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Held by 539 of 6,047 reporting institutions (97th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $74.26 today, the market must believe free cash flow compounds 0.6%/yr for a decade (off $684.7M on the 3-yr avg basis).
On the basis ($598.7M) the requirement is 2.3%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 0.6% is more conservative than its 9-yr track record.
Default is 7.5% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.12B shares (market data) · net debt $3.21B
mean 42.3% · volatility σ 129% · implied rate exceeded in 6/9 yrs
Central path = implied 0.6%/yr growth; shaded band = ±1σ (129%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 16 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BAH | $8.9B | 10.8× | 10.2× | 0.8× | -6.4% | 52.7% | 7.6% | 77.0% | 16.9% | 2.7× | 539 |
| G | $6.2B | 11.9× | 8.4× | 1.2× | 6.6% | 36.0% | 10.9% | 21.7% | 13.5% | 0.8× | 454 |
| FCN | $4.1B | 18.0× | 9.7× | 1.1× | 2.4% | 32.1% | 7.1% | 15.6% | 12.9% | 0.2× | 362 |
| EXPO | $3.4B | 34.7× | — | 5.9× | 4.2% | — | 18.2% | 27.2% | 27.2% | — | 329 |
| HURN | $2.8B | 29.9× | 15.5× | 1.6× | 11.7% | — | 6.2% | 19.9% | 10.1% | 2.3× | 232 |
| ASTH | $1.8B | 80.0× | 19.6× | 0.6× | 56.4% | — | 0.7% | 2.9% | 1.2% | 4.9× | 206 |
| ICFI | $1.6B | 18.1× | 9.8× | 0.9× | -7.3% | 37.2% | 4.9% | 8.9% | 6.4% | 1.9× | 226 |
| BWMN | $710M | 58.6× | 20.5× | 1.4× | 14.9% | 53.4% | 2.6% | 4.9% | 4.0% | 1.3× | 135 |
| ONT | $492M | — | 32.0× | 0.6× | 19.3% | 40.3% | -0.1% | -0.2% | -0.1% | 11.5× | — |
| RMR | $313M | 17.8× | 5.5× | 0.5× | -22.0% | — | 2.5% | 7.7% | 6.5% | -0.3× | 167 |
| PPHC | $310M | — | — | 1.7× | 24.7% | 10.0% | -20.9% | -52.1% | -32.0% | — | 55 |
| SUPX | $285M | — | — | 79.2× | 23.9% | 10.2% | -590% | -107% | -104% | — | 21 |
| HCKT | $281M | 24.6× | 11.8× | 0.9× | -2.6% | 38.3% | 4.2% | 19.0% | 9.0% | 2.0× | 160 |
| III | $274M | 29.7× | 13.6× | 1.1× | -1.2% | 43.1% | 3.8% | 9.9% | 6.1% | 1.4× | 135 |
| TSSI | $200M | 12.6× | 13.1× | 0.8× | 65.9% | 13.2% | 6.2% | 19.7% | 16.0% | -6.7× | 129 |
| EGG | $137M | 245.5× | — | 30.7× | 12.2% | 68.8% | 12.6% | 3.5% | 3.5% | — | 1 |
| RTB | $112M | — | — | 10.1× | -38.7% | 47.7% | -157% | -65.9% | -65.9% | — | — |
Peers = companies sharing BAH's sector (Services-Management Consulting Services) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 29% of free cash flow, leaving room to grow it and fund buybacks. Last year: $276.0M dividends + $598.0M buybacks = $874.0M returned on $951.0M FCF.
9 consecutive years of dividend increases · 16%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 17%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-16
Where each multiple sits in its own 15-yr range · 28th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 15-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 77% against ROIC 17% — 60% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 80.7% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 3.9× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 46.2 | 45.3 | 46.5 | 46.6 | 46.5 | 46.2 | 45.2 | 47.3 |
| SG&A | 13.8 | 13.9 | 13.2 | 13.9 | 16.6 | 12.0 | 10.4 | 11.3 |
| Operating Income | 9.0 | 9.0 | 9.6 | 8.2 | 4.8 | 9.5 | 11.4 | 9.2 |
| Income Tax | 1.4 | 1.3 | 0.7 | 1.6 | 1.0 | 2.3 | 2.4 | 0.1 |
| Net Income | 6.2 | 6.5 | 7.7 | 5.6 | 2.9 | 5.7 | 7.8 | 7.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BAH: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $991.0M covers the $77.9M due within a year 12.7× over. Scheduled principal only (excludes interest & revolver draws). As of 2021-03-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~5.4% on $3.94B of debt.
