At a glance
Amentum Holdings Inc. is worth $5.30B, about 80 times its fiscal 2025 earnings. Revenue grew 71.6% to $14.39B in fiscal 2025, with 0.5% kept as profit; over 3 years it has grown 23.3% a year. It pays no dividend. The stock returned −0.9% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Amentum Holdings is a government contractor that supplies engineering and technology services, mainly to U.S. federal agencies and allied governments. It was formed on September 27, 2024. On that date the legacy Amentum business merged with government services units spun off from Jacobs Solutions. It has about 50,000 employees in more than 70 countries.
Its U.S. customers include the Department of Energy, the intelligence community, the Department of War, NASA and the Department of Homeland Security. Abroad, it works for the U.K. Ministry of Defence, the U.K. Nuclear Decommissioning Authority and the Australian Department of Defence. The work ranges from cleaning up nuclear sites and designing new nuclear technologies to intelligence analytics, cybersecurity and space programs. About 81% of revenue in the fiscal year ended October 3, 2025 came from direct contracts with U.S. government agencies.
Amentum earns money by billing for this work under government contracts, some of them fixed-price. It reports two segments. Global Engineering Solutions brought in $8.85 billion, or 61.5% of fiscal 2025 revenue of $14.39 billion. Digital Solutions brought in $5.54 billion, or 38.5%. The U.S. made up 74.7% of revenue and international work 25.3%. Backlog, meaning contracted work not yet performed, was $47.1 billion as of October 3, 2025. Margins were thin: operating profit was 3.3% of revenue in fiscal 2025.
Price history
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AMTM -0.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| GES | $8.85B | 61.5% |
| DS | $5.54B | 38.5% |
By geography
| United States | $10.75B | 74.7% |
| International | $3.65B | 25.3% |
Latest results
- In Q3 FY2026 (ended Jul 3, 2026), revenue was $3.49B, down 2% from a year earlier, and net income was $66.0M (+560.0%).
- For fiscal 2025, revenue was $14.39B (+71.6% year over year; +23.3% a year from FY2022 to FY2025) with a 0.5% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +23.3% good |
|---|---|
| Operating margin | 3.3% weak |
| Free cash flow margin | 3.6% watch |
| Return on equity (FY2025) | 1.5% weak |
| Return on assets (FY2025) | 0.6% weak |
| Net cash (cash minus debt) | $-3.37B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $7.68B | $-84.0M | $108.0M |
| FY2023 | $7.87B | $-314.0M | $55.0M |
| FY2024 | $8.39B | $-82.0M | $36.0M |
| FY2025 | $14.39B | $66.0M | $516.0M |
Valuation snapshot
| Market value | $5.30B |
|---|---|
| P/E ratio | 80.3 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Amentum Holdings’s market value went from $5.12B at the end of 2024 to $5.30B on Oct 28, 2026, up 4%; since the end of 2025 it is down 25%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.30B | -24.9% |
| 2025 | $7.06B | +38.1% |
| 2024 | $5.12B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AMTM price data to Oct 28, 2026 | -25.2% | -0.9% | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -25.2% |
| 2025 | +37.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Invesco Ltd. | 10.1% | Apr 30, 2026 |
| BlackRock, Inc. | 6.9% | Dec 31, 2024 |
| PRIMECAP MANAGEMENT CO/CA/ | 5.03% | Jun 30, 2026 |
ETFs with the most weight in AMTM
| CSD Invesco S&P Spin-Off ETF | 2.17% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 0.76% |
| PPA Invesco Aerospace & Defense ETF | 0.42% |
| NATO Themes Transatlantic Defense ETF | 0.22% |
| SPSM SPDR Portfolio S&P 600 Small Cap ETF | 0.22% |
| IJR iShares Core S&P Small-Cap ETF | 0.21% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF | 0.21% |
| OASC OneAscent Small Cap Core ETF | 0.2% |
What could go wrong
- Heavy reliance on U.S. government spending. About 81% of fiscal 2025 revenue came directly from U.S. agencies. Budget delays, stopgap funding bills, shutdowns or shifting priorities can postpone contract awards or shrink the work available.
