Amentum Holdings, Inc. (AMTM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+376.3%

$106.77

vs $22.42 price

Levered DCF

$84.16

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.99

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	96.11×	-28.52×	-8.46×	-31.73×	13.35×
P/B	1.4×	0.52×	7.08×	0.81×	0×
P/S	0.44×	0.28×	0.34×	0.35×	0.52×
EV / EBITDA	10.17×	12.05×	17.49×	7.15×	0×
Gross margin	7.2%	9.5%	9.9%	10.0%	15.5%
Operating margin	3.5%	3.5%	0.7%	1.6%	6.6%
Net margin	0.5%	-1.0%	-4.0%	-1.1%	3.9%
Current ratio	1.32×	1.57×	1.4×	1.91×	0×
Debt / equity	0.92×	1.11×	11.55×	0.08×	0×
Interest coverage	1.42×	0.66×	0.14×	0.79×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	1.5%	-1.8%	-83.7%	-2.6%	0.0%
Return on invested capital	2.8%	1.9%	1.0%	3.3%	0.0%
Return on assets	0.6%	-0.7%	-4.9%	-2.0%	0.0%
Free cash flow yield	8.2%	1.5%	2.1%	4.1%	7.9%
Earnings yield	1.0%	-3.5%	-11.8%	-3.2%	7.5%
Enterprise value	$10B	$6.8B	$6.7B	$2.7B	$0
Net debt / EBITDA	3.78×	7.93×	10.54×	0.18×	0×
Cash conversion cycle (days)	38	68	38	42	0