Amentum Holdings Inc
AMTMHeld by 3 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-10-03Valuation basis: trailing twelve months to 2026-07-03 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +71.6%
- Net margin
- 0.5%
- ROE
- 1.5%
- FCF margin
- 3.6%
Valuation · value band
Valuation
No usable market price is available, so this page does not place price on the value gauge.
Method & numbers
Model cautions
- Capex doubled within two years: maintenance is floored then capped at D&A (OE may look optimistic); Greenwald growth value is closed — growth credit stays in the owner-earnings DCF only.
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
· reproduction $4.11
Moat Below asset base.
Graham earnings-power value (normalized NOPAT)$-2.01 – $0.59 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-07-03, 2024, 2023, 2022
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Only one maintenance-capex method available; estimate is degraded. Capex doubled within two years (AI-hog rule): flagged; the spike is treated as growth, not maintenance — owner earnings carry extra uncertainty. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value
Normalized owner earnings are non-positive over the years shown; earnings power cannot be capitalized.
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-07-03, 2024, 2023, 2022
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Only one maintenance-capex method available; estimate is degraded. Capex doubled within two years (AI-hog rule): flagged; the spike is treated as growth, not maintenance — owner earnings carry extra uncertainty. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied. Net debt or owner earnings is unavailable, so no adjustment is made.
Asset floor: Reproduction value = tangible net assets + acquired-intangible reset proxy, ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — capex doubled within two years (AI-hog); growth credit stays in the owner-earnings DCF only.
Window TTM 2026-07-03, FY 2024, 2023, 2022 · discount band 9%–11% · normalized tax 10% (Average effective tax rate over 4 year(s), capped at the statutory 21%.) · diluted shares.
Valuation basis: trailing twelve months to 2026-07-03 — latest 10-K plus unaudited 10-Q filings.
How to read intrinsic valueSEC 13F · holders
Superinvestors Holding This Security
3 holders · $12.5M combined · this quarter +1 opened / -1 exited
- Value$11.1MWeight (prev→now)0.7% → 0.2% ▼
- Value$976,099Weight (prev→now)0.0% → 0.0% ▲
- Value$446,493Weight (prev→now)New · 0.0%
SEC 13F · notes
Written summary
Written summary
Amentum Holdings Inc (AMTM) is held by 3 of the superinvestors tracked on Compounder, with a combined $12.5M in reported 13F value. The largest position belongs to Ruane, Cunniff (Sequoia), where it makes up 0.2% of the portfolio.
Other notable holders by value include Ray Dalio (0.0% of its book) and Jeremy Grantham (0.0% of its book).
Over the latest quarter, 1 of the tracked filers opened a new position in AMTM, 1 added to existing ones, 1 trimmed, and 1 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Amentum Holdings Inc (AMTM) also commonly hold →
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Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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