Leidos Holdings, Inc. (LDOS) 10-Year Financial Performance & Capital Metrics

LDOS • • Industrial / General

TechnologyIT ServicesCybersecurity & Defense SolutionsGovernment Cybersecurity

AboutLeidos Holdings, Inc., together with its subsidiaries, provides services and solutions in the defense, intelligence, civil, and health markets in the United States and internationally. It operates through three segments: Defense Solutions, Civil, and Health. The Defense Solutions segment offers national security solutions and systems for air, land, sea, space, and cyberspace for the U.S. Intelligence Community, the Department of Defense, the National Aeronautics and Space Administration, military services, and government agencies of U.S. allies abroad, as well as other federal and commercial customers in the national security industry. Its solutions include technology, large-scale systems, command and control platforms, data analytics, logistics, and cybersecurity solutions, as well as intelligence analysis and operations support services to critical missions. The Civil segment provides systems integration services to air navigation service providers, including the federal aviation administration, the En route automation modernization, advanced technology oceanic procedure, time based flow management, terminal flight data management, geo-7, and future flight services, as well as enterprise-information display systems; and security detection and automation services. It also offers information technology (IT) solutions in cloud computing, mobility, application modernization, DevOps, data center, network modernization, asset management, help desk operations, and digital workplace enablement; and environment, energy, and infrastructure services. The Health segment offers solutions to federal and commercial customers responsible for health and well-being of people worldwide, including health information management, managed health, digital transformation, and life sciences research and development services. Leidos Holdings, Inc. was founded in 1969 and is headquartered in Reston, Virginia.Show more

Revenue $16.66B +7.9%
EBITDA $2.12B +122.4%
Net Income $1.25B +530.2%
EPS (Diluted) 9.22 +540.3%
Gross Margin 16.79% +15.5%
EBITDA Margin 12.71% +106.0%
Operating Margin 10.97% +172.6%
Net Margin 7.53% +483.9%
ROE 28.77% +522.4%
ROIC 15.67% +202.9%
Debt/Equity 1.19 -2.8%
Interest Coverage 9.47 +223.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓Good 3Y average ROE of 16.4%
✓Trading near 52-week high
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.65%

5Y8.47%

3Y6.65%

TTM6.48%

Profit (Net Income) CAGR

10Y-

5Y13.46%

3Y18.53%

TTM17.18%

EPS CAGR

10Y-

5Y14.92%

3Y20.5%

TTM22.1%

ROCE

10Y Avg11.48%

5Y Avg12.15%

3Y Avg12.34%

Latest19.08%

Peer Comparison

Government Cybersecurity

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CACICACI International Inc	13.35B	604.57	27.09	12.64%	5.69%	12.53%	3.61%	0.86
LDOSLeidos Holdings, Inc.	25.05B	195.96	21.25	7.93%	8.11%	28.36%	4.96%	1.19
BBAIBigBear.ai Holdings, Inc.	2.66B	6.09	-4.80	1.98%	-301.37%	-71.24%
CTMCastellum, Inc.	97.45M	1.03	-5.72	-1.06%	-7.55%	-10.4%	1.15%	0.57
TLSTelos Corporation	429.25M	5.82	-7.97	-25.52%	-20.47%	-24.7%		0.08
WYYWidePoint Corporation	68.15M	6.89	-32.81	34.47%	-1.55%	-18.57%	2.29%	0.36

