# Booz Allen Hamilton Holding (BAH.US)

Canonical: https://gigainvestors.com/s/BAH

Analysis as of: 2026-10-16T07:26:46.338Z. Financial observations: FY2009–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $74.50 per share; close as of 2026-10-15.

Estimated value: low $82.06 per share, central $111.45 per share, high $130.21 per share. Buy at or below the central value $111.45 per share. Valuation as of 2026-10-16T07:26:46.338Z; scenarios are not confidence intervals.

Expected annual return: 13.4% at the stated quote. About 13.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.08×

- FY2019: 0.09×

- FY2020: 0.09×

- FY2021: 0.10×

- FY2022: 0.08×

- FY2023: 0.05×

- FY2024: 0.10×

- FY2025: 0.11×

- FY2026: 0.10×

### moat: fail

- Recent gross margin fell 32.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 54.0%

- ROIC, second-lowest year: 37.1%

- Typical minus recent gross margin: 32.7 pp

- Typical gross margin (annual median): 53.6%

- Recent gross margin (lower of latest and 3-year median): 20.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.9%

- ROIC including acquisitions, ten-year median: 16.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 71.6%

- FY2018: 71.1%

- FY2019: 85.8%

- FY2020: 53.7%

- FY2021: 59.1%

- FY2022: 37.1%

- FY2023: 25.1%

- FY2024: 40.3%

- FY2025: 54.4%

- FY2026: 51.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.13×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.5B

- Net income, five-year total: $3.1B

- Return on incremental invested capital: 121.9%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.4 pp

- Working capital / revenue, final three-year average: 13.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.14×

- FY2023: 1.33×

- FY2024: 1.16×

- FY2025: 1.07×

- FY2026: 1.09×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 71.6% vs 51.4%

- Per-share earnings: 1.96 to 6.95 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.0%

- Ordinary dilution, 5-year annual growth: -2.5%

- Market cap gain: $4.1B

- Cumulative retained earnings: $3.2B

- Diluted shares, 10-year annual growth: -2.0%

- Diluted shares, 5-year annual growth: -2.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 17.1%

- Per-share value change: $4.99

- Per-share value, starting three-year median: $1.96

- Per-share value, ending three-year median: $6.95

- Buybacks concentrated in cheaper years (correlation): 0.73

- Average buyback yield: 3.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.5B

- Cumulative net income, 10 years: $5.2B

- ROIC, first three-year median: 71.6%

- ROIC, last three-year median: 51.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: $1.74

- FY2018: $2.04

- FY2019: $2.92

- FY2020: $3.42

- FY2021: $4.39

- FY2022: $3.46

- FY2023: $2.05

- FY2024: $4.63

- FY2025: $7.29

- FY2026: $6.95

### accounting: pass

- Sloan accruals: -2.6%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 6.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.22×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.63×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.6%

- FY2018: -1.9%

- FY2019: -2.1%

- FY2020: -1.4%

- FY2021: -2.0%

- FY2022: -4.5%

- FY2023: -5.1%

- FY2024: 5.3%

- FY2025: -1.0%

- FY2026: -2.6%

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 59% since Oct 2024 · "Booz Allen Stock Dives After Treasury Cancels Contracts Over Leaked Tax Records" (finance.yahoo.com, Jan 2026) · sales -6.4%

Story as of 2026-10-16T09:58:22.056Z; price observation 2026-10-15.

Price needs cash profits to grow 0.2% a year for ten years

- 2025-04-11: Booz Allen, Accenture stocks fall on Pentagon contract cancellations ([finance.yahoo.com](https://finance.yahoo.com/news/booz-allen-accenture-stocks-fall-145058308.html))

- 2025-05-23: Booz Allen Slashes 2,500 Jobs -- Stock Crashes 16% on Brutal Forecast Miss ([finance.yahoo.com](https://finance.yahoo.com/news/booz-allen-slashes-2-500-194830398.html))

- 2025-07-25: Booz Allen Sticks To Bold 2026 Outlook As Backlog Hits $38 Billion ([finance.yahoo.com](https://finance.yahoo.com/news/booz-allen-sticks-bold-2026-122319367.html))

- 2025-10-24: Booz Allen Cuts Outlook as Government Funding Stalls ([finance.yahoo.com](https://finance.yahoo.com/news/booz-allen-cuts-outlook-quarterly-111700934.html))

