Leidos Holdings, Inc. LDOS

IndustrialsSoftware & IT ServicesUnited States of America

Last close 142.98 USD on Nov 1, 2026, −20.0% year to date

Quant rating

Quant rating B Rank 154 of 486 in Industrials

Growth C 291 of 486
Valuation A 45 of 486
Quality B 91 of 486
Revisions D 374 of 486
Momentum B 158 of 486

Wall Street consensus Hold (2.58)Average target 144.19 USD +0.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 17.9B
Enterprise value: 23.3B
52-week range: 98.97 – 205.68
3-year range: 98.97 – 205.68
Dividend yield: 1.26%
Beta (5 years): 0.59
Shares outstanding: 125M
Next earnings: Nov 3, 2026

About the company

Leidos Holdings, Inc. is a holding company which operates through its wholly owned subsidiary, Leidos, Inc. (Leidos). The Company's segments include Intelligence & Digital, Health, Homeland and Defense. Its intelligence & digital segment integrates intelligence tradecraft, full-spectrum cyber capabilities, and technical solutions at scale for decision-making across large, distributed mission networks and classified environments. Its health segment offers information technology (IT) infrastructure modernization, software development, research and implementation, response to hazardous material incidents, mission software solutions and wellness exams. Its homeland segment serves five markets: air traffic, airports and borders, security equipment, commercial energy engineering and international. The Company's defense segment develops and produces advanced space, aerial, surface, and sub-surface manned and un-manned defense systems.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	17,174	16,662	15,438	14,396	13,737	–
Revenue growth	3.1%	7.9%	7.2%	4.8%	11.7%	6.9%
EPS (basic, normalized)	11.99	10.21	7.30	6.60	6.62	–
EPS growth	17.4%	39.9%	10.6%	−0.3%	–	–
Gross margin	18.0%	16.8%	14.5%	14.5%	14.7%	15.7%
Net margin	8.4%	7.5%	1.3%	4.8%	5.5%	5.5%
ROE	31.0%	29.1%	4.7%	15.9%	18.5%	19.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	748
Current ratio	1.63x
Long-term debt (mil)	6,009
Net debt (mil)	5,335
Total equity (mil)	5,284
Net debt / equity	1.01x
Net debt / EBITDA	2.20x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	17,174	+3.1%	1.4x	2,420	+13.5%	9.6x	11.99	+17.4%	11.9x
2026	18,315	+6.6%	1.3x	2,454	+1.4%	9.5x	12.40	+3.4%	11.5x
2027	19,077	+4.2%	1.2x	2,416	−1.6%	9.6x	12.37	−0.2%	11.6x
2028	19,939	+4.5%	1.2x	2,543	+5.3%	9.2x	13.53	+9.4%	10.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	18,315	−0.1%	+0.4%	+1.5%	12.40	0.0%	+0.6%	+0.9%
2027	19,077	−0.6%	0.0%	+1.0%	12.37	−2.8%	−5.3%	−5.2%
2028	19,939	−0.8%	+0.1%	+1.5%	13.53	−2.8%	−5.6%	−4.1%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,975	4,132	4,190	4,365	4,245	4,253	4,469	4,207	4,400	4,558
Sales mean (mil)	3,818	4,063	4,066	4,134	4,102	4,236	4,280	4,314	4,283	4,437
Surprise	+4.1%	+1.7%	+3.1%	+5.6%	+3.5%	+0.4%	+4.4%	−2.5%	+2.7%	+2.7%
EPS reported	2.29	2.63	2.93	2.37	2.97	3.21	3.05	2.76	3.13	3.26
EPS mean	1.70	2.27	2.02	2.27	2.50	2.66	2.71	2.61	2.90	2.91
Surprise	+35.0%	+15.8%	+45.1%	+4.3%	+18.8%	+20.9%	+12.5%	+5.9%	+8.0%	+12.1%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
LDOS Leidos Holdings, Inc.	17.9B	2.20x	8.4%	3.40x	11.5x	11.6x	9.5x	9.6x
CACI CACI International Inc	15.0B	3.88x	5.6%	3.23x	20.0x	17.3x	13.9x	12.8x
BAH Booz Allen Hamilton Holding Corporation	10.5B	3.32x	7.5%	8.47x	13.4x	13.1x	11.5x	10.9x
SAIC Science Applications International Corp	6.4B	3.33x	4.9%	4.44x	14.1x	13.2x	11.5x	11.3x
Mean		3.18x	6.6%	4.88x	14.7x	13.8x	11.6x	11.2x
Median		3.32x	6.6%	3.92x	13.7x	13.1x	11.5x	11.1x

