Booz Allen Hamilton Holding Corporation (BAH) 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

+274.0%

$331.69

vs $88.69 price

Levered DCF

$268.44

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.42

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	11.28×	14.37×	32.33×	45.44×	25.39×	18.3×	20.01×	19.98×
P/B	8.62×	13.32×	18.56×	12.35×	11.26×	10.35×	11.23×	12.34×
P/S	0.85×	1.12×	1.82×	1.32×	1.41×	1.41×	1.29×	1.24×
EV / EBITDA	10.69×	10.61×	18.76×	22.94×	17.3×	15.91×	15.16×	14.65×
Gross margin	21.9%	54.8%	53.8%	53.5%	53.4%	53.5%	54.7%	53.8%
Operating margin	9.2%	11.4%	9.5%	4.8%	8.2%	9.6%	9.0%	9.0%
Net margin	7.6%	7.8%	5.7%	2.9%	5.6%	7.7%	6.5%	6.2%
Current ratio	1.78×	1.79×	1.62×	1.21×	1.59×	2.04×	1.75×	1.44×
Debt / equity	3.73×	4.21×	3.47×	3.09×	2.96×	2.5×	2.93×	2.61×
Interest coverage	5.61×	6.99×	5.39×	3.69×	7.2×	12.43×	7.05×	6.65×
Dividend yield	2.9%	2.0%	1.3%	1.9%	1.8%	1.6%	1.5%	1.4%
Payout ratio	32.4%	28.7%	41.9%	86.8%	44.8%	29.7%	30.4%	27.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	77.0%	93.2%	57.9%	27.4%	44.6%	56.8%	56.4%	62.0%
Return on invested capital	17.6%	18.8%	14.5%	6.9%	11.5%	16.0%	15.1%	18.0%
Return on assets	11.5%	12.8%	9.2%	4.1%	7.7%	11.1%	10.1%	10.9%
Free cash flow yield	10.0%	6.8%	1.0%	4.3%	5.6%	5.7%	4.4%	4.9%
Earnings yield	8.9%	7.0%	3.1%	2.2%	4.0%	5.5%	5.0%	5.0%
Enterprise value	$12.9B	$16.7B	$22.5B	$14.9B	$14.2B	$12.8B	$11.4B	$9.8B
Net debt / EBITDA	2.81×	2.12×	2.57×	4.09×	2.93×	2.1×	2.35×	2.2×
Cash conversion cycle (days)	45	23	22	19	20	28	25	23