Cash of $728.0M fully covers short-term debt of $19.0M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-16
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.22B 100.0% | $11.98B 100.0% | $10.66B 100.0% | $9.26B 100.0% | $8.36B 100.0% | $7.86B 100.0% | $7.46B 100.0% | $6.70B 100.0% | $6.17B 100.0% | $5.81B 100.0% |
| Cost of Revenue | $5.30B 47.3% | $5.42B 45.2% | $4.92B 46.2% | $4.30B 46.5% | $3.90B 46.6% | $3.66B 46.5% | $3.38B 45.3% | $3.10B 46.2% | $2.87B 46.5% | $2.68B 46.1% |
| Selling, General & Admin | $1.27B 11.3% | $1.25B 10.4% | $1.28B 12.0% | $1.53B 16.6% | $1.16B 13.9% | $1.04B 13.2% | $1.04B 13.9% | $927.9M 13.8% | $855.5M 13.9% | $814.1M 14.0% |
| Total Operating Expenses | $10.18B 90.8% | $10.61B 88.6% | $9.65B 90.5% | $8.81B 95.2% | $7.68B 91.8% | $7.10B 90.4% | $6.79B 91.0% | $6.10B 91.0% | $5.65B 91.6% | $5.30B 91.3% |
| Operating Income | $1.03B 9.2% | $1.37B 11.4% | $1.01B 9.5% | $447.0M 4.8% | $685.2M 8.2% | $754.4M 9.6% | $669.2M 9.0% | $602.4M 9.0% | $519.7M 8.4% | $506.0M 8.7% |
| Interest Expense | $212.0M 1.9% | $186.0M 1.6% | $172.9M 1.6% | $119.8M 1.3% | $92.4M 1.1% | $81.3M 1.0% | $97.0M 1.3% | $89.5M 1.3% | $82.3M 1.3% | $62.3M 1.1% |
| Other Income (Expense), net | $13.0M 0.1% | $17.0M 0.1% | -$13.0M -0.1% | $31.0M 0.3% | $11.2M 0.1% | -$10.7M -0.1% | $7.2M 0.1% | $2.5M 0.0% | -$7.4M -0.1% | -$18.1M -0.3% |
| Pretax Income | $862.0M 7.7% | $1.22B 10.2% | $854.0M 8.0% | $368.0M 4.0% | $604.0M 7.2% | $662.4M 8.4% | $579.4M 7.8% | $515.4M 7.7% | $430.0M 7.0% | $425.7M 7.3% |
| Income Tax Expense | $11.0M 0.1% | $284.0M 2.4% | $248.0M 2.3% | $97.0M 1.0% | $137.5M 1.6% | $53.5M 0.7% | $96.8M 1.3% | $96.9M 1.4% | $128.3M 2.1% | $164.8M 2.8% |
| Net Income | $850.5M 7.6% | $935.0M 7.8% | $605.7M 5.7% | $271.2M 2.9% | $466.6M 5.6% | $609.0M 7.7% | $482.6M 6.5% | $418.5M 6.2% | $301.7M 4.9% | $260.8M 4.5% |
| Per Share | ||||||||||
| EPS (Basic) | $6.92 | $7.28 | $4.61 | $2.04 | $3.46 | $4.40 | $3.43 | $2.94 | $2.05 | $1.74 |
| EPS (Diluted) | $6.90 | $7.25 | $4.59 | $2.03 | $3.44 | $4.37 | $3.41 | $2.91 | $2.03 | $1.72 |
| Weighted Avg Shares (Basic) | 122.1M | 127.8M | 130.4M | 132.2M | 134.1M | 137.7M | 140.1M | 141.9M | 146.0M | 148.2M |
| Weighted Avg Shares (Diluted) | 122.4M | 128.3M | 130.8M | 132.7M | 134.9M | 138.7M | 141.2M | 143.2M | 147.8M | 150.3M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Earns 10.49pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 19.9% | 7.5% (today's — no rate published for this year) | 12.4pts |
| FY2021 | 21.3% | 7.5% (today's — no rate published for this year) | 13.8pts |
| FY2022 | 15.6% | 5.3% | 10.3pts |
| FY2023 | 9.6% | 6.7% | 2.9pts |
| FY2024 | 19.2% | 7.6% | 11.6pts |
| FY2025 | 24.6% | 7.5% | 17.1pts |
| FY2026 | 18.0% | 6.9% | 11.1pts |
| Now | 16.9% | 7.5% | 9.4pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 53.9% | 8.7% | 4.5% |
| FY2018 | 53.5% | 8.4% | 4.9% |
| FY2019 | 53.8% | 9.0% | 6.2% |
| FY2020 | 54.7% | 9.0% | 6.5% |
