Booz Allen Hamilton (NYSE:BAH) sells and executes on management and technology consulting engagements with the US government's defense, intelligence, and civil domains. The vast majority of Booz Allen Hamilton's revenues come from contracts with U.S. government clients.  In 2008, Booz Allen Hamilton separated from its parent company, Booz and Company. This separation, which was negotiated under a non-compete agreement through the second quarter of 2011, will allow Booz Allen Hamilton to eventually expand into commercial and private industries. This may offer Booz Allen Hamilton a chance to hedge a potential loss in revenue facing decreasing government expenditures.
The company's initial public offering of stock on the NYSE occurred on November 16, 2010. The company offered 14M shares each for $17. This was at at the low end of its $17-$19 range. The IPO raised a total of $238M. The lead underwriters of the deal were Morgan Stanley (MS) and Barclays (BCS). Booz Allen Hamilton's total revenue increased by 17% from 2009 to 2010. The company had reported a total revenue figure of $4.4B in 2009 and $5.1B in 2010. The company also reported a net income of $25M in 2010. 
When Booz Allen Hamilton separated from Booz and Company, the two companies signed a no-compete agreement that was set to expire in the second quarter of FY2011. When this agreement expires, Booz Allen Hamilton will have an opportunity to compete in international and commercial markets - a previously untouched market as stipulated by the aforementioned agreement.
Almost all of Booz Allen Hamilton's revenue come from contracts with the U.S. government, especially in defense and intelligence. As U.S. economic concerns continue, lawmakers may be inclined to cut into the near trillion dollar U.S. defense budget. Such cuts would have second and third order effects in the private consulting industry, especially on companies such as Booz Allen Hamilton that are reliant upon contracts for their revenues.
Booz Allen Hamilton competes in a largely saturated, private industry that provides consultation services for the U.S. government. Booz Allen's main competitors include SAIC (SAI), Lockheed Martin (LMT), and Raytheon Company (RTN).