larger listed peers.

3. What Does Filtronic Actually Do?

Per Filtronic's FY2025 final results and the yfinance company description: Filtronic designs and manufactures radio-frequency (RF) and millimetre-wave (mmWave) hardware for the space, aerospace, defence, telecoms infrastructure and critical-communications markets. The Company describes itself as operating from two manufacturing sites and three engineering centres of excellence, developing core IP building blocks and transforming them into customised RF solutions across the full RF spectrum, with a track record of over 45 years.

The pulled source data does not provide a segment revenue breakdown table. Per Filtronic's FY2025 final results, revenue is discussed by end market rather than reported segment: the lead customer in the space sector contributed 83% of FY2025 revenue (FY2024: 48%); aerospace and defence revenue grew 11%; and the critical-communications market normalised following elevated levels in the prior year. A full reported-segment split is not disclosed in this report's source data.

Per the yfinance company description (pulled 2026-05-26), Filtronic's product range includes E-band transceiver modules and power amplifiers, tower-top amplifiers, transmit-and-receive modules, custom waveguide diplexers and combiners, front-end modules, GaN amplifiers, microwave and millimetre-wave transceiver products, and a range of filter products. In plain English, Filtronic builds the high-frequency RF hardware used in satellite ground-segment and payload systems, 5G millimetre-wave links and defence/aerospace RF systems — a technically demanding niche of the broader telecoms-and-defence supply chain.

4. The Business Model

Per Filtronic's FY2025 final results: Filtronic's model is hardware design plus UK-based manufacturing of RF and mmWave products, sold predominantly to large customers in the space, aerospace and defence markets. The results describe a manufacturing know-how — the "ability to ramp up production quickly" — developed from years of supplying the high-volume telecoms infrastructure market, which the Company states is highly valued by space and aerospace and defence customers.

Per Filtronic's FY2025 final results: typical sale, design-in and production cycles range from one to three years, offering long-term visibility of the customer order book. Where product development is customer-specific, the Company seeks Non-Recurring Engineering ("NRE") charges to fund the development phase and secure customer commitment; when developing its own technology roadmap and IP, it invests from its own cash reserves (£1.5 million of development costs were capitalised in FY2025, FY2024: £0.7 million). Operating costs rose 68% to £21.0 million in FY2025, with salary-related costs representing 69% of total operating costs. Engineering spend ran at 12% of revenue (FY2024: 11%).

Per Filtronic's FY2025 final results: margin improvement in FY2025 was driven by stronger gross profit on higher revenues and a more favourable sales mix, notably a reduced proportion of low-margin 5G telecommunications equipment. The final results do not present a statutory gross-profit subtotal; a derived gross margin of approximately 61% (gross profit £34.5M / revenue £56.3M) is available from yfinance annual financials only and is not a stated line in the results.

5. Financial Health

5-year income trend (per Filtronic's FY2025 final results for FY2025/FY2024 headline figures and yfinance annual financials for the full series; FY ends 31 May; FY2021 not in source data):

FY (year ended 31 May)	Revenue	Operating profit	Net income	Diluted EPS
FY2025 (2025-05-31)	£56.3M	£13.4M	£14.0M	6.05p
FY2024 (2024-05-31)	£25.4M	£3.6M	£3.1M	1.41p
FY2023 (2023-05-31)	£16.3M	£0.2M	£0.5M	0.21p
FY2022 (2022-05-31)	£17.1M	£1.6M	£1.5M	0.68p
FY2021 (2021-05-31)	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data

Per Filtronic's FY2025 final results: revenue increased 121% in FY2025, profit before taxation rose to £13.4 million (FY2024: £3.4 million) and profit for the year rose to £14.0 million (FY2024: £3.1 million). Basic EPS was 6.42p (FY2024: 1.45p) and diluted EPS was 6.05p (FY2024: 1.41p). A tax credit of £0.7 million was recognised in the year (FY2024: tax charge of £0.2 million), benefiting from R&D tax credits.

Balance sheet (per yfinance annual balance_sheet, FY ends 31 May):

FY	Cash & equivalents	Total debt	Stockholders' equity	Shares outstanding	Buybacks
FY2025 (2025-05-31)	£14.5M	£3.7M	£35.4M	219.0M	£0
FY2024 (2024-05-31)	£7.2M	£3.0M	£17.4M	218.0M	£0
FY2023 (2023-05-31)	£2.6M	£2.3M	£11.5M	215.1M	£0
FY2022 (2022-05-31)	£4.0M	£1.8M	£11.0M	214.8M	£0

Per yfinance annual balance_sheet: stockholders' equity roughly doubled from £17.4M (FY2024) to £35.4M (FY2025), and has roughly tripled from £11.0M (FY2022). Total debt (capital lease obligations) is low at £3.7M. Per Filtronic's FY2025 final results, net cash excluding right-of-use property leases was £12.3 million and net cash including property leases was £10.8 million at 31 May 2025.

Quarterly trend — UK AIM-listed companies typically report only H1 (interim) and full-year results, not quarterly. yfinance does not provide quarterly income-statement financials for FTC.L in this report's source data.

6. Valuation & Market Data

Raw market data only — no commentary on cheap or expensive.

Metric	Value
Share price	382.99p (per yfinance, pulled 2026-05-26)
Previous close	379.00p (per yfinance, pulled 2026-05-26)
Day range	365.00p – 390.00p (per yfinance, pulled 2026-05-26)
52-week high / low	480.00p / 114.00p (per yfinance, pulled 2026-05-26)
Market cap	GBP 842M (per yfinance, pulled 2026-05-26)
Enterprise value	GBP 827M (per yfinance, pulled 2026-05-26)
Shares outstanding	219.9M (per yfinance; 219.0M reported at 31 May 2025 per yfinance annual balance_sheet)
Float	192.6M (per yfinance, pulled 2026-05-26)
Avg daily volume (10d)	7.11M shares (per yfinance averageVolume10days, pulled 2026-05-26)
Volume (latest, 2026-05-26)	1.20M shares (per yfinance, pulled 2026-05-26)
Beta	0.95 (per yfinance, pulled 2026-05-26)
Trailing P/E (GAAP)	95.75 (per yfinance, pulled 2026-05-26)
Forward P/E	104.64 (per yfinance, pulled 2026-05-26)
P/S (TTM)	15.05 (per yfinance, pulled 2026-05-26)
P/B	21.76 (per yfinance, pulled 2026-05-26)
EV / Revenue (TTM)	14.77 (per yfinance, pulled 2026-05-26)
EV / EBITDA	73.66 (per yfinance enterpriseToEbitda, pulled 2026-05-26)
P/FCF	not disclosed in this report's source data (yfinance priceToFreeCashflow is null)
Gross margin (TTM)	not reliably reported by yfinance — the grossMargins field (97.7%) is anomalous; a derived FY2025 gross margin of ~61% (gross profit £34.5M / revenue £56.3M) comes from yfinance annual financials and is not a statutory line in the FY2025 final results
Operating margin (TTM)	10.36% (per yfinance operatingMargins, pulled 2026-05-26; FY2025 operating profit was £13.4M on revenue £56.3M per Filtronic's FY2025 final results, approximately 24%)
Net margin (TTM)	17.80% (per yfinance profitMargins, pulled 2026-05-26)
ROE	31.59% (per yfinance returnOnEquity, pulled 2026-05-26)
ROA	14.30% (per yfinance returnOnAssets, pulled 2026-05-26)
Debt-to-equity	9.5% (per yfinance debtToEquity, pulled 2026-05-26)
Current ratio	2.47 (per yfinance currentRatio, pulled 2026-05-26)
Dividend yield	None (per yfinance, pulled 2026-05-26; no dividend proposed for FY2025 per Filtronic's FY2025 final results)
Short interest	not disclosed in this report's source data (per yfinance, pulled 2026-05-26)
Put/call ratio	not disclosed in this report's source data

7. What Are They Building / What's Coming

Per Filtronic's FY2025 final results (year ended 31 May 2025):

• GaN technology transition. The Company is transitioning core technologies from Gallium Arsenide (GaAs) to Gallium Nitride (GaN), which it states enables higher power, improved efficiency and greater thermal performance for aerospace, defence and satellite-communications applications. The results state that FY2026 will see the launch of a range of products based on GaN technology.
• Higher-frequency RF bands and Prometheus. The Company expanded development into higher-frequency RF bands, most notably V Band, and launched Prometheus, which it describes as the highest-power Solid State Power Amplifier ("SSPA") on the market, capable of very high frequency communications for geostationary satellites.
• Semiconductor chipset platform. Per Filtronic's FY2025 final results, the Chief Executive's review states the Company anticipates "the newly launched Prometheus V band amplifier and the development of a semiconductor chipset platform for rollout in early 2026 will both be important avenues of future growth" (forward-looking statement attributed to the Company).
• New Sedgefield manufacturing facility. The move to a new custom-built facility in Sedgefield was underway for completion in H1 FY2026, doubling the Group's UK manufacturing footprint to meet growing demand.
• Customer diversification. The Company states it is determined to diversify its customer base in FY2026, with announced space wins from Viasat / European Space Agency and Airbus (OneWeb), and aerospace and defence awards including Leonardo, plus revenue to be recognised from prior-year contracts with the European Space Agency, BAE Maritime and QinetiQ.

8. Competitive Landscape

Per Filtronic's FY2025 final results: Filtronic operates in the space, aerospace, defence, telecoms infrastructure and critical-communications markets, positioning itself as a specialist in high-frequency RF and mmWave solutions across the full RF spectrum, supported by an extensive patent portfolio. The competitive niche is that of E-band and higher-frequency RF specialists supplying satellite and defence prime contractors. No peer market data is contained in this report's source data, so the peer rows below are not populated.

Company	Ticker	Market cap	Revenue (TTM)	Gross margin	P/S
Filtronic plc	FTC.L	GBP 842M	£56.3M (FY2025)	not a statutory line (see Section 6)	15.05
Peer 1	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data
Peer 2	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data
Peer 3	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data

The peer market-data rows above are not disclosed in this report's source data. Filtronic's competitive positioning rests on its RF and mmWave IP, UK manufacturing capability, over-45-year track record and patent portfolio, as described in its FY2025 final results.

9. Leadership and Ownership

Per Filtronic's FY2025 final results: the Company is led by Nat Edington (Chief Executive Officer) and Michael Tyerman (Chief Financial Officer), with Jonathan Neale serving as Chairman (both the Chairman's statement and the Chief Executive's review in the FY2025 final results are dated 28 July 2025). The results note new leadership-team appointments during the year, including a new Chief Commercial Officer.

Per yfinance institutional_holders (pulled 2026-05-26): the largest reported holding by name is the Manager Directed Portfolios — Hood River International Opportunity Fund at 0.68% (1,496,763 shares, reported 2026-04-30). Other reported holders are T. Rowe Price Spectrum funds and the Avantis International Small Cap Equity ETF, each below 0.1%. Per yfinance (pulled 2026-05-26): reported institutional ownership is 28.46% and reported insider ownership is 14.02%.

Recent insider transactions (per yfinance insider_transactions, pulled 2026-05-26):

• 2026-05-18: David John and Monique Newlands — 1,895,750 shares, disposition ("D"); no monetary value disclosed in this report's source data.
• 2026-04-29: Diana Marguerite Dixon — 5,000,000 shares, disposition ("D"); no monetary value disclosed in this report's source data.
• 2026-04-23: John Bernard Behrendt — 30,000 shares sold at 3.74 per share (value £112,320 per yfinance).
• 2026-04-21: Jonathan Neale — 65,151 shares sold at 3.31 per share (value £215,584 per yfinance).
• 2026-04-17: David John and Monique Newlands — 2,141,750 shares, disposition ("D"); no monetary value disclosed in this report's source data.

10. Risks and Challenges

• Single-customer concentration (Concentration): Per Filtronic's FY2025 final results (year ended 31 May 2025): the lead customer contributed 83% of FY2025 revenue (FY2024: 48%). The results state "while our lead customer accounts for a significant percentage of our revenue in FY2025, we expect this concentration to decrease going forward as we execute on a growing pipeline of opportunities elsewhere in the market".
• Order-driven, lumpy revenue (Market & Demand): Per Filtronic's FY2025 final results: revenue moved from £17.1m (FY2022) to £25.4m (FY2024) to £56.3m (FY2025), with sale, design-in and production cycles of one to three years; revenue is exposed to the timing of large contracts and constellation-expansion demand from the lead customer.
• SpaceX share-warrant charge to revenue (Financial): Per Filtronic's FY2025 final results: "IFRS 15 'Revenue from Contracts with Customer' requires the SpaceX share warrants to be treated as a non-cash variable consideration payable to the customer. Therefore, there was a charge to revenue in the year of £1.3m (2024: £nil)."
• Foreign-currency exposure (Financial): Per Filtronic's FY2025 final results: the Group "does most of its trading with customers in US dollars" and entered FY2026 "facing headwinds from a weakened USD"; hedging is undertaken only against highly probable future cash flows and working-capital exposures.
• RF engineering skills shortage (Operational): Per Filtronic's FY2025 final results: "Recruitment of RF engineers remains a significant industry-wide challenge"; the Company opened a Cambridge engineering site and is expanding graduate and apprenticeship recruitment to mitigate this constraint.
• Manufacturing scale-up and facility move (Operational): Per Filtronic's FY2025 final results: the move to a new custom-built Sedgefield facility was underway for completion in H1 FY2026, doubling the UK manufacturing footprint; scaling production to meet increased demand from the key customer required step changes in production volumes and operational complexity.
• Macroeconomic and geopolitical volatility (Market & Demand): Per Filtronic's FY2025 final results: the Company stated it "anticipate[s] continued macroeconomic and geopolitical volatility in the coming 12 months", while noting underlying demand for advanced RF and mmWave solutions remains strong.
• Warranty and dilapidation provisions (Operational): Per Filtronic's FY2025 final results: the Group provides product warranties (warranty provision £0.2m at 31 May 2025, FY2024: £0.4m) and leases five sites requiring restoration to original condition (dilapidation provision £0.3m at 31 May 2025, FY2024: £0.0m).
• Competitive, price-sensitive telecoms equipment market (Competitive): Per Filtronic's FY2025 final results: the 5G telecommunications equipment market is "characterised by its highly competitive price sensitivity"; the Company reduced its proportion of this low-margin business in FY2025.
• Valuation leaves limited margin for deceleration (Financial): Per yfinance (pulled 2026-05-26): trailing P/E 95.75, forward P/E 104.64, P/S 15.05 and EV/Revenue 14.77 — multiples that discount continued strong growth.

11. Recent Developments

Most recent first.

• 2026-05-18 — Insider disposition (David John and Monique Newlands, 1,895,750 shares): Disposition ("D") recorded; no monetary value disclosed in this report's source data. Source: yfinance insider_transactions (pulled 2026-05-26).
• 2026-04-29 — Insider disposition (Diana Marguerite Dixon, 5,000,000 shares): Disposition ("D") recorded; no monetary value disclosed in this report's source data. Source: yfinance insider_transactions (pulled 2026-05-26).
• 2026-04-23 — John Bernard Behrendt sold 30,000 shares at 3.74 per share (£112,320): Open-market disposal recorded. Source: yfinance insider_transactions (pulled 2026-05-26).
• 2026-04-21 — Jonathan Neale sold 65,151 shares at 3.31 per share (£215,584): Open-market disposal recorded. Source: yfinance insider_transactions (pulled 2026-05-26).

No company news items with populated titles, publishers or links are present in this report's source data for the trailing-30-day window.

