NYSE: LDOS
Leidos
Industrials · Services-Computer Integrated Systems Design
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jul 3, 2026. Hover or tap a column for another year.$13.7B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 30, 2016 | $7.69B |
| FY2017, ended Dec 29, 2017 | $9.78B |
| FY2018, ended Dec 28, 2018 | $7.66B |
| FY2019, ended Jan 3, 2020 | $14.1B |
| FY2020, ended Jan 1, 2021 | $14.9B |
| FY2021, ended Dec 31, 2021 | $12.5B |
| FY2022, ended Dec 30, 2022 | $14.4B |
| FY2023, ended Dec 29, 2023 | $14.7B |
| FY2024, ended Jan 3, 2025 | $19.3B |
| FY2025, ended Jan 2, 2026 | $23.2B |
| Trailing 12 months to Jul 3, 2026 (through Q2 FY2026) | $13.7B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jul 3, 2026. Hover or tap a column for another year.$17.6B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 30, 2016 | $7.04B |
| FY2017, ended Dec 29, 2017 | $10.2B |
| FY2018, ended Dec 28, 2018 | $10.2B |
| FY2019, ended Jan 3, 2020 | $11.1B |
| FY2020, ended Jan 1, 2021 | $12.3B |
| FY2021, ended Dec 31, 2021 | $13.7B |
| FY2022, ended Dec 30, 2022 | $14.4B |
| FY2023, ended Dec 29, 2023 | $15.4B |
| FY2024, ended Jan 3, 2025 | $16.7B |
| FY2025, ended Jan 2, 2026 | $17.2B |
| Trailing 12 months to Jul 3, 2026 (through Q2 FY2026) | $17.6B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jul 3, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 30, 2016 | $244M | $420M |
| FY2017, ended Dec 29, 2017 | $366M | $445M |
| FY2018, ended Dec 28, 2018 | $581M | $695M |
| FY2019, ended Jan 3, 2020 | $667M | $871M |
| FY2020, ended Jan 1, 2021 | $628M | $1.15B |
| FY2021, ended Dec 31, 2021 | $753M | $929M |
| FY2022, ended Dec 30, 2022 | $685M | $863M |
| FY2023, ended Dec 29, 2023 | $199M | $980M |
| FY2024, ended Jan 3, 2025 | $1.25B | $1.29B |
| FY2025, ended Jan 2, 2026 | $1.45B | $1.63B |
| Trailing 12 months to Jul 3, 2026 (through Q2 FY2026) | $1.38B | $2.16B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jul 3, 2026. Hover or tap a column for another year.$748M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 30, 2016 | $376M |
| FY2017, ended Dec 29, 2017 | $390M |
| FY2018, ended Dec 28, 2018 | $327M |
| FY2019, ended Jan 3, 2020 | $668M |
| FY2020, ended Jan 1, 2021 | $524M |
| FY2021, ended Dec 31, 2021 | $727M |
| FY2022, ended Dec 30, 2022 | $516M |
| FY2023, ended Dec 29, 2023 | $641M |
| FY2024, ended Jan 3, 2025 | $849M |
| FY2025, ended Jan 2, 2026 | $1.11B |
| Trailing 12 months to Jul 3, 2026 (through Q2 FY2026) | $748M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jul 3, 2026. Hover or tap a column for another year.$6.03B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 30, 2016 | $3.29B |
| FY2017, ended Dec 29, 2017 | $3.11B |
| FY2018, ended Dec 28, 2018 | $3.12B |
| FY2019, ended Jan 3, 2020 | $2.99B |
| FY2020, ended Jan 1, 2021 | $4.74B |
| FY2021, ended Dec 31, 2021 | $5.18B |
| FY2022, ended Dec 30, 2022 | $5.59B |
| FY2023, ended Dec 29, 2023 | $4.70B |
| FY2024, ended Jan 3, 2025 | $4.67B |
| FY2025, ended Jan 2, 2026 | $4.65B |
