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olivLaw · US equity research

Amentum Holdings, Inc. AMTM

Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)

22.23USD−0.67% · 1 dayClose 04 Nov 2026

Amentum Holdings, Inc. is a global provider of advanced engineering and technology solutions, with the U.S. federal government as its main client, generating about 81% of revenues. It reported revenues of 14.393 billion dollars in fiscal 2025 and a backlog of 48.2 billion dollars in the third quarter of fiscal 2026, which makes its trajectory relevant amid demand for modernization and nuclear energy.

At the close of 04 Nov 2026, Amentum Holdings, Inc. (AMTM) stock was 22.23 USD (−0.67% on the day), with market capitalisation 5.4 bn USD, P/E 26.7 on diluted EPS of 0.83 USD over the last 12 months, beta 1.21, 52-week range 18.12–37.53 USD. Latest reported quarter (Q3 2026): revenue of 3.5 bn USD (−2.0% YoY), net income of 66.0 m USD (+560.0% YoY), diluted EPS 0.27 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
5.4 bn USD
shares as of 07 Aug 2026
P/E (TTM)
26.7
Diluted EPS TTM 0.83 · TTM to 03 Jul 2026
E/P (TTM)
3.74%
TTM to 03 Jul 2026
Dividend yield
unavailable
Beta (2y)
1.21
Volatility (1y) 46%
52-week range
18.1237.53

Price history

Loading chart…

Technical reading

RSI (14)
66.5
strong (55–70)
Bollinger (20, 2)
17.66 – 23.50
in the upper half of the band · %B 0.78 · band width 28.4%
SMA 50 / 200
19.91 / 24.30
mixed trend
MACD (12, 26, 9)
0.79 / 0.58
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+21.9%−2.0%+23.9 pp—
3 months−5.0%−2.2%−2.8 pp—
6 months−10.7%+4.3%−15.0 pp—
Year to date−23.3%+10.6%−33.9 pp—
1 year+1.3%+10.5%−9.2 pp−6.1%
3 yearsunavailable+73.7%unavailable−6.4%
5 yearsunavailable+61.7%unavailable—
Max drawdown (1y)
−51.7%
06 Feb 2026 → 30 Sept 2026
Max drawdown (5y)
−51.7%
06 Feb 2026 → 30 Sept 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 03 Jul 2026

Revenue
3.5 bn USD
−2.0% YoY
Net income
66.0 m USD
+560.0% YoY
Diluted EPS
0.27
+575.0% YoY
net / operating
1.9% / 4.9%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue2.2 bn3.4 bn3.5 bn3.6 bn3.9 bn3.2 bn3.5 bn3.5 bn
Cost of revenue2.0 bn3.1 bn3.1 bn3.2 bn3.5 bn2.9 bn3.1 bn3.1 bn
SG&A137.0 m130.0 m145.0 m165.0 m176.0 m115.0 m124.0 m122.0 m
Operating income27.0 m132.0 m110.0 m103.0 m135.0 m138.0 m151.0 m172.0 m
Pre-tax income-54.0 m45.0 m24.0 m12.0 m34.0 m64.0 m78.0 m94.0 m
Income tax-76.0 m24.0 m22.0 m13.0 m-3.0 m20.0 m24.0 m28.0 m
Net income26.0 m12.0 m4.0 m10.0 m40.0 m44.0 m54.0 m66.0 m
Diluted EPS0.28 ≈0.050.020.040.16 ≈0.180.220.27
Operating cash flow-113.0 m110.0 m57.0 m ≈106.0 m ≈270.0 m-136.0 m225.0 m ≈146.0 m ≈
Capex4.0 m8.0 m4.0 m ≈6.0 m ≈9.0 m6.0 m5.0 m ≈11.0 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 17 percentile of its own 6-quarter history (min 25.5, median 68.2, max 319.3; quarters with earnings only).

Fiscal years

Fiscal year2022202320242025
Revenue7.7 bn7.9 bn8.4 bn14.4 bn
Revenue YoYunavailable+2.5%+6.6%+71.6%
Net income-84.0 m-314.0 m-82.0 m66.0 m
Net income YoYunavailableunavailableunavailableunavailable
Diluted EPS-0.93-3.49-0.900.27
Diluted EPS YoYunavailableunavailableunavailableunavailable
net %-1.1%-4.0%-1.0%0.5%
Free cash flow108.0 m55.0 m36.0 m516.0 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 03 Oct 2025

