Booz Allen Hamilton
BAH NYSE Research & Consulting Services Financials FY2017–FY2026
Booz Allen Hamilton's revenue fell 6.4% to $11.2 billion in fiscal 2026. Its operating margin was 9.2%, down from 11.4% a year earlier. Free cash flow was $951 million, up 4.4%. It paid out $874 million in dividends and buybacks, 92% of free cash flow. The diluted share count fell 4.6%.
What Booz Allen Hamilton does
Booz Allen Hamilton builds technology and provides technical services, mostly for the U.S. government. Its work covers artificial intelligence, cybersecurity, data, software, cloud systems and defense products such as command and control systems and gear for soldiers. Its customers include all six branches of the U.S. military, intelligence agencies such as the National Security Agency, and many civilian agencies. It also sells cyber products and incident response to businesses.
Booz Allen gets substantially all of its revenue from U.S. government contracts. The Department of Veterans Affairs, its largest civilian customer, provided 10% of revenue in fiscal 2026, the year ended March 31, 2026. About 84% of revenue came from task orders under IDIQ contracts, which are umbrella agreements under which agencies place separate orders. Revenue fell 6% to $11,217 million, which the company ties to slower government buying and funding, including a government shutdown. It competes with software makers, technology firms, defense contractors, other government contractors, systems integrators, small businesses and startups.
Booz Allen runs as a single business with one profit and loss center. As of March 31, 2026, it had about 31,500 employees, and about 77% of them hold security clearances, based on what they report. It works in 23 countries.
- Legal name
- Booz Allen Hamilton Holding Corporation
- Fiscal year ends
- March 31, 2026
- Latest annual report
- 10-K · May 22, 2026
- Accession · CIK
- 0001628280-26-037521
0001443646
Revenue and margins
Booz Allen Hamilton had $11.2B of revenue in fiscal 2026, down 6.4% on the year before.
Net income and earnings per share
From fiscal 2017 to 2026, diluted EPS grew 16.7% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $951M in fiscal 2026, 8.5% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Booz Allen Hamilton returned $874M to shareholders in fiscal 2026, 92% of free cash flow. The diluted share count fell 4.6%.
Value Booz Allen Hamilton yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$3.2B and divides by 122.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 12.2x · peers 22.6x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Booz Allen Hamilton can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $696M | $405M | $554M | $885M | $728M |
| Debt incl. finance leases | $2.8B | $2.8B | $3.4B | $4.0B | $3.9B |
| Net debt / EBITDA | 2.5x | 3.9x | 2.4x | 2.0x | 2.7x |
| Debt / equity | 2.7x | 2.8x | 3.3x | 4.0x | 3.6x |
| Interest coverage | 7.4x | 3.7x | 5.9x | 7.4x | 4.9x |
| Current ratio | 1.6x | 1.2x | 1.6x | 1.8x | 1.8x |
| Quick ratio | 1.6x | 1.2x | 1.6x | 1.8x | 1.8x |
| Total assets | $6.0B | $6.6B | $6.6B | $7.3B | $7.1B |
| Total liabilities | $5.0B | $5.6B | $5.5B | $6.3B | $6.0B |
