Amentum Holdings, Inc.
$21.95
−0.20 (−0.90%) · delayed · Nov 13, 2026
Five-year price
52w $17.72 to $38.11
- Market cap
- $5.4B
- Enterprise value
- $8.9B
- P/E
- 81.3×
- EV / EBIT
- 18.5×
- FCF yield
- 9.6%
- ROIC
- 3.9%
- Debt / equity
- 0.88
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- ○ROIC > 12% (5y avg)5y avg ROIC 8.9%
- ○ROE > 15% (5y avg)5y avg ROE -24.0%
- ●Stable operating marginsMargin volatility 1.2% (σ, 5y)
- ●Earnings convert to cashFCF / net income 782% (5y avg)
- –Growing revenueRevenue CAGR 5y n/a
- –Shrinking share countDiluted shares n/a over 5y
Value
40
- ○P/E below 15P/E 81.3
- ○EV/EBIT below 12EV/EBIT 18.5
- ●FCF yield above 6%FCF yield 9.6%
- ○Price below Graham NumberGraham Number $10.58
- ●P/B below 3P/B 1.2
Safety
20
- ○Debt / equity below 0.5D/E 0.88
- ○Debt payable in < 4 yrs of earningsNet debt $3.5B
- ○Interest coverage > 8xCoverage 1.6x
- ○Current ratio > 1.5Current ratio 1.32
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
n/a
- ●Adequate size (revenue > $2B)Revenue $14.4B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.32
- –Earnings stability (no loss, 10y)4 years of data
- –Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- –Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) n/a
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $21.95, the market is pricing in about 3.7% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $3.5B · 245M shares
Intrinsic value
$28.99
Price
$21.95
Margin of safety
24%
What the price implies
The market is paying for 3.7% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
58% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | 7,676 | 7,865 | 8,388 | 14,393 |
| Gross profit | — | — | — | — |
| Operating income | 121 | 57 | 291 | 480 |
| Operating margin | 1.6% | 0.7% | 3.5% | 3.3% |
| Pre-tax income | (64) | (340) | (123) | 115 |
| Income tax | 14 | (19) | (40) | 56 |
| Net income | (84) | (314) | (82) | 66 |
| EPS (diluted) | -0.93 | -3.49 | -0.90 | 0.27 |
| Diluted shares | 90 | 90 | 91 | 244 |
Who owns it