Leidos Holdings, Inc.
Rank #358Capital ReturnLDOS · NYSE · Technology
Leidos Holdings, Inc. (LDOS) — Rank #358 by gross profitability (GP/assets 0.20) · ROE 27.4% · Piotroski F-Score N/A.
As-of 2026-09-15 · CIK 0001336920 · all metrics point-in-time as of the filing date.
About
Leidos Holdings, Inc., together with its subsidiaries, provides services and solutions for government and commercial customers in the United States and internationally.
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The National Security & Digital segment provides national security software; services by using artificial intelligence and machine learning to coordinate sea, ground, air, and space to help warfighters; offensive, defensive, and physical cyber operation solutions; intelligence analysis, operational support, logistics operations, security, linguistics, force production, biometrics, chemical, biological, radiological, nuclear, and explosives, energetics, training, and other services; and Digital Modernization and transformation services. The Health & Civil segment offers air traffic control systems; health mission software; managed health services; infrastructure management and operation; logistical operations and information technology support; and life science research and development support services. The Commercial & International segment provides power grid engineering and design, grid modernization, utility planning and consulting, energy management and efficiency, technology-driven innovation, and software and application development; people scanners, computed tomography carry-on baggage scanners, checked baggage scanners, and explosive trace detectors; mobile, non-intrusive ports and borders inspection systems; and open-architecture platform that transforms airport security by integrating disparate devices and technologies into a unified management system. The Defense Systems segment offers air and missile defense, maritime, aerospace, and cyber and threat systems; offers airborne training, intelligence, surveillance, and reconnaissance missions; and provides space-based electro-optic infrared systems, multi/hyperspectral, electronic warfare and signals intelligence, and communications payloads. Leidos Holdings, Inc.
was founded in 1969 and is headquartered in Reston, Virginia.
- Industry
- Information Technology Services
- Sector
- Technology
- Filer Category
- Large accelerated filer
- Fiscal Year End
- January 1
- Website
- leidos.com
Price History
Company Snapshot
P/E and reverse DCF are the primary valuation lenses at this stage.
Market Cap
$16.39B
P/E (annual)
11.7
P/S (annual)
1.0
P/B
3.1
P/OCF (annual)
9.4
Shareholder Yield
4.4%
Employees
50,000
Industry
Information Technology Services
Exchange
NYSE
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passTerry Smith quality gate
Passes 1/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
-1.3%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Buyback tailwind: -4.4% — per-share value needs a total required return of -5.7% once share-count change is priced in.
vs. own 6-year median revenue growth: 7.6%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
-5.0%
r = 10% (base)
-1.3%
r = 12%
2.0%
Net debt / market cap: -4.3%
Note: current FCF margin is 1.6σ above its historical mean — implied growth may understate valuation risk if the margin reverts.
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.20
Primary signal (Novy-Marx).
8th of 8 SIC 7373 peers
Return on equity
27.4%
Gross margin
18.0%
7th of 7 SIC 7373 peers
Revenue growth (YoY)
3.1%
RPO growth (YoY)
13.5%
Remaining performance obligations growth — RPO > revenue = forward demand building.
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2025 | 2026 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
6.1%
Revenue CAGR (5Y)
6.9%
Earnings CAGR (3Y)
28.3%
FCF CAGR (3Y)
23.8%
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
1.93
8th of 8 SIC 7373 peers (best = lowest)
Current ratio
1.63×
5th of 8 SIC 7373 peers
Quick ratio
1.07×
Net cash
$726.00M
Cash & equivalents minus total debt.
Recession resistance
Revenue through recessions
Worst single-year YoY revenue decline, 19 years of history
Cash-flow health
Free cash flow
$1.63B
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
0.12
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
0.6%
Stock-based comp intensity.
Piotroski F-Score
F-Score
N/A
Only 8/9 components determinable.