The company's capital structure is heavily leveraged with $3.9 billion in total debt, resulting in a debt-to-equity ratio of 0.83 and a reliance on $5.7 billion of goodwill.
| Total Current Assets | 3.1B | 3.11B | 3.08B | 1.93B | 1.36B |
| Cash & Short-Term Investments | 428M | 437M | 452M | 305M | 207M |
| Cash Only | 428M | 437M | 452M | 305M | 207M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.5B | 2.48B | 2.4B | 1.44B | 1.12B |
| Days Sales Outstanding | 64.1 | 62.87 | 104.48 | 66.83 | 53.35 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 173M | 197M | 231M | 153M | 0 |
| Total Non-Current Assets | 8.07B | 8.35B | 8.89B | 4.48B | 2.86B |
| Property, Plant & Equipment | 105M | 114M | 144M | 301M | 185M |
| Fixed Asset Turnover | 128.52x | 126.25x | 58.25x | 26.13x | 41.49x |
| Goodwill | 5.7B | 5.7B | 5.56B | 2.89B | 2.2B |
| Intangible Assets | 1.77B | 1.96B | 2.62B | 988M | 368M |
| Long-Term Investments | 828M | 196M | 123M | 104M | 0 |
| Other Non-Current Assets | 285M | 379M | 444M | 195M | 102M |
| Total Assets | 11.17B | 11.46B | 11.97B | 6.41B | 4.22B |
| Asset Turnover | 1.24x | 1.26x | 0.70x | 1.23x | 1.82x |
| Asset Growth % | 174.12% | -4.29% | 86.71% | 51.97% | - |
| Total Current Liabilities | 2.09B | 2.35B | 1.97B | 1.38B | 713M |
| Accounts Payable | 832M | 892M | 764M | 560M | 215M |
| Days Payables Outstanding | 23.83 | 24.37 | 36.74 | 28.86 | 11.37 |
| Short-Term Debt | 40M | 42M | 36M | 45M | 155.18M |
| Deferred Revenue (Current) | 969M | 439M | 207M | 256M | 49M |
| Other Current Liabilities | 421M | 368M | 97M | 56.72M | -130.18M |
| Current Ratio | 1.48x | 1.32x | 1.57x | 1.40x | 1.91x |
| Quick Ratio | 1.48x | 1.32x | 1.57x | 1.40x | 1.91x |
| Cash Conversion Cycle | 40.27 | - | - | - | - |
| Total Non-Current Liabilities | 4.38B | 4.49B | 5.46B | 4.62B | 206M |
| Long-Term Debt | 3.89B | 3.9B | 4.64B | 4.07B | 0 |
| Capital Lease Obligations | 157M | 157M | 193M | 170.35M | 94M |
| Deferred Tax Liabilities | 1.02B | 260M | 370M | 141M | 106M |
| Other Non-Current Liabilities | 230M | 168M | 251M | 246M | 6M |
| Total Liabilities | 6.47B | 6.84B | 7.42B | 6B | 919M |
| Total Debt | 3.93B | 4.17B | 4.94B | 4.33B | 276.18M |
| Net Debt | 3.5B | 3.73B | 4.49B | 4.03B | 69.18M |
| Debt / Equity | 0.83x | 0.90x | 1.09x | 10.43x | 0.08x |
| Debt / EBITDA | 3.96x | 4.08x | 9.11x | 11.34x | 0.67x |
| Net Debt / EBITDA | 3.53x | 3.65x | 8.28x | 10.54x | 0.17x |
| Interest Coverage | 1.61x | 1.42x | 0.72x | 0.14x | 0.58x |
| Total Equity | 4.7B | 4.62B | 4.55B | 415.18M | 3.3B |
| Equity Growth % | 47.53% | 1.49% | 996.4% | -87.42% | - |
| Book Value per Share | 19.20 | 18.93 | 50.02 | 4.61 | 36.68 |
| Total Shareholders' Equity | 4.61B | 4.5B | 4.46B | 375M | 3.26B |
| Common Stock | 2M | 2M | 2M | 0 | 0 |
| Retained Earnings | -363M | -461M | -527M | -445M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 35M | 40M | 23M | 48M | -163M |
| Minority Interest | 94M | 115M | 92M | 40.94M | 42M |
High leverage and goodwill
As reported in financial statements, Amentum's total assets surged from $4.2 billion in 2024Q1 to $11.2 billion by 2026Q2, reflecting the transformative impact of the Jacobs acquisition on the company's capital structure and overall scale within the federal services sector.
The rapid expansion of the balance sheet highlights a shift toward a more capital-intensive profile, though the underlying equity base has not grown at a commensurate rate. Investors should monitor whether this increased asset base can generate sufficient returns to justify the significant debt load incurred during the consolidation process.
Based on the provided figures, Amentum's total debt climbed from $99 million in 2024Q1 to $3.9 billion in 2026Q2, driving the debt-to-equity ratio to 0.83 and signaling a fundamental change in the company's risk profile following its recent aggressive acquisition strategy.
While the current debt-to-equity ratio appears manageable relative to some peers, the rapid accumulation of liabilities warrants caution given the company's razor-thin net margins. The ability to service this debt depends heavily on the successful integration of acquired units and the stability of long-term government contract cash flows.
According to recent SEC filings, goodwill accounts for $5.7 billion of the company's $11.2 billion in total assets as of 2026Q2, representing over 50% of the asset base and highlighting the significant reliance on intangible value derived from recent M&A activity.
The high concentration of goodwill suggests that the balance sheet is sensitive to potential impairment charges if the acquired businesses fail to meet performance expectations. The minimal net PPE of $105 million confirms the company's asset-light, service-oriented business model, which places the burden of value creation entirely on human capital and contract incumbency.
As evidenced by the reported figures, Amentum's retained earnings have remained negative throughout the post-merger period, reaching a deficit of $363 million in 2026Q2, which indicates that historical losses and integration costs continue to suppress the company's book value.
The persistent negative retained earnings suggest that the company has yet to achieve the profitability levels necessary to build a self-sustaining equity base. This trend may limit future capital allocation flexibility and underscores the importance of achieving operational synergies to reverse the current earnings trajectory.
Based on the provided data, the current ratio has stabilized at 1.48 as of 2026Q2, providing a moderate buffer against short-term obligations despite the significant cash flow fluctuations observed in recent quarters.
While the current ratio appears adequate for a government contractor, the volatility in cash balances—ranging from $196 million to $738 million over the last two years—suggests that working capital management remains a critical operational challenge. Investors should monitor these liquidity levels closely to ensure the company maintains sufficient runway to navigate potential delays in government contract payments.
Quick answers to the most common questions about buying AMTM stock.
As of 2025, Amentum Holdings, Inc. (AMTM) had total assets of $11.46B including $3.11B in current assets.
Amentum Holdings, Inc. (AMTM) carries total debt of $4.17B, offset by $437.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Amentum Holdings, Inc. (AMTM) has total shareholders' equity (book value) of $4.50B ($18.93 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Amentum Holdings, Inc. (AMTM) reported a current ratio of 1.32x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.