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Leidos (LDOS) stock

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NYSE: LDOS NYSE Diversified Support Services Next results ~November 3, 2026

C+ Fundamentals grade

Leidos is a US-listed company in the diversified support services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$210

Cash-flow model

Base case. Range ~$150–$290 across our lower- and higher-growth cases (-0.3%–9.7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 45% above it.

Price used: $144.16, November 2, 2026

Leidos valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 9 sales by directors and officers, last 12 monthsInsider trades
  • Funds362 adding, 497 cuttingOf 69 active managers that changed their stake, 32 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Leidos files

Where Leidos stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $17.6bn, up 3.4% on a year earlier, faster than 2.3% a quarter earlier. Free-cash-flow margin rose to 12.3% from 7.8% a year earlier. The diluted share count is down 3.6% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 2 financial-health checks. Our cash-flow model value is $246 a share, against a share price of $127. At that price, our model says the market is pricing in cash flow shrinking about 6.4% a year for five years, slower than the 5.1% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Leidos's trailing-twelve-month revenue grew 3.4% year on year, with a free-cash-flow margin of 12.3%. Where it stands out: stock pay as % of revenue of 0.6% ranks 5 of 26 diversified support services companies we cover.

Our discounted-cash-flow model values the business at ~$210 per share in the base case (~$150–$290 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 63.2% while net income fell 1.9%: a 65pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $144.16 is 45% below our value per share of $210.
  • Shrinking share count. Diluted shares fell 3.6% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Weakest spot: revenue growth. Revenue growth of 3.4% ranks 24 of 32 diversified support services companies we cover (median 6.5%).

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$3.26 against an average estimate of $2.91: beat by 12.1%
Revenue
$4.56bn, up 7.2% on a year earlier
Share reaction
+6.8% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
adjusted EBITDA Margin 13% (fiscal year 2026); non-GAAP Diluted EPS $12.2 to $12.5 (fiscal year 2026)
Next report
November 3, 2026; average EPS estimate $3.04

Leidos' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.8%
  • 1 week+3.1%
  • 1 month+22.4%
  • This year-19.3%
  • 1 year-23.4%
  • 5 years+61.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$17.6B
Operating margin
11.5%
Net margin
7.8%
EPS (TTM, diluted)
$10.73

Growth

Revenue growth
+3.4%
Change in growth rate
+1.1 pts
Share count change
−3.6%

Cash

Free cash flow (TTM)
$2.2B
FCF margin
12.3%
Stock pay % of revenue
0.6%

Earnings

Last results
November 3, 2026
Next results (est.)
February 16, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Our research
  4. Dividend
  5. Agreement
  6. Leadership
  7. Insider trade
  8. Results
  9. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Leidos valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 1.3% a year for five years.That is slower than the 5.1% a year revenue growth Leidos has delivered.

  • Priced in-1.3%
  • Last 12 months3.4%
  • 3 years a year5.9%
  • 5 years a year5.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($134.55, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$210
Price used
$134.55close November 3, 2026
Implied change
▲ +55%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Leidos's free cash flow after stock-based pay with after-tax interest added back ($1.6B, FY2026 Q2 TTM), growing 5.5% and 4.4% in the next two years (forecasts, guidance and its record), then back to 4.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$150–~$290 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Leidos's free cash flow after stock-based pay ( $1.6B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Leidos as an operating company, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.8 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$210 ~$150–$290 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$160 ~$160–$290 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$150 ~$110–$210 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$130 ~$110–$160 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$170 ~$130–$210 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Leidos with Diversified Support Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +38%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▲ +74%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $144$211$299$416$568$764
8.5% $100$149$212$296$404$543
10% $74$111$160$224$307$412

