undamentalytics Newsletter
Sign in

Parsons Corp (PSN) stock

Add to watchlist

Add holding +

NYSE: PSN NYSE Research & Consulting Services Next results ~February 10, 2027

C+ Fundamentals grade

Parsons Corporation is a United States-based provider of solutions and services spanning national security and physical infrastructure. It works across six markets: cyber and electronic warfare, space and missile defence, critical infrastructure protection, transportation, water and environment, and urban development. Its offerings include systems integration, programme management, design engineering and product development, plus named products such as the C2Core mission-planning suite, the ZEUS laser system, the TReX electronic-warfare platform, DroneArmor counter-drone technology and the iNET traffic-management system.

Revenue comes chiefly through government and commercial contracts. Its Federal Solutions work serves almost entirely US government bodies, including the intelligence community, NASA, the Federal Aviation Administration and the military; Critical Infrastructure serves federal, state, municipal and private clients such as Amtrak, the transport authorities of Los Angeles, New York and Paris, and public developers across the Gulf.

The business reports two segments, Federal Solutions and Critical Infrastructure, organised into four business units covering North America and the Europe, Middle East and Africa region. Trading for more than 81 years, Parsons was ranked the world's number one programme-management firm by Engineering News Record, and over 4,400 of its staff hold US government security clearances.

Based on Parsons Corp's 10-K filed February 11, 2026.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$110

Cash-flow model

Base case. Range ~$80–$160 across our lower- and higher-growth cases (-2.5%–7.5% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 114% above it.

Price used: $52.95, November 2, 2026

Parsons Corp 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.

  • Insiders4 buying, 0 selling7 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds181 adding, 169 cuttingOf 52 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Parsons files

10-Q filed October 28: Parsons

Rating: Buy to Hold

Revenue for the twelve months to September 2026 reached $6.32bn, down 2.7% on a year earlier. That marks an improvement on the 5.8% decline recorded a quarter earlier. Free-cash-flow margin held at 6.5%. A diluted share count 2.6% lower than a year ago lifts the value of each remaining share. Our model value is little changed at $60.29 a share, set against a market price of $50.32. On that basis we move the rating from Buy to Hold. At the current price, the model implies the market is pricing in roughly 1.6% annual cash-flow growth over five years. That falls well short of the 11.5% a year revenue growth the company has delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Parsons stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $6.29bn, down 5.8% on a year earlier, faster than -6.9% a quarter earlier. That puts it 20 of 21 for growth among the software and IT services companies we cover. Free-cash-flow margin fell to 4.9% from 7.8% a year earlier. The diluted share count is down 2.5% 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 4 of our 7 financial-health checks. Our cash-flow model value is $53.68 a share, against a share price of $44.52. At that price, our model says the market is pricing in about 1.4% a year of cash-flow growth for five years, slower than the 11.4% a year revenue growth it has delivered.

10-Q on SEC EDGAR

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 ~February 10, 2027 (estimated)

Parsons Corp's trailing-twelve-month revenue fell 2.7% year on year, with a free-cash-flow margin of 6.5%. Where it stands out: stock pay as % of revenue of 0.7% ranks 2 of 30 research & consulting services companies we cover. Where it lags: gross margin of 22.2% ranks 23 of 25 research & consulting services companies we cover.

Our discounted-cash-flow model values the business at ~$110 per share in the base case (~$80–$160 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 6.9% while net income fell 38.5%: a 45pp 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 $52.95 is 114% below our value per share of $110.
  • Shrinking share count. Diluted shares fell 2.6% in a year, so each share owns more of the business.