| Shareholders' equity | $1.0B | $992M | $1.0B | $1.0B | $1.1B |
| Net debt (− = net cash) | $2.1B | $2.4B | $2.9B | $3.1B | $3.2B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$2.0M
1 insider
Sold, 12 months
$0.1M
1 insider
Of sales under plans
0%
$0.0M
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✓ |
| Current ratio rose | ✓ | ✓ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✓ | ✕ |
| F-score | 7 / 9 | 8 / 9 | 5 / 9 |
| Accruals ratio | 5.3% | −1.1% | −2.6% |
| Altman Z'' | 3.48 | 4.11 | 4.03 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Booz Allen Hamilton BAH | $9.4B | −6.4% | 9.2% | 8.5% | 24.2% | 12.2x | 5 | |
| Thomson Reuters TRI | $55.4B | 3.0% | 28.5% | 27.0% | 11.8% | — | 6 | Compare → |
| Equifax EFX | $21.5B | 6.9% | 18.0% | 18.7% | 8.5% | 29.5x | 6 | Compare → |
| TransUnion TRU | $15.8B | 9.4% | 18.7% | 14.5% | 7.1% | 22.6x | 8 | Compare → |
| FTI Consulting FCN | $4.6B | 2.4% | 10.3% | 2.5% | 16.6% | 18.9x | 4 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $5.8B | $6.2B | $6.7B | $7.5B | $7.9B | $8.4B | $9.3B | $10.7B | $12.0B | $11.2B |
| Gross profit | $3.1B | $3.3B | $3.6B | $4.1B | $4.2B | $4.5B | $5.0B | $5.7B | $6.6B | $5.9B |
| Operating income | $506M | $520M | $602M | $669M | $754M | $685M | $447M | $1.0B | $1.4B | $1.0B |
| Interest expense | $62.3M | $82.3M | $89.5M | $97.0M | $81.3M | $92.4M | $120M | $173M | $186M | $212M |
| Pretax income | $426M | $430M | $515M | $579M | $662M | $604M | $368M | $854M | $1.2B | $862M |
| Income tax | $165M | $128M | $96.9M | $96.8M | $53.5M | $138M | $97.0M | $248M | $284M | $11.0M |
| Net income | $261M | $302M | $419M | $483M | $609M | $467M | $272M | $606M | $935M | $851M |
| Diluted EPS | $1.72 | $2.03 | $2.91 | $3.41 | $4.37 | $3.44 | $2.03 | $4.59 | $7.25 | $6.90 |
| Diluted shares | 0.15B | 0.15B | 0.14B | 0.14B | 0.14B | 0.13B | 0.13B | 0.13B | 0.13B | 0.12B |
| Cash flow | ||||||||||
| Cash from operations | $382M | $369M | $500M | $551M | $719M | $737M | $603M | $259M | $1.0B | $1.0B |
| Capital expenditure | $53.9M | $78.4M | $94.7M | $128M | $87.2M | $80.0M | $76.0M | $67.0M | $98.0M | $90.0M |
| Free cash flow | $328M | $291M | $405M | $423M | $631M | $657M | $527M | $192M | $911M | $951M |
| Depreciation and amortization | $59.5M | $64.8M | $68.6M | $81.1M | $84.3M | $146M | $165M | $164M | $165M | $163M |
| Stock-based compensation | $21.2M | $23.3M | $31.3M | $43.3M | $59.8M | $69.8M | $80.0M | $95.0M | $94.0M | $69.0M |
| Acquisitions | $248M | $19.1M | $0.0M | $0.0M | $0.0M | $780M | $440M | $0.0M | $97.0M | $0.0M |
| Share buybacks | $46.5M | $270M | $253M | $182M | $313M | $419M | $224M | $404M | $812M | $598M |
| Dividends paid | $92.9M | $103M | $114M | $147M | $181M | $209M | $236M | $254M | $268M | $276M |
| Dividends and buybacks | $139M | $374M | $367M | $329M | $494M | $628M | $460M | $658M | $1.1B | $874M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $217M | $287M | $284M | $742M | $991M | $696M | $405M | $554M | $885M | $728M |
| Total debt | $1.7B | $1.8B | $1.8B | $2.2B | $2.4B | $2.8B | $2.8B | $3.4B | $4.0B | $3.9B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $1.3B | $1.5B | $1.7B | $2.3B | $2.6B | $2.4B | $2.3B | $2.7B | $3.3B | $3.0B |
