Red Cat Holdings Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Red Cat Holdings Inc (RCAT) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Red Cat Holdings Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 71M vs 209,868M combined for tracked competitors (0.0% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+13.7% annualized vs trailing 12 months), vs accelerating (+2.5%) for its tracked peer group.
- Growth: Red Cat Holdings Inc generated 527.3% revenue growth year over year in Q2 2026, vs 8.2% for its tracked competitors combined.
- Profitability: Its -174.6% net margin compares with 6.6% for the peer group.
- Scale: Red Cat Holdings Inc ranks #119 of 260 companies by market capitalization in the Software & Programming industry, holding 0.0% of industry market cap.
- Peer revenue share: Red Cat Holdings Inc accounted for 0.0% of combined revenue among its tracked peer group, up from 0.0% a year earlier.
- Peer differentiation: Revenue per employee of $0.29M compares with $0.39M for the peer group (0.7x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
RCAT Sales vs. its Competitors, Q2 2026
Red Cat Holdings Inc reported revenue growth of 527.26 % year on year in Q2 2026, above its competitors' combined revenue growth of 8.17 %.
With a net margin of -174.64 %, Red Cat Holdings Inc reported lower profitability than its competitors (6.56 %).
Red Cat Holdings Inc generated 0.04 % of the combined sales of its peer group, up from 0.01 % a year earlier.
Red Cat Holdings Inc vs. its Competitors, Q2 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Red Cat Holdings Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Red Cat Holdings Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (3) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (8) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (4) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Red Cat Holdings Inc's competitor groups requires a Commercial License.
For context: the Software & Programming industry grew revenue 16.0% year over year, combined, vs 527.3% for Red Cat Holdings Inc. Red Cat Holdings Inc's share of combined industry revenue moved from 0.00% to 0.01%, a gain of 0.01 percentage points.
Red Cat Holdings Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Red Cat Holdings Inc | No | Yes | Yes | No |
| Competitors combined (7) | ||||
| High-Confidence Competitors (5) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 12.50 % (1 of 8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 42.90 % (3 of 7) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
RCAT Stock Performance relative to its Competitors
RCAT Stock Performance relative to High-Confidence Competitors
RCAT Stock Performance relative to Similar-Size Competitors
RCAT Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Unusual Machines Inc | 282.9% | Outperformed |
| 2 | United Parcel Service Inc | 282.9% | Outperformed |
| 3 | Lockheed Martin Corporation | 282.9% | Outperformed |
| 4 | Northrop Grumman Corp | 282.9% | Outperformed |
| 5 | L3harris Technologies Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Red Cat Holdings Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Red Cat Holdings Inc's Comment on Competition and Industry Peers
Fat Shark competes with SZ DJI Technology Company, LtD., commonly known as DJI as the dominant market leader in the consumer segment. Fat Shark also competes with other FPV headset companies that include Skyzone, Orca, and HD Zero.
Publicly Traded Peers of Red Cat Holdings Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Red Cat Holdings Inc | 889.77 | 71.03 |
| Lockheed Martin Corporation | 119,732.91 | 77,014.00 |
| United Parcel Service Inc | 80,206.75 | 89,930.00 |
| Northrop Grumman Corp | 72,025.92 | 42,892.00 |
| L3harris Technologies Inc | 44,711.37 | 38,694.00 |
| Aerovironment Inc | 7,227.12 | 1,975.63 |
| SUBTOTAL | 326,077.45 | 250,608.91 |
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Sources: Red Cat Holdings Inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Red Cat Holdings Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Red Cat Holdings Inc's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Draganfly Inc | Named by the company | 85% |
| Ezagoo Limited | Named by the company | 85% |
| Lockheed Martin Corporation | Named by the company | 85% |
| Northrop Grumman Corporation | Named by the company | 85% |
| DYNAMIC AEROSPACE SYSTEMS Corp | Named by the company | 85% |
| Skydio Inc | Named by the company | 85% |
| Aerovironment Inc | Named by the company | 85% |
| Unusual Machines Inc | Named by the company | 85% |
| United Parcel Service Inc | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Red Cat Holdings Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Red Cat Holdings Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Lockheed Martin Corporation | Aeronautics 40.43 % |
| United Parcel Service Inc | U.S. Domestic Package 66.62 % |
| Northrop Grumman Corp | Aeronautics Systems 32.36 % |
| L3harris Technologies Inc | Space and Airborne Systems 52.05 % |