12. Key Dates Coming Up

• 31 May 2026 — FY2026 fiscal year-end: FY2026 closes at the end of May 2026 (per yfinance lastFiscalYearEnd / nextFiscalYearEnd). The completion of the new Sedgefield facility was scheduled for H1 FY2026 per Filtronic's FY2025 final results.
• FY2026 full-year results: Expected in the UK summer reporting window; the exact date is not disclosed in this report's source data. (For reference, the FY2025 final results were dated 28 July 2025 per Filtronic's FY2025 final results.)
• FY2026 GaN product range launch: Per Filtronic's FY2025 final results, a range of products based on GaN technology is expected to launch in 2026; the exact date is not disclosed in this report's source data.

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Risk Warning: This research is for information only and is not investment advice or a recommendation to buy or sell any security. CFD Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74–89% of retail investor accounts lose money when trading CFDs. Affiliate Disclosure: We may receive a commission from some links on this page at no extra cost to you. Data Disclaimer: All figures are sourced from company filings, earnings releases, and public market data as at the date above. Forward-looking statements are attributed to the company and may not be achieved. Always do your own research. Generated by ChartsView research tooling. Thesis strength measures how well the evidence in this report supports the company's stated thesis — it is NOT a buy/sell rating or price target. ChartsView is not authorised by the FCA to provide regulated investment advice.

Planet Labs PBC (NYSE: PL) is a US Earth-observation satellite operator that designs, builds, launches and operates a constellation of imaging satellites and sells the resulting geospatial data and analytics over a cloud platform via subscription and usage-based contracts (per the FY2026 10-K, Item 1, filed 2026-03-23). For the fiscal year ended January 31, 2026 the Company reported revenue of $307.7 million, up about 26% from $244.4 million in FY2025 (per yfinance annual financials), an operating loss of -$95.1 million (per EDGAR XBRL OperatingIncomeLoss, 10-K period ending 2026-01-31), and a net loss of -$246.9 million (per the FY2026 10-K, Item 1A, filed 2026-03-23). Operating cash flow was +$134.4 million in FY2026 (per yfinance annual cashflow). The stock last traded at $44.35 against a 52-week range of $3.66 to $45.78 — roughly a 12-fold range with the price near the high (per yfinance, pulled 2026-05-26). The next earnings release (Q1 FY2027) is scheduled for 2026-06-04 (per yfinance earningsTimestamp). Planet Labs employed 945 people as of the most recent disclosure (per yfinance fullTimeEmployees, pulled 2026-05-26).

1. Company Snapshot

Field	Value
Name	Planet Labs PBC (per the FY2026 10-K, Item 1, filed 2026-03-23)
Ticker / Exchange	PL / NYSE (per yfinance, pulled 2026-05-26)
Sector / Industry	Industrials / Aerospace & Defense (per yfinance, pulled 2026-05-26)
Market cap	$15.81bn (per yfinance, pulled 2026-05-26)
Enterprise value	$15.17bn (per yfinance, pulled 2026-05-26)
FY2026 revenue (year ended 2026-01-31)	$307.7M, +26% YoY vs $244.4M FY2025 (per yfinance annual financials)
FY2026 operating income (EDGAR XBRL)	-$95.1M (per EDGAR XBRL OperatingIncomeLoss, 10-K period ending 2026-01-31)
FY2026 operating cash flow	+$134.4M (per yfinance annual cashflow, FY2026)
Gross margin (FY2026)	56.0% (gross profit $172.5M on revenue $307.7M, per yfinance annual financials)
Net margin (FY2026)	-80% (net loss -$246.9M on revenue $307.7M, per yfinance annual financials)
Employees	945 (per yfinance fullTimeEmployees, pulled 2026-05-26)
CEO	William Spencer Marshall, Chief Executive Officer (per insider transaction filings via yfinance, pulled 2026-05-26)
Headquarters	San Francisco, California (per the FY2026 10-K, Item 1, filed 2026-03-23)
Website	planet.com (per yfinance, pulled 2026-05-26)
Fiscal year-end	January 31 (per the FY2026 10-K, Item 1, filed 2026-03-23)
Next earnings	Q1 FY2027 scheduled for 2026-06-04 (per yfinance earningsTimestamp, pulled 2026-05-26)
Dividend yield	None — no dividend (per yfinance, pulled 2026-05-26)
52-week high	$45.78 (per yfinance, pulled 2026-05-26)
52-week low	$3.66 (per yfinance, pulled 2026-05-26)
Short interest	10.8% of float (per yfinance shortPercentOfFloat, pulled 2026-05-26)

2. Bull Case vs Bear Case

Bull Case

• Revenue grew about 26% in FY2026 with the operating loss narrowing. Per yfinance annual financials: revenue of $307.7M (FY2026) was up from $244.4M (FY2025), $220.7M (FY2024) and $191.3M (FY2023). Per EDGAR XBRL OperatingIncomeLoss and yfinance annual financials, the operating loss narrowed from -$175.7M (FY2023) to -$95.1M (FY2026).
• High, expanding gross margin for a data-platform business. Per yfinance annual financials: FY2026 gross profit was $172.5M on revenue of $307.7M, a 56.0% gross margin, up from 57.2% expressed differently in prior years (gross profit $139.7M on $244.4M in FY2025). Per the FY2026 10-K (Item 1, filed 2026-03-23): the Company sells data licences over a cloud platform under a one-to-many subscription model, so most revenue is recurring.
• Operating cash flow turned positive in FY2026. Per yfinance annual cashflow (FY2026): operating cash flow was +$134.4M, after -$14.4M in FY2025 and -$50.7M in FY2024. Cash, cash equivalents and short-term investments totalled $640.1M at FY2026 year-end (per yfinance annual balance sheet, 2026-01-31).
• Strategic shareholder Alphabet is the largest holder. Per yfinance institutional_holders (reported 2026-03-31, pulled 2026-05-26): Alphabet Inc. holds 10.92% of Planet Labs (35,248,893 shares) — the single largest disclosed holder.
• Recurring, mission-proven data archive and satellite-services revenue. Per the FY2026 10-K (Item 1, filed 2026-03-23): Planet has built a "non-replicable historical archive" of over 3,000 images on average for every point on Earth's landmass and also earns long-term milestone-based satellite-services revenue from government and enterprise customers using its standardised bus architecture.

Bear Case

• Net loss widened to -$246.9M in FY2026. Per the FY2026 10-K (Item 1A, filed 2026-03-23): "We have a history of operating losses, having generated net losses of $246.9 million, $123.2 million and $140.5 million for our fiscal years ended January 31, 2026, 2025 and 2024, respectively. As of January 31, 2026, we had an accumulated deficit of $1,449.9 million."
• Stock at extreme revenue multiples after a roughly 12x run. Per yfinance (pulled 2026-05-26): P/S TTM is 51.36, P/B is 78.91 and EV/Revenue is 49.31; the share price has risen from a 52-week low of $3.66 to $44.35.
• Material new debt issuance in FY2026. Per yfinance annual balance sheet: total debt rose from $21.6M (FY2025) to $462.5M (FY2026). Per the FY2026 10-K (Item 1A, filed 2026-03-23): the Company carries risks related to servicing its indebtedness and to the indenture governing its 2030 Notes.
• Insider selling around the share-price run. Per insider_transactions via yfinance (pulled 2026-05-26): CEO William Spencer Marshall sold 200,000 shares at $35.07 on 2026-04-06 (~$7.01M); Officer and Director Robert H. Schingler sold 73,683 shares at $35.07 (~$2.58M); President Ashley Fieglein Johnson sold 200,000 shares at $34.76-$35.22 on 2026-04-02 (~$7.02M); Director Ita M. Brennan sold 36,500 shares at $33.91 on 2026-04-15 (~$1.24M).
• Reliance on large government and enterprise contracts. Per the FY2026 10-K (Item 1A, filed 2026-03-23): the summary of risk factors lists "our reliance on contracts with large enterprises and U.S. and foreign governmental entities" and "the impact of disruptions in the U.S. government's operations and funding" among the principal risks.

3. What Does Planet Labs Actually Do?

Planet Labs designs, builds, launches and operates its own imaging satellites, then sells the resulting imagery, data and analytics over a cloud-based platform (per the FY2026 10-K, Item 1, filed 2026-03-23). Per that filing: "Planet's mission is to use space to help life on Earth, by imaging the world every day and making global change visible, accessible, and actionable." The Company states it has built "a powerful and growing data set of over 3,000 images on average for every point on Earth's landmass, creating a non-replicable historical archive for analytics, machine learning, and insights."

Segment-level revenue breakdown is not disclosed in this report's source data; the data available is total revenue.

Product / capability	Description
SuperDove satellites	Designed to image the Earth every day at a ground sampling distance (GSD) of up to 3.5 meters (per yfinance longBusinessSummary, pulled 2026-05-26).
SkySat and Pelican satellites	Capture a specified location several times per day at a GSD of up to 50 centimeters after processing (per yfinance longBusinessSummary, pulled 2026-05-26).
Tanager (hyperspectral)	Hyperspectral imaging satellite delivering full-spectrum imagery across the visible and shortwave infrared regions (per yfinance longBusinessSummary, pulled 2026-05-26).
Earth Observation platform	Lets customers and partners access, analyze and act on the proprietary data catalog via APIs and browser-based applications (per yfinance longBusinessSummary, pulled 2026-05-26).
Satellite services	Designing and manufacturing customer-owned satellites, mission systems engineering, launch procurement, ground station infrastructure, satellite operations and maintenance, plus dedicated image-tasking capacity (per the FY2026 10-K, Item 1, filed 2026-03-23).

In plain English, Planet sells the answer to "what does this point on Earth look like, and how has it changed?" — as a recurring data subscription. Per the FY2026 10-K (Item 1, filed 2026-03-23): the Company serves customers across "agriculture, defense and intelligence, energy, forestry, finance, insurance and mapping, as well as federal, civil, state, and local governments."

4. The Business Model

Per the FY2026 10-K (Item 1, filed 2026-03-23): "We generate revenue primarily by selling licenses to our data and analytics to customers over a cloud-based platform via fixed price subscription and usage-based contracts. Most of our revenue is recurring in nature." The Company describes a one-to-many model in which captured images "can be sold and leveraged for analytics an unlimited number of times," which it contrasts with "legacy Earth observation providers that sell individual images exclusively to a single customer."

A second revenue line comes from satellite services. Per the FY2026 10-K (Item 1, filed 2026-03-23): "we generate revenue through long-term milestone based satellite services arrangements, in which we utilize our standardized bus architecture used for our own satellites to provide large-scale government and enterprise customers with advanced offerings." The Company states that by integrating design, manufacturing and mission operations it can "significantly reduce the time from concept to orbit."

On unit economics, FY2026 gross margin was 56.0% (gross profit $172.5M on revenue $307.7M, per yfinance annual financials). Operating expenses in FY2026 were $267.6M, split into research and development of $106.7M and selling, general and administrative of $160.8M (per yfinance annual financials). The cost structure consistent with this margin is described qualitatively in the 10-K; specific fixed-versus-variable cost splits are not disclosed in this report's source data.

5. Financial Health

Multi-year income trend (per yfinance annual financials; operating income for FY2026 per EDGAR XBRL; fiscal year ends January 31):

FY (year ended Jan 31)	Revenue	Operating income	Net income	Diluted EPS	Free cash flow
FY2026 (2026-01-31)	$307.7M	-$95.1M (EDGAR XBRL)	-$246.9M	-$0.80	+$51.4M (per yfinance annual cashflow)
FY2025 (2025-01-31)	$244.4M	-$111.1M	-$123.2M	-$0.42	-$68.8M (per yfinance annual cashflow)
FY2024 (2024-01-31)	$220.7M	-$167.3M	-$140.5M	-$0.50	-$93.1M (per yfinance annual cashflow)
FY2023 (2023-01-31)	$191.3M	-$175.7M	-$162.0M	-$0.61	-$86.7M (per yfinance annual cashflow)
FY2022 (2022-01-31)	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data

Per yfinance annual financials and EDGAR XBRL: the operating loss has narrowed each year from FY2023 to FY2026 even as revenue increased. The FY2026 net loss of -$246.9M is wider than the operating loss; per yfinance annual financials the FY2026 result includes a $161.4M unusual / non-operating item recorded as a loss on investment securities. Specific bridge components beyond this are not disclosed in this report's source data.

Balance sheet (per yfinance annual balance sheet; fiscal year ends January 31):

FY (Jan 31)	Cash & equiv (+ ST inv)	Total debt	Stockholders' equity	Shares outstanding	Buybacks
FY2026	$640.1M	$462.5M	$188.4M	335.3M	none reported
FY2025	$222.1M	$21.6M	$441.3M	300.1M	none reported
FY2024	$298.9M	$24.9M	$518.0M	289.3M	none reported
FY2023	$408.8M	$22.0M	$576.1M	271.8M	none reported

Per yfinance annual balance sheet: total debt rose from $21.6M (FY2025) to $462.5M (FY2026), an increase of about $440.9M, while cash and short-term investments rose from $222.1M to $640.1M. Per yfinance annual cashflow (FY2026): the Company recorded long-term debt issuance of $448.8M during the year. Per the FY2026 10-K (Item 1A, filed 2026-03-23): the new indebtedness relates to the Company's 2030 Notes. The FY2026 net loss also reduced stockholders' equity from $441.3M to $188.4M (per yfinance annual balance sheet).

Quarterly trend (last 5 quarters, per yfinance quarterly financials; fiscal year ends January 31):

Quarter	Revenue	Operating income	Net income	Diluted EPS
Q4 FY2026 (2026-01-31)	$86.8M	-$36.0M	-$152.5M	-$0.48
Q3 FY2026 (2025-10-31)	$81.3M	-$18.3M	-$59.2M	-$0.19
Q2 FY2026 (2025-07-31)	$73.4M	-$18.0M	-$22.6M	-$0.07
Q1 FY2026 (2025-04-30)	$66.3M	-$22.8M	-$12.6M	-$0.04
Q4 FY2025 (2025-01-31)	$61.6M	-$19.4M	-$35.2M	-$0.12

Per yfinance quarterly financials: revenue rose sequentially in every quarter of FY2026. The Q4 FY2026 net loss of -$152.5M was the largest in the period and, per yfinance quarterly financials, included a $122.6M unusual item recorded as a loss on investment securities.

6. Valuation & Market Data

Raw market data only — no commentary on cheap or expensive.

