— Know what they know.
/
Not Investment Advice

LDOS

NYSE · USD
Leidos Holdings, Inc.
Technology · Information Technology Services
CEO Thomas A. Bell Employees 47,000 R&D / revenue 0.0%
Last price
$124.85+0.69%last session
Market cap
$15.7B
P/E (TTM)
11.5x
From 52w high
−39.3%
From 52w low
+26.3%
1-year return
−32.1%
RSI 14 · vs SMA200
52.4 · −13.3%
IS score
63.3/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

LDOS   SPY   XLK (sector ETF) · weekly closes
6080100120140Jan 26Apr 26Jul 26Oct 26XLK 129SPY 116LDOS 68

Score DNA

Each bar is a 0-100 score within the scored universe
48
Profitability
43
Growth
75
Value
71
Momentum
80
Risk (safety)
68
Quality
53
Balance sheet
71
Earnings quality

Flags

Strengths
✓ FCF yield 5%+
Warnings
None of the computed warning flags fires for LDOS (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: None, Efficient ScalePiotroski 6 / 9Altman Z 3.0Beta 0.572 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
4 open-market sales, $1.7M
Form 144 notices (12m): 6, $3.2M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−128
79 new holders, 201 closed
776 filers hold 80.0% · 299 added, 305 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+126
721 funds adding shares
595 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
43.2%
20-day avg 50.5%, 50-day avg 52.8%
Latest 7.3 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$17.2B
Revenue growth YoY+3.1%
Gross margin17.7%
Operating income$2.1B
Operating margin12.3%
Net income$1.5B
Net margin8.5%
EPS (diluted)$11.13
Cash flow
Operating cash flow$1.8B
Capital expenditure$125.0M
Free cash flow$1.6B
FCF conversion (FCF / OCF)92.9%
Stock-based compensation$95.0M
FCF less SBC$1.5B
Buybacks$944.0M
Dividends$211.0M
Balance sheet & returns
Cash & short-term investments$1.2B
Total debt$5.3B
Net debt$4.1B
Shareholders' equity$5.0B
Goodwill & intangibles$6.8B
Debt / equity1.24
ROE (TTM)27.6%
ROIC (TTM)14.4%
Operating margin by fiscal year
8.4%FY20217.6%FY20224.0%FY202311.0%FY202412.3%FY2025
Revenue $13.7B (FY2021) to $17.2B (FY2025), a 5.7% CAGR.

Valuation

P/E (TTM)11.5x
EV / EBITDA9.1x
Price / sales0.89x
Price / FCF7.2x
FCF yield13.81%
Buyback yield6.03%
SBC / revenue0.6%
Price / book2.98x
Forward P/E FY202710.1x
Forward multiples divide today's price by Street EPS estimates. Street mean target $146.71 across 7 analysts last quarter is theirs, not ours.

LDOS vs industry median

261 companies in Information Technology Services
Gross margin 17.4% 27.8% Operating margin 11.5% 1.7% Net margin 7.9% -1.0% ROIC 14.4% 7.2%
LDOS (TTM)Industry median Asset turnover 1.13 vs industry 0.83 · financial leverage 2.96

Earnings delivery

Next report 2026-11-03 · consensus EPS $3.04
100%
beat rate, 12 of 12 quarters
+15.1%
median EPS surprise
12
longest beat streak
+24+14+35+16+45+6+19+21+13+6+8+12
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-31 to 2026-08-04. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
LDOS Leidos Holdings, Inc. $15.7B11.5x27.6%7.9%+3.1% −32.1%
CACI CACI International Inc $13.6B25.3x12.8%5.8%+10.9% +18.5%
FIS Fidelity National Informatio $18.6B5.5x22.3%6.8%+20.4% −45.0%
CDW CDW Corporation $18.8B18.0x44.0%4.2%+7.4% +0.0%
IT Gartner, Inc. $13.0B18.4x113.6%16.4%+0.7% −13.1%
BR Broadridge Financial Solutio $19.8B18.1x40.9%17.9%+8.5% —
JKHY Jack Henry & Associates, Inc $10.7B21.9x24.0%17.6%+6.7% —
CTSH Cognizant Technology Solutio $29.7B14.2x14.9%11.6%+5.6% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-10-05Material Agreement; Regulation FD; Exhibits
2026-10-01Officer/Director Change; Exhibits
2026-08-04Earnings Release; Exhibits
2026-05-05Earnings Release; Exhibits
2026-04-15Material Agreement; Regulation FD; Exhibits
2026-03-30Acquisition/Disposition; Regulation FD; Exhibits

