Business Description
Booz Allen Hamilton Holding Corporation provides management and technology consulting, analytics, engineering, digital solutions, mission operations, and cyber services to governments, corporations, and not-for-profit organizations in the United States and internationally. The company offers consulting solutions for various domains, business strategies, human capital, and operations. It also provides analytics services, which focuses on delivering transformational solutions in the areas of artificial intelligence, such as machine learning and deep learning; data science, such as data engineering and predictive modeling; automation and decision analytics; and quantum computing. In addition, the company designs, develops, and implements solutions built on contemporary methodologies and modern architectures; delivers engineering services and solutions to define, develop, implement, sustain, and modernize complex physical systems; and provides cyber risk management solutions, such as prevention, detection, and cost effectiveness. Booz Allen Hamilton Holding Corporation was founded in 1914 and is headquartered in McLean, Virginia.
Business History
Generated: Jun 7, 2026 4:34pmPrice Overview
Last updated: Jun 7, 2026 4:32pm (5d ago)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 6.91
Total Equity: $1.11B
Shares: 123,239,436
Total Debt: $3.98B
Cash: $728.00M
EBITDA: $1.26B
Total Debt: $3.98B
Cash: $728.00M
Revenue: $11.22B
Revenue: $11.22B
Revenue: $11.22B
Total Equity: $1.11B
Tax Rate: 1.3%
Equity: $1.11B
Total Debt: $3.98B
Cash: $728.00M
Current Liabilities: $1.66B
Long-Term Debt: $3.92B
Total Debt: $3.98B
Total Equity: $1.11B
Shares: 123,239,436
Shares: 123,239,436
CapEx: -$90.00M
Shares: 123,239,436
Stock Price: $79.48
Net Income: $851.00M
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 7, 2026 4:36pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $8.4B | $9.3B | $10.7B | $12.0B | $11.2B |
| Cost of Revenue | $3.9B | $4.3B | $4.9B | $5.4B | $8.9B |
| Gross Profit | $4.5B | $5.0B | $5.7B | $6.6B | $2.3B |
| Operating Expenses | $3.8B | $4.5B | $4.7B | $5.2B | $1.3B |
| Operating Income | $685.2M | $446.8M | $1.0B | $1.4B | $1.1B |
| Net Income | $466.7M | $271.8M | $605.7M | $935.0M | $851.0M |
| EBITDA | $820.0M | $650.2M | $1.2B | $1.6B | $1.3B |
| EPS | $3.46 | $2.04 | $4.61 | $7.28 | $6.91 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 7, 2026 4:32pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Cash & Equivalents | $695.9M | $404.9M | $554.0M | $885.0M | $728.0M |
| Total Current Assets | $2.4B | $2.3B | $2.7B | $3.3B | $3.0B |
| Total Assets | $6.0B | $6.6B | $6.6B | $7.3B | $7.4B |
| Current Liabilities | $1.5B | $1.9B | $1.7B | $1.8B | $1.7B |
| Long-Term Debt | $2.7B | $2.8B | $3.4B | $3.9B | $3.9B |
| Total Liabilities | $5.0B | $5.6B | $5.5B | $6.3B | $6.3B |
| Total Equity | $1.0B | $992.0M | $1.0B | $1.0B | $1.1B |
| Retained Earnings | $2.0B | $2.1B | $2.4B | $3.1B | $3.6B |
Cash Flow (Annual)
Last updated: Jun 7, 2026 4:36pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Operating Cash Flow | $736.5M | $602.8M | $258.8M | $1.0B | $1.0B |
| Capital Expenditure | -$80.0M | -$76.1M | -$66.7M | -$98.0M | -$90.0M |
| Free Cash Flow | $656.6M | $526.7M | $192.1M | $911.0M | $951.0M |
| Acquisitions (net) | -$780.3M | -$387.0M | $0 | -$83.0M | $22.0M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$418.9M | -$224.0M | -$404.0M | -$812.0M | -$598.0M |
| Net Change in Cash | -$295.0M | -$291.0M | $149.4M | $331.0M | -$157.0M |
Analyst Estimates (Annual)
Last updated: Jun 7, 2026 4:32pm (5d ago)| Metric | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|
| Revenue |
$11.3B $11.3B – $11.3B
|
$11.4B $11.2B – $11.5B
|
$11.8B $11.6B – $12.0B
|
$12.3B $12.3B – $12.3B
|
| EBITDA |
$1.8B $1.8B – $1.8B
|
$1.8B $1.7B – $1.8B
|
$1.8B $1.8B – $1.9B
|
$1.9B $1.9B – $1.9B
|
| Net Income |
