AMTMHIGH SIGNALFINANCIAL10-K

AMTM shows dramatic operational improvements with revenue growing 72% to $14.4B while swinging from an $82M loss to $66M profit, though market cap declined significantly despite strong fundamentals.

The company has achieved exceptional growth through what appears to be major business expansion or acquisitions, evidenced by revenue nearly doubling and operating cash flow surging over 1000%. However, the market cap decline from $5.6B to $4.4B despite strong operational performance suggests investor concerns about sustainability, integration costs, or broader market conditions that warrant close monitoring.

Comparing 2025-11-25 vs 2024-12-17View on EDGAR →
FINANCIAL ANALYSIS

AMTM delivered extraordinary financial improvements across all key metrics, with revenue jumping 72% to $14.4B, operating income rising 65% to $480M, and a dramatic turnaround from negative $82M to positive $66M net income. Operating cash flow exploded over 1000% to $543M while the company reduced total debt by 16% to $3.9B, demonstrating strong cash generation and deleveraging. The substantial SG&A expense increase of 75% appears proportional to the revenue growth, suggesting successful scaling of operations, while the overall financial picture signals a company that has achieved significant expansion while improving profitability and cash generation.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+1055.3%
$47.0M$543.0M

Operating cash flow surged 1055.3% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
+180.5%
-$82.0M$66.0M

Net income grew 180.5% — bottom-line growth signals improving overall business health.

Capital Expenditure
Cash Flow
+145.5%
$11.0M$27.0M

Capital expenditure jumped 145.5% — major investment cycle underway; assess returns on deployment.

SG&A Expense
P&L
+74.5%
$353.0M$616.0M

SG&A up 74.5% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Revenue
P&L
+71.6%
$8.4B$14.4B

Strong top-line growth of 71.6% — accelerating demand or successful expansion into new markets.

Operating Income
P&L
+64.9%
$291.0M$480.0M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Current Liabilities
Balance Sheet
+19.8%
$2.0B$2.4B

Current liabilities rose 19.8% — increased short-term obligations, watch current ratio.

Total Debt
Balance Sheet
-15.7%
$4.7B$3.9B

Debt reduced 15.7% — deleveraging strengthens balance sheet and reduces financial risk.

LANGUAGE CHANGES
NEW — 2025-11-25
PRIOR — 2024-12-17
ADDED
The aggregate market value of common shares held by non-affiliates of the Registrant on March 28, 2025 was $ 4,396,836,997 , based upon the closing price of the Registrant s common shares as quoted on the New York Stock Exchange composite tape on such date.
As of November 14, 2025, there were 243,597,992 shares outstanding of Amentum Holdings, Inc.
and allied government agencies, and customers in international and commercial markets.
We operate our business activities and report financial results as two reportable segments: Digital Solutions ( DS ) and Global Engineering Solutions ( GES ).
Our workforce of approximately 50,000 continues to be rooted in a strong purpose-driven culture.
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REMOVED
The aggregate market value of common shares held by non-affiliates of the Registrant on December 6, 2024 was $ 5,637,313,295 , based upon the closing price of the Registrant s common shares as quoted on the New York Stock Exchange composite tape on such date.
As of December 6, 2024, there were 243,302,257 shares outstanding of Amentum Holdings, Inc.
and allied government agencies and significant commercial enterprises.
Our workforce of more than 53,000 continues to be rooted in a strong purpose-driven culture.
In the U.S., these customers include the Department of Energy ( DOE ), the Intelligence Community (consisting of the National Intelligence Program ( NIP ) and the Military Intelligence Program ( MIP )), the Department of Defense ( DOD ), the National Aeronautics and Space Administration ( NASA ), and the Department of Homeland Security ( DHS ) as well as other government and certain commercial customers.
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