What is T3 Defense Inc's earnings per share (EPS)?

T3 Defense Inc (DFNS) reported diluted earnings per share of $7.96 for fiscal year 2025. This represents a 261.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

T3 Defense Inc Financials

DFNS

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows T3 Defense Inc (DFNS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI DFNS FY2025 2026-04-22

FY2025 reveals a financing-led balance-sheet expansion while the underlying operation still consumed cash and liquidity.

FY2025 paired $182.0M of financing inflow with $179.8M of investing outflow, a near pass-through that expanded the balance sheet through capital movement rather than through operations. Assets then jumped from $985K in FY2024 to $202.4M in FY2025, while cash earnings quality still looked weak because operating cash stayed negative despite the much larger asset base.

Even after the FY2025 asset build, short-term liquidity remained tight: current ratio improved from 0.1x in FY2024 to only 0.3x in FY2025. That means the new assets did not arrive as freely usable working capital, and liabilities still exceeded assets, leaving the company dependent on external funding rather than internally accumulated equity.

From FY2022 to FY2024, revenue fell from $21.5M to $5.9M, which left too little volume to absorb fixed operating costs. Even after gross profit turned positive in FY2024, overhead absorption remained the bottleneck, suggesting the operating problem had shifted from selling below cost to carrying too much expense for a much smaller business.

Financial Health Signals

Financial Profile 15/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of T3 Defense Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

T3 Defense Inc carries a low D/E ratio of -11.23, meaning only $-11.23 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 88/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

T3 Defense Inc's current ratio of 0.31 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Piotroski F-Score Neutral

4/9

T3 Defense Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

-0.08x

For every $1 of reported earnings, T3 Defense Inc generates $-0.08 in operating cash flow (-$6.2M OCF vs $78.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-211.7x

T3 Defense Inc earns $-211.7 in operating income for every $1 of interest expense (-$32.6M vs $154K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$32.6M

T3 Defense Inc's EBITDA was -$32.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Net Income

$78.5M

YoY+1022.0%

T3 Defense Inc reported $78.5M in net income in fiscal year 2025. This represents an increase of 1022.0% from the prior year.

EPS (Diluted)

$7.96

YoY+261.5%

T3 Defense Inc earned $7.96 per diluted share (EPS) in fiscal year 2025. This represents an increase of 261.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$6.2M

T3 Defense Inc generated -$6.2M in free cash flow in fiscal year 2025, representing cash available after capex.

Cash & Debt

$2.6M

YoY+704189.5%

5Y CAGR+29.8%

T3 Defense Inc held $2.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

19M

YoY+13.3%

5Y CAGR+25.5%

T3 Defense Inc had 19M shares outstanding in fiscal year 2025. This represents an increase of 13.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$31K

T3 Defense Inc invested $31K in capex in fiscal year 2025, funding long-term assets and infrastructure.

DFNS Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	$5.9M-72.2%	$21.3M-1.0%	$21.5M	N/A	N/A
Cost of Revenue	N/A	$4.9M-77.3%	$21.6M-2.4%	$22.2M	N/A	N/A
Gross Profit	N/A	$999K+391.0%	-$343K+48.1%	-$661K	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$28.1M+318.3%	$6.7M+5495.0%	$120K-76.4%	$508K	N/A	N/A
Operating Income	-$32.6M-358.8%	-$7.1M+51.5%	-$14.7M-1119.2%	-$1.2M-79.2%	-$671K-353.3%	-$148K
Interest Expense	$154K-60.2%	$387K+21690.5%	$2K+22.1%	$1K	N/A	N/A
Income Tax	$9K	N/A	N/A	N/A	N/A	N/A
Net Income	$78.5M+1022.0%	-$8.5M+51.1%	-$17.4M-1701.2%	-$968K-61.5%	-$599K-88.6%	-$318K
EPS (Diluted)	$7.96+261.5%	$-4.93+64.4%	$-13.84-6490.5%	$-0.21-110.0%	$-0.10	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	N/A	N/A	N/A	N/A	$236K+34.7%	$175K-32.5%	$260K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	$18K-63.2%	$50K-21.3%	$63K
Gross Profit	N/A	N/A	N/A	N/A	N/A	$218K+73.6%	$125K-36.2%	$197K
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$231K+223.1%	$71K+12.6%	$64K-98.6%	$4.5M+8384.4%	$53K+113.3%	$25K-16.7%	$30K
Operating Income	N/A	-$4.8M-355.2%	-$1.0M+30.4%	-$1.5M+66.7%	-$4.5M-280.7%	-$1.2M-15.5%	-$1.0M+50.6%	-$2.1M
Interest Expense	N/A	$36K+84.4%	$20K-88.0%	$165K-62.5%	$439K+44.6%	$304K+664.7%	$40K+283.7%	$10K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	-$16.4M-642.2%	$3.0M	N/A	N/A	$4.5M+375.7%	-$1.6M+33.5%	-$2.4M
EPS (Diluted)	N/A	$-2.02-474.1%	$0.54-97.0%	$18.15+134.9%	$-51.96	$2.18+342.2%	$-0.90-429.4%	$-0.17

