Amentum Holdings, Inc. (AMTM) Stock Price & How to Invest

Amentum Holdings provides engineering, technology and mission support services to government customers, mostly in the United States. Its work spans nuclear operations and environmental remediation for the Department of Energy, space and science support for NASA, logistics, base operations and aviation sustainment for the Department of Defense, plus cyber, intelligence and critical digital infrastructure programs. The company reports in two segments, Digital Solutions and Global Engineering Solutions, and its revenue is overwhelmingly services and labor rather than manufactured hardware, which is a very different economic model from a traditional defense prime.

The company in its current form dates to September 27, 2024, when Jacobs separated its Critical Mission Solutions and Cyber & Intelligence units and combined them with legacy Amentum in a Reverse Morris Trust transaction. Shares began regular way trading on the NYSE under AMTM on September 30, 2024. The investment picture since then has been about integration and deleveraging. Fiscal 2026 guidance, set earlier in the year, called for revenue of roughly $13.95 billion to $14.3 billion, backlog reached about $47.8 billion in the fiscal second quarter with a book to bill near 1.2x, and net leverage has come down to roughly 3.2x from about 4.0x at the merger. Margins are thin by design in cost reimbursable government work, so free cash flow conversion and debt paydown carry more weight here than headline revenue growth.

The fiscal third quarter, which ended July 3, 2026, did not help the stock. Revenue was about $3.49 billion, down about 2% from a year earlier and about 2.2% below analyst expectations, according to StockStory, even as adjusted EPS of $0.67 came in above the roughly $0.61 consensus Yahoo Finance shows and net income rose to about $66 million. The shares fell about 23% after the report and touched a 52-week low near $17.72. Analysts now expect fiscal 2026 revenue of about $13.9 billion, slightly below the bottom of the original range. On the business side, an Amentum joint venture was named preferred supplier for a roughly $2.78 billion nuclear contract at Sellafield in the UK in late September, and in October the company opened a global nuclear headquarters in Oak Ridge, Tennessee.

Amentum is a government services contractor, so budget outcomes, continuing resolutions, shutdowns and shifting agency priorities flow almost directly into revenue. Contract concentration matters as well: a single large recompete lost at re bid can remove billions from backlog, and protests can delay awards already booked. Leverage in the low 3x range leaves less room for error than a cash rich balance sheet would, and the company pays no dividend, so the equity return case depends on debt paydown and margin execution rather than income. The business also carries the usual government contracting exposures, including audits, False Claims Act and qui tam litigation, and cost disallowances, and Amentum has faced legacy suits inherited from acquired entities. Finally, it is a young public company assembled from two organizations, so integration slippage or a guidance reset would land on a share base with a short trading history to anchor expectations. The fiscal third quarter showed how quickly sentiment can turn: a roughly 2% revenue miss and a year-over-year decline sent the shares down about 23%, and they sit near half of their February 2026 high.

12 analysts publish price targets on AMTM, averaging $29.25 against a $22.41 price as of November 2026, or +30.5%. The published targets run from $20.00 to $40.00, a moderate spread, and the ratings split 5 buy, 7 hold, 0 sell. Over the last six months there has been 1 raise and 9 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full AMTM forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Amentum Holdings, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. A record backlog that front loads visibility. Backlog stood at roughly $47.8 billion in the fiscal second quarter of 2026, more than three times annual revenue, with a book to bill near 1.2x. The most optimistic published target, $40.00, assumes this works close to its best case.

The case against. Amentum is a government services contractor, so budget outcomes, continuing resolutions, shutdowns and shifting agency priorities flow almost directly into revenue. The most pessimistic target, $20.00, is roughly what AMTM is worth if this bites instead.

Read the full bull and bear case on AMTM, including what would have to change to break either one. Walnut is not an investment adviser.

No. Amentum Holdings, Inc. (AMTM) has not split its stock in the last 10 years. That is a statement about the window we check rather than about the company’s entire history, so an older split is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Amentum Holdings, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$14.1B
• Revenue (fiscal Q3 2026, ended July 3): ~$3.49B, down ~2% year over year
• Adjusted EPS (fiscal Q3 2026): ~$0.67 vs ~$0.61 consensus
• Net income (TTM): ~$204M (profit margin ~1.4%)
• P/E (trailing / forward): ~23x / ~7x
• Market capitalization: ~$4.7B (shares ~$19)
• Debt and cash (July 3, 2026): Debt ~$3.82B, cash ~$459M
• Backlog (fiscal Q2 2026): ~$47.8B, book to bill ~1.2x

Amentum trades at about a third of annual revenue and about 8 times EBITDA, a low multiple typical of labor based federal services and lower still after the 2026 sell-off. The forward P/E near 7 times reflects consensus adjusted EPS of about $2.46 for fiscal 2026 and $2.64 for fiscal 2027, against GAAP net income that is thin because of amortization and interest. The company pays no dividend, so the equity case rests on revenue stabilizing and debt coming down.

Other names that sit close to AMTM: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get AMTM exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so AMTM sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where AMTM fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Amentum is a large, backlog heavy federal services business whose story hinges on converting a ~$47.8 billion pipeline into cash while working down merger era debt, and after a revenue miss in its fiscal third quarter the market is pricing it at about 7 times forward earnings.

Whether AMTM is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is AMTM a buy or a sell?, and where the stock could go from here in the AMTM stock forecast.

For income investors, whether AMTM pays a dividend and how the payout looks is covered in does AMTM pay a dividend? And to weigh AMTM against a peer, read the full side-by-side comparisons: AMTM vs LDOS and AMTM vs BAH.