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Telos Corp (TLS) stock

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NASDAQ: TLS Nasdaq IT Consulting & Other Services Next results ~November 9, 2026

C+ Fundamentals grade

Telos Corporation is a technology company based in Ashburn, Virginia, that supplies security software and services to organisations handling sensitive information. Its products include Xacta, a platform that automates cyber governance, risk and compliance tasks such as security assessment, authorisation and continuous monitoring, extended with an AI capability called Xacta.ai. Telos also offers cybersecurity consulting and testing, the Telos AMHS messaging system used for mission-critical U.S. government communications, and identity services including TSA PreCheck enrolment, biometric vetting and its ONYX touchless fingerprint technology.

Its customers are the U.S. federal government — including the Department of War, intelligence agencies and civilian departments such as Homeland Security — alongside large commercial firms, state and local governments and international clients. Most revenue comes from prime contracts or subcontracts on federal work, won through competitive bidding and, in some cases, sole-source awards. The company sells chiefly through a direct sales team, supported by partners such as Amazon Web Services.

It operates through two segments, Security Solutions and Secure Networks, the latter covering secure mobility and defending enterprise networks. At the end of 2025 Telos had 525 employees, most based in the United States.

Based on Telos Corp's 10-K filed March 16, 2026.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$2.0

Valuation models combined (3)

Base case. Range ~$1.5–$2.3. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, forward price-to-sales vs peers), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Telos 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.

  • Insiders0 buying, 6 selling0 purchases and 26 sales by directors and officers, last 12 monthsInsider trades
  • Funds102 adding, 65 cuttingOf 37 active managers that changed their stake, 19 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Telos files

Where Telos stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $194m, up 65.9% on a year earlier, slower than 66.5% a quarter earlier. That growth ranks 2 of 21 among the software and IT services companies we cover. Free-cash-flow margin rose to 17.4% from -5.8% a year earlier. Operating margin widened to -9.9% from -49.4%. The diluted share count is up 3.5% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 3 financial-health checks. Our revenue-to-maturity cash-flow model value is $10.10 a share, against a share price of $4.29.

Source: 10-Q filed August 10, 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 9, 2026 (estimated)

Telos Corp's trailing-twelve-month revenue grew 65.9% year on year, with a free-cash-flow margin of 17.4%. Where it stands out: revenue growth of 65.9% ranks 4 of 40 it consulting & other services companies we cover. Where it lags: stock pay as % of revenue of 11.1% ranks 33 of 36 it consulting & other services companies we cover.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 82% in the quarter to 2026-06-30, the 4th beat in the last four quarters.

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

  • Fast growth. Revenue grew 65.9% over the last 12 months, against a median of 6.5% for it consulting & other services companies we cover.
  • Margins widening. Operating margin is up 39.5 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.1bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 10.3% over 90 days.

Things to watch

  • Results due soon. Results are expected around 9 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -9.9%: costs exceed revenue.
  • Share dilution. Diluted shares rose 3.5% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 66% and a beta of 1.6 against the S&P 500.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 11.1% ranks 33 of 36 it consulting & other services companies we cover (median 2.3%).

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
$0.04 against an average estimate of $0.02: beat by 81.8%
Revenue
$48m, up 32.7% on a year earlier
Share reaction
-10.3% in the first session after the results on August 10, 2026, against -0.3% for the S&P 500
Next report
November 9, 2026; average EPS estimate $0.04

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

Price chart

  • 1 day-3.9%
  • 1 week-0.2%
  • 1 month+24.3%
  • This year+2.2%
  • 1 year-24.1%
  • 5 years-79.9%
  • 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)
$194M
Operating margin
-9.9%
Net margin
-8.1%
EPS (TTM, diluted)
$-0.21

Growth

Revenue growth
+65.9%
Change in growth rate
−0.6 pts
Share count change
+3.5%

Cash

Free cash flow (TTM)
$33.7M
FCF margin
17.4%
Stock pay % of revenue
11.1%

Earnings

Last results
August 10, 2026
Next results (est.)
November 9, 2026

News & updates

Updated November 3, 2026

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

  1. Leadership
  2. Announcement
  3. Announcement
  4. Announcement
  5. Announcement
  6. Announcement
  7. Results
  8. Announcement

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

Telos Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Telos Corp as an operating company, with every model that fits that kind of business. Cost of equity 10.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.29 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$2.0 ~$1.4–$2.2 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. ~$2.3 ~$2.1–$4.2 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.5 ~$2.2–$6.0 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$8.1 ~$6.8–$9.6 Left out: far from the other models (more than 3x away from their median)
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) 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. ~$2.0 ~$1.5–$2.3 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Telos Corp with IT Consulting & Other 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.

