A Business at a Glance
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Leidos Holdings, Inc.
LDOS
$14.6B
Mkt Cap
$112.14
+1.64%
Leidos Holdings, Inc. (LDOS) has a current P/E ratio of 10.1, compared to its historical median P/E of 17.4. The stock is currently considered Fair based on its historical valuation range.
Leidos Holdings, Inc. (LDOS) has a 5-year average return on invested capital (ROIC) of 13.3%. This indicates solid capital allocation.
Leidos Holdings, Inc. (LDOS) has a market capitalization of $14.6B. It is classified as a large-cap stock.
Yes, Leidos Holdings, Inc. (LDOS) pays a dividend with a trailing twelve-month yield of 1.45%. The company also returns capital through share buybacks, with a buyback yield of 2.74%.
Based on historical P/E analysis, Leidos Holdings, Inc. (LDOS) appears fair. The current P/E of 10.1 is 42% below its historical median of 17.4. The estimated fair value CAGR (P/E method) is 10.5%.
Leidos Holdings, Inc. (LDOS) operates in the Services-Computer Integrated Systems Design industry, within the Technology sector.
Leidos Holdings, Inc. (LDOS) reported annual revenue of $17.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Leidos Holdings is a science and engineering-focused defense and government services company headquartered in Reston, Virginia, with approximately 47,000 employees globally, generating 87% of revenues from U.S. government contracts as either prime or subcontractor. The company operates through four reportable segments—National Security & Digital (44% of revenues), Health & Civil (30%), Commercial & International (13%), and Defense Systems (13%)—delivering mission-critical solutions across digital modernization, cyber operations, mission software, managed health services, energy infrastructure, security products, maritime and aerospace systems, and intelligence analysis. Leidos' business model combines high-margin software and services with hardware manufacturing and systems integration, serving diverse federal agencies including the Department of War, Intelligence Community, Department of Homeland Security, FAA, VA, and commercial customers including utilities and airports. The company's competitive advantages include deep technical expertise in classified environments, established customer relationships across multiple agencies, proprietary software platforms (such as MHS Genesis electronic health record), and integrated capabilities spanning hardware, software, and services that enable end-to-end mission solutions. Revenue is diversified across numerous government agencies and programs, with approximately 8% generated internationally, primarily from UK and Australian government customers and commercial markets.
【Strong execution amid government volatility】 Management expects robust order intake and awards acceleration in the second half of 2026 following government shutdown recovery, with a refreshed order pipeline targeting $10 billion post-ENTRUST acquisition. The company anticipates revenue growth building throughout 2026 toward double-digit rates by year-end, driven by ramp of large cyber and IT awards, defense systems programs including maritime autonomy and air defense systems, and energy infrastructure opportunities. Health & Civil is expected to experience modest revenue and margin pressure in 2026 from additional vendor competition on VA work and electronic health record transition, but management projects inflection to growth and margin expansion above 20% beyond 2026 as rural and behavioral health opportunities unlock. Capital expenditures are being tripled to $350 million in 2026 to support production ramp on key defense programs, with management noting this is a finite investment period; longer-term, the company expects to sustain mid-single-digit organic growth with opportunities for margin improvement across the portfolio.
