SeekingAlpha  May 24  Comment 
SeekingAlpha  May 23  Comment 
Benzinga  May 23  Comment 
The KEYW Holding Corporation (NASDAQ: KEYW) disclosed Monday that it has been granted a prime position on a five-year multiple-award, indefinite delivery/indefinite quantity contract with a $460 million ceiling value. According to the company,...
Reuters  May 18  Comment 
* Signs definitive agreement to sell Hexis Hawkeye G product line business
Benzinga  Mar 3  Comment 
Shares of KEYW Holding Corp. (NASDAQ: KEYW) faces significant downside risk, according to a report on StreetSweeper. "An embarrassing acquisition and declining gross margins are among the issues poised to kill the stock price of KEYW," the...
Benzinga  Feb 29  Comment 
RBC Capital Markets’ Robert Stallard downgraded the rating for KEYW Holding Corp. (NASDAQ: KEYW) from Outperform to Sector Perform, while reducing the price target from $11 to $7. KEYW Holding reported better-than-expected 4Q15 sales of...
Benzinga  Feb 25  Comment 
Analysts at Credit Suisse upgraded Progressive Waste Solutions Ltd (USA) (NYSE: BIN) from Underperform to Neutral. The target price for Progressive Waste Solutions has been raised from $21 to $32. Progressive Waste Solutions shares closed at...


KEYW Holding (NASDAQ:KEYW) provides cybersecurity to U.S. government agencies, primarily in the defense and intelligence departments. [1] KEYW recently went public, posting its IPO in September of 2010 - since then, KEYW relies primarily on two segments: services and products.[2] Like other companies that compete for government contracts in the fields of national security, KEYW operates in a business environment defined by two opposing trends and forces. First, defense and intelligence contracting is always in high demand - the U.S. government spends nearly a trillion dollars a year on defense spending. Conversely, government expenditures may decrease in the face of continuing economic concerns and cutting bloated defense contracts may be appealing to lawmakers.

Business Growth

The company's initial public offering of stock on the NASDAQ and occurred on September 30, 2010. Its initial price range was $10-$12, and the stock priced at the bottom at $10. The company sold 9.1M shares and raised $91M. The lead underwriter was Suntrust Robinson Humphrey.[3]

The company has strategically acquired certain companies in an attempt to build a single unified platform. In particular, it acquired TAG and IIT in February and March respectively.[4] These acquisitions augmented KEYW's traditional flows of revenue: services and products.[2]

Trends and Forces

Defense and Intelligence Contracting Enjoys Historically High Demand

In the aftermath of the September 11, 2001 terrorist attacks, the U.S. defense and intelligence services grew dramatically. As of 2010, the U.S. defense budget nears one trillion dollars, nearly doubling its decade-ago figures. As such, KEYW enjoys the reliability of government spending on defense issues and counterterrorism efforts.[5]

Revenue Contingent on Continued U.S. Government Spending

Almost all of KEYW'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 KEYW that are reliant upon contracts for their revenues.


KEYW competes in a largely saturated, private industry that provides consultation services for the U.S. government. KEYW's main competitors include Booz Allen Hamilton (BAH), SAIC (SAI), Lockheed Martin (LMT), and Raytheon Company (RTN).


  1. KEYW S-1/A 2010 "Prospectus Summary" pg. 1
  2. 2.0 2.1 KEYW Announces First Quarter Earnings
  3. Renaissance Capital - IPO "KEYW Holding prices IPO at $10.00, low end of the range" 1 Oct 2010
  5. 3 Stocks to Beat a Recession
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