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$32.98$15.42$5.09$3.65$3.42$5.10$5.21
Market value$1.4bn$1.0bn$344m$253m$246m$372m$392m
+ Net debt (− = net cash)−$106m−$127m−$119m−$99m−$55m−$53m−$51m
Enterprise value$1.3bn$897m$225m$154m$191m$318m$341m
Multiples
Price / sales 7.9x4.2x1.6x1.7x2.3x2.3x2.0x
Price / earnings n/m——————
Price / free cash flow —n/m22.2xn/m—12.6x11.6x
EV / EBITDA n/m——————

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

16 /100

Weak moat

How hard Telos'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 0 / 20

    Net income has been a median -14.1% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 35.6%, moving by 1.8 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -13.5%; its worst year was -49.4%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 7 of 10 years, at a median 2.6% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 35.8% over five years; stock-based pay has been a median 20.9% 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 (31 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 9, 2026, before the open. Analysts expect revenue of $50m and EPS of $0.04 (range $0.03 to $0.04) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.16 +73% $191m +16%
Next $0.26 +65% $192m +0%

Next year's EPS estimate has moved +10.3% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +23.8% on 90 days ago. In the last 30 days, 4 analysts raised Telos Corp's forecast and 0 cut it.

Consensus EPS forecast Telos Corp, last 90 days
$0.10 $0.15 $0.20 $0.25 $0.30 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.13 Current fiscal year, 60 days ago: $0.13 Current fiscal year, 30 days ago: $0.16 Current fiscal year, 7 days ago: $0.16 Current fiscal year, Now: $0.16 $0.16 Next fiscal year, 90 days ago: $0.23 Next fiscal year, 60 days ago: $0.23 Next fiscal year, 30 days ago: $0.26 Next fiscal year, 7 days ago: $0.26 Next fiscal year, Now: $0.26 $0.26

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.13$0.23
60 days ago $0.13$0.23
30 days ago $0.16$0.26
7 days ago $0.16$0.26
Now $0.16$0.26

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.02 $0.04 +81.8%
Mar 2026 $0.02 $0.06 +242.9%
Dec 2025 $0.02 $0.06 +166.7%
Sept 2025 $0.01 $0.09 +1700.0%

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

Management guidance

Earnings release, August 10, 2026

No numeric guidance in Telos Corp's latest earnings release (filed August 10, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

6 analysts, Nov 2026
Buy350%
Hold350%
Sell00%

Monthly trend

  1. Nov 20261236
  2. Oct 20261236
  3. Sep 20261326

Counts of recommendations published by analysts covering Telos 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
4.8%
of tradable shares
Days to cover
3.72
at average volume
Short interest, 1 month
−16%
to October 15, 2026
Held by institutions
71%
of shares
Held by insiders
15.2%
of shares
Employees
509
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

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −24.1%

$6.86 on October 31, 2025 to $5.21

ThenNowEffect
Revenue (last 12 months) $117m $194m +65.9%
P/S multiple 4.3x 2.0x −52.6%
Share count 73m 75m −3.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +95.9%

$2.66 on November 3, 2023 to $5.21

ThenNowEffect
Revenue (last 12 months) $179m $194m +8.2%
P/S multiple 1.0x 2.0x +99.9%
Share count 68m 75m −9.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

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
TLS−53%−67%−28%−6%+49%+2%
Industry peers (median)+10%−35%+8%+24%−23%−16%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TLS33%33%25%42%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TLS−63%−79%−70%−57%−46%−33%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 19, 2020: 96% from January 20, 2021 to May 2, 2023. Getting back needed a 2429% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$3.88 – $7.76
From 52-week high
−32.9%
vs 50-day average
+15.6%
vs 200-day average
+15.2%
Volatility (1 year)
66%
Beta vs S&P 500
1.60

