Detailed financial statements for Booz Allen Hamilton Holding Corporation (BAH): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Booz Allen Hamilton Holding Corporation (BAH) operates as a prominent consulting and technology firm, offering a diverse range of services to governmental bodies, commercial enterprises, and non-profit organizations both domestically and internationally. Their core offerings encompass strategic management and technology advisory, with a focus on areas like business strategy, human resources, and operational efficiency across various sectors.
Analysis Summary
Booz Allen Hamilton Holding Corporation reported revenue of $11.22B in the most recent fiscal year, growing at a 5-year CAGR of 7.4%. Net income reached $851.0M, with a 6.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 30.4%, operating margin 9.3%, net margin 7.1%. Free cash flow grew at 8.5% CAGR over 5 years.
At $88.02 (closing price, November 2, 2026), BAH trades at a P/E of 13.65 and an ROE of 68.53%. Market capitalisation stands at $10.5B, placing it among large-cap names.
Balance sheet quality for BAH: debt-to-equity ratio of 3.78, current ratio of 1.43 over the last 12 months, net debt of $3.39B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $951.0M represents 112% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.81B | $6.17B | $6.70B | $7.46B | $7.86B | $8.36B | $9.26B | $10.66B | $11.98B | $11.22B |
| Cost of Revenue | $2.68B | $2.87B | $3.10B | $3.38B | $3.66B | $3.90B | $4.30B | $4.92B | $5.42B | $8.76B |
| Gross Profit | $3.13B | $3.30B | $3.60B | $4.08B | $4.20B | $4.46B | $4.95B | $5.74B | $6.56B | $2.46B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $814.1M | $855.5M | $927.9M | $1.04B | $1.04B | $1.16B | $1.53B | $1.28B | $1.25B | $1.27B |
| Operating Expenses | $2.62B | $2.78B | $3.00B | $3.42B | $3.45B | $3.78B | $4.51B | $4.73B | $5.19B | $1.43B |
| Operating Income | $506.0M | $519.7M | $602.4M | $669.2M | $754.4M | $685.2M | $446.8M | $1.01B | $1.37B | $1.03B |
| EBITDA | $541.8M | $571.7M | $669.5M | $750.7M | $803.1M | $820.0M | $649.7M | $1.20B | $1.57B | $1.21B |
| Interest Expense | $62.3M | $82.3M | $90.5M | $94.9M | $60.7M | $95.2M | $121.1M | $188.0M | $196.0M | $184.0M |
| Pre-tax Income | $425.7M | $430.0M | $515.4M | $579.4M | $662.4M | $604.0M | $367.9M | $853.3M | $1.22B | $862.0M |
| Income Tax | $164.8M | $128.3M | $96.9M | $96.8M | $53.5M | $137.5M | $96.7M | $247.6M | $284.0M | $11.0M |
| Net Income | $260.8M | $301.7M | $418.5M | $482.6M | $609.0M | $466.7M | $271.8M | $605.7M | $935.0M | $851.0M |
| EPS | $1.69 | $2.08 | $2.94 | $3.43 | $4.40 | $3.46 | $2.04 | $4.61 | $7.28 | $6.92 |
| EPS (Diluted) | $1.67 | $2.05 | $2.91 | $3.41 | $4.37 | $3.44 | $2.03 | $4.59 | $7.25 | $6.90 |
| Shares Outstanding (Diluted) | 151.2 M | 147.8 M | 143.2 M | 141.2 M | 138.7 M | 134.9 M | 132.7 M | 130.8 M | 128.3 M | 122.4 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $2.62B | $2.78B | $2.80B | $2.78B |
| Gross Profit | $1.36B | $263.0M | $1.46B | $245.0M |
| Operating Income | $230.0M | $263.0M | $279.0M | $245.0M |
| EBITDA | $274.0M | $313.0M | $344.0M | $302.0M |
| Net Income | $200.0M | $205.0M | $198.0M | $181.0M |
| EPS | $1.64 | $1.69 | $1.64 | $1.50 |