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Jan 2025
Sales/Revenue+	5.09B	7.04B	10.17B	10.19B	11.09B	12.3B	13.74B	14.4B	15.44B	16.66B
Revenue Growth %	0%	0.38%	0.44%	0%	0.09%	0.11%	0.12%	0.05%	0.07%	0.08%
Cost of Goods Sold+	4.47B	6.19B	8.92B	8.69B	9.55B	10.56B	11.72B	12.31B	13.19B	13.86B
COGS % of Revenue	0.88%	0.88%	0.88%	0.85%	0.86%	0.86%	0.85%	0.86%	0.85%	0.83%
Gross Profit+	618M	852M	1.25B	1.5B	1.55B	1.74B	2.01B	2.08B	2.24B	2.8B
Gross Margin %	0.12%	0.12%	0.12%	0.15%	0.14%	0.14%	0.15%	0.14%	0.15%	0.17%
Gross Profit Growth %	-0.08%	0.38%	0.46%	0.21%	0.03%	0.12%	0.16%	0.03%	0.08%	0.25%
Operating Expenses+	232M	523M	873M	755M	636M	739M	862M	996M	1.62B	971M
OpEx % of Revenue	0.05%	0.07%	0.09%	0.07%	0.06%	0.06%	0.06%	0.07%	0.11%	0.06%
Selling, General & Admin	232M	422M	737M	729M	689M	770M	851M	951M	942M	983M
SG&A % of Revenue	0.05%	0.06%	0.07%	0.07%	0.06%	0.06%	0.06%	0.07%	0.06%	0.06%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	84M	101M	136M	26M	-53M	-31M	11M	45M	681M	-12M
Operating Income+	298M	417M	559M	749M	912M	998M	1.15B	1.09B	621M	1.83B
Operating Margin %	0.06%	0.06%	0.05%	0.07%	0.08%	0.08%	0.08%	0.08%	0.04%	0.11%
Operating Income Growth %	2.39%	0.4%	0.34%	0.34%	0.22%	0.09%	0.15%	-0.06%	-0.43%	1.94%
EBITDA+	342M	539M	895M	1.01B	1.15B	1.28B	1.48B	1.42B	952M	2.12B
EBITDA Margin %	0.07%	0.08%	0.09%	0.1%	0.1%	0.1%	0.11%	0.1%	0.06%	0.13%
EBITDA Growth %	3.25%	0.58%	0.66%	0.12%	0.14%	0.12%	0.15%	-0.04%	-0.33%	1.22%
D&A (Non-Cash Add-back)	44M	122M	336M	257M	234M	282M	325M	333M	331M	290M
EBIT	408M	414M	541M	755M	1.01B	963M	1.15B	1.08B	615M	1.83B
Net Interest Income+	-49M	-86M	-140M	-138M	-133M	-179M	-184M	-199M	-212M	-193M
Interest Income	4M	10M	8M	7M	14M	3M	0	0	0	0
Interest Expense	53M	96M	148M	145M	147M	182M	184M	199M	212M	193M
Other Income/Expense	-4M	-99M	-166M	-139M	-46M	-217M	-185M	-202M	-218M	-188M
Pretax Income+	328M	318M	393M	610M	866M	781M	967M	886M	403M	1.64B
Pretax Margin %	0.06%	0.05%	0.04%	0.06%	0.08%	0.06%	0.07%	0.06%	0.03%	0.1%
Income Tax+	92M	72M	29M	28M	196M	152M	208M	193M	195M	388M
Effective Tax Rate %	0.77%	0.77%	0.93%	0.95%	0.77%	0.8%	0.78%	0.77%	0.49%	0.77%
Net Income+	254M	244M	366M	581M	667M	628M	753M	685M	199M	1.25B
Net Margin %	0.05%	0.03%	0.04%	0.06%	0.06%	0.05%	0.05%	0.05%	0.01%	0.08%
Net Income Growth %	1.79%	-0.04%	0.5%	0.59%	0.15%	-0.06%	0.2%	-0.09%	-0.71%	5.3%
Net Income (Continuing)	243M	246M	364M	582M	670M	629M	759M	693M	208M	1.25B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	12M	13M	3M	4M	9M	53M	54M	57M	48M
EPS (Diluted)+	3.43	2.35	2.38	3.80	4.60	4.36	5.27	4.96	1.44	9.22
EPS Growth %	1.79%	-0.31%	0.01%	0.6%	0.21%	-0.05%	0.21%	-0.06%	-0.71%	5.4%
EPS (Basic)	3.48	2.39	2.41	3.85	4.66	4.42	5.34	5.00	1.45	9.36
Diluted Shares Outstanding	74M	104M	154M	153M	145M	144M	143M	138M	138M	136M
Basic Shares Outstanding	73M	102M	152M	151M	143M	142M	141M	137M	137M	134M
Dividend Payout Ratio	0.46%	4.65%	0.54%	0.34%	0.3%	0.31%	0.26%	0.29%	1.01%	0.17%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Jan 2025
Total Current Assets+	1.79B	2.38B	2.67B	2.84B	2.81B	3.34B	3.62B	3.64B	4B	4.43B
Cash & Short-Term Investments	656M	376M	390M	327M	668M	524M	727M	516M	777M	943M
Cash Only	656M	376M	390M	327M	668M	524M	727M	516M	777M	943M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	977M	1.67B	1.83B	1.88B	1.73B	2.14B	2.19B	2.35B	2.43B	2.65B
Days Sales Outstanding	70.11	86.44	65.71	67.21	57.05	63.43	58.16	59.58	57.43	57.94
Inventory	216M	67M	76M	0	72M	276M	274M	287M	310M	315M
Days Inventory Outstanding	17.65	3.95	3.11	-	2.75	9.54	8.53	8.51	8.58	8.29
Other Current Assets	47M	175M	233M	635M	338M	402M	429M	490M	489M	525M
Total Non-Current Assets+	1.58B	6.75B	6.32B	5.93B	6.55B	9.17B	9.64B	9.43B	8.69B	8.68B
Property, Plant & Equipment	142M	259M	232M	237M	687M	1.19B	1.28B	1.39B	1.47B	1.55B
Fixed Asset Turnover	35.82x	27.19x	43.84x	43.01x	16.15x	10.38x	10.72x	10.34x	10.48x	10.74x
Goodwill	1.23B	4.62B	4.97B	4.86B	4.91B	6.31B	6.74B	6.7B	6.11B	6.08B
Intangible Assets	0	1.59B	856M	652M	530M	1.22B	1.18B	952M	667M	517M
Long-Term Investments	0	68M	37M	26M	19M	15M	25M	18M	0	4M
Other Non-Current Assets	202M	197M	217M	156M	407M	443M	414M	342M	336M	317M
Total Assets+	3.38B	9.13B	8.99B	8.77B	9.37B	12.51B	13.26B	13.07B	12.7B	13.1B
Asset Turnover	1.51x	0.77x	1.13x	1.16x	1.18x	0.98x	1.04x	1.10x	1.22x	1.27x
Asset Growth %	0.03%	1.7%	-0.02%	-0.02%	0.07%	0.34%	0.06%	-0.01%	-0.03%	0.03%
Total Current Liabilities+	1.04B	2.02B	2.2B	2.06B	2.33B	2.91B	3.23B	3.95B	2.99B	3.65B
Accounts Payable	769M	591M	557M	547M	592M	731M	692M	733M	736M	705M