| Trailing 12 months to Jul 3, 2026 (through Q2 FY2026) | $6.03B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 16.5% since 2016.Figures shown are for the trailing 12 months to Jul 3, 2026. Hover or tap a column for another year.125M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 30, 2016 | 150M |
| FY2017, ended Dec 29, 2017 | 151M |
| FY2018, ended Dec 28, 2018 | 146M |
| FY2019, ended Jan 3, 2020 | 141M |
| FY2020, ended Jan 1, 2021 | 142M |
| FY2021, ended Dec 31, 2021 | 141M |
| FY2022, ended Dec 30, 2022 | 137M |
| FY2023, ended Dec 29, 2023 | 136M |
| FY2024, ended Jan 3, 2025 | 131M |
| FY2025, ended Jan 2, 2026 | 126M |
| Trailing 12 months to Jul 3, 2026 (through Q2 FY2026) | 125M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jul 3, 2026. Hover or tap a column for another year.Net: $566M more bought back than issued
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 30, 2016 | $0 | $35.0M | $2.94B |
| FY2017, ended Dec 29, 2017 | $0 | $43.0M | $0 |
| FY2018, ended Dec 28, 2018 | $167M | $44.0M | $0 |
| FY2019, ended Jan 3, 2020 | $25.0M | $52.0M | — |
| FY2020, ended Jan 1, 2021 | $67.0M | $62.0M | — |
| FY2021, ended Dec 31, 2021 | $237M | $67.0M | — |
| FY2022, ended Dec 30, 2022 | $0 | $73.0M | — |
| FY2023, ended Dec 29, 2023 | $225M | $77.0M | — |
| FY2024, ended Jan 3, 2025 | $850M | $85.0M | — |
| FY2025, ended Jan 2, 2026 | $400M | $95.0M | — |
| Trailing 12 months to Jul 3, 2026 (through Q2 FY2026) | $666M | $100M | — |
Revenue (TTM)
$17.6B
+3.4% YoY
Net income (TTM)
$1.38B
−1.9% YoY
Cash
$748M
−19.6% YoY
Total debt
$6.03B
+18.2% YoY
Valuation
At current price- Market Cap
- $17.9B
- P/E
- 13.0×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.0×
- Price / Book
- 3.4×
- EV / EBITDA
- 10.0×
Growth
Trailing 12 months- Revenue (TTM)
- $17.6B
- Revenue Growth YoY
- 3.4%
- Revenue CAGR 3Y
- 6.1%
- Revenue CAGR 5Y
- 6.9%
- EPS Growth YoY
- 1.0%
- Net Income Growth YoY
- −1.9%
Profitability
Trailing 12 months- Gross Margin
- 17.8%
- Operating Margin
- 11.5%
- Net Margin
- 7.8%
- FCF Margin
- 12.3%
- Return on Equity
- 27.7%
Earnings
Trailing 12 months- Net Income
- $1.38B
- EPS (diluted)
- $10.71
- EBITDA
- $2.33B
- Operating Income
- $2.03B
Balance Sheet
As of Jul 3, 2026- Cash and cash equivalents
- $748M
- Total Debt
- $6.03B
- Net Debt
- $5.28B
- Total Assets
- $15.6B
- Total Liabilities
- $10.3B
- Shareholders' Equity
- $5.28B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.30B
- Capital Expenditure
- $137M
- Free Cash Flow
- $2.16B
Dividends and risk
Last 12 months- Dividend Yield
- 1.2%
- Dividend / Share
- $1.72
- Beta (5Y)
- 0.58
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $17.6B.
Note
Net margin of 7.8% over the last 12 months.
Note
Net debt of $5.28B is 2.3× EBITDA.
Note
Free cash flow of $2.16B, 12.3% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Jan 2, 2026 · filed Feb 17, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K70Good news
10-K for the fiscal year ended Jan 3, 2025
Filed Feb 11, 2025 · Read the filing on EDGAR
- Revenue rose 8% to $16.7 billion, and operating income nearly tripled to $1.83 billion, helped by the absence of last year's $689 million security-unit charges.