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 ±20.0%
After a week
5 up, 7 down
typical move ±22.7%
After a month
7 up, 5 down
typical move ±23.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 10, 2026 −10.3% −0.3% −8.2% −3.6%
May 11, 2026 −2.5% +0.1% −4.0% +1.8%
April 29, 2026 −4.3% +1.0% −5.8% +7.4%
March 16, 2026 −8.4% +1.3% +2.6% +3.7%
November 10, 2025 +2.5% +1.8% −10.3% −5.0%
August 11, 2025 +120.2% +0.9% +139.9% +171.0%
May 9, 2025 +3.3% +3.2% +10.6% +13.1%
March 10, 2025 −9.6% −3.5% −4.5% −23.0%
November 12, 2024 −12.6% −0.3% −25.8% −17.1%
August 9, 2024 −30.4% +0.5% −25.2% −14.9%
May 10, 2024 −11.2% +0.1% +8.6% +14.2%
March 15, 2024 +24.8% −0.1% +26.3% +6.3%

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.

Telos Corp in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

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) Telos Corp
$100M $150M $200M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $151.7M Revenue (TTM), FY23 Q4: $145.4M Revenue (TTM), FY24 Q1: $139.8M Revenue (TTM), FY24 Q2: $135.4M Revenue (TTM), FY24 Q3: $123M Revenue (TTM), FY24 Q4: $108.3M Revenue (TTM), FY25 Q1: $109.3M Revenue (TTM), FY25 Q2: $116.7M Revenue (TTM), FY25 Q3: $144.4M Revenue (TTM), FY25 Q4: $164.8M Revenue (TTM), FY26 Q1: $181.9M Revenue (TTM), FY26 Q2: $193.7M $193.7M

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

View chart data
Period Revenue (TTM)
FY23 Q3 $151.7M
FY23 Q4 $145.4M
FY24 Q1 $139.8M
FY24 Q2 $135.4M
FY24 Q3 $123M
FY24 Q4 $108.3M
FY25 Q1 $109.3M
FY25 Q2 $116.7M
FY25 Q3 $144.4M
FY25 Q4 $164.8M
FY26 Q1 $181.9M
FY26 Q2 $193.7M
Revenue growth, TTM YoY Telos Corp
-50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -35.1% Revenue growth, TTM YoY, FY23 Q4: -33.0% Revenue growth, TTM YoY, FY24 Q1: -30.8% Revenue growth, TTM YoY, FY24 Q2: -24.4% Revenue growth, TTM YoY, FY24 Q3: -18.9% Revenue growth, TTM YoY, FY24 Q4: -25.5% Revenue growth, TTM YoY, FY25 Q1: -21.8% Revenue growth, TTM YoY, FY25 Q2: -13.8% Revenue growth, TTM YoY, FY25 Q3: 17.4% Revenue growth, TTM YoY, FY25 Q4: 52.2% Revenue growth, TTM YoY, FY26 Q1: 66.5% Revenue growth, TTM YoY, FY26 Q2: 65.9% 65.9%

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

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -35.1%
FY23 Q4 -33.0%
FY24 Q1 -30.8%
FY24 Q2 -24.4%
FY24 Q3 -18.9%
FY24 Q4 -25.5%
FY25 Q1 -21.8%
FY25 Q2 -13.8%
FY25 Q3 17.4%
FY25 Q4 52.2%
FY26 Q1 66.5%
FY26 Q2 65.9%
Operating margin (TTM) Telos Corp
-60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -30.9% Operating margin (TTM), FY23 Q4: -27.7% Operating margin (TTM), FY24 Q1: -25.6% Operating margin (TTM), FY24 Q2: -25.8% Operating margin (TTM), FY24 Q3: -44.0% Operating margin (TTM), FY24 Q4: -51.6% Operating margin (TTM), FY25 Q1: -51.7% Operating margin (TTM), FY25 Q2: -49.4% Operating margin (TTM), FY25 Q3: -21.7% Operating margin (TTM), FY25 Q4: -24.2% Operating margin (TTM), FY26 Q1: -16.2% Operating margin (TTM), FY26 Q2: -9.9% -9.9%