Days Payables Outstanding	62.82	34.84	22.78	22.98	22.64	25.27	21.55	21.73	20.36	18.56
Short-Term Debt	2M	62M	55M	72M	61M	100M	483M	992M	18M	618M
Deferred Revenue (Current)	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1M	125M	0	23M	0	0	0	0	0	0
Current Ratio	1.72x	1.18x	1.21x	1.38x	1.21x	1.15x	1.12x	0.92x	1.34x	1.21x
Quick Ratio	1.52x	1.15x	1.18x	1.38x	1.17x	1.05x	1.04x	0.85x	1.24x	1.13x
Cash Conversion Cycle	24.94	55.55	46.04	-	37.17	47.7	45.15	46.36	45.64	47.67
Total Non-Current Liabilities+	1.27B	3.97B	3.4B	3.4B	3.62B	5.73B	5.69B	4.77B	5.45B	4.99B
Long-Term Debt	1.09B	3.23B	3.06B	3.05B	2.92B	4.64B	4.59B	3.93B	4.66B	4.05B
Capital Lease Obligations	0	3M	33M	0	326M	564M	589M	570M	516M	621M
Deferred Tax Liabilities	0	540M	220M	170M	184M	234M	239M	40M	3M	2M
Other Non-Current Liabilities	183M	147M	79M	178M	182M	291M	267M	233M	264M	317M
Total Liabilities	2.31B	5.99B	5.61B	5.46B	5.95B	8.64B	8.92B	8.72B	8.44B	8.64B
Total Debt+	1.09B	3.32B	3.14B	3.12B	3.31B	5.31B	5.67B	5.49B	5.2B	5.29B
Net Debt	432M	2.95B	2.75B	2.8B	2.64B	4.78B	4.94B	4.97B	4.42B	4.35B
Debt / Equity	1.02x	1.06x	0.93x	0.94x	0.97x	1.37x	1.30x	1.26x	1.22x	1.19x
Debt / EBITDA	3.18x	6.17x	3.51x	3.11x	2.89x	4.15x	3.84x	3.86x	5.46x	2.50x
Net Debt / EBITDA	1.26x	5.47x	3.08x	2.78x	2.31x	3.74x	3.34x	3.50x	4.64x	2.05x
Interest Coverage	5.62x	4.34x	3.78x	5.17x	6.20x	5.48x	6.26x	5.47x	2.93x	9.47x
Total Equity+	1.07B	3.15B	3.38B	3.31B	3.42B	3.87B	4.34B	4.35B	4.26B	4.46B
Equity Growth %	0.07%	1.95%	0.07%	-0.02%	0.03%	0.13%	0.12%	0%	-0.02%	0.05%
Book Value per Share	14.43	30.26	21.97	21.64	23.57	26.88	30.38	31.54	30.86	32.79
Total Shareholders' Equity	1.07B	3.13B	3.37B	3.31B	3.41B	3.86B	4.29B	4.3B	4.2B	4.41B
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-277M	-177M	-7M	372M	896M	1.33B	1.88B	2.37B	2.36B	3.41B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-8M	-4M	33M	-30M	-70M	-46M	-12M	-73M	-48M	-110M
Minority Interest	0	12M	13M	3M	4M	9M	53M	54M	57M	48M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Jan 2025
Cash from Operations+	410M	446M	526M	768M	992M	1.33B	1.03B	986M	1.17B	1.39B
Operating CF Margin %	0.08%	0.06%	0.05%	0.08%	0.09%	0.11%	0.08%	0.07%	0.08%	0.08%
Operating CF Growth %	0.04%	0.09%	0.18%	0.46%	0.29%	0.34%	-0.23%	-0.04%	0.18%	0.19%
Net Income	236M	246M	364M	582M	670M	629M	759M	693M	208M	1.25B
Depreciation & Amortization	44M	122M	336M	257M	234M	282M	325M	333M	331M	290M
Stock-Based Compensation	31M	35M	43M	44M	52M	62M	67M	73M	77M	85M
Deferred Taxes	-6M	0	57M	17M	18M	-4M	-26M	-211M	-109M	-98M
Other Non-Cash Items	5M	4M	21M	8M	-91M	62M	-3M	66M	715M	55M
Working Capital Changes	100M	39M	-295M	-140M	109M	303M	-91M	32M	-57M	-191M
Change in Receivables	-32M	149M	-183M	-58M	116M	-127M	-5M	-174M	-65M	-220M
Change in Inventory	-14M	-101M	-76M	-85M	-116M	127M	5M	0	135M	0
Change in Payables	101M	-25M	152M	-46M	116M	151M	-212M	-149M	31M	-160M
Cash from Investing+	82.91M	25M	-71M	-114M	65M	-2.81B	-730M	-313M	-211M	-142M
Capital Expenditures	-27M	-29M	-81M	-73M	-121M	-183M	-104M	-129M	-207M	-149M
CapEx % of Revenue	0.01%	0%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	84.91M	6M	2M	40M	102M	23M	-4M	-7M	2M	7M
Cash from Financing+	-283M	-751M	-429M	-707M	-709M	1.45B	-113M	-865M	-715M	-1.08B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-117M	-1.14B	-198M	-198M	-198M	-196M	-199M	-199M	-201M	-208M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-15M	-30M	-4M	-26M	0	-52M	38M	-7M	-16M	-7M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	383M	417M	445M	695M	871M	1.15B	927M	857M	958M	1.24B
FCF Margin %	0.08%	0.06%	0.04%	0.07%	0.08%	0.09%	0.07%	0.06%	0.06%	0.07%
FCF Growth %	0.04%	0.09%	0.07%	0.56%	0.25%	0.32%	-0.19%	-0.08%	0.12%	0.3%
FCF per Share	5.18	4.01	2.89	4.54	6.01	7.99	6.48	6.21	6.94	9.14
FCF Conversion (FCF/Net Income)	1.61x	1.83x	1.44x	1.32x	1.49x	2.12x	1.37x	1.44x	5.85x	1.11x
Interest Paid	0	0	0	0	172M	161M	182M	195M	207M	226M
Taxes Paid	0	0	0	0	142M	140M	221M	217M	435M	460M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	24.59%	11.58%	11.21%	17.36%	19.83%	17.23%	18.33%	15.75%	4.62%	28.77%
Return on Invested Capital (ROIC)	13.75%	8.24%	6.86%	9.18%	11.24%	10.17%	9.63%	8.77%	5.17%	15.67%
Gross Margin	12.15%	12.1%	12.26%	14.75%	13.95%	14.13%	14.66%	14.48%	14.54%	16.79%
Net Margin	4.99%	3.46%	3.6%	5.7%	6.01%	5.11%	5.48%	4.76%	1.29%	7.53%
Debt / Equity	1.02x	1.06x	0.93x	0.94x	0.97x	1.37x	1.30x	1.26x	1.22x	1.19x
Interest Coverage	5.62x	4.34x	3.78x	5.17x	6.20x	5.48x	6.26x	5.47x	2.93x	9.47x
FCF Conversion	1.61x	1.83x	1.44x	1.32x	1.49x	2.12x	1.37x	1.44x	5.85x	1.11x
Revenue Growth	0.45%	38.48%	44.4%	0.24%	8.83%	10.84%	11.71%	4.8%	7.24%	7.93%