| Current liabilities | $1.1B | $1.0B | $1.2B | $1.3B | $1.3B | $1.5B | $1.9B | $1.7B | $1.8B | $1.7B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $139M | $152M | $173M | $208M | $205M | $202M | $195M | $188M | $177M | $171M |
| Total assets | $3.4B | $3.6B | $3.8B | $4.8B | $5.5B | $6.0B | $6.6B | $6.6B | $7.3B | $7.1B |
| Total liabilities | $2.8B | $3.0B | $3.2B | $3.9B | $4.4B | $5.0B | $5.6B | $5.5B | $6.3B | $6.0B |
| Shareholders' equity | $585M | $563M | $675M | $856M | $1.1B | $1.0B | $992M | $1.0B | $1.0B | $1.1B |
| Margins | ||||||||||
| Gross margin | 53.9% | 53.5% | 53.8% | 54.7% | 53.5% | 53.4% | 53.5% | 53.9% | 54.8% | 52.7% |
| Operating margin | 8.7% | 8.4% | 9.0% | 9.0% | 9.6% | 8.2% | 4.8% | 9.5% | 11.4% | 9.2% |
| EBITDA margin | 9.7% | 9.5% | 10.0% | 10.1% | 10.7% | 9.9% | 6.6% | 11.1% | 12.8% | 10.7% |
| Net margin | 4.5% | 4.9% | 6.2% | 6.5% | 7.8% | 5.6% | 2.9% | 5.7% | 7.8% | 7.6% |
| FCF margin | 5.7% | 4.7% | 6.0% | 5.7% | 8.0% | 7.9% | 5.7% | 1.8% | 7.6% | 8.5% |
| Returns | ||||||||||
| Return on capital | 16.1% | 17.7% | 23.1% | 25.0% | 29.3% | 18.9% | 10.1% | 19.7% | 26.2% | 24.2% |
| Return on capital employed | 23.3% | 21.4% | 23.0% | 21.9% | 19.7% | 15.8% | 9.8% | 21.3% | 26.5% | 18.9% |
| Return on equity | 52.5% | 52.6% | 67.6% | 63.0% | 63.2% | 44.1% | 26.7% | 59.4% | 91.2% | 80.7% |
| Return on assets | 8.2% | 8.6% | 11.3% | 11.2% | 11.8% | 8.1% | 4.3% | 9.2% | 13.5% | 11.8% |
| Growth | ||||||||||
| Revenue growth | — | 6.2% | 8.7% | 11.3% | 5.3% | 6.4% | 10.7% | 15.2% | 12.4% | −6.4% |
| Net income growth | −11.3% | 15.7% | 38.7% | 15.3% | 26.2% | −23.4% | −41.7% | 122.8% | 54.3% | −9.0% |
| EPS growth | −11.3% | 18.0% | 43.4% | 17.2% | 28.2% | −21.3% | −41.0% | 126.1% | 58.0% | −4.8% |
| FCF growth | 79.8% | −11.5% | 39.3% | 4.6% | 49.2% | 4.0% | −19.7% | −63.6% | 374.5% | 4.4% |
| Share count change | 0.4% | −1.7% | −3.1% | −1.3% | −1.8% | −2.8% | −1.6% | −1.4% | −1.9% | −4.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.6x | 2.6x | 2.2x | 1.9x | 1.6x | 2.5x | 3.9x | 2.4x | 2.0x | 2.7x |
| Debt / equity | 2.8x | 3.2x | 2.6x | 2.6x | 2.2x | 2.7x | 2.8x | 3.3x | 4.0x | 3.6x |
| Interest coverage | 8.1x | 6.3x | 6.7x | 6.9x | 9.3x | 7.4x | 3.7x | 5.9x | 7.4x | 4.9x |
| Current ratio | 1.2x | 1.5x | 1.4x | 1.8x | 2.0x | 1.6x | 1.2x | 1.6x | 1.8x | 1.8x |
| Quick ratio | 1.2x | 1.5x | 1.4x | 1.8x | 2.0x | 1.6x | 1.2x | 1.6x | 1.8x | 1.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.9% | 1.3% | 1.4% | 1.7% | 1.1% | 1.0% | 0.8% | 0.6% | 0.8% | 0.8% |
| Stock comp / revenue | 0.4% | 0.4% | 0.5% | 0.6% | 0.8% | 0.8% | 0.9% | 0.9% | 0.8% | 0.6% |
| Payouts / FCF | 42.5% | 128.6% | 90.7% | 77.7% | 78.3% | 95.6% | 87.3% | 342.7% | 118.6% | 91.9% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 7.0 | 8.0 | 8.0 | 7.0 | 4.0 | 7.0 | 7.0 | 8.0 | 5.0 |
| Altman Z'' | 2.1 | 2.6 | 3.0 | 3.4 | 3.8 | 3.1 | 2.1 | 3.5 | 4.1 | 4.0 |
| Accruals ratio | −3.8% | −1.9% | −2.2% | −1.6% | −2.1% | −4.7% | −5.3% | 5.3% | −1.1% | −2.6% |
Source: SEC EDGAR XBRL filings (CIK 0001443646). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.