Telos Corporation
Rank #113HypergrowthTLS · Nasdaq · Technology
Telos Corporation (TLS) — Rank #113 by gross profitability (GP/assets 0.44) · ROE -39.1% · Piotroski F-Score N/A.
As-of 2026-09-15 · CIK 0000320121 · all metrics point-in-time as of the filing date.
About
Telos Corporation, together with its subsidiaries, provides cyber, cloud, and enterprise security solutions in the United States and internationally.
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It operates through two segments: Security Solutions and Secure Networks. The company offers Xacta, a platform delivering automated cyber risk management and compliance processes for systems based in the cloud, on-premises, and in hybrid environments; Xacta.ai, an artificial intelligence capability at Xacta cyber GRC platform; and risk management framework consulting services, security assessment and compliance, engineering and evaluation, operations, penetration testing, and digital forensics. It also provides Telos Automated Message Handling System, a web-based organizational message distribution and management for mission-critical communications used by military field operatives. In addition, the company offers Telos Identity Solutions, a portfolio of identity solutions that support secure identity verification, biometric enrollment, and trusted identity services for government and commercial customers; TSA PreCheck enrollment services, IDVetting, and Aviation Channeling Services, which provide identity enrollment, FBI background check submission, and biometric services for government agencies, transportation security programs, and regulated industries; and ONYX, a proprietary touchless fingerprint biometric technology designed to enable secure and scalable biometric authentication across mobile and enterprise environments. Further, the company provides secure mobility solutions that enable work off-premise and minimize operational and security concerns across and beyond the enterprise; and network management and defense services for operating, maintaining, and defending complex enterprise networks. It serves the United States federal government, large commercial businesses, state and local governments, and international customers.
Telos Corporation was founded in 1968 and is headquartered in Ashburn, Virginia.
- Industry
- Software - Infrastructure
- Sector
- Technology
- State
- MD
- Filer Category
- Accelerated filerSmaller reporting company
- Fiscal Year End
- December 31
- Website
- telos.com
Price History
Company Snapshot
P/S is the primary valuation lens — earnings are reinvested, not available for P/E.
Market Cap
$312.03M
P/E (annual)
—
P/S (annual)
1.9
P/B
3.3
P/OCF (annual)
10.3
Shareholder Yield
-1.4%
Employees
509
Industry
Software - Infrastructure
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passTerry Smith quality gate
Passes 0/5 Terry Smith thresholds2 of 5 thresholds not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
-1.4%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 1.4% — per-share value needs a total required return of 0.0% once share-count change is priced in.
vs. own 6-year median revenue growth: 1.2%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
-5.1%
r = 10% (base)
-1.4%
r = 12%
1.9%
Net debt / market cap: -16.6%
Note: current FCF margin is 1.5σ above its historical mean — implied growth may understate valuation risk if the margin reverts.
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
Disclosure regression check
A previously-disclosed line item is no longer reported. Worth checking the filing for why.
Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.44
Primary signal (Novy-Marx).
2nd of 8 SIC 7373 peers
Return on equity
-39.1%
Gross margin
37.0%
5th of 7 SIC 7373 peers
Revenue growth (YoY)
52.2%
RPO growth (YoY)
34.4%
Remaining performance obligations growth — RPO > revenue = forward demand building.
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
-8.7%
Revenue CAGR (5Y)
-1.7%
Earnings CAGR (3Y)
—
FCF CAGR (3Y)
23.8%
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.50
3rd of 8 SIC 7373 peers (best = lowest)
Current ratio
2.38×
1st of 8 SIC 7373 peers
Quick ratio
1.69×
Net cash
$50.65M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$29.44M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
1.81
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
18.3%
Stock-based comp intensity.
Piotroski F-Score
F-Score
N/A
Only 8/9 components determinable.