What is LDOS's intrinsic value?

TickerWorth's valuation lenses put Leidos Holdings, Inc. (LDOS) between $90.52 and $324.85 per share, versus a market price of $124.85. They disagree too widely for us to state a single fair value, so we publish the range.

Is LDOS overvalued or undervalued?

At $124.85 the price sits inside a range too wide to call either way. We don't call LDOS overvalued or undervalued from a range this wide. This is an educational estimate, not advice.

What discount rate is used for LDOS?

A WACC of 7.7% and a terminal growth rate of 2.5%.

Is Leidos stock undervalued?

TickerWorth's fair-value range for Leidos Holdings, Inc. (LDOS) is $90.52 – $324.85 against a market price of $124.85. Too wide to call. We publish a range here, not one number, so we do not call it over- or undervalued. This is a model estimate, not investment advice.

Leidos (LDOS) DCF valuation and fair value

Our fair-value range for Leidos Holdings, Inc. (LDOS) is $90.52 – $324.85, built on a 7.7% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.

What growth is priced into Leidos stock?

Today's price implies revenue growth of −5.7% a year for 5 years; our model assumes 3.6% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $124.85. A model estimate, not investment advice.

Leidos (LDOS) insider trading

The most recent insider filing (SEC Form 4) for Leidos Holdings, Inc. (LDOS): KRAEMER HARRY M JANSEN JR, Director, grant / award on 2026-10-07. The latest filings are listed on this page. A disclosure, not a signal to trade.

LDOS · Intrinsic value

Is Leidos Holdings, Inc. (LDOS) overvalued or undervalued?

Name: Leidos Holdings, Inc. (LDOS) DCF intrinsic value
Creator: TickerWorth

As of Oct 19, 2026, TickerWorth's valuation lenses put Leidos Holdings, Inc. (LDOS) at $90.52 – $324.85, too broad a range to say where the delayed market price of $124.85 sits in it, so we do not call it over- or undervalued. It is a model estimate, and every input behind it is sourced below.

Model by Miraaj Patel · generated from a hand-researched model · Updated Oct 19, 2026 · How these pages are made

Open full LDOS analysis

What is LDOS worth?

Fair-value range: $90.52 – $324.85
Market price: $124.85
Gap to fair value: —
Verdict: Too wide to call

Price as of 19 Oct 2026, 13:15 UTC · Prices are delayed.Our valuation lenses disagree too widely on this company for us to publish a single number, so we publish the range instead. We do not call it over- or undervalued from a spread this wide.

Fair-value range against the delayed market price: Too wide to call.

Reverse DCF: Today's price implies revenue growth of −5.7% a year for 5 years; our model assumes 3.6% a year on average over the same horizon.

What is LDOS's TickerWorth Score?

C55/100

Middle of the pack — real strengths and real weaknesses

Compared with Technology companies in US

Its strongest point: looks cheap on the numbers. Its weakest: growth is slow or negative.

Value · 86 of 100
Cheaper than 86% of Technology companies in US
Price vs worth · 100 of 100
Quality · 42 of 100
More profitable than 42% of Technology companies in US
Financial health · 26 of 100
Financially stronger than 26% of Technology companies in US
Growth · 17 of 100
Growing faster than 17% of Technology companies in US
Momentum · 34 of 100
Outperformed 34% of Technology companies in US over the past year

