<div id="readability-page-1"><div>Booz Allen is one of the oldest management consulting firms. In the late 1950s, Time Magazine described Booz Allen as &#34;the largest and most prestigious management consulting firm in the world.&#34; The business has changed little since. Booz Allen provides consulting services to the US government in defense, intelligence and civil markets. Concretely, the company works across a wide range of missions: economic and business analyses, information technology consulting, operations analysis, modeling and simulation and organizational support.Over 95% of its revenue comes from the US government. Defense clients, such as the Army, the Navy and NASA, represent 45% of revenue. Meanwhile, non-military clients, including Homeland Security, Justice and Veterans Affairs account for 30%. Intelligence units contribute 18%, with the remainder 3%.Nevertheless, the group has been under pressure for a year. In recent months, Booz Allen Hamilton has continued and intensified its restructuring, laying off 3,000 employees from the 36,000 it employed a year ago. The deterioration is all the more notable because Q2 usually marks a peak in activity. This year, neither major contract signings nor a fiscal year-end rush materialized that seasonal pattern. In parallel, the restructuring plan also targets cost reductions: $150m in annual savings is planned.It is primarily the civil business (the second division, about one third of revenue) that has become the main weak spot. In its latest quarterly results, this division's revenue fell 25%, while intelligence declined just 3%. Defense, the largest division and considered more resilient, grew just 2%.On the market, its share price has been halved over the past year. There are no encouraging short-term prospects (fiscal year ending in March). Revenue is expected to decline this year for the first time in ten years, while analysts have repeatedly cut their earnings estimates.The picture is not bleak everywhere, however. Booz Allen generated $395m in cash in Q2, thanks to a favorable working capital effect. The order book also shows some solidity: book-to-bill stood at 1.7x, with a total backlog of $40.2bn, or nearly 4 years of sales.The central question remains the restart of the civil business. Historically, it is more profitable than the others. Its contraction therefore weighs on both growth and margins.In this context, the transition phase is delicate. The comparison base could become more favorable starting in fiscal 2027. The stock currently trades at 14x earnings, well below its 10-year average of 23.2x. That appears consistent with low visibility and the difficulties in the civil business.</div></div>

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博思艾伦咨询作为一家领先的管理咨询公司，因重组和收入下降面临财务挑战，尤其是在其民用业务部门。该公司裁员 3000 人，并计划每年节省 1.5 亿美元。尽管在第二季度产生了 3.95 亿美元的现金，并且拥有稳健的订单，但其股价已减半，预计收入将首次在十年内下降。民用业务的收缩影响了增长和利润率，预计到 2027 财年将有潜在改善

美国预算狂热的结束对国防和咨询行业造成了惩罚