Metric	Value
Share price	$44.35 (per yfinance, pulled 2026-05-26)
Previous close	$42.48 (per yfinance, pulled 2026-05-26)
Day range	$43.10 - $45.27 (per yfinance, pulled 2026-05-26)
52-week high / low	$45.78 / $3.66 (per yfinance, pulled 2026-05-26)
Market cap	$15.81bn (per yfinance, pulled 2026-05-26)
Enterprise value	$15.17bn (per yfinance, pulled 2026-05-26)
Shares outstanding	332.9M (per yfinance; 335.3M reported at 2026-01-31 per yfinance annual balance sheet)
Float	285.4M (per yfinance, pulled 2026-05-26)
Avg daily volume (10d)	9.23M (per yfinance averageVolume10days, pulled 2026-05-26)
Volume (latest)	8.90M (per yfinance, pulled 2026-05-26)
Beta	1.91 (per yfinance, pulled 2026-05-26)
Trailing P/E (GAAP)	not disclosed in this report's source data — net loss in TTM (per yfinance, pulled 2026-05-26)
Forward P/E	-1971.11 (per yfinance, pulled 2026-05-26)
P/S (TTM)	51.36 (per yfinance, pulled 2026-05-26)
P/B	78.91 (per yfinance, pulled 2026-05-26)
EV / Revenue (TTM)	49.31 (per yfinance, pulled 2026-05-26)
EV / EBITDA	-337.36 (per yfinance, pulled 2026-05-26)
P / FCF	not disclosed in this report's source data (per yfinance, pulled 2026-05-26)
Gross margin (TTM)	56.15% (per yfinance, pulled 2026-05-26)
Operating margin (TTM GAAP)	-30.43% (per yfinance, pulled 2026-05-26)
Net margin (TTM)	-80.22% (per yfinance, pulled 2026-05-26)
ROE	-78.40% (per yfinance, pulled 2026-05-26)
ROA	-5.86% (per yfinance, pulled 2026-05-26)
Debt-to-equity	245.44 (per yfinance, pulled 2026-05-26)
Current ratio	1.65 (per yfinance, pulled 2026-05-26)
Dividend yield	None — no dividend (per yfinance, pulled 2026-05-26)
Short interest	10.8% of float (per yfinance shortPercentOfFloat, pulled 2026-05-26)
Put / call ratio	not disclosed in this report's source data

7. What Are They Building / What's Coming

Per the FY2026 10-K (Item 1, filed 2026-03-23) and the forward-looking statements section of the FY2026 10-K (filed 2026-03-23):

• Continued satellite build and launch. Per the FY2026 10-K (Item 1A, filed 2026-03-23): the Company intends to "build and launch additional satellites, scale satellite manufacturing capacity, expand our data analytics capabilities," and notes that "Expansion of our offerings into satellite services, in particular, has led to greater uncertainty with regard to future revenue growth and related costs."
• AI-enabled data products. Per the FY2026 10-K (Item 1, filed 2026-03-23): the Company has "advanced data processing capabilities that enable us to produce 'AI-ready' data sets and offer AI-enabled solutions, either directly or through partnership with third parties."
• Satellite services scale-up. Per the FY2026 10-K (Item 1A, filed 2026-03-23): the Company is "increasingly target[ing] large-scale satellite services contracts," which it notes carry "longer and less predictable sales cycles, significant upfront costs, and complex procurement requirements."
• Q1 FY2027 earnings release on 2026-06-04. Per yfinance earningsTimestamp (pulled 2026-05-26): the next earnings release is scheduled for 2026-06-04, the first quarter of FY2027.

Specific product launch dates, named future products and quantitative roadmap milestones beyond the above are not disclosed in this report's source data.

8. Competitive Landscape

Per the FY2026 10-K (Item 1A, filed 2026-03-23): the Company lists "our ability to compete effectively in intensely competitive markets" and "increased competition from new market entrants and alternative data sources" among its principal risks. Named competitors are not disclosed in this report's source data; peer financial data beyond Planet Labs itself was not pulled.

Company	Ticker	Market cap	Revenue (TTM)	Gross margin	P/S
Planet Labs PBC	PL	$15.81bn	$307.7M	56.15%	51.36
Peer 1	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data
Peer 2	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data

No opinion on positioning is expressed here. Per the FY2026 10-K (Item 1, filed 2026-03-23): the Company differentiates itself from "legacy Earth observation providers that sell individual images exclusively to a single customer" through its one-to-many data subscription model and its historical imagery archive.

9. Leadership and Ownership

Per insider transaction filings via yfinance (pulled 2026-05-26): William Spencer Marshall is Chief Executive Officer; Ashley Fieglein Johnson is President; Robert H. Schingler is an Officer and Director; Ita M. Brennan is a Director. Detailed executive tenure and biographical information is not disclosed in this report's source data (10-K Item 10 was not pulled).

Top institutional shareholders as of 2026-03-31 (per yfinance institutional_holders, pulled 2026-05-26):

Holder	% held	Shares	Value (USD)
Alphabet Inc.	10.92%	35,248,893	$1,563.3M
Blackrock Inc.	7.89%	25,466,806	$1,129.5M
Vanguard Portfolio Management LLC	3.78%	12,204,165	$541.3M
Vanguard Capital Management LLC	3.78%	12,186,969	$540.5M
Van Eck Associates Corporation	2.57%	8,282,076	$367.3M
Shaw D.E. & Co., Inc.	2.47%	7,971,548	$353.5M
Driehaus Capital Management, LLC	2.45%	7,918,693	$351.2M
Canada Pension Plan Investment Board	2.43%	7,844,300	$347.9M
State Street Corporation	2.13%	6,881,809	$305.2M
Two Sigma Investments, LP	2.10%	6,759,845	$299.8M

Per yfinance (pulled 2026-05-26): institutional ownership totals 79.98% and insider ownership totals 1.78%. Recent insider activity (per insider_transactions via yfinance, pulled 2026-05-26):

• 2026-04-22: CEO William Spencer Marshall gifted 155,000 shares (stock gift at $0.00 per share).
• 2026-04-22: Officer and Director Robert H. Schingler gifted 55,000 shares (stock gift at $0.00 per share).
• 2026-04-15: Director Ita M. Brennan sold 36,500 shares at $33.91 (~$1.24M).
• 2026-04-06: CEO Marshall sold 200,000 shares at $35.07 (~$7.01M).
• 2026-04-06: Officer and Director Schingler sold 73,683 shares at $35.07 (~$2.58M).
• 2026-04-02: President Ashley Fieglein Johnson sold 200,000 shares at $34.76-$35.22 (~$7.02M).

10. Risks and Challenges

• History of significant losses (Financial): Per the FY2026 10-K (Item 1A, filed 2026-03-23): "We have a history of operating losses, having generated net losses of $246.9 million, $123.2 million and $140.5 million for our fiscal years ended January 31, 2026, 2025 and 2024, respectively. As of January 31, 2026, we had an accumulated deficit of $1,449.9 million."
• Indebtedness and the 2030 Notes (Financial): Per the FY2026 10-K (Item 1A, filed 2026-03-23): the summary of risk factors lists "servicing our indebtedness," "provisions in the Indenture governing our 2030 Notes," and "counterparty risk with respect to the Capped Call Transactions." Per yfinance annual balance sheet: total debt rose from $21.6M (FY2025) to $462.5M (FY2026).
• Reliance on large enterprise and government contracts (Concentration): Per the FY2026 10-K (Item 1A, filed 2026-03-23): principal risks include "our reliance on contracts with large enterprises and U.S. and foreign governmental entities" and "the impact of disruptions in the U.S. government's operations and funding."
• Market for offerings may not grow as expected (Market & Demand): Per the FY2026 10-K (Item 1A, filed 2026-03-23): "The market for our offerings, including our satellites, satellite data, related analytics products, services, satellite services offerings, and AI-enabled solutions continues to evolve and may not be as significant as we expect."
• Satellite production, launch and infrastructure failure risk (Operational): Per the FY2026 10-K (Item 1A, filed 2026-03-23): principal risks include "our ability to successfully produce, launch, commission, operate and maintain our satellites and our customers' and related infrastructure on suitable timelines to our customers" and "the impact of satellite and infrastructure related failures."
• Highly regulated industry, licensing, export and trade controls (Regulatory): Per the FY2026 10-K (Item 1A, filed 2026-03-23): principal risks include "our ability to operate in a highly regulated industry and obtain and maintain required government licenses and other authorizations" and "our ability to comply with international trade and governmental export and import controls and economic sanctions laws and regulations."
• Intensely competitive markets and alternative data sources (Competitive): Per the FY2026 10-K (Item 1A, filed 2026-03-23): principal risks include "our ability to compete effectively in intensely competitive markets," and the filing notes revenue growth could slow due to "increased competition from new market entrants and alternative data sources."
• Cybersecurity and data-protection risk (Cyber & Physical): Per the FY2026 10-K (Item 1A, filed 2026-03-23): principal risks include "our or our third-party service providers' ability to protect against cybersecurity related attacks."

11. Recent Developments

Most recent first.

• 2026-04-22 — CEO Marshall and Officer/Director Schingler made charitable share gifts: William Spencer Marshall (CEO) gifted 155,000 shares and Robert H. Schingler (Officer and Director) gifted 55,000 shares, both reported as stock gifts at $0.00 per share. Source: insider_transactions via yfinance, pulled 2026-05-26.
• 2026-04-15 — Director Ita Brennan sold 36,500 shares at $33.91 (~$1.24M): Source: insider_transactions via yfinance, pulled 2026-05-26.
• 2026-04-06 — CEO Marshall sold 200,000 shares at $35.07 (~$7.01M) and Officer/Director Schingler sold 73,683 shares at $35.07 (~$2.58M): Source: insider_transactions via yfinance, pulled 2026-05-26.
• 2026-04-02 — President Ashley Fieglein Johnson sold 200,000 shares at $34.76-$35.22 (~$7.02M): Source: insider_transactions via yfinance, pulled 2026-05-26.

No independently link-verifiable news or X items within the 30-day window are present in this report's source data (the recent_news feed returned empty records).

12. Key Dates Coming Up

• 2026-06-04 — Q1 FY2027 earnings release: Per yfinance earningsTimestamp (pulled 2026-05-26): scheduled for 2026-06-04, the first quarter of FY2027.
• 2026 Annual Meeting of Stockholders: date not disclosed in this report's source data.
• Ex-dividend date: none — the Company does not pay a dividend (per yfinance, pulled 2026-05-26).

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Risk Warning: This research is for information only and is not investment advice or a recommendation to buy or sell any security. CFD Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74–89% of retail investor accounts lose money when trading CFDs. Affiliate Disclosure: We may receive a commission from some links on this page at no extra cost to you. Data Disclaimer: All figures are sourced from company filings, earnings releases, and public market data as at the date above. Forward-looking statements are attributed to the company and may not be achieved. Always do your own research. Generated by ChartsView research tooling. Thesis strength measures how well the evidence in this report supports the company's stated thesis — it is NOT a buy/sell rating or price target. ChartsView is not authorised by the FCA to provide regulated investment advice.

Intuitive Machines, Inc. (NASDAQ: LUNR) is a space infrastructure and services company headquartered in Houston, Texas (per the FY2025 10-K, Item 2, filed 2026-03-19), built around lunar delivery (Nova-C, Nova-D, Micro Nova Hopper), Near Space Network data relay, and — following the January 2026 close of an $800 million acquisition of Lanteris Space Systems (formerly Maxar Space Systems) — vertically integrated spacecraft manufacturing. For the year ended December 31, 2025 the Company reported revenue of $207.1 million, down approximately 9% year over year from $228.0 million (per the FY2025 10-K, Item 7, filed 2026-03-19); an operating loss of -$87.2 million (per EDGAR XBRL OperatingIncomeLoss, 10-K period ending 2025-12-31); a net loss of -$83.3 million (per the FY2025 10-K, Item 7); free cash flow of -$56.0 million (per yfinance annual cashflow, FY2025); and contracted backlog of $213.1 million (per the FY2025 10-K, Item 7). Per Intuitive Machines' Q1 2026 earnings release (2026-05-14): Q1 2026 revenue was $186.7 million (+198.6% year over year), the Company reported its first positive Adjusted EBITDA of $2.7 million, and contracted backlog reached a record $1.1 billion following the Lanteris acquisition and a new task order — the Company reaffirmed FY2026 revenue guidance of $900M–$1B. The stock last traded at $38.26 against a 52-week range of $7.78 to $38.55 (per yfinance, pulled 2026-05-26), and the Company employed 525 people as of 2025-12-31 (including employees added through the October 2025 KinetX acquisition).

1. Company Snapshot

Field	Value
Name	Intuitive Machines, Inc. (per the FY2025 10-K, cover page, filed 2026-03-19)
Ticker / Exchange	LUNR / Nasdaq Global Market (per the FY2025 10-K, cover page)
Sector / Industry	Industrials / Aerospace & Defense (per yfinance, pulled 2026-05-26; SIC 3812 per EDGAR submissions)
Market cap	$6.14bn (per yfinance, 2026-05-26)
Enterprise value	$7.43bn (per yfinance, 2026-05-26)
FY2025 revenue	$207.1M (per the FY2025 10-K, Item 7, filed 2026-03-19)
FY2025 operating income (EDGAR XBRL)	-$87.2M (per EDGAR XBRL OperatingIncomeLoss, 10-K period ending 2025-12-31)
FY2025 free cash flow	-$56.0M (per yfinance annual cashflow, FY2025)
Gross margin (FY2025)	2.9% (gross profit $6.1M on revenue $207.1M, per the FY2025 10-K, Item 7)
Net margin (FY2025)	-40% (net loss -$83.3M on revenue $207.1M, per the FY2025 10-K, Item 7)
Employees	525 as of 2025-12-31, including employees added through the KinetX acquisition completed 2025-10-01 (per the FY2025 10-K, Item 1, Human Capital)
CEO	Stephen J. Altemus, Co-Founder, President & CEO (per the FY2025 10-K and insider transaction filings via yfinance, pulled 2026-05-26)
Headquarters	Houston, Texas — near the Houston Spaceport; additional facilities in Glen Burnie, Maryland and Phoenix, Arizona (per the FY2025 10-K, Item 2)
Website	intuitivemachines.com (per yfinance, pulled 2026-05-26)
Fiscal year-end	December 31 (per the FY2025 10-K, filed 2026-03-19)
Next earnings	Q2 2026 (Q1 2026 reported 2026-05-14 per yfinance earningsTimestamp; the next report date is not disclosed in this report's source data)
Dividend yield	None — Company has never paid a dividend (per yfinance, pulled 2026-05-26)
52-week high	$38.55 (per yfinance, pulled 2026-05-26)
52-week low	$7.78 (per yfinance, pulled 2026-05-26)
Short interest	21.44% of float (per yfinance shortPercentOfFloat, pulled 2026-05-26)

2. Bull Case vs Bear Case

Bull Case

• Record-low Q1 2026 print with first positive Adjusted EBITDA and a 4–5x revenue step-up guided for FY2026. Per Intuitive Machines' Q1 2026 earnings release (2026-05-14): Q1 revenue was $186.7 million (+198.6% year over year), Adjusted EBITDA was a positive $2.7 million (the first positive EBITDA quarter in the Company's history), and management reaffirmed FY2026 revenue guidance of $900M–$1B versus FY2025 actual of $207.1 million (per the FY2025 10-K, Item 7, filed 2026-03-19).
• Record $1.1 billion contracted backlog after Lanteris. Per the Q1 2026 earnings release (2026-05-14): Intuitive Machines ended Q1 2026 with a record $1.1 billion backlog, up from $213.1 million reported at FY2025 year-end (per the FY2025 10-K, Item 7), reflecting the January 2026 close of the Lanteris Space Systems acquisition and a new task order — providing multi-year revenue visibility into the FY2026 guidance.
• Vertical integration via the $800M Lanteris (former Maxar Space Systems) acquisition. Per Intuitive Machines' announcement (acquisition announced 2025-11-04, closed 2026-01-13): the Company acquired Lanteris Space Systems for $800 million ($450 million cash plus $350 million in Class A common stock), positioning Intuitive Machines as a vertically integrated space prime contractor for commercial, civil and national-security space programs including Golden Dome, Space Development Agency awards and NASA lunar programs.
• Diversified NASA-anchored portfolio across CLPS, Near Space Network, LTV and heavy cargo. Per the FY2025 10-K (Item 1, filed 2026-03-19): Intuitive Machines holds four CLPS lunar surface cargo delivery contracts (the second mission was in 2025); a Near Space Network (NSN) Services contract for direct-to-Earth data services and data relay to the lunar vicinity; a NASA Lunar Terrain Vehicle (LTV) contract executed through a global partnership including Boeing, Northrop Grumman, Michelin, AVL, CSIRO, Fugro and Roush; and is developing a heavy cargo lunar lander (Nova-D) and Micro Nova Hopper drone.
• Capital base materially expanded in FY2025–Q1 2026. Per the FY2025 10-K (Item 7, filed 2026-03-19): the Company ended FY2025 with $582.6 million of cash and cash equivalents (up from $207.6 million at FY2024 year-end), reflecting $446.6 million of net financing activity in FY2025; per yfinance (pulled 2026-05-26): total cash stood at $231.6 million at Q1 2026 (post the $450 million cash leg of Lanteris).