Things to watch

  • Revenue shrinking. Revenue fell 2.7% over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 59% and a beta of 1.2 against the S&P 500.
  • Below peers: gross margin. Gross margin of 22.2% ranks 23 of 25 research & consulting services companies we cover (median 45.2%).
  • Heavily shorted. 16.0% of the shares available to trade are sold short (4.8 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$0.89 against an average estimate of $0.78: beat by 13.5%
Revenue
$1.65bn, up 1.8% on a year earlier
Share reaction
-2.8% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
revenue $6.25bn to $6.45bn (fiscal year 2026); adjusted EBITDA including non-controlling interest $510m to $550m (fiscal year 2026)
Next report
October 28, 2026; average EPS estimate $0.85

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

Price chart

  • 1 day+4.5%
  • 1 week+5.9%
  • 1 month+29.8%
  • This year-14.3%
  • 1 year-36.3%
  • 5 years+46.9%
  • S&P 500 this year+11.2%

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

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.3B
Operating margin
4.8%
Net margin
2.3%
EPS (TTM, diluted)
$1.37

Growth

Revenue growth
−2.7%
Change in growth rate
+3.2 pts
Share count change
−2.6%

Cash

Free cash flow (TTM)
$409M
FCF margin
6.5%
Stock pay % of revenue
0.7%

Earnings

Last results
October 28, 2026
Next results (est.)
February 10, 2027

News & updates

Updated October 31, 2026

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

  1. Leadership
  2. Results
  3. Guidance
  4. Our research
  5. Our research
  6. Announcement
  7. Announcement
  8. Announcement
  9. Announcement
  10. Announcement
  11. Announcement
  12. Announcement
  13. Announcement
  14. Results

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

Parsons Corp valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 7.6% a year for five years.That is slower than the 11.5% a year revenue growth Parsons has delivered.

  • Priced in-7.6%
  • Last 12 months-2.7%
  • 3 years a year7.8%
  • 5 years a year11.5%

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 ($51.42, 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
~$110
Price used
$51.42close November 3, 2026
Implied change
▲ +121%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Parsons Corp's free cash flow after stock-based pay with after-tax interest added back ($432M, FY2026 Q3 TTM), growing 4.1% and 3.5% in the next two years (forecasts, guidance and its record), then back to 2.5% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$80–~$160 ; 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 Parsons Corp's free cash flow after stock-based pay ( $432M, FY2026 Q3 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 Parsons Corp as an operating company, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.91 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. ~$110 ~$80–$160 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. ~$40 ~$45–$70 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$37 ~$24–$58 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$35 ~$30–$42 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. ~$68 ~$35–$110 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Parsons Corp with Research & Consulting 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 ▼ −30%
  • Revenue growth 5 points higher ▲ +39%
  • Free-cash-flow margin 1 point lower ▼ −16%
  • Last year's free-cash-flow margin change, if it persists ▲ +10%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $89$128$180$248$337$452
8.5% $63$92$129$178$241$323
10% $48$70$98$136$184$246

Valuation multiples over time Market data may be delayed

At fiscal year end 2019202020212022202320242025Now
Share price$41.28$36.41$33.65$46.25$62.71$92.25$61.80$52.95
Market value$3.8bn$3.7bn$3.8bn$5.2bn$7.2bn$10.3bn$6.8bn$5.7bn
+ Net debt (− = net cash)$67m$106m$249m$481m$473m$1.3bn$771m$1.1bn
Enterprise value$3.9bn$3.8bn$4.0bn$5.7bn$7.7bn$11.6bn$7.6bn$6.8bn
Multiples
Price / sales 1.0x0.9x1.0x1.3x1.3x1.5x1.1x0.9x
Price / earnings 31.8x37.4x58.9x54.3x44.8x44.0x28.1x38.7x
Price / free cash flow 25.1x14.4x20.5x25.4x19.6x21.8x16.5x14.0x
EV / EBITDA 17.9x12.4x14.5x18.7x18.8x22.0x14.1x15.3x

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

34 /100

Weak moat

How hard Parsons's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Cash operating profit has been a median 4.1% of total assets over 6 years.

  • Pricing power 9 / 20

    Gross margin has been a median 21.8%, moving by 0.8 percentage points (standard deviation) across 8 years.

  • Durability 7 / 20

    Operating margin has been a median 4.6%; its worst year was 2.4%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 8 of 8 years, at a median 6.2% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 0.5% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (49 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

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.45 −23% $6.4bn 0%
Next $3.40 +39% $6.7bn +5%

Next year's EPS estimate has moved −2.6% in 90 days, across 14 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.9% on 90 days ago. In the last 30 days, 1 analyst raised Parsons Corp's forecast and 1 cut it.

