AI Analysis | Feedback

Here are 1-3 brief analogies for Amentum (AMTM):

• Booz Allen Hamilton, but with a broader focus on large-scale technical, operational, and mission execution for government clients.
• Like the extensive services and sustainment divisions of a Lockheed Martin or Boeing, but as an independent company specializing in government solutions.

AI Analysis | Feedback

Amentum (AMTM) provides a range of mission-critical services primarily to U.S. federal government agencies and allied nations:

• Engineering & Digital Solutions: Provides advanced engineering, digital transformation, and technical support for complex systems and critical infrastructure.
• Mission Critical Services: Delivers comprehensive operations, maintenance, logistics, and sustainment support for vital government assets globally.
• Environmental & Energy Solutions: Offers expertise in nuclear operations, environmental remediation, waste management, and energy infrastructure support.
• National Security Solutions: Supports national defense, intelligence, and homeland security missions with capabilities in systems engineering, test and evaluation, and training.

AI Analysis | Feedback

Amentum (AMTM) primarily sells its services to government entities, operating under a Business-to-Government (B2G) model. While the prompt asks for "other companies," in Amentum's context, its major customers are U.S. federal government agencies.

As these are government agencies and not public companies, they do not have stock symbols.

Amentum's major customers include:

• U.S. Department of Defense (DoD)
• U.S. Department of Energy (DoE)
• U.S. Department of State (DoS)
• National Aeronautics and Space Administration (NASA)

AI Analysis | Feedback

AI Analysis | Feedback

John Heller, Chief Executive Officer

John Heller was appointed CEO of Amentum in March 2022. Prior to joining Amentum, he served as CEO of PAE from 2013 to 2021, leading its efforts to become publicly traded. He also held senior leadership positions including Senior Vice President and COO at Engility Corporation, which was spun off from L-3 Communications. Heller has experience leading companies backed by private equity firms, serving as CEO of Netco, Inc., a Cerberus Capital Management portfolio company, and later overseeing its sale to Harris Corp.. He also held his first CEO position at Rentport, Inc., a portfolio company of Catterton Partners (now L Catterton), a venture capital and private equity firm. His career began with active service in the U.S. Army, followed by a decade in consulting with Deloitte.

Travis Johnson, Chief Financial Officer

Travis Johnson was appointed Chief Financial Officer of Amentum in July 2023. In this role, he oversees all financial activities, including accounting, finance strategy, business operations, planning and analysis, treasury, and investor relations. Before Amentum, Johnson served as Senior Vice President, Corporate Controller, and Chief Accounting Officer at CACI. He also held the Chief Accounting Officer position at FLIR Systems and KeyW Corporation, where he led transformation efforts that culminated in the sale of both companies. Earlier in his career, he held various finance leadership roles at Leidos and began in public accounting at RSM.

Steve Arnette, Chief Operating Officer

Stephen (Steve) Arnette serves as the Chief Operating Officer for Amentum, where he leads business operations and supports strategic growth initiatives. He played a key role in leading the Jacobs Critical Mission Solutions (CMS) and Cyber & Intelligence (C&I) businesses through their separation and merger with Amentum, finalized in September 2024. Arnette's career at Jacobs spans over 29 years, holding several senior leadership positions, including Executive Vice President and President of the Critical Mission Solutions line of business. He also served as General Manager of Jacobs' Technology Group and held various roles in business development, professional services, and advanced technology.

Jill Bruning, Chief Technology Officer

Jill Bruning is the Chief Technology Officer (CTO) of Amentum, responsible for overseeing the company's technological landscape, prioritizing strategic technology and innovation investments, and managing corporate technology partnerships. Before becoming CTO, she was the President of Amentum's Engineering, Science & Technology business. Bruning has been with Amentum and its legacy companies (AECOM and URS) for thirteen years, playing a critical role during the AECOM Management Services acquisition process and the stand-up of Amentum in 2020. Previously, she served as Chief Operating Officer for NJVC, an IT services provider for the Intelligence Community, and held leadership roles at CSC.

Sean Mullen, Chief Growth Officer

Sean Mullen serves as the Chief Growth Officer at Amentum, responsible for leading the company's business development and growth strategy. He focuses on driving market-leading win rates, year-over-year growth, and building the corporate backlog to ensure long-term growth. Mullen brings over three decades of experience in business development and capture. Before joining Amentum, he led ECS's business development operations and served as Senior Vice President of Business Development for Perspecta, where he designed and implemented the company's go-to-market strategy.

AI Analysis | Feedback

The key risks to Amentum's business (AMTM) are primarily centered around its dependence on government contracts, its leverage profile, and the challenges associated with post-merger integration and contract retention.

1. Heavy Reliance on U.S. Government Contracts: Amentum's financial performance is heavily reliant on contracts with the U.S. federal government, which constituted approximately 90% of its revenue in fiscal year 2024. This significant dependence exposes the company to risks arising from shifts in government budgets, policy changes, regulatory adjustments, or delays in contract awards. Any substantial reduction in government spending could adversely impact Amentum's financial performance.
2. High Leverage Profile and Deleveraging Execution: Amentum carries a notable leverage profile. For instance, S&P Global Ratings-adjusted debt to EBITDA was 7.0x in fiscal 2022, and earlier in 2025, a leverage of 4.0x was noted. The company's deleveraging plan is contingent on consistent EBITDA growth and disciplined capital allocation, and a failure to execute this plan could pose a significant risk. High leverage may also impair the company's ability to withstand revenue declines or pursue acquisitions.
3. Integration Risks and Contract Losses: Following its merger with Jacobs Solutions Inc.'s Critical Mission Solutions (CMS) Business, Amentum faces the challenge of integrating complex operations and cultures. There is also a risk of losing key contracts, as evidenced by a significant Jacobs legacy contract lost to a competitor, which could create near-term revenue headwinds. Furthermore, the company has experienced sluggish long-term revenue growth and underwhelming revenue projections by analysts, suggesting potential demand headwinds for its services.