Bear Case

• GAAP profitability remains deeply negative with low gross margin. Per the FY2025 10-K (Item 7, filed 2026-03-19): FY2025 gross profit was $6.1 million on $207.1 million of revenue (a gross margin of 2.9%), operating loss was -$87.2 million (EDGAR XBRL) and net loss was -$83.3 million. The business has not yet demonstrated sustainable gross margin even though Q1 2026 hit positive Adjusted EBITDA.
• Revenue is lumpy and partly milestone-driven; FY2025 revenue actually declined year over year. Per the FY2025 10-K (Item 7, filed 2026-03-19) and yfinance annual financials: FY2025 revenue of $207.1 million was down approximately 9% from FY2024 revenue of $228.0 million, reflecting the timing of IM-1/IM-2 milestone recognition versus IM-3/IM-4 work. Per yfinance quarterly financials: revenue swung from $62.5M (Q1 2025) to $50.3M (Q2) to $51.0M (Q3) to $43.3M (Q4) to $186.7M (Q1 2026) — a pattern that is heavy on contract-milestone timing rather than smooth.
• Substantial historical and prospective dilution. Per the FY2025 10-K (balance sheet, filed 2026-03-19) and yfinance: Class A ordinary shares outstanding grew from 21.0 million at FY2023 year-end to 121.3 million at FY2025 year-end, and the Company further issued $350 million of Class A stock as part of the January 2026 Lanteris close, with total shares outstanding now approximately 160.5 million (per yfinance, pulled 2026-05-26). The capital structure also carries Tax Receivable Agreement obligations to pre-IPO holders (per the FY2025 10-K, Item 7).
• Material insider selling concentrated in April–May 2026. Per insider transactions via yfinance (pulled 2026-05-26): Director and >10% holder Kamal Ghaffarian sold approximately 425,727 shares across 2026-04-20, 2026-05-04 and 2026-05-18 at $25.00–$37.99 per share for total proceeds of approximately $12.4 million; CEO Stephen Altemus, CFO Peter McGrath, CTO Timothy Crain II and other officers sold a combined ~51,663 shares at $23.61 on 2026-04-15 for approximately $1.22 million.
• IM-2 landing anomalies illustrate ongoing mission-execution risk. Per the FY2025 10-K (Item 1A and Item 7, filed 2026-03-19): the IM-2 mission "experienced landing anomalies that impacted our ability to complete all mission milestones" — a reminder that revenue recognition under fixed-price CLPS contracts is contingent on milestone delivery, with mission failure risk a recurring exposure across IM-3, IM-4 and future cargo missions.

3. What Does Intuitive Machines Actually Do?

Intuitive Machines is organised internally around its lunar mission flights for management purposes ("IM-1, IM-2, IM-3, IM-4") but reports as a single operating business comprising three service lines (per the FY2025 10-K, Item 1, filed 2026-03-19):

Service line	Description
Delivery services	Transportation and delivery of payloads — satellites, scientific instruments and cargo — to space destinations, including lunar surface access, rideshare delivery and (post-Lanteris) full-stack spacecraft manufacturing; lead products are the Nova-C lunar lander (which flew IM-1 and IM-2), Micro Nova Hopper (propulsive lunar drone debuting on IM-2), and Nova-D heavy cargo lunar lander under development (per the FY2025 10-K, Item 1).
Data transmission services	Collection, processing and interpretation of space-based data; Near Space Network (NSN) data relay services to the lunar vicinity and direct-to-Earth services under the multi-billion-dollar NSN Services NASA contract awarded in 2024 (per the FY2025 10-K, Item 1).
Infrastructure as a service	Navigation, maintenance, scientific data collection and system health monitoring services; under the NASA Lunar Terrain Vehicle Services (LTVS) contract with a global partnership team (AVL, Boeing, CSIRO, Fugro, Michelin, Northrop Grumman, Roush) (per the FY2025 10-K, Item 1, filed 2026-03-19).

In plain English, Intuitive Machines is the NASA contractor that landed the first U.S. commercial spacecraft on the Moon (IM-1 in 2024, IM-2 in 2025 — both achieving soft landings, with IM-2 experiencing landing anomalies per the FY2025 10-K, Item 1A), and is now expanding from one-off lunar missions into recurring lunar relay-and-positioning services (Near Space Network), a contracted heavy-cargo lunar lander and lunar terrain vehicle, and — through the Lanteris acquisition — into manufacturing full GEO and LEO satellites for commercial and national-security customers.

A revenue split by service line / customer type beyond the qualitative commentary above is not separately disclosed in this report's source data (the FY2025 10-K segment note treats Intuitive Machines as a single reportable segment with mission-level management reporting).

4. The Business Model

Per the FY2025 10-K (Item 1, filed 2026-03-19): Intuitive Machines' core business model is contracted, mostly fixed-price-per-milestone work for U.S. government (predominantly NASA) and, increasingly, Department of Defense (Space Development Agency, U.S. Space Force) and commercial customers — recognised on a percentage-of-completion basis as costs are incurred against contracted milestones. The Lanteris acquisition (closed 2026-01-13) adds a vertically integrated spacecraft-manufacturing tier alongside the legacy lunar/data-services portfolio.

The competitive moat the Company describes rests on three elements (per the FY2025 10-K, Item 1, filed 2026-03-19): first, flight heritage — Intuitive Machines is the first U.S. private company to soft-land hardware on the Moon (IM-1, 2024) and to operate at the Moon's south pole; second, an integrated propulsion + GNC (guidance, navigation and control) + mission-operations stack used across the Nova-C, Nova-D and Micro Nova platforms; and third, prime-contractor positioning on the NASA NSN Services contract and the NASA LTVS contract via its global partnership team.

Unit economics are characteristic of fixed-price, milestone-driven aerospace contracts: low gross margin in early phases (FY2025 gross margin 2.9% per the FY2025 10-K, Item 7), with both upside leverage from cost discipline and downside risk from EAC adjustments or mission anomalies. Q1 2026 (per the earnings release, 2026-05-14) delivered the first quarter of positive Adjusted EBITDA in the Company's history — a directional improvement that one quarter alone does not establish as a trend.

5. Financial Health

5-year income trend (per the FY2025 10-K Item 7 and yfinance annual financials; FY2021 not in source data):

FY	Revenue	Operating income	Net income	Diluted EPS	Free cash flow
FY2025	$207.1M	-$87.2M (EDGAR XBRL)	-$83.3M	not disclosed in this report's source data	-$56.0M
FY2024	$228.0M	-$52.4M	-$283.4M	-$2.83	-$67.7M
FY2023	$79.6M	-$60.2M	+$61.8M (non-cash warrant gain)	+$2.88	-$75.2M
FY2022	$85.9M	-$5.5M	$0.0M	$0.00	-$15.6M
FY2021	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data

Per the FY2025 10-K (Item 7, filed 2026-03-19): the year-over-year revenue decline from $228.0 million (FY2024) to $207.1 million (FY2025) reflects the timing of fixed-price milestone recognition (IM-1 finalised in FY2024; IM-2 only partially completing milestones during FY2025 amid the landing anomaly). Operating loss widened from -$52.4 million to -$87.2 million, including the costs of the KinetX integration (closed 2025-10-01).

Balance sheet (per the FY2025 10-K, balance sheet, filed 2026-03-19; Q1 2026 cash per yfinance):

Period	Cash & equivalents	Total debt	Stockholders' equity (deficit)	Class A shares outstanding	Buybacks
Q1 2026 (post-Lanteris cash leg)	$231.6M (per yfinance totalCash, 2026-05-26)	$455.2M (per yfinance, 2026-05-26)	not disclosed in this report's source data — see Q1 2026 10-Q	~160.5M (per yfinance, 2026-05-26)	$0
FY2025 (2025-12-31)	$582.6M	$372.2M	-$748.4M (Class A); $203.7M total equity incl. non-controlling interest	121.3M	$0
FY2024	$207.6M	$37.4M	-$1,003.3M (Class A); $3.9M total equity incl. NCI	100.6M	$0
FY2023	$4.5M	$43.5M	-$233.2M (Class A); -$51.6M total	21.0M	$0
FY2022	$25.8M	$25.8M	-$57.6M	18.1M	$0

Per the FY2025 10-K (Item 7, filed 2026-03-19): the FY2025 cash build reflected $446.6 million of net financing inflows. The Class A stockholders' equity is structurally negative because of the post-de-SPAC capital-structure mechanics (Class B units and Tax Receivable Agreement liabilities), but consolidated equity including non-controlling interest was +$203.7 million at FY2025 year-end.

Quarterly trend, last 5 quarters (per yfinance quarterly financials and the Q1 2026 earnings release, 2026-05-14):

Quarter	Revenue	Gross profit	Operating income	Net income	Diluted EPS	Free cash flow
Q1 2026 (2026-03-31)	$186.7M (per the Q1 2026 release; yfinance reports $183.6M)	$27.0M	-$39.2M	-$37.4M	-$0.25	not disclosed in this report's source data
Q4 2025 (2025-12-31)	$43.3M	$7.0M	-$33.1M	-$39.9M	-$0.33	not disclosed in this report's source data
Q3 2025 (2025-09-30)	$51.0M	$4.2M	-$15.4M	-$6.8M	-$0.06	not disclosed in this report's source data
Q2 2025 (2025-06-30)	$50.3M	-$11.8M	-$28.6M	-$25.2M	-$0.22	not disclosed in this report's source data
Q1 2025 (2025-03-31)	$62.5M	$6.7M	-$10.1M	-$11.4M	-$0.11	not disclosed in this report's source data

The Q1 2026 step-change reflects the first full quarter of Lanteris consolidation (close 2026-01-13) plus accelerated NSN, LTV and CLPS milestone work. Per the Q1 2026 earnings release (2026-05-14): Adjusted EBITDA was +$2.7 million — the first positive Adjusted EBITDA quarter in the Company's history.

6. Valuation & Market Data

Raw market data only — no commentary on cheap or expensive.

Metric	Value
Share price	$38.26 (per yfinance, pulled 2026-05-26)
Previous close	$34.24 (per yfinance, pulled 2026-05-26)
Day range	$35.23 – $38.34 (per yfinance, pulled 2026-05-26)
52-week high / low	$38.55 / $7.78 (per yfinance, pulled 2026-05-26)
Market cap	$6.14bn (per yfinance, pulled 2026-05-26)
Enterprise value	$7.43bn (per yfinance, pulled 2026-05-26)
Shares outstanding	160.5M (per yfinance, pulled 2026-05-26; 121.3M Class A reported at 2025-12-31 in the FY2025 10-K)
Float	130.3M (per yfinance, pulled 2026-05-26)
Avg daily volume (10d)	14.50M (per yfinance averageVolume10days, pulled 2026-05-26)
Volume (latest)	14.81M (per yfinance, pulled 2026-05-26)
Beta	1.47 (per yfinance, pulled 2026-05-26)
Trailing P/E (GAAP)	not disclosed in this report's source data — net loss in TTM (per yfinance, pulled 2026-05-26)
Forward P/E	-286.96 (per yfinance, pulled 2026-05-26)
P/S (TTM)	18.37 (per yfinance, pulled 2026-05-26)
P/B	-18.29 (per yfinance, pulled 2026-05-26 — negative because Class A stockholders' equity is negative; consolidated equity including NCI is positive)
EV / Revenue (TTM)	22.22 (per yfinance, pulled 2026-05-26)
EV / EBITDA	-92.11 (per yfinance, pulled 2026-05-26)
P / FCF	not disclosed in this report's source data — FCF negative (per yfinance, pulled 2026-05-26)
Gross margin (TTM)	9.70% (per yfinance, pulled 2026-05-26)
Operating margin (TTM GAAP)	-10.30% (per yfinance, pulled 2026-05-26)
Net margin (TTM)	-32.69% (per yfinance, pulled 2026-05-26)
ROE	-30.29% (per yfinance, pulled 2026-05-26)
ROA	-5.43% (per yfinance, pulled 2026-05-26)
Debt-to-equity	62.25 (per yfinance, pulled 2026-05-26; distorted by the Class A negative equity)
Current ratio	1.22 (per yfinance, pulled 2026-05-26)
Dividend yield	None — Company has never paid a dividend (per yfinance, pulled 2026-05-26)
Short interest	21.44% of float (per yfinance shortPercentOfFloat, pulled 2026-05-26)
Put / call ratio	not disclosed in this report's source data

7. What Are They Building / What's Coming

Per the FY2025 10-K (Item 1, filed 2026-03-19), the Q1 2026 earnings release (2026-05-14) and named public announcements:

• IM-3 and IM-4 lunar delivery missions (CLPS). Per the FY2025 10-K (Item 1, filed 2026-03-19): Intuitive Machines holds four CLPS task orders from NASA, with IM-3 and IM-4 the next two missions following IM-1 (Odysseus, 2024) and IM-2 (Athena, 2025 — landed with anomalies). Specific launch dates are not disclosed in this report's source data; per the FY2025 10-K (Item 1A): a failure on the IM-3 mission "could have a material adverse effect on our business, results of operations, and financial condition."
• NASA Lunar Terrain Vehicle Services (LTVS). Per the FY2025 10-K (Item 1, filed 2026-03-19): the Company holds an LTVS contract executed through a global partnership team (AVL, Boeing, CSIRO, Fugro, Michelin, Northrop Grumman, Roush), competing against Lunar Outpost and Astrolab Venturi for follow-on task orders.
• NASA Near Space Network (NSN) Services contract. Per the FY2025 10-K (Item 1, filed 2026-03-19): a NASA contract for direct-to-Earth data services to the lunar vicinity and lunar-relay services, valued (per public NASA announcements when awarded in 2024) at a multi-billion-dollar ceiling across the contract life.
• Lanteris (formerly Maxar Space Systems) integration. Per the acquisition close announcement (2026-01-13): Intuitive Machines closed the $800 million acquisition of Lanteris Space Systems ($450 million cash + $350 million Class A common stock), positioning the Company to compete for the U.S. Golden Dome missile-defence initiative, Space Development Agency Tracking and Transport Layer awards, and continued NASA Artemis-related missions.
• KinetX (acquired 2025-10-01). Per the FY2025 10-K (Item 1, filed 2026-03-19): the KinetX acquisition closed 2025-10-01, adding deep-space mission design, navigation and operations capability to Intuitive Machines' service portfolio.
• Nova-D heavy cargo lunar lander. Per the FY2025 10-K (Item 1, filed 2026-03-19): Nova-D is being developed to transport critical payloads — including fission surface power systems, lunar terrain vehicles and rovers — enabling sustainable lunar exploration.

8. Competitive Landscape

Per the FY2025 10-K (Item 1, filed 2026-03-19): competitors named in the LTVS contract include Lunar Outpost and Astrolab Venturi; competitors for the NSN contract include other commercial space-services providers. Peer comparison table for the broader NewSpace / aerospace-prime universe (per yfinance, pulled 2026-05-26; all figures in USD).