- 2026-01-26: Booz Allen Stock Dives After Treasury Cancels Contracts Over Leaked Tax Records ([finance.yahoo.com](https://finance.yahoo.com/m/5c60ecf3-f892-3f87-92c7-8e243b7e672a/booz-allen-stock-dives-after.html))

- 2026-07-25: Booz Allen Hamilton (BAH) Beats On Earnings As National Security Backlog Grows ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/booz-allen-hamilton-bah-beats-131313777.html))

### Sales · FY2025–2026

sales -6.4%; source https://www.sec.gov/Archives/edgar/data/1443646/000162828026037521/bah-20260331.htm; observed 2026-05-22.

- FY2017: $5.8B 

- FY2018: $6.2B 

- FY2019: $6.7B 

- FY2020: $7.5B 

- FY2021: $7.9B 

- FY2022: $8.4B 

- FY2023: $9.3B 

- FY2024: $11B 

- FY2025: $12B 

- FY2026: $11B 

### Gross margin · FY2026

gross margin 20.9%; source https://www.sec.gov/Archives/edgar/data/1443646/000162828026037521/bah-20260331.htm; observed 2026-05-22.

- FY2017: 53.9% 

- FY2018: 53.5% 

- FY2019: 53.8% 

- FY2020: 54.7% 

- FY2021: 53.5% 

- FY2022: 53.4% 

- FY2023: 53.5% 

- FY2024: 53.8% 

- FY2025: 54.8% 

- FY2026: 20.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in consulting services; annual sales are USD 11.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1443646/000162828026037521/bah-20260331.htm (filed 2026-05-22); FY2026: revenue 11217000000; grossProfit 2345000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BAH.US: Booz Allen Hamilton Holding Corporation, a technology company, provides technology solutions using artificial intelligence, cyber, and other technologies for government's cabinet-level departments and commercial customers in the United States and internationally. The company offers artificial intelligence (AI) which creates purpose-built AI solutions that adapt commercial and technology to the needs of the federal government; cyber solutions; and legacy systems with cloud-enabled infrastructure, data platforms, and software applications.It also provides multi-modal data fusion coupled with cyber and AI for intelligence, surveillance, and reconnaissance, earth observation, and domain awareness and battle management; and quantum information sciences that provides quantum computing, quantum sensing, quantum communications, post-quantum compute readiness, and post-quantum cryptography. Booz Allen Hamilton Holding Corporation was founded in 1914 and is headquartered in McLean, Virginia.

### Why customers stay

Margins ranged from 20.9% to 54.8% during 2024–26; it earns 54% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2024: grossProfit / revenue = 53.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2025: grossProfit / revenue = 54.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1443646/000162828026037521/bah-20260331.htm (filed 2026-05-22); FY2026: grossProfit / revenue = 20.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); 10-year return on capital observations [[2017,0.7156576513849301],[2018,0.7107916816701481],[2019,0.8582264992833761],[2020,0.5367446434276697],[2021,0.5908105429962804],[2022,0.37069975719082415],[2023,0.25137712919812955],[2024,0.4027640340706787],[2025,0.5439028698471577],[2026,0.5143044967406917]]; median 0.5403237566374137. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 53% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1443646/000162828026037521/bah-20260331.htm (filed 2026-05-22); Gross margin observations: [[2021,0.5346025124514279],[2022,0.5337443954230783],[2023,0.5350630327907894]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 598 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2017: growth capex 0; upkeep 53919000; owner earnings 266450000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2018: growth capex 8413819.576407567; upkeep 70023180.42359243; owner earnings 296424819.57640755. Growth capex / owner earnings = 0.02838432891156332.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2019: growth capex 12828969.501033947; upkeep 81852030.49896605; owner earnings 405251969.50103396. Growth capex / owner earnings = 0.03165677274025244.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2020: growth capex 24087604.509655565; upkeep 103991395.49034443; owner earnings 459692604.5096556. Growth capex / owner earnings = 0.052399373566928066.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2021: growth capex 2895000; upkeep 84315000; owner earnings 608958000. Growth capex / owner earnings = 0.004754022444897678.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2022: growth capex 0; upkeep 79964000; owner earnings 532523000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2023: growth capex 0; upkeep 76130000; owner earnings 360661000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2024: growth capex 0; upkeep 66699000; owner earnings 703210000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); FY2025: growth capex 0; upkeep 98000000; owner earnings 1002000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1443646/000162828026037521/bah-20260331.htm (filed 2026-05-22); FY2026: growth capex 0; upkeep 90000000; owner earnings 924000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); Dividend observations: [[2017,92925000],[2018,103411000],[2019,114234000],[2020,146602000],[2021,181066000],[2022,209057000],[2023,235726000],[2024,254000000],[2025,268000000],[2026,276000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1443646/000162828026037521/bah-20260331.htm (filed 2026-05-22); FY2026: cash repurchases 598000000 USD.