Technical analysis

1M+16.9%
3M+21.2%
1Y−23.0%
3Y+63.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Leidos Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	17,174	16,662	15,438	14,396	13,737	12,297
Cost of revenue	14,075	13,864	13,194	12,312	11,723	10,560
Gross profit	3,099	2,798	2,244	2,084	2,014	1,737
Selling, general & administrative expenses	812	833	814	835	742	629
Research & development	187	150	128	116	109	73.0
Interest expense (income), operating	−32.0	−39.0	−30.0	−12.0	−20.0	−14.0
Unusual expense (income)	23.0	27.0	711	57.0	34.0	51.0
Other operating expenses	0	0	0	0	0	0
Operating income	2,109	1,827	621	1,088	1,149	998
Net interest income (expense)	−203	−193	−212	−202	−185	−179
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	3.0	5.0	−6.0	0	3.0	−38.0
Net income before taxes	1,909	1,639	403	886	967	781
Provision for taxes	447	388	195	193	208	152
Minority interest	−14.0	3.0	−9.0	−8.0	−6.0	−1.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,448	1,254	199	685	753	628
Extraordinary items	–	–	–	–	–	–
Net income	1,448	1,254	199	685	753	628
EBIT, normalized	2,100	1,815	1,302	1,133	1,163	1,035
EBITDA, normalized	2,390	2,105	1,633	1,466	1,488	1,317
Basic EPS, normalized	11.99	10.21	7.30	6.60	6.62	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Leidos Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,108	943	777	516	727	524
Receivables	2,708	2,731	2,469	2,361	2,195	2,149
Total inventory	342	315	310	287	274	276
Prepaid expenses	–	–	–	–	–	–
Other current assets	656	439	449	479	423	390
Total current assets	4,814	4,428	4,005	3,643	3,619	3,339
Property, plant & equipment	1,487	1,551	1,473	1,392	1,282	1,185
Goodwill	6,342	6,084	6,112	6,696	6,744	6,313
Intangibles	458	517	667	952	1,177	1,216
Long-term investments	–	–	–	18.0	25.0	15.0
Note receivable	–	–	–	–	–	–
Other long-term assets	392	524	438	370	414	443
Total assets	13,493	13,104	12,695	13,071	13,261	12,511
Liabilities
Accounts payable	627	705	736	733	692	731
Payable/accrued	279	302	273	369	32.0	24.0
Accrued expenses	1,553	1,694	1,521	1,473	1,658	1,571
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	20.0	618	18.0	992	483	100
Other current liabilities	348	335	442	380	364	481
Total current liabilities	2,827	3,654	2,990	3,947	3,229	2,907
Long-term debt	4,628	4,052	4,664	3,928	4,593	4,644
Minority interest	46.0	48.0	57.0	54.0	53.0	9.0
Other liabilities	1,076	938	783	843	1,095	1,089
Total liabilities	8,577	8,692	8,494	8,772	8,970	8,649
Shareholders' equity
Preferred stock	0	0	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	319	1,112	1,885	2,005	2,423	2,580
Retained earnings (accumulated deficit)	4,647	3,410	2,364	2,367	1,880	1,328
Treasury stock	–	–	–	–	–	–
Other equity	−50.0	−110	−48.0	−73.0	−12.0	−46.0
Total equity	4,916	4,412	4,201	4,299	4,291	3,862
Total liabilities & shareholders' equity	13,493	13,104	12,695	13,071	13,261	12,511

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Leidos Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,462	1,251	208	693	759	629
Depreciation, depletion & amortization	290	290	331	333	325	282
Deferred taxes	369	−98.0	−109	−211	−26.0	−4.0
Non-cash items	109	140	792	139	64.0	124
Changes in working capital	−480	−191	−57.0	38.0	−91.0	303
Cash from operations	1,750	1,392	1,165	992	1,031	1,334
Investing activities
Capital expenditures	−125	−149	−207	−129	−104	−183
Other investing cash flows	−280	7.0	−4.0	−184	−626	−2,632
Cash from investing	−405	−142	−211	−313	−730	−2,815
Financing activities
Financing cash flow items	−30.0	−7.0	−16.0	−7.0	38.0	−52.0
Cash dividends paid	−211	−208	−201	−199	−199	−196
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−904	−869	−498	−659	48.0	1,699
Cash from financing	−1,145	−1,084	−715	−865	−113	1,451
Foreign exchange effects	13.0	−10.0	6.0	−6.0	–	–
Net change in cash	213	156	245	−192	188	−30.0
Free cash flow	1,625	1,243	958	863	927	1,151

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.