LEIDOS, INC.

# Leidos, Inc. - Vendor Assessment

## Executive Summary

Leidos maintains a substantial federal contracting footprint with $97.4B in total obligated value across 1,000 awards, positioning the company as a significant defense and technology services provider. However, the vendor faces notable concentration risks and near-term contract renewal pressures.

## Key Risk Factors

Agency Concentration Risk: Leidos exhibits moderate-to-high concentration dependency, with the Department of Defense commanding 32% ($31.2B) of total contract value across 616 awards. The top three agencies (DoD, DOT, GSA) represent approximately 75% of obligated value, creating vulnerability to budget fluctuations or policy shifts within these agencies.

Contract Expiry Exposure: The $16.1B in contracts expiring within 18 months represents 16.5% of total portfolio value, indicating substantial near-term renewal risk. This exposure demands aggressive business development and proposal management resources.

NAICS Diversification: While serving 10 NAICS codes, Leidos demonstrates heavy concentration in IT services. Computer systems design services (541512) alone accounts for 278 awards, with the top five NAICS codes representing approximately 80% of award count. This narrow specialization limits revenue diversification.

## Strategic Outlook

Leidos should prioritize contract renewal efforts for expiring DoD and DOT awards while exploring adjacent federal agencies (Commerce, Energy, Interior) to reduce concentration risk. Expanding NAICS diversity beyond IT services—particularly into infrastructure, cybersecurity operations, and mission support—would strengthen portfolio resilience and capture emerging federal spending priorities.