28 May 2025 | 4:51AM EDT Booz Allen Hamilton (BAH) Downgrade to Sell as growth and margins are in question for the medium-term | | | We downgrade BAH to Sell from Neutral as we see limited revenue and earnings growth over the medium-term, while valuation still has downside risk. We see medium-term revenue growth now closer to flat as federal civilian spending is under pressure, and priorities shift within DoD. We see risk to margins as contract structures change. BAH still trades at 17X P/E and 12X EBITDA o ...

Goldman Sachs analyst Noah Poponak downgraded Booz Allen Hamilton Holding Corporation BAH from Neutral to Sell, lowering the price forecast from $108 to $94.Poponak notes that revenue and earnings growth may remain limited over the medium term, with valuation still facing downside risk.Medium-term revenue growth is now expected to be closer to flat, due to pressure on federal civilian spending and shifting priorities within the U.S. Department of Defense. Margins may also be at risk as contract structures e ...

Shares of government technology consultancy Booz Allen Hamilton (BAH -4.78%) fell on Wednesday, down as much as 4.9% before recovering modestly to a 4% decline as of 1:37 p.m. ET.Booz Allen sold off by a double-digit number last Friday following its fiscal-fourth-quarter earnings release, before recovering a bit yesterday. But today, sell-side analysts downgraded their ratings and price targets, and these delayed negative takes from last week's earnings appear to be sending shares down again today.Goldman S ...

Booz Allen Hamilton Holding Corp. (BAH) reported mixed fourth-quarter fiscal 2025 results, wherein earnings beat the Zacks Consensus Estimate but revenues missed the same.Quarterly adjusted earnings per share of $1.61 surpassed the Zacks Consensus Estimate by 1.3% and increased 21.1% from the year-ago fiscal quarter’s actual. The company reported revenues of $2.3 billion, which missed the consensus estimate by 1.5% and increased 7.3% on a year-over-year basis. Revenues, excluding billable expenses, were $2. ...

Markets hate uncertainty, and so do companies that rely heavily on the government for a good deal of their business. Booz Allen Hamilton Holding Corp. NYSE: BAH generates approximately 97% of its revenue from the federal government, which explains the BAH stock's total return of over 500% in the last 10 years. However, it’s also a key reason why BAH stock is down more than 16% in the last 12 months.Get Booz Allen Hamilton alerts:Booz Allen Hamilton TodayBAHBooz Allen Hamilton$108.27 -20.86 (-16.15%) 52-Wee ...

For the quarter ended March 2025, Booz Allen Hamilton (BAH) reported revenue of $2.97 billion, up 7.3% over the same period last year. EPS came in at $1.61, compared to $1.33 in the year-ago quarter.The reported revenue represents a surprise of -1.50% over the Zacks Consensus Estimate of $3.02 billion. With the consensus EPS estimate being $1.59, the EPS surprise was +1.26%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ...

Booz Allen Hamilton (BAH) Q4 2025 Earnings Call May 23, 2025 08:00 AM ET Company Participants Dustin Darensbourg - Head of Investor RealtionsHoracio Rozanski - Chair, CEO & PresidentMatt Calderone - EVP & CFOGavin Parsons - Director - Aerospace & Defense Equity ResearchColin Canfield - DirectorKristine Anderson - Executive VP & COOSheila Kahyaoglu - Aerospace & Defense and Airlines Equity ResearchScott Mikus - Director – Aerospace, Defense & Space Research Conference Call Participants Ronald Epstein - Senio ...