| FY2021 | 53.5% | 9.6% | 7.7% |
| FY2022 | 53.4% | 8.2% | 5.6% |
| FY2023 | 53.5% | 4.8% | 2.9% |
| FY2024 | 53.8% | 9.5% | 5.7% |
| FY2025 | 54.8% | 11.4% | 7.8% |
| FY2026 | 52.7% | 9.2% | 7.6% |
Leverage and buybacks account for 60 points of the 77% return on equity in FY2026. The business earns 17% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$2.5B of goodwill — 54% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
ROIC ex-goodwill is 38.69% against 17.97% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.15x of reported profit into free cash flow over 5 years, with accruals negative.
Conversion has deteriorated: 0.80x over three years against 1.15x over 5.
Covers interest 3.4x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 4.87x |
| 5% | 4.63x |
| 10% | 4.39x |
| 15% | 4.14x |
| 20% | 3.90x |
| 25% | 3.65x |
| 30% | 3.41x |
| 35% | 3.17x |
| 40% | 2.92x |
| 45% | 2.68x |
| 50% | 2.44x |
| 55% | 2.19x |
| 60% | 1.95x |
This schedule comes from a filing dated 2021-03-31, 2026 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2021-03-31 (10-K); cash from the 2021-03-31 balance sheet; FCF from FY2021.
Balance sheet at 2021-03-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Coverage is comfortable at 4.9x today but falls to 3.4x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $74.26, free cash flow must compound 0.82%/yr for 10 years. It has done 14.44%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 49.2% | 0.8% |
| FY2022 | 4.0% | 0.8% |
| FY2023 | −19.7% | 0.8% |
| FY2024 | −63.6% | 0.8% |
| FY2025 | 374.5% | 0.8% |
| FY2026 | 4.4% | 0.8% |
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $851M | $851M |
| Share-based comp | $69M | $920M |
| Other non-cash & working capital | $121M | $1.04B |
| Operating cash flow | $1.04B | $1.04B |
| Capex | −$90M | $951M |
| Free cash flow | $951M | $951M |
| FCF after SBC | $882M | $882M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 5.3% | -3.3% | -8.6 points |
| FY2022 | 6.4% | 14.9% | 8.5 points |
| FY2023 | 10.7% | 9.4% | -1.3 points |
| FY2024 | 15.2% | 15.3% | 0.2 points |
| FY2025 | 12.4% | 10.9% | -1.4 points |
| FY2026 | -6.4% | -9.2% | -2.8 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 71.4 days | not reported | 46.8 days | 24.6 days |
| FY2021 | 65.6 days | not reported | 37.1 days | 28.5 days |
| FY2022 | 70.8 days | not reported | 50.5 days | 20.3 days |
| FY2023 | 70 days | not reported | 50.7 days | 19.3 days |
| FY2024 | 70.1 days | not reported | 48.4 days | 21.6 days |
| FY2025 | 69.2 days | not reported | 46.7 days | 22.5 days |
| FY2026 | 67.1 days | not reported | 40.9 days | 26.3 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -1.4 percent |
| FY2021 | -2.0 percent |
| FY2022 | -4.5 percent |
| FY2023 | -5.0 percent |
| FY2024 | 5.3 percent |
| FY2025 | -1.0 percent |
| FY2026 | -2.7 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2026) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.