| Metric | Target | Period |
|---|---|---|
| Revenue | $18.0–$18.4 billion | FY2026 |
| Non-GAAP diluted EPS | $12.10–$12.50 | FY2026 |
| Operating cash flow | approximately $1.8 billion | FY2026 |
| Adjusted EBITDA margin | mid-thirteens | FY2026 |
Revenue (FY2026): “we're increasing revenue guidance by $500 million to a new range of $18 billion-$18.4 billion”
Non-GAAP diluted EPS (FY2026): “raising our non-GAAP diluted EPS guidance of by $0.05, yielding $12.10-$12.50”
Operating cash flow (FY2026): “increasing our operating cash flow guidance by $50 million to approximately $1.8 billion”
Adjusted EBITDA margin (FY2026): “Maintaining our adjusted EBITDA margin guidance at mid-thirteens”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2025 | 2026 | % of Total |
|---|---|---|---|---|---|---|
National Security & Digital | — | $6.70B | $7.14B | $7.30B | $7.56B | 20% |
DoW and U.S. Intelligence Community | — | — | $4.80B | $5.07B | $5.46B | 15% |
Health & Civil | — | $3.91B | $4.20B | $4.99B | $5.05B | 14% |
Cost-reimbursement and fixed-price-incentive-fee | $4.79B | $4.62B | $4.79B | $3.87B | $4.13B | 11% |
Other U.S. government agencies | $2.45B | $2.66B | $3.08B | $3.90B | $4.00B | 11% |
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 17.2B | 17.2B | 16.7B | 16.7B | 15.4B | 14.4B |
| Net Income | 1.4B | 1.4B | 1.3B | 1.3B | 199M | 685M |
| EPS | $11.14 | $11.14 | $9.22 | $9.22 | $1.44 | $4.96 |
| Free Cash Flow | 1.6B | 1.6B | 1.3B | 1.2B | 980M | 863M |
| ROIC | 19.1% | 19.4% | 16.9% | 17.0% | 4.1% | 9.0% |
| Gross Margin | 20.9% | 20.9% | 19.5% | 16.8% | 13.1% | 17.3% |
| Debt/Equity | 0.95 | 0.95 | 1.06 | 1.06 | 1.27 | 1.46 |
| Dividends/Share | $1.62 | $1.63 | $1.54 | $1.54 | $1.46 | $1.44 |
| Operating Income | 2.1B | 2.1B | 1.8B | 1.8B | 621M | 1.1B |
| Operating Margin | 12.3% | 12.3% | 11.0% | 11.0% | 4.0% | 7.6% |
| ROE | 29.5% | 31.0% | 28.4% | 29.1% | 4.7% | 15.9% |
| Shares Outstanding | 130M | 130M | 136M | 136M | 138M | 138M |
| Metric | 2019 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 4.7B | 7.0B | 10.2B | 10.2B | 11.1B | 11.1B | 13.7B | 14.4B | 15.4B | 16.7B | 16.7B | 17.2B | 17.2B |
| Gross Margin | 13.2% | 13.3% | 14.1% | 14.8% | 14.0% | 17.9% | 17.7% | 17.3% | 13.1% | 16.8% | 19.5% | 20.9% | 20.9% |
| R&D | 37M | 44M | 42M | 46M | 49M | 49M | 109M | 116M | 128M | 150M | 150M | 187M | 187M |
| SG&A | 280M | 422M | 737M | 729M | 689M | 689M | 851M | 951M | 942M | 983M | 983M | 999M | 999M |
| EBIT | -191M | 417M | 559M | 749M | 912M | 912M | 1.2B | 1.1B | 621M | 1.8B | 1.8B | 2.1B | 2.1B |
| Op. Margin | -4.1% | 5.9% | 5.5% | 7.3% | 8.2% | 8.2% | 8.4% | 7.6% | 4.0% | 11.0% | 11.0% | 12.3% | 12.3% |
| Net Income | -334M | 244M | 366M | 581M | 667M | 667M | 753M | 685M | 199M | 1.3B | 1.3B | 1.4B | 1.4B |
| Net Margin | -7.1% | 3.5% | 3.6% | 5.7% | 6.0% | 6.0% | 5.5% | 4.8% | 1.3% | 7.5% | 7.5% | 8.4% | 8.4% |
| Non-Recurring | 489M | 0 | 0 | 0 | 0 | 88M | -3.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -13.1% | 8.3% | 8.6% | 11.5% | 12.0% | 12.3% | 11.6% | 9.0% | 4.1% | 17.0% | 16.9% | 19.4% | 19.1% |
| ROE | -25.8% | 11.8% | 11.3% | 17.4% | 19.8% | 19.5% | 19.5% | 15.9% | 4.7% | 29.1% | 28.4% | 31.0% | 29.5% |
| ROA | -9.0% | 3.9% | 4.0% | 6.5% | 7.4% | 7.1% | 6.7% | 5.2% | 1.5% | 9.7% | 9.6% | 10.9% | 10.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 385M | 449M | 526M | 768M | 992M | 992M | 1.0B | 992M | 1.2B | 1.4B | 1.4B | 1.8B | 1.8B |
