Leidos Holdings, Inc.
- Open
- 100.00
- Day high
- 104.25
- Day low
- 98.86
- Prev close
- 100.44
- Volume
- 2.0M
- Mkt cap
- $13.0B
- P/E (TTM)
- 9.7
- EPS (TTM)
- $10.60
- P/B
- 2.6
- P/S
- 0.7
- Yield
- 1.64%
- Per share
- $1.69
- ▼Insiders net selling -$515K over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions mixed (13F)
Leidos Holdings, Inc. (LDOS) is a Technology company listed on NYSE. The stock is down 36% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4). Drillr has 1 published research article covering LDOS.
Leidos Holdings, Inc. (LDOS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LDOS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $2.88 | $3.13 | +8.7% | $4.4B | +2.8% |
| Feb 17, 2026 | $2.57 | $2.76 | +7.4% | $4.2B | -4.0% |
| Feb 13, 2024 | $1.74 | $1.99 | +14.4% | $4.0B | +4.6% |
| Oct 31, 2023 | $1.64 | $2.03 | +23.8% | $3.9B | +3.9% |
| Aug 1, 2023 | $1.57 | $1.80 | +14.6% | $3.8B | +3.0% |
| May 2, 2023 | $1.59 | $1.47 | -7.5% | $3.7B | +1.3% |
| Feb 14, 2023 | $1.61 | $1.83 | +13.7% | $3.7B | +2.0% |
| Nov 1, 2022 | $1.56 | $1.59 | +1.9% | $3.6B | +1.5% |
| Aug 2, 2022 | $1.56 | $1.59 | +1.9% | $3.6B | +2.3% |
| May 3, 2022 | $1.50 | $1.58 | +5.3% | $3.5B | +3.3% |
| Feb 15, 2022 | $1.60 | $1.56 | -2.5% | $3.5B | -0.7% |
| Nov 2, 2021 | $1.62 | $1.80 | +11.1% | $3.5B | -3.3% |
LDOS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 12, 2026 | Shanahan Patrick Mdirector | Grant | 1,281 | $131.26 |
| May 12, 2026 | Geer Noel Bdirector | Grant | 1,067 | — |
| May 12, 2026 | Dahlberg Gregory Rdirector | Grant | 1,281 | $131.26 |
| May 12, 2026 | May Gary Stephendirector | Grant | 1,067 | — |
| May 12, 2026 | Fubini David Gdirector | Grant | 1,281 | $131.26 |
| May 12, 2026 | Fubini David Gdirector | Grant | 1,067 | — |
| May 12, 2026 | Jonas Tina Wdirector | Grant | 1,067 | — |
| May 12, 2026 | KRAEMER HARRY M JANSEN JRdirector | Grant | 1,067 | — |
| May 12, 2026 | Geer Noel Bdirector | Grant | 1,281 | $131.26 |
| May 12, 2026 | KRAEMER HARRY M JANSEN JRdirector | Grant | 1,281 | $131.26 |
| May 12, 2026 | Jonas Tina Wdirector | Grant | 1,281 | $131.26 |
| May 12, 2026 | Shanahan Patrick Mdirector | Grant | 1,067 | — |
| May 12, 2026 | Norton Nancy Adirector | Grant | 1,067 | — |
| May 12, 2026 | Norton Nancy Adirector | Grant | 1,281 | $131.26 |
| May 12, 2026 | May Gary Stephendirector | Grant | 1,281 | $131.26 |
Source: LDOS SEC Form 4 filings, latest May 12, 2026. For informational purposes only — not investment advice.
See the full LDOS insider & 13F page →LDOS research & analysis
Leidos Holdings, Inc. company profile
Overview
Leidos Holdings, Inc. (NYSE:LDOS) is a Fortune 500 technology and engineering company founded in 1969 and headquartered in Reston, Virginia. Originally spun off from Science Applications International Corporation (SAIC) in 2013, Leidos has evolved into one of the largest government contractors in the United States, specializing in defense, intelligence, civil, and health markets. The company serves critical national security missions and provides technology solutions to federal agencies, international allies, and commercial customers worldwide.
Business
Leidos operates as a government services contractor and technology solutions provider, primarily serving the U.S. federal government and allied nations. The company works in highly specialized sectors that require security clearances and deep technical expertise, making it a critical partner for national security and public service missions. The company operates through four main business segments. National Security and Digital represents the largest segment, providing cybersecurity, intelligence analysis, command and control systems, and data analytics to the U.S. Intelligence Community, Department of Defense, NASA, and allied governments. This segment focuses on mission-critical technology solutions for air, land, sea, space, and cyberspace operations. Health and Civil combines two key areas: health services and civil infrastructure. The health portion manages medical disability examinations for the Department of Veterans Affairs, health information management, and life sciences research. The civil component provides air traffic control modernization, airport security systems, and IT infrastructure services to agencies like the Federal Aviation Administration. Commercial and International extends Leidos's capabilities to commercial customers and international markets, particularly focusing on energy infrastructure, security solutions, and partnerships like the AUKUS alliance between the U.S., UK, and Australia. Defense Systems develops and manufactures advanced defense technologies including hypersonic weapons, missile defense systems, and autonomous platforms for military applications. Based on recent financial performance, National Security and Digital generates approximately 42% of total revenue, Health and Civil accounts for about 25%, Commercial and International represents 13%, and Defense Systems contributes around 12% of company revenues.
