Kratos Defense & Security Solutions (KTOS)
Cash ratio
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | US$ in thousands | 263,700 | 329,300 | 301,500 | 308,200 | 338,900 | 72,800 | 42,200 | 48,200 | 46,700 | 81,300 | 125,200 | 142,400 | 254,400 | 349,400 | 369,900 | 369,300 | 383,600 | 380,800 | 374,700 | 397,200 |
| Short-term investments | US$ in thousands | — | — | — | — | — | — | 3,200 | 1,800 | — | — | — | — | — | — | — | — | — | — | 211,300 | — |
| Total current liabilities | US$ in thousands | 304,900 | 296,700 | 260,500 | 272,300 | 288,200 | 292,500 | 263,000 | 250,900 | 245,000 | 234,200 | 213,500 | 227,800 | 213,300 | 221,100 | 210,600 | 202,100 | 210,200 | 197,600 | 199,700 | 170,000 |
| Cash ratio | 0.86 | 1.11 | 1.16 | 1.13 | 1.18 | 0.25 | 0.17 | 0.20 | 0.19 | 0.35 | 0.59 | 0.63 | 1.19 | 1.58 | 1.76 | 1.83 | 1.82 | 1.93 | 2.93 | 2.34 |
March 31, 2025 calculation
Cash ratio = (Cash and cash equivalents + Short-term investments) ÷ Total current liabilities
= ($263,700K
+ $—K)
÷ $304,900K
= 0.86
The cash ratio of Kratos Defense & Security Solutions has demonstrated notable fluctuations over the reviewed period from June 2020 to March 2025. Initially, at the end of June 2020, the cash ratio stood at 2.34, indicating that the company's cash holdings were more than twice its current liabilities, reflecting a strong liquidity position. This upward trend persisted into September 2020, reaching a peak of 2.93, further emphasizing substantial liquidity buffer during that period.
Subsequently, the cash ratio experienced a decline through 2021, decreasing from 1.93 at the end of December 2020 to 1.58 by December 2021, yet remaining above the 1.0 mark, which generally signifies that the company has sufficient cash to cover its current liabilities. The downward trend continued into 2022, with the ratio falling more sharply, reaching a low of 0.35 at the close of December 2022, and further diminishing to 0.19 by the end of March 2023. This substantial decline suggests a reduction in the company's cash holdings relative to its current liabilities, indicating increased liquidity risk or a shift in liquidity management strategies.
Throughout 2023, the cash ratio partially recovered, rising to 0.25 in December 2023 and further to 0.20 by September 2023, although it remained below 1.0, reflecting limited cash liquidity compared to short-term obligations. In 2024, the ratio fluctuated around the 1.1 to 1.16 range, with the final reporting at 1.11 at the end of December 2024, indicating a stabilization but still low liquidity buffer compared to the earlier years.
By March 2025, the cash ratio was recorded at 0.86, representing a modest improvement yet still below the levels observed in 2020 and early 2021. Overall, the trend indicates a transition from a high liquidity position in 2020 to a more restrained cash position in subsequent years, with periods of partial recovery, suggesting adjustments in liquidity strategy or operational cash management over time.
Peer comparison
Mar 31, 2025