Confidence: Medium confidence · Scored 19 Oct 2026, 13:15 UTC

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Where the numbers come from

Hand-researched model

What the modeller flagged

TERMINAL VALUE IS ~79% OF ENTERPRISE VALUE — above the 75% line. The five explicit years carry only about a fifth of the answer, so the precision of the per-share figure is spurious; the WACC x terminal-growth grid runs ~$122 to ~$392.
THE VA RECOMPETE IS PRICED AS A HAIRCUT, NOT AS A LOSS. The base case takes ~10% off Health revenue and ~3 points off its margin from 2028 (worth ~$19/share against keeping today's terms: $210.68 without it). If Leidos instead lost the MDE work outright from 2028 — ~$2B of revenue (-6.5% that year) and ~$600M of operating profit at the reduced 2027 margin, with the margin path dropping to 8.9-9.6% — the engine gives ~$155.51, still above today's price. That loss case is a sizing exercise, not a forecast of the award.
Beta normalized UP from the published 0.59 to 0.72 (Blume adjustment) and cost of debt uses the ~6.2% marginal rate rather than the ~4.8% average. Both choices LOWER the value; the published beta alone would add roughly $22/share.
THE ANALOGIC JV STAKE IS A PROXY. It is carried at the $772M book value of the SES net assets contributed. Its fair value, any cash Leidos received at closing, and the JV's own debt were not disclosed in the 2026-10-05 8-K; the Q3 10-Q will show them. Each $100M of difference is ~$0.80/share.
Acquired-intangible amortization ($130M in FY2025, ~$155M scheduled for 2027) stays expensed inside EBIT rather than added back, as the standing cost of Leidos's acquisition habit; no future deals are modelled and no inorganic growth is assumed.
Year-1 FCF (~$1.46B) is ~10% below FY2025's reported $1,625M — within the 20% threshold. The difference is the doubled capex guide ($250M vs $125M) and the Health margin reset, partly offset by Entrust. The TTM figure (~$2.16B through Q2 2026) is NOT a run-rate: it is inflated by H1 2026 cash taxes of only $9M (vs $162M a year earlier).
Leidos reports equity earnings of non-consolidated subsidiaries inside operating income. From Q4 2026 that will include its share of the Analogic JV; the forecast margin path excludes it because the stake is valued separately in net debt — do not count it twice.

Why LDOS gets a range, not one number

At a recent price of $124.85, Leidos Holdings, Inc. (LDOS) sits inside a range too wide to call either way: our valuation lenses put the business somewhere between $90.52 and $324.85 per share. They disagree too widely for us to state a single fair value. We publish the range rather than a midpoint because a number that precise would claim more than the methods can support. This is an educational model, not a price target or a recommendation.

Read the full reasoning

The valuation discounts Leidos Holdings, Inc.'s projected free cash flows at a weighted-average cost of capital (WACC) of 7.7%, with a long-run terminal growth rate of 2.5%. About 79% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.

Running the DCF in reverse — solving for the growth the current price already assumes — the market is implying roughly -5.7% annual revenue growth for LDOS. Our base case instead compounds to about 3.6% a year over the same forecast, so the market is pricing in slower growth than our base case. The reverse-DCF is a quick sanity check: it reframes 'is this stock cheap?' as 'do I believe the growth the price requires?' rather than arguing over a single point estimate of fair value.

Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, LDOS's modeled DCF value ranges from about $122.36 to $391.58 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.

How to read this page: the DCF fair value is what Leidos Holdings, Inc. would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of LDOS's intrinsic value. Figures update as new filings and prices come in.