Consensus EPS forecast Parsons Corp, last 90 days
$2.00 $2.50 $3.00 $3.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.42 Current fiscal year, 60 days ago: $2.44 Current fiscal year, 30 days ago: $2.44 Current fiscal year, 7 days ago: $2.38 Current fiscal year, Now: $2.45 $2.45 Next fiscal year, 90 days ago: $3.49 Next fiscal year, 60 days ago: $3.42 Next fiscal year, 30 days ago: $3.42 Next fiscal year, 7 days ago: $3.42 Next fiscal year, Now: $3.40 $3.40

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.42$3.49
60 days ago $2.44$3.42
30 days ago $2.44$3.42
7 days ago $2.38$3.42
Now $2.45$3.40

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.78 $0.89 +13.5%
Jun 2026 $0.76 $0.86 +13.8%
Mar 2026 $0.68 $0.79 +15.6%
Dec 2025 $0.79 $0.75 −4.9%

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

Management guidance

Earnings release, October 28, 2026
  • Revenue fiscal year 2026 $6.25bn to $6.45bn Narrowed
    “Revenue $6.25 billion - $6.45 billion” source
  • Adjusted EBITDA including non-controlling interest fiscal year 2026 $510m to $550m Non-GAAP Narrowed
    “Adjusted EBITDA including non-controlling interest $510 million - $550 million” source
  • Cash Flow from Operating Activities fiscal year 2026 $430m to $490m Maintained
    “Cash Flow from Operating Activities $430 million - $490 million” 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 Parsons Corp's revenue by +4.1% next year and +3.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.6%, weight 46%) , management guidance (+4.4%, weight 32%) and the company's own record (+2.5%, weight 22%) . How the weights are set.

Analyst recommendations

14 analysts, Oct 2026
Buy1179%
Hold321%
Sell00%

Monthly trend

  1. Oct 202629314
  2. Sep 202629314
  3. Aug 202629314
  4. Jul 202627514

Counts of recommendations published by analysts covering Parsons Corp, 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
16.0%
of tradable shares
Days to cover
4.79
at average volume
Short interest, 1 month
+8%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.5%
of shares
Employees
21,000
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 −36.3%

$83.14 on October 31, 2025 to $52.95

ThenNowEffect
Revenue (last 12 months) $6.7bn $6.3bn −5.8%
Net margin 3.7% 2.5% −32.5%
P/E multiple 37.4x 36.5x −2.4%
Share count 111m 108m +2.6%

Biggest factor: net margin.

Last 3 years −14.1%

$61.62 on November 3, 2023 to $52.95

ThenNowEffect
Revenue (last 12 months) $4.8bn $6.3bn +32.0%
Net margin 2.7% 2.5% −5.7%
P/E multiple 55.6x 36.5x −34.4%
Share count 114m 108m +5.3%

Biggest factor: p/e multiple.

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
PSN−8%+37%+36%+47%−33%−14%
Industry peers (median)+38%−22%+10%−4%−15%−0%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PSN42%58%67%67%67%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PSN−31%−14%−13%−19%−43%−45%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since May 8, 2019: 64% from November 11, 2024 to July 29, 2026. Getting back needed a 181% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$40.32 – $86.61
From 52-week high
−38.9%
vs 50-day average
+15.7%
vs 200-day average
−1.7%
Volatility (1 year)
59%
Beta vs S&P 500
1.20

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
4 up, 8 down
typical move ±8.5%
After a week
5 up, 6 down
typical move ±10.1%
After a month
3 up, 8 down
typical move ±14.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −2.8% 0.0% — —
July 29, 2026 −30.4% +0.1% −23.0% −20.6%
April 29, 2026 −2.8% +1.0% −0.3% +14.0%
February 11, 2026 −10.7% −1.6% −6.1% −21.7%
November 5, 2025 +3.2% −0.7% +8.7% −16.2%
August 6, 2025 −0.2% +0.7% +6.3% −1.8%
April 30, 2025 −6.9% +0.7% −8.4% −5.6%
February 19, 2025 −15.7% −0.2% −19.6% −19.7%
October 30, 2024 +3.0% −2.3% +5.4% −8.7%
July 31, 2024 +14.7% +0.2% +14.7% +22.2%
May 1, 2024 −1.5% +0.6% −1.2% −3.0%
February 14, 2024 +10.3% +1.6% +17.8% +20.9%

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 Parsons Corp’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

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.25× the last 60 days’ realised volatility , richer than 64% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

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.

