SAICScience Applications International Corp

Services-Computer Integrated Systems Design

Revenue: $7.3B; 2.9% YoY
Operating margin: 7.2%; 4.7% YoY
EBITDA: $551M; 6.3% YoY
Market cap: $6.4B
Employees: 23,000; $316K revenue each
Net debt / EBITDA: 0.6×; $340M net debt
AI in 10-K: 4.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
170% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
85% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
54% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$316K · 26th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.9 per 10K words · 82nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$479K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$7.4B	$7.7B	$7.4B	$7.5B	$7.3B	2.9%
Operating income	$462M	$501M	$741M	$563M	$521M	7.5%
Net income	$279M	$303M	$477M	$362M	$358M	1.1%
Operating cash flow	$518M	$532M	$396M	$494M	$609M	23%
Capex	$36M	$25M	$27M	$36M	$32M	11%
Stock-based comp	$46M	$48M	$68M	$53M	$64M	21%
Buybacks	$226M	$267M	$382M	$558M	$445M	20%
Dividends	$86M	$83M	$79M	$75M	$70M	6.7%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $479K · 7
Open-market sells, 12 mo: $0 · 0
Net: $479K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	114	196
FY2025	—	—	119	183
FY2024	—	—	141	144
FY2023	—	—	112	112
FY2022	—	—	86	114