At a glance
Booz Allen Hamilton Holding is worth $9.90B, about 12 times its fiscal 2026 earnings. Revenue fell 6.4% to $11.22B in fiscal 2026, with 7.6% kept as profit; over 5 years it has grown 7.4% a year. It pays a 2.78% dividend yield, raised every year for at least 9 years, and returned $3.70B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +0.5% over the past year with dividends reinvested and +2.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 25.5% in the 2020 crash (S&P 500: 33.7%) and 21.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 2 months after the lows.
The business in plain English
Booz Allen Hamilton sells technology projects, products and expert services, and U.S. government agencies pay for substantially all of it. The firm's history spans more than 112 years. In 2008 it spun off its global commercial business to focus on government and national security work. Its teams build cyber defenses, artificial intelligence (AI) systems and defense technology. Products include Vellox, an AI-based cyber security suite, and military products such as Sit(x)R and EdgeExtend. The company says it is the federal government's largest AI provider, with about 400 active AI projects.
Customers include all six branches of the U.S. military, intelligence agencies such as the National Security Agency, and civil agencies in health, homeland security, justice and energy. The Department of Veterans Affairs, its largest civil customer, supplied 10% of revenue in fiscal 2026 (the year ended March 31, 2026). A commercial arm sells cyber incident response and security products to companies. Booz Allen runs as one business and doesn't report revenue by segment or region.
Most revenue flows through IDIQ (indefinite delivery/indefinite quantity) contracts. These are umbrella agreements that set rates but don't commit the government to buy. About 84% of fiscal 2026 revenue came from task orders under them, and the biggest single contract of this kind supplied about 17%. Revenue totaled $11.2 billion, down 6.4% from fiscal 2025.
Price history
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BAH +0.5% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2027 (ended Sep 30, 2026), revenue was $2.78B, down 3.9% from a year earlier, and net income was $181.0M (+3.4%).
- For fiscal 2026, revenue was $11.22B (-6.4% year over year; +7.4% a year from FY2021 to FY2026) with a 7.6% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +7.4% good |
|---|---|
| Operating margin | 9.2% watch |
| Free cash flow margin | 8.5% watch |
| Return on equity (FY2026) | 77% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2026) | 12% good |
| Net cash (cash minus debt) | $-4.08B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $7.86B | $609.0M | $631.5M |
| FY2022 | $8.36B | $466.7M | $656.6M |
| FY2023 | $9.26B | $272.0M | $527.0M |
| FY2024 | $10.66B | $606.0M | $192.0M |
| FY2025 | $11.98B | $935.0M | $911.0M |
| FY2026 | $11.22B | $851.0M | $951.0M |
Valuation snapshot
| Market value | $9.90B |
|---|---|
| P/E ratio | 12.1 |
| Dividend yield | 2.78% |
Rank among 1514 US companies
Market value at each year end
Booz Allen Hamilton Holding’s market value went from $9.99B at the end of 2019 to $9.90B on Oct 28, 2026, down 1%; since the end of 2025 it is down 3%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $9.90B | -3.2% |
| 2025 | $10.23B | -37.8% |
| 2024 | $16.44B | -1.4% |
| 2023 | $16.68B | +20.7% |
| 2022 | $13.82B | +21.7% |
| 2021 | $11.35B | -5.6% |
| 2020 | $12.02B | +20.4% |
| 2019 | $9.99B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BAH price data to Oct 28, 2026 | +1.2% | +0.5% | -8.9% | +2.7% | +12.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +1.2% |
| 2025 | -33.0% |
| 2024 | +2.0% |
| 2023 | +24.4% |
| 2022 | +25.7% |
| 2021 | -1.1% |
| 2020 | +24.4% |
| 2019 | +60.2% |
| 2018 | +20.2% |
| 2017 | +7.8% |
| 2016 | +19.3% |
| 2015 | +18.5% |
| 2014 | +56.1% |
| 2013 | +47.9% |
| 2012 | +39.2% |
| 2011 | -11.2% |
| 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 | Lost 25% over that stretch · deepest drop along the way 25.5%, back to its old high 0.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 8.5% over that stretch · deepest drop along the way 21.5%, back to its old high 1.8 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 3 sales ($335K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 28, 2026 | Buffum Shannon Fitzgerald Executive Vice President | sell | $175K |
| Oct 28, 2026 | Joshua Petty EVP & General Counsel | sell | $124K |
| Aug 13, 2026 | Dennis Metzfield VP, PAO & Controller | sell | $37K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.8% | Dec 31, 2025 |
| Vanguard Portfolio Management | 6.55% | Mar 31, 2026 |
| PRIMECAP MANAGEMENT CO/CA/ | 5.34% | Jun 30, 2026 |
| Vanguard Capital Management | 5.22% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 4.5% | Jun 30, 2026 |
| T. Rowe Price Investment Management, Inc. | 3.6% | Jun 30, 2026 |
ETFs with the most weight in BAH
| SPAM Themes Cybersecurity ETF | 4.24% |
| CIBR First Trust NASDAQ Cybersecurity ETF | 3.79% |
| IHAK iShares Cybersecurity & Tech ETF | 3.48% |
| SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF | 3.19% |
| AMID Argent Mid Cap ETF | 2.77% |
| QVAL Alpha Architect U.S. Quantitative Value ETF | 2.3% |
| JMID Janus Henderson Mid Cap Growth Alpha ETF | 1.82% |
| SMCO Hilton Small-MidCap Opportunity ETF | 1.45% |
What could go wrong
- Heavy dependence on the U.S. government. Substantially all revenue comes from U.S. government agencies, and the Department of Veterans Affairs alone supplied 10% in fiscal 2026. Damage to its reputation or agency relationships would cut revenue and profit.