Revenue by Segment

	2014	2016	2017	2018	2019	2020	2021	2022	2023	2024
National Security Solutions	3.59B	3.61B	-	-	-	-	-	-	-	9.55B
National Security Solutions Growth	-	0.45%	-	-	-	-	-	-	-	-
Civil	-	-	3.41B	3.43B	3.73B	2.99B	3.16B	3.46B	3.66B	4.99B
Civil Growth	-	-	-	0.59%	8.75%	-19.71%	5.44%	9.72%	5.77%	36.30%
Defense Solution	-	-	4.96B	4.95B	5.37B	7.34B	8.03B	8.24B	8.73B	2.03B
Defense Solution Growth	-	-	-	-0.22%	8.47%	36.78%	9.41%	2.64%	5.92%	-76.75%
Health	1.49B	1.46B	1.8B	1.82B	2B	1.96B	2.55B	2.69B	3.04B	-
Health Growth	-	-1.48%	23.17%	0.83%	9.96%	-1.80%	29.87%	5.49%	13.17%	-

Revenue by Geography

	2014	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	9.27B	10.1B	11.19B	12.47B	13.1B	14.02B	15.21B
UNITED STATES Growth	-	-	-	-	9.01%	10.83%	11.39%	5.04%	7.00%	8.50%
Non-US	-	-	-	929M	876M	1B	1.15B	1.19B	1.32B	1.37B
Non-US Growth	-	-	-	-	-5.71%	14.50%	14.46%	3.57%	11.35%	3.47%

Frequently Asked Questions

Valuation & Price

Leidos Holdings, Inc. (LDOS) has a price-to-earnings (P/E) ratio of 21.3x. This is roughly in line with market averages.

Growth & Financials

Leidos Holdings, Inc. (LDOS) reported $17.33B in revenue for fiscal year 2024. This represents a 64% increase from $10.59B in 2011.

