Leidos vs Science Applications Intl
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The short version
- Leidos is the larger business, with $17.2B of revenue in fiscal 2025 against $7.3B for Science Applications Intl, about 2.4 times as much.
- Leidos grew revenue faster (3.1%, against −2.9%).
- Leidos kept more of each dollar of sales as operating profit (12.3% operating margin, against 7.2%).
- Leidos turned more of its sales into free cash flow (9.5% FCF margin, against 8.0%).
- Leidos earned a higher return on the capital invested in it (19.3%, against 12.8%).
- Investors pay more for each dollar of Science Applications Intl’s earnings: a P/E of 17.0x against 12.7x for Leidos.
| Latest fiscal year | LDOS · FY25 | SAIC · FY26 |
|---|---|---|
| Size | ||
| Market cap | $17.1B | $6.2B |
| Revenue | $17.2B | $7.3B |
| Free cash flow | $1.6B | $577M |
| Net income | $1.4B | $358M |
| Growth | ||
| Revenue growth | 3.1% | −2.9% |
| 5-year growth | 6.9% | 0.6% |
| Share count change | −4.4% | −7.9% |
| Profitability | ||
| Gross margin | 18.0% | 12.0% |
| Operating margin | 12.3% | 7.2% |
| Net margin | 8.4% | 4.9% |
| FCF margin | 9.5% | 8.0% |
| Return on capital | 19.3% | 12.8% |
| Return on equity | 31.1% | 23.3% |
| Balance sheet | ||
| Net debt | $3.5B | $2.3B |
| Net debt / EBITDA | 1.5x | 4.2x |
| Dividends and buybacks | $611M | $515M |
| Valuation & quality | ||
| P/E | 12.7x | 17.0x |
| Piotroski F-score | 9 | 7 |
Revenue
FY17
LDOS $10.2B
SAIC $4.4B
FY18
LDOS $10.2B
SAIC $4.5B
FY19
LDOS $11.1B
SAIC $4.7B
FY20
LDOS $12.3B
SAIC $6.4B
FY21
LDOS $13.7B
SAIC $7.1B
FY22
LDOS $14.4B
SAIC $7.4B
FY23
LDOS $15.4B
SAIC $7.7B
FY24
LDOS $16.7B
SAIC $7.4B
FY25
LDOS $17.2B
SAIC $7.5B
FY26
LDOS —
SAIC $7.3B
LDOS
SAIC
Operating margin
FY17
LDOS 5.5%
SAIC 5.9%
FY18
LDOS 7.4%
SAIC 5.8%
FY19
LDOS 8.2%
SAIC 4.7%
FY20
LDOS 8.1%
SAIC 5.8%
FY21
LDOS 8.4%
SAIC 5.5%
FY22
LDOS 7.6%
SAIC 6.3%
FY23
LDOS 4.0%
SAIC 6.5%
FY24
LDOS 11.0%
SAIC 10.0%
FY25
LDOS 12.3%
SAIC 7.5%
FY26
LDOS —
SAIC 7.2%
LDOS
SAIC
Free cash flow
FY17
LDOS $445M
SAIC $258M
FY18
LDOS $695M
SAIC $195M
FY19
LDOS $871M
SAIC $156M
FY20
LDOS $1.2B
SAIC $437M
FY21
LDOS $929M
SAIC $709M
FY22
LDOS $863M
SAIC $482M
FY23
LDOS $980M
SAIC $507M
FY24
LDOS $1.3B
SAIC $369M
FY25
LDOS $1.6B
SAIC $458M
FY26
LDOS —
SAIC $577M
LDOS
SAIC
Return on capital
FY17
LDOS 8.5%
SAIC 14.5%
FY18
LDOS 11.7%
SAIC 17.9%
FY19
LDOS 11.9%
SAIC 7.8%
FY20
LDOS 11.6%
SAIC 9.1%
FY21
LDOS 10.7%
SAIC 8.6%
FY22
LDOS 9.3%
SAIC 9.1%
FY23
LDOS 3.6%
SAIC 10.1%
FY24
LDOS 16.8%
SAIC 14.7%
FY25
LDOS 19.3%
SAIC 12.7%
FY26
LDOS —
SAIC 12.8%
LDOS
SAIC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.