MeritValue

Booz Allen Hamilton Holding Corp

BAHdata completeness 100%17 fiscal years on file

Data notes: no data for concept 'netInvestmentIncome'; no data for concept 'realEstateImpairment'

The thesis, from the filings

Booz Allen Hamilton Holding Corp earns about 10% on invested capital, barely covering its ~9% cost of capital, and has bought back 9% of its shares over 5 years. The estimate methods put fair value between $51.1 and $202.4 a share.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 2025FY 2026
Revenue$8.36B1$9.26B2$10.7B3$12B3$11.2B3
Net income$466.7M4$272M5$606M6$935M6$851M6
Operating cash flow$736.5M7$603M8$259M9$1.01B9$1.04B9
Capital expenditure$80M10$76M11$67M12$98M12$90M12
Free cash flow (derived)$656.6M7$527M8$192M9$911M9$951M9
Total debt$5.6B13$5.62B14$6.82B15$8B16$7.88B16
Cash & equivalents$695.9M17$404.9M18$554M19$885M20$728M20
Diluted shares134.9M132.7M130.8M128.3M122.4M

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
$90.3
your share of equity
Profit it earned you last year
$69.54
Free cash flow it threw off
$77.71
Debt you’d be carrying
$643.92

10 shares is a claim on $90.3 of net worth that earned you $69.54 and generated $77.71 of cash last year, against $643.92 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
10% avg · 5y
FY22 9%FY23 6%FY24 10%FY25 13%FY26 13%

It earned about 10% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.

seeing a moat in the numbers →
Management signal · capital allocation
−9% shares · 5y

Share count is down 9% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 41% over the same window.

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

The 3 estimate methods that apply put fair value between $51.1 and $202.4 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$202.4
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth13.0%
  • fcfBase$911M
DCF · Growth Exit 5Y
$124.49
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth13.0%
  • fcfBase$911M
Earnings Power Value
$51.1
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$606M
  • growthAssumed0.0%
Graham Number
$37.76
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years13.0%
Discount rate (WACC)8.97%
Terminal growth2.5%
At your growth, a share is worth $124.49
The three cases
Bear0.0%$47.29
Base13.0%$124.49
Bull18.0%$164.66

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 13.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0001443646-24-000075 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001443646-25-000076 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001628280-26-037521 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-03-31 · accession 0001443646-24-000075 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0001443646-25-000076 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001628280-26-037521 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0001443646-24-000075 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0001443646-25-000076 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001628280-26-037521 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0001443646-24-000075 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2023-03-31 · accession 0001443646-25-000076 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2024-03-31 · accession 0001628280-26-037521 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2022-03-31 · accession 0001443646-23-000089 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-03-31 · accession 0001443646-24-000075 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-03-31 · accession 0001443646-25-000076 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-03-31 · accession 0001628280-26-037521 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-03-31 · accession 0001443646-23-000089 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-03-31 · accession 0001443646-24-000075 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-03-31 · accession 0001443646-25-000076 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-03-31 · accession 0001628280-26-037521 (CashAndCashEquivalentsAtCarryingValue)