DFNS Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$202.4M+20446.8%	$985K-70.6%	$3.4M-81.7%	$18.4M-61.5%	$47.7M+2.0%	$46.7M
Current Assets	$13.6M+1303.6%	$966K-67.0%	$2.9M-20.6%	$3.7M-92.3%	$47.7M+2.0%	$46.7M
Cash & Equivalents	$2.6M+704189.5%	$373-95.2%	$8K-97.8%	$364K+28.4%	$283K-60.2%	$713K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$506K	N/A	N/A	N/A	N/A	N/A
Goodwill	$7.7M	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$222.2M+2648.8%	$8.1M-15.3%	$9.5M+27.7%	$7.5M-84.9%	$49.5M+6.3%	$46.6M
Current Liabilities	$43.5M+515.9%	$7.1M-22.5%	$9.1M+22.1%	$7.5M+286.3%	$1.9M+489.9%	$328K
Long-Term Debt	N/A	$3.3M	N/A	N/A	N/A	N/A
Total Equity	-$19.8M-178.8%	-$7.1M-14.6%	-$6.2M-156.9%	$10.9M+694.5%	-$1.8M-1283.4%	$155K
Retained Earnings	-$122.5M-204.1%	-$40.3M-26.8%	-$31.8M-121.5%	-$14.3M-151.1%	-$5.7M-53.3%	-$3.7M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$202.4M+1423.1%	$13.3M+85.9%	$7.1M-16.9%	$8.6M-5.6%	$9.1M+824.8%	$985K-12.1%	$1.1M-8.6%	$1.2M
Current Assets	$13.6M+3.3%	$13.1M+88.5%	$7.0M-17.8%	$8.5M-6.9%	$9.1M+841.7%	$966K+36.7%	$706K-12.6%	$808K
Cash & Equivalents	$2.6M-65.5%	$7.6M+400.9%	$1.5M-65.9%	$4.5M-35.3%	$6.9M+1849229.8%	$373-93.9%	$6K-98.0%	$306K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$506K	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$7.7M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$222.2M+408.3%	$43.7M-27.8%	$60.5M-8.0%	$65.8M-61.8%	$172.5M+2033.7%	$8.1M-39.5%	$13.4M+4.7%	$12.8M
Current Liabilities	$43.5M-0.2%	$43.6M-27.8%	$60.4M-6.6%	$64.7M-62.3%	$171.4M+2325.0%	$7.1M-41.7%	$12.1M+2.8%	$11.8M
Long-Term Debt	N/A	$1.6M0.0%	$1.6M0.0%	$1.6M0.0%	$1.6M-52.7%	$3.3M	N/A	N/A
Total Equity	-$19.8M+34.9%	-$30.4M+43.0%	-$53.4M+6.7%	-$57.2M+65.0%	-$163.3M-2201.4%	-$7.1M+42.0%	-$12.2M-6.1%	-$11.5M
Retained Earnings	-$122.5M-9.9%	-$111.5M-17.2%	-$95.1M+3.1%	-$98.1M+51.2%	-$201.1M-399.1%	-$40.3M+17.8%	-$49.0M-3.4%	-$47.4M