| EPS (Diluted) | $1.63 | $1.68 | $1.64 | $1.50 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $217.4M | $287.0M | $284.0M | $741.9M | $991.0M | $695.9M | $404.9M | $554.0M | $885.0M | $728.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $991.8M | $1.13B | $1.33B | $1.46B | $1.41B | $1.62B | $1.77B | $2.05B | $2.27B | $2.15B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.29B | $1.49B | $1.70B | $2.33B | $2.64B | $2.45B | $2.29B | $2.74B | $3.31B | $2.96B |
| Property, Plant & Equipment | $139.2M | $152.4M | $172.5M | $448.2M | $444.0M | $429.5M | $383.0M | $362.0M | $355.0M | $318.0M |
| Goodwill | $1.57B | $1.58B | $1.58B | $1.58B | $1.58B | $2.02B | $2.34B | $2.34B | $2.40B | $2.40B |
| Intangible Assets | $271.9M | $278.5M | $287.1M | $301.0M | $307.1M | $646.7M | $685.6M | $601.0M | $563.0M | $509.0M |
| Total Assets | $3.37B | $3.61B | $3.83B | $4.79B | $5.50B | $6.03B | $6.55B | $6.56B | $7.31B | $7.41B |
| Accounts Payable | $268.6M | $340.0M | $417.6M | $433.0M | $371.7M | $539.5M | $597.8M | $653.0M | $693.0M | $594.0M |
| Short-term Debt | $193.2M | $63.1M | $57.9M | $177.9M | $77.9M | $68.4M | $41.2M | $62.0M | $83.0M | $62.0M |
| Total Current Liabilities | $1.10B | $1.03B | $1.18B | $1.33B | $1.29B | $1.53B | $1.90B | $1.69B | $1.85B | $1.66B |
| Long-term Debt | $1.47B | $1.76B | $1.70B | $2.01B | $2.28B | $2.73B | $2.77B | $3.35B | $3.92B | $3.92B |
| Total Liabilities | $2.80B | $3.04B | $3.16B | $3.94B | $4.43B | $4.98B | $5.56B | $5.52B | $6.31B | $6.30B |
| Retained Earnings | $478.1M | $690.5M | $994.8M | $1.33B | $1.76B | $2.02B | $2.05B | $2.40B | $3.07B | $3.64B |
| Total Equity | $573.6M | $562.5M | $675.4M | $856.4M | $1.07B | $1.05B | $992.0M | $1.05B | $1.00B | $1.10B |
| Total Debt | $1.66B | $1.82B | $1.76B | $2.51B | $2.67B | $3.10B | $3.06B | $3.64B | $4.22B | $4.12B |
| Net Debt | $1.45B | $1.53B | $1.48B | $1.76B | $1.68B | $2.40B | $2.66B | $3.08B | $3.33B | $3.39B |
| Working Capital | $193.1M | $463.2M | $520.1M | $1.00B | $1.35B | $911.7M | $391.0M | $1.05B | $1.47B | $1.30B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $816.0M | $882.0M | $728.0M | $540.0M |
| Total Assets | $7.15B | $7.05B | $7.41B | $7.61B |
| Total Liabilities | $6.16B | $6.03B | $6.30B | $6.41B |
| Total Equity | $996.0M | $1.02B | $1.10B | $1.20B |
| Total Debt | $4.16B | $280.0M | $4.12B | $4.16B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $260.8M | $301.7M | $418.5M | $482.6M | $609.0M | $466.6M | $271.0M | $606.0M | $935.0M | $851.0M |
| Depreciation & Amortization | $59.5M | $64.8M | $68.6M | $81.1M | $84.3M | $145.7M | $165.0M | $164.2M | $165.0M | $163.0M |
| Stock-based Compensation | $21.2M | $23.3M | $31.3M | $43.3M | $59.8M | $69.8M | $80.0M | $95.0M | $94.0M | $69.0M |
| Change in Working Capital | $17.6M | -$35.3M | -$45.7M | -$184.0M | -$333.9M | $137.7M | $415.0M | -$574.0M | -$128.0M | -$112.0M |
| Operating Cash Flow | $382.3M | $369.1M | $499.6M | $551.4M | $718.7M | $736.5M | $602.8M | $258.8M | $1.01B | $1.04B |
| Capital Expenditure | -$53.9M | -$78.4M | -$94.7M | -$128.1M | -$87.2M | -$80.0M | -$76.1M | -$66.7M | -$98.0M | -$90.0M |
| Acquisitions | -$247.6M | -$19.1M | $5.5M | 0 | -$74.2M | -$780.3M | -$387.0M | 0 | -$83.0M | $22.0M |
