<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>

博思艾倫諮詢

博思艾倫諮詢作為一家領先的管理諮詢公司，因重組和收入下降面臨財務挑戰，尤其是在其民用業務部門。該公司裁員 3000 人，並計劃每年節省 1.5 億美元。儘管在第二季度產生了 3.95 億美元的現金，並且擁有穩健的訂單，但其股價已減半，預計收入將首次在十年內下降。民用業務的收縮影響了增長和利潤率，預計到 2027 財年將有潛在改善

美國預算狂熱的結束對國防和諮詢行業造成了懲罰