Context

Shares outstanding125,492,209
Free float99.3%
Institutional ownership80.0%
Beta0.57
Dividend yield1.38%
Last dividend$0.43 on 2026-09-15
50 / 200-day average$130.73 / $144.32
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (None).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where LDOS sits among 38 scored companies in Information Technology Services (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureLDOSIndustry medianIndustry percentileSector median
P/E (TTM) 11.3x 15.1x
25th		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 0.40 1.40
19th		 1.36
Price / sales 0.9x 1.2x
39th		 3.9x
Price / book 3.0x 2.2x
63rd		 4.4x
Price / tangible book —
Price / free cash flow 7.2x 11.0x
30th		 20.3x
Price / operating cash flow 6.8x 9.6x
36th		 17.9x
Enterprise value $21.5B $6.0B
78th		 $5.5B
EV / sales 1.2x 1.5x
42nd		 4.1x
EV / EBITDA 9.1x 9.3x
47th		 18.9x
EV / EBIT 10.4x 12.3x
38th		 26.7x
EV / free cash flow 9.9x 13.2x
23rd		 21.9x
Earnings yield 8.8% 5.7%
81st		 2.0%
FCF yield 13.8% 8.3%
76th		 3.3%
Operating cash flow yield 14.7% 10.1%
68th		 4.4%
Graham number (per share) $101.08 $55.70
85th		 $28.08

Profitability (TTM)

MeasureLDOSIndustry medianIndustry percentileSector median
Gross margin 17.4% 31.9%
14th		 55.7%
EBITDA margin 13.4% 12.6%
54th		 13.7%
Operating margin 11.5% 8.4%
62nd		 8.2%
EBIT margin 11.7% 8.1%
62nd		 8.6%
Net margin 7.9% 4.9%
62nd		 5.7%
NOPAT margin 10.2% 6.3%
70th		 7.0%
FCF margin 12.3% 10.1%
59th		 15.0%
Operating cash flow margin 13.0% 13.4%
47th		 18.4%
R&D / revenue 0.0% 0.0%
0th		 12.9%
SG&A / revenue 5.6% 17.6%
5th		 25.6%
Stock comp / revenue 0.6% 1.1%
33rd		 4.4%
Effective tax rate 11.3% 22.9%
8th		 21.0%

Returns on capital

MeasureLDOSIndustry medianIndustry percentileSector median
ROE (on average equity) 27.9% 14.0%
76th		 9.4%
ROA 9.5% 4.3%
68th		 4.1%
ROIC 16.1% 7.9%
76th		 9.0%
ROCE 16.6% 11.3%
68th		 8.6%
Return on tangible assets 14.1% 7.9%
70th		 5.9%
Cash ROIC (OCF / invested capital) 20.7% 16.3%
69th		 20.7%
Gross profitability (GP / assets) 19.7% 24.4%
43rd		 30.0%
ROIC, 3-yr average 11.1% 9.4%
58th		 7.4%
ROIC, 5-yr average 10.2% 9.0%
55th		 7.9%
ROE, 5-yr average 19.9% 12.9%
62nd		 6.9%
Incremental ROIC 36.7% 11.4%
63rd		 15.3%