Leidos Holdings, Inc. (LDOS) grew revenue by 7.9% over the past year. This is steady growth.

Yes, Leidos Holdings, Inc. (LDOS) is profitable, generating $1.41B in net income for fiscal year 2024 (7.5% net margin).

Dividend & Returns

Yes, Leidos Holdings, Inc. (LDOS) pays a dividend with a yield of 0.78%. This makes it attractive for income-focused investors.

Leidos Holdings, Inc. (LDOS) has a return on equity (ROE) of 28.8%. This is excellent, indicating efficient use of shareholder capital.

Leidos Holdings, Inc. (LDOS) generated $1.39B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Leidos Holdings, Inc. (LDOS) 10-Year Financial Performance & Capital Metrics

LDOS • • Industrial / General

TechnologyIT ServicesCybersecurity & Defense SolutionsGovernment Cybersecurity

Revenue $16.66B +7.9%
EBITDA $2.12B +122.4%
Net Income $1.25B +530.2%
EPS (Diluted) 9.22 +540.3%
Gross Margin 16.79% +15.5%
EBITDA Margin 12.71% +106.0%
Operating Margin 10.97% +172.6%
Net Margin 7.53% +483.9%
ROE 28.77% +522.4%
ROIC 15.67% +202.9%
Debt/Equity 1.19 -2.8%
Interest Coverage 9.47 +223.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓Good 3Y average ROE of 16.4%
✓Trading near 52-week high
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.65%

5Y8.47%

3Y6.65%

TTM6.48%

Profit (Net Income) CAGR

10Y-

5Y13.46%

3Y18.53%

TTM17.18%

EPS CAGR

10Y-

5Y14.92%

3Y20.5%

TTM22.1%

ROCE

10Y Avg11.48%

5Y Avg12.15%

3Y Avg12.34%

Latest19.08%

Peer Comparison

Government Cybersecurity

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CACICACI International Inc	13.35B	604.57	27.09	12.64%	5.69%	12.53%	3.61%	0.86
LDOSLeidos Holdings, Inc.	25.05B	195.96	21.25	7.93%	8.11%	28.36%	4.96%	1.19
BBAIBigBear.ai Holdings, Inc.	2.66B	6.09	-4.80	1.98%	-301.37%	-71.24%
CTMCastellum, Inc.	97.45M	1.03	-5.72	-1.06%	-7.55%	-10.4%	1.15%	0.57
TLSTelos Corporation	429.25M	5.82	-7.97	-25.52%	-20.47%	-24.7%		0.08
WYYWidePoint Corporation	68.15M	6.89	-32.81	34.47%	-1.55%	-18.57%	2.29%	0.36

