BigBear.ai Holdings, Inc. (BBAI)

NYSE: BBAI · Services-Prepackaged Software · Mclean, VA · filing with the SEC since 2020

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Grade2.3

◀ Past 2.1● Present 2.3▶ Future 2.4

1 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of BigBear.ai Holdings, Inc.

Nine metrics read from its own filings, by tense

Headline grade

2.3/10

◀ Past2.125% of the headline

● Present2.335% of the headline

▶ Future2.440% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

2.1/1025% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

0.5/10

Has it survived what it has been through?

5 warning events since 2020; the latest 2025-03-18.

weight 22% of this tense · 5th percentile among 230 sector filers · read for itself

From the record

BigBear.ai Holdings, Inc.'s filings since 2020 show 5 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, 2 times, the latest 2022-12-23); a warning not to rely on past financial statements (8-K item 4.02, the latest 2025-03-18); an auditor change (8-K item 4.01, the latest 2021-12-13); a late-report notice (Form NT 10-K or NT 10-Q, the latest 2025-03-18) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

3.3/10

What has it actually done, year after year?

+9.6% a year over 6 filed years; profitable in 1 of 6.

weight 45% of this tense · 33rd percentile among 213 sector filers · read for its customers

From the record

BigBear.ai Holdings, Inc.'s 6 filed years say what it did: revenue went from $74 million in fiscal 2019 to $128 million in fiscal 2025, up 9.6% a year; it rose in 4 of 5 years; the deepest fall was 19% from fiscal 2024 to fiscal 2025; net income was positive in 1 of 6 of those years (its annual reports).

What it rests on

revenue growth over the filed span9.6%bottom 26% of its family
the share of years revenue rosebottom 35% of its family
the share of filed years with a profitbottom 43% of its family
the deepest fall from a revenue peak19.3%bottom 29% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

1.5/10

How has it treated the people who own it?

SI estimate 1.5/10, confidence 35 of 100 (one part).

weight 33% of this tense · 15th percentile among 216 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 15% of 216 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 216 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: BigBear.ai Holdings, Inc.'s shareholder treatment is put at 1.5 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 15% of 216 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

2.3/1035% of the headline grade · 3 of 3 filed

Financial health

as filed

2.8/10

Is it financially healthy right now?

ROE -48%: lost 48¢ per shareholder dollar. Leverage 32%: owes 32¢ per asset dollar.

weight 45% of this tense · 28th percentile among 217 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, BigBear.ai Holdings, Inc. lost about 48 cents for every dollar of shareholders' money, and gross profitability: its products earned about 3 cents per dollar of everything the company owns. Leverage: it owed about 32 cents per dollar of assets, and net share issuance: its share count grew 53.6% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 29% of its family
return on equitybottom 20% of its family
gross profit against assetsbottom 6% of its family
the share count against the year beforebottom 15% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

1.7/10

How strong is its position in its industry?

bottom 17% of 218 in its family; net margin -230.2%.

weight 33% of this tense · 17th percentile among 218 sector filers · read for its customers

From the record

BigBear.ai Holdings, Inc.'s standing among 218 graded names in its industry family: revenue of $128 million in fiscal 2025 ranks in the bottom 30% by size; a net margin of -230.2% ranks in the bottom 8%; revenue growth of -6.3% a year over the last 3 filed years ranks in the bottom 13% (its annual reports).

What it rests on

revenue against the family$128Mbottom 30% of its family
net margin-230.2%bottom 8% of its family
three-year revenue growth-6.3%bottom 13% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed

2.2/10

What are the people in charge doing?

bottom 22% of 139 in its family for leadership; chief executive since 2025.

weight 22% of this tense · 22nd percentile among 139 sector filers · read for its shareholders

From the record

BigBear.ai Holdings, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Mcaleenan, Kevin (Chief Executive Officer, as filed), filing under that title since 2025-01-22, 1.8 years (bottom 26% of its family); most of the 12 officers and directors filing now have filed since the record of its people begins (2021-12-07), a floor of 4.9 years the record cannot see past, so that part is not read; 10 officer or director changes were reported on Form 8-K since 2023-11-13, against the 12 people in charge now (bottom 19%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

officer and director changes on Form 8-K, against the people in charge10 in three years among 12 peoplebottom 19% of its family
the chief executive's years on the record1.8 yearsbottom 26% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

2.4/1040% of the headline grade · 3 of 3 filed

Room to expand

as filed

1.8/10

How much room does it have to grow?

bottom 18% of 216 in its family for room to expand.

weight 22% of this tense · 18th percentile among 216 sector filers · read for itself

From the record

BigBear.ai Holdings, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $93 million against debt of $90 million leaves 0.2% of its assets as net cash, bottom 23% of its family; cash from operations less capital spending is -33.3% of revenue (bottom 18%); a gross margin of 22.3% (bottom 7%); research spending of 13.1% of revenue (bottom 25%) (its annual report).

What it rests on

cash less debt against assets0.2%bottom 23% of its family
cash from operations less capital spending against revenue-33.3%bottom 18% of its family
gross margin22.3%bottom 7% of its family
research spending against revenue13.1%bottom 25% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

3.9/10

What could actually drive growth from here?

bottom 39% of 213 in its family for growth drivers.

weight 45% of this tense · 39th percentile among 213 sector filers · read for its customers

From the record

BigBear.ai Holdings, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew -6.3% a year over the last three filed years against 9.6% over all 6, slowing (bottom 24% of its family); the newest year grew -19.3% (bottom 8%); research spending grew 25.9% a year (top 14%); capital spending grew -11.9% a year (bottom 37%) (its annual reports). BigBear.ai Holdings, Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span-15.9 points a yearbottom 24% of its family
the newest year's revenue growth-19.3%bottom 8% of its family
three-year growth of research spending25.9%top 14% of its family
three-year growth of capital spending-11.9%bottom 37% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

0.8/10

Did its newest year beat what its own record pointed to?

bottom 8% of 194 in its family for expectations against reality.

weight 33% of this tense · 8th percentile among 194 sector filers · read for its shareholders

From the record

BigBear.ai Holdings, Inc.'s newest year against its own record: revenue of $128 million in fiscal 2025 came in 20.1% below the $160 million its prior three years' pace pointed to (bottom 7% of its family); net income of $294 million against a prior three-year average of $159 million (bottom 13%); a net margin of a loss larger than its revenue against losses larger than its revenue before (bottom 5%) (its annual reports).

What it rests on

revenue against the prior three years' pace-20.1%bottom 7% of its family
net income against the prior three years' average-85%bottom 13% of its family
net margin against its prior averagedown more than 100 pointsbottom 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton BBAI · research, not advice