Growth

MeasureLDOSIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 3.4% 7.0%
34th		 14.3%
Revenue growth (QoQ) 3.6% 3.6%
50th		 6.6%
Revenue CAGR, 3 yr 5.9% 6.8%
44th		 9.6%
Revenue CAGR, 5 yr 5.9% 8.0%
27th		 11.5%
Gross profit CAGR, 3 yr 13.6% 6.7%
82nd		 10.9%
Operating income CAGR, 3 yr 21.0% 6.0%
100th		 11.3%
Net income growth (TTM YoY) -1.1% 7.2%
29th		 21.6%
Net income CAGR, 3 yr 25.1% 6.9%
86th		 9.9%
EPS growth (TTM YoY) 1.2% 10.5%
25th		 22.3%
EPS CAGR, 3 yr 28.6% 8.9%
86th		 11.2%
EPS CAGR, 5 yr 16.3% 12.7%
73rd		 12.0%
FCF growth (TTM YoY) 54.3% 13.7%
79th		 24.6%
FCF CAGR, 3 yr 41.7% 8.9%
85th		 19.3%
Operating cash flow CAGR, 3 yr 35.8% 7.3%
90th		 17.9%
Book value CAGR, 3 yr 7.7% 6.9%
53rd		 6.8%
Dividend CAGR, 3 yr 3.9% 3.5%
57th		 3.1%
Sustainable growth rate 23.5% 14.3%
71st		 14.2%

Margin history & stability

MeasureLDOSIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 16.9% 30.8%
15th		 53.2%
Operating margin, 3-yr average 9.7% 9.1%
53rd		 6.6%
Net margin, 3-yr average 6.3% 6.3%
50th		 5.2%
FCF margin, 3-yr average 9.7% 9.7%
50th		 12.7%
Revenue stability (0-1) 0.99 0.88
85th		 0.87
Earnings stability (0-1) 0.45 0.45
53rd		 0.45
Margin stability (0-1) 0.90 0.93
32nd		 0.95

Liquidity (latest quarter)

MeasureLDOSIndustry medianIndustry percentileSector median
Cash & short-term investments $748.0M $330.1M
68th		 $494.1M
Net cash (− = net debt) −$5.8B −$1.0B
8th		 $49.8M
Working capital $2.0B $343.4M
84th		 $391.0M
Current ratio 1.63 1.45
57th		 1.92
Quick ratio 1.60 1.43
57th		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.23 0.35
41st		 0.95
Defensive interval (days) 1,291 days 591 days
78th		 521 days

Leverage & solvency (latest quarter)

MeasureLDOSIndustry medianIndustry percentileSector median
Total debt $6.6B $1.7B
89th		 $349.3M
Debt / equity 1.24 0.94
69th		 0.29
Net debt / equity 1.10 0.73
69th		 −0.13
Debt / assets 42.1% 29.9%
76th		 16.9%
Debt / capital 55.5% 48.4%
69th		 22.3%
Debt / EBITDA 2.78 2.65
53rd		 1.78
Net debt / EBITDA 2.46 1.54
56th		 −0.18
Interest coverage (EBIT / interest) 9.2x 5.7x
66th		 5.8x
Cash interest coverage 10.3x 7.2x
60th		 12.8x
Debt payback (years of OCF) 2.9 yrs 3.0 yrs
48th		 1.6 yrs
Liabilities / assets 65.9% 62.0%
57th		 48.7%
IS credit model rating A- — —
Implied credit spread (bps) 175 275
32nd		 175

Efficiency

MeasureLDOSIndustry medianIndustry percentileSector median
Asset turnover 1.21 0.86
76th		 0.62
Fixed asset turnover 12.68 11.89
59th		 9.25
Inventory turnover 63.6 19.0
90th		 3.8
Receivables turnover 6.0 5.4
62nd		 6.2
Days sales outstanding 61 days 66 days
39th		 59 days
Days inventory outstanding 6 days 19 days
10th		 94 days
Days payables outstanding 52 days 22 days
70th		 46 days
Cash conversion cycle (days) 14 days 41 days
27th		 50 days
Capex / revenue 0.8% 1.7%
17th		 2.3%
Capex / depreciation 0.44 0.49
39th		 0.56
Operating expense ratio 6.8% 22.7%
8th		 44.3%

