Booz Allen Hamilton Corp: Clearer signs of progress to inflecting growth

研报英文原文证据摘录

Booz Allen Hamilton Corp: Clearer signs of progress to inflecting growth

Global Research

27 July 2026ab

Booz Allen Hamilton Corp Equities

United StatesClearer signs of progress to inflecting growth

Aerospace

12-month rating Neutral *

Green shoots in the quarter, but the revenue inflection needs a bit more

momentum

12m price target US$78.00

F1Q27 results included a major datapoint in support of organic revenue growth Prior : US$70.00

returning, with funded backlog up 15% yoy, and management indicating it has begun

Price (24 Jul 2026) US$72.53

to shift its hiring posture as funding improves. Total backlog has continued to grow -

1.5X book to bill this quarter - despite four quarters of funded backlog decline, so if RIC: BAH.N BBG: BAH US

these metrics reconnect, line of sight to organic growth would improve meaningfully.

Trading data and key metrics

On one hand, LTM funded bookings sum to the high end of FY27 revenue guide, but on

52-wk range US$113.05-59.71

the other obligations data does not yet support the heavily back half weighted guide

and F2Q Civil guide is for a large sequential decline. The company continues to deliver Market cap. US$8.76b

strong margins and cash flow, mitigating much of the revenue headwind to earnings, Shares o/s 121m (COM)

but we believe growth is key to both re-rating and sustainable long-term earnings Free float 90%

growth. We are encouraged by the green shoots in the quarter, but remain Neutral as Avg. daily volume ('000) 670

we watch for leading indicators of growth to further accumulate. Avg. daily value (m) US$46.9

Common s/h equity (03/27E) US$1.48b

Civil: revenue declined 16% yoy in F1Q27 and management expects a double

P/BV (03/27E) 5.9x

digit sequential decline in F2Q as Treasury roll-offs and recompetes transition to