Cash
437.0 m USD
Financial debt
3.9 bn USD
Net debt
3.5 bn USD
Equity
4.6 bn USD
Total assets
11.5 bn USD
Debt / equity
0.85x
Current ratio
1.32x
ROE
1.4%
ROA
0.6%
FCF margin
3.6%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
7.9 bn
2024
8.4 bn
2025
14.4 bn

SEC (XBRL)· 25 Nov 2025verified

Cost of revenue
2023
7.1 bn
2024
7.6 bn
2025
12.9 bn

SEC (XBRL)· 25 Nov 2025verified

Gross profit
2023
782.0 m ≈
2024
798.0 m ≈
2025
1.5 bn ≈

SEC (XBRL)· 25 Nov 2025derived

SG&A
2023
297.0 m
2024
353.0 m
2025
616.0 m

SEC (XBRL)· 25 Nov 2025verified

Operating income
2023
57.0 m
2024
291.0 m
2025
480.0 m

SEC (XBRL)· 25 Nov 2025verified

Pre-tax income
2023
-340.0 m
2024
-123.0 m
2025
115.0 m

SEC (XBRL)· 25 Nov 2025verified

Income tax
2023
-19.0 m
2024
-40.0 m
2025
56.0 m

SEC (XBRL)· 25 Nov 2025verified

Net income
2023
-314.0 m
2024
-82.0 m
2025
66.0 m

SEC (XBRL)· 25 Nov 2025verified

Diluted EPS
2023
-3.49
2024
-0.90
2025
0.27

SEC (XBRL)· 25 Nov 2025verified

Weighted average diluted shares
2023
90.0 m
2024
91.0 m
2025
244.0 m

SEC (XBRL)· 25 Nov 2025verified

Balance sheet · USD

Cash
2023
305.0 m
2024
452.0 m
2025
437.0 m

SEC (XBRL)· 25 Nov 2025verified

Current assets
2023
1.9 bn
2024
3.1 bn
2025
3.1 bn

SEC (XBRL)· 25 Nov 2025verified

Goodwill
2023
2.9 bn
2024
5.6 bn
2025
5.7 bn

SEC (XBRL)· 25 Nov 2025verified

Intangibles (excl. goodwill)
2023
988.0 m
2024
2.6 bn
2025
2.0 bn

SEC (XBRL)· 25 Nov 2025verified

Total assets
2023
6.4 bn
2024
12.0 bn
2025
11.5 bn

SEC (XBRL)· 25 Nov 2025verified

Accounts payable
2023
560.0 m
2024
764.0 m
2025
892.0 m

SEC (XBRL)· 25 Nov 2025verified

Short-term debt
2023
45.0 m
2024
36.0 m
2025
42.0 m

SEC (XBRL)· 25 Nov 2025verified

Long-term debt
2023
4.1 bn
2024
4.6 bn
2025
3.9 bn

SEC (XBRL)· 25 Nov 2025verified

Current liabilities
2023
1.4 bn
2024
2.0 bn
2025
2.4 bn

SEC (XBRL)· 25 Nov 2025verified

Total liabilities
2023
6.0 bn
2024
7.4 bn
2025
6.8 bn

SEC (XBRL)· 25 Nov 2025verified

Equity
2023
416.0 m
2024
4.6 bn
2025
4.6 bn

SEC (XBRL)· 25 Nov 2025verified

Cash flow · USD

Operating cash flow
2023
67.0 m
2024
47.0 m
2025
543.0 m

SEC (XBRL)· 25 Nov 2025verified

Capex
2023
12.0 m
2024
11.0 m
2025
27.0 m

SEC (XBRL)· 25 Nov 2025verified

Free cash flow
2023
55.0 m ≈
2024
36.0 m ≈
2025
516.0 m ≈

SEC (XBRL)· 25 Nov 2025derived

Investing cash flow
2023
-17.0 m
2024
475.0 m
2025
228.0 m

SEC (XBRL)· 25 Nov 2025verified

Financing cash flow
2023
-112.0 m
2024
-382.0 m
2025
-790.0 m

SEC (XBRL)· 25 Nov 2025verified

Computed indicators

Growth

Revenue growth (YoY)
71.6%
computed by olivLawFY 2025
Revenue CAGR 3Y
23.3%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
64.9%
computed by olivLawFY 2025
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
1,333.3%
computed by olivLawFY 2025

Profitability

Gross margin
10.2%
computed by olivLawTTM to 03 Jul 2026
EBITDA margin
unavailable
input data missing
EBIT margin
4.2%
computed by olivLawTTM to 03 Jul 2026
Net margin
1.4%
computed by olivLawTTM to 03 Jul 2026
FCF margin
3.4%
computed by olivLawTTM to 03 Jul 2026

