Leonardo DRS, Inc.
DRS · Search, Detection, Navigation, Guidance, Aeronautical Sys · 266.8M shares · +8%/yr ↑ shares · EDGAR filings ↗
Reference price $45.67 · est. market cap ~$12.2B — last insider sale, 2026-06-18 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B72Defense-electronics company — profitable and growing with positive free cash flow.
Strengths
- Profitable and growing — operating margin 10% (37th), ROA 6% (62nd), revenue +13% (80th)
- Positive free cash flow — FCF $227M, FCF margin 6%
Risks
- Thin margins — net margin 8%
- Defense-budget/program dependence — per 10-K
- Supply-chain risk — per 10-K
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Restatementhave entered into an amended and restated proxy agreement with the DoW to mitigate against the potential for undue foreign ownership control and influence (“FOCI”) on the performance of classified pro 8-K ↗
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~80% of revenue from one customer/distributor — government, primarily with the DoW, is our largest customer and, for the years ended December 31, 2025 and 2024, accounted for approximately 80% and 79%, respectively, of our business as an end-user,
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $647M cash & investments
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$1M, last 6mo) Form 4 ↗
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, FMR LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Revenue declineRevenue -20.2% YoY
- Insider sellingInsider selling — 16 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$7M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
23.8%
Operating margin
9.5%
Net margin
7.6%
Return on equity
10.2%
Return on assets
6.2%
ROIC
8.9%
Revenue growth (QoQ)
-20.2%
Net-income growth
30.5%
Debt / equity
0.1×
Net debt / EBITDA
-0.6×
Current ratio
1.9×
Free cash flow
$227M
EBITDA
$441M
Tangible book value
$1.4B
Cash & investments
$647M
Stock comp / revenue
0.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-18 | Baylouny John | Sell | 36K | $45.67 |
| 2026-06-11 | Wallace Sally | Sell | 1.3K | $50.00 |
| 2026-06-08 | Dippold Michael | Sell | 8.3K | $46.48 |
| 2026-06-04 | Brothers Louis R Jr | Option exercise | 3.6K | — |
| 2026-06-04 | Baker Gail | Option exercise | 3.6K | — |
| 2026-06-04 | Casey George | Option exercise | 3.6K | — |
| 2026-06-04 | Dorfman Mark | Sell | 5.5K | $45.75 |
| 2026-06-04 | SALZMAN ERIC | Option exercise | 3.6K | — |
| 2026-06-04 | Jeffery Reuben III | Option exercise | 649 | — |
| 2026-06-04 | TOWNSEND FRANCES F | Option exercise | 3.6K | — |
| 2026-06-04 | Krieg Kenneth J | Option exercise | 3.6K | — |
| 2026-06-04 | GALLAGHER MARY E | Option exercise | 3.6K | — |
| 2026-06-03 | Rinsky Jason | Sell | 3.9K | $46.87 |
| 2026-05-27 | Morrow Pamela | Sell | 12K | $45.13 |
| 2026-05-19 | Jeffery Reuben III | Buy | 25K | $42.77 |
| 2026-04-02 | Wallace Sally | Sell | 29K | $46.35 |
| 2026-04-02 | Dippold Michael | Sell | 7.1K | $45.38 |
| 2026-04-02 | Dorfman Mark | Sell | 4.7K | $45.38 |
| 2026-04-01 | Baylouny John | Tax withheld | 12K | $45.85 |
| 2026-04-01 | Rinsky Jason | Option exercise | 5.4K | — |
| 2026-04-01 | Rinsky Jason | Tax withheld | 2.6K | $45.86 |
| 2026-04-01 | Rinsky Jason | Option exercise | 3.8K | — |
| 2026-04-01 | Rinsky Jason | Tax withheld | 1.9K | $45.86 |
| 2026-04-01 | Rinsky Jason | Option exercise | 2.8K | — |
| 2026-04-01 | Rinsky Jason | Tax withheld | 1.4K | $45.86 |
