LDOS
Leidos Holdings, Inc.
LDOS's fundamentals are mixed, but it looks cheap: trading at 12x earnings, below its usual 20x. Analysts expect earnings to hold roughly steady.
LDOS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Stable |
LDOS's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
LDOS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 11x | $131 | — |
| Current | 12x | $131 | — |
| Cheap | 16x | $180 | +37% |
| Fair | 19x | $218 | +66% |
| Expensive | 25x | $277 | +111% |
Historical ranges are pointers, not guarantees.
LDOS's PE is in its cheap range at 12x. On analysts' estimates for next year's earnings, today's price would be 11x.
LDOS Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect LDOS's earnings, revenue and profitability to hold roughly steady.
LDOS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.56 | +3.3% |
| Q3 2026 | $11.19 | +4.6% |
| Q2 2026 | $10.73 | +1.6% |
| Q1 2026 | $10.93 | +10% |
| Q4 2025 | $11.14 | +21% |
| Q3 2025 | $10.70 | +22% |
| Q2 2025 | $10.56 | +229% |
| Q1 2025 | $9.92 | +324% |
| Q4 2024 | $9.22 | +540% |
LDOS's earnings per share have climbed steadily: $11.19 over the past year, up 4.6% from the year before, and higher year over year for nine quarters in a row.
LDOS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.6B | +3.6% |
| Q2 2026 | $4.6B | +7.2% |
| Q1 2026 | $4.4B | +3.7% |
| Q4 2025 | $4.2B | -3.6% |
| Q3 2025 | $4.5B | +6.7% |
| Q2 2025 | $4.3B | +2.9% |
| Q1 2025 | $4.2B | +6.8% |
| Q4 2024 | $4.4B | +9.7% |
LDOS's revenue grew through 2025 and has held roughly level since: $4.6B last quarter, up 3.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 12% | 0 points |
| Q2 2026 | 11% | -2.2 points |
| Q1 2026 | 12% | -0.9 points |
| Q4 2025 | 11% | +1.6 points |
| Q3 2025 | 12% | -0.3 points |
| Q2 2025 | 13% | +1.9 points |
| Q1 2025 | 12% | +2.1 points |
| Q4 2024 | 9.6% | +0.6 points |
LDOS's operating margin was 12% last quarter, about level with the same quarter a year ago.
LDOS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $476M | -30% |
| Q2 2026 | $761M | +67% |
| Q1 2026 | $270M | +650% |
| Q4 2025 | $452M | +112% |
| Q3 2025 | $680M | +7.4% |
| Q2 2025 | $457M | +30% |
| Q1 2025 | $36M | -22% |
| Q4 2024 | $213M | -5.8% |
LDOS generated $2B in free cash flow over the past year, up 41% from the year before.
LDOS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.8% | -1M shares |
| 1 year | -3.8% | -5M shares |
| 3 years | -8.8% | -12M shares |
| 5 years | -13% | -18M shares |
| Available history | -14% | -20M shares |
LDOS has 125M diluted shares, down 3.8% from a year ago, with $1.1B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $500M |
| Q2 2026 | $66M |
| Q1 2026 | $200M |
| Q4 2025 | $300M |
| Q3 2025 | $100M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $400M |
LDOS spent $1.1B buying back its own shares over the past year, up 113% from the year before.
LDOS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.3x | Moderate |
| Q2 2026 | 2.3x | Moderate |
| Q1 2026 | 2.5x | Moderate |
| Q4 2025 | 1.5x | Healthy |
| Q3 2025 | 1.6x | Healthy |
| Q2 2025 | 1.8x | Healthy |
| Q1 2025 | 1.9x | Healthy |
| Q4 2024 | 1.8x | Healthy |
LDOS's net debt is about 2.3 years of its operating earnings (EBITDA), up from 1.6 years a year ago.
LDOS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.7 | Neutral |
| Stochastic | 66.9 | Neutral |
LDOS's weekly RSI is 49 (neutral) and its Stochastic is 67 (neutral).
LDOS PE vs Technology Sector
| Metric | LDOS | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 28x | 58% below |
| PE % | 4 | 35 | 31 pts below |
LDOS is trading at 12x earnings, a 58% discount to the Technology sector's median of 28x.
LDOS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $128.8 | 1.8% above |
| 20 week MA | $126.7 | 3.5% above |
| 50 week MA | $147.1 | 11% below |
| 100 week MA | $153.6 | 15% below |
| 200 week MA | $136.5 | 3.9% below |
LDOS has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 3.9% below its 200-week average.
LDOS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $98.2 | $104.2 | +6.1% |
| 2021 | $104.2 | $87.4 | -16% |
| 2022 | $87.4 | $105.2 | +20% |
| 2023 | $105.2 | $108.2 | +2.9% |
| 2024 | $108.2 | $144.5 | +33% |
| 2025 | $144.5 | $185.9 | +29% |
| 2026 YTD | $185.9 | $131.1 | -29% |
LDOS has finished higher in five of the last six years. It's down 29% so far in 2026.