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

View chart data
Period Operating margin (TTM)
FY23 Q3 -30.9%
FY23 Q4 -27.7%
FY24 Q1 -25.6%
FY24 Q2 -25.8%
FY24 Q3 -44.0%
FY24 Q4 -51.6%
FY25 Q1 -51.7%
FY25 Q2 -49.4%
FY25 Q3 -21.7%
FY25 Q4 -24.2%
FY26 Q1 -16.2%
FY26 Q2 -9.9%
FCF margin (TTM) Telos Corp
-40% -20% 0% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -5.0% FCF margin (TTM), FY23 Q4: 0.5% FCF margin (TTM), FY24 Q1: 0.4% FCF margin (TTM), FY24 Q2: -2.6% FCF margin (TTM), FY24 Q3: -9.3% FCF margin (TTM), FY24 Q4: -26.0% FCF margin (TTM), FY25 Q1: -19.9% FCF margin (TTM), FY25 Q2: -5.8% FCF margin (TTM), FY25 Q3: 6.3% FCF margin (TTM), FY25 Q4: 17.9% FCF margin (TTM), FY26 Q1: 17.6% FCF margin (TTM), FY26 Q2: 17.4% 17.4%

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

View chart data
Period FCF margin (TTM)
FY23 Q3 -5.0%
FY23 Q4 0.5%
FY24 Q1 0.4%
FY24 Q2 -2.6%
FY24 Q3 -9.3%
FY24 Q4 -26.0%
FY25 Q1 -19.9%
FY25 Q2 -5.8%
FY25 Q3 6.3%
FY25 Q4 17.9%
FY26 Q1 17.6%
FY26 Q2 17.4%

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

Financial statements

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

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 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 Jun 2026
Income
Revenue 276 226 190 226 207 128 121 135 108 138 159 180 242 217 145 108 165 194
Gross profit 46 47 48 55 39 25 31 43 41 53 52 62 86 79 53 34 61 71
EBITDA 15 17 15 22 10 −7 1 5 2 12 10 6 −36 −48 −31 −44 −28 −6
Operating income 14 15 13 18 6 −12 −4 2 0 9 5 0 −41 −54 −40 −56 −40 −19
Net income 1 3 1 7 −3 −12 −16 −7 −6 −2 −6 2 −43 −53 −34 −53 −37 −16
Diluted EPS — — — — — — — — — −$0.04 −$0.17 $0.04 −$0.65 −$0.79 −$0.50 −$0.73 −$0.50 −$0.21
Growth (year on year)
Revenue — −18.1% −15.9% +19.1% −8.3% −38.5% −5.4% +11.8% −20.1% +28.1% +15.4% +13.0% +34.7% −10.5% −33.0% −25.5% +52.2% +65.9%
EBITDA — +9.5% −7.3% +39.6% −53.8% −174.5% — — −51.8% +399.0% −17.0% −43.5% −734.3% — — — — —
Operating income — +9.4% −15.5% +39.5% −65.5% −290.5% — — — — −44.3% −94.1% — — — — — —
Net income — — — — −135.2% — — — — — — — — — — — — —
Margins
Gross margin 16.5% 20.9% 25.0% 24.2% 18.6% 19.6% 25.4% 32.2% 37.7% 38.4% 32.9% 34.7% 35.5% 36.4% 36.4% 31.8% 37.0% 36.6%
EBITDA margin 5.5% 7.4% 8.1% 9.5% 4.8% −5.8% 0.6% 3.7% 2.2% 8.7% 6.3% 3.1% −14.8% −22.1% −21.6% −40.6% −17.3% −3.0%
Operating margin 5.0% 6.6% 6.7% 7.8% 2.9% −9.1% −3.0% 1.6% 0.4% 6.5% 3.2% 0.2% −17.1% −24.8% −27.7% −51.6% −24.2% −9.9%
Net margin 0.5% 1.3% 0.8% 3.3% −1.3% −9.6% −13.2% −5.3% −5.4% −1.2% −4.0% 0.9% −17.8% −24.6% −23.7% −48.5% −22.2% −8.1%
Free-cash-flow margin 1.3% 1.1% 7.5% 6.8% 2.1% 4.3% 1.9% 9.8% −1.2% 2.8% 4.9% −1.6% 1.7% 7.1% 0.5% −26.0% 17.9% 17.4%
Cash flow
Cash from operations 5 3 15 16 5 6 3 14 −1 6 12 −2 7 17 2 −26 30 35
Capital spending 1 1 1 1 1 1 0 1 1 2 4 1 3 1 1 2 1 1
Free cash flow 4 2 14 15 4 6 2 13 −1 4 8 −3 4 15 1 −28 29 34
Stock-based pay — — 0 0 0 0 0 0 0 0 0 0 60 65 24 21 30 22
Free cash flow after stock pay — — 14 15 4 6 2 13 −1 4 8 −3 −56 −49 −24 −50 −1 12
Balance sheet
Cash 0 0 0 0 0 0 0 1 1 0 7 106 127 119 99 55 53 51
Total debt 0 14 21 19 21 13 10 0 12 12 17 0 0 0 0 0 0 0
Net debt (negative = net cash) −0 14 21 19 20 13 10 −1 11 12 10 −106 −127 −119 −99 −55 −53 −51
Diluted shares — — — — — — — — — 37m 38m 43m 66m 68m 69m 72m 73m 75m
Returned to shareholders
Buybacks — — — — — — — — — — 0 0 1 11 0 0 14 17
Total returned — — — — — — — — — — 0 0 1 11 0 0 14 17

