AMTMHIGH SIGNALFINANCIAL10-K

AMTM's revenue grew substantially alongside meaningfully higher operating income, suggesting significant business expansion likely through acquisitions or major contract wins.

The substantial revenue growth paired with strong operating leverage indicates successful business scaling, though investors should scrutinize whether this expansion is organic or acquisition-driven. The company's market value declined from $5.6B to $4.4B despite strong financial performance, suggesting potential market concerns about sustainability or integration risks.

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

AMTM demonstrated substantial revenue growth with operating income expanding meaningfully, indicating effective operational scaling. SG&A expenses grew substantially but at a slower pace than revenue, suggesting improving operational leverage. Total debt decreased 15.7% to $3.9B while current liabilities increased modestly, reflecting a mixed but generally improving balance sheet profile that supports the operational expansion.

FINANCIAL STATEMENT CHANGES
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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