| 2026-04-01 | Morrow Pamela | Grant | 10K | — |
| 2026-04-01 | Morrow Pamela | Tax withheld | 3.3K | $45.86 |
| 2026-04-01 | Morrow Pamela | Grant | 7.0K | — |
| 2026-04-01 | Morrow Pamela | Tax withheld | 2.5K | $45.86 |
| 2026-04-01 | Morrow Pamela | Option exercise | 3.2K | — |
| 2026-04-01 | Morrow Pamela | Tax withheld | 1.5K | $45.86 |
| 2026-04-01 | Morrow Pamela | Option exercise | 2.5K | — |
| 2026-04-01 | Morrow Pamela | Tax withheld | 1.2K | $45.86 |
| 2026-04-01 | Morrow Pamela | Option exercise | 1.9K | — |
| 2026-04-01 | Morrow Pamela | Tax withheld | 894 | $45.86 |
| 2026-04-01 | Dippold Michael | Grant | 33K | — |
| 2026-04-01 | Dippold Michael | Tax withheld | 14K | $45.86 |
| 2026-04-01 | Dippold Michael | Grant | 22K | — |
| 2026-04-01 | Dippold Michael | Tax withheld | 10K | $45.86 |
| 2026-04-01 | Dippold Michael | Option exercise | 10K | — |
| 2026-04-01 | Dippold Michael | Tax withheld | 4.7K | $45.86 |
| 2026-04-01 | Dippold Michael | Option exercise | 6.8K | — |
| 2026-04-01 | Dippold Michael | Tax withheld | 3.1K | $45.86 |
| 2026-04-01 | Dippold Michael | Option exercise | 5.5K | — |
| 2026-04-01 | Dippold Michael | Tax withheld | 2.5K | $45.86 |
| 2026-04-01 | Baylouny John | Grant | 41K | — |
| 2026-04-01 | Baylouny John | Tax withheld | 18K | $45.86 |
| 2026-04-01 | Baylouny John | Grant | 27K | — |
| 2026-04-01 | Rinsky Jason | Tax withheld | 5.7K | $45.86 |
| 2026-04-01 | Baylouny John | Option exercise | 13K | — |
| 2026-04-01 | Baylouny John | Tax withheld | 5.7K | $45.86 |
| 2026-04-01 | Baylouny John | Option exercise | 8.3K | — |
| 2026-04-01 | Baylouny John | Tax withheld | 3.8K | $45.86 |
| 2026-04-01 | Baylouny John | Option exercise | 6.0K | — |
| 2026-04-01 | Baylouny John | Tax withheld | 2.7K | $45.86 |
| 2026-04-01 | Rinsky Jason | Tax withheld | 6.4K | $45.86 |
| 2026-04-01 | Rinsky Jason | Grant | 12K | — |
| 2026-04-01 | Wallace Sally | Grant | 23K | — |
| 2026-04-01 | Wallace Sally | Tax withheld | 9.8K | $45.86 |
| 2026-04-01 | Wallace Sally | Grant | 16K | — |
| 2026-04-01 | Wallace Sally | Tax withheld | 7.7K | $45.86 |
| 2026-04-01 | Wallace Sally | Option exercise | 7.3K | — |
| 2026-04-01 | Wallace Sally | Tax withheld | 3.6K | $45.86 |
| 2026-04-01 | Wallace Sally | Option exercise | 4.3K | — |
| 2026-04-01 | Wallace Sally | Tax withheld | 2.1K | $45.86 |
| 2026-04-01 | Wallace Sally | Option exercise | 3.0K | — |
| 2026-04-01 | Wallace Sally | Tax withheld | 1.5K | $45.86 |
| 2026-04-01 | Rinsky Jason | Grant | 17K | — |
| 2026-04-01 | Dorfman Mark | Grant | 23K | — |
| 2026-04-01 | Dorfman Mark | Tax withheld | 10.0K | $45.86 |
| 2026-04-01 | Dorfman Mark | Grant | 16K | — |
| 2026-04-01 | Dorfman Mark | Tax withheld | 7.7K | $45.86 |
| 2026-04-01 | Dorfman Mark | Option exercise | 7.3K | — |
| 2026-04-01 | Dorfman Mark | Tax withheld | 3.6K | $45.86 |
| 2026-04-01 | Dorfman Mark | Option exercise | 4.8K | — |
| 2026-04-01 | Dorfman Mark | Tax withheld | 2.3K | $45.86 |
| 2026-04-01 | Dorfman Mark | Option exercise | 3.4K | — |
| 2026-04-01 | Dorfman Mark | Tax withheld | 1.7K | $45.86 |
| 2026-04-01 | TOWNSEND FRANCES F | Option exercise | 1.0K | — |
| 2026-03-16 | Dorfman Mark | Sell | 10K | $45.27 |
| 2026-03-16 | Dippold Michael | Sell | 16K | $45.27 |
| 2026-03-04 | Casey George | Sell | 1.5K | $45.13 |
| 2026-03-03 | Morrow Pamela | Sell | 12K | $45.20 |
| 2026-01-05 | Dippold Michael | Sell | 11K | $37.00 |
| 2026-01-05 | Wallace Sally | Sell | 1.3K | $35.17 |
