Amentum Holdings (AMTM) Relatively limited growth keeps us Neutral

Equity Research 19 August 2026 | 9:56PM EDT

Amentum Holdings (AMTM) Relatively limited growth keeps us Neutral

AMTM 12m Price Target: $24.00 Price: $21.03 Upside: 14.1% NEUTRAL Noah Poponak, CFA | Our view of the stock post F3Q26 earnings Goldman Sachs & Co. LLC

AMTM F3Q26 results were ahead of consensus of EBITDA and EPS, Connor Dessert | but below on revenue. The company raised its full year 2026 Goldman Sachs & Co. LLC

guidance for EPS, and raised the low end of the guide for EBITDA, Nizar Mesani | but lowered its revenue guidance. The company also provided a Goldman Sachs India SPL

preliminary 2027 outlook, which includes revenue growth of 0%-1%. The impact of 1) greater insourcing at NASA, and 2) an exit Key Data _____________________________________ from lower margin work will likely weigh on revenue growth in 2027, Market cap: $5.1bn Enterprise value: $8.2bn while margins are more likely to expand. We are Neutral rated on the 3m ADTV: $46.2mn United States stock. Americas Aerospace & Defense M&A Rank: 3

GS Forecast __________________________________ Key elements of the quarter 9/25 9/26E 9/27E 9/28E

F3Q26 revenue of $3.49bn was down yoy and was below FactSet Revenue ($ mn) New 14,393.0 13,872.1 13,986.1 14,409.8 Revenue ($ mn) Old 14,393.0 14,152.4 14,662.2 15,139.3 consensus and our estimates. Total backlog was up 1% qoq and up EBITDA ($ mn) 1,104.0 1,130.8 1,153.0 1,202.3

8% yoy, bringing calculated book-to-bill in the quarter to 1.13X EBIT ($ mn) EPS ($) New X LTM). Funded backlog was down 10% qoq and up 10% yoy, EPS ($) Old P/E (X) bringing calculated funded book-to-bill in the quarter to 0.81X Dividend yield (%) X LTM). Free cash flow was $135mn. GES revenue was $2.03bn Net debt/EBITDA (X) 3.2 2.7 2.1 1.9

(2% below our model) and down 5% yoy. DS revenue was $1.46bn 6/26 9/26E 12/26E 3/27E (3% below our model) and up 3% yoy. GES adjusted EBITDA was EPS ($)

$174mn (in line with our model) on an 8.6% margin, which was up GS Factor Profile ______________________________ Growth 110bps yoy and 20bps above our model. DS adjusted EBITDA was $116mn on an 8.0% margin, which is flat yoy and 60bps above our Financial Returns

model. Total company adjusted EBITDA of $290mn was 2% above Multiple

consensus and our estimates on an 8.3% margin. Adjusted EPS of Integrated $0.67 was above consensus at $0.61.

AMTM updated 2026 guidance, including revenue of Percentile 20th 40th 60th 80th 100th

$13,800-$13,950mn ($13,950-$14,300mn prior, vs. consensus at AMTM relative to Americas Coverage AMTM relative to Americas Aerospace & Defense $14,141mn), adjusted EBITDA of $1,115-$1,140mn ($1,100-$1,140mn prior, vs. consensus at $1,125mn), adjusted Source: Company data, Goldman Sachs Research estimates. See disclosures for details. diluted EPS of $2.40-$2.50 ($2.25-$2.45 prior, vs. consensus at $2.42), and FCF of $525-$575mn (unchanged, vs. consensus at

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Amentum Holdings (AMTM)

Amentum Holdings (AMTM) Balance Sheet ($ mn) _______________________________________ NEUTRAL Rating since Mar 19, 2025 9/25 9/26E 9/27E 9/28E Cash & cash equivalents Accounts receivable 2,479.0 2,159.5 2,255.0 2,202.1 Inventory -- -- -- -- Ratios & Valuation __________________________________________ Other current assets /25 9/26E 9/27E 9/28E Total current assets 3,113.0 2,961.3 3,219.0 3,306.8 P/E (X) Net PP&E EV/EBITDA (X) 8.2 7.2 6.6 6.2 Net intangibles 7,658.0 7,287.6 6,917.0 6,536.8 EV/sales (X) 0.6 0.6 0.5 0.5 Total investments FCF yield (%) Other long-term assets EV/DACF (X) Total assets 11,460.0 10,891.3 10,773.0 10,476.8 CROCI (%) ROE (%) 1.7 5.7 5.8 7.0 Accounts payable Net debt/EBITDA (X) 3.2 2.7 2.1 1.9 Short-term debt Net debt/equity…