Leidos Holdings, Inc. (LDOS) 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

+221.8%

$462.84

vs $143.84 price

Levered DCF

$429.71

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.23

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.35×	15.72×	74.65×	21.04×	16.65×	23.78×	21.35×	13.61×
P/B	4.94×	4.47×	3.53×	3.35×	2.92×	3.87×	4.17×	2.39×
P/S	1.41×	1.18×	0.96×	1×	0.91×	1.21×	1.28×	0.78×
EV / EBITDA	12.11×	11.34×	20.35×	13.67×	11.84×	15.83×	13.53×	10.58×
Gross margin	17.7%	16.8%	14.5%	14.5%	14.7%	14.1%	14.0%	14.8%
Operating margin	12.3%	11.0%	4.0%	7.6%	8.4%	8.1%	8.2%	7.3%
Net margin	8.5%	7.5%	1.3%	4.8%	5.5%	5.1%	6.0%	5.7%
Current ratio	1.7×	1.21×	1.34×	0.92×	1.12×	1.15×	1.21×	1.38×
Debt / equity	1.21×	1.2×	1.24×	1.28×	1.32×	1.37×	0.97×	0.94×
Interest coverage	10.38×	9.47×	2.93×	5.47×	6.26×	5.48×	6.2×	5.17×
Dividend yield	0.9%	1.1%	1.4%	1.4%	1.6%	1.3%	1.4%	2.5%
Payout ratio	14.5%	16.6%	101.0%	29.1%	26.4%	31.2%	29.7%	34.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	29.6%	28.4%	4.7%	15.9%	17.5%	16.3%	19.5%	17.6%
Return on invested capital	15.0%	13.9%	3.3%	8.4%	8.6%	8.3%	9.9%	10.5%
Return on assets	10.8%	9.6%	1.6%	5.2%	5.7%	5.0%	7.1%	6.6%
Free cash flow yield	6.7%	6.3%	6.5%	5.9%	7.4%	7.7%	6.1%	8.8%
Earnings yield	6.0%	6.4%	1.3%	4.8%	6.0%	4.2%	4.7%	7.3%
Enterprise value	$29B	$24.1B	$19.2B	$19.4B	$17.5B	$19.7B	$16.9B	$10.7B
Net debt / EBITDA	1.97×	2.05×	4.67×	3.51×	3.35×	3.84×	2.12×	2.76×
Cash conversion cycle (days)	50	48	46	46	45	48	37	44