$750.1M $742.7M – $757.5M
|
$775.5M $742.5M – $808.4M
|
$844.6M $816.4M – $872.9M
|
$923.8M $876.9M – $970.7M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 7, 2026 4:36pm (5d ago)| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue Growth | +10.7% | +15.2% | +12.4% | -6.4% |
| Gross Profit Growth | +11.0% | +15.9% | +14.3% | -64.3% |
| Operating Income Growth | -34.8% | +126.8% | +35.2% | -20.1% |
| Net Income Growth | -41.8% | +122.9% | +54.4% | -9.0% |
| EBITDA Growth | -20.7% | +84.6% | +31.1% | -20.1% |
Insider Trading (Recent)
Last updated: Jun 7, 2026 4:34pm (5d ago)All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-01 | Nolan Ryan | 0.00 | $0.00 | $0 | |
| 2026-05-26 | Petty Joshua | A-Award | 3,004.00 | $0.00 | $0 |
| 2026-05-26 | Metzfield Dennis | A-Award | 1,642.00 | $0.00 | $0 |
| 2026-05-26 | Lahr Troy | A-Award | 37,543.00 | $0.00 | $0 |
| 2026-05-26 | Lahr Troy | A-Award | 10,012.00 | $0.00 | $0 |
| 2026-05-26 | Inserra Andrea | A-Award | 6,508.00 | $0.00 | $0 |
| 2026-05-26 | ANDERSON KRISTINE | A-Award | 20,023.00 | $0.00 | $0 |
| 2026-05-26 | Pfeifer Thomas | A-Award | 8,010.00 | $0.00 | $0 |
| 2026-05-26 | Fitzgerald Buffum Shannon | A-Award | 4,005.00 | $0.00 | $0 |
| 2026-05-26 | ROZANSKI HORACIO | A-Award | 58,266.00 | $0.00 | $0 |
| 2026-05-20 | Fitzgerald Buffum Shannon | 0.00 | $0.00 | $0 | |
| 2026-05-20 | Fitzgerald Buffum Shannon | 19,359.00 | $74.59 | $1.4M | |
| 2026-05-20 | Fitzgerald Buffum Shannon | 6,446.00 | $148.44 | $956,844 | |
| 2026-05-20 | Petty Joshua | 0.00 | $0.00 | $0 | |
| 2026-05-20 | Petty Joshua | 2,139.00 | $41.28 | $88,298 | |
| 2026-05-20 | Petty Joshua | 9,353.00 | $109.81 | $1.0M | |
| 2026-05-19 | ANDERSON KRISTINE | A-Award | 21,036.00 | $0.00 | $0 |
| 2026-05-19 | ANDERSON KRISTINE | F-InKind | 9,929.00 | $77.00 | $764,533 |
| 2026-05-19 | Inserra Andrea | A-Award | 2,880.00 | $0.00 | $0 |
| 2026-05-19 | Inserra Andrea | F-InKind | 867.00 | $77.00 | $66,759 |
Dividend History (Last 20)
Last updated: Jun 7, 2026 4:32pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-10 | $0.59 | 2026-05-20 | 2026-06-10 | 2026-06-26 |
| 2026-02-13 | $0.59 | 2026-01-23 | 2026-02-13 | 2026-03-02 |
| 2025-11-14 | $0.55 | 2025-10-24 | 2025-11-14 | 2025-12-02 |
| 2025-08-14 | $0.55 | 2025-07-25 | 2025-08-14 | 2025-08-29 |
| 2025-06-11 | $0.55 | 2025-05-23 | 2025-06-11 | 2025-06-27 |
| 2025-02-14 | $0.55 | 2025-01-31 | 2025-02-14 | 2025-03-04 |
| 2024-11-15 | $0.51 | 2024-10-25 | 2024-11-15 | 2024-12-04 |
| 2024-08-14 | $0.51 | 2024-07-26 | 2024-08-14 | 2024-08-30 |
| 2024-06-13 | $0.51 | 2024-05-24 | 2024-06-13 | 2024-06-28 |
| 2024-02-09 | $0.51 | 2024-01-26 | 2024-02-12 | 2024-03-01 |
| 2023-11-14 | $0.47 | 2023-10-25 | 2023-11-15 | 2023-12-04 |
| 2023-08-14 | $0.47 | 2023-07-28 | 2023-08-15 | 2023-08-31 |
| 2023-06-14 | $0.47 | 2023-05-26 | 2023-06-15 | 2023-06-30 |
| 2023-02-09 | $0.47 | 2023-01-27 | 2023-02-10 | 2023-03-01 |
| 2022-11-14 | $0.43 | 2022-10-28 | 2022-11-15 | 2022-12-02 |
| 2022-08-12 | $0.43 | 2022-07-29 | 2022-08-15 | 2022-08-31 |
| 2022-06-14 | $0.43 | 2022-05-20 | 2022-06-15 | 2022-06-30 |
| 2022-02-10 | $0.43 | 2022-01-28 | 2022-02-11 | 2022-03-02 |
| 2021-11-12 | $0.37 | 2021-10-29 | 2021-11-15 | 2021-12-02 |
| 2021-08-13 | $0.37 | 2021-07-27 | 2021-08-16 | 2021-08-31 |
Narrative Economics
Advanced Analysis Forensic deep-dive · two lenses
Quality lens gave me a +1 'Solid' read and value lens a +23 'Modestly Cheap' — those are consistent, not conflicting: a disciplined, cash-generative federal franchise that's shrinking the float and trades at a single-digit discount to what it deserves. That combination earns a position, not a pound-the-table buy. I'm putting on a starter — roughly a third of my intended full weight — at $79 to anchor in and force me to do the filing work on the FY26 gross-margin print, which is the single line item that could re-rate this either direction.