Every input behind LDOS's DCF

Input	Value	Source
Base-year revenueLeidos FY2025 10-K (accession 0001336920-26-000030, filed 2026-02-17), fiscal year ended 2026-01-02: us-gaap:Revenues, FY2025 (52 weeks to 2026-01-02). +3.1% on FY2024's $16,662M, which was a 53-week year, so underlying growth was a little better than 3%. Leidos runs a calendar-style fiscal year (ends on the Friday nearest 31 December). TWO PORTFOLIO MOVES SINCE THIS BASE, AND THEY ROUGHLY CANCEL ON REVENUE: (1) ENTRUST Solutions (~$2.4B, closed 2026-03-27) is NOT in this base; the 10-Q pro forma puts it at ~$274M per half-year (H1 2025 pro forma $8,772M vs reported $8,498M), i.e. ~$550-560M a year, and it booked $141M in Q2 2026. (2) The Security Enterprise Solutions (SES) business IS in this base and LEFT on 2026-10-05 into the Analogic joint venture (Leidos keeps 41.5%); Leidos put SES at '$625 million in projected 2026 revenue'. Both are handled in the forecast, not by restating the base. CROSS-CHECK: H1 2026 revenue $8,958M, +5.4% on H1 2025 ($8,498M), of which organic growth in Q2 was 4%.	$17,174,000,000	Leidos FY2025 10-K (accession 0001336920-26-000030, filed 2026-02-17), fiscal year ended 2026-01-02: us-gaap:Revenues, FY2025 (52 weeks to 2026-01-02). +3.1% on FY2024's $16,662M, which was a 53-week year, so underlying growth was a little better than 3%. Leidos runs a calendar-style fiscal year (ends on the Friday nearest 31 December). TWO PORTFOLIO MOVES SINCE THIS BASE, AND THEY ROUGHLY CANCEL ON REVENUE: (1) ENTRUST Solutions (~$2.4B, closed 2026-03-27) is NOT in this base; the 10-Q pro forma puts it at ~$274M per half-year (H1 2025 pro forma $8,772M vs reported $8,498M), i.e. ~$550-560M a year, and it booked $141M in Q2 2026. (2) The Security Enterprise Solutions (SES) business IS in this base and LEFT on 2026-10-05 into the Analogic joint venture (Leidos keeps 41.5%); Leidos put SES at '$625 million in projected 2026 revenue'. Both are handled in the forecast, not by restating the base. CROSS-CHECK: H1 2026 revenue $8,958M, +5.4% on H1 2025 ($8,498M), of which organic growth in Q2 was 4%.
Base EBIT marginLeidos FY2025 10-K (accession 0001336920-26-000030): us-gaap:OperatingIncomeLoss $2,109M / revenue $17,174M = 12.28%, GAAP, as reported. It is AFTER $130M of acquired-intangible amortization, $18M of acquisition/integration/restructuring costs and $5M of impairments, and INCLUDES $32M of equity earnings of non-consolidated subsidiaries (Leidos reports these inside operating income). THIS BASE IS A PEAK FOR THE HEALTH BUSINESS AND THE FORECAST STEPS DOWN FROM IT DELIBERATELY: the old Health & Civil segment earned 23.7% in FY2025, lifted by 'a net increase in write-ups ... within the managed health services business'. In 2026 the VA added a fourth medical-disability-exam vendor and suspended incentive payments for all vendors for the rest of the year, and management guides the new Health segment to ~20% non-GAAP margin in H2 2026 (from 25.0% in H1 2025). CROSS-CHECK: H1 2026 GAAP operating margin 11.4% ($1,022M / $8,958M), including $64M of acquisition/restructuring costs (mostly Entrust and the NorthStar 2030 realignment) and $70M of amortization; adjusted EBITDA margin 13.9% vs FY2026 guidance of 'mid 13%'.	12.3%	Leidos FY2025 10-K (accession 0001336920-26-000030): us-gaap:OperatingIncomeLoss $2,109M / revenue $17,174M = 12.28%, GAAP, as reported. It is AFTER $130M of acquired-intangible amortization, $18M of acquisition/integration/restructuring costs and $5M of impairments, and INCLUDES $32M of equity earnings of non-consolidated subsidiaries (Leidos reports these inside operating income). THIS BASE IS A PEAK FOR THE HEALTH BUSINESS AND THE FORECAST STEPS DOWN FROM IT DELIBERATELY: the old Health & Civil segment earned 23.7% in FY2025, lifted by 'a net increase in write-ups ... within the managed health services business'. In 2026 the VA added a fourth medical-disability-exam vendor and suspended incentive payments for all vendors for the rest of the year, and management guides the new Health segment to ~20% non-GAAP margin in H2 2026 (from 25.0% in H1 2025). CROSS-CHECK: H1 2026 GAAP operating margin 11.4% ($1,022M / $8,958M), including $64M of acquisition/restructuring costs (mostly Entrust and the NorthStar 2030 realignment) and $70M of amortization; adjusted EBITDA margin 13.9% vs FY2026 guidance of 'mid 13%'.
Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast	6% → 3% → 2% → 4% → 4%	ESTIMATEAssumption — TickerWorth's 5-year explicit forecast
Risk-free rateUS 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation; shared by every researched model in this tracker.	5.2%	US 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation; shared by every researched model in this tracker.
BetaESTIMATEAssumption — yfinance published beta (5Y monthly) 0.59, Blume-adjusted: Published 5Y-monthly beta is 0.59. Peers read the same or lower on the same feed (CACI 0.59, PSN 0.71, KBR 0.47, BAH 0.37, SAIC 0.31), so the low number is a property of the sector, not a data error. NORMALIZED UP to 0.72 with the standard Blume adjustment (0.67 x 0.59 + 0.33 = 0.725), which raises the discount rate and LOWERS the value. Reason: a beta of 0.59 measures how little Leidos co-moves with the market, but this stock fell from ~$158 in April to ~$103 in July and is down ~34% year to date on a single customer decision (the VA's exam program) — the risk that matters here is concentration in one budget, which a 60-point monthly regression does not see. Using the published 0.59 instead adds roughly $22/share (engine: $214.53); this is a judgement and it is stated.	0.72	ESTIMATEAssumption — yfinance published beta (5Y monthly) 0.59, Blume-adjusted: Published 5Y-monthly beta is 0.59. Peers read the same or lower on the same feed (CACI 0.59, PSN 0.71, KBR 0.47, BAH 0.37, SAIC 0.31), so the low number is a property of the sector, not a data error. NORMALIZED UP to 0.72 with the standard Blume adjustment (0.67 x 0.59 + 0.33 = 0.725), which raises the discount rate and LOWERS the value. Reason: a beta of 0.59 measures how little Leidos co-moves with the market, but this stock fell from ~$158 in April to ~$103 in July and is down ~34% year to date on a single customer decision (the VA's exam program) — the risk that matters here is concentration in one budget, which a 60-point monthly regression does not see. Using the published 0.59 instead adds roughly $22/share (engine: $214.53); this is a judgement and it is stated.
Terminal growthESTIMATEAssumption — house default: House default 2.5% (roughly long-run nominal GDP), kept for comparability. Reasonable for a contractor whose revenue tracks US national-security and civil budgets: Leidos grew from $13.7B (FY2021) to $17.2B (FY2025), ~5.7% a year including acquisitions. Must remain < WACC of ~7.66%.	2.5%	ESTIMATEAssumption — house default: House default 2.5% (roughly long-run nominal GDP), kept for comparability. Reasonable for a contractor whose revenue tracks US national-security and civil budgets: Leidos grew from $13.7B (FY2021) to $17.2B (FY2025), ~5.7% a year including acquisitions. Must remain < WACC of ~7.66%.
Diluted sharesLeidos Q2 2026 10-Q (accession 0001336920-26-000246, filed 2026-08-04): Q2 2026 weighted-average diluted shares 126M (Leidos reports in whole millions; H1 2026 was 127M, FY2025 130M). The count is FALLING: 143M (FY2021) to 126M, from steady buybacks ($315M in H1 2026; the 2022 authorization was exhausted in Q2 and a new one is in place). 125,492,013 shares were outstanding at 2026-07-03. No credit is given for future buybacks.	126M	Leidos Q2 2026 10-Q (accession 0001336920-26-000246, filed 2026-08-04): Q2 2026 weighted-average diluted shares 126M (Leidos reports in whole millions; H1 2026 was 127M, FY2025 130M). The count is FALLING: 143M (FY2021) to 126M, from steady buybacks ($315M in H1 2026; the 2022 authorization was exhausted in Q2 and a new one is in place). 125,492,013 shares were outstanding at 2026-07-03. No credit is given for future buybacks.
Market priceDelayed quote · as of 2026-10-19 13:15 UTC	$124.85	Delayed quote · as of 2026-10-19 13:15 UTC

