I see Kratos's Unmanned Systems segment running a gross margin of roughly 17% — well below its other franchises — and its consolidated operating margin sitting at about 1.3% in a recent quarter. AeroVironment’s gross margin fell from roughly 38% to 24% after BlueHalo, then nudged back toward 30% on a blended basis, lifted by higher‑value counter‑drone and loitering‑munition lines. The portfolio recovery is real, but the airframe‑level economics remain unproven.
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