Returns

ROE
4.5%
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026
ROA
1.8%
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026
ROIC
5.4%
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026
ROCE
6.5%
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
3.4 bn USD
computed by olivLawbalance sheet at 03 Jul 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.8x
computed by olivLawbalance sheet at 03 Jul 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
1.5x
computed by olivLawbalance sheet at 03 Jul 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.2x
computed by olivLawbalance sheet at 03 Jul 2026

Cash

Operating cash flow
505.0 m USD
computed by olivLawTTM to 03 Jul 2026
Capital expenditure
31.0 m USD
computed by olivLawTTM to 03 Jul 2026
Free cash flow
474.0 m USD
computed by olivLawTTM to 03 Jul 2026
FCF conversion
232.4%
computed by olivLawTTM to 03 Jul 2026
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
24 days
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
5.4 bn USD
computed by olivLawbalance sheet at 03 Jul 2026
Enterprise value
8.8 bn USD
computed by olivLawbalance sheet at 03 Jul 2026
Market cap / net income TTM
26.6x
computed by olivLawTTM to 03 Jul 2026
P/E (TTM)
26.7x
computed by olivLawTTM to 03 Jul 2026
Earnings yield
3.7%
computed by olivLawTTM to 03 Jul 2026
P/B
1.2x
computed by olivLawbalance sheet at 03 Jul 2026
P/S
0.4x
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
14.8x
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026
EV/Sales
0.6x
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026
P/FCF
11.5x
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026
FCF yield
8.7%
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 54.2% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

22.23 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 5.4 bn USD

Key indicators

Market capitalisation
5.4 bn USD
computed by olivLawbalance sheet at 03 Jul 2026
P/E (TTM)
26.7x
computed by olivLawTTM to 03 Jul 2026
P/B
1.2x
computed by olivLawbalance sheet at 03 Jul 2026
EV/EBITDA
unavailable
input data missing
ROE
4.5%
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026
Net margin
1.4%
computed by olivLawTTM to 03 Jul 2026
Revenue growth (YoY)
71.6%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

26/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 03 Jul 2026
Latest balance sheet date: 03 Jul 2026
Share count (cover of the latest filing), as of: 07 Aug 2026
Source: SEC (XBRL)published 11 Aug 2026
verified 387derived 22

Score by group

54% · Insufficient data

Estimated value range

Low
9.47
USD per share
Mid
16.89
USD per share
High
27.55
USD per share
Price: 22.23 USD
The price is within the range
Potential to the central value: -24.0% (value / price − 1)
Margin of safety: -31.6% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 9.47 – 27.55 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E9.47 – 27.55 (Mid 16.89)
    23 companies used · median multiple 20.3x · quartiles 11.4x – 33.1x
    ACN, AKAM, BR, CART, CASS, CPAY, EBAY, FICO, FIS, FISV, GRAB, IMXI, LYFT, MA, MELI, MSCI, NUTX, PAYO, PRTH, PYPL, RBA, UBER, WSE
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Services-Business Services, NEC (SIC 7389)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 54.2% of at least 60%

FactorValueScoreWeight used
ROIC · Quality5.4%41 (vs peers)19%
Net margin · Quality1.4%28 (vs peers)12%
FCF conversion · Quality232.4%100 (on a fixed band)12%
Revenue CAGR 3Y · Growth23.3%100 (on a fixed band)15%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.5x60 (on a fixed band)8%
P/E (TTM) · Valuation26.7x42 (vs peers)19%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation8.7%100 (on a fixed band)15%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial60/100 · 1/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality54/100 · 3/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation68/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Amentum Holdings, Inc. (AMTM). Latest full fiscal year: 2025; data up to 2026-07-03.

Figures computed from the financial statements: revenue 14.4 bn USD in 2025; YoY growth 71.6%; net margin 1.4%; ROE 4.5%.

The estimated value range is 9.47–27.55 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 16.89 USD, the price of 22.23 USD leaves a potential of -24.0% (value / price − 1) and a margin of safety of -31.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 232.4%
  • Revenue CAGR 3Y: 23.3%
  • FCF yield: 8.7%

