Share count
16Mpeak FY2021
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DPRO, Draganfly Inc.
An aerospace and defense contractor, working a multi-year backlog of large programs.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
C$8M
+17.8% YoY · 12% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue C$8M 5-yr avg C$7M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn. Net current asset value. Current assets alone exceed every liability combined, and the surplus is most of the balance sheet: the shape Graham called a net-net.
- What moves the needle
- The backlog and program execution. What decides it: the order book, whether big programs are delivered on cost, and the balance between defense, which is budget-driven, and commercial, which is cycle-driven. On its own account, the filing leans hardest on cyclicality & demand, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2019–2025
realized figures from each filing · older years to the left| 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| C$1M | C$4M | C$7M | C$8M | C$7M | C$7M | C$8M | C$8M | RevenueRevenue |
| — | 40% | 37% | 10% | 31% | 21% | 17% | 17% | Gross marginGross mgn |
| (C$11M) | (C$8M) | (C$16M) | (C$28M) | (C$24M) | (C$14M) | (C$23M) | (C$23M) | Net incomeNet inc. |
| Cash flow & returns | ||||||||
| — | — | (C$22M) | (C$16M) | (C$19M) | (C$12M) | (C$24M) | (C$24M) | Operating cash flowOp. cash |
| C$41K | C$109K | C$175K | C$593K | C$511K | C$566K | C$337K | C$337K | DepreciationDeprec. |
| — | — | (C$6M) | C$11M | C$4M | C$1M | (C$1M) | (C$1M) | Working capital & otherWC & other |
| C$88K | C$24K | C$213K | C$80K | C$490K | C$167K | C$923K | C$923K | CapexCapex |
| 6.4% | 0.5% | 3.0% | 1.0% | 7.5% | 2.5% | 11.9% | 11.9% | Capex / revenueCapex/rev |
| — | — | (C$22M) | (C$16M) | (C$19M) | (C$12M) | (C$24M) | (C$24M) | Owner earningsOwner earn. |
| — | — | −315.0% | −216.0% | −293.9% | −182.9% | −313.2% | −313.2% | Owner earnings marginOE mgn |
| — | — | (C$22M) | (C$16M) | (C$19M) | (C$12M) | (C$25M) | (C$25M) | Free cash flowFCF |
| — | — | −315.0% | −216.0% | −293.9% | −182.9% | −320.8% | −320.8% | Free cash flow marginFCF mgn |
| -506% | -208% | -46% | -250% | -5791% | -300% | -24% | -24% | Return on equityROE |
| −506% | −208% | −46% | −250% | n/m | −300% | −24% | −24% | Retained to equityRetained/eq |
| Balance sheet | ||||||||
| C$2M | C$2M | C$23M | C$8M | C$3M | C$6M | C$90M | C$90M | Cash & investmentsCash+inv |
| — | C$811K | C$1M | C$2M | C$650K | C$573K | C$1M | C$1M | ReceivablesReceiv. |
| C$49K | C$1M | C$3M | C$1M | C$2M | C$2M | C$4M | C$4M | InventoryInvent. |
| — | C$2M | C$799K | C$3M | C$3M | C$2M | C$3M | C$3M | Accounts payablePayables |
| C$49K | C$187K | C$4M | C$328K | (C$393K) | (C$294K) | C$2M | C$2M | Operating working capitalOper. WC |
| — | C$4M | C$34M | C$14M | C$7M | C$9M | C$100M | C$100M | Current assetsCur. assets |
| — | C$3M | C$7M | C$3M | C$7M | C$5M | C$5M | C$5M | Current liabilitiesCur. liab. |
| — | 1.4× | 5.0× | 4.0× | 0.9× | 1.7× | 21.6× | 21.6× | Current ratioCurr. ratio |
| — | C$2M | C$6M | C$6M | — | — | — | C$6M | GoodwillGoodwill |
| — | C$7M | C$42M | C$15M | C$8M | C$10M | C$101M | C$101M | Total assetsAssets |
| (C$2M) | (C$2M) | (C$23M) | (C$8M) | (C$3M) | (C$6M) | (C$90M) | (C$90M) | Net debt / (cash)Net debt |
| C$2M | C$4M | C$35M | C$11M | C$408K | C$5M | C$97M | C$97M | Shareholders’ equityEquity |
| Per share | ||||||||
| 19.1M | 33.1M | 55.6M | 2.7M | 3.2M | 3.2M | 15.7M | 15.7M | Shares out (diluted)Shares |
| C$0.07 | C$0.13 | C$0.13 | C$2.83 | C$2.02 | C$2.08 | C$0.49 | C$0.49 | Revenue / shareRev/sh |
| C$-0.58 | C$-0.24 | C$-0.29 | C$-10.30 | C$-7.29 | C$-4.40 | C$-1.46 | C$-1.46 | EPS (diluted)EPS |
| — | — | C$-0.40 | C$-6.12 | C$-5.95 | C$-3.80 | C$-1.54 | C$-1.54 | Owner earnings / shareOE/sh |
| — | — | C$-0.40 | C$-6.12 | C$-5.95 | C$-3.80 | C$-1.58 | C$-1.58 | Free cash flow / shareFCF/sh |
| C$0.00 | C$0.00 | C$0.00 | C$0.03 | C$0.15 | C$0.05 | C$0.06 | C$0.06 | Cap. spending / shareCapex/sh |
| C$0.11 | C$0.12 | C$0.63 | C$4.11 | C$0.13 | C$1.46 | C$6.15 | C$6.15 | Book value / shareBVPS |
The diluted share count moved ×1.74 into 2020 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1.68 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1/20.7 into 2022 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Share counts before 2024 are restated ×2 for a stock split, so per-share figures sit on one basis.
