Booz Allen Hamilton

BAH FY2025 revenue .98B (up 12% YoY), net income M, operating income .37B. 98% of revenue from U.S. government. 35,800 employees, 72% hold security clearances. Defense 49%, Civil 35%, Intelligence 16% of revenue. Incorporated in Delaware, CIK 1443646, EIN 26-2634160.

BAH acquired PAR Government Systems Corporation (PGSC) in FY2025 for M net of post-closing adjustments. PGSC had M in backlog at time of acquisition. Acquisition increased BAH's total backlog and expanded its government systems capabilities.

BAH DOGE/government efficiency risk: 10-K explicitly discloses impact from 'efforts to improve efficiency and reduce costs' by the new presidential administration. BAH has had contracts impacted, reduced or canceled, experienced price adjustments and renegotiations prior to option exercise, and faces ongoing customer mandates to formulate cost reduction methods. The filing warns these reviews may have 'material adverse impact' including more frequent reviews, policy changes affecting new contracts, and stricter compliance requirements.

BAH insider trading: CEO Horacio Rozanski made significant open-market purchase of 23,800 shares at .66 on Oct 30, 2025, worth approximately .015M. This purchase occurred after BAH stock declined substantially from ~+ range. Indicates strong CEO confidence in the company's long-term value despite government efficiency headwinds and stock decline.

BAH corporate structure: Booz Allen Hamilton Holding Corporation (DE, CIK 1443646, public) owns Booz Allen Hamilton Investor Corporation (DE, wholly-owned) which owns Booz Allen Hamilton Inc. (DE, primary operating company). 85% of revenue from 2,596 active task orders under IDIQ vehicles. 95% of revenue as prime contractor. Largest single customer: Dept of Veterans Affairs at 13% of revenue. Total backlog .0B as of March 31, 2025 (funded .2B). Total debt .998B, total assets .3B.

BAH fixed-price contract shift: 10-K discloses the new presidential administration has shown 'recent preference for the use of fixed price contracts,' which may result in contract modifications and conversions of existing cost-reimbursable contracts to fixed-price. BAH warns this increases risk of cost overruns since the company bears all excess costs. This represents a structural shift in how BAH's largest customer (U.S. government, 98% of revenue) pays for services.

BAH board includes Robert C. O'Brien, former U.S. National Security Advisor (2019-2021) and co-founder of American Global Strategies LLC. O'Brien also served as Special Presidential Envoy for Hostage Affairs. His presence on the BAH board represents a significant defense/national security revolving door connection.

BAH board includes Michele A. Flournoy, co-founder and managing partner of WestExec Advisors, former Under Secretary of Defense for Policy (2009-2012). WestExec is a strategic advisory firm known for placing defense officials in private sector roles and vice versa. Flournoy also serves on BAH's board, connecting WestExec advisory network to BAH's defense contracting portfolio.

BAH board includes William M. Thornberry, former U.S. Representative (TX-13, 1995-2021) who served as Chairman of the House Armed Services Committee. Thornberry also sits on boards of Fortinet Federal Inc and CAE USA (as Chairman). Previously identified as advisory board member of Silicon Valley Defense Group (SVDG), a key tech-defense nexus organization.

BAH board includes Charles O. Rossotti, Senior Advisor to The Carlyle Group since June 2003 and former IRS Commissioner (1997-2002). Rossotti's Carlyle Group connection links BAH to one of the largest defense-focused private equity firms. Rossotti also serves on boards of Abrigo Corp, Exiger, and formerly Novetta Solutions LLC (defense analytics firm acquired by Accenture Federal Services in 2021).

BAH board includes Arthur E. Johnson, former Senior VP of Corporate Strategic Development at Lockheed Martin Corp (retired 2009). Johnson served as independent trustee for Fidelity Investments Fixed Income mutual fund board (2008-2023) and board member of Eaton Corporation plc (2009-2019). His Lockheed Martin background creates an indirect competitor/partner link between the two major defense contractors.

BAH related-party transactions (DEF 14A FY2025): Bryan E. Shrader (son of former CEO Ralph Shrader) serves as SVP, received K base + K bonus + K retirement + RSU grants valued at K. Emily Pfeifer (daughter of EVP Thomas Pfeifer) serves as Senior Consultant, received K base + K retirement. Quinn Calderone (son of CFO Matthew Calderone) serves as Senior Consultant, received K base + K retirement. Three familial relationships cross executive-employee boundary.

BAH CEO Rozanski cross-board: Horacio Rozanski serves on the Board of Directors at Marriott International Inc (NASDAQ: MAR) since March 2021, in addition to his Chairman/CEO role at BAH. Also chairs Children's National Hospital board, is a member of the Business Roundtable, Economic Club of Washington DC, and Kennedy Center Corporate Fund Board (Vice Chair).

BAH Chief Accounting Officer Dennis Metzfield (age 45, joined Nov 2024) previously spent 7 years at Huntington Ingalls Industries (NYSE: HII), where he was Corporate Assistant Controller. Before HII, he was a Senior Manager in Deloitte's accounting advisory practice. This is a direct personnel link between BAH and HII, the largest U.S. military shipbuilder.

BAH FY2024 DOJ settlement: The company settled civil and criminal investigations by the Department of Justice, resulting in a M cash outflow in FY2024. In FY2025, BAH recovered M from insurance claims related to that settlement. A separate M DOJ investigation reserve existed in FY2024 that was not present in FY2025. DCAA audits of claimed costs for fiscal years post-2011 remain ongoing.

BAH security clearance risk: 10-K discloses risk of large-scale security clearance revocations by executive orders of the new presidential administration. 72% of BAH's 35,800 employees hold security clearances. Loss of clearances could prevent bidding on new contracts, rebidding on expiring contracts, or retaining existing contracts. Filing also notes government processing delays for security clearances.