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What does Leidos Holdings, Inc. do?

What does it do?

Leidos Holdings, Inc., together with its subsidiaries, provides services and solutions for government and commercial customers in the United States and internationally. The National Security & Digital segment provides national security software; services by using artificial intelligence and machine learning to coordinate sea, ground, air, and space to help warfighters; offensive, defensive, and physical cyber operation solutions; intelligence analysis, operational support, logistics operations, security, linguistics, force production, biometrics, chemical, biological, radiological, nuclear, and explosives, energetics, training, and other services; and Digital Modernization and transformation services. It operates in the Information Technology Services industry (Technology sector), headquartered in United States. The company employs roughly 50,000 people.

How does it make money?

The business turns $17.6B in annual revenue into profit. Out of every $100 of sales, about $12 is left as operating profit (operating margin of 11.7%), after a 18% gross margin on the products/services it sells. After all costs, taxes and interest, 7.8% of revenue becomes bottom-line net profit.

Is it financially healthy?

Financially it looks mixed: carries moderate debt (1.2× equity), comfortably covers its short-term bills (1.6× current ratio), and is currently profitable.

Who at LDOS filed insider trades?

Recent insider filings for Leidos Holdings, Inc.
Date	Insider	Relationship	What happened	Value	Filing
7 Oct 2026	KRAEMER HARRY M JANSEN JR	Director	Grant / award	—	Form 4 for KRAEMER HARRY M JANSEN JR (opens sec.gov in a new tab)
30 Sept 2026	Antal Daniel J.	EVP, General Counsel	Grant / award	—	Form 4 for Antal Daniel J. (opens sec.gov in a new tab)
30 Sept 2026	Cage Christopher R	Chief Financial Officer	Grant / award	—	Form 4 for Cage Christopher R (opens sec.gov in a new tab)
30 Sept 2026	Stevens Roy E	Sector President	Grant / award	—	Form 4 for Stevens Roy E (opens sec.gov in a new tab)
30 Sept 2026	KRAEMER HARRY M JANSEN JR	Director	Grant / award	—	Form 4 for KRAEMER HARRY M JANSEN JR (opens sec.gov in a new tab)
30 Sept 2026	SHAPARD ROBERT S	Director	Grant / award	—	Form 4 for SHAPARD ROBERT S (opens sec.gov in a new tab)

A disclosure, not a signal to trade. Source: SEC EDGAR (Form 4). Older filings and the 90-day buying-and-selling read are part of Pro. See plans

Common questions

What is LDOS's intrinsic value?
TickerWorth's valuation lenses put Leidos Holdings, Inc. (LDOS) between $90.52 and $324.85 per share, versus a market price of $124.85. They disagree too widely for us to state a single fair value, so we publish the range.
Is LDOS overvalued or undervalued?
At $124.85 the price sits inside a range too wide to call either way. We don't call LDOS overvalued or undervalued from a range this wide. This is an educational estimate, not advice.
What discount rate is used for LDOS?
A WACC of 7.7% and a terminal growth rate of 2.5%.
Is Leidos stock undervalued?
TickerWorth's fair-value range for Leidos Holdings, Inc. (LDOS) is $90.52 – $324.85 against a market price of $124.85. Too wide to call. We publish a range here, not one number, so we do not call it over- or undervalued. This is a model estimate, not investment advice.
Leidos (LDOS) DCF valuation and fair value
Our fair-value range for Leidos Holdings, Inc. (LDOS) is $90.52 – $324.85, built on a 7.7% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into Leidos stock?
Today's price implies revenue growth of −5.7% a year for 5 years; our model assumes 3.6% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $124.85. A model estimate, not investment advice.
Leidos (LDOS) insider trading
The most recent insider filing (SEC Form 4) for Leidos Holdings, Inc. (LDOS): KRAEMER HARRY M JANSEN JR, Director, grant / award on 2026-10-07. The latest filings are listed on this page. A disclosure, not a signal to trade.