In January 2026, Amentum announced a wave of new awards, including up to US$730 million in UK nuclear contracts with EDF, a US$207 million Dutch nuclear new-build framework, and a program delivery partnership for Rolls-Royce small modular reactors, alongside a key operational milestone on NASA’s Artemis II mission.
Together, these contracts and partnerships highlight Amentum’s expanding role across the nuclear lifecycle in Europe while reinforcing its long-running presence in complex U.S. space programs.
Next, we will examine how Amentum’s expanded European nuclear portfolio could influence its investment narrative and future contract pipeline.
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For Amentum, the big picture an investor needs to buy into is a government-focused engineering company that converts technically complex, often mission-critical contracts into stable, if modest, profit growth. The recent jump in the share price and the rich earnings multiple suggest the market was already leaning into that story, but the new UK and Dutch nuclear awards, the Rolls-Royce SMR partnership, and the Artemis II milestone collectively sharpen the near term catalyst around contract momentum and perceived revenue visibility. In dollar terms the awards are meaningful against a roughly US$14 billion revenue base, yet the bigger shift is in mix: a heavier tilt toward long-duration nuclear and space programs that could support earnings forecasts but also deepen dependence on a concentrated set of government and quasi-government customers. At the same time, stretched valuation, thin interest cover and a relatively new management team keep execution and contract-risk firmly on the table.
However, a richer contract mix does not remove the funding and execution risks investors should understand. Amentum Holdings’ shares have been on the rise but are still potentially undervalued by 49%. Find out what it’s worth.
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Eight Simply Wall St Community valuations span roughly US$20 to just over US$85 per share, reflecting very different views on Amentum’s potential. Set that against the recent nuclear wins, premium earnings multiple and contract concentration risks, and it is clear you are weighing more than just a single growth story.
Explore 8 other fair value estimates on Amentum Holdings – why the stock might be worth over 2x more than the current price!
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