| Aerovironment Inc | Autonomous Systems Segment 68.70 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Red Cat Holdings Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Red Cat Holdings Inc | 890 | 291,090 | -399,527 |
| Lockheed Martin Corporation | 119,733 | 626,130 | 51,114 |
| United Parcel Service Inc | 80,207 | 195,500 | 9,935 |
| Northrop Grumman Corp | 72,026 | 5,718,933 | 599,467 |
| L3harris Technologies Inc | 44,711 | 859,867 | 38,489 |
| Aerovironment Inc | 7,227 | 495,022 | -88,297 |
| PEERS TOTAL | 325,188 | 391,645 | 26,166 |
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Red Cat Holdings Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Lockheed Martin Corporation | United States 70.72 % |
| Northrop Grumman Corp | United States 85.81 % |
| Aerovironment Inc | Geographic Distribution Domestic 71.85 % |
| Unusual Machines Inc | Geographic Distribution Foreign 7.41 % |
| Foresight Autonomous Holdings Ltd | IL 40.70 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Red Cat Holdings Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 236 companies in Red Cat Holdings Inc's industry classification, broader than the peer set above. Market cap in millions of $.Red Cat Holdings Inc ranks #119 of 236 companies by market capitalization in its industry, holding 0.01 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 2,661, indicating a highly concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Microsoft Corporation | 3,756,759 | 50.30 % |
| 2 | Palantir Technologies Inc | 486,305 | 6.51 % |
| 3 | Oracle Corporation | 388,902 | 5.21 % |
| 4 | Sap Se | 268,701 | 3.60 % |
| 5 | Crowdstrike Holdings Inc | 1,234 | 5.2% |
| 6 | Salesforce Inc | 1,234 | 5.2% |
| 7 | Shopify Inc | 1,234 | 5.2% |
| 8 | Full Truck Alliance Co Ltd | 1,234 | 5.2% |
| 9 | Servicenow Inc | 1,234 | 5.2% |
| 10 | Cloudflare Inc | 1,234 | 5.2% |
| 119 | Red Cat Holdings Inc | 897 | 0.01 % |
Market cap and industry share for the rest of Red Cat Holdings Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Red Cat Holdings Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 114 | Coursera Inc | 1,127 | -58.43 % |
| 115 | Red Violet Inc | 1,119 | 50.44 % |
| 116 | Pagerduty Inc | 1,110 | -13.40 % |
| 117 | Tuya Inc | 1,050 | -32.14 % |
| 118 | Zoominfo Technologies Inc | 1,234 | 12.3% |
| 119 | Red Cat Holdings Inc | 897 | -35.55 % |
| 120 | Backblaze Inc | 1,234 | 12.3% |
| 121 | Rapid7 Inc | 1,234 | 12.3% |
| 122 | N able Inc | 1,234 | 12.3% |
| 123 | Fdctech Inc | 1,234 | 12.3% |
| 124 | Vtex | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Red Cat Holdings Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Red Cat Holdings Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Software & Programming industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (343 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 9.82 % | 64.28 % (avg) | -54.5 pp |
| Operating Margin | -151.24 % | industry median | -148.5 pp |
| EBITDA Margin | -130.91 % | 2.53 % (avg) | -133.4 pp |
| Capital Intensity (Capex / Revenue) | - | 4.79 % (avg) | - |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Red Cat Holdings Inc's Valuation vs Competitive Position
Valuation multiples vs the Software & Programming industry average (343 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 39.5x | - |
| EV / EBITDA | - | 21.7x | - |
| P/B | 4.6x | 5.4x | -0.8x |
| Return on Equity | -32.25 % | industry aggregate | -57.45 % |
| Return on Invested Capital | -17.24 % | -0.26 % (avg) | -16.98 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Red Cat Holdings Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2016 | 2017 | 2018 | 2020 | 2021 | 2022 | 2023 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | - | - | - | 500.00 % | 102.50 % | 45.33 % | 35.10 % | 147.26 % |
| Operating Margin | - | -288,121.22 % | -1,979.03 % | -75.97 % | -127.87 % | -239.90 % | -106.50 % | -163.55 % |
| Return on Invested Capital | 1,272.56 % | -37,532.49 % | -389.88 % | -113.01 % | -7.03 % | -16.87 % | -14.58 % | -20.93 % |
| P/E | - | 2,679.1x | - | - | - | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Red Cat Holdings Inc's Strategic Group Map
Every company in Red Cat Holdings Inc's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Red Cat Holdings Inc is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Red Cat Holdings Inc's BCG Growth-Share Matrix
Relative market share (vs Red Cat Holdings Inc's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Red Cat Holdings Inc falls in the Question Mark quadrant: relative market share of 0.00x vs its largest competitor, in an industry growing revenue 11.6% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution. A caveat worth reading alongside this chart: Microsoft Corporation alone holds 50% of this industry's market cap. In an industry this dominated by one leader, the framework will place nearly every OTHER company in "Dog" or "Question Mark" purely because relative share is measured against that leader, regardless of how strong those other companies actually are on their own fundamentals. Check the Profitability, Valuation and Financial Strength sections above before treating this quadrant label as a verdict.