Parsons Corp 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) Parsons Corp
$5B $5.5B $6B $6.5B $7B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $5.4B Revenue (TTM), FY24 Q1: $5.8B Revenue (TTM), FY24 Q2: $6.1B Revenue (TTM), FY24 Q3: $6.5B Revenue (TTM), FY24 Q4: $6.8B Revenue (TTM), FY25 Q1: $6.8B Revenue (TTM), FY25 Q2: $6.7B Revenue (TTM), FY25 Q3: $6.5B Revenue (TTM), FY25 Q4: $6.4B Revenue (TTM), FY26 Q1: $6.3B Revenue (TTM), FY26 Q2: $6.3B Revenue (TTM), FY26 Q3: $6.3B $6.3B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $5.4B
FY24 Q1 $5.8B
FY24 Q2 $6.1B
FY24 Q3 $6.5B
FY24 Q4 $6.8B
FY25 Q1 $6.8B
FY25 Q2 $6.7B
FY25 Q3 $6.5B
FY25 Q4 $6.4B
FY26 Q1 $6.3B
FY26 Q2 $6.3B
FY26 Q3 $6.3B
Revenue growth, TTM YoY Parsons Corp
-10% 0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 29.7% Revenue growth, TTM YoY, FY24 Q1: 31.3% Revenue growth, TTM YoY, FY24 Q2: 28.3% Revenue growth, TTM YoY, FY24 Q3: 28.9% Revenue growth, TTM YoY, FY24 Q4: 24.0% Revenue growth, TTM YoY, FY25 Q1: 16.6% Revenue growth, TTM YoY, FY25 Q2: 9.2% Revenue growth, TTM YoY, FY25 Q3: -0.2% Revenue growth, TTM YoY, FY25 Q4: -5.7% Revenue growth, TTM YoY, FY26 Q1: -6.9% Revenue growth, TTM YoY, FY26 Q2: -5.8% Revenue growth, TTM YoY, FY26 Q3: -2.7% -2.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 29.7%
FY24 Q1 31.3%
FY24 Q2 28.3%
FY24 Q3 28.9%
FY24 Q4 24.0%
FY25 Q1 16.6%
FY25 Q2 9.2%
FY25 Q3 -0.2%
FY25 Q4 -5.7%
FY26 Q1 -6.9%
FY26 Q2 -5.8%
FY26 Q3 -2.7%
Operating margin (TTM) Parsons Corp
4.5% 5% 5.5% 6% 6.5% 7% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 5.3% Operating margin (TTM), FY24 Q1: 5.8% Operating margin (TTM), FY24 Q2: 6.1% Operating margin (TTM), FY24 Q3: 6.2% Operating margin (TTM), FY24 Q4: 6.3% Operating margin (TTM), FY25 Q1: 6.4% Operating margin (TTM), FY25 Q2: 6.3% Operating margin (TTM), FY25 Q3: 6.4% Operating margin (TTM), FY25 Q4: 6.6% Operating margin (TTM), FY26 Q1: 6.4% Operating margin (TTM), FY26 Q2: 4.9% Operating margin (TTM), FY26 Q3: 4.8% 4.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 5.3%
FY24 Q1 5.8%
FY24 Q2 6.1%
FY24 Q3 6.2%
FY24 Q4 6.3%
FY25 Q1 6.4%
FY25 Q2 6.3%
FY25 Q3 6.4%
FY25 Q4 6.6%
FY26 Q1 6.4%
FY26 Q2 4.9%
FY26 Q3 4.8%
FCF margin (TTM) Parsons Corp
4% 5% 6% 7% 8% 9% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 6.7% FCF margin (TTM), FY24 Q1: 5.4% FCF margin (TTM), FY24 Q2: 7.4% FCF margin (TTM), FY24 Q3: 8.4% FCF margin (TTM), FY24 Q4: 7.0% FCF margin (TTM), FY25 Q1: 7.7% FCF margin (TTM), FY25 Q2: 7.8% FCF margin (TTM), FY25 Q3: 5.9% FCF margin (TTM), FY25 Q4: 6.4% FCF margin (TTM), FY26 Q1: 6.6% FCF margin (TTM), FY26 Q2: 4.9% FCF margin (TTM), FY26 Q3: 6.5% 6.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 6.7%
FY24 Q1 5.4%
FY24 Q2 7.4%
FY24 Q3 8.4%
FY24 Q4 7.0%
FY25 Q1 7.7%
FY25 Q2 7.8%
FY25 Q3 5.9%
FY25 Q4 6.4%
FY26 Q1 6.6%
FY26 Q2 4.9%
FY26 Q3 6.5%

