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Amentum Holdings, Inc. helps government agencies develop, integrate and operate systems and facilities. Its larger business, Global Engineering Solutions, handles work such as environmental cleanup, nuclear services and engineering and maintenance of platforms. Digital Solutions develops space systems and provides intelligence analysis, cybersecurity and IT services. Most revenue comes from U.S. federal government work, either directly or through other contractors; allied governments and commercial customers also buy its services.
Most contracts reimburse project costs and pay Amentum a fee, sometimes linked to performance. Other work pays a set project price or agreed hourly rates plus expenses. On fixed-price projects, completing work below budget can increase profit, while cost overruns fall on Amentum.
The business depends on government funding and continued contract awards. Customers can cancel or change contracts, and federal work may depend on congressional appropriations. Many federal projects require employees and facilities to hold security clearances. Small-business procurement rules also exclude Amentum from leading some programs and limit its role as a subcontractor.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
KBR competes with Amentum for U.S. and allied government contracts to engineer, operate and supply defense, intelligence and space programs throughout their life. Watch KBR’s Mission Technology Solutions business, which serves mainly U.S., U.K. and Australian military and government agencies, for demand in these shared markets.
V2X competes with Amentum for military customers paying to maintain aircraft and other platforms, train personnel, manage logistics and support overseas missions. V2X’s aircraft-maintenance and overseas contract news is worth watching for competition facing Amentum’s platform-support work.
Leidos competes with Amentum for government national-security, digital and civilian mission contracts in the U.S. and allied markets. U.S. government contracts supplied 87% of Leidos’s fiscal 2025 revenue versus about 81% for Amentum, making Leidos’s federal business a useful comparison for the customer spending both depend on.
Science Applications International Corporation (SAIC) competes with Amentum to provide federal defense, intelligence and civilian agencies with engineering, mission support and the IT systems they use across their organizations. Watch SAIC’s government IT modernization work for competition facing Amentum’s Digital Solutions business.
CACI INTERNATIONAL CLA competes with Amentum for government agencies paying for data analysis, cybersecurity, engineering and specialized technical and operational staff. Its contract wins in analytics and cyber are worth watching alongside Amentum’s intelligence analytics and cybersecurity work.
Booz Allen Hamilton competes with Amentum for federal agencies’ cybersecurity, data analysis, engineering and digital mission work. Its federal digital-modernization and cybersecurity contracts are the news most directly relevant to Amentum’s Digital Solutions business.
Parsons competes with Amentum to supply government customers with defense, cyber, space and environmental engineering, but its infrastructure work makes total results a less direct comparison. Critical Infrastructure supplied 49% of Parsons’s fiscal 2025 revenue; focus on its national-security and environmental-remediation work when assessing Amentum’s competition.
Tetra Tech competes with Amentum in environmental cleanup, engineering and operations services for government and commercial customers, tying it particularly to Amentum’s Global Engineering Solutions business. Watch Tetra Tech’s environmental-remediation contracts rather than treating all its water and infrastructure work as a comparison.
Fed Interest Rate Decision
Amentum’s decision to borrow under its credit facilities can expose it to changing interest rates, which affect what it pays to service its variable-rate debt and how much cash remains for operations.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher rates can raise Amentum’s interest expense on facility borrowings that reprice with SOFR, leaving less cash for operations and debt service.
If it comes in below expectations
Lower rates can reduce interest expense on Amentum’s facility borrowings that reprice with SOFR, leaving more cash for operations and debt service.
KBR, Inc. earningsKBR
KBR's report will show how demand is holding up for mission-technology work that it and Amentum both provide to U.S., U.K. and Australian government and military customers.
Focus on revenue and new contract awards in KBR’s Mission Technology Solutions business. If revenue holds up and awards continue, demand remains active in government and military markets both companies serve, though KBR’s report does not show Amentum’s own results. If both weaken, demand may be shrinking and the market for similar Amentum work may be under pressure.
Amentum Holdings, Inc. earningsThis company
Amentum's report will show whether growth in Digital Solutions and Global Engineering Solutions is turning into stronger segment earnings.
Read revenue for both segments alongside Adjusted EBITDA, the company’s measure of segment performance. If revenue and this measure strengthen in both, the work is translating into more segment earnings; if revenue grows while Adjusted EBITDA weakens, contract costs or a less profitable mix may be absorbing the growth. The question is whether more business is actually producing more earnings.