Cash flow & earnings quality

MeasureLDOSIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.66 1.61
54th		 1.61
FCF / net income 1.56 1.30
64th		 1.33
FCF / operating cash flow 94.0% 88.2%
94th		 88.0%
Capex / operating cash flow 6.0% 11.8%
6th		 12.0%
Accruals ratio -6.3% -5.0%
43rd		 -6.3%
Sloan accruals ratio -0.8% -4.2%
68th		 -1.8%
Earnings quality score (0-1) 0.75 1.00
7th		 0.75

Dividends & buybacks

MeasureLDOSIndustry medianIndustry percentileSector median
Dividend yield 1.4% 0.0%
68th		 0.0%
Dividend per share (TTM) $1.72 $0.00
76th		 $0.00
Payout ratio (dividends / net income) 15.6% 9.3%
52nd		 0.0%
Dividends / FCF 10.0% 0.0%
59th		 0.0%
Dividend growth (YoY) 5.8% 8.0%
31st		 4.1%
Buyback yield 4.6% 4.0%
57th		 1.2%
Shareholder yield (dividends + buybacks) 6.0% 5.9%
51st		 1.7%
Share count change (YoY) -2.3% -2.3%
49th		 0.1%
Buybacks, last 5 years $4.5B $695.1M
84th		 $215.3M

Scores & forensic checks

MeasureLDOSIndustry medianIndustry percentileSector median
IS score 63 50
68th		 56
IS profitability 48 38
62nd		 40
IS growth 43 52
31st		 65
IS value 75 62
70th		 39
IS momentum 71 71
51st		 78
IS risk (safety) 80 65
57th		 100
IS quality 68 62
68th		 67
IS balance sheet 53 49
57th		 72
IS earnings quality 71 66
73rd		 61
IS cash flow 72 62
81st		 66
Piotroski F-score (0-9) 6 6
38th		 6
Altman Z-score 3.0 2.6
57th		 4.0
Beneish M-score −2.69 −2.63
43rd		 −2.58
Ohlson O-score −7.66 −7.37
41st		 −8.00
IS credit score 69 58
68th		 69

Per share

MeasureLDOSIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $10.91 $1.74
86th		 $0.84
Book value per share $41.61 $16.83
81st		 $9.77
Tangible book per share −$25.95 $1.11
19th		 $3.22
Revenue per share $138.85 $41.09
81st		 $13.00
FCF per share $17.03 $4.29
89th		 $1.78
Operating cash flow per share $18.11 $4.97
89th		 $2.40
Cash per share $5.89 $2.99
68th		 $4.50

Size (TTM)

MeasureLDOSIndustry medianIndustry percentileSector median
Market cap $15.7B $4.7B
78th		 $4.7B
Revenue $17.6B $5.4B
78th		 $1.2B
EBITDA $2.4B $585.4M
81st		 $185.8M
Net income $1.4B $230.2M
84th		 $84.9M
Free cash flow $2.2B $370.7M
84th		 $170.6M
Total assets $15.6B $6.7B
78th		 $2.4B
Shareholders' equity $5.3B $1.8B
84th		 $1.1B
Employees 50,000 21,600
70th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-07Kraemer Harry M Jansen Jr
Director
 Award / grant 297——132,108
2026-09-30Kraemer Harry M Jansen Jr
Director
 Award / grant 463——131,811
2026-09-30Shapard Robert S
Director
 Award / grant 6——1,638
2026-09-30Antal Daniel J.
EVP, General Counsel
 Award / grant 5——10,747
2026-09-30Cage Christopher R
Chief Financial Officer
 Award / grant 93——31,933
2026-09-30Stevens Roy E
Sector President
 Award / grant 6——1,812
2026-09-01May Gary Stephen
Director
 Open-market sale 1,000$140.85$140,84510,204
2026-08-11Geer Noel B
Director
 Open-market sale 8,500$140.59$1.2M35,774
2026-08-11Geer Noel B
Director
 Open-market sale 1,500$141.07$211,60534,274
2026-08-04Porter Elizabeth A
Sector President
 Tax withholding 5,092$118.72$604,52244,384
2026-08-04Stevens Roy E
Sector President
 Tax withholding 4,584$118.72$544,21257,637
2026-08-04Cage Christopher R
Chief Financial Officer
 Tax withholding 4,584$118.72$544,21260,245

