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Toby Sommer

Managing Director and Senior Equity Research Analyst at Truist

Tobey Sommer is a Managing Director and Senior Equity Research Analyst at Truist Securities, specializing in business and information services, human capital solutions, and related service-sector companies. He actively covers firms such as Insperity, Korn Ferry, AMN Healthcare, Iron Mountain, and CACI International, and his stock recommendations have achieved a success rate of roughly 59% with an average return of about 10% per rating, placing him among the higher-ranked Wall Street analysts on major tracking platforms. Over a multi-decade career that began in the 2000s, Sommer has held research roles at leading investment banks before advancing to his current senior position at Truist, where he has become a key voice in services-sector coverage. He holds standard U.S. securities industry registrations and licenses for sell-side research analysts, as reflected in regulatory records, and has earned recognition on analyst ranking platforms for both performance and breadth of stock coverage.

Toby Sommer's questions to CACI INTERNATIONAL INC /DE/ (CACI) leadership

Question · Q2 2026

Toby Sommer (Truist Securities) asked if CACI anticipates another strong year of defense spending growth in fiscal year 2027, given recent presidential indications, and later inquired about the remaining incremental program ramp from large marquee contract wins over the past few years that will support future growth.

Answer

CEO John S. Mengucci acknowledged the $1.5 trillion defense spending indication for FY27 but noted it's early and unclear if it has appropriator support, reiterating CACI's focus on its $300 billion total addressable market regardless of top-line budget fluctuations. CFO Jeff McLaughlin and Mr. Mengucci explained that many longer-term wins, like ITAS, NASA, NCAPS, and Spectral, have ramp profiles that reach their maximum contribution 3-4 years into the program, indicating significant remaining growth potential from past awards, with Spectral awaiting a Milestone C decision for production ramp.

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Toby Sommer's questions to Science Applications International (SAIC) leadership

Question · Q3 2026

Toby Sommer asked if the pressure on federal civil spending is expected to conclude in 2025 or if it's a longer-term headwind. He also questioned SAIC's approach to portfolio shaping for organic growth and margin objectives, and whether the company plans to toggle down its leverage target given market turbulence.

Answer

Interim CEO Jim Reagan anticipates continued pressure on civilian agency budgets, with greater emphasis on DoD, but feels SAIC is well-placed in faster-growing civilian areas like CBP and FAA. He noted that portfolio shaping opportunities are always considered, but no immediate announcements are expected. CFO Prabu Natarajan added that SAIC reviews areas of the portfolio unable to be transformed. Regarding leverage, Prabu Natarajan stated SAIC is comfortable around 3.0x, remains disciplined in M&A due to high valuations, and will deploy capital via share repurchases or deleveraging based on market conditions and return on investment, confident in cash flow visibility.

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Fintool

Fintool can predict Science Applications International logo SAIC's earnings beat/miss a week before the call

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CACI's $2.6B Bet on Space: Defense Giant's Largest Acquisition Ever Targets Intelligence Satellites

CACIDec 22, 2025