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Leidos

LDOS NYSE Diversified Support Services Financials FY2016–FY2025

Leidos' revenue rose 3.1% to $17.2 billion in fiscal 2025. Its operating margin was 12.3%, up from 11.0% a year earlier. Free cash flow was $1.6 billion, up 26.4%. It paid out $611 million in dividends and buybacks, 38% of free cash flow. The diluted share count fell 4.4%.

Last close · Oct 23, 2026

$136.08

1.0%
Value it Compare
Revenue Total sales reported in the income statement.
$17.2B
3.1% vs prior year
Operating margin Operating income as a share of revenue.
12.3%
1.3 pts
Net income Profit after all expenses, interest and tax.
$1.4B
15.5%
Free cash flow Cash from operations minus capital spending.
$1.6B
26.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
19.3%
2.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$17.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
12.7x
On $10.71 EPS (TTM)

What Leidos does

Leidos provides science, engineering and technology services and solutions, mostly to the U.S. government. Its customers include the Department of War, the intelligence community, the Department of Homeland Security, the Federal Aviation Administration and the Department of Veterans Affairs, plus state and foreign governments and some commercial businesses. It is based in Reston, Virginia, and has about 47,000 employees.

It reports four segments. In fiscal 2025, National Security & Digital was 44% of revenue, Health & Civil 30%, Commercial & International 13% and Defense Systems 13%. In that year Leidos got 87% of its revenue from U.S. government contracts, as a prime contractor or as a subcontractor to others.

It says it is focused on five areas for growth: space and maritime, energy infrastructure, digital modernization and cyber, mission software, and managed health services. Leidos describes its competition as intense and says winning contracts is a competitive process.

Legal name
Leidos Holdings, Inc.
Fiscal year ends
January 2, 2026
Latest annual report
10-K · Feb 17, 2026
Accession · CIK
0001336920-26-000030
0001336920

Revenue and margins

Leidos had $17.2B of revenue in fiscal 2025, up 3.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 18.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.6B in fiscal 2025, 9.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Leidos returned $611M to shareholders in fiscal 2025, 38% of free cash flow. The diluted share count fell 4.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Leidos 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 −$3.5B and divides by 130.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 12.7x · peers 21.5x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Leidos can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $727M$516M$641M$849M$1.1B
Debt incl. finance leases $5.2B$5.6B$4.7B$4.7B$4.6B
Net debt / EBITDA 3.0x3.6x4.3x1.8x1.5x
Debt / equity 1.2x1.3x1.1x1.1x1.0x
Interest coverage 6.2x5.6x3.0x8.1x9.6x
Current ratio 1.1x0.9x1.3x1.2x1.7x
Quick ratio 1.0x0.9x1.2x1.1x1.6x
Total assets $13.3B$13.1B$12.7B$13.0B$13.5B
Total liabilities $8.9B$8.7B$8.4B$8.6B$8.5B
Shareholders' equity $4.3B$4.3B$4.2B$4.4B$4.9B
Net debt (− = net cash) $4.5B$5.1B$4.1B$3.8B$3.5B

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

$0.0M

0 insiders

Sold, 12 months

$3.2M

3 insiders

Of sales under plans

45%

$1.4M

DateInsiderTradeSharesPriceValueFiling
Sep 1, 2026 Gary Stephen MayDirector Sold 1,000 $140.85 $0.1M Form 4
Aug 11, 2026 Noel B GeerDirector Sold 10,000 $140.66 $1.4M Form 4
May 7, 2026 Gary Stephen MayDirector Sold 1,484 $132.75 $0.2M Form 4
Apr 7, 2026 Elizabeth A PorterSector President Sold plan 2,000 $158.77 $0.3M Form 4
Jan 20, 2026 Elizabeth A PorterSector President Sold plan 3,000 $192.21 $0.6M Form 4
Dec 19, 2025 Elizabeth A PorterSector President Sold plan 3,000 $181.04 $0.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
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 8 / 98 / 99 / 9
Accruals ratio −7.7%−1.4%−2.3%
Altman Z'' 1.992.743.75

