# KBR, Inc. (KBR)

> Source: Nexqual · https://nexqual.com/KBR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, KBR, Inc. (KBR), nexqual.com/KBR" · informational, not investment advice.

**Price:** USD 39.53 (+5.95% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 37.31 · day 37.29–39.84 · 52w 29.94–45.37 · market cap $4.98B · NYQ

## Key facts
- Last four reported quarters (through Jul 3, 2026): revenue $7.72B, net income $424M (5.5% margin), free cash flow $355M (SEC filings).
- Valuation: P/E 11.8x (avg 16.4x at the last 2 fiscal year-ends), EV/EBITDA 8.0x, net debt $2.24B.
- 1 of 80 tracked superinvestors hold KBR (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market purchases, last ~7 months: 4 Form 4 filings, $945K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.50 on a 1–5 scale) (8 analysts), mean target USD 44.29 (range 35–50).
- Total return with dividends: 1Y -9.3% vs S&P 500 +14.9%; 5Y -3.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 1, revenue estimate $2.04B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $7.34B | $6.56B | $6.96B | $7.71B | $7.79B | $7.72B |
| Gross profit | $806M | $828M | $977M | $1.10B | $1.15B | — |
| Operating income | $231M | $343M | $449M | $659M | $778M | $734M |
| Net income | $27.0M | $190M | -$265M | $375M | $415M | $424M |
| EPS (diluted) | $0.19 | $1.26 | -$1.96 | $2.79 | $3.21 | — |
| Free cash flow | $248M | $325M | $269M | $410M | $515M | $355M |
| Gross margin | 11.0% | 12.6% | 14.0% | 14.3% | 14.8% | — |
| Operating margin | 3.1% | 5.2% | 6.5% | 8.5% | 10.0% | 9.5% |
| Net margin | 0.4% | 2.9% | -3.8% | 4.9% | 5.3% | 5.5% |
| Revenue growth | +27.3% | -10.6% | +6.0% | +10.8% | +1.0% | — |
| Cash + short-term investments | $370M | $389M | $304M | $342M | $500M | — |
| Total debt | $1.89B | $1.74B | $1.83B | $2.57B | $2.60B | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 3, 2026)
P/E 11.8x · P/S 0.7x · EV/EBITDA 8.0x · EV/Sales 0.9x · P/FCF 14.0x · P/B 3.0x · FCF yield 7.12% · Earnings yield 8.51% · Dividend yield (paid, TTM) 1.71% · Buyback yield (TTM) 3.09% · Net debt $2.24B · EV $7.22B
P/E at fiscal year-ends: Jan 2026 13.3x, Jan 2025 19.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold KBR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Leon Cooperman | Omega Family Office | 2.07% | $73.4M | Unchanged |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
4 purchases, $945K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-20 | Moore Jack B | Director | 4,000 | $126K | 31.44 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-19 | Sabater Carlos A. | Director | 14,500 | $471K | 32.47 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14 | Von Thaer Lewis | Director | 3,000 | $92K | 30.77 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-13 | Evans Shad E. | EVP & Chief Financial Officer | 8,375 | $256K | 30.6 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 8 analysts; mean target USD 44.29 (low 35, high 50).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-22 | Oppenheimer | Target lowered | Outperform | $60 → $50 |
| 2026-08-10 | UBS | Target raised | Neutral | $36 → $41 |
| 2026-07-31 | Citigroup | Target lowered | Buy | $50 → $49 |
| 2026-07-20 | B of A Securities | Target lowered | Neutral | $45 → $40 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -9.3% | -3.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -9.4% | -0.6% |
| Volatility (annualized) | 33.8% | 30.1% |
| Max drawdown | -32.9% (Jan 2026→May 2026) | -57.1% (Nov 2024→May 2026) |

## Peers (Engineering & Construction)
ECG (Everus Construction Group, Inc.) USD 97.05 -8.44% · GVA (Granite Construction Incorporat) USD 107.45 -2.08% · ROAD (Construction Partners, Inc.) USD 83.93 -1.19% · AGX (Argan, Inc.) USD 330.3 -4.50% · FLR (Fluor Corporation) USD 43.42 -6.44% · TPC (Tutor Perini Corporation) USD 76.88 -4.09%

## More
Full page: https://nexqual.com/KBR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in KBR's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1357615/000135761526000051/kbr-20260102.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Aspire Defence | "Joint venture cash and Aspire Defence project cash balances reflect the amounts held by joint venture entities that we consolidate for financial reporting purposes." |
| Partner | ELBIT SYSTEMS LTD (ESLT) | "The Affinity joint venture, with Elbit Systems Ltd., procures, operates and maintains aircraft and aircraft-related assets over an 18-year contract period, in support of the U.K." |

## Revenue by business segment (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| MTS | $1.31B | 65.9% | -2.1% | $116.0M | 8.9% |
| STS | $676.0M | 34.1% | +9.7% | $103.0M | 15.2% |
| Total revenue | $1.98B | 100% | — | $172.0M | 8.7% |

## Revenue by product line (quarter ended 2025-10-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Defense & Intel | $814.0M | 42.2% | +14.3% |
| Readiness & Sustainment | $300.0M | 15.5% | -22.3% |
| Science & Space | $292.0M | 15.1% | -5.2% |
| Total revenue | $1.93B | 100% | — |
The lines above cover 72.8% of total revenue.

## Revenue by region (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S | $1.02B | 51.3% | -8.3% |
| Europe | $361.0M | 18.2% | +1.4% |
| Middle East | $245.0M | 12.3% | +19.5% |
| Australia | $157.0M | 7.9% | +14.6% |
| Other countries | $102.0M | 5.1% | +168.4% |
| Africa | $52.0M | 2.6% | -24.6% |
| Asia | $49.0M | 2.5% | +32.4% |
| Total revenue | $1.98B | 100% | — |

## Customer concentration

Period ended 2026-01-02: 57%, 9% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Company outlook (8-K filed 2026-07-30)

- "KBR reaffirms the following full‑year fiscal 2026 outlook for the consolidated company and plans to update standalone outlooks in connection with the planned spin transaction."
- "In the prior quarter, these metrics also excluded the Plaquemines LNG project. 2 As used throughout this earnings release, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted earnings per share, Adjusted operating cash flows, and Adjusted operating cash conversion are non-GAAP financial measures."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.00 | $1.04 | -3.2% | $2.04B | 8 |
| Next quarter (ends 2026-12-31) | $1.04 | $1.06 | -2.1% | $2.10B | 8 |
| Current fiscal year (ends 2026-12-31) | $4.00 | $3.97 | +0.8% | $8.06B | 9 |
| Next fiscal year (ends 2027-12-31) | $4.08 | $4.14 | -1.6% | $8.52B | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±9.0%; last 8 reports averaged ±3.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 39.3% | ±9.0% |
| 2026-12-18 | 56 | 36.2% | ±11.6% |
| 2027-01-15 | 84 | 33.8% | ±13.0% |
| 2027-03-19 | 147 | 35.7% | ±18.1% |
| 2027-06-17 | 237 | 34.7% | ±21.9% |