Latest Ratios: P/E Ratio 82.4x · EV/EBITDA 9.0x · ROE 1.4%. (2022–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Market Cap | $5.4B | $6.3B | $2.3B | — | — |
| Enterprise Value | $9.2B | $10.1B | $6.8B | — | — |
| P/E Ratio → | 82.41 | 96.11 | — | — | — |
| P/S Ratio | 0.38 | 0.44 | 0.28 | — | — |
| P/B Ratio | 1.18 | 1.37 | 0.51 | — | — |
| P/FCF | 10.53 | 12.27 | 64.89 | — | — |
| P/OCF | 10.00 | 11.66 | 49.70 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| EV / Revenue | — | 0.70 | 0.81 | — | — |
| EV / EBITDA | 8.96 | 9.85 | 12.59 | — | — |
| EV / EBIT | 18.21 | 20.00 | 21.66 | — | — |
| EV / FCF | — | 19.50 | 189.53 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Gross Margin | 7.2% | 7.2% | 9.5% | 9.9% | 10.0% |
| Operating Margin | 3.5% | 3.5% | 3.5% | 0.7% | 1.6% |
| Net Profit Margin | 0.5% | 0.5% | -1.0% | -4.0% | -1.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | 1.4% | 1.4% | -3.3% | -16.9% | -2.5% |
| ROA | 0.6% | 0.6% | -0.9% | -5.9% | -2.0% |
| ROIC | 4.3% | 4.3% | 3.2% | 1.1% | 2.7% |
| ROCE | 5.3% | 5.3% | 3.9% | 1.3% | 3.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 0.90 | 0.90 | 1.09 | 10.43 | 0.08 |
| Debt / EBITDA | 4.08 | 4.08 | 9.11 | 11.34 | 0.67 |
| Net Debt / Equity | — | 0.81 | 0.99 | 9.70 | 0.02 |
| Net Debt / EBITDA | 3.65 | 3.65 | 8.28 | 10.54 | 0.17 |
| Debt / FCF | — | 7.23 | 124.64 | 73.22 | 0.64 |
| Interest Coverage | 1.42 | 1.42 | 0.72 | 0.14 | 0.58 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 1.32 | 1.32 | 1.57 | 1.40 | 1.91 |
| Quick Ratio | 1.32 | 1.32 | 1.57 | 1.40 | 1.91 |
| Cash Ratio | 0.19 | 0.19 | 0.23 | 0.22 | 0.29 |
| Asset Turnover | — | 1.26 | 0.70 | 1.23 | 1.82 |
| Inventory Turnover | — | — | — | — | — |
| Days Sales Outstanding | — | 62.87 | 104.48 | 66.83 | 53.35 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | 1.2% | 1.0% | — | — | — |
| FCF Yield | 9.5% | 8.1% | 1.5% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $244M | $91M | $90M | $90M |
Integration and margin dilution
Based on reported figures, Amentum trades at a forward P/E of 8.37, which appears to discount the company's recent transformative merger while reflecting investor skepticism regarding the sustainability of its current earnings trajectory compared to more established government services peers like Leidos or CACI.
The wide gap between the trailing P/E of 75.00 and the forward multiple suggests that the market is heavily discounting current GAAP earnings due to non-recurring integration costs. Investors should monitor whether the company can achieve the margin expansion implied by this forward valuation, as the current P/S of 0.34 indicates a market that remains unconvinced of the firm's long-term pricing power.
As reported in financial statements, Amentum's ROIC has remained stagnant at approximately 1.2% in 2026Q2, a figure that highlights the significant drag created by the massive goodwill balance accumulated through recent aggressive acquisition activity within the federal services sector.
The low return on invested capital suggests that the company is currently failing to generate meaningful economic value above its cost of capital. This trend warrants further investigation into whether the acquired assets can be optimized to improve returns, or if the current capital structure will continue to suppress shareholder value for the foreseeable future.
According to recent SEC filings, Amentum's asset turnover ratio of 0.31 in 2026Q2 indicates a capital-intensive footprint relative to revenue, which, when combined with fluctuating DSO metrics, suggests that the company faces ongoing challenges in managing its working capital cycle effectively post-merger.
The variability in DSO, which reached 66 days in the most recent quarter, implies that the company's cash conversion cycle is highly sensitive to government payment schedules and project milestones. This lack of efficiency in converting contract wins into cash flow may continue to pressure liquidity until internal processes are fully harmonized.
Based on the provided data, Amentum's debt-to-EBITDA ratio of 17.30 in 2026Q2 signals a highly leveraged position that significantly exceeds the norms of its industry peers, suggesting that the company's ability to service its obligations remains sensitive to even minor operational disruptions.
While the debt-to-equity ratio of 0.83 appears manageable in isolation, the high debt-to-EBITDA multiple indicates that the company's earnings are currently insufficient to support its debt load comfortably. Investors should monitor interest coverage trends, as the current ratio of 1.74 leaves little margin for error in a rising interest rate environment.
As evidenced by the reported figures, the net margin of 0.46% is frequently misapplied by analysts as a proxy for operational health, failing to account for the significant non-cash amortization charges resulting from the recent Jacobs acquisition that artificially depress the company's true earning power.
Relying on GAAP net margins in this context obscures the underlying cash-generating capability of the business, which is better reflected in FCF margins. Analysts should instead focus on adjusted EBITDA or cash flow metrics to assess the company's actual performance, as the current net margin is heavily distorted by accounting treatments related to the merger.
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Quick answers to the most common questions about buying AMTM stock.
Amentum Holdings, Inc.'s current P/E ratio is 82.4x. The historical average is 96.1x.
Amentum Holdings, Inc.'s current EV/EBITDA is 9.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.2x.
Amentum Holdings, Inc.'s return on equity (ROE) is 1.4%. The historical average is -5.3%.
Based on historical data, Amentum Holdings, Inc. is trading at a P/E of 82.4x. Compare with industry peers and growth rates for a complete picture.
Amentum Holdings, Inc. has 7.2% gross margin and 3.5% operating margin.
Amentum Holdings, Inc.'s Debt/EBITDA ratio is 4.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.