| 2026-01-05 | Dorfman Mark | Sell | 7.7K | $37.00 |
| 2025-12-10 | Lynn William III | Gift | 10K | — |
| 2025-12-01 | Dorfman Mark | Sell | 3.8K | $33.74 |
| 2025-12-01 | Dippold Michael | Sell | 5.3K | $33.74 |
| 2025-11-13 | Krieg Kenneth J | Gift | 2.6K | — |
| 2025-10-15 | Baylouny John | Sell | 8.5K | $43.69 |
| 2025-09-17 | Baylouny John | Sell | 11K | $41.78 |
| 2025-09-12 | Dorfman Mark | Sell | 4.3K | $41.65 |
| 2025-09-12 | Dippold Michael | Sell | 6.5K | $41.65 |
| 2025-09-12 | Dippold Michael | Sell | 13K | $41.65 |
| 2025-09-12 | Dorfman Mark | Sell | 8.5K | $41.65 |
| 2025-08-20 | SALZMAN ERIC | Sell | 4.4K | $41.17 |
| 2025-08-20 | Baylouny John | Sell | 11K | $41.17 |
| 2025-06-13 | Carey David W | Sell | 6.4K | $45.94 |
| 2025-05-15 | TOWNSEND FRANCES F | Option exercise | 6.4K | — |
| 2025-05-15 | SALZMAN ERIC | Option exercise | 6.4K | — |
| 2025-05-15 | Krieg Kenneth J | Option exercise | 6.4K | — |
| 2025-05-15 | GALLAGHER MARY E | Option exercise | 6.4K | — |
| 2025-05-15 | Casey George | Option exercise | 6.4K | — |
| 2025-05-15 | Carey David W | Option exercise | 6.4K | — |
| 2025-05-15 | Brothers Louis R Jr | Option exercise | 6.4K | — |
| 2025-05-15 | Baker Gail | Option exercise | 6.4K | — |
| 2025-05-15 | Lynn William III | Sell | 45K | $40.77 |
| 2025-04-08 | Baylouny John | Sell | 3.5K | $31.96 |
| 2025-04-02 | Morrow Pamela | Sell | 2.1K | $31.82 |
| 2025-04-02 | Wallace Sally | Sell | 1.5K | $31.82 |
| 2025-04-01 | Dippold Michael | Option exercise | 6.8K | — |
| 2025-04-01 | Dippold Michael | Tax withheld | 3.1K | $32.87 |
| 2025-04-01 | Lynn William III | Option exercise | 46K | — |
| 2025-04-01 | Lynn William III | Tax withheld | 23K | $32.87 |
| 2025-04-01 | Wallace Sally | Option exercise | 7.3K | — |
| 2025-04-01 | Wallace Sally | Tax withheld | 3.5K | $32.87 |
| 2025-04-01 | Wallace Sally | Option exercise | 4.3K | — |
| 2025-04-01 | Wallace Sally | Tax withheld | 2.1K | $32.87 |
| 2025-04-01 | Morrow Pamela | Option exercise | 3.2K | — |
| 2025-04-01 | Morrow Pamela | Tax withheld | 1.3K | $32.87 |
| 2025-04-01 | Morrow Pamela | Option exercise | 2.5K | — |
| 2025-04-01 | Morrow Pamela | Tax withheld | 1.2K | $32.87 |
| 2025-04-01 | Dorfman Mark | Option exercise | 7.3K | — |
| 2025-04-01 | Dorfman Mark | Tax withheld | 3.5K | $32.87 |
| 2025-04-01 | Dorfman Mark | Option exercise | 4.8K | — |
| 2025-04-01 | Dorfman Mark | Tax withheld | 2.3K | $32.87 |
| 2025-04-01 | Baylouny John | Option exercise | 13K | — |
| 2025-04-01 | Baylouny John | Tax withheld | 5.7K | $32.87 |
| 2025-04-01 | Baylouny John | Option exercise | 8.3K | — |
| 2025-04-01 | Baylouny John | Tax withheld | 3.8K | $32.87 |
| 2025-04-01 | Dippold Michael | Option exercise | 10K | — |
| 2025-04-01 | Dippold Michael | Tax withheld | 4.7K | $32.87 |
| 2025-04-01 | Lynn William III | Option exercise | 32K | — |
| 2025-04-01 | Lynn William III | Tax withheld | 16K | $32.87 |
| 2025-03-18 | Dippold Michael | Sell | 27K | $32.70 |
| 2025-03-18 | Wallace Sally | Sell | 8.4K | $32.84 |
| 2025-03-18 | Dorfman Mark | Sell | 20K | $32.69 |
| 2025-03-18 | Morrow Pamela | Sell | 8.9K | $32.84 |
| 2025-03-18 | Lynn William III | Sell | 45K | $32.70 |
| 2025-03-17 | Morrow Pamela | Option exercise | 8.1K | — |
| 2025-03-17 | Dippold Michael | Option exercise | 34K | — |
| 2025-03-17 | Dippold Michael | Tax withheld | 11K | $33.13 |
| 2025-03-17 | Dippold Michael | Option exercise | 32K | — |
| 2025-03-17 | Dippold Michael | Tax withheld | 15K | $33.13 |
