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Leidos Holdings, Inc.

LDOS Technology Information Technology Services

Leidos Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $17.2 billion, up 3.07% from fiscal 2024.

Revenue
+3.60%
EPS
+16.1%
Free cash flow
−30.0%
Total debt
+29.6%

Quarter to September 2026, against a year earlier

135.17 0.51 −0.38%
Market cap
$16.6B
P/E
12.0×
Fwd P/E
13.1×
Dividend yield
1.27%
F-score
7/9
Altman Z
4.07
Beneish M
−2.59
Dividend safety
86/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • National Security & Digital
  • Health & Civil
  • Commercial & International
  • Defense Systems

Every year since 2010 →

Insider Decisions last twelve months

Sold, $m 3.18
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 1 — — 1 1 — — 1 1 — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 16,570.00
Revenue ttm 17,795.00
Net income ttm 1,439.00
Free cash flow ttm 1,963.00
Net debt Q 5,397.00
Valuation
P/E 11.95
Forward P/E 13.10
Price / sales 0.94
Forward P/S Powerpack
Price / FCF 8.54
Price / book 3.21
Financial health
Current ratio Q 1.60 (at or above 1.5: strong)
Debt / equity Q 1.15
Interest coverage Q 8.25
Growth
Revenue growth Q +3.60% (above 0%: growing)
Operating income growth Q +3.36% (above 0%: growing)
EPS, this year +4.70%
EPS, next year A −4.94% (below 0%: weak)
Revenue, next year A +6.63%
EPS, past 5 yrs +20.64% (at or above 15%: strong)
EPS, next 5 yrs A +3.25%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.2×, against a ten-year median of 1.3×; over the ten years it ranged from 0.7× in 2016 to 1.7× in 2024.
P/E against its own 10 years 5.87%
10-year low 10-year high
P/S against its own 10 years 34.29%
10-year low 10-year high
P/B against its own 10 years 43.38%
10-year low 10-year high
EV/Sales against its own 10 years 35.61%
10-year low 10-year high
EV/FCF against its own 10 years 10.38%
10-year low 10-year high

Dividends raised 7 years running

Yield
1.27%
Annual rate
1.72
Payout ratio
15.4%
Growth, 2017–25
+3.07%/yr
  1. 1.28 ’17
  2. 1.28 ’18 +0
  3. 1.32 ’19 +3
  4. 1.36 ’20 +3
  5. 1.40 ’21 +3
  6. 1.44 ’22 +3
  7. 1.46 ’23 +1
  8. 1.54 ’24 +5
  9. 1.63 ’25 +6
  10. 1.75 ’26e +7
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 777 849 1,108 630
Receivables 2,429 2,645 2,708 2,944
Inventory 310 315 342 90
Other 489 525 656 1,416
4,005 4,334 4,814 5,080
2023 2024 2025 Q'26
Payables 2,277 2,131 1,988 2,175
ST’ Debt 18 618 20 18
Other — — — 171
2,990 3,560 2,827 3,177

Compound Annual Growth %

10y 5y 3y
Sales 13.81% 6.91% 6.06%
Cash Flow 15.93% 5.58% 20.83%
Earnings 19.59% 18.18% 28.34%
Book Value 16.60% 5.09% 4.46%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.04 Actual 3.62

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.57 2.76 Beat by 0.19
Q1 FY26 2.88 3.13 Beat by 0.25
Q2 FY26 2.90 3.26 Beat by 0.36
Q3 FY26 3.04 3.62 Beat by 0.58
Q4 FY26 2.96 — Reports 16 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.56 2.81 3.30 — —
’25 2.77 3.01 2.82 2.53 11.14
’24 2.07 2.37 2.68 2.12 9.22
’23 1.17 1.50 (2.91) 1.66 1.44
’22 1.25 1.24 1.17 1.28 4.96
’21 1.42 1.18 1.43 1.23 5.27
’20 0.80 1.06 1.13 1.37 4.36
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,400 4,558 4,630 — —
’25 4,245 4,253 4,469 4,207 17,174
’24 3,975 4,132 4,190 4,365 16,662
’23 3,699 3,838 3,921 3,980 15,438
’22 3,494 3,597 3,608 3,697 14,396
’21 3,315 3,448 3,483 3,491 13,737
’20 2,889 2,914 3,242 3,252 12,297
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 301 793 523 — —
’25 58 486 711 495 1,750
’24 113 381 647 294 1,435
’23 (98) 164 795 326 1,187
’22 93 45 729 125 992
’21 239 17 565 212 1,033
’20 372 422 592 (52) 1,334
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 270 765 476 — —
’25 36 457 680 452 1,625
’24 96 360 622 208 1,286
’23 (137) 124 745 248 980
’22 65 30 702 72 869
’21 213 (4) 541 179 929
’20 328 376 572 (113) 1,163
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −1.0% a year for ten years. It grew 14.5% a year over the last ten.