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 3 checks passed · June 30, 2026
What it owns · $140m
Short-term assets $97mLonger-term assets $43m
What it owes, and who funded it · $140m
Short-term liabilities $41mLonger-term liabilities $6mShareholders' equity $93m
  • Short-term assets cover short-term liabilities $97m of assets due within a year against $41m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $97m short-term assets against $6m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$19m against $483,000 of interest.

From Telos 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 Q2 TTM
Buybacks (TTM)
$16.5M
Returned to shareholders
49%
of free cash flow
Buybacks, last 3 fiscal years
$13.8M
Diluted share count
+3.5%
year over year
Total shareholder yield
4.2%
dividends 0.0% + buybacks 4.2% of market value
R&D spending
3.4%
of revenue
Sales & admin spending
35.4%
of revenue
Days sales outstanding
34 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in it consulting & other services
Last 12 months unless stated TLS TSSI CLPS MHH LZMH WYY Median
Revenue, last 12 months $194m $193m $172m $170m $157m $157m $383m
Revenue growth, last 12 months 65.9% −26.5% 4.7% −13.6% 37.4% 9.7% 5.7%
Revenue growth, 3-year average 2.7% 68.9% — −7.1% — 16.0% 4.3%
Revenue growth, latest quarter 32.7% −20.1% — −13.4% — 1.9% 4.7%
Gross margin 36.6% 17.0% 17.8% 28.2% 3.3% 14.4% 28.0%
Operating margin −9.9% 2.0% −6.7% 0.4% −15.6% −0.8% 5.9%
Operating margin, 3-year average −28.4% 2.4% 0.6% −0.6% — −1.7% 7.5%
Net margin −8.1% 7.4% −7.7% 0.7% −15.4% −0.8% 2.2%
Cash from operations / revenue 17.9% −4.9% −0.2% 3.6% −3.6% 3.0% 6.7%
Free-cash-flow margin 17.4% −10.9% −0.6% 3.4% −3.7% 2.9% 5.0%
Free-cash-flow margin, 3-year average 3.0% 13.7% −7.4% 4.2% — 0.9% 6.7%
Stock pay / revenue 11.1% 2.2% 1.1% 1.9% 9.8% 0.3% 2.2%
Change in share count 3.5% 10.7% 6.7% 0.1% 4.1% 4.3% 0.9%

Median of all 40 companies we cover in it consulting & other 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

40 it consulting & other services companies
Measure Company Peer median Rank
Revenue growth Growth 65.9% 6.5% 4 of 40
Change in growth rate Growth -0.6pp -0.8pp 17 of 40
Gross margin Profitability 36.6% 28.2% 10 of 34
Operating margin Profitability -9.9% 5.9% 29 of 36
Net margin Profitability -8.1% 2.5% 31 of 40
Free-cash-flow margin Cash generation 17.4% 5.1% 4 of 38
Stock pay as % of revenue Cash generation 11.1% 2.3% 33 of 36
Change in share count Balance sheet 3.5% 0.9% 26 of 39
Days sales outstanding Balance sheet 34 days 71 days 6 of 30

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
Security Solutions $150M 90.8% ▲ 94.9%
Secure Networks $15.2M 9.2% ▼ 51.7%
Products and services
Line of business Revenue Share YoY
Services $137M 82.9% ▲ 31.8%
Products $28.3M 17.1% ▲ 502.5%

From Telos Corp's 10-K filed March 16, 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
$232M
Institutions reporting
159
Shares held vs prior quarter
▲ 4.1%
Positions opened / closed
27 / 24

