Rankings Defence, aerospace & space Draganfly
Draganfly
49
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−13
- Multiples vs own history−7
- Capital allocation−6
Strengths
- Net cash+3
- Strategic investor+1
- Customer validation+1
How the score is built
From 100 to 49, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 3.44 USD
- Median analyst target
- 10.49 USD
- Upside to median
- +204.9%
- Analysts
- 6
- Target range
- 7.96 – 13.67 USD
- 52-week change
- −69%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−28 of −30
- −13MarginOperating loss of CAD 35.8m on revenue of 9.0m TTM (operating margin about −400%). Gross margin has fallen from 36–37% (2021–2023) to 20% in Q2 2026, and operating costs were CAD 16.1m in Q2 alone.
- −5Quality of growthRevenue has stood still for five years: CAD 7.1m (2021), 7.6 (2022), 6.6 (2023), 6.6 (2024), 7.7 (2025). The record quarter Q2 2026 was only CAD 2.7m (+26%). Analysts expect 15.6m for 2026, which requires about 11m in H2 vs about 4.7m in H1.
- −6Capital allocationReverse split 1:25 in September 2024 and then massive dilution: the share count has risen from about 3m (end-2024) to about 42m incl. warrants. One-off grant of share-based compensation of CAD 3.7m in Q2 and 2.07m RSUs (about USD 9.2m) granted April–August 2026. The cash was, however, raised at reasonable prices (USD 7.00 in February 2026).
- −4MoatLow: the drone market is fragmented and competition is tough from Red Cat (Teal, US Army SRR), Skydio, AeroVironment and Unusual Machines. Canada's contract for cheap tactical ISR drones (up to 5,000 systems) has also been awarded to Volatus Aerospace, so Draganfly is one of several suppliers.
Price
Today's multiples against the company's own history and its peers. · 2 findings−10 of −35
- −7Multiples vs own historyEV/Sales about 20 TTM (17 at stockanalysis with outdated share count) vs 2.9-5.8 in 2021-2024 and 19.6 at the end of 2025; P/S 32 vs 4.5-9.8 in 2021-2024. The valuation is 3-5 times higher than the company's own history, driven by the drone theme.
- −3PeersPro forma EV approx. 128m USD = approx. 20x TTM revenue and approx. 12x the 2026 estimate. Red Cat trades at EV/Sales 9.3, AeroVironment 3.7, while Unusual Machines (25) is just as expensive. Draganfly is expensive relative to peers with far larger revenue.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−12 of −35
- −3Insider sellingCEO Cameron Chell sold 244,990 shares at CAD 10.33 (about CAD 2.5m) on 1/6-2026, and all recorded insider trades in 2025–2026 are sales. Insiders own only about 1%.
- −5Execution and contract qualityThe news flow is large, but the amounts are small or undisclosed: the US Army order for Flex FPV has no amount, and the Canada contract firmly covers only 100 systems; options on 4,900 systems (about CAD 24.25m over five years) require separate call-offs. Q2 revenue was CAD 2.7m despite many 'selections'.
- −2Political and regulatory riskThe strategic investment of USD 10m comes from Unusual Machines, which is backed by Donald Trump Jr., and an unnamed US fund; this has created political debate in Canada. As a Canadian company, Draganfly depends on US procurement rules (Blue UAS/NDAA, 'buy American'), which may change.
- −2HistoryThe company has a history of big announcements without corresponding revenue (e.g. the 'pandemic drone' in 2020) and an accumulated price decline that required a 1:25 reverse split in 2024. The stock has a beta of 3.8 and fell from USD 14.40 to 5.29 within 52 weeks.
Plus
Only documented strengths. · 3 findings+5 of +15
- +3Net cashCash of CAD 131.9m (approx. USD 93m) at 30/6-2026 and almost no debt, plus USD 10m raised on 29/9; net cash equals approx. 45% of market cap and approx. three years of spending.
- +1Strategic investorUnusual Machines and an American fund each invested USD 5m at market price (USD 5.35, without warrants to the investors) in September 2026.
- +1Customer validationSelected by the US Army for Flex FPV drones with production at American bases abroad, and selected in all five capability streams in Canada's new defence drone marketplace.
Caveats
What the score does not capture, or where the data is weak.
Canadian company (Saskatoon) listed on Nasdaq and CSE; accounts in CAD, the stock trades in USD (converted at CAD/USD 0.705). Price USD 5.29 (2/10-2026) – not a penny stock on price, but a micro/small cap with a penny-like history (reverse split 1:25 in 2024). Stockanalysis' share count (37.15m) is out of date: 37.27m at 28/9 + 1.87m from the issue 29/9 + 2.12m pre-funded warrants and 0.70m special warrants (Skip Dynamix) = about 42.0m, i.e. market cap about USD 222m (DKK 1,461m). No going concern warning, no active ATM programme found in the Q2 report or the prospectus supplement 28/9-2026, but the F-10 shelf makes new issues quick. Insider data from insiderscreener has obviously wrong prices for the September trades; only the CEO's June sale is used. Analyst price targets (USD 7.84–13.76) were partly set at higher prices. Industry: military and commercial drones placed under 'Defence, Aerospace & Space'.
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