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

Where the money goes

FY2025, from the 10-K

Each dollar Parsons took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $6.4B
  2. Cost of revenue $4.9B · 77.5%
  3. Gross profit $1.4B · 22.5%
  4. Selling, general and admin $1B · 16.0%
  5. Operating income $418M · 6.6%
  6. Income tax $73.6M · 1.2%
  7. Interest and other $103M · 1.6%
  8. Net income $241M · 3.8%

Shares of revenue. Source: Parsons's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

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

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 3,017 3,561 3,955 3,919 3,661 4,195 5,443 6,751 6,364 6,321
Gross profit 617 766 832 877 853 947 1,206 1,406 1,432 1,404
EBITDA 186 275 218 306 277 306 408 527 535 443
Operating income 151 205 92 178 132 186 288 428 418 306
Net income 97 222 121 99 64 97 161 235 241 147
Diluted EPS $1.16 $2.78 $1.30 $0.97 $0.59 $0.87 $1.42 $2.12 $2.20 $1.37
Growth (year on year)
Revenue — +18.0% +11.1% −0.9% −6.6% +14.6% +29.7% +24.0% −5.7% −2.7%
EBITDA — +47.9% −20.8% +40.4% −9.5% +10.7% +33.4% +29.1% +1.4% −15.4%
Operating income — +36.0% −55.1% +93.1% −25.5% +40.2% +55.3% +48.4% −2.3% −25.8%
Net income — +128.4% −45.8% −18.2% −35.0% — +66.7% +45.9% +2.6% −38.5%
Diluted EPS — +139.7% −53.2% −25.4% −39.2% — +63.2% +49.3% +3.8% −36.9%
Margins
Gross margin 20.4% 21.5% 21.0% 22.4% 23.3% 22.6% 22.2% 20.8% 22.5% 22.2%
EBITDA margin 6.2% 7.7% 5.5% 7.8% 7.6% 7.3% 7.5% 7.8% 8.4% 7.0%
Operating margin 5.0% 5.8% 2.3% 4.5% 3.6% 4.4% 5.3% 6.3% 6.6% 4.8%
Net margin 3.2% 6.2% 3.0% 2.5% 1.8% 2.3% 3.0% 3.5% 3.8% 2.3%
Free-cash-flow margin 7.9% 7.2% 3.9% 6.5% 5.0% 4.9% 6.7% 7.0% 6.4% 6.5%
Cash flow
Cash from operations 265 285 220 289 206 238 408 524 478 490
Capital spending 28 29 68 34 21 31 40 49 68 81
Free cash flow 237 255 153 255 184 207 367 474 410 409
Stock-based pay 0 0 8 15 20 23 34 56 43 45
Free cash flow after stock pay 237 255 144 240 164 184 333 418 367 364
Balance sheet
Cash 446 280 183 484 343 263 273 454 466 297
Total debt 0 429 249 590 592 744 746 1,711 1,238 1,357
Net debt (negative = net cash) −446 149 67 106 249 481 473 1,257 771 1,060
Diluted shares 84m 80m 93m 101m 112m 113m 115m 112m 110m 108m
Returned to shareholders
Dividends 0 0 52 0 0 — — — — —
Buybacks — — 6 0 22 22 11 25 125 170
Total returned 0 0 58 0 22 22 11 25 125 170