Revenue model
Leidos generates revenue primarily through government contracts using several different pricing models. The majority of revenue comes from cost-plus contracts, where the government reimburses all allowable costs plus a predetermined fee or profit margin. This model provides stable margins but limits upside potential. The company also operates fixed-price contracts where Leidos agrees to deliver specific services or products for a set price, creating both risk and reward opportunities. A significant portion of revenue comes from managed services contracts, particularly in the health segment where Leidos operates large-scale programs like VA medical disability examinations. These contracts often span multiple years and provide predictable recurring revenue streams. The company also generates revenue through product sales in its Defense Systems segment, selling manufactured defense equipment and systems. The primary customers are U.S. federal agencies including the Department of Defense, Intelligence Community, Department of Homeland Security, Department of Veterans Affairs, and civilian agencies like NASA and the FAA. International customers include allied governments, particularly through programs like AUKUS, and commercial clients in sectors like energy and aviation. Several factors influence Leidos's profit margins. Positive margin drivers include the company's security clearance requirements which create barriers to entry, long-term contract relationships that provide stability, and the ability to pass through labor cost inflation on cost-plus contracts. The company's deep technical expertise in specialized areas like cybersecurity and intelligence analysis also commands premium pricing. Margin pressures come from intense competition for government contracts, labor inflation in high-skilled technical roles, and the cyclical nature of government budgets. Fixed-price contracts expose the company to cost overrun risks, while budget constraints can limit contract values. The company must also invest significantly in research and development to maintain technological advantages, and security clearance requirements create hiring challenges that can drive up labor costs.
Competitive moat
Leidos possesses a moderately strong competitive moat built primarily on regulatory barriers and specialized expertise. The company's most significant advantage lies in its extensive portfolio of security clearances, which are extremely difficult and time-consuming for competitors to obtain. Many of Leidos's employees hold Top Secret and higher-level clearances, creating a substantial barrier to entry for new competitors seeking to serve intelligence and defense customers. The company has developed deep institutional relationships with key government agencies over decades, creating switching costs and customer stickiness. Long-term contracts, some spanning 5-10 years, provide revenue visibility and make it difficult for competitors to displace established providers. Leidos's track record of successfully managing large-scale, complex government programs gives it credibility when bidding for new contracts. Technical specialization in areas like cybersecurity, intelligence analysis, and defense systems creates additional competitive advantages. The company's investments in artificial intelligence, machine learning, and advanced analytics help differentiate its offerings in an increasingly technology-driven market. However, the moat faces several challenges. The government contracting market is highly competitive, with large players like Raytheon, General Dynamics, and Booz Allen Hamilton competing for similar contracts. The government's emphasis on competition and periodic contract recompetes means that even long-standing relationships can be disrupted. Additionally, the rise of commercial technology companies entering the government space, particularly in areas like cloud computing and AI, poses a potential threat to traditional contractors. The company's dependence on government budgets also creates vulnerability to political and fiscal pressures. While the specialized nature of much of Leidos's work provides some protection, the moat is not insurmountable and requires continuous investment in capabilities and relationships to maintain.
Risks & safety
Leidos demonstrates a solid financial position with moderate leverage and adequate liquidity, though not exceptional safety margins. • Liquidity and Cash Position: Strong cash position of $943 million as of Q4 2024, with total current assets of $4.4 billion providing adequate working capital flexibility • Debt and Leverage: Debt-to-equity ratio of 1.20x represents moderate leverage; gross debt leverage reduced from 3.4x to 2.2x over recent years showing improvement in capital structure • Cash Generation: Solid free cash flow of $1.24 billion in FY 2024 with 100% free cash flow conversion, though Q1 2025 showed weaker $36 million free cash flow indicating some seasonality • Valuation Metrics: Trading at reasonable multiples with P/E of 11.9x and EV/EBITDA of 9.3x based on recent quarters, suggesting fair valuation rather than deep value • Operational Stability: Government contract revenue provides stability, but dependence on federal budgets creates some cyclical risk; current ratio of 1.54x indicates adequate short-term liquidity coverage • Other Considerations: Strong backlog of $40.6 billion provides revenue visibility; however, cost-plus contract structure limits margin expansion potential
Recent development
Over the past few years, Leidos has undergone significant strategic transformation centered around its "North Star 2030" strategy introduced in 2024. This strategy focuses on five key growth pillars: Space and Maritime, Energy Infrastructure, Digital Modernization and Cyber, Critical Mission Software, and Managed Health Services. The company has moved away from a broad-based approach to concentrate on areas where it has differentiated capabilities and strong customer demand. The company has made substantial investments in artificial intelligence and machine learning through its "Trusted Mission AI" initiative, positioning itself as a leader in applying AI to government missions. This includes developing AI-enabled solutions for intelligence analysis, cybersecurity, and mission planning across defense and civilian applications. Acquisition strategy has been selective but strategic, with recent focus on cybersecurity capabilities and international expansion. The company acquired Cobham Aviation Services in Australia and has signed agreements to acquire additional cyber security companies to strengthen its portfolio in high-growth areas. In the health segment, Leidos has significantly expanded its managed health services capabilities, particularly through large-scale contracts like the $2 billion VA medical disability examinations program. The company has demonstrated strong execution in this area with margins consistently above 20%, making it a key growth driver. The company has also strengthened its position in defense systems, winning major contracts including the $4.1 billion IFPC Enduring Shield Air Defense System and $670 million hypersonic weapon development programs. These wins position Leidos in high-priority defense areas aligned with current geopolitical threats. International expansion has accelerated, particularly through the AUKUS partnership between the U.S., UK, and Australia. This provides significant long-term growth opportunities in submarine technology, advanced capabilities, and defense cooperation programs.
LDOS company profile · for informational purposes only — not investment advice.
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