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Parsons

PSN NYSE Aerospace & Defense Financials FY2017–FY2025

Parsons' revenue fell 5.7% to $6.4 billion in fiscal 2025. Its operating margin was 6.6%, up from 6.3% a year earlier. Free cash flow was $410 million, down 13.5%. It paid out $125 million in dividends and buybacks, 30% of free cash flow. The diluted share count fell 2.2%.

Last close · Oct 23, 2026

$49.04

2.6%
Value it Compare
Revenue Total sales reported in the income statement.
$6.4B
5.7% vs prior year
Operating margin Operating income as a share of revenue.
6.6%
0.2 pts
Net income Profit after all expenses, interest and tax.
$241M
2.6%
Free cash flow Cash from operations minus capital spending.
$410M
13.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.8%
1.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$5.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
23.5x
On $2.09 EPS (TTM)

What Parsons does

No business description yet.

Legal name
Parsons Corporation
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-045495
0000275880

Revenue and margins

Parsons had $6.4B of revenue in fiscal 2025, down 5.7% 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 2017 to 2025, diluted EPS grew 8.3% 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 $410M in fiscal 2025, 6.5% 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

Parsons returned $125M to shareholders in fiscal 2025, 30% of free cash flow. The diluted share count fell 2.2%.

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

Value Parsons 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 −$781M and divides by 109.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 23.5x · peers 40.1x · sector 26.0x.

Balance sheet

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

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $343M$263M$273M$454M$466M
Debt incl. finance leases $596M$748M$754M$1.3B$1.2B
Net debt / EBITDA 0.9x1.6x1.2x1.5x1.5x
Debt / equity 0.3x0.4x0.3x0.5x0.5x
Interest coverage 7.5x8.0x9.2x8.3x8.2x
Current ratio 1.6x1.6x1.5x1.3x1.8x
Quick ratio 1.6x1.6x1.5x1.3x1.8x
Total assets $3.8B$4.2B$4.8B$5.5B$5.8B
Total liabilities $1.9B$2.1B$2.4B$3.0B$3.0B
Shareholders' equity $1.9B$2.0B$2.3B$2.4B$2.6B
Net debt (− = net cash) $254M$485M$481M$804M$781M

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

$3.1M

4 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 7, 2026 George L. BallDirector Bought 20,000 $47.97 $1.0M Form 4
May 13, 2026 George L. BallDirector Bought 10,000 $50.00 $0.5M Form 4
May 12, 2026 Mark Keith HoldsworthDirector Bought 10,000 $51.27 $0.5M Form 4
May 11, 2026 Harry T. McMahonDirector Bought 10,000 $49.14 $0.5M Form 4
May 8, 2026 Carey A. SmithPresident & CEO, Director Bought 12,500 $49.97 $0.6M 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 6 / 96 / 97 / 9
Accruals ratio −5.5%−5.6%−4.2%
Altman Z'' 2.562.333.14

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
Parsons PSN $5.3B −5.7% 6.6% 6.5% 9.8% 23.5x 7
StandardAero SARO $7.2B 15.8% 9.1% 3.9% 8.9% 22.5x 8 Compare →
Elbit Systems ESLT $34.5B 16.3% 8.5% 7.0% 18.0% — 8 Compare →
Howmet Aerospace HWM $74.7B 11.1% 24.8% 17.3% 22.4% 40.1x 7 Compare →
ATI ATI $21.7B 5.2% 14.0% 7.3% 16.7% 46.0x 9 Compare →