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Jan 2025
Sales/Revenue+	5.09B	7.04B	10.17B	10.19B	11.09B	12.3B	13.74B	14.4B	15.44B	16.66B
Revenue Growth %	0%	0.38%	0.44%	0%	0.09%	0.11%	0.12%	0.05%	0.07%	0.08%
Cost of Goods Sold+	4.47B	6.19B	8.92B	8.69B	9.55B	10.56B	11.72B	12.31B	13.19B	13.86B
COGS % of Revenue	0.88%	0.88%	0.88%	0.85%	0.86%	0.86%	0.85%	0.86%	0.85%	0.83%
Gross Profit+	618M	852M	1.25B	1.5B	1.55B	1.74B	2.01B	2.08B	2.24B	2.8B
Gross Margin %	0.12%	0.12%	0.12%	0.15%	0.14%	0.14%	0.15%	0.14%	0.15%	0.17%
Gross Profit Growth %	-0.08%	0.38%	0.46%	0.21%	0.03%	0.12%	0.16%	0.03%	0.08%	0.25%
Operating Expenses+	232M	523M	873M	755M	636M	739M	862M	996M	1.62B	971M
OpEx % of Revenue	0.05%	0.07%	0.09%	0.07%	0.06%	0.06%	0.06%	0.07%	0.11%	0.06%
Selling, General & Admin	232M	422M	737M	729M	689M	770M	851M	951M	942M	983M
SG&A % of Revenue	0.05%	0.06%	0.07%	0.07%	0.06%	0.06%	0.06%	0.07%	0.06%	0.06%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	84M	101M	136M	26M	-53M	-31M	11M	45M	681M	-12M
Operating Income+	298M	417M	559M	749M	912M	998M	1.15B	1.09B	621M	1.83B
Operating Margin %	0.06%	0.06%	0.05%	0.07%	0.08%	0.08%	0.08%	0.08%	0.04%	0.11%
Operating Income Growth %	2.39%	0.4%	0.34%	0.34%	0.22%	0.09%	0.15%	-0.06%	-0.43%	1.94%
EBITDA+	342M	539M	895M	1.01B	1.15B	1.28B	1.48B	1.42B	952M	2.12B
EBITDA Margin %	0.07%	0.08%	0.09%	0.1%	0.1%	0.1%	0.11%	0.1%	0.06%	0.13%
EBITDA Growth %	3.25%	0.58%	0.66%	0.12%	0.14%	0.12%	0.15%	-0.04%	-0.33%	1.22%
D&A (Non-Cash Add-back)	44M	122M	336M	257M	234M	282M	325M	333M	331M	290M
EBIT	408M	414M	541M	755M	1.01B	963M	1.15B	1.08B	615M	1.83B
Net Interest Income+	-49M	-86M	-140M	-138M	-133M	-179M	-184M	-199M	-212M	-193M
Interest Income	4M	10M	8M	7M	14M	3M	0	0	0	0
Interest Expense	53M	96M	148M	145M	147M	182M	184M	199M	212M	193M
Other Income/Expense	-4M	-99M	-166M	-139M	-46M	-217M	-185M	-202M	-218M	-188M
Pretax Income+	328M	318M	393M	610M	866M	781M	967M	886M	403M	1.64B
Pretax Margin %	0.06%	0.05%	0.04%	0.06%	0.08%	0.06%	0.07%	0.06%	0.03%	0.1%
Income Tax+	92M	72M	29M	28M	196M	152M	208M	193M	195M	388M
Effective Tax Rate %	0.77%	0.77%	0.93%	0.95%	0.77%	0.8%	0.78%	0.77%	0.49%	0.77%
Net Income+	254M	244M	366M	581M	667M	628M	753M	685M	199M	1.25B
Net Margin %	0.05%	0.03%	0.04%	0.06%	0.06%	0.05%	0.05%	0.05%	0.01%	0.08%
Net Income Growth %	1.79%	-0.04%	0.5%	0.59%	0.15%	-0.06%	0.2%	-0.09%	-0.71%	5.3%
Net Income (Continuing)	243M	246M	364M	582M	670M	629M	759M	693M	208M	1.25B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	12M	13M	3M	4M	9M	53M	54M	57M	48M
EPS (Diluted)+	3.43	2.35	2.38	3.80	4.60	4.36	5.27	4.96	1.44	9.22
EPS Growth %	1.79%	-0.31%	0.01%	0.6%	0.21%	-0.05%	0.21%	-0.06%	-0.71%	5.4%
EPS (Basic)	3.48	2.39	2.41	3.85	4.66	4.42	5.34	5.00	1.45	9.36
Diluted Shares Outstanding	74M	104M	154M	153M	145M	144M	143M	138M	138M	136M
Basic Shares Outstanding	73M	102M	152M	151M	143M	142M	141M	137M	137M	134M
Dividend Payout Ratio	0.46%	4.65%	0.54%	0.34%	0.3%	0.31%	0.26%	0.29%	1.01%	0.17%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Jan 2025
Total Current Assets+	1.79B	2.38B	2.67B	2.84B	2.81B	3.34B	3.62B	3.64B	4B	4.43B
Cash & Short-Term Investments	656M	376M	390M	327M	668M	524M	727M	516M	777M	943M
Cash Only	656M	376M	390M	327M	668M	524M	727M	516M	777M	943M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	977M	1.67B	1.83B	1.88B	1.73B	2.14B	2.19B	2.35B	2.43B	2.65B
Days Sales Outstanding	70.11	86.44	65.71	67.21	57.05	63.43	58.16	59.58	57.43	57.94
Inventory	216M	67M	76M	0	72M	276M	274M	287M	310M	315M
Days Inventory Outstanding	17.65	3.95	3.11	-	2.75	9.54	8.53	8.51	8.58	8.29
Other Current Assets	47M	175M	233M	635M	338M	402M	429M	490M	489M	525M
Total Non-Current Assets+	1.58B	6.75B	6.32B	5.93B	6.55B	9.17B	9.64B	9.43B	8.69B	8.68B
Property, Plant & Equipment	142M	259M	232M	237M	687M	1.19B	1.28B	1.39B	1.47B	1.55B
Fixed Asset Turnover	35.82x	27.19x	43.84x	43.01x	16.15x	10.38x	10.72x	10.34x	10.48x	10.74x
Goodwill	1.23B	4.62B	4.97B	4.86B	4.91B	6.31B	6.74B	6.7B	6.11B	6.08B
Intangible Assets	0	1.59B	856M	652M	530M	1.22B	1.18B	952M	667M	517M
Long-Term Investments	0	68M	37M	26M	19M	15M	25M	18M	0	4M
Other Non-Current Assets	202M	197M	217M	156M	407M	443M	414M	342M	336M	317M
Total Assets+	3.38B	9.13B	8.99B	8.77B	9.37B	12.51B	13.26B	13.07B	12.7B	13.1B
Asset Turnover	1.51x	0.77x	1.13x	1.16x	1.18x	0.98x	1.04x	1.10x	1.22x	1.27x
Asset Growth %	0.03%	1.7%	-0.02%	-0.02%	0.07%	0.34%	0.06%	-0.01%	-0.03%	0.03%
Total Current Liabilities+	1.04B	2.02B	2.2B	2.06B	2.33B	2.91B	3.23B	3.95B	2.99B	3.65B
Accounts Payable	769M	591M	557M	547M	592M	731M	692M	733M	736M	705M