### Are managers owners

Insiders own 1.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BAH.US SharesStats.PercentInsiders = 1.2109999999999999 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.sec.gov/Archives/edgar/data/1443646/000162828026037521/bah-20260331.htm (filed 2026-05-22); dules, or our position as prime contractor on GWACs;

•variable purchasing patterns under GSA schedules, blanket purchase agreements, and IDIQ contracts;

•changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time, and resources for our contracts;

•changes in estimates used in recognizing revenue;

•our ability to realize the full value of and replenish our backlog, generate revenue under certain of our contracts, and the timing of our receipt of revenue under contracts included in backlog;

•risks related to inflation and new or increased tariffs that could impact the cost of doing business and/or reduce customer buying power;

•risks related to the deterioration of economic conditions or weakening in the credit or capital markets, including financial institution instability that could impair access to our funds and adversely affect our liquidity;

7

Table of Contents

•internal system or service failures and security breaches, including, but not limited to, those resulting from external or internal threats, including cyber-attacks on our network and internal systems, or on our customers’ network or internal systems, including more frequent and sophisticated threats such as those by bad actors looking to augment traditional cyber tools and tradecraft with artificial intelligence capabilities;

•compliance with evolving data privacy and cybersecurity laws and regulations, including complex, fragmented, and changing foreign, federal, state, and local requirements and the potential for liability arising from noncompliance;

•risks related to the development and use of artificial intelligence, which include potential liability as well as regulatory, competition, reputational and other risks;

•risks related to the operation of financial management systems;

•our ability to attract, train, or retain employees with the requisite skills and experience and ensure that employees obtain and maintain necessary security clearances and effectively manage our cost structure;

•the loss of members of senior management or failure to develop new leaders;

•misconduct or other improper activities from our employees, subcontractors, or suppliers, including the improper access, use, or release of our or our customers’ sensitive, classified, or export-controlled information;

•failure to maintain strong relationships with other contractors, or the failure of contractors with which we have entered into a sub- or prime-contractor relationship to meet their obligations to us or our customers;

•risks related to changes to our operating structure, capabilities, or strategy intended to address customer needs, grow our business, or respond to market developments; and

•risks related to completed and future acquisitions, joint ventures or investments, including our ability to realize the expected benefits from such trans

### What the price says

The price assumes cash profits grow 0.2% yearly over ten years; actual growth was 14.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-22); Ten-year compound average after fade. Initial solved rate -0.009152124295705832. Price 74.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 1.9530536386368416 → FY2026 7.550552481034324. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $30.47 per share

