Booz Allen Hamilton

BAH · NYSE · Industrials · Financials, fiscal 2017 to 2026

BAH · Last close · October 26, 2026

$83.36

Booz Allen Hamilton's revenue fell 6.4% to $11.2 billion in fiscal 2026. Its operating margin was 9.2%, down from 11.4% a year earlier. Free cash flow was $951 million, up 4.4%. It paid out $874 million in dividends and buybacks, 92% of free cash flow. The diluted share count fell 4.6%.

Booz Allen Hamilton Holding Corporation Latest fiscal year ended March 31, 2026 10-K filed May 22, 2026 · 0001628280-26-037521 Updated October 23, 2026

Revenue

$11.2B

6.4%

Operating margin

9.2%

2.2 pts

Net income

$851M

9.0%

Free cash flow

$951M

4.4%

Return on capital

24.2%

2.0 pts

Market cap

$10.0B

Oct 26 close

P/E

12.9x

On $6.44 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.

What Booz Allen Hamilton does

Booz Allen Hamilton builds technology and provides technical services, mostly for the U.S. government. Its work covers artificial intelligence, cybersecurity, data, software, cloud systems and defense products such as command and control systems and gear for soldiers. Its customers include all six branches of the U.S. military, intelligence agencies such as the National Security Agency, and many civilian agencies. It also sells cyber products and incident response to businesses.

Booz Allen gets substantially all of its revenue from U.S. government contracts. The Department of Veterans Affairs, its largest civilian customer, provided 10% of revenue in fiscal 2026, the year ended March 31, 2026. About 84% of revenue came from task orders under IDIQ contracts, which are umbrella agreements under which agencies place separate orders. Revenue fell 6% to $11,217 million, which the company ties to slower government buying and funding, including a government shutdown. It competes with software makers, technology firms, defense contractors, other government contractors, systems integrators, small businesses and startups.

Booz Allen runs as a single business with one profit and loss center. As of March 31, 2026, it had about 31,500 employees, and about 77% of them hold security clearances, based on what they report. It works in 23 countries.

Its biggest risks, as it describes them

Its dependence on U.S. government agencies for substantially all of its revenue.
Changes in government spending levels and priorities, and delays in passing the federal budget.
Losing contracts when they are put up for bid again, or failing to win new ones against many rivals.
Failing to get or keep the security clearances it needs to do some of its work.
Misconduct by its employees or subcontractors that could hurt its ability to work for the government.

From Booz Allen Hamilton's annual report on Form 10-K, filed May 22, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

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

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share grew 16.7% a year and net income 14.0% a year, as buybacks cut the share count by 19%.

Net income

US$ billions, fiscal years; loss years in red.

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

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Booz Allen Hamilton yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Booz Allen Hamilton's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Booz Allen Hamilton's fiscal 2026 free cash flow of $951M, net cash of −$3.2B at March 31, 2026 and 122 million diluted shares, from its filings. The scenarios are fitted to Booz Allen Hamilton: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 6.6% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Research & Consulting Services), plus 1 point as a smaller company, worth $10.0B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at March 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Booz Allen Hamilton's own revenue growth, as above. Cautious: growth of 3.5% then 3% a year, 2% after year 10, a 11% discount rate. Base: growth of 6.5% then 4.5% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 10% then 6.5% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $83.36
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Booz Allen Hamilton's earnings per share of $6.44 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 22.1×, the middle of Booz Allen Hamilton's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to September 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Equifax, TransUnion, FTI Consulting.

Earnings growth in the years ahead (% a year) Starts at Booz Allen Hamilton's revenue growth over the last 3 years, 6.6% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $83.36
Value at this multiple, against the last close: —
Booz Allen Hamilton's P/E at the last close: 12.9×

Company	Last close	Earnings per share	P/E today
EquifaxEFX	$178.56	$6.18	28.9×
TransUnionTRU	$79.62	$3.61	22.1×
FTI ConsultingFCN	$161.40	$8.30	19.4×
Booz Allen HamiltonBAH	$83.36	$6.44	12.9×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	696	405	554	885	728
Debt incl. finance leases	2,800	2,812	3,412	3,998	3,940
Net debt (negative means net cash)	2,104	2,407	2,858	3,113	3,212
Net debt to EBITDA	2.5x	3.9x	2.4x	2.0x	2.7x
Debt to equity	2.7x	2.8x	3.3x	4.0x	3.6x
Interest coverage	7.4x	3.7x	5.9x	7.4x	4.9x
Current ratio	1.6x	1.2x	1.6x	1.8x	1.8x
Quick ratio	1.6x	1.2x	1.6x	1.8x	1.8x