| Free Cash Flow | 356M | 420M | 445M | 695M | 871M | 871M | 929M | 863M | 980M | 1.2B | 1.3B | 1.6B | 1.6B |
| Owner Earnings | 287M | 292M | 147M | 467M | 706M | 706M | 641M | 586M | 779M | 1.0B | 1.1B | 1.4B | 1.4B |
| CapEx | 29M | 29M | 81M | 73M | 121M | 121M | 104M | 129M | 207M | 149M | 149M | 125M | 125M |
| Maint. CapEx | 58M | 122M | 336M | 257M | 234M | 234M | 325M | 333M | 331M | 290M | 290M | 290M | 290M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 58M | 122M | 336M | 257M | 234M | 234M | 325M | 333M | 331M | 290M | 290M | 290M | 290M |
| CapEx/OCF | 7.3% | 7.1% | 15.4% | 9.5% | N/A | 12.2% | 13.7% | 13.0% | 17.8% | N/A | 10.4% | 7.1% | 7.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 993M | 0 | 0 | 198M | 198M | 199M | 199M | 201M | 208M | 208M | 211M | 211M |
| Dividend Yield | N/A | 34.1% | N/A | N/A | N/A | 1.9% | 1.6% | 1.6% | 1.5% | N/A | 1.1% | 1.0% | 1.4% |
| Share Buybacks | 213M | 0 | 0 | 167M | 25M | 25M | 237M | 0 | 225M | 850M | 850M | 400M | 400M |
| Buyback Yield | 11.3% | 2.7% | 0.5% | 4.9% | 0.0% | 3.4% | 0.7% | 4.8% | 1.9% | 0.0% | 4.8% | 3.9% | 2.7% |
| Stock-Based Comp | 40M | 35M | 43M | 44M | 52M | 52M | 67M | 73M | 77M | 85M | 85M | 95M | 95M |
| Debt Repayment | 154M | 277M | 209M | 59M | 0 | 80M | 5.5B | 545M | 2.0B | 0 | 18M | 1.0B | 1.0B |
| Balance Sheet | |||||||||||||
| Net Debt | 723M | 2.9B | 2.7B | 3.1B | 2.3B | 2.3B | 5.6B | 5.8B | 4.7B | 3.7B | 3.8B | 3.5B | 3.5B |
| Cash & Equiv. | 443M | 376M | 390M | 327M | 668M | 668M | 727M | 516M | 641M | 943M | 849M | 1.1B | 1.1B |
| Long-Term Debt | 1.2B | 3.2B | 3.1B | 3.0B | 2.9B | 3.0B | 4.6B | 3.9B | 4.7B | 4.1B | 4.7B | 4.6B | 4.6B |
| Debt/Equity | 1.17 | 1.05 | 0.92 | 1.02 | 0.87 | 0.87 | 1.47 | 1.46 | 1.27 | 1.06 | 1.06 | 0.95 | 0.95 |
| Interest Coverage | -2.7 | 4.3 | 3.8 | 5.2 | 6.2 | 6.2 | 6.2 | 5.5 | 2.9 | N/A | 9.5 | 10.4 | 10.4 |
| Equity | 998M | 3.1B | 3.4B | 3.3B | 3.4B | 3.4B | 4.3B | 4.3B | 4.2B | 4.4B | 4.4B | 4.9B | 4.9B |
| Total Assets | 3.3B | 9.1B | 9.0B | 8.8B | 9.4B | 9.4B | 13.3B | 13.1B | 12.7B | 13.1B | 13.0B | 13.5B | 13.5B |
| Total Liabilities | 2.3B | 6.0B | 5.6B | 1.6B | 6.0B | 6.0B | 8.9B | 8.7B | 8.4B | 8.6B | 8.6B | 8.5B | 8.5B |
| Intangibles | 37M | 1.6B | 856M | 652M | 4.9B | 530M | 1.2B | 952M | 667M | 6.1B | 517M | 458M | 458M |
| Retained Earnings | -424M | -177M | -15M | 420M | 896M | 896M | 1.9B | 2.4B | 2.4B | 3.4B | 3.4B | 4.6B | 4.6B |
| Working Capital | 667M | 365M | 472M | 1.2B | 479M | 479M | 390M | -304M | 1.0B | 774M | 774M | 2.0B | 2.0B |
| Current Assets | 1.6B | 2.4B | 2.7B | 2.8B | 2.8B | 2.8B | 3.6B | 3.6B | 4.0B | 4.4B | 4.3B | 4.8B | 4.8B |
| Current Liabilities | 951M | 2.0B | 2.2B | 1.6B | 2.3B | 2.3B | 3.2B | 3.9B | 3.0B | 3.7B | 3.6B | 2.8B | 2.8B |
| Per Share Data | |||||||||||||
| EPS | -2.26 | 2.35 | 2.38 | 3.80 | 4.60 | 4.60 | 5.27 | 4.96 | 1.44 | 9.22 | 9.22 | 11.14 | 11.14 |
| Owner EPS | 1.94 | 2.81 | 0.96 | 3.05 | 4.87 | 4.87 | 4.49 | 4.24 | 5.64 | 7.48 | 7.79 | 10.50 | 10.50 |
| Book Value | 6.74 | 30.19 | 21.91 | 21.64 | 23.54 | 23.54 | 30.03 | 31.13 | 30.40 | 32.44 | 32.44 | 37.82 | 37.82 |
| Cash Flow/Share | 2.60 | 4.32 | 3.42 | 5.02 | 6.84 | 6.84 | 7.23 | 7.18 | 8.59 | 10.23 | 10.55 | 13.46 | 13.37 |
| Dividends/Share | 0.64 | 9.56 | 1.28 | 1.28 | 1.32 | 1.32 | 1.40 | 1.44 | 1.46 | 1.54 | 1.54 | 1.63 | 1.62 |
| Shares Out. | 148.1M | 103.8M | 153.8M | 152.9M | 145.0M | 145.0M | 142.9M | 138.1M | 138.2M | 136.0M | 136.0M | 130.0M | 130.0M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 18.0 | 18.1 | 15.5 | N/A | 20.5 | 23.3 | 16.6 | 64.5 | N/A | 15.2 | 16.8 | 10.1 |
