Leidos does not have good odds of beating the S&P 500 as a buy-and-hold, since AI has made the next decade or two for government IT too hard to predict. As a mean-reversion trade it has good odds, but short-term or long-term capital gains taxes likely push returns back below simply holding the S&P 500 in a taxable account. Its book-to-bill is good, but leverage is high. x.com  x.com 

Among government contractors, CACI is the one worth owning because it alone has delivered beautiful returns over the last 10-12 years and the post-Covid period, while Leidos and Booz Allen Hamilton have badly lagged the S&P 500. Leidos also faces a tough fight against Palantir, the risk @griffonomics flags, and the administration's hostility toward Booz Allen means there is no hurry to buy it back. x.com