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Jonathan Siegman

Managing Director of Equity Research at Stifel

Jonathan Siegmann is a Managing Director of Equity Research at Stifel, specializing in the aerospace and defense sector. He covers companies such as Booz Allen Hamilton and Terran Orbital, achieving a strong performance track record with a 92% success rate and average return of 9.30% per rating according to TipRanks over the past year, alongside a 53.33% success rate and 9.36% average return noted on StockAnalysis. Siegmann joined Stifel in 2025 after serving as Senior Vice President of Corporate Development at Terran Orbital from 2022 to 2024, where he led its sale to Lockheed Martin, and spending nearly 15 years at Fidelity Investments as a Portfolio Manager and Equity Research Analyst, including managing the Select Defense & Aerospace fund from 2015 to 2021. He holds a BS from Rensselaer Polytechnic Institute, an MBA from New York University's Stern School of Business, and is a Chartered Financial Analyst charterholder.

Jonathan Siegman's questions to Leidos Holdings (LDOS) leadership

Question · Q4 2025

Jonathan Siegman from Stifel asked for an update on the government's progress in identifying and defining maritime programs, specifically inquiring about when Leidos might expect to hear concrete plans or announcements regarding these initiatives.

Answer

CEO Thomas Bell discussed the Department of the Navy's well-understood MUSV (medium unmanned surface vehicle) program, noting robust dialogue with the Navy and INDOPACOM. He emphasized Leidos's 'secret sauce' in providing critical payload and mission packages to make these vessels effective in war scenarios, beyond just retrofitting or new builds. He stated that Leidos is eager for timing, and while dialogue is robust, they are still waiting for the Department of Navy to come forward with firm plans.

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