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$34.74$44.10$56.95$47.14$91.01$97.58$83.72$100.51$105.03$144.32$181.78$144.16
Market value$2.6bn$4.6bn$8.8bn$7.2bn$13.2bn$14.1bn$12.0bn$13.9bn$14.5bn$19.6bn$23.6bn$18.5bn
+ Net debt (− = net cash)$431m$3.0bn$2.7bn$2.8bn$2.3bn$4.3bn$4.5bn$5.1bn$4.1bn$3.8bn$3.5bn$5.3bn
Enterprise value$3.0bn$7.5bn$11.5bn$10.0bn$15.5bn$18.3bn$16.4bn$18.9bn$18.6bn$23.4bn$27.2bn$23.8bn
Multiples
Price / sales 0.5x0.7x0.9x0.7x1.2x1.1x0.9x1.0x0.9x1.2x1.4x1.0x
Price / earnings 10.6x18.8x24.0x12.4x19.8x22.4x15.9x20.2x72.8x15.7x16.3x13.4x
Price / free cash flow 7.2x10.9x19.7x10.4x15.2x12.2x12.9x16.1x14.8x15.3x14.5x8.5x
EV / EBITDA 8.3x14.0x12.9x9.9x13.6x14.3x11.1x13.3x19.5x11.1x11.3x10.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

55 /100

Moderate moat

How hard Leidos's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Net income has been a median 5.5% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 14.5%, moving by 1.4 percentage points (standard deviation) across 10 years.

  • Durability 11 / 20

    Operating margin has been a median 7.8%; its worst year was 5.7%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 7.1% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 10.8% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (60 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, before the open. Analysts expect revenue of $4.7bn and EPS of $3.04 (range $2.98 to $3.15) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $12.41 +4% $18.3bn +7%
Next $12.55 +1% $19.1bn +4%

Next year's EPS estimate has moved −4.2% in 90 days, across 17 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.6% on 90 days ago. In the last 30 days, 3 analysts raised Leidos's forecast and 3 cut it.

Consensus EPS forecast Leidos, last 90 days
$12.20 $12.40 $12.60 $12.80 $13.00 $13.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $12.34 Current fiscal year, 60 days ago: $12.40 Current fiscal year, 30 days ago: $12.40 Current fiscal year, 7 days ago: $12.41 Current fiscal year, Now: $12.41 $12.41 Next fiscal year, 90 days ago: $13.10 Next fiscal year, 60 days ago: $12.78 Next fiscal year, 30 days ago: $12.75 Next fiscal year, 7 days ago: $12.55 Next fiscal year, Now: $12.55 $12.55

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $12.34$13.10
60 days ago $12.40$12.78
30 days ago $12.40$12.75
7 days ago $12.41$12.55
Now $12.41$12.55

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $2.91 $3.26 +12.1%
Mar 2026 $2.91 $3.13 +7.6%
Dec 2025 $2.61 $2.76 +5.9%
Sept 2025 $2.72 $3.05 +12.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • Non-GAAP Diluted EPS fiscal year 2026 $12.20 to $12.50 Non-GAAP Raised
    “Non-GAAP Diluted EPS $12.20 - $12.50 $12.10 - $12.50” source
  • Adjusted EBITDA Margin fiscal year 2026 about 13% Non-GAAP Raised
    “Adjusted EBITDA Margin Mid 13% Mid 13%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Leidos's revenue by +5.5% next year and +4.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.9%, weight 69%) and the company's own record (+4.7%, weight 31%) . How the weights are set.

Analyst recommendations

17 analysts, Oct 2026
Buy635%
Hold1165%
Sell00%

Monthly trend

  1. Oct 2026241117
  2. Sep 2026341017
  3. Aug 2026341017
  4. Jul 2026341017

Counts of recommendations published by analysts covering Leidos, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.0%
of tradable shares
Days to cover
3.5
at average volume
Short interest, 1 month
−17%
to October 15, 2026
Held by institutions
85%
of shares
Held by insiders
0.6%
of shares
Employees
50,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −23.4%

$188.29 on October 31, 2025 to $144.16

ThenNowEffect
Revenue (last 12 months) $17.1bn $17.6bn +3.4%
Net margin 8.2% 7.8% −5.1%
P/E multiple 17.9x 13.4x −24.8%
Share count 133m 128m +3.7%

Biggest factor: p/e multiple.