DFNS Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$6.2M-62.3%	-$3.8M-209.8%	-$1.2M-8.8%	-$1.1M-162.9%	-$431K-214.4%	-$137K
Capital Expenditures	$31K	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	-$6.2M	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$179.8M-135308.3%	$133K+112.0%	-$1.1M-102.3%	$47.4M+3533.9%	-$1.4M+97.0%	-$46.0M
Financing Cash Flow	$182.0M+5966.2%	$3.0M+617.2%	$418K+101.0%	-$40.4M-3026.3%	$1.4M-97.0%	$46.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$999K+60.1%	-$2.5M-85.3%	-$1.4M-0.8%	-$1.3M-294.6%	-$340K+71.6%	-$1.2M-61.9%	-$741K+34.0%	-$1.1M
Capital Expenditures	$12K+220.3%	$4K-16.9%	$5K-54.7%	$10K	N/A	N/A	N/A	N/A
Free Cash Flow	-$1.0M+59.7%	-$2.5M-84.9%	-$1.4M-0.4%	-$1.4M	N/A	N/A	N/A	N/A
Investing Cash Flow	-$176.3M-8698.5%	-$2.0M-184.4%	-$705K+13.0%	-$810K+13.4%	-$936K-74385.7%	$1K+408.1%	$248-81.7%	$1K
Financing Cash Flow	$173.6M+1782.3%	$9.2M	N/A	N/A	$9.1M+1188.9%	$703K+11.5%	$631K-31.5%	$921K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DFNS Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	16.9%+18.5pp	-1.6%+1.5pp	-3.1%	N/A	N/A
Operating Margin	N/A	-120.2%-51.3pp	-68.8%-63.2pp	-5.6%	N/A	N/A
Net Margin	N/A	-144.1%-62.2pp	-81.8%-77.3pp	-4.5%	N/A	N/A
Return on Equity	N/A	N/A	N/A	-8.9%	N/A	-205.3%
Return on Assets	38.8%+903.7pp	-864.9%-345.0pp	-519.8%-514.6pp	-5.3%-4.0pp	-1.3%-0.6pp	-0.7%
Current Ratio	0.31+0.2	0.14-0.2	0.32-0.2	0.49-24.1	24.64-117.8	142.46
Debt-to-Equity	-11.23-10.8	-0.47+1.1	-1.54-2.2	0.69+27.7	-27.02-327.9	300.86
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	92.2%+20.6pp	71.6%-4.1pp	75.7%
Operating Margin	N/A	N/A	N/A	N/A	N/A	-503.5%+84.0pp	-587.5%+215.3pp	-802.7%
Net Margin	N/A	N/A	N/A	N/A	N/A	1887.0%+2809.5pp	-922.4%+12.8pp	-935.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	-123.2%-165.4pp	42.2%	N/A	N/A	452.3%+596.6pp	-144.3%+53.9pp	-198.2%
Current Ratio	0.31+0.0	0.30+0.2	0.12-0.0	0.13+0.1	0.05-0.1	0.14+0.1	0.06-0.0	0.07
Debt-to-Equity	-11.23-11.2	-0.05-0.0	-0.030.0	-0.03-0.0	-0.01+0.5	-0.47+0.6	-1.09+0.0	-1.11
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$19.8M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.31), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Frequently Asked Questions

Is T3 Defense Inc profitable?

Yes, T3 Defense Inc (DFNS) reported a net income of $78.5M in fiscal year 2025.

What is T3 Defense Inc's EBITDA?

T3 Defense Inc (DFNS) had EBITDA of -$32.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is T3 Defense Inc's free cash flow?

T3 Defense Inc (DFNS) generated -$6.2M in free cash flow during fiscal year 2025. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is T3 Defense Inc's operating cash flow?

T3 Defense Inc (DFNS) generated -$6.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are T3 Defense Inc's total assets?

T3 Defense Inc (DFNS) had $202.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are T3 Defense Inc's capital expenditures?

T3 Defense Inc (DFNS) invested $31K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does T3 Defense Inc have outstanding?

T3 Defense Inc (DFNS) had 19M shares outstanding as of fiscal year 2025.

What is T3 Defense Inc's current ratio?

T3 Defense Inc (DFNS) had a current ratio of 0.31 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is T3 Defense Inc's debt-to-equity ratio?

T3 Defense Inc (DFNS) had a debt-to-equity ratio of -11.23 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is T3 Defense Inc's return on assets (ROA)?

T3 Defense Inc (DFNS) had a return on assets of 38.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is T3 Defense Inc's cash runway?

Based on fiscal year 2025 data, T3 Defense Inc (DFNS) had $2.6M in cash against an annual operating cash burn of $6.2M. This gives an estimated cash runway of approximately 5 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is T3 Defense Inc's debt-to-equity ratio negative or unusual?

T3 Defense Inc (DFNS) has negative shareholder equity of -$19.8M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is T3 Defense Inc's Piotroski F-Score?

T3 Defense Inc (DFNS) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are T3 Defense Inc's earnings high quality?

T3 Defense Inc (DFNS) has an earnings quality ratio of -0.08x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can T3 Defense Inc cover its interest payments?

T3 Defense Inc (DFNS) has an interest coverage ratio of -211.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is T3 Defense Inc?

T3 Defense Inc (DFNS) scores 15 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.