Is the business good?
How good a business is BBAI?
BigBear.ai Holdings, Inc. earns −24% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−24%
Return on invested capital · cost of capital 9.0% · 33 points below what the capital costs: growth destroys value
- Operating margin
- −170%
Operating margin · Information Technology Services median 7.9% · 12 months to Q1 2026
- Share count, year on year
- +87%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 14%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2019 | 8.7% |
| FY2021 | −54% |
| FY2022 | −71% |
| FY2023 | −25% |
| FY2024 | −84% |
| FY2025 | −168% |
Details›
- Gross margin12 months to Q1 2026
- 26%
- Operating margin12 months to Q1 2026
- −170%
- Net margin12 months to Q1 2026
- −227%
- Free cash flow margin
- −42%
- R&D as % of revenue
- 14%
- Revenue, trailing twelve months
- $127M
- Free cash flow, trailing twelve months
- −$54M
- Net income, trailing twelve months
- −$289M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −24%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Information Technology Services
Ranks #35 of 37 by Smart Score