Last 3 years +43.4%

$100.51 on November 3, 2023 to $144.16

ThenNowEffect
Revenue (last 12 months) $14.8bn $17.6bn +18.8%
Net margin 4.8% 7.8% +63.6%
P/E multiple 19.5x 13.4x −31.2%
Share count 138m 128m +7.2%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LDOS−14%+20%+5%+35%+27%−19%
Industry peers (median)+4%−13%+11%+1%−10%−10%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LDOS58%58%58%67%75%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LDOS−24%−20%−27%−29%−21%−49%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 50% from November 4, 2025 to June 25, 2026. Getting back needed a 98% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$99.68 – $197.27
From 52-week high
−26.9%
vs 50-day average
+11.6%
vs 200-day average
+2.8%
Volatility (1 year)
35%
Beta vs S&P 500
0.27

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 4 down
typical move ±6.0%
After a week
7 up, 4 down
typical move ±8.6%
After a month
5 up, 6 down
typical move ±7.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +6.8% +1.6% +18.7% +12.7%
May 5, 2026 −9.3% +2.2% −13.7% −16.3%
February 17, 2026 −2.7% +0.7% −1.2% −5.2%
November 4, 2025 +1.0% −0.8% +2.7% −0.3%
August 5, 2025 +8.4% +0.3% +10.6% +11.0%
May 6, 2025 +4.6% −0.4% +5.1% −1.7%
February 11, 2025 −4.1% −0.2% −7.9% −6.9%
October 29, 2024 +9.4% −0.1% +12.0% −3.4%
July 30, 2024 −5.6% +1.1% −6.3% +2.2%
April 30, 2024 +8.0% −1.9% +8.5% +10.4%
February 13, 2024 +6.1% −0.5% +8.2% +11.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Leidos’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.51× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Leidos in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Leidos
$15B $16B $17B $18B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $15.2B Revenue (TTM), FY23 Q4: $15.4B Revenue (TTM), FY24 Q1: $15.7B Revenue (TTM), FY24 Q2: $16B Revenue (TTM), FY24 Q3: $16.3B Revenue (TTM), FY24 Q4: $16.7B Revenue (TTM), FY25 Q1: $16.9B Revenue (TTM), FY25 Q2: $17.1B Revenue (TTM), FY25 Q3: $17.3B Revenue (TTM), FY25 Q4: $17.2B Revenue (TTM), FY26 Q1: $17.3B Revenue (TTM), FY26 Q2: $17.6B $17.6B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $15.2B
FY23 Q4 $15.4B
FY24 Q1 $15.7B
FY24 Q2 $16B
FY24 Q3 $16.3B
FY24 Q4 $16.7B
FY25 Q1 $16.9B
FY25 Q2 $17.1B
FY25 Q3 $17.3B
FY25 Q4 $17.2B
FY26 Q1 $17.3B
FY26 Q2 $17.6B
Revenue growth, TTM YoY Leidos
0% 2% 4% 6% 8% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 6.8% Revenue growth, TTM YoY, FY23 Q4: 7.2% Revenue growth, TTM YoY, FY24 Q1: 7.6% Revenue growth, TTM YoY, FY24 Q2: 7.9% Revenue growth, TTM YoY, FY24 Q3: 7.4% Revenue growth, TTM YoY, FY24 Q4: 7.9% Revenue growth, TTM YoY, FY25 Q1: 7.8% Revenue growth, TTM YoY, FY25 Q2: 6.5% Revenue growth, TTM YoY, FY25 Q3: 6.5% Revenue growth, TTM YoY, FY25 Q4: 3.1% Revenue growth, TTM YoY, FY26 Q1: 2.3% Revenue growth, TTM YoY, FY26 Q2: 3.4% 3.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 6.8%
FY23 Q4 7.2%
FY24 Q1 7.6%
FY24 Q2 7.9%
FY24 Q3 7.4%
FY24 Q4 7.9%
FY25 Q1 7.8%
FY25 Q2 6.5%
FY25 Q3 6.5%
FY25 Q4 3.1%
FY26 Q1 2.3%
FY26 Q2 3.4%
Operating margin (TTM) Leidos
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 3.5% Operating margin (TTM), FY23 Q4: 4.0% Operating margin (TTM), FY24 Q1: 4.9% Operating margin (TTM), FY24 Q2: 5.7% Operating margin (TTM), FY24 Q3: 10.9% Operating margin (TTM), FY24 Q4: 11.0% Operating margin (TTM), FY25 Q1: 11.5% Operating margin (TTM), FY25 Q2: 12.0% Operating margin (TTM), FY25 Q3: 11.9% Operating margin (TTM), FY25 Q4: 12.3% Operating margin (TTM), FY26 Q1: 12.0% Operating margin (TTM), FY26 Q2: 11.5% 11.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 3.5%
FY23 Q4 4.0%
FY24 Q1 4.9%
FY24 Q2 5.7%
FY24 Q3 10.9%
FY24 Q4 11.0%
FY25 Q1 11.5%
FY25 Q2 12.0%
FY25 Q3 11.9%
FY25 Q4 12.3%
FY26 Q1 12.0%
FY26 Q2 11.5%
FCF margin (TTM) Leidos