My playbook from here is mechanical. Add another third in the $70-72 zone, where the discount to my $87 skeptical FV widens past 20% and starts genuinely paying me for the $3.3B net debt on single-customer cash flows. Go to full weight below $68 if the weakness is budget-cycle noise rather than a contract-award air pocket. On the upside, I do nothing into $90-95 and trim into anything north of $100 — the composite $102 FV is leaning on margin assumptions I don't yet trust. What flips me off the name entirely: confirmation the FY26 GM reset reflects real economics (not reclassification), or a visible federal contracting air pocket showing up in book-to-bill. Until then this is a 'own it small, let price do the work' situation.
Booz Allen is a mature, self-funding services business: revenue scaled from $8.36B (FY22) to $11.22B (FY26), FCF averages ~$650M+ and hit $951M in FY26, and management is a net buyer of its own stock (diluted shares fell from 134.9M to 123.2M, a -2.2% CAGR, with buyback/SBC at 602%). Earnings quality looks broadly clean — OCF/NI of 1.31x, negative accruals (-1.6% of assets), and Altman Z of 3.81 — though Beneish M at -1.76 is a hair past the threshold and worth a look given the FY26 anomalies.
The biggest analytical wrinkle is the FY26 gross-margin print: 20.9% versus 53–55% in every prior year, while operating margin held at 9.8% and net income stayed at $851M. That is almost certainly a reclassification (e.g., reimbursable/billable expenses moving from SG&A into COGS, common in govt consulting reporting changes) rather than a true margin collapse — operating margin and FCF would not be intact otherwise — but I can't confirm without the filing. Revenue also dipped from $11.98B to $11.22B, the first decline in the window, which alongside heavy federal-government exposure (DoD/intel) raises real questions about post-DOGE-era budget pressure.
Balance sheet is the constraint: net debt of ~$3.26B against $728M cash means this is not a fortress — it's a levered cash compounder reliant on stable federal contracting cash flows. Insider activity is mostly routine awards; the one P-coded buy ($2.0M by Fitzgerald Buffum) is modestly positive but not a dominant signal.
Verify before trusting this (7)
- Reason for FY26 gross margin dropping from 54.8% to 20.9% — almost certainly a cost reclassification (reimbursables into COGS) but confirm in 10-K MD&A and segment notes
- Federal government revenue concentration and exposure to DoD/intelligence community budget pressure
- Drivers of FY26 revenue decline: contract losses, DOGE-related cuts, or timing of awards
- Debt maturity schedule and covenants on the $3.26B net debt position
- Backlog (funded vs unfunded) trend and book-to-bill ratio
- Beneish M-score components — whether the -1.76 reading is driven by the same line-item reclassification flagged in gross margin
- Pending litigation/DOJ matters that have historically affected federal contractors
The e2e composite FV of $102 and EPV floor of $102 imply ~29% upside, but those numbers lean on stable margins and a clean re-rate — exactly what the FY26 gross-margin reset and federal budget noise call into question. The signal-adjusted FV of $86.64 is the more defensible anchor, putting the gap at roughly 9% above the $79.48 price. That's a margin of safety, not a fat pitch.
What's priced in: the market appears to be discounting government-budget risk, federal hiring/headcount pressure, and the FY26 margin reset, while still crediting BAH for durable cash flow and buybacks. To justify materially higher prices, you need confidence the margin reset is one-time and that AI/analytics work re-accelerates organic growth — neither is confirmed. To justify materially lower, you'd need an actual federal contracting air pocket.
Net: a solid business at a modest discount to deserved value. Cheap enough to own, not cheap enough to thump the table. Earnings quality is high, so no haircut needed there; the leverage ($3.3B net debt on a single-customer cash stream) is the reason I don't extend the deserved multiple further.
Verify before trusting this (5)
- FY26 gross-margin reset — one-time mix shift or structural step-down?
- Organic revenue growth ex-acquisitions and the federal headcount/hiring trajectory
- Backlog book-to-bill and any concentration in delayed/at-risk programs
- Capital allocation pace — buyback authorization remaining vs debt paydown priorities
- Updated management guidance on AI/analytics revenue contribution and associated talent cost