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired3223,030$1.5M
Open-market saleDisposed412,484$1.7M
Option exerciseDisposed13,345$250,942
Option exerciseAcquired13,345$250,942
Tax withholdingDisposed718,857$2.4M
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 6 notices · 20,484 shares · $3.2M
FiledFilerShares proposedEst. proceeds
2026-09-01May Gary Stephen1,000$140,845
2026-08-11Noel B. Geer10,000$1.4M
2026-05-07May Gary Stephen1,484$197,005
2026-04-07Porter Elizabeth A2,000$317,555
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 0 trades (0 purchases) · Senate 1 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-03-27Alan ArmstrongSenateSale (Full)$15,001 - $50,0002026-07-20
2025-10-07Keith SelfHouseSale$1,001 - $15,0002025-10-16
2025-08-26John FettermanSenatePurchase$1,001 - $15,0002025-09-04
2025-08-26John FettermanSenateSale$1,001 - $15,0002025-09-04
2025-08-26John Karl FettermanSenateSale$1,001 - $15,0002025-09-04
2025-05-13Gerald E. ConnollyHouseSale$1,001 - $15,0002025-05-19
2025-05-12Gerald E. ConnollyHouseSale (Partial)$1,001 - $15,0002025-05-19
2025-02-05Gerald E. ConnollyHouseSale$1,001 - $15,0002025-02-07
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.9,948,879$1.0B7.93%
VANGUARD CAPITAL MANAGEMENT LLC8,214,527$845.8M6.55%
STATE STREET CORP6,277,845$646.4M5.00%
VANGUARD PORTFOLIO MANAGEMENT LLC5,368,745$552.8M4.28%
JPMORGAN CHASE & CO3,688,512$370.5M2.94%
GEODE CAPITAL MANAGEMENT, LLC3,672,030$376.8M2.93%
Invesco Ltd.3,138,201$323.1M2.50%
FIRST TRUST ADVISORS LP2,775,716$285.8M2.21%
DIMENSIONAL FUND ADVISORS LP2,125,135$218.8M1.69%
VAN ECK ASSOCIATES CORP2,018,349$207.8M1.61%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/2,004,766$208.5M1.60%
FMR LLC1,731,409$178.3M1.38%
NORGES BANK1,708,078$175.9M1.36%
GOLDMAN SACHS GROUP INC1,695,872$174.6M1.35%
Boston Partners1,653,154$170.6M1.32%

Institutional ownership by quarter

2023-092026-0680.0%
% of shares held by 13F filers
2023-092026-06776
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3077680.0%79299305201
2026-03-3190480.0%103325340135
2025-12-3195377.5%14633531371
2025-09-3090477.1%15733927273
2025-06-3083278.2%12432426684
2025-03-3180479.2%113292290123
2024-12-3182979.4%16031026094
2024-09-3077980.9%12829224081
2024-06-3073981.2%11927422846
2024-03-3167481.2%10924220953
2023-12-3162881.8%12317723635
2023-09-3054982.7%6718720337

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%9,491,606
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-04-24SCHEDULE 13G/ABlackRock, Inc.6.7%8,587,375
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.02%$483.4M
VSMPX0.02%$483.4M
VTSAX0.02%$483.4M
VTI0.02%$483.4M
VFFSX0.02%$401.6M
VFINX0.02%$401.6M

