Which superinvestors hold Kratos Defense & Security (KTOS)?

Per each investor's latest SEC 13F filing (the quarter ended 2026-06-30), 1 superinvestor hold Kratos Defense & Security (KTOS): Ray Dalio. Combined value held is about $2.0M, with Ray Dalio the largest holder.

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Kratos Defense & Security

KTOSAbove value

Held by 1 superinvestor.

Price$40.42

Holders1

Total value$2.0M

SEC 10-K · fundamentals

Business quality

As of 2025-12-28

Valuation basis: trailing twelve months to 2026-06-28 — latest 10-K plus unaudited 10-Q filings.

Revenue growth: +18.5%
Net margin: 1.6%
ROE: 1.1%
FCF margin: -10.2%

Revenue $747.7M → $1.35B · 6y

What makes a business high quality

Valuation · value band

Above fair value

$13/ sh · zero-growth intrinsic value

margin of safety

fair value

above fair value

$40

cheaperpricier

$13 value estimate

Kratos Defense & Security (KTOS): A conservative earnings-power estimate, $13 / sh; today’s price sits above it (price $40 as of 2026-10-16).

Zero-growth downside $13

Price as of 2026-10-16 · yahoo.

Method & numbers

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

· Greenwald zero-growth $12.76 · zero-growth base $12.76 · reproduction $12.76

Moat Below asset base.

Graham earnings-power value (normalized NOPAT)$8.26 – $8.41 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-06-28, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Only one maintenance-capex method available; estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).

Buffett owner-earnings value

Normalized owner earnings are non-positive over the years shown; earnings power cannot be capitalized.

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-28, 2024, 2023, 2022, 2021

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Only one maintenance-capex method available; estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied. Net debt or owner earnings is unavailable, so no adjustment is made.

Reproduction value = tangible net assets $2.33B + capitalized R&D $91.36M（FY 2026, 2024, 2023, 2022） = $12.76 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window TTM 2026-06-28, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Valuation basis: trailing twelve months to 2026-06-28 — latest 10-K plus unaudited 10-Q filings.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

1 holder · $2.0M combined · this quarter +0 opened / -1 exited

This quarter1 trimmed1 exited

Holders 1 → 1 · last 5 quarters

Investor	Value	Shares	Weight (prev→now)
Ray Dalio	$2.0M	41,061	0.0% → 0.0% ▼

Ray Dalio
Value$2.0MWeight (prev→now)0.0% → 0.0% ▼

Exited this quarter (1)

Polen Capital

SEC 13F · notes

Written summary

Kratos Defense & Security (KTOS) is held by 1 of the superinvestors tracked on Compounder, with a combined $2.0M in reported 13F value. The largest position belongs to Ray Dalio, where it makes up 0.0% of the portfolio.

In the quarter ended 2026-06-30, 0 of the tracked filers opened a new position in KTOS, 0 added to existing ones, 1 trimmed, and 1 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Kratos Defense & Security (KTOS) also commonly hold →

KTOS's price is not below its conservative value band. See current strike-zone stocks

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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