What contradicts it

  • Net margin: 1.4%

Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
26.7x
vertical median 22.8x
above median (+17.1%)
EV/EBITDA
—
vertical median 15.2x
P/S
0.4x
vertical median 2.3x
below median (−83.4%)
P/B
1.2x
vertical median 2.8x
below median (−58.3%)
ROE
4.5%
vertical median 10.7%
below median (−58.5%)
Net margin
1.4%
vertical median 9.5%
below median (−84.8%)
EBIT margin
4.2%
vertical median 12.3%
below median (−65.6%)
Revenue YoY
71.6%
vertical median 8.5%
above median (+739.2%)
Net debt/EBITDA
—
vertical median 1.1x
Dividend yield
—
vertical median 1.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
UBERUber Technologies, Inc136.0 bn14.638.4%17.3%+18.3%−24% / +18%
MELIMercadoLibre, Inc.84.3 bn45.227.5%5.3%+39.1%−20% / +3%
EBAYeBay Inc.52.1 bn25.846.6%16.9%+7.9%+43% / +189%
PYPLPayPal Holdings, Inc.48.4 bn11.123.8%13.8%+4.3%−7% / +1%
MSCIMsci Inc.45.7 bn33.9—40.3%+9.7%+13% / +23%
FISVFiserv, Inc.31.1 bn11.210.7%13.4%+3.6%−5% / −55%
CPAYCorpay, Inc26.7 bn24.730.5%22.7%+13.9%+37% / +69%
GPNGlobal Payments Inc.25.9 bn—-4.1%-9.1%−0.4%+29% / −16%
BRBroadridge Financial Solutions, Inc.20.8 bn20.340.2%13.9%+8.5%−19% / −5%
FISFidelity National Information Services, Inc.20.1 bn6.022.3%27.6%+5.4%−41% / −34%
RBARB Global, Inc17.3 bn39.18.8%10.0%+7.2%−5% / +46%
FICOFair Isaac Corp15.6 bn20.9—34.1%+15.9%−60% / −33%
CARTMaplebear Inc.13.7 bn32.417.1%12.0%+10.8%+41% / +145%
CSGPCoStar Group, Inc.13.1 bn74.32.2%4.9%+18.7%−53% / −61%
AKAMAkamai Technologies, Inc12.3 bn30.98.9%9.5%+5.4%−4% / −26%
LYFTLyft, Inc.7.1 bn2.7152.6%42.3%+9.2%−11% / +60%
ALITAlight, Inc.5.7 bn—-67.9%-46.0%−3.0%−72% / −92%
AMTMAmentum Holdings, Inc.5.4 bn26.74.5%1.4%+71.6%+1% / unavailable
FLYWFlywire Corporation2.7 bn83.84.2%4.8%+26.6%+56% / −6%
PAYOPayoneer Global Inc.2.4 bn49.17.1%4.6%+7.7%+24% / +38%
ACVACopart Inc1.8 bn—-15.1%-7.9%+19.2%+16% / −21%
NUTXNutex Health Inc.1.4 bn8.157.2%21.2%+82.4%+78% / +620%
CASSCass Information Systems, Inc.704.7 m19.815.1%18.5%+5.3%+31% / +33%
PRTHPriority Technology Holdings, Inc.652.9 m11.6—5.6%+8.3%+35% / +164%
IMXIInternational Money Express, Inc.251.1 m13.311.9%3.4%−7.7%−45% / −60%

1- and 3-year price returns: for AMTM from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
14.57
Total return -34% · Per year -34%
25.63
Total return 15% · Per year 15%
38.45
Total return 73% · Per year 73%
3 years
17.28
Total return -22% · Per year -8%
33.90
Total return 52% · Per year 15%
55.37
Total return 149% · Per year 36%
5 years
20.49
Total return -8% · Per year -2%
44.83
Total return 102% · Per year 15%
79.73
Total return 259% · Per year 29%
What moves the 3-year price the most
  • Exit P/E± 8.48
  • Net margin± 5.93
  • Annual revenue growth± 4.42
  • Annual dilution± 0.50

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Amentum Holdings, Inc. is a global provider of advanced engineering and technology solutions, with the U.S. federal government as its main client, generating about 81% of revenues 1. It reported revenues of 14.393 billion dollars in fiscal 2025 1 and a backlog of 48.2 billion dollars in the third quarter of fiscal 2026 3, which makes its trajectory relevant amid demand for modernization and nuclear energy.

SWOT

Strengths

  • The contract portfolio is diversified and supported by a very large backlog, providing a stable base for growth on existing contracts 13.
  • The company has long experience with complex projects for NASA, the Department of Energy and allies in the U.K. and Australia 1.
  • Recent results show improving margins and cash flow, which supports the capacity to reduce debt 3.

Weaknesses

  • High dependence on the federal government makes revenues sensitive to budget decisions and funding interruptions 1.
  • Significant debt limits financial flexibility and imposes repayment obligations that could restrict investment 13.
  • Revenues fell in the latest quarter, mainly due to contract transfers and asset divestitures 3.

