AMTM

LONG

AMENTUM HOLDINGS INC

Funds

Score

4.50

vs SPY

-27.3%

Stock return (since Q-end)

-10.9%

SPY return (since Q-end)

+16.3%

Current price

$23.23

News Summary

Positive

AMTM delivered solid Q2 FY2026 results with net income surging to $54M (vs. $4M YoY), record backlog reaching $47.8B, and reaffirmed FY2026 guidance of $13.95–$14.3B revenue. Strong contract wins (UK SMR £300M, California firefighting $425M, European nuclear $112M) and debt refinancing at improved terms demonstrate solid execution, though thin 3.4% net margins and $3.7B net debt create leverage risk.

Red flags

•Net leverage ratio of 3.2x with $3.7B net debt on thin 3.4% operating margins creates balance sheet vulnerability
•Management flagged upcoming NASA contractual changes will 'modestly impact revenue and EBITDA by FY2027'—timing and magnitude unclear
•Q2 revenue essentially flat YoY ($3.48B vs. $3.48B) despite record backlog, suggesting conversion/execution risk
•Cash flow weighted toward Q4 due to government fiscal year-end seasonality creates working capital timing risk

Funds Buying (3)

Fund	Manager	Shares Held	∆ Shares	Position Value	QoQ	Status
Point72	Steve Cohen	1.6M	+1.6M	$42.5B	—	NEW
Soros Fund Management	Soros Family Office	108K	+108K	$2.8B	—	NEW
Maverick Capital	Lee Ainslie	46K	+46K	$1.2B	—	NEW

Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter.