CACI
NYSE · Technology · Information Technology Services · US
Research · Nov 3, 2026
Defense Contracting Expands Owned Product Lines Through OTA Buying
Parsons (PSN) and V2X (VVX) say OTA and other rapid defense buying is growing their owned product lines, which Parsons says earn about twice its services margins.
Research · Oct 30, 2026
IT Services Tie AI Productivity Gains to Contract Pricing
Cognizant says fixed-price and transaction work reached nearly 58% of revenue, showing how contract structure determines who keeps AI productivity gains.
Research · Sep 3, 2026
[CACI] CACI International Thesis 2026: Defense IT Services Cycle Drives Federal Backlog Conversion
CACI International Inc. (NYSE: CACI) FY2025 revenue ~$8.45-8.85B (+11-16%) with adj. EPS ~$24.50-26.50 reflecting continued post-2024 ~$5.95-6.20B aggregate Domestic Operations revenue (~70%+ aggregate revenue mix; selected primary US Department of Defense + Intelligence Community + Federal Civilian) + selected continued post-2024 ~$2.50-2.65B aggregate International Operations revenue (~30% aggregate revenue mix; selected primary UK MoD + selected various NATO Allied + selected various commercial) under continued President + CEO John Mengucci since July 2019 (~6-year tenure as CACI CEO). One of the largest US defense IT services + federal contracting companies. Founded 1962 as California Analysis Center, Inc. by Herb Karr + Harry Markowitz (Nobel laureate; modern portfolio theory) in Santa Monica California (~63-year heritage); selected post-1968 NYSE listing; selected post-1970s-2024 ~$5B+ cumulative tuck-in M&A platform expansion; selected post-July 2019 John Mengucci CEO appointment. Headquartered in Reston Virginia; ~25,000+ employees globally (~85%+ cleared workforce; ~50%+ top secret + above clearance) with ~$8.45-8.85B revenue. Two primary business segments: Domestic Operations (~70%+ ~$5.95-6.20B), International Operations (~30% ~$2.50-2.65B). Geographic mix: US ~70%+ + UK + selected various NATO + selected various commercial international ~30%. Defense IT services cycle: ~$5.95-6.20B Domestic Operations revenue; ~$32-35B aggregate total contract value backlog; ~3.7-4.0x aggregate book-to-bill (~3-4 year backlog visibility); ~50%+ aggregate technology + software-driven revenue mix. Federal backlog conversion + tuck-in M&A: ~$32-35B aggregate backlog; ~$32B+ FY2025 ending backlog; selected post-2010-2024 ~$5B+ cumulative tuck-in M&A; selected post-2024 ~$300-400M aggregate Azure Summit + selected various tuck-in M&A. President + CEO John Mengucci since July 2019 (~6-year tenure); CFO Jeff MacLauchlan. Capital return: ~$0 dividend (no dividend track post-2002 NYSE listing); ~$300-450M aggregate FY2024-2025 buyback program (~$150-300M aggregate FY2025); aggregate capital return ~$150-300M FY2025; net leverage ratio ~2.0-2.5x; investment-grade Ba2/BB+ credit rating. FY2026 thesis: Defense IT services cycle + Federal backlog conversion + tuck-in M&A acceleration + ~$32-35B aggregate backlog + ~$200-400M aggregate annual capital return + Azure Summit integration. Risks: Leidos + General Dynamics + Booz Allen Hamilton + SAIC + Parsons competition, Federal budget cycle (Continuing Resolution + government shutdown), tuck-in M&A integration, book-to-bill normalization.
Research · Apr 10, 2026
U.S. Missile Defense AI Spending: PLTR, LMT, RTX Lead $14B Race