AMTMAmentum Holdings, Inc.

Services-Business Services, NEC

Revenue: $14.4B; 72% YoY
Operating margin: 3.3%; 3.9% YoY
EBITDA: $520M; 66% YoY
Market cap: $5.3B
Employees: 50,000; $288K revenue each
Net debt / EBITDA: 6.5×; $3.4B net debt
AI in 10-K: 3.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
823% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
51% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$288K · 21st pct
Bottom quartile of its SIC industry
Quiet on AINo
3.1 per 10K words · 70th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
6.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$7.7B	$7.9B	$8.4B	$14.4B	72%
Operating income	$121M	$57M	$291M	$480M	65%
Net income	−$84M	−$314M	−$82M	$66M	180%
Operating cash flow	$126M	$67M	$47M	$543M	1055%
Capex	$18M	$12M	$11M	$27M	145%
Stock-based comp	$3M	$3M	$18M	$21M	17%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 23, 2024	GOLDBERG ALAN E	SCHEDULE 13D	18.0%	Passive
Dec 23, 2024	ASP Manager Corp.	SCHEDULE 13D	18.0%	Active
Dec 19, 2024	Amentum Joint Venture LP	SCHEDULE 13D/A	0.0%	Passive
Oct 4, 2024	Amentum Joint Venture LP	SC 13D	37.0%	Passive

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

No pay-versus-performance disclosure yet.