- Hazardous sites and nuclear liability. Many work sites carry safety and environmental hazards, and an accident could bring injuries, fines and lawsuits. Nuclear work needs adequate liability protection and can stall on licensing or public opposition.
- Large debt load with variable rates. Total debt was about $3.8 billion against $459 million of cash as of July 3, 2026. Its credit facility has variable rates, so rising rates raise interest costs. Loan terms also limit flexibility.
- Thin margins and fixed-price contracts. On fixed-price contracts, Amentum absorbs any cost overruns. An operating margin of 3.3% in fiscal 2025 leaves little cushion against inflation, missed schedules or performance problems.
- Merger gains may fall short. Amentum was formed through a 2024 merger with units spun off from Jacobs. The expected benefits may not materialize. Rules that protect the deal's tax treatment also restrict some strategic moves.
- Backlog is not guaranteed revenue. Backlog was $47.1 billion as of October 3, 2025. But customers can adjust, cancel or suspend contracts, so some of that work may never become revenue.
Recent events
- Executive or board change
- Quarterly results released
- Quarterly results released
- Major agreement signed
- Shareholder vote results
- Quarterly results released
- Quarterly results released
For income and retirement investors
Amentum pays no dividend, and it made no share buybacks from fiscal 2022 through fiscal 2025. Its 10-K says there is no assurance it will pay dividends. The share count rose 0.5% between December 6, 2024 and August 7, 2026. For income investors, that means no cash payouts. Any return depends on the share price, and drawing income would mean selling shares. Free cash flow (cash left after capital spending) was $516 million in fiscal 2025. Total debt was about $3.8 billion as of July 3, 2026.
The stock began trading on September 30, 2024, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its short history has been bumpy. It gained 37.9% in 2025, lost 25.2% year to date as of October 28, 2026, and fell as much as 51.7% from its high. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Amentum pay a dividend?
No. Amentum does not pay a dividend, and it made no share buybacks from fiscal 2022 through fiscal 2025. Its 10-K says there is no assurance it will pay dividends on its common stock. As of July 3, 2026, it had about $3.8 billion of total debt against $459 million of cash. Any return for shareholders has come only from the share price, which was down 25.2% year to date as of October 28, 2026.
How does Amentum make money?
Mostly from U.S. government contracts. About 81% of revenue in the fiscal year ended October 3, 2025 came from direct contracts with U.S. agencies such as the Department of Energy, NASA, the Department of War and the intelligence community. It does engineering, nuclear cleanup, cybersecurity and space work. Global Engineering Solutions produced 61.5% of fiscal 2025 revenue of $14.39 billion, and Digital Solutions produced 38.5%. Work outside the U.S., including for U.K. and Australian government agencies, made up 25.3%.
Is Amentum a spin-off of Jacobs?
Partly. Amentum was formed on September 27, 2024. Jacobs spun off its Critical Mission Solutions business and parts of its Divergent Solutions business, which then merged with the legacy Amentum business. The deal used a Reverse Morris Trust, a tax-efficient way to spin off a unit and combine it with another company. Before the merger, Jacobs gave about 80.95% of the spun-off company's shares to its own shareholders. Amentum began trading on the New York Stock Exchange as AMTM on September 30, 2024.
Is Amentum profitable?
Yes, but only slightly. In fiscal 2025, the first full year after the merger, Amentum earned $66 million, or $0.27 per diluted share, on revenue of $14.39 billion. Its reported results showed net losses in fiscal 2022, 2023 and 2024. Those thin earnings are why the shares traded at 80.3 times fiscal 2025 earnings per share as of October 28, 2026. For the quarter ended July 3, 2026, revenue fell 2% from a year earlier to $3.49 billion. Net income was $66 million.
How much debt does Amentum have?
About $3.8 billion. As of July 3, 2026, Amentum had total debt of $3.825 billion and cash and investments of $459 million. That left debt about $3.4 billion higher than cash. Shareholders' equity (assets minus liabilities) was $4.695 billion. The 10-K lists this debt as a risk. Its senior credit facility limits how the company can operate. Its variable interest rates also mean higher rates could raise interest costs and reduce net income and cash flow.