Caci International Inc (CACI)

Price$628.82Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong growth is offset by heavy acquisition debt.

The verified close values CACI at about 26 times fiscal 2026 reported earnings and about 19 times the midpoint of management's adjusted fiscal 2027 earnings guidance. Adjusted earnings exclude acquired intangible-asset amortization, so they look better than reported accounting profit. Using the supplied year-end share count gives a stock-market value near $13.8 billion; adding roughly $4.71 billion of net debt implies about $18.5 billion for the whole business. Fiscal 2027 free cash flow, cash left after operations and capital spending, of at least $900 million would equal roughly a 6.5% cash yield on equity.

Big pictureRevenue and cash generation are durable, but federal budget timing still drives the business cycle.

The supplied history shows revenue rising from $6.04 billion in fiscal 2021 to $9.57 billion in fiscal 2026, while operating income increased from $539 million to $920 million. Fiscal 2026 operating cash flow reached $887 million; after $107 million of capital spending, roughly $780 million remained on a simple cash-after-investment basis. Durability comes with concentration: 95.6% of fiscal 2026 revenue came from U.S. government contracts, including 53.6% from Department of War agencies and 24.6% from the Intelligence Community. Appropriation delays or changing program priorities can therefore shift growth materially.

Business strengthOperations are strong, while acquisition spending has made the balance sheet meaningfully riskier.

Debt climbed to $4.90 billion while cash was only $192 million, leaving about $4.71 billion of net debt after acquisition spending. Goodwill, the accounting value assigned to acquired businesses beyond their identifiable assets, reached $6.48 billion. Capital allocation has nevertheless reduced dilution over time: shares outstanding fell about 6% from fiscal 2021 through 2026. Recently, priorities changed. Fiscal 2026 buybacks fell to about $17 million from $169 million, while stock compensation rose to about $80 million, as CACI directed more financing capacity toward acquisitions and their debt.

What could change the storyPaying down debt would strengthen the growth story; slower contract wins would expose a costly balance sheet.

The strongest bull case is continued contract conversion plus debt reduction. Management guides to $10.65-$10.85 billion of fiscal 2027 revenue, adjusted earnings of $32.96-$33.86 per diluted share, and at least $900 million of free cash flow; funded backlog also rose 28.6% to $5.4 billion. The bear case is weaker organic growth while acquisition debt remains high and interest costs absorb more profit. The current valuation works if earnings approach guidance and cash meaningfully reduces leverage. Low-single-digit organic growth with net debt still above roughly $4 billion would make the shares much harder to justify.

AI: News

Earnings reset expectationsFiscal 2026 results beat expectations, while stronger guidance sharply raised investors' growth and cash assumptions.

On August 5, CACI reported fiscal 2026 revenue of $9.57 billion, up 10.9%, with 7.2% organic growth, meaning growth excluding acquisitions. Fourth-quarter adjusted earnings were $8.91 per share, and management guided fiscal 2027 revenue to $10.65-$10.85 billion with at least $900 million of free cash flow. Shares closed about 21.4% higher the next trading day. The timing and financial coverage strongly connect the rerating to the results, although they cannot prove the earnings announcement was the only cause.

SkyValor enters productionA major drone-defense award moved SkyValor into production and created a potentially meaningful revenue stream.

CACI announced on July 30 that SkyValor would move into full-rate production under a three-year counter-drone contract vehicle with a $500 million ceiling. The first task order supports deployment at strategic locations for a U.S. national-security effort. A contract ceiling is the maximum potential value, not guaranteed revenue. Shares rose about 4.3% the next trading day, and contemporaneous reporting highlighted the award; the timing supports an association but does not establish that the contract alone caused the move.

ARKA raises the stakesThe ARKA acquisition expanded CACI's space capabilities while sharply increasing debt and financing costs.

CACI completed its ARKA Group acquisition on March 9 for approximately $2.6 billion in cash, adding more than 1,100 employees and space-based sensing capabilities. The company funded the purchase with increased borrowing and cash. By fiscal year-end, debt had risen to $4.90 billion from $2.92 billion a year earlier, while interest expense increased 35.6% to $215 million. ARKA can strengthen growth in national-security space programs, but successful integration and debt repayment are now much more important to the investment case.