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.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $2.0 million of Booz Allen Hamilton shares on the open market, and 1 insider sold $64,050.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 13, 2026	Dennis MetzfieldVP, PAO & Controller	Sold	469	$77.92	$36,544	Form 4
Feb 26, 2026	Dennis MetzfieldVP, PAO & Controller	Sold	350	$78.59	$27,506	Form 4
Oct 30, 2025	Horacio RozanskiPresident and CEO, Director	Bought	23,800	$84.66	$2.0 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Fail
F-score	7 of 9	8 of 9	5 of 9
Accruals ratio	5.3%	−1.1%	−2.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Booz Allen Hamilton 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
Booz Allen Hamilton	FY26	−6.4%	9.2%	8.5%	24.2%	2.7x	5
Thomson Reuters	FY25	3.0%	28.5%	27.0%	11.8%	1.1x	6	Compare
Equifax	FY25	6.9%	18.0%	18.7%	8.4%	2.7x	6	Compare
TransUnion	FY25	9.4%	18.7%	14.5%	7.1%	3.0x	8	Compare
FTI Consulting	FY25	2.4%	10.3%	2.5%	16.6%	0.2x	4	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 above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	5,810	6,168	6,704	7,464	7,859	8,364	9,259	10,662	11,980	11,217
Revenue growth	—	6.2%	8.7%	11.3%	5.3%	6.4%	10.7%	15.2%	12.4%	−6.4%
Gross profit	3,131	3,301	3,604	4,085	4,201	4,464	4,954	5,741	6,561	5,912
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	506	520	602	669	754	685	447	1,014	1,370	1,033
Net income	261	302	418	483	609	467	272	606	935	851
Diluted EPS (US$)	1.72	2.03	2.91	3.41	4.37	3.44	2.03	4.59	7.25	6.90
Diluted shares (millions)	150	148	143	141	139	135	133	131	128	122
Cash flow
Cash from operations	382	369	500	551	719	736	603	259	1,009	1,041
Capital expenditure	54	78	95	128	87	80	76	67	98	90
Free cash flow	328	291	405	423	631	657	527	192	911	951
Dividends paid	93	103	114	147	181	209	236	254	268	276
Share buybacks	46	270	253	182	313	419	224	404	812	598
Acquisitions	248	19	0	0	0	780	440	0	97	0
Stock-based compensation	21	23	31	43	60	70	80	95	94	69
Balance sheet at fiscal year end
Cash and short-term investments	217	287	284	742	991	696	405	554	885	728
Debt incl. finance leases	1,663	1,819	1,760	2,186	2,357	2,800	2,812	3,412	3,998	3,940
Total assets	3,373	3,607	3,832	4,794	5,500	6,026	6,551	6,564	7,312	7,118
Total liabilities	2,800	3,044	3,156	3,938	4,428	4,979	5,559	5,517	6,309	6,013
Shareholders' equity	585	562	675	856	1,071	1,046	992	1,047	1,003	1,105
Margins and ratios
Gross margin	53.9%	53.5%	53.8%	54.7%	53.5%	53.4%	53.5%	53.9%	54.8%	52.7%
Operating margin	8.7%	8.4%	9.0%	9.0%	9.6%	8.2%	4.8%	9.5%	11.4%	9.2%
Net margin	4.5%	4.9%	6.2%	6.5%	7.8%	5.6%	2.9%	5.7%	7.8%	7.6%
Free cash flow margin	5.7%	4.7%	6.0%	5.7%	8.0%	7.8%	5.7%	1.8%	7.6%	8.5%
Return on capital	16.1%	17.7%	23.1%	25.0%	29.3%	18.9%	10.1%	19.7%	26.2%	24.2%
Return on equity	52.5%	52.6%	67.6%	63.0%	63.2%	44.1%	26.7%	59.4%	91.2%	80.7%
Return on assets	8.2%	8.6%	11.2%	11.2%	11.8%	8.1%	4.3%	9.2%	13.5%	11.8%
Net debt to EBITDA	2.6x	2.6x	2.2x	1.9x	1.6x	2.5x	3.9x	2.4x	2.0x	2.7x

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