4% 6% 8% 10% 12% 14% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 5.3% FCF margin (TTM), FY23 Q4: 6.3% FCF margin (TTM), FY24 Q1: 7.7% FCF margin (TTM), FY24 Q2: 9.0% FCF margin (TTM), FY24 Q3: 8.1% FCF margin (TTM), FY24 Q4: 7.7% FCF margin (TTM), FY25 Q1: 7.2% FCF margin (TTM), FY25 Q2: 7.8% FCF margin (TTM), FY25 Q3: 8.0% FCF margin (TTM), FY25 Q4: 9.5% FCF margin (TTM), FY26 Q1: 10.7% FCF margin (TTM), FY26 Q2: 12.3% 12.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 5.3%
FY23 Q4 6.3%
FY24 Q1 7.7%
FY24 Q2 9.0%
FY24 Q3 8.1%
FY24 Q4 7.7%
FY25 Q1 7.2%
FY25 Q2 7.8%
FY25 Q3 8.0%
FY25 Q4 9.5%
FY26 Q1 10.7%
FY26 Q2 12.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-KT, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Jan 2009 2010 Jan 2010 2011 Jan 2011 2012 Jan 2012 2013 Jan 2013 2014 Jan 2015 2015 Jan 2016 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Jan 2020 2020 Jan 2021 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Jan 2025 2025 Jan 2026 LTM Jul 2026
Income
Revenue 10.1 10.6 10.8 5.8 6.4 4.7 4.7 7.0 10.2 10.2 11.1 12.3 13.7 14.4 15.4 16.7 17.2 17.6
Gross profit 1.4 1.4 1.4 0.5 0.9 0.6 0.6 0.9 1.4 1.5 1.5 1.7 2.0 2.1 2.2 2.8 3.1 3.1
EBITDA 0.9 0.9 1.0 0.0 0.5 −0.1 0.4 0.5 0.9 1.0 1.1 1.3 1.5 1.4 1.0 2.1 2.4 2.3
Operating income 0.8 0.8 0.9 −0.1 0.4 −0.2 0.3 0.4 0.6 0.7 0.9 1.0 1.2 1.1 0.6 1.8 2.1 2.0
Net income 0.5 0.5 0.6 0.1 0.5 −0.3 0.2 0.2 0.4 0.6 0.7 0.6 0.8 0.7 0.2 1.3 1.4 1.4
Diluted EPS $1.09 $1.23 $1.64 $0.68 $6.19 −$4.51 $3.27 $2.35 $2.38 $3.80 $4.60 $4.36 $5.27 $4.96 $1.44 $9.22 $11.14 $10.73
Growth (year on year)
Revenue — +5.1% +2.1% −46.0% +10.5% −27.3% +0.5% +49.5% +44.4% +0.2% +8.8% +10.8% +11.7% +4.8% +7.2% +7.9% +3.1% +3.4%
EBITDA — +7.1% +12.2% −97.1% — −126.0% — +49.3% +66.0% +12.4% +13.9% +11.7% +15.4% −3.8% −33.0% +122.4% +13.3% +0.1%
Operating income — +7.7% +11.1% −106.2% — −145.4% — +30.3% +34.1% +34.0% +21.8% +9.4% +15.4% −5.6% −42.9% +194.2% +15.4% −0.4%
Net income — +9.7% +24.8% −90.5% — −163.6% — +0.8% +50.0% +58.7% +14.8% −5.8% +19.9% −9.0% −70.9% — +15.5% −1.9%
Diluted EPS — +12.8% +33.3% −58.5% — −172.9% — −28.1% +1.3% +59.7% +21.1% −5.2% +20.9% −5.9% −71.0% — +20.8% +1.8%
Margins
Gross margin 13.7% 13.5% 13.2% 8.3% 14.0% 13.2% 12.0% 13.3% 14.1% 14.8% 14.0% 14.1% 14.7% 14.5% 14.5% 16.8% 18.0% 17.8%
EBITDA margin 8.6% 8.8% 9.6% 0.5% 7.9% −2.8% 7.7% 7.7% 8.8% 9.9% 10.3% 10.4% 10.8% 9.9% 6.2% 12.7% 14.0% 13.2%
Operating margin 7.7% 7.9% 8.6% −1.0% 6.5% −4.1% 6.8% 5.9% 5.5% 7.3% 8.2% 8.1% 8.4% 7.6% 4.0% 11.0% 12.3% 11.5%
Net margin 4.5% 4.7% 5.7% 1.0% 8.1% −7.1% 5.1% 3.5% 3.6% 5.7% 6.0% 5.1% 5.5% 4.8% 1.3% 7.5% 8.4% 7.8%
Free-cash-flow margin 5.2% 5.0% 6.0% 12.3% −0.2% 7.6% 7.5% 6.0% 4.4% 6.8% 7.9% 9.4% 6.8% 6.0% 6.3% 7.7% 9.5% 12.3%
Cash flow
Cash from operations 0.6 0.6 0.7 0.8 0.0 0.4 0.4 0.4 0.5 0.8 1.0 1.3 1.0 1.0 1.2 1.4 1.8 2.3
Capital spending 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.2 0.1 0.1 0.2 0.1 0.1 0.1
Free cash flow 0.5 0.5 0.7 0.7 −0.0 0.4 0.4 0.4 0.4 0.7 0.9 1.2 0.9 0.9 1.0 1.3 1.6 2.2
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.4 0.4 0.6 0.7 −0.1 0.3 0.3 0.4 0.4 0.7 0.8 1.1 0.9 0.8 0.9 1.2 1.5 2.1
Balance sheet
Cash — — — — — 0.5 0.7 0.4 0.4 0.3 0.7 0.5 0.7 0.5 0.6 0.8 1.1 0.7
Total debt 0.0 — — — — 1.2 1.1 3.3 3.1 3.1 3.0 4.8 5.2 5.6 4.7 4.7 4.6 6.0
Net debt (negative = net cash) — — — — — 0.8 0.4 3.0 2.7 2.8 2.3 4.3 4.5 5.1 4.1 3.8 3.5 5.3
Diluted shares 402m 390m 366m 84m 83m 74m 74m 104m 154m 153m 145m 144m 143m 138m 138m 136m 130m 128m
Returned to shareholders
Dividends — — — 0.0 0.2 0.0 0.0 1.0 0.0 0.0 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Buybacks 0.4 0.5 0.6 0.5 0.0 0.2 0.1 0.0 0.0 0.2 0.0 0.1 0.2 0.0 0.2 0.9 0.4 0.7
Total returned 0.4 0.5 0.6 0.5 0.2 0.2 0.1 1.0 0.0 0.2 0.2 0.3 0.4 0.2 0.4 1.1 0.6 0.9

