MeritValue

Amentum Holdings, Inc.

AMTMdata completeness 100%4 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

The thesis, from the filings

Amentum Holdings, Inc. earns about -5% on invested capital, but has diluted owners by 171% over 4 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue$7.68B1$7.87B2$8.39B2$14.4B2
Net income−$84M3−$314M4−$82M4$66M4
Operating cash flow$126M5$67M6$47M6$543M6
Capital expenditure$18M7$12M8$11M8$27M8
Free cash flow (derived)$108M5$55M6$36M6$516M6
Total debt—$8.22B9$9.36B10$7.89B10
Cash & equivalents$366M11$305M12$452M13$437M13
Diluted shares90.0M90.0M91.0M244.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$184.63
your share of equity
Profit it earned you last year
$2.7
Free cash flow it threw off
$21.15
Debt you’d be carrying
$323.2

10 shares is a claim on $184.63 of net worth that earned you $2.7 and generated $21.15 of cash last year, against $323.2 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-5% avg · 4y
FY22 -15%FY23 -3%FY24 -1%FY25 0%

It earned an average -5% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+171% shares · 4y

Share count is up 171% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$55M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$55M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$10.6
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-09-30 · accession 0002011286-24-000072 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-09-29 · accession 0001628280-25-053993 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-09-30 · accession 0002011286-24-000072 (NetIncomeLoss)
  4. 10-K · period ending 2023-09-29 · accession 0001628280-25-053993 (NetIncomeLoss)
  5. 10-K · period ending 2022-09-30 · accession 0002011286-24-000072 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-09-29 · accession 0001628280-25-053993 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-09-30 · accession 0002011286-24-000072 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2023-09-29 · accession 0001628280-25-053993 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-09-29 · accession 0002011286-24-000072 (LongTermDebtNoncurrent)
  10. 10-K · period ending 2024-09-27 · accession 0001628280-25-053993 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2022-09-30 · accession 0001628280-25-053993 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K · period ending 2023-09-29 · accession 0002011286-24-000072 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-09-27 · accession 0001628280-25-053993 (CashAndCashEquivalentsAtCarryingValue)