Working books
Five names, five books
Five names, not eleven. Ranked for research intensity: funded or converting production, disclosed drone/C-UAS P&L, and a live procurement path. Mega-cap adjacents (RTX, LHX, PLTR, TDY) are sensors/interceptors/software — they stay in the universe, not in this book set. UMAC is a component enabler with no named program of record. DPRO is too thin. This is a working book, not a recommendation.
01 AVAV
124.40
Quality core
+0.7%
02 KTOS
36.69
Scaled attritable
-0.1%
03 AVEX
12.13
Profitable converter
+4.6%
04 RCAT
4.29
PoR convexity
+1.9%
05 ONDS
5.73
C-UAS platform
+2.9%
BOOK 01
Quality coreAVAV
AeroVironment
124.40 +0.7%
The only scaled U.S. tactical UAS + loitering-munition franchise with a funded $1.2B backlog and FY27 guide.
Score 70 · 78 pure-play · cap $6.3B
BOOK 02
Scaled attritableKTOS
Kratos Defense
36.69 -0.1%
The only public attritable-jet UAS with funded production lots, a USMC CCA role, and a cash-generative parent.
Score 67 · 38 pure-play · cap $6.9B
BOOK 03
Profitable converterAVEX
AEVEX
12.13 +4.6%
Newly public U.S. tactical UAS manufacturer that is actually profitable, converting a real funded book, and trading under the IPO print.
Score 51 · 70 pure-play · cap $1.4B
BOOK 04
PoR convexityRCAT
Red Cat Holdings
4.29 +1.9%
Army SRR program-of-record selectee. Tiny P&L, thin margin, real procurement path — the multiple is a funded-FRP option.
Score 44 · 88 pure-play · cap $655.1M
BOOK 05
C-UAS platformONDS
Ondas
5.73 +2.9%
Only U.S. small-cap in this universe that is both a drone OEM and a C-UAS interceptor, with $1.4B cash — and a dilution story to match.
Score 46 · 80 pure-play · cap $3.3B
| Book | Px | RSI | Insiders | Congress | Options flow | Live procurement |
|---|---|---|---|---|---|---|
| AVAVQuality core | 124.40 | 30 oversold | selling | 4 disclosed | Unable — no vendor | Switchblade — $186M Army delivery order (next-gen) |
| KTOSScaled attritable | 36.69 | 27 oversold | selling | 1 disclosed | Unable — no vendor | USMC MUX TACAIR CCA (Northrop prime, Valkyrie air vehicle) |
| AVEXProfitable converter | 12.13 | 27 oversold | mixed | none found | Unable — no vendor | EUCOM AOR Deep Strike (conversion, not a new award) |
| RCATPoR convexity | 4.29 | 29 oversold | selling | none found | Unable — no vendor | Army SRR — production selection (Black Widow) |
| ONDSC-UAS platform | 5.73 | 26 oversold | selling | none found | Unable — no vendor | Iron Drone Raider — European security agency |
Why these five
- AVAV — funded production franchise. Quality core of the U.S. tactical UAS book.
- KTOS — only public attritable-jet ramp with a USMC CCA path.
- AVEX — profitable converter trading under the IPO print. Rare in this sleeve.
- RCAT — Army SRR PoR. Convexity, not quality. Size as an option.
- ONDS — drone + C-UAS + $1.4B cash, scored with a dilution discount.