Leidos management check
LDOS · Industrials · Diversified Support Services · CEO Thomas Arthur Bell
Filings as of
5 good · 2 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $186, against $127 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.89 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.0% of net income$14.7m of reported pay in fiscal 2026, against $1.5bn of net income.
- Watch
Do they own the stock?
CEO stake ≈ 1.1 years of payThe CEO holds 108,696 shares, directly or through trusts (unvested awards not counted): about 1.1 years of pay. 2 insiders sold $1.7m in the last six months and none bought.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -2.9% a year over the last three fiscal years. Stock-based pay was 0.6% of revenue in the latest year.
- Good
Is leadership stable?
8 leadership filings in 3 years8 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Industrials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 55 | |
| Pay for performance | 94 | 86 | |
| CEO cost | 50 | 48 | |
| Skin in the game | 17 | 55 | |
| Dilution | 87 | 62 | |
| Stable leadership | 85 | 75 | |
| Clean books | 100 | 100 |
Closest peers
Others in Diversified Support Services, by management score. Leidos is 13th of 81 in its sector.
- 78CTASCintas78
- 98HWMHowmet Aerospace76
- 103LDOSLeidos76
- 108BEBloom Energy76
- 113NOCNorthrop Grumman75
- 411CPRTCopart52
Pay versus performance
From the proxy statement filed March 19, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2026 | — | $14.7m | $28.3m | $4.4m | $186 | $127 | $1.5bn |
| 2025 | — | $12.5m | $20.5m | $3.8m | $148 | $130 | $1.3bn |
| 2023 | — | $9.2m | $11.6m | $4.0m | $108 | $115 | $208.0m |
| 2022 | — | $13.5m | $19.2m | $2.7m | $103 | $85 | $693.0m |
| 2021 | — | $12.9m | $5.0m | $2.0m | $86 | $105 | $759.0m |
The board says pay is tied most to Revenue. Its other key measures: Annual Operating Income, Operating Cash Flow, Relative TSR, Earnings Per Share.
Insiders and the CEO's stake
Thomas Arthur Bell (CEO) held 108,696 shares directly after their latest Form 4 on May 5, 2026, roughly $16.2m at that filing's price.
2 insiders sold $1.7m in the last six months and none bought.
- SoldNoel B GeerDirector$1.4mAug 11, 2026
- SoldGary Stephen MayDirector$338kSep 1, 2026
Leadership and governance on file
- Oct 1, 2026Leadership change8-K 5.02
- May 6, 2026Leadership change8-K 5.02
- Jan 14, 2025Leadership change8-K 5.02
- Oct 25, 2024Leadership change8-K 5.02
- Sep 18, 2024Leadership change8-K 5.02
- Jan 17, 2024Leadership change8-K 5.02
- Dec 14, 2023Leadership change8-K 5.02
- Nov 2, 2023Leadership change8-K 5.02
- Mar 31, 2023Leadership change8-K/A 5.02
- Feb 27, 2023Leadership change8-K 5.02
- Feb 16, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 6, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $1.7bn returned to owners in buybacks and dividends, 39% of net income, and $397.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $13.6bn | $14.3bn | $15.3bn | $16.6bn | $17.1bn |
| Net income | $753.0m | $685.0m | $199.0m | $1.3bn | $1.4bn |
| Stock-based pay | $67.0m | $73.0m | $77.0m | $85.0m | $95.0m |
| Buybacks | $237.0m | $0 | $225.0m | $850.0m | $400.0m |
| Dividends | — | — | — | — | — |
| Diluted shares | 143m | 138m | 138m | 136m | 130m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.