Company	Ticker	Market cap	Revenue (TTM)	Gross margin	P/S
Intuitive Machines, Inc.	LUNR	$6.14bn	$334.3M	9.70%	18.37
Redwire Corporation	RDW	$3.48bn	$371.0M	12.86%	9.38
Rocket Lab Corporation	RKLB	$78.59bn	$679.6M	36.56%	115.64
Firefly Aerospace, Inc.	FLY	$7.93bn	$184.9M	24.83%	42.90
AST SpaceMobile, Inc.	ASTS	$41.09bn	$84.9M	44.82%	483.74
Northrop Grumman Corporation	NOC	$78.91bn	$42.37bn	20.52%	1.86
Lockheed Martin Corporation	LMT	$122.95bn	$75.11bn	9.91%	1.64
The Boeing Company	BA	$172.65bn	$92.18bn	4.82%	1.87

Positioning, per public disclosures: against pure-play commercial space services (RDW, FLY, RKLB), Intuitive Machines is the only operator with proven lunar soft-landing flight heritage; against legacy defence primes (NOC, LMT, BA), it is a fraction of the size but trades at a much higher P/S multiple reflecting its growth profile and the $1.1 billion record backlog reported at Q1 2026. The Lanteris acquisition repositions Intuitive Machines toward the prime-contractor end of that competitive set — directly overlapping with Lockheed Martin and Northrop Grumman in spacecraft manufacturing. No opinion on positioning is expressed here.

9. Leadership and Ownership

Per the FY2025 10-K (Item 1 and insider transaction filings via yfinance, pulled 2026-05-26): Stephen J. Altemus is President and Chief Executive Officer; Peter McGrath is Chief Financial Officer; Timothy Price Crain II is Chief Technology Officer; Anna Chiara Jones is an Officer. Kamal Seyed Ghaffarian — the Company's Co-Founder and Executive Chairman — is reported as a Director and Beneficial Owner of more than 10% of a class of security in recent insider filings. Detailed executive tenure and proxy-level biographical information beyond these roles is not disclosed in this report's source data (the Item 10 proxy section was not in the extracted 10-K text).

Top institutional shareholders as of 2026-03-31 (per yfinance institutional_holders, pulled 2026-05-26):

Holder	% held	Shares	Value (USD)
BlackRock Inc.	6.24%	10,009,888	$383.0M
State Street Corporation	4.98%	7,987,514	$305.6M
D. E. Shaw & Co., Inc.	3.84%	6,162,811	$235.8M
Vanguard Capital Management LLC	3.26%	5,236,961	$200.4M
Citadel Advisors LLC	2.27%	3,646,139	$139.5M
Frontier Capital Management Company LLC	2.19%	3,513,799	$134.4M
Trustees of the University of Pennsylvania	2.02%	3,246,424	$124.2M
Voya Investment Management LLC	1.98%	3,176,017	$121.5M
Geode Capital Management, LLC	1.78%	2,855,978	$109.3M
ARK Investment Management, LLC	1.66%	2,656,531	$101.6M

Per yfinance (pulled 2026-05-26): institutional ownership totals 86.20% and insider ownership totals 5.61%. Recent insider activity (per insider_transactions via yfinance, pulled 2026-05-26):

• 2026-05-18: Director and >10% holder Kamal S. Ghaffarian sold 141,909 shares at $33.27–$37.99 (approximately $4.86 million).
• 2026-05-04: Kamal S. Ghaffarian sold 141,909 shares at $25.00–$25.41 (approximately $3.57 million).
• 2026-04-20: Kamal S. Ghaffarian sold 141,909 shares at $27.74–$29.51 (approximately $4.00 million).
• 2026-04-15: CEO Stephen Altemus sold 13,751 shares; CFO Peter McGrath sold 24,554 shares; CTO Timothy Crain II sold 8,447 shares; Officer Anna Jones sold 4,911 shares — all at $23.61 (combined approximately $1.22 million).

10. Risks and Challenges

• History of losses and recurring need for capital (Financial): Per the FY2025 10-K (Item 1A, filed 2026-03-19): "We may need additional capital to fund our operations" — the Company has incurred GAAP operating losses every year reported (FY2022 -$5.5M through FY2025 -$87.2M EDGAR XBRL), and FY2025 free cash flow was -$56.0 million.
• Mission-failure risk on fixed-price CLPS contracts (Operational): Per the FY2025 10-K (Item 1A, filed 2026-03-19): the IM-2 mission "experienced landing anomalies that impacted our ability to complete all mission milestones," and the Company explicitly warns that a failure on the IM-3 mission "could have a material adverse effect on our business, results of operations, and financial condition."
• Customer concentration on NASA / U.S. government (Concentration): Per the FY2025 10-K (Item 1A, filed 2026-03-19): "Customer concentration creates risks for our business" — Intuitive Machines is heavily dependent on a small number of NASA and U.S. government customers, with revenue exposed to appropriations timing and program cancellations.
• Integration risk on Lanteris and KinetX (Operational): Per the FY2025 10-K (Item 1, filed 2026-03-19) and the Lanteris close announcement (2026-01-13): the Company is integrating the $800 million Lanteris (former Maxar Space Systems) acquisition simultaneously with the smaller KinetX acquisition (closed 2025-10-01), with execution risk on synergies, culture and program transition.
• Tax Receivable Agreement (TRA) obligations to pre-IPO holders (Financial): Per the FY2025 10-K (Item 7, filed 2026-03-19): the Company may need to make significant payments under the TRA to former Intuitive Machine Members, including potential accelerated obligations on certain change-of-control events that could "fund our operations" pressure.
• Substantial dilution from M&A consideration and equity raises (Financial): Per the FY2025 10-K (balance sheet, filed 2026-03-19) and the Lanteris close announcement (2026-01-13): Class A shares outstanding rose from 21.0 million (FY2023) to 121.3 million (FY2025), with a further $350 million of Class A stock issued in the Lanteris consideration in January 2026 — total shares of approximately 160.5 million today (per yfinance, pulled 2026-05-26).
• Backlog conversion risk (Operational): Per the FY2025 10-K (Item 1A, filed 2026-03-19): backlog is the estimate of revenue expected to be realised in the future on awarded contracts and is "not a guarantee of future revenue"; FY2026 revenue depends on milestone delivery against contracted backlog.
• U.S. government budget process and shutdown risk (Regulatory): Per the FY2025 10-K (Item 1A, filed 2026-03-19): "disruptions in U[S]" appropriations and government-shutdown risk could delay milestone funding and contract awards.
• Competition from NewSpace primes and legacy defence companies (Competitive): Per the FY2025 10-K (Item 1, filed 2026-03-19): named LTVS competitors include Lunar Outpost and Astrolab Venturi; the Company also competes for NSN and Golden Dome opportunities against companies including Rocket Lab, Northrop Grumman and Lockheed Martin.
• Cybersecurity and supply-chain disruption (Cyber & Physical): Per the FY2025 10-K (Item 1C and Item 1A, filed 2026-03-19): cybersecurity incidents and supply-chain disruptions for limited-source materials or components could materially impact mission delivery.
• Insider selling overhang (Concentration): Per insider transactions via yfinance (pulled 2026-05-26): Executive Chairman Kamal Ghaffarian sold approximately $12.4 million of shares across three batches in April–May 2026; combined with named-executive sales on 2026-04-15, recent insider supply is material.
• Class A equity carries structurally negative book and TRA-driven distributions (Financial): Per the FY2025 10-K (balance sheet, filed 2026-03-19): Class A stockholders' equity was -$748.4 million at FY2025 year-end (consolidated equity including non-controlling interests was +$203.7 million) — making P/B and other book-based metrics not directly comparable to single-class peers.

11. Recent Developments

Most recent first.

• 2026-05-15 — Canaccord raises LUNR price target to $41 from $24 (reported factually): Canaccord Genuity raised its price target on Intuitive Machines to $41 from $24, citing the Q1 2026 print, the $1.1 billion backlog and the Lanteris-enabled positioning for NASA Moon-base programs and Golden Dome. Reported here for completeness; ChartsView does not endorse this target. Source: 24/7 Wall St., 2026-05-15.
• 2026-05-14 — Q1 2026 results: record revenue, first positive Adjusted EBITDA, $1.1bn backlog: Q1 2026 revenue was $186.7 million (+198.6% year over year, per the Q1 2026 earnings release; yfinance reports the comparable figure as $183.6 million), Adjusted EBITDA was +$2.7 million (the first positive Adjusted EBITDA quarter), contracted backlog rose to a record $1.1 billion, and management reaffirmed FY2026 revenue guidance of $900M–$1B. Source: Intuitive Machines Q1 2026 8-K Exhibit 99.1, 2026-05-14.
• 2026-05-14 to 2026-05-18 — Multiple analyst price-target hikes post Q1 (reported factually): Following the Q1 print, Cantor Fitzgerald raised its target to $43 from $26, Roth Capital to $50 from $35, B. Riley to $45 from $40, Clear Street to $44 from $25, and Stifel to $32 from $22, on a 9-analyst average target of approximately $38 with a "Buy" consensus. Reported here factually; ChartsView does not endorse these targets. Source: public.com analyst forecast.
• 2026-04-15 to 2026-05-18 — Material insider selling: Executive Chairman Kamal S. Ghaffarian (>10% holder) sold three batches of 141,909 shares each on 2026-04-20, 2026-05-04 and 2026-05-18 at $25.00–$37.99, for total proceeds of approximately $12.4 million; CEO, CFO, CTO and another officer sold a combined ~51,663 shares at $23.61 on 2026-04-15 for ~$1.22 million. Source: [insider transactions via yfinance, pulled 2026-05-26].
• 2026-04-24 — DEF 14A filed; 2026 AGM scheduled for 2026-06-04: Definitive proxy statement filed; the 2026 Annual Meeting of Stockholders is scheduled for Thursday, 2026-06-04 at 9:00 a.m. Central Time via virtual webcast. Source: Intuitive Machines DEF 14A.

Intuitive Machines' official X (Twitter) handle is @Int_Machines. No additional independently link-verifiable per-post X items from the company or named officers within the 30-day window are included in this report's source data.

12. Key Dates Coming Up

• 2026-06-04 — 2026 Annual Meeting of Stockholders: Thursday at 9:00 a.m. Central Time, virtual webcast at www.virtualshareholdermeeting.com/LUNR2026 (per the DEF 14A filed 2026-04-24).
• IM-3 and IM-4 lunar delivery missions: Per the FY2025 10-K (Item 1, filed 2026-03-19): the next two CLPS missions following IM-1 (2024) and IM-2 (2025); specific launch dates are not disclosed in this report's source data.
• NASA LTVS task-order awards: Per the FY2025 10-K (Item 1, filed 2026-03-19): task orders against the Lunar Terrain Vehicle Services contract are expected to be awarded across the contract life; specific dates are not disclosed in this report's source data.
• Lanteris integration and Golden Dome / SDA bid milestones: Per the Lanteris close announcement (2026-01-13): subsequent task orders and bid milestones for U.S. Golden Dome, Space Development Agency and NASA programs that leverage the acquired Lanteris (former Maxar Space Systems) capabilities; specific dates are not disclosed in this report's source data.
• Q2 2026 earnings — date not disclosed in this report's source data: Q1 2026 was reported on 2026-05-14 (per yfinance earningsTimestamp).

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Redwire Corporation (NYSE: RDW) is an integrated space and defense technology company headquartered in Jacksonville, Florida, operating from 23 facilities in North America and 5 in Europe across approximately 910,000 square feet (per the FY2025 10-K, Item 2, filed 2026-02-27). The company runs two reportable segments — Space and Defense Tech — and was meaningfully reshaped on June 13, 2025 by the acquisition of Edge Autonomy, a builder of Stalker and Penguin uncrewed aerial systems (per the FY2025 10-K, Item 7, filed 2026-02-27). For the year ended December 31, 2025 the Company reported revenue of $335.4 million, up 10% year over year (per the FY2025 10-K, Item 7); gross profit of $17.3 million, equating to a 5% gross margin (per the FY2025 10-K, Item 7); an operating loss of -$229.7 million (per EDGAR XBRL OperatingIncomeLoss, 10-K period ending 2025-12-31); and free cash flow of -$200.6 million (per yfinance annual cashflow, FY2025). The stock last traded at $13.91 against a 52-week range of $4.87 to $22.25 and the next earnings release is the Q2 2026 print, with the most recent (Q1 2026) released on 2026-05-06 (per yfinance, pulled 2026-05-20). The Company has 1,400 full-time employees (per yfinance, pulled 2026-05-20).

1. Company Snapshot

Field	Value
Name	Redwire Corporation (per the FY2025 10-K, Item 1, filed 2026-02-27)
Ticker / Exchange	RDW / NYSE (per the FY2025 10-K, Part II Item 5)
Sector / Industry	Industrials / Aerospace & Defense (per yfinance, pulled 2026-05-20)
Market cap	$2.77bn (per yfinance, 2026-05-20)
Enterprise value	$2.82bn (per yfinance, 2026-05-20)
FY2025 revenue	$335.4M (per the FY2025 10-K, Item 7, filed 2026-02-27)
FY2025 operating income (EDGAR XBRL)	-$229.7M (per EDGAR XBRL OperatingIncomeLoss, 10-K period ending 2025-12-31)
FY2025 free cash flow	-$200.6M (per yfinance annual cashflow, FY2025)
Gross margin (FY2025)	5% (per the FY2025 10-K, Item 7)
Net margin (FY2025)	-68% (net loss -$226.6M on revenue $335.4M, per the FY2025 10-K, Item 7)
Employees	1,400 (per yfinance, pulled 2026-05-20; the FY2025 10-K, Item 1, filed 2026-02-27 does not break out a specific count in the extracted text)
CEO	Peter A. Cannito Jr. (per insider transaction filings via yfinance, pulled 2026-05-20)
Headquarters	Jacksonville, Florida (per the FY2025 10-K, Item 2, filed 2026-02-27)
Website	rdw.com (per yfinance, pulled 2026-05-20)
Fiscal year-end	December 31 (per the FY2025 10-K, filed 2026-02-27)
Next earnings	Q2 2026 (Q1 2026 reported 2026-05-06 per yfinance earningsTimestamp; the next report has not been disclosed in this report's source data)
Dividend yield	not disclosed in this report's source data — Redwire has never declared a dividend (per the FY2025 10-K, Part II Item 5, filed 2026-02-27)
52-week high	$22.25 (per yfinance, pulled 2026-05-20)
52-week low	$4.87 (per yfinance, pulled 2026-05-20)
Short interest	16.72% of float (per yfinance shortPercentOfFloat, pulled 2026-05-20)

2. Bull Case vs Bear Case

Bull Case

• Record contract backlog and accelerating bookings. Per Redwire's Q1 2026 earnings release (2026-05-06): the Company reported a book-to-bill ratio of 1.92 and record contract backlog of $498.1 million, with quarterly revenue of $97.0 million up 57.9% year over year. Management reaffirmed full-year 2026 revenue guidance of $450M–$500M.
• Selection on the $1.8bn Andromeda IDIQ for space-based space domain awareness. Per the U.S. Space Force / Space Systems Command award announcement (April 2026, reported by SpaceNews and DefenseScoop): Redwire was named as one of 14 vendors on a 10-year, $1.84 billion ceiling firm-fixed-price IDIQ to procure space-based space domain awareness capability (including the RG-XX program replacing GSSAP). The ceiling has subsequently been raised to more than $6.2bn (reported by Air & Space Forces Magazine).
• Customer concentration on growing national-security and civil space budgets. Per the FY2025 10-K (Item 7, filed 2026-02-27): 46.9% of FY2025 revenue came from national security customers, 21.6% from civil customers and 31.5% from commercial; 41.6% of revenue was generated outside the United States. The FY2026 NDAA (PL 119-60) authorised $900.6 billion in national defence and the Consolidated Appropriations Act of 2026 directed $13.4 billion to missile defence and space programs under the Golden Dome initiative.
• Balance-sheet reset following the 2025 equity raise. Per the FY2025 10-K (Item 7, filed 2026-02-27): the Company received $518.4 million of net proceeds from common-stock issuance (ATM, equity offerings and warrant exercises) during 2025, and ended FY2025 with $95.2 million of cash and cash equivalents (FY2024: $49.1 million). Stockholders' equity moved from -$51.9 million at FY2024 year-end to $1,137.1 million at FY2025 year-end (per the FY2025 10-K, balance sheet, filed 2026-02-27).
• Differentiated flight-heritage portfolio across Space and Defense Tech. Per the FY2025 10-K (Item 1, filed 2026-02-27): Redwire's space hardware has flown on the ISS, ESA's PROBA program, NASA's DART mission and Artemis I, with 11 active payload facilities on the ISS as of 2025-12-31. The Edge Autonomy acquisition closed 2025-06-13 added Stalker / Penguin UAS that have been delivered to seven countries since close, including the U.S. Army, U.S. Marine Corps and NATO allies.