- 2016-11: $37.81 per share

- 2016-12: $36.07 per share

- 2017-01: $33.82 per share

- 2017-02: $35.77 per share

- 2017-03: $35.39 per share

- 2017-04: $35.93 per share

- 2017-05: $39.44 per share

- 2017-06: $32.54 per share

- 2017-07: $34.30 per share

- 2017-08: $34.11 per share

- 2017-09: $37.39 per share

- 2017-10: $37.79 per share

- 2017-11: $38.69 per share

- 2017-12: $38.13 per share

- 2018-01: $39.18 per share

- 2018-02: $37.93 per share

- 2018-03: $38.72 per share

- 2018-04: $39.63 per share

- 2018-05: $45.09 per share

- 2018-06: $43.73 per share

- 2018-07: $47.27 per share

- 2018-08: $51.16 per share

- 2018-09: $49.63 per share

- 2018-10: $49.54 per share

- 2018-11: $51.31 per share

- 2018-12: $45.07 per share

- 2019-01: $49.13 per share

- 2019-02: $52.86 per share

- 2019-03: $58.14 per share

- 2019-04: $59.29 per share

- 2019-05: $63.17 per share

- 2019-06: $66.21 per share

- 2019-07: $68.75 per share

- 2019-08: $75.51 per share

- 2019-09: $71.02 per share

- 2019-10: $70.37 per share

- 2019-11: $72.76 per share

- 2019-12: $71.13 per share

- 2020-01: $78.04 per share

- 2020-02: $71.30 per share

- 2020-03: $68.64 per share

- 2020-04: $73.44 per share

- 2020-05: $79.76 per share

- 2020-06: $77.79 per share

- 2020-07: $81.76 per share

- 2020-08: $88.06 per share

- 2020-09: $82.98 per share

- 2020-10: $78.50 per share

- 2020-11: $86.79 per share

- 2020-12: $87.18 per share

- 2021-01: $85.17 per share

- 2021-02: $77.14 per share

- 2021-03: $80.53 per share

- 2021-04: $82.95 per share

- 2021-05: $84.93 per share

- 2021-06: $85.18 per share

- 2021-07: $85.81 per share

- 2021-08: $81.91 per share

- 2021-09: $79.35 per share

- 2021-10: $86.86 per share

- 2021-11: $83.94 per share

- 2021-12: $84.79 per share

- 2022-01: $76.73 per share

- 2022-02: $80.69 per share

- 2022-03: $87.84 per share

- 2022-04: $81.63 per share

- 2022-05: $85.86 per share

- 2022-06: $90.36 per share

- 2022-07: $95.98 per share

- 2022-08: $95.70 per share

- 2022-09: $92.35 per share

- 2022-10: $108.85 per share

- 2022-11: $106.40 per share

- 2022-12: $104.52 per share

- 2023-01: $94.64 per share

- 2023-02: $94.73 per share

- 2023-03: $92.69 per share

- 2023-04: $95.72 per share

- 2023-05: $100.58 per share

- 2023-06: $111.60 per share

- 2023-07: $121.08 per share

- 2023-08: $113.31 per share

- 2023-09: $109.27 per share

- 2023-10: $119.93 per share

- 2023-11: $125.13 per share

- 2023-12: $127.91 per share

- 2024-01: $140.77 per share

- 2024-02: $147.71 per share

- 2024-03: $148.44 per share

- 2024-04: $147.67 per share

- 2024-05: $152.21 per share

- 2024-06: $153.90 per share

- 2024-07: $143.31 per share

- 2024-08: $158.78 per share

- 2024-09: $162.76 per share

- 2024-10: $181.66 per share

- 2024-11: $148.18 per share

- 2024-12: $128.70 per share

- 2025-01: $129.00 per share

- 2025-02: $106.06 per share

- 2025-03: $104.58 per share

- 2025-04: $120.02 per share

- 2025-05: $106.25 per share

- 2025-06: $104.13 per share

- 2025-07: $107.33 per share

- 2025-08: $108.72 per share

- 2025-09: $99.95 per share

- 2025-10: $87.16 per share

- 2025-11: $83.46 per share

- 2025-12: $84.36 per share

- 2026-01: $88.42 per share

- 2026-02: $78.83 per share

- 2026-03: $78.03 per share

- 2026-04: $77.77 per share

- 2026-05: $79.18 per share

- 2026-06: $60.67 per share

- 2026-07: $69.72 per share

- 2026-08: $75.65 per share

- 2026-09: $69.42 per share

- 2026-10: $74.50 per share

## Annual estimated value (USD per share)

- FY2017: low $21.44 per share, central $24.30 per share, high $28.11 per share

- FY2018: low $23.53 per share, central $26.62 per share, high $30.73 per share

- FY2019: low $27.29 per share, central $32.28 per share, high $37.41 per share

- FY2020: low $45.70 per share, central $64.75 per share, high $75.37 per share

- FY2021: low $55.75 per share, central $78.56 per share, high $91.29 per share

- FY2022: low $55.46 per share, central $73.76 per share, high $85.78 per share

- FY2023: low $57.63 per share, central $74.86 per share, high $87.33 per share

- FY2024: low $75.21 per share, central $104.66 per share, high $122.39 per share

- FY2025: low $94.46 per share, central $135.49 per share, high $158.38 per share

- FY2026: low $83.04 per share, central $112.26 per share, high $130.91 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1443646/000162828026037521/bah-20260331.htm); period 2026-03-31, filed 2026-05-22.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.