- Little guaranteed work, and contracts can end. In fiscal 2026, about 84% of revenue came from orders under IDIQ contracts, open-ended deals that don't commit the government to buy. The government can end contracts at any time.
- Contracts must be won, then won again. Most revenue comes from competitive bids, and losing bidders can protest and delay awards. When contracts came up for rebid, its win rate was 89% in fiscal 2026, down from 92% in fiscal 2025.
- Budget cuts, shifting priorities, funding standoffs. Agencies can cut budgets or shift priorities away from Booz Allen's work. Late budgets or debt-ceiling fights can delay new orders and shrink backlog, the pipeline of contracted work not yet done.
- Hiring and keeping cleared technical staff. Some contracts require staff with government security clearances, and growth depends on skilled technical talent. Failing to hire, keep or clear enough people could cost contracts and revenue.
- Large debt load, partly at variable rates. Total debt was $4.41 billion against $334 million of cash as of September 30, 2026. Some debt carries variable rates, so higher interest rates raise costs, and loan terms limit flexibility.
Recent events
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Major agreement signed; New debt or financial obligation; Other company announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
For income and retirement investors
Booz Allen has raised its regular dividend for at least nine straight fiscal years through fiscal 2026 (the year ended March 31, 2026). It paid $2.24 a share that year, up from $1.30 in fiscal 2021, growth of about 11.5% a year. That used 32.4% of earnings and 29% of free cash flow (cash left after running and investing in the business). The yield was 2.78% as of October 28, 2026. Buybacks were larger than dividends: $2.46 billion against $1.24 billion over fiscal 2022–2026, and the share count fell 11.4% from October 2021 to October 2026.
In the 2020 COVID crash the shares fell 25.5% and recovered within a month. In the 2022 bear market they fell 21.5%, recovered by April and ended the market's slide 8.5% higher. The worst drop came later: 66.6% from peak to trough within the three years to October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Booz Allen Hamilton make money?
It sells technology projects and expert services to U.S. government agencies, which supply substantially all of its revenue. The work spans cyber security, artificial intelligence, data and defense technology for the military, intelligence agencies and civil departments. The Department of Veterans Affairs alone supplied 10% of revenue in fiscal 2026 (the year ended March 31, 2026). About 84% of revenue came through task orders under IDIQ contracts, umbrella agreements that set terms but don't guarantee work. Revenue totaled $11.2 billion that year.
Does Booz Allen raise its dividend every year?
Yes, so far. Booz Allen has raised its regular dividend for at least nine straight fiscal years through fiscal 2026, when it paid $2.24 a share, up from $1.30 in fiscal 2021. The payout used 32.4% of earnings. The yield was 2.78% as of October 28, 2026. The company says it cannot promise future dividends. As a holding company, it also relies on its subsidiaries for the cash to pay them.
What is Booz Allen's P/E ratio?
About 12.1 as of October 28, 2026, based on fiscal 2026 diluted earnings of $6.90 a share and a market value of about $9.9 billion. The price-to-earnings (P/E) ratio compares the share price with a year's profit per share. The business has shrunk: revenue fell 6.4% in fiscal 2026 and net income fell 9%. In the quarter ended September 30, 2026, revenue was 3.9% lower than a year earlier, while net income rose 3.4%.
How has Booz Allen stock performed over the long term?
Strong over 10 years, weak over three. As of October 28, 2026, the stock returned about 12.6% a year over 10 years (228% in total) and 2.7% a year over five years. Over three years it lost about 8.9% a year. It fell 33% in calendar 2025 and was up 1.2% for 2026 through October 28. Its worst peak-to-trough fall, 66.6%, came within those three years.
How much debt does Booz Allen have?
About $4.41 billion as of September 30, 2026, against $334 million of cash and investments. That leaves roughly $4.08 billion of net debt. Shareholders' equity was $1.24 billion. Part of the debt carries variable interest rates, so higher rates raise interest costs, and loan terms limit some actions. For scale, free cash flow (cash left after running and investing in the business) was $951 million in fiscal 2026.