AMTM is seeing a strong move today, up roughly 21% on solid full-year and Q4 results. For fiscal 2025 the company reported $14.4 billion in revenues (+4% YoY) and adjusted EBITDA of $1.104 billion (+5% YoY).  Adjusted diluted EPS came in at $2.22, up 11% from the prior year. 

The backlog stood at $47.1 billion, with a book-to-bill of 1.2× for FY2025—and a stronger 1.6× book-to-bill for Q4, suggesting a ramping up of contract wins.  Notably, they secured several large awards: a ~$4 billion IDIQ with the U.S. Space Force for range operations, ~$1.8 billion in nuclear decommissioning services, and ~US$700 million in classified intelligence contracts.  This Space Force Range Contract (SFRC) will provide sufficient past performance to win any range contract in existence.

In guidance, AMTM initiated FY 2026 with expectations of continued growth across key metrics and pledged to further reduce net leverage (ending FY25 at ~3.2×). 

Revenue, EBITDA and EPS all beat modest-growth expectations — especially the EPS growth of 11%. Strong backlog and book‐to‐bill imply forward visibility in contract wins in defense/space/nuclear domains. Deleveraging adds financial flexibility, which matters in a service business with large contracts and bid pipelines. The growth areas (space systems, nuclear lifecycle, intelligence/digital) are thematic tailwinds in the government/engineering space.

Growth remains modest in the 3-5% range for revenues; so upside may depend more on margin improvement, contract mix, and execution than explosive topline growth. As the presentation notes: core markets ~$10 billion revenue with “low-to-mid single-digits” growth potential.  The stock may now bake in elevated expectations; any delay in contract wins or margin compression could disappoint. Heavy exposure to government budgets and contract cycles: timing, compliance and awards matter a lot.

In summary: AMTM delivered a clean earnings beat, showed strong contract momentum and backed it with guidance and financial discipline. If you’re already invested, this validates our thesis.