Days Payables Outstanding	62.82	34.84	22.78	22.98	22.64	25.27	21.55	21.73	20.36	18.56
Short-Term Debt	2M	62M	55M	72M	61M	100M	483M	992M	18M	618M
Deferred Revenue (Current)	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1M	125M	0	23M	0	0	0	0	0	0
Current Ratio	1.72x	1.18x	1.21x	1.38x	1.21x	1.15x	1.12x	0.92x	1.34x	1.21x
Quick Ratio	1.52x	1.15x	1.18x	1.38x	1.17x	1.05x	1.04x	0.85x	1.24x	1.13x
Cash Conversion Cycle	24.94	55.55	46.04	-	37.17	47.7	45.15	46.36	45.64	47.67
Total Non-Current Liabilities+	1.27B	3.97B	3.4B	3.4B	3.62B	5.73B	5.69B	4.77B	5.45B	4.99B
Long-Term Debt	1.09B	3.23B	3.06B	3.05B	2.92B	4.64B	4.59B	3.93B	4.66B	4.05B
Capital Lease Obligations	0	3M	33M	0	326M	564M	589M	570M	516M	621M
Deferred Tax Liabilities	0	540M	220M	170M	184M	234M	239M	40M	3M	2M
Other Non-Current Liabilities	183M	147M	79M	178M	182M	291M	267M	233M	264M	317M
Total Liabilities	2.31B	5.99B	5.61B	5.46B	5.95B	8.64B	8.92B	8.72B	8.44B	8.64B
Total Debt+	1.09B	3.32B	3.14B	3.12B	3.31B	5.31B	5.67B	5.49B	5.2B	5.29B
Net Debt	432M	2.95B	2.75B	2.8B	2.64B	4.78B	4.94B	4.97B	4.42B	4.35B
Debt / Equity	1.02x	1.06x	0.93x	0.94x	0.97x	1.37x	1.30x	1.26x	1.22x	1.19x
Debt / EBITDA	3.18x	6.17x	3.51x	3.11x	2.89x	4.15x	3.84x	3.86x	5.46x	2.50x
Net Debt / EBITDA	1.26x	5.47x	3.08x	2.78x	2.31x	3.74x	3.34x	3.50x	4.64x	2.05x
Interest Coverage	5.62x	4.34x	3.78x	5.17x	6.20x	5.48x	6.26x	5.47x	2.93x	9.47x
Total Equity+	1.07B	3.15B	3.38B	3.31B	3.42B	3.87B	4.34B	4.35B	4.26B	4.46B
Equity Growth %	0.07%	1.95%	0.07%	-0.02%	0.03%	0.13%	0.12%	0%	-0.02%	0.05%
Book Value per Share	14.43	30.26	21.97	21.64	23.57	26.88	30.38	31.54	30.86	32.79
Total Shareholders' Equity	1.07B	3.13B	3.37B	3.31B	3.41B	3.86B	4.29B	4.3B	4.2B	4.41B
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-277M	-177M	-7M	372M	896M	1.33B	1.88B	2.37B	2.36B	3.41B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-8M	-4M	33M	-30M	-70M	-46M	-12M	-73M	-48M	-110M
Minority Interest	0	12M	13M	3M	4M	9M	53M	54M	57M	48M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Jan 2025
Cash from Operations+	410M	446M	526M	768M	992M	1.33B	1.03B	986M	1.17B	1.39B
Operating CF Margin %	0.08%	0.06%	0.05%	0.08%	0.09%	0.11%	0.08%	0.07%	0.08%	0.08%
Operating CF Growth %	0.04%	0.09%	0.18%	0.46%	0.29%	0.34%	-0.23%	-0.04%	0.18%	0.19%
Net Income	236M	246M	364M	582M	670M	629M	759M	693M	208M	1.25B
Depreciation & Amortization	44M	122M	336M	257M	234M	282M	325M	333M	331M	290M
Stock-Based Compensation	31M	35M	43M	44M	52M	62M	67M	73M	77M	85M
Deferred Taxes	-6M	0	57M	17M	18M	-4M	-26M	-211M	-109M	-98M
Other Non-Cash Items	5M	4M	21M	8M	-91M	62M	-3M	66M	715M	55M
Working Capital Changes	100M	39M	-295M	-140M	109M	303M	-91M	32M	-57M	-191M
Change in Receivables	-32M	149M	-183M	-58M	116M	-127M	-5M	-174M	-65M	-220M
Change in Inventory	-14M	-101M	-76M	-85M	-116M	127M	5M	0	135M	0
Change in Payables	101M	-25M	152M	-46M	116M	151M	-212M	-149M	31M	-160M
Cash from Investing+	82.91M	25M	-71M	-114M	65M	-2.81B	-730M	-313M	-211M	-142M
Capital Expenditures	-27M	-29M	-81M	-73M	-121M	-183M	-104M	-129M	-207M	-149M
CapEx % of Revenue	0.01%	0%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	84.91M	6M	2M	40M	102M	23M	-4M	-7M	2M	7M
Cash from Financing+	-283M	-751M	-429M	-707M	-709M	1.45B	-113M	-865M	-715M	-1.08B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-117M	-1.14B	-198M	-198M	-198M	-196M	-199M	-199M	-201M	-208M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-15M	-30M	-4M	-26M	0	-52M	38M	-7M	-16M	-7M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	383M	417M	445M	695M	871M	1.15B	927M	857M	958M	1.24B
FCF Margin %	0.08%	0.06%	0.04%	0.07%	0.08%	0.09%	0.07%	0.06%	0.06%	0.07%
FCF Growth %	0.04%	0.09%	0.07%	0.56%	0.25%	0.32%	-0.19%	-0.08%	0.12%	0.3%
FCF per Share	5.18	4.01	2.89	4.54	6.01	7.99	6.48	6.21	6.94	9.14
FCF Conversion (FCF/Net Income)	1.61x	1.83x	1.44x	1.32x	1.49x	2.12x	1.37x	1.44x	5.85x	1.11x
Interest Paid	0	0	0	0	172M	161M	182M	195M	207M	226M
Taxes Paid	0	0	0	0	142M	140M	221M	217M	435M	460M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	24.59%	11.58%	11.21%	17.36%	19.83%	17.23%	18.33%	15.75%	4.62%	28.77%
Return on Invested Capital (ROIC)	13.75%	8.24%	6.86%	9.18%	11.24%	10.17%	9.63%	8.77%	5.17%	15.67%
Gross Margin	12.15%	12.1%	12.26%	14.75%	13.95%	14.13%	14.66%	14.48%	14.54%	16.79%
Net Margin	4.99%	3.46%	3.6%	5.7%	6.01%	5.11%	5.48%	4.76%	1.29%	7.53%
Debt / Equity	1.02x	1.06x	0.93x	0.94x	0.97x	1.37x	1.30x	1.26x	1.22x	1.19x
Interest Coverage	5.62x	4.34x	3.78x	5.17x	6.20x	5.48x	6.26x	5.47x	2.93x	9.47x
FCF Conversion	1.61x	1.83x	1.44x	1.32x	1.49x	2.12x	1.37x	1.44x	5.85x	1.11x
Revenue Growth	0.45%	38.48%	44.4%	0.24%	8.83%	10.84%	11.71%	4.8%	7.24%	7.93%

