LDOSLeidos Holdings, Inc.

Services-Computer Integrated Systems Design

Revenue: $17.1B; 3.2% YoY
Operating margin: 12.3%; 12% YoY
EBITDA: $2.4B; 13% YoY
Market cap: $17.9B
Employees: 47,000; $364K revenue each
Net debt / EBITDA: 2.2×; $5.3B net debt
AI in 10-K: 7.0; mentions per 10K words

Takeover score 1 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
121% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
23% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
49% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$364K · 35th pct
Bottom quartile of its SIC industry
Quiet on AINo
7.0 per 10K words · 88th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$17.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2025	FY2026	YoY	Trend
Revenue	$14.3B	$15.3B	$16.6B	$17.1B	3.2%
Operating income	$1.1B	$621M	$1.8B	$2.1B	15%
Net income	$685M	$199M	$1.3B	$1.4B	15%
Operating cash flow	$992M	$1.2B	$1.4B	$1.8B	22%
Capex	$129M	$207M	$149M	$125M	16%
Stock-based comp	$73M	$77M	$85M	$95M	12%
Buybacks	$0	$225M	$850M	$400M	53%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 9
Net: −$3M

Pay vs performance

No pay-versus-performance disclosure yet.