NYSE:CACI
CACI INTERNATIONAL INC /DE/
CACI International is a premier provider of mission-critical cyber and software solutions to U.S. government defense and intelligence agencies.
Key Metrics
Investment Thesis
Bull Case
CACI offers compelling growth potential driven by escalating global threats requiring advanced cybersecurity and intelligence capabilities; The company's dominant position in niche government contracts provides stable, high-margin revenue with limited competition; Consistent earnings growth and strong cash flow generation offer attractive risk-adjusted returns for long-term investors.
Bear Case
The business model carries significant concentration risk due to heavy reliance on federal government budgets which are politically volatile; High levels of goodwill at $5.02B and accumulated deficits require careful monitoring of integration risks from acquisitions; Limited diversification outside defense sectors makes the stock sensitive to broader geopolitical instability.
About CACI INTERNATIONAL INC /DE/
CACI International Inc provides mission-critical software, hardware, and services to U.S. government agencies and defense contractors worldwide. The company specializes in cybersecurity solutions, intelligence analytics, cloud infrastructure, and enterprise resource planning systems for national security sectors. Its portfolio supports critical operations across the Department of Defense, Intelligence Community, and federal civilian agencies.
Analysis
Management Discussion
The company demonstrated robust financial growth with revenue increasing from $6.70B in 2023 to $8.63B in 2025, reflecting strong demand for its mission-critical solutions. Net income expanded consistently from $384.7M to $499.8M over the same period, indicating effective cost management and operational leverage. Strong cash flow generation of $547.0M from operations supports continued investment in R&D and strategic acquisitions totaling $1.70B.
Industry Overview
The U.S. defense and cybersecurity sector is experiencing accelerated growth due to rising geopolitical tensions and increasing cyber warfare threats. Government agencies are prioritizing digital transformation while simultaneously investing heavily in homeland security and network protection capabilities. This dual demand creates a favorable long-term tailwind for specialized providers like CACI with deep government integration.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $6.70B | $7.66B | $8.63B |
| Cost of Revenue | $0 | $0 | $0 |
| Gross Profit | $6.70B | $7.66B | $8.63B |
| Operating Expenses | $6.14B | $7.01B | $7.86B |
| Operating Income | $567.5M | $649.7M | $764.2M |
| G&A | $1.59B | $1.72B | $1.83B |
| Stock-Based Comp | $39.6M | $53.9M | $60.2M |
| D&A | $141.6M | $142.1M | $195.1M |
| Depreciation | $66.1M | $68.4M | $70.5M |
| Amortization | $75.4M | $73.8M | $125.0M |
| Other OpEx | $4.54B | $5.29B | $6.03B |
| Non-Operating Income | $-83.9M | $-105.1M | $-158.8M |
| Interest Expense | $83.9M | — | — |
| Pre-Tax Income | $483.6M | $544.6M | $605.3M |
| Income Tax | $98.9M | $124.7M | $105.5M |
| Continuing Ops | $384.7M | $419.9M | $499.8M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $384.7M | $419.9M | $499.8M |
| Minority Interest | $0 | $0 | $0 |
| Net to Common | $384.7M | $419.9M | $499.8M |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Current Assets | $1.21B | $1.37B | $1.78B |
| Cash & Equivalents | $115.8M | $134.0M | $106.2M |
| Accounts Receivable | $894.9M | $1.03B | $1.41B |
| Inventory | $130.6M | $118.4M | $129.1M |
| Prepaid Expenses | $199.3M | $209.3M | $268.3M |
| Other Current Assets | $-130.6M | $-118.4M | $-129.1M |
| Long-Term Assets | $5.39B | $5.42B | $6.87B |
| PP&E (Net) | $199.5M | $195.4M | $212.0M |
| Goodwill | $4.08B | $4.15B | $5.02B |
| Operating Leases | $313.0M | $305.6M | $343.9M |
| Other LT Assets | $793.6M | $765.6M | $1.29B |
| Total Assets | $6.60B | $6.80B | $8.65B |
| Current Liabilities | $994.0M | $1.08B | $1.21B |
| Accounts Payable | $198.2M | $287.1M | $381.6M |
| Current Debt | $45.9M | $61.2M | $68.8M |
| Current Leases | $46.3M | $51.2M | $40.0M |
| Deferred Revenue | $138.5M | $139.7M | $190.4M |
| Other Current Liab | $565.1M | $538.9M | $527.4M |
| Long-Term Liabilities | $2.38B | $2.20B | $3.55B |
| Long-Term Debt | $1.65B | $1.48B | $2.85B |
| LT Operating Leases | $329.4M | $325.0M | $377.1M |
| Other LT Liab | $397.1M | $388.6M | $313.3M |
| Total Liabilities | $3.38B | $3.28B | $4.75B |
| Shareholders' Equity | $3.22B | $3.52B | $3.89B |
| Retained Earnings | $3.94B | $4.36B | $4.86B |
| AOCI | $-5.1M | $-12.7M | $-6.9M |
| Total L&E | $6.60B | $6.80B | $8.65B |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net Income (CFO) | $384.7M | $419.9M | $499.8M |
| Non-Cash Adjustments | $43.9M | $-143.9M | $-279.6M |
| Working Capital Changes | $-40.6M | $221.3M | $326.8M |
| Cash from Operations | $388.1M | $497.3M | $547.0M |
| Cash from Investing | $-75.7M | $-152.0M | $-1.76B |
| Debt Repayments | $3.28B | $3.26B | $6.82B |
| Share Buybacks | $273.2M | $161.5M | $168.6M |
| Cash from Financing | $-316.1M | $-326.9M | $1.18B |
| FX Effect | $4.7M | $-299.0K | $6.3M |
| Net Change in Cash | $972.0K | $18.2M | $-27.8M |
| Beginning Cash | $114.8M | $115.8M | $134.0M |
| Ending Cash | $115.8M | $134.0M | $106.2M |
Frequently Asked Questions
How does CACI INTERNATIONAL INC /DE/ make money?
Cybersecurity & Software Solutions offering advanced threat detection and network security; Intelligence & Analytics delivering data processing and predictive modeling for national security; Cloud Infrastructure providing secure, scalable computing environments; and Enterprise Resource Planning delivering integrated financial and operational management systems.
What are the main risks for CACI?
Heavy dependence on U.S. federal government spending subject to budget cuts and legislative delays; Potential supply chain disruptions affecting specialized hardware components for defense systems; Cybersecurity threats could compromise sensitive client data and result in significant liability; Regulatory changes in defense contracting could impact profit margins.
What is CACI's competitive advantage?
Deep domain expertise with decades of experience serving classified government missions creates high switching costs; Proprietary AI-driven analytics platforms provide superior threat intelligence capabilities; Strong long-term contracts with federal agencies ensure stable, recurring revenue streams.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.