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Leidos LDOS $17.1B 3.1% 12.3% 9.5% 19.3% 12.7x 9
Cintas CTAS $90.6B 8.9% 23.1% 16.7% 31.7% 44.2x 8 Compare →
CACI International CACI $14.1B 10.9% 9.6% 8.2% 8.8% 26.0x 5 Compare →
KBR KBR $5.0B 1.0% 10.0% 6.6% 15.8% 11.8x 7 Compare →
Science Applications Intl SAIC $6.2B −2.9% 7.2% 8.0% 12.8% 17.0x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $7.0B $10.2B $10.2B $11.1B $12.3B $13.7B $14.4B $15.4B $16.7B $17.2B
Gross profit $940M $1.4B $1.5B $1.5B $1.7B $2.0B $2.1B $2.2B $2.8B $3.1B
Research and development $44.0M $42.0M $46.0M $49.0M $73.0M $109M $116M $128M $150M $187M
Operating income $417M $559M $749M $912M $998M $1.2B $1.1B $621M $1.8B $2.1B
Interest expense $96.0M $148M $145M $147M $182M $185M $195M $207M $226M $220M
Pretax income $318M $393M $610M $866M $781M $967M $886M $403M $1.6B $1.9B
Income tax $72.0M $29.0M $28.0M $196M $152M $208M $193M $195M $388M $447M
Net income $244M $366M $581M $667M $628M $753M $685M $199M $1.3B $1.4B
Diluted EPS $2.35 $2.38 $3.80 $4.60 $4.36 $5.27 $4.96 $1.44 $9.22 $11.14
Diluted shares 0.10B 0.15B 0.15B 0.15B 0.14B 0.14B 0.14B 0.14B 0.14B 0.13B
Cash flow
Cash from operations $449M $526M $768M $992M $1.3B $1.0B $992M $1.2B $1.4B $1.8B
Capital expenditure $29.0M $81.0M $73.0M $121M $183M $104M $129M $207M $149M $125M
Free cash flow $420M $445M $695M $871M $1.2B $929M $863M $980M $1.3B $1.6B
Depreciation and amortization $122M $336M $257M $234M $282M $325M $333M $331M $290M $290M
Stock-based compensation $35.0M $43.0M $44.0M $52.0M $62.0M $67.0M $73.0M $77.0M $85.0M $95.0M
Acquisitions $25.0M $0.0M $81.0M $94.0M $2.7B $622M $192M $6.0M $0.0M $293M
Share buybacks $0.0M $0.0M $167M $25.0M $67.0M $237M $0.0M $225M $850M $400M
Dividends paid $993M $0.0M $0.0M $198M $196M $199M $199M $201M $208M $211M
Dividends and buybacks $993M $0.0M $167M $223M $263M $436M $199M $426M $1.1B $611M
Balance sheet
Cash and short-term investments $376M $390M $327M $668M $524M $727M $516M $641M $849M $1.1B
Total debt $3.3B $3.1B $3.1B $3.0B $4.7B $5.2B $5.6B $4.7B $4.7B $4.6B
Finance lease liabilities $0.0M $0.0M $0.0M $7.0M $11.0M $52.0M $44.0M $91.0M $73.0M $54.0M
Current assets $2.4B $2.7B $2.8B $2.8B $3.3B $3.6B $3.6B $4.0B $4.3B $4.8B
Current liabilities $2.0B $2.2B $2.1B $2.3B $2.9B $3.2B $3.9B $3.0B $3.6B $2.8B
Inventory $67.0M $76.0M $0.0M $72.0M $276M $274M $287M $310M $315M $342M
