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BigBear.ai Holdings, Inc. (BBAI) is undergoing a strategic shift to become a core infrastructure provider for secure generative AI systems within the U.S. government, planning to acquire Ask Sage, which has over 100,000 users in 16,000 government teams, and is expected to drive $25 million in annual recurring revenue (ARR) by 2025. In contrast, Leidos Holdings, Inc. (LDOS) reported third-quarter 2025 revenues of $4.47 billion, with a 7% year-over-year increase, and secured contracts worth over $3.8 billion, while maintaining a $47.7 billion total backlog.
Despite BigBear.ai’s stock rising by 180% over the last year, it faced a 20% revenue decline, reporting an adjusted EBITDA loss of $9.4 million, attributed to temporary disruptions during a government shutdown. Leidos, on the other hand, has consistently generated positive earnings with a projected 2025 EPS increase from $11.27 to $11.67, while maintaining strong cash flow of $711 million.
BigBear.ai’s forward price-to-sales multiple stands at 15.53, indicating high growth expectations, whereas Leidos trades at a lower multiple of 1.37, reflecting its status as a mature contractor. As AI adoption intensifies, BigBear.ai’s trajectory appears promising, offering higher growth potential, while Leidos remains a stable investment option with robust long-term fundamentals.
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