Description

KBR Is Quietly Building a Global Defense Stronghold — How Far Can Its International Expansion Push Revenues?

KBR’s third-quarter 2025 earnings call covered several key aspects of the company’s performance and strategic direction. On the revenue front, KBR reported a flat year-on-year figure but highlighted a sequential increase of 5% year-to-date compared to the previous year. The company’s book-to-bill ratio stood at a notable 1.4x for the quarter, indicating healthy future growth prospects. Despite the encouraging booking rate, the revenue conversion was impacted due to ongoing government protests affecting contract awards, especially within the Mission Technology Solutions (MTS) division. This has been compounded by the U.S. government shutdown, which caused further delays in contract decisions and protest resolutions. In terms of financial performance, KBR delivered a solid adjusted EBITDA margin of 12.4%, marking a year-on-year increase of over 100 basis points. This translated into an adjusted EBITDA of $240 million, up by 10%, driven by effective cost management and operational excellence.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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