Implied
−1.0%
10 years, reported
14.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 7,043 10,170 10,194 11,094 12,297 13,737 14,396 15,438 16,662 17,174 17,795 +10.4% 18,313 19,051 19,925 +5.1%
Gross margin, % 13.35 14.08 14.75 13.95 14.13 14.66 14.48 14.54 16.79 18.04 17.63 +4.7 pt
EBT 318 393 610 866 781 967 886 403 1,639 1,909 1,791 +22.0%
EBT margin, % 4.52 3.86 5.98 7.81 6.35 7.04 6.15 2.61 9.84 11.12 10.06 +6.6 pt
Net income 246 364 582 670 629 759 693 208 1,251 1,462 1,439 +21.9%
Per share, $
Per share, $ Revenue 69.05 66.91 67.51 77.58 86.60 97.43 105.08 112.69 124.34 134.17 143.51 +7.7%
Earnings 2.39 2.41 3.85 4.66 4.42 5.34 5.00 1.45 9.36 11.31 11.31 +18.9%
Cash flow 4.40 3.46 5.09 6.94 9.39 7.33 7.24 8.66 10.71 13.67 17.03 +13.4%
Capex (0.25) (0.48) (0.48) (0.17) (1.20) (0.74) (0.90) (1.51) (1.11) (0.98) (1.20) +16.1%
Free cash flow 4.15 2.98 4.60 6.76 8.19 6.59 6.34 7.15 9.60 12.70 15.83 +13.2%
Book value 30.85 22.26 21.93 23.90 27.26 30.81 31.77 31.08 33.28 38.77 42.14 +2.6%
Shares, m 102 152 151 143 142 141 137 137 134 128 126 +2.6%
Valuation, ×
Valuation, × P/E 20.88 26.45 13.66 21.10 23.73 16.68 21.03 74.48 15.42 16.02 11.95 24.9
P/S 0.74 0.96 0.78 1.26 1.21 0.91 1.00 0.96 1.16 1.34 0.94 1.0
P/B 1.65 2.88 2.40 4.10 3.86 2.89 3.30 3.47 4.33 4.65 3.21 3.4
EV/Sales 1.15 1.22 1.06 1.47 1.56 1.23 1.30 1.21 1.39 1.55 1.25 1.3
EV/FCF 19.17 27.48 15.48 16.87 16.46 18.17 21.58 19.08 17.98 16.39 11.29 18.9
Cash, $m
Cash, $m Operating cash flow 449 526 768 992 1,334 1,033 992 1,187 1,435 1,750 2,112 +16.3%
Capex (26) (73) (73) (25) (171) (104) (123) (207) (149) (125) (149) +19.1%
Free cash flow 423 453 695 967 1,163 929 869 980 1,286 1,625 1,963 +16.1%
Balance, $m
Balance, $m Working capital 365 472 780 479 432 390 (304) 1,015 774 1,987 1,903 +20.7%
Net debt 2,911 2,721 2,797 2,318 4,220 4,349 4,404 3,905 3,821 3,540 5,397 +2.2%
Shareholders’ equity 3,147 3,383 3,311 3,417 3,871 4,344 4,353 4,258 4,460 4,962 5,225 +5.2%
Returns, %
Returns, % ROA 3.90 4.04 6.54 7.36 5.74 5.84 5.20 1.54 9.76 10.93 9.78 +7.0 pt
ROIC 4.30 5.72 7.66 9.94 7.71 8.28 7.77 4.75 13.79 15.50 12.05 +11.2 pt
ROE 11.58 11.21 17.36 19.83 17.23 18.33 15.75 4.62 28.77 30.74 27.88 +19.2 pt
People
People Employees 32,000 31,000 32,000 34,000 39,000 43,000 45,000 47,000 48,000 47,000 — +4.4%
Revenue/emp, $m 0.22 0.33 0.32 0.33 0.32 0.32 0.32 0.33 0.35 0.37 — +5.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Leidos Holdings is a technology and engineering company serving government agencies and commercial customers. Its work ranges from managing computer networks and analyzing intelligence to providing medical examinations, building defense systems and modernizing electricity infrastructure. Founded in 1969, it is headquartered in Reston, Virginia. Thomas A. Bell is its chief executive officer.

