Industrials · Diversified Support Services · US stock · price as of 16 Oct 2026
Key indicators
Price
$124.85
52-week range
$98.54 – $203.41
Market cap
$15.7B
P/E (trailing)
11.7×
EV / EBITDA
9.0×
Free-cash-flow yield
13.7%
Dividend yield
1.4%
Revenue (last 12 months)
$17.6B
Revenue growth (3y a year)
6.1%
Operating margin
11.5%
Return on invested capital
14.9%
Net debt / EBITDA
2.3×
Fair value
Blended fair value$312.46 range $292 – $334
Versus priceData under review+0% to fair value
Peer multiples
$308.67
Fundamentals-adjusted multiple
$344.71
10-year DCF (market-scaled)
$283.99
Earnings power value (floor, not blended)
$70.86
Model uncertainty
Medium
X-Ray Score
67/ 100 · High confidence · ahead of 94% of sector peers
Valuation98
Growth61
Profitability45
Financial health66
Dividends59
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Leidos is a technology and engineering services company that serves mainly the United States government, including defense, intelligence, civilian agencies and health programs. It builds and runs information systems, provides cybersecurity and mission support, and delivers engineering and security screening solutions. Revenue comes from contracts with government customers, which may be priced on a cost-plus, time-and-materials or fixed-price basis and are often awarded through competitive bidding.
Leidos Holdings, Inc. generated $17.6 billion of revenue in the last twelve months, with sales that expanded at 6.1% a year across three years. Leverage, measured as net debt to EBITDA, is 2.3 times. The operating margin is 11.5% and the return on invested capital is 15%. The company pays a dividend with a yield of 1.4%.
StocksXray gives Leidos Holdings, Inc. an X-Ray Score of 67 out of 100 (high confidence), ahead of 94% of the S&P 500 stocks in its sector. Its strongest lens is valuation (98) and its weakest is profitability (45).
Our fair value blend is $312.46 (range $291.71 to $334.12). At $124.85 the stock trades 60% below that blend, so the label is "Data under review" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Leidos Holdings, Inc. (LDOS)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2025
FY2026
Now
Price
$83.72
$100.51
$105.03
$144.32
$181.78
$124.85
Market cap
$12.0B
$13.9B
$14.5B
$19.6B
$23.6B
$15.7B
P/E
15.9×
20.3×
72.9×
15.7×
16.3×
11.7×
EV / revenue
1.2×
1.3×
1.2×
1.4×
1.6×
1.2×
EV / EBITDA
11.4×
13.6×
19.5×
11.1×
11.3×
9.0×
Price / free cash flow
12.9×
16.1×
14.8×
15.3×
14.5×
7.3×
Free-cash-flow yield
7.8%
6.2%
6.8%
6.6%
6.9%
13.7%
Price / book
2.8×
3.2×
3.5×
4.4×
4.8×
3.0×
Dividend yield
1.67%
1.43%
1.39%
1.07%
0.90%
1.38%
Fundamentals checklist ● 9 Good · ● 6 Average · ● 1 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.9%Good
Free-cash-flow yield13.7%Good
Risk models
Altman Z score3.4×Average
Piotroski F-Score8 of 9Good
Growth
EPS growth (3y)31.0%Good
Free-cash-flow growth (3y)23.5%Good
Revenue growth (3y)6.1%Average
Growth consistency90%Average
Balance sheet
Current ratio1.6×Good
Net debt / EBITDA2.3×Average
Interest coverno interest costGood
Valuation
Fair value vs price2.5×Good
EBIT / EV yield9.6%Good
Profitability
Return on invested capital14.9%Average
Operating margin11.5%Average
Gross profitability20.1%Bad
XStocksXray
Leidos Holdings, Inc. (LDOS)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY25
FY26
LTM
Revenue
13,737
14,396
15,438
16,662
17,174
17,634
Gross profit
2,014
2,084
2,244
2,798
3,099
3,138
Operating income
1,152
1,088
621
1,827
2,109
2,030
Net income
753
685
199
1,254
1,448
1,376
Diluted EPS ($)
5.27
4.96
1.44
9.22
11.14
10.71
Free cash flow
929
863
980
1,286
1,625
2,163
Gross margin
14.7%
14.5%
14.5%
16.8%
18.0%
17.8%
Operating margin
8.4%
7.6%
4.0%
11.0%
12.3%
11.5%
Net margin
5.5%
4.8%
1.3%
7.5%
8.4%
7.8%
Balance sheet
FY21
FY22
FY23
FY25
FY26
LTM
Total assets
13,261
13,071
12,695
13,010
13,493
15,632
Cash
727
516
641
849
1,108
748
Total debt
5,559
5,912
4,700
4,670
4,648
6,031
Equity
4,291
4,299
4,201
4,412
4,916
5,284
Dividend per share ($)
1.40
1.44
1.46
1.54
1.63
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.