财务数据和关键指标变化 - 2025财年全年收入增长超12%，调整后EBITDA增长12%至13.15亿美元，调整后EBITDA利润率为11%，调整后摊薄每股收益增长超15%，自由现金流达9.11亿美元，全年部署12亿美元资本用于创造股东价值，回购约4.3%流通股，净债务与调整后EBITDA比率为2.4倍 [30][31] - 2025财年第四季度收入同比增长7%至30亿美元，调整后EBITDA增长10.5%至3.16亿美元，调整后EBITDA利润率为10.6%，同比提高30个基点，净利润为1.93亿美元，同比增长51%，调整后净利润为2.03亿美元，同比增长17%，摊薄每股收益为1.52美元，同比增长55%，调整后摊薄每股收益为1.61美元，同比增长21%，自由现金流为1.94亿美元 [32][38][39] - 预计2026财年收入在120 - 125亿美元之间，调整后EBITDA在13.15 - 13.7亿美元之间，调整后摊薄每股收益在6.2 - 6.55美元之间，自由现金流在7 - 8亿美元之间 [42] 各条业务线数据和关键指标变化 - 2025财年第四季度，国防和情报业务收入分别同比增长14%和5%，预计2026财年这两项业务将继续实现强劲有机增长；民用业务收入同比持平，预计2026财年民用业务收入将出现低两位数下降，但后续会反弹 [33][35] - 2025财年，人工智能业务同比增长超30%，达到约8亿美元 [18] 各个市场数据和关键指标变化 - 第四季度净预订总额为21亿美元，季度订单与账单比率为0.71倍，与历史平均水平一致，过去12个月订单与账单比率为1.39倍，高于过去五年平均水平1.28倍，年末积压订单达到创纪录的370亿美元，同比增长15%，2026财年合格业务管道为534亿美元 [35][36] 公司战略和发展方向和行业竞争 - 公司将在2026财年专注于以下运营优先级：重置和重组民用业务，以在调整期后迅速恢复增长；引领并抓住基于成果的重大机遇；将大量资源投入到印太司令部和太空任务以及关键技术领域；快速推进与成熟科技公司和新进入者的合作；持续提高自身业务效率 [22][23] - 行业较为分散，新的国防科技公司正强势进入市场，公司将积极与之合作，同时凭借自身优势应对行业变化 [109][110] 管理层对经营环境和未来前景的评论 - 总统过渡带来短期干扰和机遇，联邦政府正在重新思考机构使命、削减开支、提高效率，这对公司民用业务产生影响，但国防和国家安全业务有望增长 [7][10] - 公司对未来机遇持乐观态度，认为其Vault战略与政府变革方向一致，在关键技术领域具有领先地位，能够抓住市场变化带来的机遇 [17] 其他重要信息 - 公司董事会批准每股0.55美元的季度股息，将于6月27日支付给6月11日登记在册的股东 [41] - 公司预计第一季度员工总数将减少约7%，主要集中在民用业务 [37] 总结问答环节所有的提问和回答 问题: 在不可预测的环境中，如何确定已掌握影响且年内不会有更多影响？ - 公司认为民用业务正在经历一次性重置，多数审查已积极完成，但采购仍受限；国防和情报业务持续强劲；公司已对民用业务进行重大重组，且在国防和情报领域有能力吸收变化并继续增长；公司战略与关键任务、技术和机遇高度契合 [47][48][49] 问题: 如何看待多年度增长环境，以及国防和民用业务在2025财年与2026财年的情况，还有从国会方面的消息，以及如何考虑股票回购？ - 预算环境显示国防预算增加，民用机构削减开支；民用业务多数审查已完成，国防和情报业务在印太、太空和国土防御等领域有增长机会；民用业务虽有合同放缓，但反映政府推进科技的需求，公司有积极响应和解决方案；公司资产负债表强劲，将灵活部署资本，包括股票回购、并购和风险投资 [55][56][61] 问题: 如何看待2026财年民用业务低两位数下降，以及业务稳定的催化剂和改善时间？ - 民用项目多数已审查，公司技术和人才表现良好，但短期支出放缓；要在该环境中获胜，需具备优秀技术、明确技术发展愿景和向成果导向合同转变的意愿；公司对民用业务进行一次性重置和重组，预计下半年随着采购环境改善和机会显现实现增长 [68][69][71] 问题: 如何将第一季度7%的员工数量下降与收入持平至低个位数增长联系起来？ - 公司业务正在变化，传统算法可能不同；订单转化为近期收入的可变性增加；向成果导向合同转变长期将有利于利润率；民用业务固定价格合同较多，对传统员工数量算法依赖较小；预计上半年收入增长压力较大，下半年随着招聘增加和业务调整加速增长 [75][77][79] 问题: 政府在国防领域寻求更多商业条款，公司如何投资和应对，以及这对业务的影响？ - 公司长期跟踪该趋势并与各类公司建立合作和投资关系；公司是将商业解决方案应用于国防任务的首选合作伙伴，能够解决实际问题；商业技术在国防领域的应用对公司是积极的，公司将继续与合作伙伴创造解决方案 [85][86][87] 问题: 公司是否存在品牌问题，如何改善？ - 作为市场领导者，公司容易受到关注；公司过去低调，现在更积极讲述自身故事，加强与政府的沟通和关系建设；随着人们对公司技术的了解，品牌将得到加强 [89][90][92] 问题: 公司大型人工智能合同的未来前景如何，特别是对国防部业务的乐观态度是否有变化？ - 人工智能是公司优势，已广泛应用于各项业务；向AgenTeq AI的转变将带来变革，公司在该领域处于领先地位；公司在对抗性AI和网络安全与AI融合领域有前沿成果；公司对人工智能业务的未来非常乐观 [99][100][103] 问题: 是否会继续作为Edvana的主要交付合作伙伴，以及在Thunderdome等项目中是否会继续为国防部增加价值？ - 这些项目成功的原因是结合了最佳商业技术和公司自身技术；公司有信心继续参与这些项目，融入新的商业技术，提高效率和效果；公司正在积极将这些项目转换为成果导向合同 [105][106] 问题: 政府推动效率提升是否会引发政府服务提供商的新一轮整合？ - 行业较为分散，当前变化包括新国防科技公司进入市场；公司将积极应对，凭借自身优势在中长期取得成功 [109][110][112] 问题: 减少非客户面向员工数量是否会提高利润率或EBITDA指导，节省的成本是否归公司所有？ - 公司一直积极管理成本结构，能够在重置民用业务的同时维持利润率，并保持投资和增长的能力；短期内利润率不会有明显提升，长期向成果导向合同转变有提升潜力 [114][115]

Booz Allen Hamilton (BAH) came out with quarterly earnings of $1.61 per share, beating the Zacks Consensus Estimate of $1.59 per share. This compares to earnings of $1.33 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.26%. A quarter ago, it was expected that this defense contractor would post earnings of $1.48 per share when it actually produced earnings of $1.55, delivering a surprise of 4.73%.Over the last four quarters, ...

Q4 FY25 EARNINGS CALL PRESENTATION MAY 23, 2025 Copyright © Booz Allen Hamilton Inc. 2025 Copyright © Booz Allen Hamilton Inc. 2025 www.boozallen.com OK TO WORK DESIGN Booz Allen Hamilton Internal PARTICIPANTS EARNINGS CALL PARTICIPANTS Executive Vice President, Chief Operating Officer DUSTIN DARENSBOURG Head of Investor Relations Copyright © Booz Allen Hamilton Inc. 2025 www.boozallen.com 22 HORACIO ROZANSKI Chairman, Chief Executive Officer & President MATT CALDERONE Executive Vice President, Chief Financ ...