| P/FCF | 10.7 | 7.0 | 14.9 | 12.9 | N/A | 15.7 | 15.6 | 13.2 | 13.1 | N/A | 14.8 | 15.0 | 9.0 |
| EV/EBIT | N/A | 21.5 | 16.1 | 15.4 | N/A | 17.2 | 19.3 | 15.5 | 26.6 | N/A | 12.7 | 13.0 | 8.6 |
| Price/Book | 1.9 | 1.4 | 2.0 | 2.7 | N/A | 4.0 | 3.4 | 2.6 | 3.1 | N/A | 4.3 | 5.0 | 3.0 |
| Price/Sales | 0.3 | 0.6 | 0.5 | 0.8 | N/A | 1.0 | 1.1 | 0.9 | 0.9 | N/A | 1.2 | 1.2 | 0.8 |
| FCF Yield | 18.7% | 9.8% | 6.7% | 7.7% | N/A | 6.4% | 6.4% | 7.6% | 7.6% | N/A | 6.8% | 6.7% | 11.1% |
| Market Cap | 1.9B | 4.3B | 6.6B | 9.0B | 0 | 13.7B | 14.6B | 11.4B | 12.8B | 0 | 19.0B | 24.3B | 14.6B |
| Avg. Price | 23.10 | 28.05 | 34.37 | 50.05 | 0.00 | 72.92 | 89.82 | 92.21 | 96.02 | 0.00 | 144.82 | 164.97 | 112.14 |
| Year-End Price | 25.77 | 28.34 | 43.02 | 58.86 | 0.00 | 94.24 | 101.45 | 82.49 | 92.82 | 0.00 | 139.72 | 187.31 | 112.14 |
Leidos Holdings, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Leidos Holdings, Inc. trades at 10.1x trailing earnings, compared to its 15-year median P/E of 17.4x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 9.0x vs a median of 14.8x. The company's 5-year average ROIC is 13.3% with a gross margin of 17.5%. Total shareholder yield (dividends + buybacks) is 4.2%. At current prices, the estimated annualized return to fair value is +8.7%.
Leidos Holdings, Inc. (LDOS) has a net profit margin of 8.4%. This is a modest margin.
Leidos Holdings, Inc. (LDOS) generated $1.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Leidos Holdings, Inc. (LDOS) has a debt-to-equity ratio of 0.95. This indicates moderate leverage.
Leidos Holdings, Inc. (LDOS) reported earnings per share (EPS) of $11.14 in its most recent fiscal year.
Leidos Holdings, Inc. (LDOS) has a return on equity (ROE) of 31.0%. This indicates the company generates strong returns for shareholders.
Leidos Holdings, Inc. (LDOS) has a 5-year average gross margin of 17.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for Leidos Holdings, Inc. (LDOS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Leidos Holdings, Inc. (LDOS) has a book value per share of $37.82, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects robust order intake and awards acceleration in the second half of 2026 following government shutdown recovery, with a refreshed order pipeline targeting $10 billion post-ENTRUST acquisition. The company anticipates revenue growth building throughout 2026 toward double-digit rates by year-end, driven by ramp of large cyber and IT awards, defense systems programs including maritime autonomy and air defense systems, and energy infrastructure opportunities. Health & Civil is expected to experience modest revenue and margin pressure in 2026 from additional vendor competition on VA work and electronic health record transition, but management projects inflection to growth and margin expansion above 20% beyond 2026 as rural and behavioral health opportunities unlock. Capital expenditures are being tripled to $350 million in 2026 to support production ramp on key defense programs, with management noting this is a finite investment period; longer-term, the company expects to sustain mid-single-digit organic growth with opportunities for margin improvement across the portfolio.
Based on recent SEC filings and earnings calls, Leidos Holdings, Inc. (LDOS) has provided the following forward guidance: Revenue: $18.0–$18.4 billion (FY2026); Non-GAAP diluted EPS: $12.10–$12.50 (FY2026); Operating cash flow: approximately $1.8 billion (FY2026); Adjusted EBITDA margin: mid-thirteens (FY2026).