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Financial statements

	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$9.57B	$8.63B	$7.66B	$6.70B	$6.20B	$6.04B	$5.72B	$4.99B	$4.47B	$4.35B	$3.74B	$3.31B	$3.56B	$3.68B	$3.77B	$3.58B	$3.15B	$2.73B
Gross profit	$919.8M	$764.2M	$649.7M	$567.5M	—	—	—	$377.9M	$340.7M	$297.3M	$264.8M	$236.4M	$257.4M	$270.8M	$299.8M	$251.4M	$194.8M	$184.1M
Gross margin	9.61%	8.86%	8.48%	8.47%	—	—	—	7.58%	7.63%	6.83%	7.07%	7.13%	7.22%	7.36%	7.94%	7.03%	6.19%	6.74%
Operating expenses	$8.65B	$7.86B	$7.01B	$6.14B	$5.71B	$5.50B	$5.26B	$4.61B	$4.13B	$0	$0	$0	$0	$0	$0	$0	$0	$0
Operating income	$919.8M	$764.2M	$649.7M	$567.5M	$496.3M	$539.5M	$457.7M	$377.9M	$340.7M	$297.3M	$264.8M	$236.4M	$257.4M	$270.8M	$299.8M	$251.4M	$194.8M	$184.1M
Operating margin	9.61%	8.86%	8.48%	8.47%	8.00%	8.93%	8.00%	7.58%	7.63%	6.83%	7.07%	7.13%	7.22%	7.36%	7.94%	7.03%	6.19%	6.74%
EBITDA	$997.4M	$834.7M	$718.1M	$709.1M	$631.0M	$664.8M	$568.4M	$463.7M	$412.9M	$369.0M	$329.5M	$302.5M	$322.6M	$324.9M	$355.8M	$307.5M	$247.8M	$230.7M
EBITDA margin	10.42%	9.67%	9.37%	10.58%	10.17%	11.00%	9.94%	9.30%	9.24%	8.47%	8.80%	9.13%	9.05%	8.82%	9.43%	8.59%	7.87%	8.45%
Net income	$535.8M	$499.8M	$419.9M	$384.7M	$366.8M	$457.4M	$321.5M	$265.6M	$301.2M	$163.7M	$142.8M	$126.2M	$135.3M	$151.7M	$167.5M	$144.2M	$106.5M	$89.7M
Net profit margin	5.60%	5.79%	5.48%	5.74%	5.91%	7.57%	5.62%	5.33%	6.74%	3.76%	3.81%	3.81%	3.80%	4.12%	4.44%	4.03%	3.38%	3.29%
Basic EPSper basic share	$24.28	$22.47	$18.76	$16.59	$15.64	$18.52	$12.84	$10.70	$12.23	$6.71	$5.89	$5.27	$5.78	$6.59	$6.18	$4.76	$3.53	$2.99
Diluted EPSper diluted share	$24.16	$22.32	$18.60	$16.43	$15.49	$18.30	$12.61	$10.46	$11.93	$6.53	$5.76	$5.17	$5.38	$6.35	$5.96	$4.61	$3.47	$2.95

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

9.85%of listed shares

BlackRock, Inc.2.18M shares · Jun 30, 2026

View holders

Top 20 reported holders of CACI
Holder	% owned
BlackRock, Inc.	9.85%2.18M shares
MORGAN STANLEY	5.30%1.17M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.52%998.75K shares
BARROW HANLEY MEWHINNEY & STRAUSS LLC	4.32%955.55K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.26%942.42K shares
STATE STREET CORP	3.64%804.05K shares
WELLINGTON MANAGEMENT GROUP LLP	3.22%711.58K shares
VICTORY CAPITAL MANAGEMENT INC	2.73%603.93K shares
Boston Partners	2.46%543.56K shares
BANK OF AMERICA CORP /DE/	2.21%487.71K shares
DIMENSIONAL FUND ADVISORS LP	2.15%475.3K shares
GEODE CAPITAL MANAGEMENT, LLC	2.06%454.35K shares
FMR LLC	2.03%448.11K shares
Invesco Ltd.	1.68%372.11K shares
VAN ECK ASSOCIATES CORP	1.49%328.97K shares
JPMORGAN CHASE & CO	1.40%310.1K shares
AMERIPRISE FINANCIAL INC	1.36%301.02K shares
EARNEST PARTNERS LLC	1.31%288.98K shares
GOLDMAN SACHS GROUP INC	1.29%284.87K shares
ALLIANCEBERNSTEIN L.P.	1.24%273.29K shares

Percentages use 22.1M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)20$19.04M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 16, 2026Form 4	Gordon Susan M.Director	SellCACI Common Stock	264	$500.38	$132.1K	2.6K
Mar 11, 2026Form 4	Plunkett Debora ADirector	SellCACI Common Stock	220	$603.30	$132.7K	2.4K
Feb 10, 2026Form 4	Koegel J William JREVP, General Counsel	SellCACI Common Stock	2.0K	$615.06	$1.23M	25.9K
Dec 10, 2025Form 4	JEWS WILLIAM LDirector	SellCACI Common Stock	3.0K	$585.82	$1.76M	3.4K
Sep 15, 2025Form 4	Mengucci John SPresident & CEO	SellCACI Common Stock	2.3K	$493.96	$1.12M	101.5K

Review ownership filings at SEC.gov ↗

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Caci International Inc (CACI)

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