Leidos Holdings, Inc.

Services-Computer Integrated Systems Design

LDOSMixed10 of 11 basics passed

$121.68

+2.06%

Market cap $15.3B

$121.68

+2.06%

Market cap $15.3B

Leidos Holdings Inc is a technology, engineering, and science company that provides services and solutions in the defense, intelligence, civil, and health management, both domestically and internationally. The customers of the company includes the U.S.

It is a $15.3B technology company. Revenue grew 3.4% over the last year, it keeps 8¢ of every dollar of sales as profit, and its net debt equals ~1.6 years of free cash flow. It trades at 11.1× earnings — near the lowest of its own history.

Website: leidos.com
Location: Reston, VA
Employees: 47 000
Sector: Technology

Share price · 3 years

$94.29 → $121.68+29.0%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $17.6B
Profit: keeps 8¢ of every $1 sold; $1.38B
Free cash flow: cash left after running the business; $2.16B
Net debt: debt minus cash on hand; $3.54B
P/E: years of profit in the price; 11.1
EPS: earnings per share, TTM; $10.45
Dividend: pays out 23% of profit · 15% of FCF; 2.10%
Shares: up 8% since 2016 — dilution; 131.6M
Volatility: beta vs the market — under 1 swings less; 0.58

Revenue, last 10 years

52-week range

Low $100.00$121.68High $199.55

Today's price is 22% of the way from the year's low to its high.

P/E vs its history5y

11.1×median 19.4×

Higher than 2% of past days — near the lowest of its own history.

Valuation vs own history

P/E

11.1×

98%

P/S

0.9×

98%

EV/EBITDA

10.1×

98%

P/B

2.9×

95%

FCF yield

14.2%

98%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Insider activity · 90 days

-$1.55Mnet selling

Purchases$0

Sales$1.55M

Insiders trading, last 14d0 buy · 0 sell

Standing in Technology

Size$15.3Btop 67%
Revenue growth+6%top 65%
Net margin8%top 67%
Return on equity27%top 30%
P/E11.1×top 3%
Dividend yield2.10%top 18%

Ranked against 220 Technology companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation and quality; Moat lags behind.

Valuation100

P/E vs own history2th pct · 25/25
FCF yield14.2% · 25/25
P/S0.9x · 25/25
EV/EBITDA8.4x · 25/25

Growth69

Revenue CAGR5.7% · 12/25
Net income CAGR17.8% · 20/25
EPS CAGR ~5Y22.4% · 25/25
Fwd implied growth13.8% · 12/25

Profitability70

ROIC17.1% · 20/25
ROE27.4% · 25/25
Net margin7.8% · 13/25
Operating margin11.4% · 12/25

Health55

Altman Zn/a · 0/25
Current ratio1.63 · 18/25
Interest coverage12.2x · 25/25
Net cash / debtD/A 26% · 12/25

Quality100

Piotroski F9/9 · 25/25
Beneish M-2.54 · 25/25
FCF conversion157% · 25/25
Margin stabilityσ 2.3% · 25/25

Moat43

ROIC >12% years3/10 yrs · 6/25
Median gross margin14.5% · 0/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 1.3% · 12/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$1.45B net income
2020Acquisition
Leidos purchased defense contractor Dynetics for approximately $1.65 billion
FY2017Financial
Revenue crossed $10B
$10.2B for the year
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$7.04B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak
2016Acquisition
Founded as Science Applications International Corporation (SAIC), Leidos merged with Lockheed Martin's IT sector,…
2016Milestone
The deal to merge with the entirety of Lockheed Martin's Information Systems & Global Solutions…
2014Milestone
Gerard Denault, SAIC's CityTime program manager, and his two accomplices within the city's government were…
Oct 17, 2006IPO
SAIC conducted an initial public offering of common stock on October 17, 2006

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$12 861 today — price return only

$17.2B revenue in FY2025

Profitable 10 years in a row

Positive free cash flow 10 years in a row

47 000 employees

ROIC of 17.1%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Interest covered 12.2× by operating earnings
High returns on invested capital (ROIC 17.1%)
Piotroski F-Score 9/9 — fundamentally strong checklist

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

10 of 11 checks passed

Revenue growing — the company sells more than a year ago+3.4% YoY
Profitable — makes more than it spends$1.38B TTM
Profit growing — earnings are higher than last year+97.7% YoY
Generates cash — cash left after running and investing$2.16B TTM
Debt under control — could handle its obligations~1.6y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$15.3B market cap
Not printing shares — share count not ballooning — you keep your slice-21.1% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 43/100
Pays a dividend — returns cash to shareholdersyield 2.10%
Valuation not extreme — price not wildly above earningsP/E 11.1

Peer comparisonLeidos Holdings, Inc. vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
LDOS this company	$15.3B	11.1	+3.4%	7.8%	Mixed
NVDA Nvidia Corp	$5.5T	28.6	+83.4%	63.7%	Mixed
AAPL Apple Inc.	$4.9T	38.1	+14.2%	27.6%	Strong
GOOGL Alphabet Inc.	$4.3T	17.6	+20.1%	54.8%	Mixed
MSFT Microsoft Corp	$4.0T	29.7	+17.8%	40.3%	Strong
SPCX Space Exploration Technologies Corp.	$2.1T	—	+33.2%	-34.0%	Strained
META Meta Platforms, Inc.	$1.8T	26.9	+27.7%	29.8%	Mixed

Head-to-head: LDOS vs NVDA · LDOS vs AAPL · LDOS vs GOOGL

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 8Hold 13

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $17.6B · net income $1.38B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$17.6B

YoY 3.4%

Net income (TTM)

$1.38B

Margin 7.8%

Gross margin

17.8%

Operating margin

11.4%

P/E ratio

11.1

Dividend yield

2.10%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	12.3	13.7	14.4	15.4	16.7	17.2
Gross profit	1.7	2.0	2.1	2.2	2.8	3.1
Operating income (EBIT)	1.0	1.2	1.1	0.6	1.8	2.1
Net income	0.6	0.8	0.7	0.2	1.3	1.4
EPS (diluted)	4.36	5.27	4.00	—	9.00	11.00

Cash flowFree cash flow $2.16B · operating cash flow $2.30B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$2.16B

Margin 12.3%

Operating cash flow (TTM)

$2.30B

FCF margin

12.3%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	1.3	1.0	1.0	1.2	1.4	1.8
Capital expenditure	-0.2	-0.1	-0.1	-0.2	-0.1	-0.1
Free cash flow	1.2	0.9	0.9	1.0	1.2	1.6
FCF margin	9.4%	6.7%	6.0%	6.2%	7.5%	9.5%

Balance sheetAssets $13.5B · net debt $3.54B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $13.5B of assets is financed

63%

37%

Liabilities $8.53B — borrowed moneyEquity $4.92B — owners' stake

Cash vs debt

Total debt $4.65B − cash $1.11B = net debt $3.54B

Cash on hand covers 24% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

12.2x

EBIT ÷ interest expense

ROE

27.4%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.5	0.7	0.5	0.8	0.9	1.1
Total assets	12.5	13.3	13.1	12.7	13.1	13.5
Total liabilities	8.6	8.9	8.7	8.4	8.6	8.5
Total debt	4.7	5.1	4.9	4.7	4.7	4.6
Equity	3.9	4.3	4.3	4.2	4.4	4.9
Net debt	4.2	4.3	4.4	3.9	3.7	3.5

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of LDOS on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $121.68 · market cap $15.3B.