| Stock Repurchased | -$46.5M | -$270.3M | -$252.8M | -$182.2M | -$313.4M | -$418.9M | -$224.0M | -$404.0M | -$812.0M | -$598.0M |
| Dividends Paid | -$92.9M | -$103.4M | -$114.2M | -$146.6M | -$181.1M | -$209.1M | -$236.0M | -$254.0M | -$268.0M | -$276.0M |
| Free Cash Flow | $328.4M | $290.7M | $404.9M | $423.3M | $631.5M | $656.6M | $526.7M | $192.1M | $911.0M | $951.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $421.0M | $261.0M | $240.0M | $281.0M |
| Capital Expenditure | -$26.0M | -$13.0M | -$28.0M | -$20.0M |
| Free Cash Flow | $395.0M | $248.0M | $212.0M | $261.0M |
| Dividends Paid | -$68.0M | -$67.0M | -$71.0M | -$73.0M |
| Stock-based Compensation | $17.0M | $16.0M | 0 | $21.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.2% | +8.7% | +11.3% | +5.3% | +6.4% | +10.7% | +15.2% | +12.4% | -6.4% | |
| Net Income Growth (YoY) | +15.7% | +38.7% | +15.3% | +26.2% | -23.4% | -41.8% | +122.9% | +54.4% | -9.0% | |
| EPS Growth (YoY) | +23.1% | +41.3% | +16.7% | +28.3% | -21.4% | -41.0% | +126.0% | +57.9% | -4.9% | |
| Shares Change (YoY) | -2.3% | -3.1% | -1.3% | -1.8% | -2.8% | -1.6% | -1.4% | -1.9% | -4.6% | |
| FCF Growth (YoY) | -11.5% | +39.3% | +4.5% | +49.2% | +4.0% | -19.8% | -63.5% | +374.1% | +4.4% | |
| Gross Margin | 53.9% | 53.5% | 53.8% | 54.7% | 53.5% | 53.4% | 53.5% | 53.8% | 54.8% | 21.9% |
| Operating Margin | 8.7% | 8.4% | 9.0% | 9.0% | 9.6% | 8.2% | 4.8% | 9.5% | 11.4% | 9.2% |
| EBITDA Margin | 9.3% | 9.3% | 10.0% | 10.1% | 10.2% | 9.8% | 7.0% | 11.3% | 13.1% | 10.8% |
| Net Margin | 4.5% | 4.9% | 6.2% | 6.5% | 7.7% | 5.6% | 2.9% | 5.7% | 7.8% | 7.6% |
| FCF Margin | 5.7% | 4.7% | 6.0% | 5.7% | 8.0% | 7.9% | 5.7% | 1.8% | 7.6% | 8.5% |
| Effective Tax Rate | 38.7% | 29.8% | 18.8% | 16.7% | 8.1% | 22.8% | 26.3% | 29.0% | 23.3% | 1.3% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.17 | $1.97 | $2.83 | $3.00 | $4.55 | $4.87 | $3.97 | $1.47 | $7.10 | $7.77 |
| Dividends Per Share | $0.61 | $0.70 | $0.80 | $1.04 | $1.31 | $1.55 | $1.78 | $1.94 | $2.09 | $2.26 |
| Shares Outstanding (Basic) | 149.4 M | 146.7 M | 141.9 M | 140.1 M | 137.7 M | 134.1 M | 132.2 M | 130.4 M | 127.8 M | 122.1 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 68.53% |
| Return on Invested Capital | 14.52% |
| Return on Assets | 9.44% |
| Gross Margin | 30.35% |
| Operating Margin | 9.26% |
| Net Margin | 7.14% |
Financial Health
| Debt / Equity | 3.78 |
| Current Ratio | 1.43 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 3.78 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 20.94 | 18.62 | 19.98 | 20.01 | 18.30 | 25.39 | 45.44 | 32.33 | 14.37 | 11.28 |
| P/B | 9.22 | 10.10 | 12.34 | 11.23 | 10.35 | 11.26 | 12.35 | 18.56 | 13.32 | 8.62 |
| P/S | 0.91 | 0.92 | 1.24 | 1.29 | 1.41 | 1.41 | 1.32 | 1.82 | 1.12 | 0.85 |
| Gross Margin | 53.9% | 53.5% | 53.8% | 54.7% | 53.5% | 53.4% | 53.5% | 53.8% | 54.8% | 21.9% |
| Operating Margin | 8.7% | 8.4% | 9.0% | 9.0% | 9.6% | 8.2% | 4.8% | 9.5% | 11.4% | 9.2% |
| Net Margin | 4.5% | 4.9% | 6.2% | 6.5% | 7.7% | 5.6% | 2.9% | 5.7% | 7.8% | 7.6% |
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Explore sector: Industrials · Consulting Services
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