Bear Case

• Deeply negative GAAP profitability and widening operating loss. Per the FY2025 10-K (Item 7, filed 2026-02-27): operating loss widened to -$229.7 million in FY2025 from -$42.2 million in FY2024 (EDGAR XBRL OperatingIncomeLoss confirms FY2025 at -$229,677,000). Operating loss as a percentage of revenue moved from -14% to -68% year over year. Net loss was -$226.6 million in FY2025 versus -$114.3 million in FY2024.
• Material program execution losses via net EAC adjustments. Per the FY2025 10-K (Item 7, filed 2026-02-27): the Company recorded $54.5 million of net unfavourable estimate-at-completion (EAC) adjustments in FY2025 versus $17.7 million in FY2024, including a $25.2 million unfavourable adjustment with a $12.9 million loss reserve on a Defense Tech program and $14.1 million of unfavourable adjustments in the Space Europe reporting unit.
• Goodwill and long-lived asset impairment of $34.7 million. Per the FY2025 10-K (Item 7, filed 2026-02-27): in the fourth quarter of 2025 the Company recognised a $34.7 million non-cash impairment charge — $20.9 million against goodwill, $10.9 million against intangible assets and $2.6 million against property, plant and equipment — following its annual quantitative test.
• Cash burn and reliance on external financing. Per the FY2025 10-K (Item 7, filed 2026-02-27): net cash used in operating activities was -$177.3 million in FY2025 (FY2024: -$17.3 million); investing activities used -$175.1 million, primarily to close Edge Autonomy; financing activities supplied $397.5 million. Free cash flow for the full year was -$200.6 million (per yfinance annual cashflow, FY2025).
• AE Industrial Partners controls majority voting power and has been selling shares. Per the FY2025 10-K (Item 1A, filed 2026-02-27): AE Industrial Partners ("AEI") holds a majority of the voting power of the Board through Series A Convertible Preferred Stock. Per insider transactions filed via yfinance, AEI sold 1,862,063 shares at $10.44 on 2026-01-06 and 2,644,792 shares at $10.08–$10.27 on 2026-01-08, totalling approximately $46.4 million of dispositions in January 2026.

3. What Does Redwire Actually Do?

Redwire reports under two operating segments — Space and Defense Tech — that became formally separate reportable segments effective 2025-12-01 (per the FY2025 10-K, Item 1A, filed 2026-02-27).

Segment	FY2025 commentary
Space	Next-generation spacecraft platforms (SabreSat, Phantom, Hammerhead, Thresher, Mako); large space infrastructure including Roll-Out Solar Array (ROSA) and the International Berthing and Docking Mechanism (IBDM); microgravity payloads including 11 active ISS payload facilities and 42 cumulative PIL-BOX launches as of 2025-12-31, with Bristol Myers Squibb and Eli Lilly cited as partners (per the FY2025 10-K, Item 1, filed 2026-02-27).
Defense Tech	Combat-proven autonomous systems (Stalker and Penguin UAS via Edge Autonomy), optical sensors, advanced optics, resilient energy solutions and RF payloads supporting intelligence, surveillance and reconnaissance for the U.S. Department of War, U.S. Federal Civilian Agencies and allied governments (per the FY2025 10-K, Item 1, filed 2026-02-27). Edge Autonomy contributed $107.1 million to FY2025 revenue (per the FY2025 10-K, Item 7).

Segment revenue split by reportable segment for FY2025 is not separately reported in the source 10-K extract used for this report (per the FY2025 10-K, Item 1A, filed 2026-02-27 — segment reporting became effective 2025-12-01).

End-customer mix is disclosed: 46.9% national security, 21.6% civil and 31.5% commercial, with 41.6% of revenue generated outside the United States (per the FY2025 10-K, Item 1, filed 2026-02-27). In plain terms, Redwire builds the hardware that sits on or supports satellites (sensors, solar arrays, docking mechanisms, microgravity payloads) and, since June 2025, also builds the small uncrewed aircraft (Stalker, Penguin) that allied militaries use for surveillance and reconnaissance.

4. The Business Model

Per the FY2025 10-K (Item 7, filed 2026-02-27): Redwire's primary business model is providing mission-critical solutions through short- and long-duration contracts for U.S. and international government and commercial customers. Substantially all Space-segment contracts and a portion of Defense Tech contracts are accounted for under the percentage-of-completion cost-to-cost method, which means revenue is recognised as costs are incurred against a contract value and any change in estimated cost at completion (the EAC) is taken to revenue and gross profit on a cumulative catch-up basis.

The customer base is concentrated on government end-users. Per the FY2025 10-K (Item 1, filed 2026-02-27): Redwire performs directly or through prime contractors for the U.S. Army, U.S. Marine Corps, U.S. Air Force, U.S. Space Force, DARPA, the National Reconnaissance Office (NRO), NASA, ESA and European national space agencies, with international defence customers in roughly 80 countries. The Defense Tech business is operationally vertically integrated — for example, Redwire opened an 85,000-square-foot facility in Ann Arbor, Michigan in 2025 to scale domestic fuel-cell production for Stalker UAS (per the FY2025 10-K, Item 7, filed 2026-02-27).

Intellectual property is described as broad but not concentrated in any single asset: "we do not believe any particular trade secret, patent, trademark, copyright, license, or other intellectual property right is of such importance that its loss, expiration or termination would have a material effect on our business" (per the FY2025 10-K, Item 1, filed 2026-02-27). The Company described the IP moat largely in terms of flight heritage and an integrated portfolio rather than a single defensible product.

Unit economics are characterised by fixed-price programs that can swing materially on EAC adjustments. Per the FY2025 10-K (Item 7, filed 2026-02-27): "our margins and operating results may suffer if we experience unfavorable changes in the proportion of cost-plus-fee or fixed-price contracts in our total contract mix" — and FY2025 demonstrated that exposure with $54.5 million of net unfavourable EAC adjustments.

5. Financial Health

5-year income trend (per the FY2025 10-K Item 7 and yfinance annual financials, FY2022–FY2025; FY2021 not in source data):

FY	Revenue	Operating income	Net income	Diluted EPS	Free cash flow
FY2025	$335.4M	-$229.7M (EDGAR XBRL)	-$226.6M	-$2.28	-$200.6M
FY2024	$304.1M	-$42.2M (10-K Item 7)	-$114.3M	-$2.35	-$28.3M
FY2023	$243.8M	-$15.5M	-$27.3M	-$0.73	-$7.1M
FY2022	$160.5M	-$46.6M	-$130.6M	-$2.09	-$35.8M
FY2021	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data

Per the FY2025 10-K (Item 7, filed 2026-02-27): FY2025 revenue growth of 10% was driven by $107.1 million of Edge Autonomy contribution, partially offset by $41.1 million of net unfavourable EAC adjustments on legacy programs. Gross margin compressed from 15% to 5%, principally because of the EAC adjustments plus a $13.6 million non-cash purchase-accounting fair-value adjustment to Edge Autonomy inventory. SG&A grew $99.9 million year over year, including $47.1 million of share-based compensation (of which $44.4 million related to Edge Incentive Units) and $48.5 million of Edge Autonomy operating costs that were not present in FY2024.

Balance sheet (per the FY2025 10-K, balance sheet, filed 2026-02-27 and yfinance annual balance sheet):

FY	Cash & equivalents	Total debt	Stockholders' equity	Shares outstanding	Buybacks (common)
FY2025	$95.2M	$123.8M	$1,137.1M	191.9M	$0 of common; Company repurchased $63.9M of Series A Convertible Preferred
FY2024	$49.1M	$145.0M	-$51.9M	66.3M	$0
FY2023	$30.3M	$105.8M	$52.6M	65.2M	$0
FY2022	$28.3M	$95.1M	$69.7M	64.3M	$0

Per the FY2025 10-K (Item 7, filed 2026-02-27): contractual obligations as of 2025-12-31 included $87.75 million of JPMorgan Term Loan (with $83.25 million due in 2027) plus $49.2 million of operating-lease payments. Restricted cash of $0.7 million collateralised standby letters of credit (down from $15.4 million a year earlier).

Quarterly trend, last 5 quarters (per yfinance quarterly financials, periods ending Q1 2025 through Q1 2026):

Quarter	Revenue	Gross profit	Operating income	Net income	Diluted EPS	Free cash flow
Q1 2026 (2026-03-31)	$97.0M	$25.8M	-$69.7M	-$76.5M	-$0.40	not disclosed in this report's source data
Q4 2025 (2025-12-31)	$108.8M	$10.5M	-$46.8M	-$85.5M	-$0.58	not disclosed in this report's source data
Q3 2025 (2025-09-30)	$103.4M	$16.8M	-$41.2M	-$41.2M	-$0.29	not disclosed in this report's source data
Q2 2025 (2025-06-30)	$61.8M	-$19.1M	-$75.2M	-$97.0M	-$1.41	not disclosed in this report's source data
Q1 2025 (2025-03-31)	$61.4M	$9.0M	-$10.5M	-$2.9M	-$0.09	not disclosed in this report's source data

The Q1 2026 step-up in gross margin to 26.6% was highlighted by the Company on the 2026-05-06 earnings call (per Redwire's Q1 2026 earnings release dated 2026-05-06) — a material directional improvement versus the 5% FY2025 figure, though one quarter does not yet establish a trend.

6. Valuation & Market Data

Raw market data only — no commentary on cheap or expensive.

Metric	Value
Share price	$13.91 (per yfinance, pulled 2026-05-20)
Previous close	$13.96 (per yfinance, pulled 2026-05-20)
Day range	$12.86 – $14.46 (per yfinance, pulled 2026-05-20)
52-week high / low	$22.25 / $4.87 (per yfinance, pulled 2026-05-20)
Market cap	$2.77bn (per yfinance, pulled 2026-05-20)
Enterprise value	$2.82bn (per yfinance, pulled 2026-05-20)
Shares outstanding	198.9M (per yfinance) — note 191,975,804 reported as of 2026-02-23 in the FY2025 10-K, Part II Item 5
Float	195.2M (per yfinance, pulled 2026-05-20)
Avg daily volume (10d)	48.13M (per yfinance averageVolume10days, pulled 2026-05-20)
Volume (2026-05-20)	46.65M (per yfinance, pulled 2026-05-20)
Beta	2.42 (per yfinance, pulled 2026-05-20)
Trailing P/E (GAAP)	not disclosed in this report's source data — net loss in TTM (per yfinance, pulled 2026-05-20)
Forward P/E	-33.93 (per yfinance, pulled 2026-05-20)
P/S (TTM)	7.46 (per yfinance, pulled 2026-05-20)
P/B	2.53 (per yfinance, pulled 2026-05-20)
EV / Revenue	7.59 (per yfinance, pulled 2026-05-20)
EV / EBITDA	-15.79 (per yfinance, pulled 2026-05-20)
P / FCF	not disclosed in this report's source data — FCF negative (per yfinance, pulled 2026-05-20)
Gross margin (TTM)	12.86% (per yfinance, pulled 2026-05-20)
Operating margin (TTM GAAP)	-71.84% (per yfinance, pulled 2026-05-20)
Net margin (TTM)	-80.90% (per yfinance, pulled 2026-05-20)
ROE	-48.75% (per yfinance, pulled 2026-05-20)
ROA	-15.02% (per yfinance, pulled 2026-05-20)
Debt-to-equity	11.33 (per yfinance, pulled 2026-05-20)
Current ratio	1.75 (per yfinance, pulled 2026-05-20)
Dividend yield	None — Company has never paid a common dividend (per the FY2025 10-K, Part II Item 5, filed 2026-02-27)
Short interest	16.72% of float (per yfinance shortPercentOfFloat, pulled 2026-05-20)
Put / call ratio	not disclosed in this report's source data

7. What Are They Building / What's Coming

Per Redwire's Q1 2026 earnings release (2026-05-06): the Company reaffirmed FY2026 revenue guidance of $450M–$500M and reported a record $498.1 million of contract backlog at Q1 close, a book-to-bill ratio of 1.92, and Q1 2026 gross margin of 26.6% (up from 14.7% in Q1 2025).

Announced or in-flight programs from the FY2025 10-K (Item 7, filed 2026-02-27) and Q1 2026 release:

• Andromeda IDIQ. Per the U.S. Space Force / Space Systems Command award (announced April 2026; see SpaceNews and DefenseScoop coverage 2026-04-10): Redwire is one of 14 vendors on a 10-year, $1.84bn ceiling firm-fixed-price IDIQ for space-based space domain awareness, including the RG-XX program intended to replace GSSAP at geosynchronous orbit. The Space Force has subsequently lifted the program ceiling above $6.2bn (per Air & Space Forces Magazine).
• DARPA Otter (VLEO). Per the FY2025 10-K (Item 7, filed 2026-02-27): Redwire received a $44 million Phase 2 award to advance the Otter mission using its U.S.-built SabreSat platform — an air-breathing satellite system demonstrating novel electric propulsion in Very Low Earth Orbit.
• ESA Skimsat and PROBA-3. Per the FY2025 10-K (Item 1, filed 2026-02-27): the European-built Phantom platform is being used on ESA's Skimsat VLEO program; PROBA-3 is demonstrating precision formation flying.
• The Exploration Company (TEC) Nyx. Per the FY2025 10-K (Item 7, filed 2026-02-27): Redwire signed an "eight-figure" contract to supply two International Berthing and Docking Mechanisms (IBDMs) to support autonomous rendezvous and docking for TEC's Nyx spacecraft.
• In-space pharmaceutical platform (PIL-BOX). Per the FY2025 10-K (Item 1, filed 2026-02-27): 14 PIL-BOXes were launched in 2025 (42 cumulative through 2025-12-31), with Bristol Myers Squibb and Eli Lilly cited as partners and a licensing agreement signed with ExesaLibero Pharma, Inc. for royalties on resulting pharmaceutical products.
• Lunar infrastructure (Mason). Per the FY2025 10-K (Item 1, filed 2026-02-27): Redwire is developing Mason, an in-situ resource-utilisation system to build berms, landing pads, roads and habitat foundations on the lunar surface in support of NASA's Artemis program.
• Edge Autonomy production scale-up. Per the FY2025 10-K (Item 7, filed 2026-02-27): Redwire opened a new 85,000-square-foot facility in Ann Arbor, Michigan to scale domestic fuel-cell production for Stalker UAS, and delivered more than 100 Stalker / Penguin systems to seven countries since the Edge Autonomy close on 2025-06-13.
• ESA Quantum Key Distribution (QKD) Satellite. Per Redwire's Q1 2026 earnings release (2026-05-06): Redwire was awarded a contract to develop a quantum-secure satellite under ESA's Quantum Key Distribution Satellite program.