Top buyers and sellers, Q2 2026: 102 institutions bought and 65 sold ; the biggest buyer was AQR Capital Management LLC (+925K shares) and the biggest seller Mirae Asset Global Etfs Holdings Ltd (−735K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Barclays PLC $43.5M 9.5M 18.7% 0.0%
Blackrock, Inc. $20M 4.3M 8.6% ▲ 14.8%
Vanguard Capital Management LLC $10.9M 2.4M 4.7% ▲ 4.0%
Pinnacle Associates Ltd $10.3M 2.2M 4.4% ▼ 2.7%
AQR Capital Management LLC $10.1M 2.2M 4.3% ▲ 73.4%
Masters Capital Management LLC $9.7M 2.1M 4.2% ▲ 5.0%
D. E. Shaw & Co., Inc. $8.9M 1.9M 3.8% ▼ 5.5%
Weber Capital Management LLC $8.1M 1.8M 3.5% 0.0%
Mirae Asset Global Etfs Holdings Ltd. $7M 1.5M 3.0% ▼ 32.5%
Geode Capital Management, LLC $6.6M 1.4M 2.8% ▲ 8.9%
Acadian Asset Management LLC $6.5M 1.4M 2.8% ▲ 0.1%
Dimensional Fund Advisors LP $6.3M 1.4M 2.7% ▲ 5.8%

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 Telos Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $9.9M 26 trades by 6 insiders · 0% under pre-set plans
Net ▼ $9.9M net selling
Insider Date Trade Shares Price Value
Wood John B Chairman and CEO September 21, 2026 Sell 96,151 $4.05 $389,412
Bendza Gary Mark EVP, CFO September 18, 2026 Sell 174,539 $4.05 $706,883
Bendza Gary Mark EVP, CFO September 11, 2026 Sell 25,461 $4.33 $110,246
Bendza Gary Mark EVP, CFO September 9, 2026 Sell 200,000 $4.55 $910,000
Robbins Edward Hutchinson Jr. EVP, General Counsel September 2, 2026 Sell 62,398 $4.73 $295,143
Dockery Derrick D. Director August 21, 2026 Sell 12,000 $4.43 $53,160
Dockery Derrick D. Director August 12, 2026 Sell 11,000 $4.34 $47,740
Bendza Gary Mark EVP, CFO June 26, 2026 Sell 80,140 $4.41 $353,417
Bendza Gary Mark EVP, CFO June 25, 2026 Sell 97,976 $4.19 $410,519
Dockery Derrick D. Director June 24, 2026 Sell 7,000 $4.36 $30,520
Bendza Gary Mark EVP, CFO June 24, 2026 Sell 71,884 $4.36 $313,414
Jacobs Bradley W. Director June 22, 2026 Sell 55,772 $4.31 $240,377

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 November 9, 2026 estimated from the company's past filing pattern, not announced

  • August 10, 2026
  • May 11, 2026
  • April 29, 2026
  • March 16, 2026
  • November 10, 2025
  • August 11, 2025

Recent SEC filings

Data status

When each part of this page on Telos 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.

Telos Corp in brief

What does Telos Corp do?
Telos Corp is a US-listed company in the IT consulting & other services industry. Its financial year ends in December.
What is Telos Corp's stock ticker?
Telos Corp trades under the ticker TLS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Telos Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Telos Corp reported revenue of $194M, 65.9% higher than a year earlier, according to its SEC filings.
What is Telos Corp's free cash flow?
Telos Corp's free-cash-flow margin is 17.4% of revenue over the trailing twelve months, ranking 4 of the 38 it consulting & other services companies we cover.
Who are Telos Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Barclays PLC, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Telos Corp buying back stock, and does it pay a dividend?
Telos Corp spent $16.5M on share repurchases over the trailing twelve months, and its diluted share count still rose 3.5% over the year.
What is Telos Corp's market cap?
On November 2, 2026, Telos Corp's market capitalisation was about $392M and net debt of -$50.6M. Market figures come from third-party market data and may be delayed.
Who are Telos Corp's competitors?
In our IT Consulting & Other Services peer group, the companies closest to Telos Corp are TSS, Inc., Clps Inc, Mastech Digital, Inc., LZ Technology Holdings Ltd and Widepoint Corp. The side-by-side comparison below sets their revenue, margins and growth against Telos Corp's.
Are insiders buying or selling Telos Corp stock?
Over the last 12 months, Telos Corp's directors and officers reported 0 open-market purchases and 26 sales on Form 4. The insider trading page charts every trade.
When is Telos Corp's next earnings date?
Around November 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Telos Corp announces its own schedule.