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AI-powered decision-analytics software for defense, intelligence and government agencies, plus select commercial customers.
AI-powered decision-analytics software for defense, intelligence and government agencies, plus select commercial customers.
Paid mostly through multi-year government contracts, billing for staff time and delivered work, so revenue follows contract awards and renewals more than software licence sales. A small number of federal customers account for a large share. The 2024 purchase of Pangiam added biometric screening for airports and borders.
Moat: narrow (regulatory licence, customer qualification). Security clearances and incumbency on federal contracts are hard for new entrants to match.
Headquarters: McLean, Virginia, US · Founded: 2008 · Employees: 579
Size BigBear.ai (BBAI) is a United States Information Technology company (Packaged Software) with a market value of $1.07B, the 2204th largest of 3,117 United States companies the cockpit tracks. Shares closed at $2.22 on 6 Nov 2026.
Performance Over six months the shares fell 46.9%, against -16.2% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue fell 1.5% over the last twelve months (peer median +8.5%); the operating margin is -65.6% (peer median 3.5%).
Valuation It trades at 5.7× enterprise value to sales against a peer median of 5.2× (10th most expensive of 20).
Capital Return on invested capital runs 37.2 points below its cost of capital (19.6% WACC).
Backlog Backlog (remaining performance obligations) was $5.70M at 30 Sep 2026 — 0.0 years of trailing revenue. Backlog detail →
Short interest Short interest is 28.5% of the free float (15 Oct 2026).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $142M | $128M | $158M | $155M | $155M |
| Revenue growth | — | -19% | +2% | 0% | — |
| Gross profit | $42.9M | $28.5M | $45.2M | $40.6M | $43.0M |
| EBITDA | -$68.5M | -$68.1M | -$33.8M | -$27.6M | -$42.2M |
| Net income | -$180M | -$294M | -$296M | -$70.7M | -$122M |
| Free cash flow | -$72.7M | -$47.2M | -$38.6M | -$18.3M | -$49.7M |
| Capital expenditure | $1.13M | $4.37M | $11.1M | $3.83M | $769,000 |
| Total debt | $22.5M | $115M | $146M | $162M | $200M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| BigBear.ai BBAI | $1.07B | -47% | -1% | -66% | 5.7× | n/a |
| Palantir Technologies PLTR | $386B | +16% | +87% | 46% | 51.6× | 56.6% |
| C3.ai AI | $1.84B | +18% | -38% | -198% | 5.1× | n/a |
| Booz Allen Hamilton BAH | $10.1B | +11% | -6% | 9% | 1.3× | -7.0% |
| Leidos LDOS | $16.2B | +2% | +3% | 12% | 1.2× | -6.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BBAI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.3% | -3.6% | 8th lowest of 21 |
| 6-month return | -46.9% | -16.2% | 5th lowest of 21 |
| Distance from 52-week high | -70.0% | -40.2% | 3rd lowest of 21 |
| Revenue growth (TTM) | -1.5% | +8.5% | 6th lowest of 21 |
| Operating margin | -65.6% | 3.5% | lowest of 21 |
| EV / Sales | 5.7× | 5.2× | 10th most expensive of 20 |
| ROIC minus cost of capital | -37.2 pp | -4.6 pp | 3rd lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| BigBear.ai BBAI | United States | $1.07B | -47% | -1% | -66% | 5.7× | n/a | n/a |
| Blackbuck BLACKBUCK.NS | India | $1.08B | -1% | +50% | 14% | 11.5× | 34.8% | +54.8% |
| Bingo Software 688227.SS | China | $1.08B | -56% | -7% | -11% | 14.3× | n/a | n/a |
| Tansun Technology 300872.SZ | China | $1.08B | -11% | -10% | -12% | 4.5× | n/a | n/a |
| Bravura Solutions BVS.AX | Australia | $1.06B | +50% | -10% | 25% | 5.2× | 4.1% | +3.1% |
| PATEO CONNECT Technology (Shanghai) 2889.HK | Hong Kong | $1.05B | -65% | +72% | -24% | 1.9× | n/a | n/a |
| Sichuan Xun You Network Technology 300467.SZ | China | $1.05B | -22% | +2% | 1% | 21.8× | n/a | n/a |
| Shenzhen Sunline Tech 300348.SZ | China | $1.10B | -22% | +19% | -1% | 3.4× | n/a | n/a |
| Suzhou MedicalSystem Technology 603990.SS | China | $1.04B | +44% | -15% | 5% | 23.0× | n/a | n/a |
| 74Software 74SW.PA | France | $1.11B | -5% | +11% | 14% | 1.7× | -1.7% | +18.9% |
| ZoomInfo Technologies GTM | United States | $1.02B | -45% | +3% | 23% | 1.9× | -9.7% | +21.3% |
| Red Violet RDVT | United States | $1.12B | +41% | +20% | 18% | 10.9× | 39.4% | +21.1% |
| Riskified RSKD | United States | $1.13B | +78% | +10% | -4% | 2.5× | 12.6% | +15.3% |
| Hangzhou Diagens Biotechnology 2526.HK | Hong Kong | $1.13B | -68% | +134% | -49% | 45.9× | n/a | n/a |
| Tuya 2391.HK | Hong Kong | $1.00B | -33% | +7% | 5% | n/a | n/a | n/a |
| Shanghai Yaoji Technology 002605.SZ | China | $1.14B | -11% | -3% | 20% | 3.1× | 6.4% | +1.0% |
| Birlasoft BSOFT.NS | India | $998M | -7% | +4% | 15% | 1.3× | 7.9% | +8.4% |
| Merit Interactive 300766.SZ | China | $1.17B | -30% | +30% | -2% | 12.4× | n/a | n/a |
| Chengdu Information Technology of Chinese Academy of Sciences 300678.SZ | China | $969M | -24% | +100% | 0% | 6.3× | n/a | n/a |
| Chinasoft International 0354.HK | Hong Kong | $1.18B | 0% | +3% | 2% | 0.6× | 17.8% | +3.1% |
| Nexwise Intelligence China 301248.SZ | China | $967M | -47% | +11% | 13% | 11.1× | n/a | n/a |
BigBear.ai reported $5.70M of remaining performance obligations at 30 Sep 2026 and down 38% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 0.92.