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · July 3, 2026
What it owns · $15.6bn
Short-term assets $5.2bnLonger-term assets $10.4bn
What it owes, and who funded it · $15.6bn
Short-term liabilities $3.2bnLonger-term liabilities $7.1bnShareholders' equity $5.3bn
  • Short-term assets cover short-term liabilities $5.2bn of assets due within a year against $3.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.2bn short-term assets against $7.1bn of longer-dated liabilities.
  • More cash than debt $748m of cash against $6.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 114% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 107% to 114% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.3bn of operating cash flow against $6.0bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Leidos's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$666M
Dividends (TTM)
$216M
Returned to shareholders
41%
of free cash flow
Buybacks, last 3 fiscal years
$1.5B
Diluted share count
−3.6%
year over year
Total shareholder yield
4.9%
dividends 1.2% + buybacks 3.7% of market value
Dividend payout ratio
16%
of net income paid out
Sales & admin spending
6.0%
of revenue
Days sales outstanding
58 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in diversified support services
Last 12 months unless stated LDOS AMTM CTAS TRI RTO BCO Median
Revenue, last 12 months $17.6bn $14.1bn $11.6bn $7.5bn $6.9bn $5.5bn $906m
Revenue growth, last 12 months 3.4% 11.4% 9.5% 3.0% 4.4% 8.1% 6.3%
Revenue growth, 3-year average 5.9% — 8.7% — — 5.0% 6.4%
Revenue growth, latest quarter 7.2% −2.0% 10.9% — — 7.1% 7.2%
Gross margin 17.8% 10.2% 51.0% — — 26.4% 29.0%
Operating margin 11.5% 4.2% 23.4% 28.5% 8.5% 10.5% 4.9%
Operating margin, 3-year average 9.7% — 22.7% 22.5% — 9.8% 9.9%
Net margin 7.8% 1.4% 17.8% 20.1% 6.8% 3.3% 2.7%
Cash from operations / revenue 13.0% 3.6% 21.1% 35.5% 14.1% 10.2% 7.1%
Free-cash-flow margin 12.3% 3.4% 17.6% 27.0% 11.1% 7.2% 3.7%
Free-cash-flow margin, 3-year average 9.7% — 17.4% 25.2% — 7.2% 7.4%
Stock pay / revenue 0.6% 0.2% 1.1% — — 0.5% 1.4%
Change in share count −3.6% 19.2% −1.2% −0.4% 0.3% −4.4% 0.1%