- Net income to shareholders jumped to $1.25 billion from $199 million, with Health & Civil operating income up 91% on managed health services volumes.
- Net bookings rose to $23.4 billion and total backlog reached $43.6 billion, though funded backlog slipped to $8.4 billion.
- Leidos bought back $850 million of stock while debt held at $4.7 billion; management flags unclear federal spending and shutdown risk.
Business momentum
Strong improvement
“Operating income was $1,827 million, a $1,206 million increase compared to fiscal 2023.”
Outlook
Cautious
“Although the U.S. Presidential Administration has not indicated a desire to reduce spending in the defense and homeland security sectors, the likelihood, extent and duration of current spending levels in these areas remains unclear.”
Financial stress
Low
“For the next 12 months, we anticipate that we will be able to meet our liquidity needs, including servicing our debt, through cash generated from operations, available cash balances, borrowings from our commercial paper program”
Tone against the previous report
More positive
Red flags
None found in this report.
Positives
Contract wins surged, building future work
“We had net bookings of $23.4 billion and $16.5 billion during fiscal 2024 and 2023, respectively.”
Health & Civil drove profit growth
“The increase in operating income for fiscal 2024 as compared to fiscal 2023, was primarily attributable to an increase in volumes and case complexity within the managed health services business.”
Operating cash flow rose to $1.39 billion
“Net cash provided by operating activities increased $227 million for fiscal 2024 as compared to fiscal 2023.”
Concerns
Much of the profit jump reflects last year's one-off charges
“The increase in operating income was primarily attributable to the impairment and restructuring charges of $689 million at the SES reporting unit in fiscal 2023”
Possible government shutdown, with 87% of revenue from U.S. government
“Failure to pass the appropriations bills or another continuing resolution by March 14, 2025, will result in a partial or complete federal government shutdown.”
Most backlog is unfunded and may never become revenue
“Our unfunded backlog, in particular, contains management’s estimate of amounts expected to be realized on unfunded contract work that may never be realized as revenues.”
New risks since the previous report
New presidential administration could shift federal spending priorities
“changes in the priorities of the U.S. Presidential Administration as a result of the recent election cycle”
New defense cybersecurity certification could block contract bids
“Should we or our supply chain fail to implement these new requirements, this may adversely affect our ability to receive awards or execute on relevant government programs.”
Faster government buying methods may favor non-traditional contractors
“If we cannot successfully adapt to our customers’ rapid acquisition processes, then we may lose strategic new business opportunities in high-growth areas, and our future performance and results could be adversely affected.”
Higher tariffs could raise IT hardware costs
“Changes in international trade policies, including higher tariffs on imported goods and materials, may increase our procurement costs of certain IT hardware used both on our contracts and for internal use.”
Use of artificial intelligence could create liability or competitive harm
“We utilize artificial intelligence, which could expose us to liability or adversely affect our business, especially if we are unable to compete effectively with others in adopting artificial intelligence.”
Biggest risks named
- Dependence on U.S. government contracts and spending
- Budget delays, continuing resolutions and possible government shutdown
- Competitive bidding, bid protests and pricing pressure
- Government audits, investigations and possible suspension or debarment
- Cybersecurity breaches and new security certification requirements
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | −2 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 70 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 17, 2026 | Pro | |||
| 10-K | Feb 11, 2025 | 70 | Strong improvement | None | |
| 10-K | Feb 13, 2024 | 36 | Sharp deterioration | 1 medium | |
| 10-K | Feb 14, 2023 | 48 | Mixed | 2 minor | |
| 10-K | Feb 15, 2022 | 67 | Strong improvement | 1 medium | |
| 10-K | Feb 23, 2021 | 53 | Mixed | None | |
| 10-K | Feb 18, 2020 | 69 | Strong improvement | None | |
| 10-K | Feb 19, 2019 | 71 | Strong improvement | None | |
| 10-K | Feb 23, 2018 | 68 | Strong improvement | 1 minor | |
| 10-K | Feb 24, 2017 | 68 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jul 3, 2026), filed Aug 4, 2026. View filings on SEC EDGAR