Amentum Holdings
AMTM on NYSE. Amentum sells engineering and technology services to U.S. and allied government agencies. Market value $4.5bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to September 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $10.33 of spare cash in the past 12 months. A savings account pays about $4.
You pay 13.3 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 88 of 100. Our list needs 70 on quality and 60 on price.
$18.77 a share, 6% above its 1-year low
Over the past year the price has ranged from $17.72 to $38.11.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||
| Revenue | $8.4bn | $14.4bn |
| Operating margin | ||
| Operating margin | 3.5% | 3.3% |
| Debt to equity | ||
| Debt to equity | 1.05 | 0.88 |
| Shares outstanding | ||
| Shares outstanding | 0.24bn | 0.24bn |
Health checks
- Free cash flow positive2 of 2 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)7 of 9
- Profit backed by cash (accruals)Yes
- Debt0.88× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $3.5 billion last quarter, down 2% on a year ago.
- Profit: $66 million, up 560% on a year ago.
- It keeps 4 cents of each $1 of sales as operating profit, up from 3 cents a year earlier.
- Spare cash over the past 12 months: $474 million, up from $138 million.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $3.4 billion more than cash, down from $3.7 billion a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | Not reported |
| December 2024 | $3.4bn |
| March 2025 | $3.5bn |
| June 2025 | $3.6bn |
| September 2025 | $3.9bn |
| December 2025 | $3.2bn |
| March 2026 | $3.5bn |
| June 2026 | $3.5bn |
| Quarter to | Amount |
|---|---|
| September 2024 | Not reported |
| December 2024 | $12m |
| March 2025 | $4m |
| June 2025 | $10m |
| September 2025 | $40m |
| December 2025 | $44m |
| March 2026 | $54m |
| June 2026 | $66m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 November 2025
- Next quarterly (estimated, 10-Q)
- 10 November 2026
Who owns it
9 long-term investors we follow own it, up from 8 last quarter. 460 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $2m
- Share of fund
- <0.1%
- First Manhattan Co.First Manhattan partners
- Value
- $294,382
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $14m | 0.1% | Added |
| Ruane Cunniff & Goldfarb (Sequoia Fund)John Harris | $11m | 0.2% | Cut |
| Hotchkis & WileyHotchkis & Wiley team | $8m | <0.1% | Added |
| Mawer Investment ManagementMawer team | $8m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $3m | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $2m | <0.1% | |
| Delphi ManagementScott Black | $1m | 1.1% | Added |
| GMOJeremy Grantham | $446,493 | <0.1% | New |
| First Manhattan Co.First Manhattan partners | $294,382 | <0.1% |
Largest holders overall
- American Securities$931m
- Invesco$516mAdded
- BlackRock$370m
- Primecap Management$254m
- Vanguard Portfolio Management$164m
- Vanguard Capital Management$139m
- FMR$117m
- Dimensional Fund Advisors LP$114mAdded
- State Street$106m
- Frontier Capital Management$86mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- at least 18.0%(filed with 2 related holders)Since 17 December 2024
What they said
The information set forth or incorporated by reference in Items 3, 5 and 6 is hereby incorporated by reference in this Item 4. Director Nominees Benjamin Dickson, a managing director of American Securities LLC, and Connor Wentzell, a principal of American Securities LLC, are…
Read the filing - Alan E. Goldbergat least 18.0%(filed with 16 related holders)Since 17 December 2024
What they said
The information set forth or incorporated by reference in Items 3, 5 and 6 is hereby incorporated by reference in this Item 4. Director Nominees Mr. Goldberg, the co-founder and chief executive officer of Goldberg Lindsay & Co. LLC, an affiliate of the Reporting Persons, and…
Read the filing - Invesco Ltd.Passive investor10.1%+1.0 ptsSince 30 April 2026
- BlackRock, Inc.Passive investor6.9%Since 31 December 2024
- PRIMECAP MANAGEMENT CO/CA/Passive investor5.0%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Jacobs Solutions Inc.Passive investorSold down below 5%Since 13 March 2025
- Amentum Joint Venture LPSold down below 5%Since 17 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
at least 18.0% (filed with 2 related holders) | 17 December 2024 | What they saidThe information set forth or incorporated by reference in Items 3, 5 and 6 is hereby incorporated by reference in this Item 4. Director Nominees Benjamin Dickson, a managing director of American Securities LLC, and Connor Wentzell, a principal of American Securities LLC, are… Read the filing | |
Alan E. Goldberg | at least 18.0% (filed with 16 related holders) | 17 December 2024 | What they saidThe information set forth or incorporated by reference in Items 3, 5 and 6 is hereby incorporated by reference in this Item 4. Director Nominees Mr. Goldberg, the co-founder and chief executive officer of Goldberg Lindsay & Co. LLC, an affiliate of the Reporting Persons, and… Read the filing |
Invesco Ltd. Passive investor | 10.1%+1.0 pts | 30 April 2026 | |
BlackRock, Inc. Passive investor | 6.9% | 31 December 2024 | |
PRIMECAP MANAGEMENT CO/CA/ Passive investor | 5.0% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Jacobs Solutions Inc. Passive investor | Sold down below 5% | 13 March 2025 | |
Amentum Joint Venture LP | Sold down below 5% | 17 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Nov 2025, plus the 10-Q filed 11 Aug 2026 and 6 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 81% last year. Losing that customer would hurt.
“The U.S. federal government represents one of the world’s largest customers of specialized engineering and technology solutions. Approximately 81% of the Company’s revenues were derived through direct contracts with agencies of the U.S. Government for the year ended October 3, 2025.”
From the 10-K filed 25 November 2025, Item 1. Business. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.