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

3 of 7 checks passed · September 30, 2026
What it owns · $6.0bn
Short-term assets $2.6bnLonger-term assets $3.4bn
What it owes, and who funded it · $5.9bn
Short-term liabilities $1.6bnLonger-term liabilities $1.6bnShareholders' equity $2.6bn
  • Short-term assets cover short-term liabilities $2.6bn of assets due within a year against $1.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.6bn short-term assets against $1.6bn of longer-dated liabilities.
  • More cash than debt $297m of cash against $1.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 51% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 31% to 51% over five years.
  • A year's operating cash flow covers at least 20% of debt $490m of operating cash flow against $1.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $306m against $62m of interest.

From Parsons Corp'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 Q3 TTM
Buybacks (TTM)
$170M
Returned to shareholders
42%
of free cash flow
Buybacks, last 3 fiscal years
$161M
Diluted share count
−2.6%
year over year
Total shareholder yield
5.6%
dividends 0.0% + buybacks 5.6% of market value
Sales & admin spending
17.0%
of revenue
Days sales outstanding
64 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in research & consulting services
Last 12 months unless stated PSN EFX TTEK TRU NIQ FCN Median
Revenue, last 12 months $6.3bn $6.6bn $5.1bn $5.0bn $4.4bn $4.0bn $632m
Revenue growth, last 12 months −2.7% 10.9% −7.6% 13.4% 8.9% 7.8% 4.8%
Revenue growth, 3-year average 7.8% 8.7% 6.8% 10.1% — 6.0% 6.8%
Revenue growth, latest quarter 1.8% 9.6% −4.5% 12.2% 8.0% 5.9% 4.4%
Gross margin 22.2% — 18.8% — — 32.2% 43.9%
Operating margin 4.8% 18.8% 12.1% 19.3% 1.9% 8.8% 6.1%
Operating margin, 3-year average 5.8% 18.4% 9.3% 17.2% — 9.8% 6.0%
Net margin 2.3% 11.3% 8.6% 15.8% −8.0% 5.9% 3.1%
Cash from operations / revenue 7.8% 24.5% 11.2% 24.0% 12.2% 9.9% 9.6%
Free-cash-flow margin 6.5% 16.7% 10.8% 18.1% 11.5% 8.9% 7.4%
Free-cash-flow margin, 3-year average 6.9% 15.9% 8.6% 14.3% — 7.2% 8.6%
Stock pay / revenue 0.7% 1.4% 0.7% 3.0% 1.8% 1.1% 2.5%
Change in share count −2.6% −3.7% −2.5% −2.0% — −14.5% 0.5%

Median of all 33 companies we cover in research & consulting 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

33 research & consulting services companies
Measure Company Peer median Rank
Revenue growth Growth -2.7% 4.8% 21 of 33
Change in growth rate Growth +3.2pp +0.6pp 6 of 33
Gross margin Profitability 22.2% 45.2% 23 of 25
Operating margin Profitability 4.8% 6.1% 17 of 31
Net margin Profitability 2.3% 3.1% 19 of 33
Free-cash-flow margin Cash generation 6.5% 7.4% 20 of 33
Stock pay as % of revenue Cash generation 0.7% 2.6% 2 of 30
Long-term debt as % of assets Balance sheet 22.7% 22.7% 11 of 21
Change in share count Balance sheet -2.6% 0.6% 9 of 30
Days sales outstanding Balance sheet 64 days 63 days 16 of 29

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

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Federal Solution $3.2B 50.6% ▼ 19.6%
Critical Infrastructure $3.1B 49.4% ▲ 14.6%
Geography
Region Revenue YoY
North America $5.2B ▼ 8.7%
United States $4.7B ▼ 9.6%
Middle East $1.2B ▲ 10.4%
Outside the US $19.8M ▼ 1.7%

These categories overlap or exclude eliminations, so shares aren't shown.