| 2025-03-17 | Dippold Michael | Option exercise | 14K | — |
| 2025-03-17 | Dippold Michael | Tax withheld | 6.1K | $33.13 |
| 2025-03-17 | Lynn William III | Option exercise | 153K | — |
| 2025-03-17 | Lynn William III | Tax withheld | 72K | $33.13 |
| 2025-03-17 | Lynn William III | Option exercise | 145K | — |
| 2025-03-17 | Lynn William III | Tax withheld | 73K | $33.13 |
| 2025-03-17 | Lynn William III | Option exercise | 60K | — |
| 2025-03-17 | Lynn William III | Tax withheld | 30K | $33.13 |
| 2025-03-17 | Dorfman Mark | Option exercise | 24K | — |
| 2025-03-17 | Dorfman Mark | Tax withheld | 8.1K | $33.13 |
| 2025-03-17 | Dorfman Mark | Option exercise | 23K | — |
| 2025-03-17 | Dorfman Mark | Tax withheld | 10K | $33.13 |
| 2025-03-17 | Dorfman Mark | Option exercise | 9.5K | — |
| 2025-03-17 | Dorfman Mark | Tax withheld | 4.6K | $33.13 |
| 2025-03-17 | Morrow Pamela | Option exercise | 8.6K | — |
| 2025-03-17 | Morrow Pamela | Tax withheld | 2.8K | $33.13 |
| 2025-03-17 | Morrow Pamela | Tax withheld | 2.5K | $33.13 |
| 2025-03-17 | Morrow Pamela | Option exercise | 3.4K | — |
| 2025-03-17 | Morrow Pamela | Tax withheld | 1.1K | $33.13 |
| 2025-03-17 | Wallace Sally | Option exercise | 24K | — |
| 2025-03-17 | Wallace Sally | Tax withheld | 8.1K | $33.13 |
| 2025-03-17 | Wallace Sally | Option exercise | 23K | — |
| 2025-03-17 | Wallace Sally | Tax withheld | 10K | $33.13 |
| 2025-03-17 | Wallace Sally | Option exercise | 9.5K | — |
| 2025-03-17 | Wallace Sally | Tax withheld | 4.6K | $33.13 |
| 2025-03-17 | Baylouny John | Option exercise | 42K | — |
| 2025-03-17 | Baylouny John | Tax withheld | 14K | $33.13 |
| 2025-03-17 | Baylouny John | Option exercise | 40K | — |
| 2025-03-17 | Baylouny John | Tax withheld | 18K | $33.13 |
| 2025-03-17 | Baylouny John | Option exercise | 16K | — |
| 2025-03-17 | Baylouny John | Tax withheld | 7.4K | $33.13 |
| 2025-03-10 | Baylouny John | Sell | 3.5K | $30.55 |
| 2025-02-12 | SALZMAN ERIC | Sell | 3.5K | $33.53 |
| 2025-02-11 | SALZMAN ERIC | Sell | 3.5K | $34.59 |
| 2025-02-10 | Baylouny John | Sell | 3.5K | $34.81 |
| 2025-01-31 | Lynn William III | Sell | 45K | $35.25 |
| 2025-01-08 | Baylouny John | Sell | 3.5K | $31.90 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-14 | Shareholder vote | filing ↗ |
| 2026-05-05 | ResultsReg FDExhibits | filing ↗ |
| 2026-03-10 | Exec/director changeOtherExhibits | filing ↗ |
| 2026-02-24 | ResultsReg FDExhibits | filing ↗ |
| 2026-01-28 | Material agreement1.02Debt obligationExhibits | filing ↗ |
| 2026-01-06 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-10-29 | ResultsReg FDExhibits | filing ↗ |
| 2025-10-29 | Exec/director changeReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-14 | 2026-05-14 | 0001833756-26-000027 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001833756-26-000023 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001833756-26-000025 ↗ |
| 8-K | 2026-03-10 | 2026-03-05 | 0001833756-26-000015 ↗ |
| 10-K | 2026-02-27 | 2025-12-31 | 0001833756-26-000013 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0001833756-26-000009 ↗ |
| 8-K | 2026-01-28 | 2026-01-28 | 0001833756-26-000007 ↗ |
| 10-Q/A | 2026-01-07 | 2025-09-30 | 0001833756-26-000005 ↗ |
| 8-K | 2026-01-06 | 2026-01-06 | 0001833756-26-000002 ↗ |
| 8-K | 2025-10-29 | 2025-10-29 | 0001833756-25-000007 ↗ |
| 8-K | 2025-10-29 | 2025-10-27 | 0001833756-25-000008 ↗ |
| 10-Q | 2025-10-29 | 2025-09-30 | 0001833756-25-000010 ↗ |