Median of all 32 companies we cover in diversified support services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

32 diversified support services companies
Measure Company Peer median Rank
Revenue growth Growth 3.4% 6.5% 24 of 32
Change in growth rate Growth +1.1pp +0.8pp 15 of 32
Gross margin Profitability 17.8% 26.4% 13 of 22
Operating margin Profitability 11.5% 4.5% 7 of 29
Net margin Profitability 7.8% 3.3% 8 of 32
Free-cash-flow margin Cash generation 12.3% 4.1% 10 of 31
Stock pay as % of revenue Cash generation 0.6% 1.4% 5 of 26
Long-term debt as % of assets Balance sheet 38.4% 33.7% 13 of 18
Change in share count Balance sheet -3.6% -0.1% 8 of 28
Days sales outstanding Balance sheet 58 days 60 days 11 of 26

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 2, 2026
Segments
Line of business Revenue Share YoY
National Security and Digital $7.6B 44.2% ▲ 3.5%
Health and Civil $5.1B 29.5% ▲ 1.2%
Commercial and International $2.3B 13.5% ▲ 2.8%
Defense Systems $2.2B 12.7% ▲ 7.3%
Geography
Region Revenue Share YoY
United States $15.7B 91.8% ▲ 3.3%
Outside the US $1.4B 8.2% ▲ 2.5%

From Leidos's 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$10.3B
Institutions reporting
766
Shares held vs prior quarter
▲ 3.4%
Positions opened / closed
68 / 198

