Amentum

AMTM · NYSE · Industrials · Financials, fiscal 2022 to 2025

AMTM · Last close · November 6, 2026

$21.25

Amentum's revenue rose 71.6% to $14.4 billion in fiscal 2025. Its operating margin was 3.3%, down from 3.5% a year earlier. Free cash flow was $516 million, up 1333.3%. The diluted share count rose 168.1%.

Amentum Holdings, Inc. Latest fiscal year ended October 3, 2025 10-K filed November 25, 2025 · 0001628280-25-053993 Updated November 5, 2026

Revenue

$14.4B

71.6%

Operating margin

3.3%

0.1 pts

Net income

$66M

Free cash flow

$516M

1333.3%

Return on capital

2.9%

0.6 pts

Market cap

$5.2B

Nov 6 close

P/E

25.6x

On $0.83 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Amentum does

Amentum provides engineering and technology services to the U.S. government, allied governments and some commercial customers. Its U.S. customers include the Department of Energy, intelligence agencies, the Department of War, NASA and the Department of Homeland Security. Abroad, it works for the U.K. Ministry of Defence, the U.K. Nuclear Decommissioning Authority and the Australian Department of Defence.

It reports two segments: Digital Solutions and Global Engineering Solutions. Its work includes new nuclear technologies, threat analytics, engineered systems for defense, and space and science programs. It earns money by performing contracts, some of them fixed-price, and says it competes in a highly competitive business.

Amentum was formed on September 27, 2024, when the legacy Amentum business merged with a spin-off of parts of Jacobs. It has about 50,000 employees in over 70 countries. It reports a backlog (contract work not yet performed) of $47.1 billion, which it says customers can adjust, cancel or suspend.

Its biggest risks, as it describes them

Relying on the U.S. federal government for a significant part of its revenue.
Government audits, budget delays and shutdowns that could slow or cut payments and contract awards.
Cost overruns on fixed-price contracts.
Backlog that customers can adjust, cancel or suspend, so it may not turn into revenue.
Nuclear work that depends on adequate indemnification and slow regulatory approvals.

From Amentum's annual report on Form 10-K, filed November 25, 2025, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25
Cash and short-term investments	366	305	452	437
Debt incl. finance leases	—	4,112	4,679	3,943
Net debt (negative means net cash)	—	3,807	4,227	3,506
Net debt to EBITDA	—	10.0x	7.8x	3.5x
Debt to equity	—	11.0x	1.1x	0.9x
Interest coverage	0.6x	0.2x	0.8x	1.6x
Current ratio	—	1.4x	1.6x	1.3x
Quick ratio	—	1.4x	1.6x	1.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Amentum's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Amentum's projections

Insider trades

No officer, director or 10% owner of Amentum reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	6 of 9
Rule of 40	3.2%	7.1%	75.2%
Altman Z''	0.47	1.28	1.29
Accruals ratio	—	−1.4%	−4.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	—	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	—	—	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	Pass
Current ratio rose	—	Pass	Fail
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	Fail	Fail	Pass
Revenue rose relative to assets	—	—	Fail
F-score	—	—	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Amentum side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Amentum	FY25	71.6%	3.3%	3.6%	2.9%	3.5x	6
Leidos	FY25	3.1%	12.3%	9.5%	19.2%	1.5x	9	Compare
Cintas	FY26	8.9%	23.1%	16.7%	31.7%	0.4x	8	Compare
CACI International	FY26	10.9%	9.6%	8.2%	8.8%	4.7x	5	Compare
KBR	FY25	1.0%	10.0%	6.6%	15.8%	2.2x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

4 years of figures

Fiscal year	FY22	FY23	FY24	FY25
Income statement
Revenue	7,676	7,865	8,388	14,393
Revenue growth	—	2.5%	6.7%	71.6%
Gross profit	771	782	798	1,513
Research and development	—	—	—	—
Operating income	121	57	291	480
Net income	−84	−314	−82	66
Diluted EPS (US$)	−0.93	−3.49	−0.90	0.27
Diluted shares (millions)	90	90	91	244
Cash flow
Cash from operations	126	67	47	543
Capital expenditure	18	12	11	27
Free cash flow	108	55	36	516
Dividends paid	0	0	0	0
Share buybacks	0	0	0	0
Acquisitions	1,758	0	488	70
Stock-based compensation	3	3	18	21
Balance sheet at fiscal year end
Cash and short-term investments	366	305	452	437
Debt incl. finance leases	—	4,112	4,679	3,943
Total assets	—	6,413	11,974	11,460
Total liabilities	—	5,997	7,422	6,840
Shareholders' equity	706	375	4,460	4,505
Margins and ratios
Gross margin	10.0%	9.9%	9.5%	10.5%
Operating margin	1.6%	0.7%	3.5%	3.3%
Net margin	−1.1%	−4.0%	−1.0%	0.5%
Free cash flow margin	1.4%	0.7%	0.4%	3.6%
Rule of 40 (growth + FCF margin)	—	3.2%	7.1%	75.2%
Return on capital	—	—	3.5%	2.9%
Return on equity	—	—	−3.4%	1.5%
Return on assets	—	—	−0.9%	0.6%
Net debt to EBITDA	—	10.0x	7.8x	3.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Amentum's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Amentum.