From Parsons Corp's 10-K filed February 11, 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
$5.7B
Institutions reporting
339
Shares held vs prior quarter
▲ 4.4%
Positions opened / closed
57 / 60

Top buyers and sellers, Q2 2026: 181 institutions bought and 169 sold ; the biggest buyer was Wellington Management Group LLP (+1.4M shares) and the biggest seller William Blair Investment Management, LLC (−1.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Newport Trust Company, LLC $2.6B 49.4M 45.0% ▼ 1.5%
Blackrock, Inc. $281M 5.4M 4.9% ▲ 1.0%
Wellington Management Group LLP $241M 4.6M 4.2% ▲ 44.1%
Swedbank AB $192M 3.7M 3.3% ▲ 53.7%
Morgan Stanley $138M 2.6M 2.4% ▲ 2.6%
Vanguard Capital Management LLC $126M 2.4M 2.2% ▲ 0.1%
Dimensional Fund Advisors LP $125M 2.4M 2.2% ▲ 25.6%
Earnest Partners LLC $120M 2.3M 2.1% ▲ 28.9%
Vanguard Portfolio Management LLC $117M 2.2M 2.0% ▼ 0.7%
Channing Capital Management, LLC $106M 2.0M 1.9% ▲ 26.0%
State Street Corp $104M 2.0M 1.8% ▼ 3.5%
Primecap Management Co $89.7M 1.7M 1.6% ▲ 67.8%

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 Parsons Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $3.1M 7 trades by 4 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $3.1M net buying
Insider Date Trade Shares Price Value
Ball George L. Director August 7, 2026 Buy 20,000 $47.97 $959,400
Ball George L. Director May 13, 2026 Buy 10,000 $50.00 $500,000
Holdsworth Mark Keith Director May 12, 2026 Buy 6,754 $51.54 $348,101
Holdsworth Mark Keith Director May 12, 2026 Buy 3,246 $50.70 $164,572
Mcmahon Harry T. Director May 11, 2026 Buy 10,000 $49.14 $491,400
Smith Carey A. President & CEO May 8, 2026 Buy 500 $50.73 $25,365
Smith Carey A. President & CEO May 8, 2026 Buy 12,000 $49.94 $599,280

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.

Earnings dates and SEC filings

Results announcements

Next expected around February 10, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 11, 2026
  • November 5, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on Parsons Corp 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.

Parsons Corp in brief

What does Parsons Corp do?
Parsons Corp is a US-listed company in the research & consulting services industry. Its financial year ends in December.
What is Parsons Corp's stock ticker?
Parsons Corp trades under the ticker PSN on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Parsons Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Parsons Corp reported revenue of $6.3B, 2.7% lower than a year earlier, according to its SEC filings.
What is Parsons Corp's free cash flow?
Parsons Corp's free-cash-flow margin is 6.5% of revenue over the trailing twelve months, ranking 20 of the 33 research & consulting services companies we cover.
What is Parsons Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Parsons Corp's free cash flow after stock-based pay gives ~$110 per share in the base case, and ~$80–$160 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Parsons Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Newport Trust Company, LLC, Blackrock, Inc. and Wellington Management Group LLP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Parsons Corp buying back stock, and does it pay a dividend?
Parsons Corp spent $170M on share repurchases over the trailing twelve months, and its diluted share count fell 2.6% over the year.
What is Parsons Corp's market cap?
On November 2, 2026, Parsons Corp's market capitalisation was about $5.7B, with a price-to-earnings ratio of 38.7 and net debt of $1.1B. Market figures come from third-party market data and may be delayed.
How much debt does Parsons Corp have?
Parsons Corp's debt-to-equity ratio is 51.5%, from its latest balance sheet (30.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Parsons Corp's competitors?
In our Research & Consulting Services peer group, the companies closest to Parsons Corp are Equifax, Tetra Tech Inc, Transunion, NIQ Global Intelligence plc and FTI Consulting, Inc. The side-by-side comparison below sets their revenue, margins and growth against Parsons Corp's.
Are insiders buying or selling Parsons Corp stock?
Over the last 12 months, Parsons Corp's directors and officers reported 7 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Parsons Corp's next earnings date?
Around February 10, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Parsons Corp announces its own schedule.