Amentum's Q3 2025: Key Contradictions in Nuclear Opportunities and Book-to-Bill Dynamics

Nuclear opportunity and market exposure, book-to-bill ratio and award environment are the key contradictions discussed in Amentum's latest 2025Q3 earnings call.



Revenue and Profitability Growth:
- Amentum reported revenue of $3.6 billion for Q3, reflecting 2% growth, with adjusted EBITDA at $274 million, marking a 7% year-over-year increase.
- The growth was driven by continued demand across diversified markets and strategic divestitures, which sharpened the focus on core business.

Book-to-Bill and Backlog:
- The company reported a book-to-bill ratio of 1x for Q3 and a year-to-date book-to-bill of 1x, excluding JV awards.
- Including JVs, the imputed book-to-bill was 1.8x for Q3, highlighting strong demand and strategic wins, such as the $4 billion space force range contract.

Nuclear and Energy Infrastructure:
- Momentum's nuclear business is focused on solutions from planning to decommissioning, with a market size estimated at around $20 billion, expected to double in size within the next decade.
- Growth is driven by increasing demand for nuclear power to support AI and grid capacity, along with favorable regulatory and policy environments.

Cost Synergies and Leverage Reduction:
- Amentum achieved at least $30 million in net run rate cost synergies by the end of the fiscal year and reduced its net leverage ratio to 3.5x.
- This was due to operational efficiencies and divestitures, accelerating progress towards financial objectives.