Amentum Holdings, Inc.

Amentum Holdings, Inc. is a U.S.-based advanced engineering and technology services company formed in 2024 through the merger of the legacy Amentum business with Jacobs’ Critical Mission Solutions and part of Divergent Solutions. The company serves government customers across defense, intelligence, space, civilian, energy and environmental missions, and also works in international and commercial markets. Its core role is to design, integrate, operate, and sustain complex mission-critical programs across the full lifecycle, often on long-duration contracts. Amentum’s business is built around deep federal customer relationships, technical execution, and a broad set of capabilities that can be combined across programs and geographies.

3,6 %

10,5 %

0,5 %

+71,6 %

1.32

1.32

— Amentum Holdings, Inc.
%
Government mission support35% Program support, operations, and mission services for U.S. federal agencies and allied customers.
Engineering and integration25% Systems engineering, integration, and lifecycle support for complex defense, space, and civilian programs.
Digital and analytics solutions15% Data fusion, analytics, cyber, and digital modernization work tied to government transformation priorities.
Energy and environmental services15% Environmental remediation, clean energy, and sustainability-related technical services.
Advanced test, training and readiness10% Training, readiness, and operational support for defense and national security customers.

Amentum primarily sells to U.S. federal government agencies, which remain the most important customer base because they...

  • U.S. federal government agenciesprimary

    Buy long-term mission support, engineering, and operations services because Amentum can manage complex, regulated programs at scale.

  • Defense and intelligence agenciesprimary

    Buy counter-threat, readiness, analytics, and secure technical services to support national security missions.

  • Space and civil space agenciessecondary

    Buy engineering, integration, test, and program support for complex space and aerospace missions.

  • Energy and environmental customerssecondary

    Buy remediation, sustainability, and technical services for cleanup, compliance, and infrastructure-related work.

  • Allied government and commercial customersemerging

    Buy specialized engineering and operational services where Amentum can transfer federal mission expertise into adjacent markets.

Amentum is headquartered in the United States and derives a significant share of its business from U.S...

  • •United States is the core market because most revenue is tied to federal agencies
  • •International operations support allied government and mission programs
  • •Commercial and international markets add diversification beyond U.S. federal spending
  • •Overseas work can involve elevated security and logistics risk
  • •Geographic mix matters because contract wins often depend on local presence and clearances

Amentum’s strategy is to win and execute the largest and most complex government programs, using its scale, contract...

01
Grow with existing federal customersshort-term

Long-term contracts and trusted relationships create a stable base for on-contract expansion and lower customer acquisition risk.

02
Expand into adjacent high-growth mission areasmedium-term

New technology domains can broaden the addressable market and reduce dependence on legacy program categories.

03
Integrate merger capabilities and realize synergiesmedium-term

The combined platform should improve bid competitiveness, cross-sell potential, and operating leverage.

Amentum is highly exposed to U.S. federal spending, procurement rules, and contract oversight, so changes in government...

high

Dependence on U.S. federal government customers

A significant portion of revenue comes from federal contracts, so budget cuts, shutdowns, or procurement changes could materially reduce demand.

Scope
Core revenue base
Materiality
high
high

Government contract audits and compliance actions

Federal work is regularly reviewed, and adverse findings can lead to withheld payments, penalties, or loss of awards.

Scope
Contract cash flow and reputation
Materiality
high
high

Goodwill and intangible asset impairment

The company has grown through acquisitions and carries substantial goodwill that must be tested for impairment.

Scope
Balance sheet and earnings
Materiality
high
high

Indebtedness and covenant restrictions

Debt service and covenant compliance can constrain capital allocation and reduce flexibility in a cyclical or delayed-award environment.

Scope
Financial flexibility
Materiality
high
medium

International security and geopolitical exposure

Work in high-security locations can create safety incidents, disruption, or unplanned costs.

Scope
Overseas operations
Materiality
medium
Revenue recognition on long-term service contracts
Can materially shift quarterly margins and reported revenue
Goodwill impairment
Could create large non-cash charges if expected cash flows weaken
Fair value assumptions in impairment testing
Changes in assumptions can alter impairment conclusions
Contract estimates and provisions
Affects operating profit and balance sheet reserves

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: 11/08/2026