RCAT
Red Cat Holdings, Inc.

Red Cat Holdings, Inc.RCAT

Industrials · Aerospace & Defense
6.94USD
-0.14%
Sep 23, 2026
RCAT overview ready
Provider of Tactical ISR and Mission-Configurable Small UAS for Defense
Red Cat is a defense-focused unmanned-systems manufacturer seeking to supply tactical ISR and other mission-configurable small UAS, alongside adjacent uncrewed-surface-vessel, autonomy, swarm, and integration capabilities.
Direct narrative exposure
Exposed to the Defense Rearmament and Industrial Base narrative through Unmanned Systems and Counter-Drone — pure play.
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
Demanding valuation
The price embeds expectations that run ahead of the growth it delivers per turn of revenue multiple.
Fundamentals under pressure
Ev / sales is weak.
Primary risk
Dependence on government defense spending.
Market Sep 22Filing Jun 30Price action Sep 22Research Aug 11

Conviction Level

NarrativeHeat8.3ThemeHeat8.0PriceAction1.4Valuation1.9CompanyPosition7.3
Price
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Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
EntryDamaged / breakdown

The technical structure itself is broken across timeframes — the weakest entry profile.

Key Financials

Market Cap
$1.1B
Avg Volume (60D)
8.8M
60 sessions
Revenue Growth YoY
+128.4%
FY2025 vs FY2024
Gross Margin
+9.7%
Trailing twelve months
Operating Margin
-150.1%
Trailing twelve months
Free Cash Flow Yield
-14.9%
Distance from 200DMA
-37.0%
Next Earnings
2026-11-05
P/E
N/M
EV / Sales
15.1x
Market metrics as of Sep 22, 2026
Financial results for the period ended Jun 30, 2026
Filed balance-sheet data as of Jun 30, 2026

Fundamentals & Valuation

Two of the three valuation perspectives say expensive; own history is the dissenting view.
Red Cat Holdings, Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of the growth it delivers per turn of revenue multiple.

Company Research

Thesis
Red Cat is a defense-focused unmanned-systems manufacturer seeking to supply tactical ISR and other mission-configurable small UAS, alongside adjacent uncrewed-surface-vessel, autonomy, swarm, and integration capabilities. The exposure is direct: this demand is served by the company's own core products.
Opportunity
High opportunity
Defense procurement and operational adoption of attritable small unmanned systems, tactical ISR drones, autonomous platforms, and layered counter-UAS capabilities in response to rapidly proliferating drone threats.
Key risk
Dependence on government defense spending.

Narrative & Theme

Defense Rearmament and Industrial Base
Part of Unmanned Systems and Counter-Drone, with strong fit.
High-beta small-cap expression of the demand driver rather than a generic defense adjacency.
Narrative HeatHeating up8.3 / 10
Theme HeatHeating up8.0 / 10

Business & Markets

Industrials · Aerospace & Defense
What they do

Red Cat Holdings designs and manufactures small and tactical unmanned aircraft systems (UAS) and robotic solutions primarily for defense, national security, and commercial applications in the U.S.

How it earns

The company generates revenue primarily through transactional sales of its UAS products and related robotic solutions.

Products & services
BLACK WIDOW short-range reconnaissance UAS
TEAL 2 blue UAS for defense and commercial use
FANG first-person view small UAS
Customers & end markets
Defense and national security agencies
Commercial users including police, firefighters, wildlife managers, and industrial inspectors
Market position

Niche player specializing in tactical and small UAS solutions.

Demand drivers
Medium cyclicality

Demand is influenced by government defense budgets and commercial adoption cycles.