Opportunities

  • If demand for nuclear energy and modular reactors expands, the company could draw on engineering contracts it has already won 3.
  • Rising spending on digital infrastructure and space could increase the volume of the DS segment 3.
  • Expansion into allied markets and the Indo-Pacific region could bring new contracts with attractive margins 12.

Threats

  • Delays in budget approval or continuing resolutions could postpone contracts and the start of new programs 12.
  • Strong price competition could reduce margins, especially on fixed-price contracts 1.
  • Government insourcing policies could shift work to federal employees and reduce outsourced contracts 12.

Risks

  • Dependence on the federal governmenthigh

    Most revenues come from federal contracts, which can be terminated or reduced with little notice 1.

  • Budget delayshigh

    Shutdowns and temporary resolutions can delay payments and the award of new contracts 12.

  • Indebtednessmedium

    The level of debt and its covenants can limit flexibility and raise interest costs 13.

  • Fixed-price contract riskmedium

    Cost overruns on fixed-price contracts can reduce profitability 1.

  • Security and regulatory riskmedium

    Cybersecurity breaches or non-compliance with regulations can lead to penalties and reputational damage 1.

Investment thesis

What would need to be true (bull case)

  • The very large backlog and a book-to-bill ratio above one point to a flow of new contracts that could support future revenues 3.
  • Improving adjusted margins and free cash flow could allow debt reduction and more value for shareholders 3.
  • A position in nuclear energy and digital infrastructure could open long-term growth if the demand materializes 3.

What would break the thesis

  • Revenues fell in the latest quarter, and the transfer of contracts could keep pressure on reported sales 3.
  • Dependence on federal budgets and legislative delays could postpone contracts and slow growth 12.
  • The debt level could limit the company's ability to invest in new projects, especially if interest rates stay high 13.

What to watch

  • Fourth-quarter results and updated fiscal 2026 revenue guidanceQ4 2026
  • Development of backlog and book-to-bill ratio following the NASA contract awardsQ4 2026
  • Timing and level of funding for the federal fiscal 2027 budget2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Operations are organized in two reportable segments, Digital Solutions (DS) and Global Engineering Solutions (GES) 1. The company says its scale and diversified capabilities allow it to generate substantial free cash flow while growing 1. Customers include the Department of Energy, the Intelligence Community, the Department of War, NASA and the Department of Homeland Security, as well as defense ministries in the U.K. and Australia 1.

The revenue structure depends heavily on federal contracts, and the company describes its diversified portfolio as a stable base 1. Quarterly results are influenced by the transfer of certain contracts to unconsolidated joint ventures and by the divestiture of Rapid Solutions 23.

Market context

Demand for nuclear energy, digital modernization and increased spending on the Indo-Pacific region are the trends the company cites for its addressable market 2. These could support growth if allocation levels remain high.

Trends

  • Rising defense spendingtailwind

    The fiscal 2027 budget request could expand funding for programs the company supports, if Congress adopts it 2.

  • Budget interruptionsheadwind

    The federal government has gone through shutdowns and temporary funding, and continuing resolutions can delay new program starts and contract awards 12.

  • Contract transfers and divestituresmixed

    The transfer of contracts to unconsolidated joint ventures and the sale of Rapid Solutions reduced reported revenues, even as margins improved 23.

Competitive position

The company describes the government services market as highly competitive, with contracts awarded through rigorous processes that often emphasize price 1. Competition could reduce market share if the company fails to differentiate itself 1.

The company's stated advantage lies in its scale, its predecessors' experience spanning more than a century, and long-standing relationships with defense, energy and space clients 1. The filings do not explicitly name competitors.

  • Jacobs SolutionsJ

    The parent company from which the Critical Mission Solutions division was spun off and merged into Amentum 1.

  • Federal engineering services contractors

    A group of large providers with diversified portfolios that compete for competitive government contracts 1.

  • Government IT and cybersecurity providers

    Companies competing in digital and cybersecurity, relevant to the DS segment 2.

  • Energy and environmental services providers

    Companies active in environmental remediation and nuclear projects, areas where the GES segment operates 2.

News & filings

In the press

The latest news item in our archive is from 22 Sept 2026; the newest SEC filing is from 02 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-10-03 · SEC / Amentum Holdings, Inc. · 25 Nov 2025
  2. [2] Form 10-Q, quarter ended 2026-07-03 · SEC / Amentum Holdings, Inc. · 11 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Amentum Holdings, Inc. · 10 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

Amentum Holdings, Inc. (AMTM): stock, results, valuation and forecast · olivLaw