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US government services and technology contractor providing IT, engineering and defense/intelligence solutions mainly to US agencies.
US government services and technology contractor providing IT, engineering and defense/intelligence solutions mainly to US agencies.
Wins government contracts through competitive bids and rebids, paid on a mix of cost-reimbursable, hourly and fixed-price terms, so the signed backlog and win rate matter more than product sales. Work is mostly for the US government. Combining with Lockheed Martin's IT services unit in 2016 made it far larger.
Moat: narrow (regulatory licence, switching costs, customer qualification). Security clearances and incumbency on long-running federal contracts create high barriers for new entrants.
Headquarters: Reston, Virginia, US · Founded: 1969 · Employees: 47,000
Size Leidos (LDOS) is a United States Industrials company (Packaged Software) with a market value of $16.2B, the 568th largest of 3,117 United States companies the cockpit tracks. Shares closed at $132.68 on 6 Nov 2026.
Performance Over six months the shares gained 2.3%, against +1.4% for the median peer and -1.1% for the United States market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 2.7% over the last twelve months (peer median +10.4%); the operating margin is 11.8% (peer median 18.3%).
Valuation It trades at 11.4× forward earnings against a peer median of 20.8× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.0 points above its cost of capital (7.0% WACC).
Backlog Backlog (remaining performance obligations) was $21.0B at 2 Oct 2026, up 24% on a year earlier — 1.2 years of trailing revenue. Backlog detail →
Credit Leidos has 10 bonds outstanding ($5.53B), rated BBB by the agencies and trading like BBB at a weighted spread of 96 bp.
Short interest Short interest is 3.5% of the free float (15 Oct 2026).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $17.8B | $17.2B | $16.7B | $15.4B | $14.4B |
| Revenue growth | — | +3% | +8% | +7% | — |
| Gross profit | $3.14B | $3.10B | $2.80B | $2.24B | $2.08B |
| EBITDA | $2.41B | $2.39B | $2.10B | $1.63B | $1.47B |
| Net income | $1.42B | $1.45B | $1.25B | $199M | $685M |
| Free cash flow | $1.96B | $1.62B | $1.29B | $958M | $857M |
| Capital expenditure | $153M | $125M | $149M | $207M | $129M |
| Total debt | $6.56B | $5.34B | $5.41B | $5.33B | $5.62B |
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 | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Leidos LDOS | $16.2B | +2% | +3% | 12% | 11.4× | -6.4% |
| Booz Allen Hamilton BAH | $10.1B | +11% | -6% | 9% | 13.3× | -7.0% |
| Science Applications International SAIC | $6.13B | +56% | -1% | 8% | 14.3× | -4.6% |
| General Dynamics GD | $95.7B | +3% | +10% | 10% | 19.4× | -2.5% |
| L3Harris LHX | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LDOS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.3% | +6.9% | 10th highest of 21 |
| 6-month return | +2.3% | +1.4% | 10th highest of 21 |
| Distance from 52-week high | -34.9% | -16.3% | 5th lowest of 21 |
| Revenue growth (TTM) | +2.7% | +10.4% | 4th lowest of 21 |
| Operating margin | 11.8% | 18.3% | 6th lowest of 21 |
| Forward P/E | 11.4× | 20.8× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -6.4% | 11.4% | least demanding of 21 |
| Growth delivered (Del g) | +6.9% | +8.2% | 9th lowest of 21 |
| Hurdle (Req g minus delivered) | -13.3 pp | +3.7 pp | 2nd least demanding of 21 |
| ROIC minus cost of capital | +8.0 pp | +4.5 pp | 9th highest of 21 |
| EV / EBITDA | 9.2× | 16.7× | cheapest of 21 |
| Net debt / EBITDA | 2.4× | 1.9× | 6th most indebted of 21 |
| Bond spread | 96 bp | 86 bp | 6th widest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Leidos LDOS | United States | $16.2B | +2% | +3% | 12% | 11.4× | -6.4% | +6.9% |
| UL Solutions ULS | United States | $15.9B | -22% | +6% | 19% | 31.2× | 9.1% | +5.8% |
| Masco MAS | United States | $15.8B | +15% | +1% | 18% | 18.0× | 4.9% | +1.0% |
| NXT NXT | United States | $15.8B | -17% | +14% | 19% | 20.9× | 22.0% | +24.4% |
| IDEX IEX | United States | $16.7B | +5% | +7% | 21% | 23.7× | 14.7% | +8.0% |
| Allegion ALLE | United States | $15.6B | +39% | +10% | 22% | 18.7× | 7.6% | +8.4% |
| TransUnion TRU | United States | $15.5B | +13% | +13% | 15% | 15.9× | 20.3% | +12.6% |
| Curtiss-Wright CW | United States | $17.1B | -36% | +11% | 19% | 27.4× | 16.2% | +7.9% |
| Nordson NDSN | United States | $17.3B | +10% | +7% | 27% | 24.5× | 15.4% | +5.6% |
| Stanley Black & Decker SWK | United States | $17.3B | +43% | 0% | 10% | 18.3× | 6.8% | +3.0% |
| Jacobs Solutions J | United States | $17.4B | +26% | +20% | 5% | 18.6× | 15.8% | -2.3% |
| RBC Bearings RBC | United States | $15.0B | -22% | +17% | 26% | 29.6× | 26.0% | +25.2% |
| Clean Harbors CLH | United States | $15.0B | -2% | +10% | 13% | 29.2× | 11.7% | +13.9% |
| APi APG | United States | $17.5B | -7% | +16% | 7% | 20.7× | 27.8% | +17.1% |
| Lincoln Electric LECO | United States | $14.9B | +2% | +11% | 18% | 22.0× | 13.3% | +9.7% |
| C.H. Robinson CHRW | United States | $14.5B | -27% | +10% | 5% | 17.2× | 9.2% | 0.0% |
| Carlisle Companies CSL | United States | $14.5B | +4% | +4% | 20% | 15.9× | 3.7% | +4.8% |
| Grupo Aeroportuario del Pacifico SAB de CV Sponsored ADR PAC | United States | $14.5B | +1% | +20% | 44% | 17.1× | 8.2% | +31.3% |
| Rollins ROL | United States | $18.1B | -29% | +8% | 19% | 31.4× | 11.2% | +11.7% |
| CNH Industrial CNH | United States | $14.3B | +5% | +1% | 13% | 21.1× | 7.4% | -7.0% |
| WESCO International WCC | United States | $14.2B | -18% | +14% | 6% | 14.1× | 10.4% | +13.8% |
Leidos has 10 bonds outstanding with $5.53B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.64%, a spread of 96 bp over government bonds.
Leidos reported $21.0B of remaining performance obligations at 2 Oct 2026, up 24% from a year earlier and up 5% from the previous quarter. That is 1.2 years of trailing revenue already under contract. Book-to-bill last quarter: 1.22.