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Arphra AIPlain-English read on Huntington Ingalls Industries, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $9.52B | $10.68B | $11.45B | $11.54B | $12.48B | $13.01B | $13.82B | $14.73B | $15.19B |
| Cost of revenue | $8.16B | $9.24B | $9.81B | $10.09B | $10.9B | $11.16B | $12.22B | $12.99B | $13.54B |
| Gross profit | $1.37B | $1.44B | $1.65B | $1.45B | $1.59B | $1.74B | $1.82B | $1.93B | $2B |
| Gross margin | +14.36% | +13.49% | +14.37% | +12.57% | +12.70% | +13.37% | +13.16% | +13.09% | +13.20% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $27M | $0 | $10.16M | $10.79M | $11.42M | $12.04M |
| Selling, general & administrative | $898M | $924M | $1.02B | $973M | $977M | $1.07B | $1.14B | $1.27B | $1.27B |
| Total operating expenses | $855M | $875M | $865M | $915M | $977M | $990M | $1.11B | $1.15B | $1.21B |
| Operating income | $513M | $565M | $781M | $535M | $608M | $688.36M | $772.53M | $789.46M | $830.19M |
| Operating margin | +5.39% | +5.29% | +6.82% | +4.64% | +4.87% | +5.29% | +5.59% | +5.36% | +5.47% |
| EBITDA | $1B | $1.18B | $1.3B | $1.06B | $1.21B | $1.32B | $1.42B | $1.45B | $1.56B |
| EBIT | $711M | $821M | $948M | $738M | $882M | $927.13M | $972.75M | $1.09B | $1.08B |
| Below the line | |||||||||
| Interest expense | $89M | $102M | $95M | $95M | $105M | $108.05M | $112.32M | $124.16M | $127.1M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $109M | $154M | $72M | $108M | $169M | — | — | — | — |
| Pre-tax income | $622M | $719M | $853M | $643M | $777M | $817.63M | $900.68M | $934.28M | $958.5M |
| Income tax expense | $78M | $140M | $172M | $93M | $172M | $156.62M | $166.07M | $179M | $187.16M |
| Earnings | |||||||||
| Net income | $544M | $579M | $681M | $550M | $605M | $678.89M | $699.35M | $742.38M | $785.75M |
| Net income · continuing ops | $544M | $579M | $681M | $550M | $605M | $686.01M | $718.39M | $785.41M | $780.51M |
| Net margin | +5.71% | +5.42% | +5.95% | +4.77% | +4.85% | +5.22% | +5.06% | +5.04% | +5.17% |
| EPS · basic | $13.50 | $14.44 | $17.07 | $13.96 | $15.39 | $17.28 | $19.90 | $23.77 | $24.01 |
| EPS · diluted | $13.50 | $14.44 | $17.07 | $13.96 | $15.39 | $17.34 | $20.11 | $23.49 | $24.17 |
| EPS · low estimate | — | — | — | — | — | $16.78 | $18.49 | $20.23 | $23.38 |
| EPS · high estimate | — | — | — | — | — | $18.13 | $21.69 | $28.32 | $24.95 |
| Shares · basic | 40.3M | 40.1M | 39.9M | 39.4M | 39.3M | 39.24M | 39.51M | 39.41M | 39.11M |
| Shares · diluted | 40.3M | 40.1M | 39.9M | 39.4M | 39.3M | 38.98M | 39.08M | 39.06M | 39.37M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 11 | 11 | 10 | 5 |
| Analysts (EPS) | — | — | — | — | — | 11 | 11 | 9 | 3 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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