Revenue by Segment

	2014	2016	2017	2018	2019	2020	2021	2022	2023	2024
National Security Solutions	3.59B	3.61B	-	-	-	-	-	-	-	9.55B
National Security Solutions Growth	-	0.45%	-	-	-	-	-	-	-	-
Civil	-	-	3.41B	3.43B	3.73B	2.99B	3.16B	3.46B	3.66B	4.99B
Civil Growth	-	-	-	0.59%	8.75%	-19.71%	5.44%	9.72%	5.77%	36.30%
Defense Solution	-	-	4.96B	4.95B	5.37B	7.34B	8.03B	8.24B	8.73B	2.03B
Defense Solution Growth	-	-	-	-0.22%	8.47%	36.78%	9.41%	2.64%	5.92%	-76.75%
Health	1.49B	1.46B	1.8B	1.82B	2B	1.96B	2.55B	2.69B	3.04B	-
Health Growth	-	-1.48%	23.17%	0.83%	9.96%	-1.80%	29.87%	5.49%	13.17%	-

Revenue by Geography

	2014	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	9.27B	10.1B	11.19B	12.47B	13.1B	14.02B	15.21B
UNITED STATES Growth	-	-	-	-	9.01%	10.83%	11.39%	5.04%	7.00%	8.50%
Non-US	-	-	-	929M	876M	1B	1.15B	1.19B	1.32B	1.37B
Non-US Growth	-	-	-	-	-5.71%	14.50%	14.46%	3.57%	11.35%	3.47%

Frequently Asked Questions

Valuation & Price

Leidos Holdings, Inc. (LDOS) has a price-to-earnings (P/E) ratio of 21.3x. This is roughly in line with market averages.

Growth & Financials

Leidos Holdings, Inc. (LDOS) reported $17.33B in revenue for fiscal year 2024. This represents a 64% increase from $10.59B in 2011.

Leidos Holdings, Inc. (LDOS) grew revenue by 7.9% over the past year. This is steady growth.

Yes, Leidos Holdings, Inc. (LDOS) is profitable, generating $1.41B in net income for fiscal year 2024 (7.5% net margin).

Dividend & Returns

Yes, Leidos Holdings, Inc. (LDOS) pays a dividend with a yield of 0.78%. This makes it attractive for income-focused investors.

Leidos Holdings, Inc. (LDOS) has a return on equity (ROE) of 28.8%. This is excellent, indicating efficient use of shareholder capital.

Leidos Holdings, Inc. (LDOS) generated $1.39B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.