Red Cat Holdings Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Low | Industry HHI of 2,661 (see Industry Market Structure & Concentration above) |
| Supplier Power | Not covered on this page | See Red Cat Holdings Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Red Cat Holdings Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Red Cat Holdings Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Red Cat Holdings Inc falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Red Cat Holdings Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+13.7% annualized vs trailing 12 months).
Weaknesses
- Operating margin 148.5 points below the industry median.
- Return on equity 57.5 points below the industry aggregate.
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.00x).
Opportunities
- Industry revenue growing at a healthy 11.6% median pace.
Threats
- Industry dominated by Microsoft Corporation, holding 50.30 % of industry market cap.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Red Cat Holdings Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Red Cat Holdings Inc | 9.63 | 12.85 | 0.00 |
| Lockheed Martin Corporation | 0.14 | 1.14 | 2.92 |
| United Parcel Service Inc | 0.39 | 1.23 | 1.94 |
| Northrop Grumman Corp | 0.20 | 1.13 | 0.89 |
| L3harris Technologies Inc | 0.08 | 1.10 | 0.58 |
| Aerovironment Inc | 1.21 | 4.78 | 0.16 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Red Cat Holdings Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Red Cat Holdings Inc | Q2 2026 | +527.3 % | - |
| Lockheed Martin Corporation | Q2 2026 | +10.5 % | +436.8 % |
| United Parcel Service Inc | Q2 2026 | +7.6 % | -52.9 % |
| Northrop Grumman Corp | Q2 2026 | +5.1 % | -6.8 % |
| L3harris Technologies Inc | Q1 2026 | +11.9 % | +32.6 % |
| Aerovironment Inc | Q1 2026 | +133.0 % | - |
| PEERS TOTAL | +9.2 % | +25.9 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Red Cat Holdings Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Red Cat Holdings Inc | Q2 2026 | +495.4 % | +1,783.7 % |
| Lockheed Martin Corporation | Q2 2026 | +1.1 % | -9.4 % |
| United Parcel Service Inc | Q2 2026 | +113.0 % | -38.3 % |
| Northrop Grumman Corp | Q2 2026 | +34.2 % | +30.7 % |
| L3harris Technologies Inc | Q1 2026 | +14.8 % | +67.8 % |
| Aerovironment Inc | Q1 2026 | +150.9 % | - |
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Red Cat Holdings Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Red Cat Holdings Inc | - | - | - |
| Lockheed Martin Corporation | 10.40% | 14.74% | 86.24% |
| United Parcel Service Inc | 6.36% | 7.71% | 29.02% |
| Northrop Grumman Corp | 8.93% | 11.14% | 26.58% |
| L3harris Technologies Inc | 4.20% | 4.66% | 8.87% |
| Aerovironment Inc | - | - | - |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Red Cat Holdings Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Red Cat Holdings Inc | - | 12.53 |
| Lockheed Martin Corporation | 19.13 | 1.55 |
| United Parcel Service Inc | 17.53 | 0.89 |
| Northrop Grumman Corp | 16.10 | 1.68 |
| L3harris Technologies Inc | 25.80 | 1.16 |
| Aerovironment Inc | - | 3.66 |
| PEERS AVERAGE | 19.60 | 1.30 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.