Leidos - Public Comps and Valuation Multiples

Leidos Overview

About Leidos

Leidos Holdings Inc is a technology, engineering, and science company that provides services and solutions in the defense, intelligence, civil, and health markets, both domestically and internationally. Company customer includes the U.S. Department of Defense ("DoD"), the U.S. Intelligence Community, the U.S. Department of Homeland Security ("DHS"), the Federal Aviation Administration ("FAA"), the Department of Veterans Affairs ("VA"), and many other U.S. civilian, state and local government agencies, etc. The company is engaged in four reportable segments; National Security & Digital, Health & Civil, Commercial & International and Defense Systems. It provides a wide array of scientific, engineering and technical services and solutions across these reportable segments.

Founded

2005

HQ

Employees

48K+

Website

leidos.com

Sectors

IT Consulting
Business Consulting
DefenseTech
Service Providers

Financials

LTM Revenue $17.1B

LTM EBITDA $2.3B

EV

$29.3B

Valuation Multiples

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Leidos Financials

As of October 2025, Leidos reported last 12-month revenue of $17.1B and EBITDA of $2.3B.

In the same period, Leidos generated $2.9B in LTM gross profit and $1.4B in net income.

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Leidos P&L

In the most recent fiscal year, Leidos reported revenue of $16.7B and EBITDA of $2.1B.

Leidos expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$17.1B	XXX	$16.7B	XXX	XXX	XXX
Gross Profit	$2.9B	XXX	$2.8B	XXX	XXX	XXX
Gross Margin	17%	XXX	17%	XXX	XXX	XXX
EBITDA	$2.3B	XXX	$2.1B	XXX	XXX	XXX
EBITDA Margin	14%	XXX	13%	XXX	XXX	XXX
EBIT	$2.1B	XXX	$1.8B	XXX	XXX	XXX
EBIT Margin	13%	XXX	11%	XXX	XXX	XXX
Net Profit	$1.4B	XXX	$1.3B	XXX	XXX	XXX
Net Margin	8%	XXX	8%	XXX	XXX	XXX
Net Debt	XXX	XXX	$3.7B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Leidos including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $17.1B. EBITDA for the last twelve months was $2.3B. In the most recent fiscal year, Leidos achieved $16.7B in revenue and $2.1B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$17.1B	Analyst estimates available to subscribers	$16.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$2.9B	Analyst estimates available to subscribers	$2.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	17.2% gross margin	Analyst estimates available to subscribers	16.8% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$2.3B	Analyst estimates available to subscribers	$2.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	13.6% EBITDA margin	Analyst estimates available to subscribers	12.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$2.1B	Analyst estimates available to subscribers	$1.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	12.6% EBIT margin	Analyst estimates available to subscribers	10.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$1.4B	Analyst estimates available to subscribers	$1.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	8.1% net profit margin	Analyst estimates available to subscribers	7.5% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$3.7B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Leidos

This financial data table provides comprehensive performance metrics for Leidos, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Leidos generated $17.1B in revenue over the last twelve months.
The company achieved $2.3B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $2.9B.
Net income over the last twelve months reached $1.4B.

Fiscal Year Performance

In the most recent fiscal year, Leidos reported $16.7B in total revenue.
Fiscal year EBITDA was $2.1B.
The company maintained a gross profit margin of 16.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was 12.7%.
Net profit margin reached 7.5% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Leidos. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Leidos Stock Performance

Leidos has current market cap of $24.5B, and EV of $29.3B.

Market Cap Evolution

Leidos Stock Data

As of October 31, 2025, Leidos's stock price is $191.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$29.3B	$24.5B	XXX	XXX	XXX	XXX	$11.35

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Leidos Valuation Multiples

Leidos's trades at 1.8x EV/Revenue multiple, and 13.8x EV/EBITDA.

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Leidos Financial Valuation Multiples

As of October 31, 2025, Leidos has market cap of $24.5B and EV of $29.3B.

Equity research analysts estimate Leidos's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Leidos has a P/E ratio of 17.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$24.5B	XXX	$24.5B	XXX	XXX	XXX
EV (current)	$29.3B	XXX	$29.3B	XXX	XXX	XXX
EV/Revenue	1.7x	XXX	1.8x	XXX	XXX	XXX
EV/EBITDA	12.6x	XXX	13.8x	XXX	XXX	XXX
EV/EBIT	13.6x	XXX	16.1x	XXX	XXX	XXX
EV/Gross Profit	9.9x	XXX	n/a	XXX	XXX	XXX
P/E	17.7x	XXX	19.5x	XXX	XXX	XXX
EV/FCF	20.6x	XXX	23.5x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Leidos Margins & Growth Rates

Leidos's last 12 month revenue growth is 3%

Leidos's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $20K for the same period.

Leidos's rule of 40 is 10% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Leidos's rule of X is 22% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Leidos Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	3%	XXX	3%	XXX	XXX	XXX
EBITDA Margin	14%	XXX	13%	XXX	XXX	XXX
EBITDA Growth	2%	XXX	58%	XXX	XXX	XXX
Rule of 40	10%	XXX	16%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	22%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$20K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	6%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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