Share structure

Shares outstanding125,492,209
Float124,554,782
Free float99.3%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$13.7B$14.4B$15.4B$16.7B$17.2B
Cost of revenue$11.7B$12.3B$13.2B$13.9B$14.1B
Gross profit$2.0B$2.1B$2.2B$2.8B$3.0B
R&D$0$0$0$0$0
SG&A$851.0M$951.0M$942.0M$983.0M$934.9M
Operating income$1.2B$1.1B$621.0M$1.8B$2.1B
EBITDA$1.5B$1.4B$946.0M$2.1B$2.4B
Pretax income$967.0M$886.0M$403.0M$1.6B$1.9B
Income tax$208.0M$193.0M$195.0M$388.0M$441.2M
Net income$753.0M$685.0M$199.0M$1.3B$1.5B
EPS, diluted$5.27$4.96$1.44$9.22$11.13
Diluted shares143.0M138.0M138.0M136.0M132.4M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$727.0M$516.0M$777.0M$943.0M$1.2B
Receivables$2.2B$2.4B$2.4B$2.6B$2.7B
Inventory$274.0M$287.0M$310.0M$315.0M$342.0M
Total current assets$3.6B$3.6B$4.0B$4.4B$4.8B
PP&E, net$1.3B$1.4B$1.5B$1.6B$1.5B
Goodwill & intangibles$7.9B$7.6B$6.8B$6.6B$6.8B
Total assets$13.3B$13.1B$12.7B$13.1B$13.5B
Accounts payable$692.0M$733.0M$736.0M$705.0M$627.0M
Total current liabilities$3.2B$3.9B$3.0B$3.7B$2.8B
Long-term debt$4.6B$3.9B$4.7B$4.1B$5.2B
Total liabilities$8.9B$8.7B$8.4B$8.6B$8.5B
Shareholders' equity$4.3B$4.4B$4.3B$4.5B$5.0B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$759.0M$693.0M$208.0M$1.3B$1.4B
Depreciation & amortization$325.0M$333.0M$331.0M$290.0M$290.0M
Stock-based compensation$67.0M$73.0M$77.0M$85.0M$95.0M
Change in working capital−$91.0M$32.0M−$57.0M−$191.0M−$480.0M
Operating cash flow$1.0B$986.0M$1.2B$1.4B$1.8B
Capital expenditure−$104.0M−$129.0M−$207.0M−$149.0M−$125.0M
Free cash flow$927.0M$857.0M$958.0M$1.2B$1.6B
Investing cash flow−$730.0M−$313.0M−$211.0M−$142.0M−$421.0M
Net debt issued / repaid$274.0M−$165.0M−$302.0M−$18.0M−$29.0M
Buybacks−$270.0M−$542.0M−$246.0M−$906.0M−$944.0M
Dividends paid−$199.0M−$199.0M−$201.0M−$208.0M−$211.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin14.7%14.5%14.5%16.8%17.7%
Operating margin8.4%7.6%4.0%11.0%12.3%
Net margin5.5%4.8%1.3%7.5%8.5%
FCF margin6.7%6.0%6.2%7.8%9.5%
ROE18.8%15.9%4.7%28.5%30.6%
ROIC9.8%9.2%3.7%16.3%16.8%
ROA5.9%5.2%1.5%9.6%10.9%
Debt / equity1.321.281.241.111.21
Interest coverage6.3x5.5x2.9x9.5x10.4x
Current ratio1.120.921.341.231.70
Revenue growth+11.7%+4.8%+7.2%+7.9%+3.1%
EPS growth+21.6%−6.4%−70.9%+549.0%+17.5%
P/E at year end15.9x20.4x73.5x15.2x16.7x
EV / EBITDA at year end11.5x13.4x20.1x10.9x12.1x
FCF yield at year end7.73%6.12%6.55%6.83%6.69%
Dividend payout26.4%29.1%101.0%16.6%14.5%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
National Security Solutions———$9.6B$9.9B
Defense Solution Segment$8.0B$8.2B$8.7B$2.0B$2.2B
Civil Segment$3.2B$3.5B$3.7B$5.0B$5.1B
Health Segment$2.5B$2.7B$3.0B——