For national security customers, Leidos designs and maintains IT systems, develops mission software, conducts cyber operations and provides intelligence and logistics support. Its health and civil business arranges medical disability and behavioral health examinations, supports healthcare systems, develops air traffic control systems and operates research and energy infrastructure.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
National Security & Digital 7,563 44.04%
Health & Civil 5,053 29.42%
Commercial & International 2,312 13.46%
Defense Systems 2,179 12.69%
Gross margin 18.04%
Operating margin 12.28%
Pre-tax margin 11.12%

Revenue by segment since 2010

Leidos Holdings, Inc. vs peers in Information Technology Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BR Broadridge Financial Solutions, Inc. $21.9B 21.3× 19.4× +4.99% (above 0%: growing) −40.82% (below 0%: shrinking) +500.79% (above 0%: growing) 25.67% 10.40% Compare
WIT Wipro Limited $21.4B 18.2× — +1.02% (above 0%: growing) 0.00% +50.60% (above 0%: growing) 28.84% 16.42% Compare
CDW CDW Corporation $19.8B 18.6× 17.6× +17.73% (above 0%: growing) +11.55% (above 0%: growing) +24.62% (above 0%: growing) 20.51% 7.25% Compare
LDOS Leidos Holdings, Inc. $16.6B 12.0× 13.1× +3.60% (above 0%: growing) +16.05% (above 0%: growing) −30.00% (below 0%: shrinking) 17.71% 11.94%
FIS Fidelity National Information Services, Inc. $15.2B 4.4× 5.8× +27.13% (above 0%: growing) +35.67% (above 0%: growing) −12.92% (below 0%: shrinking) 37.03% 19.11% Compare
CACI CACI International, Inc. $13.4B 24.7× 25.4× +8.17% (above 0%: growing) +4.06% (above 0%: growing) −2.66% (below 0%: shrinking) 35.44% 10.00% Compare
WSE WISE GROUP PLC $13.1B — — — — — — — Compare
JKHY Jack Henry & Associates, Inc. $12.6B 25.9× 21.8× +8.81% (above 0%: growing) −10.29% (below 0%: shrinking) +19.37% (above 0%: growing) 46.40% 29.52% Compare
IT Gartner, Inc. $12.5B 14.1× 16.8× −1.27% (below 0%: shrinking) +615.62% (above 0%: growing) +2.19% (above 0%: growing) 71.22% 18.68% Compare
Median of peers $14.3B 18.6× 18.5× +8.17% +4.06% +19.37% 35.44% 16.42%

All 81 Information Technology Services stocks →

From the latest earnings call

Updated

  • CEO Tom Bell said funded backlog rose year over year, while customers were beginning to make procurement decisions more quickly, although some decisions continued to slip.
  • CFO Chris said changes to the veterans’ disability-exam contract shaped the quarter, while cost controls supported margins but held back growth on cost-plus contracts.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
JPMorgan Oct 17, 2026 Downgrade Hold 160.00 → 142.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 78.35%
Held by the ten largest 40.37%
Holder Shares Stake Change
Vanguard 14.86m 11.84% −131.43k
BlackRock 9.95m 7.93% +451.99k
State Street 6.28m 5.00% +161.41k
JPMorgan Chase 3.83m 3.05% −419.80k
Geode Capital Management 3.67m 2.93% +45.01k
Invesco 3.14m 2.50% +747.04k
First Trust 2.78m 2.21% +1.18m
Dimensional Fund Advisors 2.13m 1.69% +265.52k
VanEck 2.02m 1.61% −277.95k
MFS Investment Management 2.00m 1.60% +172.38k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Leidos Holdings, Inc. (LDOS) Latest News

4 Nov

Impact 3 · · Simply Wall St.
Impact 3 · · MarketBeat

3 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · Zacks
Impact 3 · · Moby
Impact 3 · · InvestorsHub
Impact 3 · · StockStory
Impact 3 · · Associated Press
Impact 3 · · PR Newswire

2 Nov

Impact 3 · · PR Newswire

29 Oct

Impact 3 · · StockStory
Impact 3 · · StockStory

28 Oct

Impact 4 · · PR Newswire
Impact 3 · · ACCESS Newswire

27 Oct

Impact 4 · · NYSE
Impact 4 · · ACCESS Newswire

26 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · NYSE

24 Oct

Impact 3 · · The Motley Fool

22 Oct

Impact 4 · · PR Newswire
Impact 3 · · Zacks

21 Oct

Impact 4 · · PR Newswire
Impact 4 · · ACCESS Newswire

20 Oct

Impact 4 · · ACCESS Newswire
Impact 3 · · Zacks

19 Oct

Impact 3 · · ACCESS Newswire

17 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

LDOS metrics, ten years each

stockrow.com/LDOS · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com