Property and equipment, net $259M $232M $237M $287M $604M $670M $847M $961M $991M $961M
Total assets $9.1B $9.0B $8.8B $9.4B $12.5B $13.3B $13.1B $12.7B $13.0B $13.5B
Total liabilities $6.0B $5.6B $5.5B $6.0B $8.6B $8.9B $8.7B $8.4B $8.6B $8.5B
Shareholders' equity $3.1B $3.4B $3.3B $3.4B $3.9B $4.3B $4.3B $4.2B $4.4B $4.9B
Margins
Gross margin 13.4% 14.1% 14.8% 14.0% 14.1% 14.7% 14.5% 14.5% 16.8% 18.0%
Operating margin 5.9% 5.5% 7.4% 8.2% 8.1% 8.4% 7.6% 4.0% 11.0% 12.3%
EBITDA margin 7.7% 8.8% 9.9% 10.3% 10.4% 10.8% 9.9% 6.2% 12.7% 14.0%
Net margin 3.5% 3.6% 5.7% 6.0% 5.1% 5.5% 4.8% 1.3% 7.5% 8.4%
FCF margin 6.0% 4.4% 6.8% 7.9% 9.4% 6.8% 6.0% 6.4% 7.7% 9.5%
Returns
Return on capital 8.5% 8.5% 11.7% 11.9% 11.6% 10.7% 9.3% 3.6% 16.8% 19.3%
Return on capital employed 8.8% 8.0% 11.1% 13.3% 12.0% 11.7% 11.4% 6.6% 19.1% 21.0%
Return on equity 11.6% 11.3% 17.4% 19.9% 17.3% 18.5% 16.0% 4.7% 29.1% 31.1%
Return on assets 3.9% 4.0% 6.5% 7.4% 5.7% 5.8% 5.2% 1.5% 9.8% 10.9%
Growth
Revenue growth 49.5% 44.4% 0.2% 8.8% 10.8% 11.7% 4.8% 7.2% 7.9% 3.1%
Net income growth 0.8% 50.0% 58.7% 14.8% −5.9% 19.9% −9.0% −71.0% 530.2% 15.5%
EPS growth −28.1% 1.3% 59.7% 21.1% −5.2% 20.9% −5.9% −71.0% 540.3% 20.8%
FCF growth 18.3% 6.0% 56.2% 25.3% 32.2% −19.3% −7.1% 13.6% 31.2% 26.4%
Share count change 40.5% 48.1% −0.7% −5.2% −0.7% −0.7% −3.5% 0.0% −1.5% −4.4%
Financial health
Net debt / EBITDA 5.4x 3.0x 2.8x 2.0x 3.3x 3.0x 3.6x 4.3x 1.8x 1.5x
Debt / equity 1.1x 0.9x 0.9x 0.9x 1.2x 1.2x 1.3x 1.1x 1.1x 1.0x
Interest coverage 4.3x 3.8x 5.2x 6.2x 5.5x 6.2x 5.6x 3.0x 8.1x 9.6x
Current ratio 1.2x 1.2x 1.4x 1.2x 1.2x 1.1x 0.9x 1.3x 1.2x 1.7x
Quick ratio 1.2x 1.2x 1.4x 1.2x 1.1x 1.0x 0.9x 1.2x 1.1x 1.6x
Capital allocation
Capex / revenue 0.4% 0.8% 0.7% 1.1% 1.5% 0.8% 0.9% 1.3% 0.9% 0.7%
Stock comp / revenue 0.5% 0.4% 0.4% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.6%
Payouts / FCF 236.4% 0.0% 24.0% 25.6% 22.9% 46.9% 23.1% 43.5% 82.3% 37.6%
Quality scores
Piotroski F-score — 6.0 8.0 7.0 6.0 6.0 4.0 8.0 8.0 9.0
Altman Z'' 1.1 1.4 1.9 1.9 1.6 1.8 1.5 2.0 2.7 3.8
Accruals ratio −3.3% −1.8% −2.1% −3.6% −6.5% −2.2% −2.3% −7.7% −1.4% −2.3%

Source: SEC EDGAR XBRL filings (CIK 0001336920). Data updated October 9, 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.

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