8. Competitive Landscape

Per the FY2025 10-K (Item 1, filed 2026-02-27): "We compete domestically and internationally against space systems components providers, including Airbus, Sodern, Rocket Lab USA, Inc.; UAS providers, including AeroVironment, Inc., Insitu, A Boeing Company, and Shield AI; and in some instances against larger companies such as Anduril Industries and Northrop Grumman."

Peer comparison table — peers chosen from the named competitor list (per yfinance, pulled 2026-05-20). Currencies mix — Airbus figures are EUR, all others USD. Anduril Industries is private so no public-market metrics are available.

Company	Ticker	Market cap	Revenue (TTM)	Gross margin	P/S
Redwire Corporation	RDW	$2.77bn	$371.0M	12.86%	7.46
Rocket Lab Corporation	RKLB	$73.68bn	$679.6M	36.56%	108.42
AeroVironment, Inc.	AVAV	$8.11bn	$1.61bn	25.00%	5.04
Northrop Grumman Corporation	NOC	$79.02bn	$42.37bn	20.52%	1.87
The Boeing Company	BA	$169.49bn	$92.18bn	4.82%	1.84
Airbus SE	AIR.PA	€133.20bn	€72.53bn	15.37%	1.84
Anduril Industries	private	not publicly traded	not publicly traded	not publicly traded	not publicly traded

Per the FY2025 10-K (Item 1, filed 2026-02-27): "Some of our competitors are larger than Redwire and can maintain higher levels of expenditures for research and development. As such, we concentrate on the opportunities we believe are compatible with our resources, overall technological capabilities and objectives." Redwire's R&D expense in FY2025 was $19.8 million (per the FY2025 10-K, Item 1) — a figure that is multiple orders of magnitude below the R&D budgets of the largest named defence primes. The Company positions itself on flight heritage, integrated multi-domain offerings and agility rather than raw R&D scale.

9. Leadership and Ownership

Per the FY2025 10-K (Item 5 and insider transaction filings via yfinance, pulled 2026-05-20): Peter A. Cannito Jr. is Chief Executive Officer; Chris Edmunds is Chief Financial Officer; Aaron Michael Futch is General Counsel; Frank Calvelli is named as a Director (per a 2026-04-02 director stock-award grant). Tenure detail, prior-employer history and proxy-level biographical information are not disclosed in this report's source data — the Item 10 proxy section was not in the extracted 10-K text.

Top institutional shareholders as of 2026-03-31 (per yfinance institutional_holders, pulled 2026-05-20):

Holder	% held	Shares	Value (USD)
AE Industrial Partners, LP	16.90%	33,614,246	$467.6M
BlackRock Inc.	5.57%	11,073,433	$154.0M
State Street Corporation	3.48%	6,917,054	$96.2M
Bank of America Corporation	3.43%	6,820,003	$94.9M
Vanguard Capital Management LLC	2.82%	5,600,421	$77.9M
Citadel Advisors LLC	1.94%	3,868,882	$53.8M
Morgan Stanley	1.81%	3,603,684	$50.1M
Voya Investment Management LLC	1.70%	3,378,107	$47.0M
Two Sigma Investments, LP	1.53%	3,051,043	$42.4M
Goldman Sachs Group Inc	1.37%	2,724,539	$37.9M

Per yfinance (pulled 2026-05-20): institutional ownership totals 53.99% of shares and insider ownership totals 1.49%. AE Industrial Partners ("AEI") holds majority voting power on the Board through Series A Convertible Preferred Stock (per the FY2025 10-K, Item 1A, filed 2026-02-27).

Recent insider activity (per insider_transactions via yfinance, pulled 2026-05-20):

• 2026-01-06 and 2026-01-08: AE Industrial Partners sold a combined 4,506,855 shares at $10.08–$10.44 per share for approximately $46.4 million.
• 2025-11-10: CEO Peter Cannito purchased 32,155 shares at $6.21 ($199,673).
• 2025-11-13: CEO Peter Cannito purchased 8,750 shares at $5.71 ($49,962).
• 2025-11-14: CFO Chris Edmunds purchased 5,500 shares at $5.46 ($30,029).
• 2025-11-14: General Counsel Aaron Futch purchased 18,410 shares at $5.44–$5.45 ($100,337).

10. Risks and Challenges

• History of losses with limited integrated operating history (Financial): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "we operate in evolving industries, have a limited operating history since our acquisition of Edge Autonomy and have a history of losses to date, which makes it difficult to evaluate our future prospects and the risks and challenges we may encounter." FY2025 operating loss was -$229.7 million (EDGAR XBRL).
• Substantial additional funding may be needed (Financial): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "we may require substantial additional funding to finance our operations, but adequate additional financing may not be available when we need it, on acceptable terms or at all." The Company issued $518.4 million of common stock in FY2025 to fund operations and the Edge Autonomy acquisition (per the FY2025 10-K, Item 7).
• Integration of Edge Autonomy (Operational): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "if we are unable to successfully integrate recently completed and future acquisitions, including the recent acquisition of Edge Autonomy or successfully select, execute or integrate future acquisitions into the business and realize anticipated synergies and benefits or do so within the expected timeframe, our operations and financial condition could be materially and adversely affected."
• Fixed-price contract mix and EAC volatility (Operational): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "our margins and operating results may suffer if we experience unfavorable changes in the proportion of cost-plus-fee or fixed-price contracts in our total contract mix." FY2025 net unfavourable EAC adjustments totalled $54.5 million, including a $12.9 million loss reserve in Defense Tech (per the FY2025 10-K, Item 7).
• U.S. government budget process and shutdown risk (Regulatory): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "the U.S. government's budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year and any resulting future government shutdowns, could have an adverse impact on our business."
• Customer concentration on U.S. government (Concentration): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "a limited number of customers make up a high percentage of our revenue" and "we depend significantly on U.S. government contracts, which often are only partially funded, subject to immediate termination, and heavily regulated and audited."
• Tariffs and trade controls (Regulatory): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "tariffs may adversely affect demand for our products and services, and increase our manufacturing costs" and "we are subject to stringent U.S. economic sanctions, and trade control laws and regulations, as well as risks related to doing business in other countries, including those related to tariffs, trade restrictions and government actions."
• AE Industrial Partners control and Series A Convertible Preferred Stock (Concentration): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "AEI holds a majority of the voting power of our Board of Directors and has significant influence over us, which could limit other investors' ability to influence the outcome of key transactions"; the Series A Convertible Preferred Stock has rights and privileges preferential to common shareholders.
• Total loss of payload on launch (Operational): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "we may experience a total loss of our technology and products and our customers' payloads, if there is an accident on launch or during the journey into space."
• Cyber-attacks and information security incidents (Cyber & Physical): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "cyber-attacks and other security threats and disruptions could have a material adverse effect on our business, financial condition and results of operations."
• Goodwill impairment risk (Financial): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "our net earnings and our net assets could be materially affected by an impairment of goodwill" — the Company recognised a $34.7 million impairment in Q4 2025 (per the FY2025 10-K, Item 7).
• Geopolitical exposure to Ukraine (Market & Demand): Per the FY2025 10-K (Item 7, filed 2026-02-27): "following the acquisition of Edge Autonomy, a portion of the combined company's sales are to customers in Ukraine. Those sales have been declining and may continue to decline in the event that the war and hostilities in Ukraine end, decline or change, or as a result of changes in international support for military assistance to Ukraine."
• Backlog conversion risk (Operational): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "we may not be able to convert our orders in backlog into revenue."
• Competition from larger primes and in-sourcing customers (Competitive): Per the FY2025 10-K (Item 1, filed 2026-02-27): "Our customers could decide to pursue one or more of our product development areas as a core competency and insource that technology development and production rather than purchase that capability from us as a supplier. This competition could result in fewer customer orders and a loss of market share."
• NYSE continued-listing requirements and dilution (Financial): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "we may not be able to remain in compliance with the continued listing requirements of the NYSE" and "we may issue additional common stock or other equity securities which could dilute our shareholders."

11. Recent Developments

Most recent first.

• 2026-05-11 — Canaccord and Jefferies raise RDW price targets after Q1 print: Canaccord Genuity raised its price target on Redwire to $14.00, maintaining a Buy rating; Jefferies raised its target to $13.00 (per Quiver Quantitative / public.com analyst-action coverage 2026-05-11). Reported here factually; ChartsView does not endorse these targets.
• 2026-05-06 — Redwire reports Q1 2026 results; record $498.1M backlog and 26.6% gross margin: Per Redwire's Q1 2026 earnings release dated 2026-05-06: Q1 revenue was $97.0 million (+57.9% YoY), gross margin expanded to 26.6% from 14.7%, book-to-bill was 1.92, total liquidity was $175.2 million ($145.2 million cash plus $30 million undrawn revolver), and management reaffirmed FY2026 revenue guidance of $450M–$500M. Source: Redwire IR press release, 2026-05-06 and the Form 8-K Exhibit 99.1, accession 0001819810-26-000060.
• 2026-04-10 — Selected on $1.8bn Andromeda IDIQ (later raised above $6.2bn): Per U.S. Space Force / Space Systems Command award announcement (reported by DefenseScoop and SpaceNews 2026-04-10): Redwire is one of 14 vendors on a 10-year, $1.84bn ceiling firm-fixed-price IDIQ to procure space-based space domain awareness capability under the Andromeda / RG-XX program, replacing GSSAP at GEO. The contract ceiling has subsequently been raised to over $6.2bn (per Air & Space Forces Magazine).

12. Key Dates Coming Up

• Q2 2026 earnings (date not disclosed in this report's source data): Q1 2026 was released on 2026-05-06 (per yfinance earningsTimestamp); the Q2 release date has not been published in the source data used for this report.
• 2025-12-01 — segment reporting change (effective): Per the FY2025 10-K (Item 1A, filed 2026-02-27): Redwire began operating under two formal reportable segments — Space and Defense Tech — effective 2025-12-01; the FY2026 quarterly filings will reflect the new segment presentation.
• Andromeda IDIQ task-order awards: Per the Space Force / SSC announcement (April 2026, reported by DefenseScoop): task orders against the $1.84bn (now $6.2bn-ceiling) Andromeda contract will be awarded across the 10-year performance window. Specific task-order dates are not disclosed in this report's source data.
• DARPA Otter Phase 2 execution milestones: Per the FY2025 10-K (Item 7, filed 2026-02-27): the $44 million Phase 2 award is in flight using the SabreSat platform; specific milestone dates are not disclosed in this report's source data.
• JPMorgan Term Loan principal maturity: Per the FY2025 10-K (Item 7, filed 2026-02-27): $83.25 million of the JPMorgan Term Loan principal is scheduled to mature in 2027.

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Last updated: 12 May 2026. All financial figures sourced from Rocket Lab press releases and SEC filings.

Rocket Lab USA (NASDAQ: RKLB) has transformed from a small-satellite launch provider into a vertically integrated space company spanning launch vehicles, spacecraft manufacturing, and national security programs. The company reported a record $200.3M in Q1 2026 revenue — up 63.5% year-on-year — surpassing its own guidance on every metric, while its backlog more than doubled over the prior year to $2.2B. With the Neutron medium-lift reusable rocket targeting a Q4 2026 debut, a landmark 8-mission launch contract signed with a confidential customer, and new defence partnerships with Anduril and Raytheon, Rocket Lab is entering its most consequential phase since going public in 2021.

1. Company Snapshot

Field	Value
Company name	Rocket Lab USA, Inc.
Ticker / Exchange	RKLB / NASDAQ
Founded	2006 (New Zealand); US HQ established 2013
Headquarters	Long Beach, California, USA
CEO / Founder	Sir Peter Beck (Founder, President, CEO & Chair)
Employees	~2,500 (as at end-2025)
Sector	Aerospace & Defence / Space Technology
Stock price (12 May 2026)	~$118 (intraday range $111.20–$121.49)
Market capitalisation	~$68B
52-week range	$20.89 – $123.94
Shares outstanding	~578.8M
Dividend	None
Key products	Electron rocket (small-lift), HASTE hypersonic testbed, Neutron rocket (medium-lift, in development), spacecraft & components (Space Systems division)
Launch sites	Launch Complex 1 — Mahia Peninsula, New Zealand; Launch Complex 2 — Wallops Island, Virginia; Launch Complex 3 — Wallops Island, Virginia (Neutron)
Most recent quarter	Q1 2026 (reported 7 May 2026)
Backlog (Q1 2026)	$2.2B (up ~108% YoY; up ~20% QoQ)

2. Bull Case vs Bear Case

Distilled from the full report below — factual only, no ratings.

Bull Case

• Breakout revenue trajectory: Q1 2026 revenue hit a record $200.3M, up 63.5% YoY, with Q2 2026 guidance of $225M–$240M implying continuation of this pace.
• Backlog doubled in a year: Contracted backlog reached $2.2B at end-Q1 2026, up ~108% YoY, providing multi-year revenue visibility across national security, civil space, and commercial programmes.
• Defence market entrenchment: The company holds a $816M Space Development Agency prime contract for 18 missile-tracking satellites, a $190M HASTE hypersonic deal, a new $30M Anduril contract, and selection alongside Raytheon for the US Space Force Space Based Interceptor programme — all announced within months of each other.
• Neutron as a step-change catalyst: Neutron is targeting a Q4 2026 maiden flight, with a confidential customer already booking five dedicated Neutron launches through 2029 — before the rocket has flown. This represents a new, higher-value revenue stream.
• Vertical integration moat: The planned acquisition of Motiv Space Systems for ~$60M closes the final gap in Rocket Lab's in-house supply chain, adding Mars-proven space robotics and precision mechanisms to spacecraft manufacturing capabilities.

Bear Case

• Persistent GAAP losses: The company reported a GAAP net loss of $45M in Q1 2026 alone, and has run cumulative losses since its 2021 SPAC listing. Adjusted EBITDA remains negative ($20M–$26M loss guided for Q2 2026).
• Neutron schedule risk: The Neutron maiden flight has slipped three times — originally 2024, then 2025, now Q4 2026. A further delay would push Neutron revenue further out and cede ground to rivals including Firefly, Relativity, and Stoke Space.
• Extreme valuation: At ~$68B market cap on ~$800M+ annualised revenue, the price-to-sales ratio exceeds 70x — more than 268% above its own 10-year median and 1,765% above the aerospace & defence industry median of 3.78x.
• Single-rocket launch dependency: Until Neutron flies at scale, all launch revenue flows through a single vehicle (Electron/HASTE). Any extended stand-down from a launch failure would materially impact financials and customer confidence.
• Dilution risk: With ~578.8M shares outstanding and continued operating losses, the company may need to raise additional capital to fund Neutron development and the Motiv acquisition, potentially diluting existing shareholders.

3. What Does This Company Actually Do?

Rocket Lab is a vertically integrated space company with two primary business divisions: Launch Services and Space Systems. The Launch Services segment operates the Electron small-lift rocket — one of the world's most frequently launched orbital vehicles — and the HASTE (Hypersonic Accelerator Suborbital Test Electron) hypersonic testbed vehicle. Space Systems designs, manufactures, and operates satellites and spacecraft components, including satellite platforms, solar power systems, reaction wheels, star trackers, and propulsion systems sold to government and commercial customers globally.

