Filing Flows › Amentum Holdings (AMTM) › Takeover & LBO
Is Amentum Holdings (AMTM) a takeover target?
A leveraged buyout at today's price plus 30% ($27.78 a share) would return about 14% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $23.25 a share (9% against today's $21.37). Historically 2.7% of companies with its figures were bought within a year (0.55× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $27.78 | today's $21.37 plus 30% |
| × shares | 245.0 million | |
| = Equity value | $6.8B | |
| + Debt refinanced | $3.8B | |
| − Cash | $459M | |
| + Other claims | $94.0M | preferred stock, minority interests |
| = Enterprise value | $10.3B | 9.9× EBITDA of $1.0B |
| Fees | $205M | 2% of the price |
| New debt | $5.7B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $4.8B | 46% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $15.3B | $1.1B | $435M | $483M | $5.2B |
| Year 2 | $16.3B | $1.2B | $399M | $582M | $4.6B |
| Year 3 | $17.2B | $1.3B | $354M | $683M | $3.9B |
| Year 4 | $17.9B | $1.3B | $302M | $782M | $3.2B |
| Year 5 | $18.5B | $1.4B | $242M | $878M | $2.3B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 8.4× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $11.4B | |
| − Debt left | $2.3B | |
| = Buyer's equity | $9.1B | |
| Money multiple | 1.90× | on $4.8B put in |
| Buyer's yearly return (IRR) | 13.7% |
Price against return
What the buyer makes at other premiums over today's $21.37; the IRR reaches 20% at $23.25 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $23.51 | 19.6% |
| 20% | $25.64 | 16.4% |
| 30% | $27.78 | 13.7% |
| 40% | $29.92 | 11.3% |
| 50% | $32.05 | 9.2% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $14.1B | |
| EBITDA, last 12 months | $1.0B | 7.3% of revenue |
| Depreciation and amortization | $439M | |
| Capital spending | $31.0M | |
| Debt | $3.8B | |
| Cash | $459M | |
| Share price | $21.37 | on Nov 6, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 26% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Amentum Holdings would cost about $29.92 a share, $7.3B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $24.51 | $6.0B |
| Median | 40% | $29.92 | $7.3B |
| High end (a quarter paid more) | 60.2% | $34.23 | $8.4B |
The odds, from history
Historically 2.7% of companies with its figures were bought within a year (0.55× the average). Its figures put it in decile 2 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Amentum Holdings' latest quarter
Amentum Holdings, Q3 FY26: revenue $3.5B (-2% year over year), operating margin 4.9%, net earnings $66.0M, operating cash flow $146M. The chart follows the revenue to costs, profit and cash.
Questions
Is Amentum Holdings being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Amentum Holdings?
A leveraged buyout at today's price plus 30% ($27.78 a share) would return about 14% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $23.25 a share (9% against today's $21.37).
What would a takeover of Amentum Holdings cost?
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Amentum Holdings would cost about $29.92 a share, $7.3B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.