Revenue by region · FY2025

Non-US$1.4B · 100%

Street estimates by fiscal year

Next report 2026-11-03 · consensus EPS $3.04 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$17.3B$17.2B – $17.3B$11.84$11.57 – $12.031210.5x
2026$17.3B$17.2B – $17.3B$11.83$11.56 – $12.021010.6x
2027$18.3B$18.3B – $18.3B$12.38$12.29 – $12.451010.1x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-04$2.91$3.26+12.0%$4.4B$4.6B+2.7%
2026-05-05$2.90$3.13+7.9%$4.3B$4.4B+2.8%
2026-02-17$2.61$2.76+5.7%$4.3B$4.2B−2.2%
2025-11-04$2.71$3.05+12.5%$4.3B$4.5B+4.5%
2025-08-05$2.66$3.21+20.7%$4.2B$4.3B+0.4%
2025-05-06$2.50$2.97+18.8%$4.1B$4.2B+3.7%
2025-02-11$2.24$2.37+5.8%$4.1B$4.4B+5.6%
2024-10-29$2.02$2.93+45.0%$4.1B$4.2B+3.2%
2024-07-30$2.27$2.63+15.9%$4.1B$4.1B+1.7%
2024-04-30$1.70$2.29+34.7%$3.8B$4.0B+4.1%
2024-02-13$1.74$1.99+14.4%$3.8B$4.0B+4.6%
2023-10-31$1.64$2.03+23.8%$3.8B$3.9B+3.9%
2023-08-01$1.57$1.80+14.6%$3.7B$3.8B+3.0%
2023-05-02$1.59$1.47−7.5%$3.7B$3.7B+1.3%
2023-02-14$1.61$1.83+13.7%$3.6B$3.7B+2.0%
2022-11-01$1.56$1.59+1.9%$3.6B$3.6B+1.5%
2022-08-02$1.56$1.59+1.9%$3.5B$3.6B+2.3%
2022-05-03$1.50$1.58+5.3%$3.4B$3.5B+3.3%
2022-02-15$1.60$1.56−2.5%$3.5B$3.5B−0.7%
2021-11-02$1.62$1.80+11.1%$3.6B$3.5B−3.3%
2021-08-03$1.58$1.52−3.8%$3.4B$3.4B+2.2%
2021-05-04$1.48$1.73+16.9%$3.3B$3.3B+2.0%
2021-02-23$1.61$1.63+1.2%$10.9B$3.3B−70.2%
2020-11-02$1.24$1.47+18.5%$2.7B$3.2B+18.5%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.306-220.306-290.207-060.307-130.207-200.207-270.508-030.408-100.208-170.208-240.208-31
Week ofNotionalSharesTrades
2026-08-31$206.1M1,516,36046,929
2026-08-24$177.0M1,282,39542,992
2026-08-17$205.5M1,433,45447,838
2026-08-10$380.0M2,698,72460,989
2026-08-03$472.7M3,649,87788,864
2026-07-27$225.8M1,965,32757,647

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1543.2%
DateShort shareShort volumeTotal volume
2026-10-1543.2%137,779318,755
2026-10-1429.6%89,614302,614
2026-10-1346.7%176,463377,583
2026-10-1238.1%103,717272,113
2026-10-0944.6%176,519396,004
2026-10-0845.1%316,519701,750
2026-10-0736.3%196,717542,654
2026-10-0652.1%250,185480,350
2026-10-0551.5%212,471412,904
2026-10-0256.3%206,741367,179
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.1Jan+0.2Feb-0.7Mar+2.7Apr-0.3May+0.2Jun+0.9Jul+1.7Aug+0.1Sep+3.1Oct+2.5Nov+0.0Dec
MonthAvg returnUp yearsYears
Jan+0.1%55%20
Feb+0.2%45%20
Mar−0.7%50%20
Apr+2.7%63%19
May−0.3%58%19
Jun+0.2%42%19
Jul+0.9%58%19
Aug+1.7%63%19
Sep+0.1%47%19
Oct+3.1%65%20
Nov+2.5%60%20
Dec+0.0%55%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1452.4
MFI46.2
ADX20.3
Stochastic %K / %D81.0 / 71.2
Williams %R-10.4
CCI81
TSI / signal-12.4 / -17.5
Chaikin money flow-0.09
ATR$3.67
Bollinger width10.4%
Volume vs 20-day avg0.71x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$121.58 (+2.7%)
SMA 50$130.44 (−4.3%)
SMA 200$143.96 (−13.3%)
EMA 21$122.82 (+1.7%)
EMA 50$125.13 (−0.2%)
EMA 200$138.58 (−9.9%)
Bollinger upper$127.93 (−2.4%)
Bollinger lower$115.22 (+8.4%)
Parabolic SAR$114.17 (+9.4%)
Open the live chart, 110+ indicators

About Leidos Holdings, Inc.