9 years of figures

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

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.0B $3.6B $4.0B $3.9B $3.7B $4.2B $5.4B $6.8B $6.4B
Gross profit $617M $766M $832M $877M $853M $947M $1.2B $1.4B $1.4B
Operating income $151M $205M $92.1M $178M $132M $186M $288M $428M $418M
Interest expense $15.8M $20.8M $23.7M $21.0M $17.7M $23.2M $31.5M $51.6M $51.3M
Pretax income $133M $260M $67.2M $161M $113M $166M $264M $368M $383M
Income tax $21.5M $20.4M −$69.9M $42.5M $23.6M $39.7M $56.1M $77.0M $73.6M
Net income $97.3M $222M $121M $98.5M $64.1M $96.7M $161M $235M $241M
Diluted EPS $1.16 $2.78 $1.30 $0.97 $0.59 $0.87 $1.42 $2.12 $2.20
Diluted shares 0.08B 0.08B 0.09B 0.10B 0.11B 0.11B 0.12B 0.11B 0.11B
Cash flow
Cash from operations $265M $285M $220M $289M $206M $238M $408M $524M $478M
Capital expenditure $27.9M $29.3M $67.6M $34.0M $21.1M $30.6M $40.4M $49.2M $68.0M
Free cash flow $237M $255M $153M $255M $184M $207M $367M $474M $410M
Depreciation and amortization $35.2M $69.9M $126M $128M $144M $121M $120M $99.3M $117M
Stock-based compensation $0.0M $0.0M $8.3M $15.2M $20.2M $23.0M $34.4M $56.1M $43.2M
Acquisitions $25.7M $481M $495M $303M $198M $380M $222M $429M $145M
Share buybacks $0.0M $0.0M $6.3M $0.0M $21.7M $22.0M $11.0M $25.0M $125M
Dividends paid $0.0M $0.0M $52.1M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $58.4M $0.0M $21.7M $22.0M $11.0M $25.0M $125M
Balance sheet
Cash and short-term investments $446M $280M $183M $484M $343M $263M $273M $454M $466M
Total debt — $429M $249M $540M $592M $744M $746M $1.2B $1.2B
Finance lease liabilities $0.0M $0.0M $2.3M $3.2M $4.2M $4.0M $7.8M $10.1M $9.4M
Current assets — $1.5B $1.5B $1.8B $1.6B $1.7B $2.1B $2.5B $2.7B
Current liabilities — $1.0B $1.1B $1.2B $1.0B $1.1B $1.4B $1.9B $1.5B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $87.6M $91.8M $123M $121M $104M $96.0M $99.0M $112M $151M
Total assets — $2.6B $3.5B $3.9B $3.8B $4.2B $4.8B $5.5B $5.8B
Total liabilities — $1.7B $1.8B $2.1B $1.9B $2.1B $2.4B $3.0B $3.0B
Shareholders' equity −$1.0B −$968M $1.6B $1.8B $1.9B $2.0B $2.3B $2.4B $2.6B
Margins
Gross margin 20.5% 21.5% 21.0% 22.4% 23.3% 22.6% 22.2% 20.8% 22.5%
Operating margin 5.0% 5.8% 2.3% 4.5% 3.6% 4.4% 5.3% 6.3% 6.6%
EBITDA margin 6.2% 7.7% 5.5% 7.8% 7.6% 7.3% 7.5% 7.8% 8.4%
Net margin 3.2% 6.2% 3.1% 2.5% 1.8% 2.3% 3.0% 3.5% 3.8%
FCF margin 7.9% 7.2% 3.9% 6.5% 5.0% 4.9% 6.8% 7.0% 6.5%
Returns
Return on capital — — 19.2% 7.2% 5.1% 5.9% 8.4% 10.9% 9.8%
Return on capital employed — — 4.7% 7.0% 4.8% 6.3% 8.9% 12.3% 10.7%
Return on equity — — 36.4% 5.7% 3.5% 4.9% 7.4% 10.0% 9.5%
Return on assets — — 4.0% 2.7% 1.7% 2.4% 3.6% 4.6% 4.3%
Growth
Revenue growth — 18.0% 11.1% −0.9% −6.6% 14.6% 29.7% 24.0% −5.7%
Net income growth — 128.5% −45.8% −18.3% −35.0% 50.9% 66.7% 45.9% 2.6%
EPS growth — 139.7% −53.2% −25.4% −39.2% 47.5% 63.2% 49.3% 3.8%
FCF growth — 7.7% −40.2% 67.1% −27.7% 12.2% 77.5% 29.2% −13.5%
Share count change — −4.3% 15.9% 9.1% 10.8% 1.2% 1.4% −2.5% −2.2%
Financial health
Net debt / EBITDA — 0.5x 0.3x 0.2x 0.9x 1.6x 1.2x 1.5x 1.5x
Debt / equity — — 0.2x 0.3x 0.3x 0.4x 0.3x 0.5x 0.5x
Interest coverage 9.5x 9.8x 3.9x 8.5x 7.5x 8.0x 9.2x 8.3x 8.2x
Current ratio — 1.5x 1.3x 1.6x 1.6x 1.6x 1.5x 1.3x 1.8x
Quick ratio — 1.5x 1.3x 1.6x 1.6x 1.6x 1.5x 1.3x 1.8x
Capital allocation
Capex / revenue 0.9% 0.8% 1.7% 0.9% 0.6% 0.7% 0.7% 0.7% 1.1%
Stock comp / revenue 0.0% 0.0% 0.2% 0.4% 0.6% 0.6% 0.6% 0.8% 0.7%
Payouts / FCF 0.0% 0.0% 38.2% 0.0% 11.8% 10.6% 3.0% 5.3% 30.5%
Quality scores
Piotroski F-score — — — 5.0 5.0 5.0 6.0 6.0 7.0
Altman Z'' — 1.2 1.7 2.2 2.3 2.3 2.6 2.3 3.1
Accruals ratio — — −3.3% −5.2% −3.6% −3.5% −5.5% −5.6% −4.2%

Source: SEC EDGAR XBRL filings (CIK 0000275880). Data updated October 17, 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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