Discounted Cash Flow

Leidos Holdings, Inc.

LDOS · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2017 $10.2b $366.0m $-81.0m 3.6% $2.41
2018 $10.2b (0.2%) $581.0m (58.7%) $695.0m (958.0%) 5.7% (58.4%) $3.85 (59.8%)
2019 $11.0b (7.7%) $667.0m (14.8%) $871.0m (25.3%) 6.1% (6.6%) $4.66 (21.0%)
2020 $11.1b (1.1%) $667.0m (0.0%) $965.0m (10.8%) 6.0% (-1.1%) $4.66 (0.0%)
2021 $13.7b (23.8%) $753.0m (12.9%) $1.3b (37.8%) 5.5% (-8.8%) $5.34 (14.6%)
2022 $14.4b (4.8%) $685.0m (-9.0%) $979.0m (-26.4%) 4.8% (-13.2%) $5.00 (-6.4%)
2023 $15.4b (7.2%) $199.0m (-70.9%) $1.2b (18.8%) 1.3% (-72.9%) $1.45 (-71.0%)
2024 $16.6b (7.4%) $1.3b (530.2%) $1.3b (10.6%) 7.6% (486.9%) $9.36 (545.5%)
2025 $16.7b (0.5%) $1.3b (0.0%) $1.3b (2.6%) 7.5% (-0.5%) $9.36 (0.0%)
2026 $17.2b (3.1%) $1.4b (15.5%) $1.7b (32.2%) 8.4% (12.0%) $11.31 (20.8%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model