Top buyers and sellers, Q2 2026: 362 institutions bought and 497 sold ; the biggest buyer was Hotchkis & Wiley Capital Management LLC (+1.6M shares) and the biggest seller Alliancebernstein L.P (−1.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1B 9.9M 9.9% ▲ 4.8%
Vanguard Capital Management LLC $846M 8.2M 8.2% ▼ 0.6%
State Street Corp $646M 6.3M 6.3% ▲ 2.6%
Vanguard Portfolio Management LLC $553M 5.4M 5.4% ▼ 1.9%
Jpmorgan Chase & Co $385M 3.8M 3.7% ▼ 9.9%
Geode Capital Management, LLC $377M 3.7M 3.7% ▲ 1.2%
Invesco Ltd. $323M 3.1M 3.1% ▲ 31.2%
First Trust Advisors LP $286M 2.8M 2.8% ▲ 73.7%
Dimensional Fund Advisors LP $219M 2.1M 2.1% ▲ 14.3%
Massachusetts Financial Services Co $209M 2.0M 2.0% ▲ 9.4%
Van Eck Associates Corp $208M 2.0M 2.0% ▼ 12.1%
Morgan Stanley $185M 1.8M 1.8% ▲ 16.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Leidos's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $3.2M 9 trades by 3 insiders · 45% under pre-set plans
Net ▼ $3.2M net selling
Insider Date Trade Shares Price Value
May Gary Stephen Director September 1, 2026 Sell 1,000 $140.85 $140,845
Geer Noel B Director August 11, 2026 Sell 1,500 $141.07 $211,605
Geer Noel B Director August 11, 2026 Sell 8,500 $140.59 $1.2M
May Gary Stephen Director May 7, 2026 Sell 1,484 $132.75 $197,005
Porter Elizabeth A Sector President April 7, 2026 Sell pre-set plan 85 $159.32 $13,543
Porter Elizabeth A Sector President April 7, 2026 Sell pre-set plan 1,915 $158.75 $304,013
Porter Elizabeth A Sector President January 20, 2026 Sell pre-set plan 3,000 $192.21 $576,635
Porter Elizabeth A Sector President December 19, 2025 Sell pre-set plan 697 $181.55 $126,540
Porter Elizabeth A Sector President December 19, 2025 Sell pre-set plan 2,303 $180.89 $416,590

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 25 trades and filings

No trades in Leidos disclosed in the last 12 months; 25 earlier trades on record.

  • Gerald E. Connolly(D-VA 11):Sale (partial), $1,001 - $15,000, traded May 13, 2025, filed May 17, 2025
  • Gerald E. Connolly(D-VA 11):Sale (partial), $1,001 - $15,000, traded February 5, 2025, filed February 6, 2025
  • Gerald E. Connolly(D-VA 11):Sale (partial), $1,001 - $15,000, traded October 10, 2024, filed October 11, 2024

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 16, 2027 estimated from the company's past filing pattern, not announced

  • November 3, 2026
  • August 4, 2026
  • May 5, 2026
  • February 17, 2026
  • November 4, 2025
  • August 5, 2025

Recent SEC filings

Data status

When each part of this page on Leidos was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Leidos in brief

What does Leidos do?
Leidos is a US-listed company in the diversified support services industry. Its financial year ends in December.
What is Leidos's stock ticker?
Leidos trades under the ticker LDOS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Leidos's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Leidos reported revenue of $17.6B, 3.4% higher than a year earlier, according to its SEC filings.
What is Leidos's free cash flow?
Leidos's free-cash-flow margin is 12.3% of revenue over the trailing twelve months, ranking 10 of the 31 diversified support services companies we cover.
What is Leidos's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Leidos's free cash flow after stock-based pay gives ~$210 per share in the base case, and ~$150–$290 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Leidos's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Leidos buying back stock, and does it pay a dividend?
Leidos spent $666M on share repurchases over the trailing twelve months, and its diluted share count fell 3.6% over the year.
What is Leidos's market cap?
On November 2, 2026, Leidos's market capitalisation was about $18.5B, with a price-to-earnings ratio of 13.4 and net debt of $5.3B. Market figures come from third-party market data and may be delayed.
Does Leidos pay a dividend?
Yes: Leidos paid $216M in dividends over the trailing twelve months, a dividend yield of 1.19% and a payout ratio of 15.7%.
How much debt does Leidos have?
Leidos's debt-to-equity ratio is 114.1%, from its latest balance sheet (107.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Leidos's competitors?
In our Diversified Support Services peer group, the companies closest to Leidos are Amentum Holdings, Inc., Cintas, Thomson Reuters Corp, Rentokil Initial PLC and Brinks Co. The side-by-side comparison below sets their revenue, margins and growth against Leidos's.
Are insiders buying or selling Leidos stock?
Over the last 12 months, Leidos's directors and officers reported 0 open-market purchases and 9 sales on Form 4. The insider trading page charts every trade.
When is Leidos's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Leidos announces its own schedule.