Leidos Holdings, Inc., along with its various subsidiaries, delivers a broad spectrum of services and innovative solutions across key markets: defense, intelligence, civil government, and health. The company operates both domestically within the United States and on an international scale. Its operations are organized into three principal divisions: Defense Solutions, Civil, and Health. The Defense Solutions segment is dedicated to providing national security systems and specialized support spanning air, land, sea, space, and cyberspace domains. Its extensive client base includes the U.S. Intelligence Community, the Department of Defense, NASA, various military branches, allied foreign governments, and other federal and commercial entities within the national security sector. This division's offerings encompass advanced technology, large-scale systems integration, command and control platforms, sophisticated data analytics, logistics, robust cybersecurity defenses, and crucial intelligence analysis and operational support for critical missions. The Civil segment offers systems integration capabilities primarily to air navigation service providers, such as the Federal Aviation Administration (FAA). This involves critical programs like En Route Automation Modernization (ERAM), Advanced Technology Oceanic Procedure (ATOP), Time Based Flow Management (TBFM), Terminal Flight Data Management (TFDM), GEO-7, and Future Flight Services, as well as developing enterprise-wide information display systems. Additionally, this segment provides security detection and automation services. Its portfolio further extends to comprehensive information technology (IT) solutions, covering areas like cloud computing, mobility, application modernization, DevOps, data center operations, network upgrades, asset management, help desk support, and digital workplace enablement. Environmental, energy, and infrastructure services also fall under this division. Finally, the Health segment furnishes solutions to both federal and commercial clients globally, focusing on initiatives that promote human health and well-being. This includes services such as health information management, managed healthcare programs, digital transformation projects, and support for life sciences research and development. Leidos Holdings, Inc. was established in 1969 and is based out of Reston, Virginia.

https://www.leidos.com

Key executives

NameTitlePayBorn
Thomas A. BellChief Executive Officer & Director$4.6M1961
Christopher R. CageExecutive Vice President & Chief Financial Officer$2.1M1972
Daniel J. AntalExecutive Vice President & General Counsel$1.6M1972
Leslie K. FautschChief Human Resources Officer$1.6M1973
Cynthia A. GruensfelderPresident of Defense Sector$1.6M1966
Kimberly S. RupertSenior Vice President & Chief Risk Officer——
Rick ReynoldsSenior Vice President of Business Development - Defense Solutions Group——
Stephen VatherSenior Vice President of Investor Relations——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Thomas A. Bell Chief Executive Officer2025$1.4M$8.3M$3.1M$14.7M
Christopher R. Cage Chief Financial Officer2025$805,192$2.7M$1.2M$5.2M
Cynthia A. Gruensfelder President, Defense Sector2025$627,115$2.4M$860,895$4.2M
Daniel J. Antal General Counsel2025$620,192$2.2M$957,688$4.1M
Leslie K. Fautsch Chief Human Resources Officer2025$616,154$2.2M$950,026$4.1M

Employees

32k201834k202039k202143k202145k202247k202348k202547k2026

Dividends

Ex-dateAmountPaid
2026-09-15$0.432026-09-30
2026-06-15$0.432026-06-30
2026-03-16$0.432026-03-31
2025-12-15$0.432025-12-31
2025-09-15$0.42025-09-30
2025-06-16$0.42025-06-30
2025-03-14$0.42025-03-28
2024-12-16$0.42024-12-31

Moat model

None · Efficient Scale · 2026-07-03
Cost advantage30
Intangibles31
Switching costs12
Network effect55
Efficient scale90
Our component scores (0-100) and overall 38.5; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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