Amentum reported QQ4 2024 revenue of $4.242 billion and a full-year pro forma revenue of $13.9 billion with 4% organic growth, supported by a robust $45 billion backlog (3.2x annual revenue). Pro forma adjusted EBITDA was $1.05 billion, up 7% year over year, aided by a 20 basis point margin improvement. Despite a positive operating trajectory, net income remained negative at $(272) million for the quarter, driven by substantial other income/expense headwinds and one-time merger-related costs, resulting in a net margin of −6.41%. The merger creates a diversified platform across Critical Mission Solutions and Cyber & Intelligence with 53,000+ employees and an intended new segment structure (Digital Solutions and Global Engineering Solutions) launching in FY2025. The company guided FY2025 revenue of $13.8–$14.2 billion and adjusted EBITDA of $1.06–$1.10 billion, with 8% of revenue expected from new business and a substantial bid pipeline (~$23B in bids awaiting decision and >$2B in recompetes). Leverage remained elevated at ~3.9x net debt, with a target to reach approximately 3.0x by FY2026, underpinned by free cash flow of $475–$525 million and a capital-light model. Management underscored strategic opportunities in energy transition, digital modernization, AI-enabled analytics, and international growth (AUKUS, UK, Australia) while highlighting ongoing execution risks from macro policy, including DOGE-related budget dynamics and continuing resolutions. Investors should monitor: (1) ramp of newly awarded programs driving sequential quarterly improvements in 2025, (2) progress on cost synergies and working capital improvements, (3) bid-win cadence and recompete outcomes, (4) deleveraging trajectory toward the 3x target, and (5) backstop risk from budgetary and geopolitical developments.