The diluted share count moved ×4.98 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 6-yr | 5-yr | |
|---|---|---|
| Revenue / share | +37.6%/yr | +30.1%/yr |
| Capital spending / share | +52.8%/yr | +141.1%/yr |
| Book value / share | +94.1%/yr | +121.1%/yr |
The record, charted
FY2019–2025Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.
Gross margin
17%low FY2022
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
(C$24M)owner earningsvs.(C$23M)net incomelow FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned (C$24M) of owner earnings, the operating cash left after the C$337K it takes just to hold its position. It put C$586K more into growth; free cash flow, after that spending, was (C$25M).
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | (C$23M) | (C$14M) | (C$24M) | (C$28M) | (C$16M) |
| Depreciation & amortizationnon-cash charge added back | +C$337K | +C$566K | +C$511K | +C$593K | +C$175K |
| Working capital & othertiming of cash in and out, other non-cash items | −C$1M | +C$1M | +C$4M | +C$11M | −C$6M |
| Cash from operations | (C$24M) | (C$12M) | (C$19M) | (C$16M) | (C$22M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −C$337K | −C$167K | −C$490K | −C$80K | −C$213K |
| Owner earnings | (C$24M) | (C$12M) | (C$19M) | (C$16M) | (C$22M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −C$586K | — | — | — | — |
| Free cash flow | (C$25M) | (C$12M) | (C$19M) | (C$16M) | (C$22M) |
| Owner-earnings marginowner earnings ÷ revenue | -313% | -183% | -294% | -216% | -315% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about C$337K, roughly its depreciation, the rate its assets wear out). The other C$586K of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 40-F · source on SEC EDGAR →
Will it survive?
- Not enough dataLittle or no interest expense reported
What this means
Operating income wasn't found in the filing data.
- Net cash, debt-freeCash C$90M − debt C$0
What this means
Cash and short-term investments exceed every dollar of debt by C$90M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Long (60+ days)DSO 49 + DIO 222 − DPO 193 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Not enough dataIndustry peers: median -30%
What this means
The filing data didn't include the inputs for this check.
- Owner-earnings margin -294%Consumes cash through the cycle5-yr median margin, range -315%–-183%; latest (C$24M) = operating cash (C$24M) − maintenance capex C$337KIndustry peers: median -178%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -313% of revenue this year, a -294% median across 5 years.
- Are earnings backed by cash? (C$24M)Loss, and burning cashNet income (C$23M) · cash from operations (C$24M)
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 2.73×ExpandingCapex C$923K ÷ depreciation C$337K
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 1 of 3 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size —Revenue ≥ $2B (a dollar floor) · C$8M
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity PassCurrent ratio ≥ 2× · 21.63×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Earnings stability MissA profit every year (7-yr record) · 7 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth —Earnings +33% over the record · —
What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are C$-0.69/share (latest year C$-0.78), the averaged base the calculator's gate runs on, and book value is C$3.29/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2019–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 0 of 7
What this means
Lost money in 7 year(s), look at what happened there before trusting the average.
- Share count +8.7%/yr
What this means
The share count is rising, dilution works against you on a per-share basis.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Framed as a capability
The filing positions AI as something the company uses, not something it fears.
“On October 21, 2025, the Company announced its intention to collaborate with Palladyne AI Corp. to further enhance the capabilities of Draganfly's UAV platforms with Palladyne Pilot AI software.”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsC$100M
- Cash & short-term investmentsC$90M
- ReceivablesC$1M
- InventoryC$4M
- Other current assetsC$5M
Current liabilitiesC$5M
- Accounts payableC$3M
- Other current liabilitiesC$1M
Current ratio21.63×all current assets ÷ what's due · Graham looked for 2×
Quick ratio20.79×stricter: inventory excluded
Cash ratio19.53×strictest: cash alone against what's due
Working capitalC$95Mthe cushion left after near-term bills
Cash runway3.6 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book valueC$90Mequity stripped of goodwill & intangibles
Net current asset valueC$95MGraham's net-net: current assets less all liabilities
Debt incl. operating leasesC$274KC$274K of it operating leases
From the company's latest filing.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Revenue recognition, Income taxes, Credit & receivables, Inventory as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Aerospace & Defense
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| KRMNKarman Holdings Inc. | $472M | 38% | 16.4% | 10% | -4% |
| MCFTMasterCraft Boat Holdings Inc. | $284M | 26% | 14.7% | 37% | 10% |
| FLYFirefly Aerospace Inc. | $160M | 19% | -238.8% | -30% | -178% |
| PKEPark Aerospace Corp. | $73M | 31% | 15.1% | 6% | 8% |
| JOBYJoby Aviation Inc. | $53M | — | -45745.5% | -49% | -33375% |
| BETABeta Technologies Inc. | $36M | 72% | -1214.9% | -100% | -1085% |
| AEVAAeva Technologies Inc. | $18M | 37% | -1451.8% | -177% | -1214% |
| DPRODraganfly Inc. | C$8M | 26% | — | — | -294% |
| Group median | — | 31% | — | — | -236% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Draganfly Inc.'s US listing is the ordinary share itself; figures in this tool are translated at CAD 1 = $0.712 (2026-07-17, reference rate); the dollar quote then reconciles exactly. The record tables elsewhere on this page remain as filed, in CAD.
Draganfly Inc. is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
$
The assumptions
Revenue, delivered7%/yr’20→’25
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−321%
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "Draganfly Inc. (DPRO), the owner's record," https://ownerscorecard.com/c/DPRO, data as of 2026-07-09.
Manual order: ← DOYU its page in the Manual DQ →
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