Kratos's Unmanned Systems segment runs roughly 17% gross margin and consolidated operating margin around 1.3% — the airframe layer is where the squeeze lives. AeroVironment's portfolio recovery to ~30% adjusted is a blended figure lifted by counter-drone and loitering-munition lines; one-way-attack drone economics aren't separately disclosed. Demand grows at the platform level but margin capture migrates upstream to components every platform needs. The floor is engineered; the value runs where the bottleneck sits.
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