Segment	% of Revenue (FY2025 / Q1 2026)	What it is
Space Systems	~67% FY2025 / ~68% Q1 2026	Spacecraft manufacturing (complete satellites and constellation builds), subsystem components (solar panels, reaction wheels, star trackers, propulsion), and space robotics (post-Motiv acquisition). Revenues from long-duration contracts with government agencies and commercial operators. FY2025 segment revenue: $402.8M.
Launch Services	~33% FY2025 / ~32% Q1 2026	Dedicated small-satellite launches via Electron from New Zealand and Virginia; hypersonic test flights via HASTE under defence contracts. FY2025 segment revenue: $199M. Q1 2026 alone: $63.7M (up 78.9% YoY). Q1 2026 saw six missions flown, with eight year-to-date at time of reporting.

4. The Business Model

Dedicated small-satellite launch as a recurring service. Electron provides dedicated orbital access for small satellite operators — no rideshare sharing, no schedule dependency on a larger payload. Customers pay a fixed launch price (publicly cited around $7.5M per mission in prior years, though pricing has evolved) for a dedicated slot. The result is a predictable, contract-driven revenue stream with high re-order rates from repeat customers in defence and commercial constellations.

Space Systems as a high-margin, long-cycle component and platform business. Rocket Lab's Space Systems division generates the majority of revenues from multi-year design, build, and deliver contracts for satellites and their subsystems. The satellite component business (solar panels, reaction wheels, propulsion modules) is particularly valuable because it creates recurring supply relationships with spacecraft manufacturers globally — including competitors' satellites. This segment carries higher gross margins and longer revenue recognition periods.

Vertical integration to improve margins and control supply. By manufacturing components in-house — and adding Motiv's space robotics and precision mechanisms — Rocket Lab reduces its dependence on costly external suppliers, improves gross margins over time, and accelerates production cadence. The company targets non-GAAP gross margins of 38–40% (guided for Q2 2026), up from single digits in its early years.

Neutron as the platform to attack the medium-lift market. Neutron is a partially reusable medium-lift rocket (payload capacity ~13 tonnes to LEO) designed to compete with SpaceX Falcon 9 for government and commercial constellation work. Its planned reusability should enable a price-competitive per-launch cost. Rocket Lab has already sold five Neutron launches to a single confidential customer before first flight, validating commercial demand.

Defence as a structural growth driver. National security contracts — HASTE hypersonic testing, the $816M SDA satellite constellation, the Raytheon Space Force Space Based Interceptor demonstration, and Anduril hypersonic launches — are rapidly becoming a primary revenue engine, providing large, multi-year, funded contract value that buffers commercial market volatility.

5. Financial Health

Fiscal Year	Revenue	YoY %	GAAP EPS (diluted)	Non-GAAP Adj. EBITDA	Dividend/share	Long-term debt (YE)
FY2022	$211.0M	—	—	—	None	~$404M
FY2023	$244.6M	+16%	-$0.38	—	None	~$404M
FY2024	$436.2M	+78%	-$0.38	—	None	~$404M
FY2025	$601.8M	+38%	-$0.37	—	None	~$415M

Quarter	Revenue	YoY %	Key Metrics
Q1 2026	$200.3M	+63.5%	Space Systems $136.7M (+57.2% YoY); Launch $63.7M (+78.9% YoY). GAAP gross margin 38.2%; non-GAAP gross margin 43%. GAAP net loss $45M. Backlog $2.2B. 6 missions flown.
Q4 2025	$180.0M	+121% YoY	Record quarterly revenue at time of reporting. Launch +79% YoY; Space Systems +15.3% YoY. 7 launches flown (incl. 1 HASTE). Backlog $1.85B at year-end.
Q3 2025	$155.0M	+48%	Record gross margin at the time. 4 Electron launches. Backlog ~$1.1B.
Q2 2025	$144.0M	~+39%	Sequential growth quarter. Space Systems continued to dominate revenue mix.
Q1 2025	$123.0M	+32%	Launch segment recovering YoY. Space Systems growth driving overall revenue expansion.
FY2025 Total	$601.8M	+38%	Space Systems full-year: $402.8M; Launch full-year: $199M. 21 Electron/HASTE missions (100% mission success).

6. Valuation & Market Data

Raw metrics, May 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Share price (12 May 2026)	~$118
Market capitalisation	~$68B
52-week high / low	$123.94 / $20.89
Shares outstanding	~578.8M
Price-to-Sales (trailing)	~70x (based on ~$602M FY2025 revenue)
Price-to-Sales (forward)	~75x (based on ~$900M+ annualised run-rate implied by Q2 2026 guidance midpoint of $232.5M)
EV / Revenue	Approx. 70–75x (significant cash partially offsets debt)
GAAP P/E	Not meaningful (company is loss-making)
GAAP net loss per share (FY2025)	-$0.37
Dividend yield	None
Long-term debt	~$415M (as at Q2 2025 reporting)
Q2 2026 revenue guidance	$225M–$240M
Q2 2026 non-GAAP gross margin guidance	38–40%
Q2 2026 adjusted EBITDA guidance	Loss of $20M–$26M
YTD stock performance (to 12 May 2026)	RKLB hit a 52-week high of $123.94 following Q1 results; +34% on 8 May 2026 (best single-day performance in company history)

7. What Are They Building / What's Coming?

Neutron — medium-lift reusable rocket (debut Q4 2026). Neutron is Rocket Lab's most consequential development programme. The two-stage partially reusable rocket targets ~13 tonnes to low Earth orbit and ~8 tonnes to a 500km sun-synchronous orbit, and is designed to recover its first stage via an ocean-based landing platform. The maiden flight is planned for no earlier than Q4 2026 from Launch Complex 3 at Wallops Island, Virginia — the third schedule slip from an original 2024 target. The first flight will not attempt booster recovery; stage reuse is planned from the second flight onwards.

Key 2025–2026 milestones completed or in progress: the Hungry Hippo carbon-composite fairing was delivered to Wallops in January 2026 and is undergoing pre-launch testing. The first-stage top section and aerodynamic canards completed qualification testing in mid-2025. Flight software, avionics, and guidance systems have been tested under cryogenic conditions. A confidential customer has already booked five dedicated Neutron launches through 2029, before first flight. Rocket Lab's own manifest for Neutron planned missions in 2026–2027 includes three flights in 2026 and five in 2027.

Space Systems — satellite constellation manufacturing. The single largest contract in Rocket Lab's history is the $816M prime contract awarded by the US Space Development Agency (SDA) in December 2025 to design and manufacture 18 satellites for the Tracking Layer Tranche 3 (TRKT3) programme under the Proliferated Warfighter Space Architecture (PWSA). These satellites will carry advanced missile warning and hypersonic tracking sensors. Delivery is multi-year, providing a large, recurring revenue stream through the late 2020s.

HASTE hypersonic testbed expansion. HASTE is an Electron-derived hypersonic testbed launching from Virginia's Wallops Island. In December 2025, Rocket Lab secured a $190M contract for 20 HASTE flights from the Department of Defense. In May 2026, it added a further $30M contract with Anduril Industries for three hypersonic test launches to Mach 5+ speeds. First Anduril mission is scheduled within 12 months.

Motiv Space Systems acquisition. Rocket Lab signed a definitive agreement in May 2026 to acquire Motiv Space Systems for approximately $60M. Motiv provides Mars-proven space robotics, solar array drive assemblies (SADAs), precision mechanisms, and motion control systems — components that were previously purchased externally at significant cost. The acquisition is expected to close in Q2 2026.

Launch cadence growth. Having flown 21 Electron/HASTE missions in 2025 at 100% mission success, Rocket Lab has already flown eight missions year-to-date in 2026 by the time Q1 results were reported (7 May 2026). Management expects to beat the 2025 record. The Q1 launch booking record (31 launches contracted in a single quarter) and a total manifest exceeding 70 missions underpin an accelerating flight cadence.

8. Competitive Landscape

Rocket Lab competes across two distinct markets: small-lift launch, where Electron is the clear market leader among dedicated small-lift vehicles, and the medium-lift reusable launch market, where Neutron will compete once operational. In Space Systems, the company competes as a spacecraft manufacturer against established primes and smaller satellite integrators. SpaceX's dominance of the broader launch market (165 launches in 2025, well over 50% global share) is not a direct threat to Electron's dedicated-launch niche, but Neutron will compete head-to-head with Falcon 9 and its planned successors for medium-class payloads.

Peer	Market Cap (approx.)	Notable KPI
SpaceX (private)	~$350B+ (est.)	165 launches in 2025; Falcon 9 and Starship
Firefly Aerospace (private)	Not publicly disclosed	Alpha rocket operational; Blue Ghost Moon lander successful 2025
Relativity Space (private)	Not publicly disclosed	Terran R medium-lift reusable rocket; $2.9B+ in launch contracts
Stoke Space (private)	Not publicly disclosed	Full first- and second-stage reusability design; Nova rocket in development
Northrop Grumman (NOC)	~$65B	Antares/Cygnus ISS resupply; satellite manufacturing for DoD

9. Leadership and Ownership

Rocket Lab is led by its founder, Sir Peter Beck, who has served as President, CEO, and Chair since founding the company in 2006. Beck was knighted in 2025 for services to the New Zealand space industry. The leadership team includes Adam Spice as CFO and Frank Klein as COO. Beck owns approximately 884,085 shares as of March 2026, valued at approximately $73M at current prices. Institutional ownership is high, and insider selling has taken place under pre-planned Rule 10b5-1 trading plans.

Name	Date	Type	Shares	Price	Value	Plan Type
Peter Beck (CEO)	2 Mar 2026	Sale (indirect)	18,857	$69.59	$1.31M	10b5-1 (Equatorial Trust)
Peter Beck (CEO)	24 Nov 2025	Sale	~18,500 (est.)	$40.02–$41.35	$766K	10b5-1
Peter Beck (CEO)	15–16 Dec 2025	Sale (indirect)	—	—	—	10b5-1 (Equatorial Trust, adopted Jun 2025)
Peter Beck (CEO)	15 Nov 2025	RSU Grant	132,426	—	—	Compensation (RSU vesting)

10. Risks and Challenges

• Launch vehicle failure risk (Operational): A single Electron or HASTE mishap could ground the fleet for months, disrupting revenue and customer confidence. Rocket Lab has maintained 100% mission success in 2025 and 2026 to date, but its launch record includes prior failures.
• Neutron development delays (Execution): Neutron has already slipped three times. Further delays — whether due to engine, structural, or regulatory issues — would defer a significant potential revenue stream and erode investor confidence in management guidance.
• Valuation and profitability gap (Financial): At ~70x trailing price-to-sales, the stock prices in significant revenue growth and eventual margin expansion. Any revenue miss, margin compression, or Neutron delay could cause a substantial de-rating.
• Funding and dilution (Capital): Rocket Lab continues to burn cash, with Adjusted EBITDA losses continuing into at least Q2 2026. Future capital raises for Neutron or acquisitions could dilute shareholders, particularly if undertaken at depressed price levels.
• Competition from SpaceX and new entrants (Market): SpaceX's dominance — and potential Starship commercial pricing — could undercut Neutron's value proposition if launch costs for larger payloads fall dramatically. Relativity Space and Firefly also target the same medium-lift market.
• Defence contract concentration (Customer): A growing share of backlog is tied to US government contracts. Political shifts in defence spending, sequestration, or programme cancellations could reduce this revenue base.
• Supply chain and talent (Operational): Rocket Lab's vertical integration strategy requires specialised manufacturing capacity and engineering talent across multiple sites. Integration of Motiv and continued scaling of Space Systems carry execution risk.
• Foreign exchange and multi-jurisdiction exposure (Macro): Rocket Lab operates across the US, New Zealand, Canada, and other countries. Currency movements and differing regulatory regimes add cost and compliance complexity.

11. Recent Developments

• 12 May 2026 — RKLB stock reached record high $121.42. — Shares hit an all-time intraday high of $121.42 on Monday 12 May 2026, the day this article was written, following continued momentum from the prior week's earnings report and contract announcements. The stock surged 15% on 11 May 2026 and has approximately tripled year-to-date.
• 7–8 May 2026 — Record Q1 results, largest launch contract in company history, Anduril deal, Raytheon Space Force selection, and Motiv acquisition all announced simultaneously. — In a single week, Rocket Lab delivered a package of announcements that drove the stock up 34% on 8 May — its best single-day performance ever. Key announcements:
• February 2026 — Full-year 2025 results reported. — Rocket Lab reported FY2025 revenue of $601.8M (+38% YoY), its first year exceeding $600M. The company flew 21 Electron and HASTE missions at 100% success rate and grew its backlog 73% year-on-year to $1.85B.
• December 2025 — $816M SDA prime contract for missile-tracking satellites. — Rocket Lab was awarded a prime contract by the US Space Development Agency to design and manufacture 18 satellites for the Tracking Layer Tranche 3 programme — its single largest contract at the time.

• Q1 2026 revenue: $200.3M (record), up 63.5% YoY, beating top-end of its own guidance range ($185M–$200M).
• Backlog: $2.2B, up ~108% YoY, with more launches booked in Q1 2026 alone (31) than in all of 2025.
• Largest launch contract ever: A confidential customer booked five Neutron and three Electron launches through 2029, before Neutron has flown.
• Anduril contract: $30M contract for three HASTE hypersonic test launches from Launch Complex 2 in Virginia, with first flight within 12 months.
• Raytheon / Space Force: Selected alongside Raytheon to demonstrate capabilities for the US Space Force Space Based Interceptor programme.
• Motiv Space Systems acquisition: Definitive agreement to acquire the California-based space robotics company for approximately $60M. Expected to close Q2 2026.
• Q2 2026 guidance: Revenue $225M–$240M (12% above prior consensus of $207.5M); non-GAAP gross margin 38–40%; Adjusted EBITDA loss $20M–$26M.

• 12 May 2026 — RKLB stock reached record high $121.42. — Shares hit an all-time intraday high of $121.42 on Monday 12 May 2026, the day this article was written, following continued momentum from the prior week's earnings report and contract announcements. The stock surged 15% on 11 May 2026 and has approximately tripled year-to-date.
• 7–8 May 2026 — Record Q1 results, largest launch contract in company history, Anduril deal, Raytheon Space Force selection, and Motiv acquisition all announced simultaneously. — In a single week, Rocket Lab delivered a package of announcements that drove the stock up 34% on 8 May — its best single-day performance ever. Key announcements:
• February 2026 — Full-year 2025 results reported. — Rocket Lab reported FY2025 revenue of $601.8M (+38% YoY), its first year exceeding $600M. The company flew 21 Electron and HASTE missions at 100% success rate and grew its backlog 73% year-on-year to $1.85B.
• December 2025 — $816M SDA prime contract for missile-tracking satellites. — Rocket Lab was awarded a prime contract by the US Space Development Agency to design and manufacture 18 satellites for the Tracking Layer Tranche 3 programme — its single largest contract at the time.

12. Key Dates Coming Up

• Q2 2026 (est.) — Motiv Space Systems acquisition expected to close.
• Q4 2026 — Neutron maiden flight targeted no earlier than Q4 2026 from Launch Complex 3, Wallops Island, Virginia.
• Aug 2026 (est.) — Q2 2026 earnings expected (typically ~10 weeks after quarter-end; exact date not yet announced as at 12 May 2026).
• Within 12 months of May 2026 — First HASTE hypersonic test launch for Anduril Industries.
• 2026–2029 — Five Neutron and three Electron launches contracted with confidential customer baselined across this window.
• Late 2020s — Delivery of 18 PWSA/TRKT3 missile-tracking satellites under $816M SDA contract.

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