Leidos Holdings, Inc. (LDOS) intrinsic value & 10-year financials
Leidos Holdings, Inc. (LDOS) has a Graham intrinsic value of $370.02 per share. At $126.05 on Oct 20, 2026, the stock trades 66% below that value. Over the last 10 fiscal years revenue grew 14.5% a year to $17.1B, with an average return on invested capital of 9.2%.
- Graham intrinsic value
- $370.02
- Share price (Oct 20, 2026)
- $126.05
- Price vs Graham value
- 66% below
- Market cap
- $16.4B
- Revenue (FY2026)
- $17.1B
- Revenue growth (10-yr CAGR)
- 14.5%
- ROIC (10-yr avg)
- 9.2%
- Free cash flow (FY2026)
- $1.6B
LDOS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $17.1B | $1.4B | $11.14 | $1.6B | 12.3% | 19.4% |
| FY2025 | $16.6B | $1.3B | $9.22 | $1.2B | 11.0% | 17.2% |
| FY2023 | $15.3B | $199.0M | $1.44 | $958.0M | 4.0% | 3.8% |
| FY2022 | $14.3B | $685.0M | $4.96 | $857.0M | 7.6% | 10.2% |
| FY2021 | $13.6B | $753.0M | $5.27 | $927.0M | 8.5% | 12.9% |
| FY2020 | $11.0B | $667.0M | $4.60 | $871.0M | 8.3% | 11.9% |
| FY2018 | $10.2B | $581.0M | $3.80 | $695.0M | 7.3% | 11.7% |
| FY2017 | $10.2B | $366.0M | $2.38 | $445.0M | 5.5% | 8.5% |
| FY2016 | $7.0B | $244.0M | $2.35 | $417.0M | 5.9% | 8.3% |
| FY2015 | $5.1B | -$323.0M | -$4.36 | $367.0M | -4.2% | -12.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Leidos is a consistent compounder, expanding top-line revenue at 14.5% annually over the past decade.
Leidos returns on capital have been average, hovering around 9.2% ROIC over the decade.
Over the decade, Leidos shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Leidos is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $370.02 per share.