Target
$533.15 → $533.11
Current stock research snapshot · 8/22/26 Fresh
CACICACI International Inc
Investment conviction●●○○○2 of 5 · current snapshot
Research target$533.11Current stock price target
Investment thesis statusINTACTLast reviewed 8/22/26
Market cap$10.75BSnapshot value · 8/22/26
Research history
See all CACI changes ↗What changed
Last reviewed
7/22/26 → 8/22/26
Target
$533.16 → $533.15
CACI International provides C4ISR, cyber, and enterprise IT for national security missions. The portfolio spans ISR data fusion, secure communications, and cyber operations. CACI's deep relationships with the intelligence community create a durable contract backlog and high barriers to entry.
NRO/EON satellite ground system modernization contracts Army C5ISR modernization programs ramping Q4 FY26 earnings — awarded contract value growth
Thesis breaks if backlog conversion slows materially, funding/de-obligations reduce RPO, clearance loss or staffing quality hurts win rates, or ARKA integration adds leverage without incremental space/ISR mission content. (vault 2026-08)
Bullish — FY26 revenue $9.57B (+10.9% YoY), backlog $32B, FY27 guidance $10.65-10.85B; strong defense tech positioning noted Aug 22 2026. [X search Aug 2026]
Snapshot · 8/22/26🟢 Lean-Bull · ins-$1.5M · 13F 17+/8-×0.5 · short↓0.22
Snapshot · 8/22/26Timestamped research update
Deep research update
387 words · Updated Aug 8, 2026 · 3 sources
Research in development: this latest 387-word update is published for context while it is expanded toward the 1,000-word editorial standard.
CACI is a national-security technology company. It sells cleared mission software, systems integration, and operational support to defense and intelligence customers; the value is not generic IT labor but accredited delivery inside sensitive government workflows.
FY2026 revenue was $9.567779B (+10.9% YoY), operating income was $919.815M (9.6% operating margin), Q4 revenue was $2.7091B (+17.6% YoY), EBITDA was $353.1M (12.3% margin), and free cash flow in Q4 was $232.9M.
CACI compounds when agencies need trusted teams that can stand up and sustain mission software, data fusion, and integration programs that are hard to re-clear, re-staff, and re-accredit.
- The FY2026 10-K says as of June 30, 2026, CACI employed approximately 27,000 full- and part-time employees, and it warns that security clearances are difficult and time-consuming to obtain; losing them can prevent new business and harm existing contracts.
- The FY2026 earnings release says annual contract awards were $10.2B and book-to-bill was 1.1x.
- As of June 30, 2026, backlog was $32.0B and funded backlog was $5.4B; management said 45% of remaining performance obligations should convert in 12 months and 63% in 24 months.
- Q4 FY2026 revenue was $2.7091B (+17.6% YoY) and Q4 EBITDA margin was 12.3%, showing operating leverage even after the ARKA acquisition.
The moat is a cleared workforce plus accreditation plus contract-vehicle embeddedness. Once a program is mapped to CACI's people, facilities, tools, and data flows, switching means re-clearing staff, re-running compliance, and re-earning agency trust across a multi-year procurement cycle.
- Government deobligations, repricing, or delayed funding can reduce backlog conversion.
- Prime contractors or teammates can bid directly and compress margins or displace CACI on recompete.
- ARKA integration may add execution risk and leverage before synergies fully show up.
- Clearance loss or compliance issues could interrupt work and damage future wins.
- What share of revenue is tied to intelligence vs defense vs federal civilian customers, and how concentrated is the mission-software stack by agency?
- How much of the $32.0B backlog is sole-source or structurally hard to replace versus competitively rebid?
- What is the margin uplift profile from ARKA after integration, and does it deepen the digital-sovereignty moat or just add adjacent sensing capability?
- How fast can CACI convert AI-native tools into higher-margin, less labor-intensive delivery?
STRENGTHENED
Primary and supporting material
Sources
3 sources preserved from the latest qualified research update.