AI Analysis | Feedback

The increasing emphasis within U.S. government agencies, particularly the Department of Defense, on engaging non-traditional defense contractors, startups, and leveraging direct innovation initiatives (e.g., through Defense Innovation Unit (DIU), Small Business Innovation Research (SBIR) programs, and commercial solutions openings (CSOs)). This trend aims to rapidly acquire cutting-edge technologies and foster agility, potentially bypassing or reducing the scope of traditional large prime contractors like Amentum for certain advanced or rapidly evolving technology domains. This represents a shift in procurement strategy that could divert funding and opportunities from established integrators to smaller, more specialized, and agile providers.

AI Analysis | Feedback

• Nuclear Engineering: Amentum estimates its total addressable market for nuclear engineering to be approximately $20 billion, with projections indicating it will more than double by 2035. This market size is global. The broader global nuclear market is anticipated to expand from $68 billion in fiscal year 2026 to $91 billion in fiscal year 2030, representing an 8% compound annual growth rate (CAGR).

AI Analysis | Feedback

1. Strategic Acquisitions and Combinations: The merger with Jacobs' Critical Mission Solutions (CMS) and Cyber & Intelligence businesses has been a significant catalyst, substantially increasing Amentum's reported revenue and expanding its capabilities and market reach. This strategic combination positions Amentum as a larger, more diversified company with broader customer access and an enhanced portfolio of advanced engineering and technology solutions.
2. New Contract Awards and Growth on Existing Programs: Amentum consistently secures new contract awards and experiences growth on existing programs, contributing to both its GAAP and pro forma revenue increases. Notable recent wins include contracts exceeding $1 billion in the UK and Australia for government support, commercial awards in areas like advanced product research and development and 5G network optimization, a $4 billion United States Space Force single-award IDIQ contract, and the 10-year, $45 billion Hanford Integrated Tank Disposition Contract with the Department of Energy.
3. Expansion into High-Growth and Modernization Sectors: The company is strategically focusing on burgeoning markets and modernization areas. These include nuclear energy (such as being a lead delivery partner for new UK nuclear power stations like Hinkley Point C and Sizewell C), missile defense, space technologies, cybersecurity, and digital modernization. Amentum is also expanding its offerings in areas like advanced product research and development, critical infrastructure management, and clean energy solutions, aligning with national security priorities and government initiatives around climate change.
4. Conversion of Strong Contract Backlog: Amentum maintains a substantial and growing total backlog, which stood at approximately $45 billion as of September 2024 and $44.6 billion as of June 2025. This robust backlog provides strong visibility for future revenues, and the company's ability to effectively execute and convert these contracted projects into revenue streams is a key driver for growth over the next few years.
5. Growth in Digital Solutions Segment: The Digital Solutions segment has demonstrated strong year-over-year revenue growth. This growth is driven by higher volume from new commercial contract awards and a strategic emphasis on digital engineering, artificial intelligence (AI), and automation. Amentum's focus on these areas, including model-based systems engineering and the development of next-generation systems for defense customers, positions it for continued expansion in this high-demand sector.

AI Analysis | Feedback

Share Repurchases

• Amentum has not reported significant share repurchase programs as an independent public company since its listing in September 2024.
• A secondary public offering of shares by Jacobs Solutions in March 2025 did not involve Amentum selling shares or receiving proceeds.
• The company's 1-Year Share Buyback Ratio as of September 26, 2025, was reported as negative -58.70, suggesting dilution rather than repurchases.

Share Issuance

• On October 1, 2025, Amentum filed a shelf registration for up to $2.16 billion in common stock, offering up to 90,053,486 shares to provide flexibility for future capital raises.
• In a secondary offering announced March 10, 2025, 19,464,174 shares of common stock were offered by a selling shareholder (an affiliate of BofA Securities after an exchange with Jacobs Solutions), with Amentum not receiving any proceeds from the sale.
• The number of shares outstanding for Amentum Holdings, Inc. increased from 243,302,173 at September 27, 2024, to 243,328,645 as of August 1, 2025.

Inbound Investments

• Upon its formation through a merger and spin-off on September 27, 2024, Jacobs' shareholders owned 51.0% and Jacobs owned 7.5% of Amentum's common shares.
• American Securities LLC acquired a new stake in Amentum during the first quarter of 2025, valued at $798.87 million.
• Vanguard Group Inc acquired 14,013,274 shares of Amentum Holdings Inc. on September 30, 2024, at $32.25 per share, establishing a 9.14% stake in the newly public company.

Outbound Investments

• On April 23, 2025, Amentum announced an agreement to sell its Rapid Solutions product business to Lockheed Martin for $360 million in cash.
• This divestment was aimed at advancing Amentum's strategy as a pure-play provider of technology-enabled solutions and accelerating debt reduction.

Capital Expenditures

• For the last 12 months (ending around Q3 FY2025), capital expenditures totaled $22.00 million.
• The company maintains a "capital light business model" to generate robust free cash flow.
• Capital expenditures are subtracted from operating cash flow to determine free cash flow, which was reported as $138.00 million for the last 12 months.