Amentum Stock Draws Fresh Buying Amid $14.4 Billion Revenue Year and 51% Stock Run

New York City-based Hyperion Capital Advisors increased its position in Amentum Holdings (NYSE:AMTM) by 368,521 shares, adding $8.84 million to the overall position value, according to a November 13 SEC filing.

What Happened

According to a Securities and Exchange Commission (SEC) filing dated November 13, Hyperion Capital Advisors LP purchased 368,521 additional shares of Amentum Holdings (NYSE:AMTM) during the third quarter. The position was valued at $10.06 million at quarter-end, representing 5.38% of the fund’s $187 million in reportable U.S. equity holdings. The fund reported a total of 62 positions after the filing.

What Else to Know

The post-transaction AMTM stake accounts for 5.38% of Hyperion Capital Advisors’ 13F assets.

Top holdings after the filing:

• NASDAQ: GOOGL: $35.93 million (19.2% of AUM)
• NYSE: ELV: $16.69 million (8.9% of AUM)
• NASDAQ: VERX: $13.39 million (7.2% of AUM)
• NYSE: ICE: $12.85 million (6.9% of AUM)
• NYSE: UNH: $12.44 million (6.7% of AUM)

As of Wednesday, AMTM shares were priced at $29.86, up a staggering 51% over the past year and well outperforming the S&P 500, which is instead up about 15%.

Company Overview

Company Snapshot

• Amentum Holdings provides mission-critical, technology-driven services across two segments: Critical Mission Solutions (missile defense, IT, engineering, energy solutions) and Cyber & Intelligence (cyber training, data analytics, secure communications).
• The company generates revenue primarily through long-term contracts for technical, operational, and consulting services to government and commercial clients.
• Its main customers include U.S. defense, intelligence, and national security agencies, as well as commercial energy and space sector clients.

Amentum Holdings, Inc. is a leading provider of specialized technical and operational services, serving defense, intelligence, and commercial markets at scale. The company leverages advanced technology and domain expertise to deliver solutions in critical infrastructure, cyber intelligence, and mission support. Its diversified contract base and focus on high-value, complex projects underpin its competitive position in the government services sector.

Foolish Take

Amentum is only a year into life as a public company, but the company finished fiscal 2025 with $14.4 billion in revenue, $1.1 billion in adjusted EBITDA, and $516 million in free cash flow. These are numbers that look more like a mature industrial than a newly public services firm, and that’s perhaps why shares popped nearly 20% after the most recent earnings release late last month. Backlog reached $47 billion with a full-year book-to-bill of 1.2x, offering solidly clear visibility for a government-focused contractor. Net leverage, meanwhile, declined to 3.2x, and management is guiding to further free cash flow growth in fiscal 2026.

Within Hyperion’s portfolio, the position fits a pattern. It sits alongside durable, cash-generating businesses like Alphabet, UnitedHealth, and Intercontinental Exchange rather than high-beta trades. In other words, this doesn’t look like a momentum bet on a hot IPO, but rather an attempt to buy scale, contracts, and predictability while the story is still being simplified for public investors. On the other hand, the risk is obvious. Government spending cycles can turn, and integration from the Jacobs transaction still needs to prove durable. But for patient investors, Amentum looks less like a trade and more like an underfollowed compounder finding its public-market footing.

Glossary

13F AUM: The total value of U.S. equity securities a fund manager reports quarterly to the SEC on Form 13F.
Reportable U.S. equity assets: U.S. stocks and related securities that investment managers must disclose in regulatory filings.
Position: The amount of a particular security or investment held by a fund or investor.
Stake: The ownership interest or share held in a company by an investor or fund.
Top holdings: The largest investments in a fund’s portfolio, ranked by value or percentage of assets.
Forward P/E: Price-to-earnings ratio using forecasted earnings for the next year, indicating investor expectations.
EV/EBITDA: Enterprise value divided by earnings before interest, taxes, depreciation, and amortization; a valuation metric.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Critical Mission Solutions: Services supporting essential government or defense operations, including engineering, IT, and energy solutions.
Cyber & Intelligence: Business segment focused on cybersecurity, intelligence analysis, and secure communications services.
Long-term contracts: Agreements to provide goods or services over multiple years, often used in government or infrastructure sectors.
Competitive position: A company’s standing relative to peers, based on strengths like market share, expertise, or contract base.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet and Amentum. The Motley Fool recommends Intercontinental Exchange and UnitedHealth Group. The Motley Fool has a disclosure policy.