A Business at a Glance
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AECOM
ACM
$9.4B
Mkt Cap
$70.56
+4.30%
AECOM (ACM) has a current P/E ratio of 20.0, compared to its historical median P/E of 34.5. The stock is currently considered Cheap based on its historical valuation range.
AECOM (ACM) has a 5-year average return on invested capital (ROIC) of 15.8%. This indicates strong capital allocation and a potential competitive advantage.
AECOM (ACM) has a market capitalization of $9.0B. It is classified as a mid-cap stock.
Yes, AECOM (ACM) pays a dividend with a trailing twelve-month yield of 1.60%. The company also returns capital through share buybacks, with a buyback yield of 7.70%.
Based on historical P/E analysis, AECOM (ACM) appears cheap. The current P/E of 20.0 is 42% below its historical median of 34.5. The estimated fair value CAGR (P/E method) is 32.6%.
AECOM (ACM) operates in the Services-Engineering Services industry, within the Industrials sector.
AECOM (ACM) reported annual revenue of $16.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
AECOM is a leading global provider of professional infrastructure consulting and advisory services, ranked by Engineering News-Record as the largest general architectural and engineering design firm in the world and the number one firm in water, transportation, facilities, environmental, and environmental consulting markets. The company operates through three segments: Americas and International, which provide fee-based planning, advisory, consulting, architectural and engineering design, construction management, and program management services to public and private clients in major end markets including transportation, water, government, facilities, environmental, and energy; and AECOM Capital, which invests in and develops real estate projects. The business model is primarily knowledge-based and fee-for-service, with revenue generated through billing of employee time on client projects and cost management, while AECOM Capital derives income from real estate development sales and management fees. The company's competitive advantages include its global scale, technical expertise across multiple engineering disciplines, ability to serve clients across the full asset lifecycle, and capacity to invest in digital and AI capabilities that enhance delivery and value proposition. Clients span public and private sectors globally, with significant exposure to secular tailwinds from aging infrastructure, urbanization, and energy demand growth.
【Record backlog driving growth】 Management expects strong revenue growth in the second half of fiscal 2026 supported by record backlog and a book-to-burn ratio above 1.0 for 21 consecutive quarters, with particular acceleration anticipated in the Middle East and international markets as delayed projects begin execution. The company is increasing full-year adjusted EBITDA and EPS guidance for the second time in fiscal 2026, reflecting operational outperformance, strong funding across core markets, and successful execution of strategic initiatives including AI deployment and advisory service expansion. Margin expansion is expected to continue as the company unlocks capacity for strategic investments while maintaining operational efficiencies, with confidence in delivering on long-term targets of 5–8% annual revenue growth and a 20% margin exit rate by fiscal 2028. The advisory business is on track to double its net service revenue within three years, and nuclear fusion work is expected to deliver nine figures of revenue in coming years, positioning the company for sustained long-term value creation.
| Metric | Target | Period |
|---|---|---|
| Adjusted EPS | 14% increase at midpoint | FY2026 |
| Adjusted EBITDA | 7% increase at midpoint | FY2026 |
| Free cash flow conversion | 100%+ of adjusted net income | FY2026 |
Adjusted EPS (FY2026): “At the midpoints of our updated guidance ranges, we expect adjusted EBITDA and adjusted EPS to increase by 7% and 14% from the prior year.”
Adjusted EBITDA (FY2026): “At the midpoints of our updated guidance ranges, we expect adjusted EBITDA and adjusted EPS to increase by 7% and 14% from the prior year.”
Free cash flow conversion (FY2026): “we are reaffirming our free cash flow guidance for this year as well as our long-term 100%+ free cash flow conversion target.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 16.0B | 16.1B | 16.1B | 14.4B | 13.1B | 13.3B |
| Net Income | 506M | 562M | 402M | 55M | 311M | 173M |
| EPS | $3.88 | $4.21 | $2.95 | $0.39 | $2.18 | $1.16 |
| Free Cash Flow | 410M | 685M | 708M | 590M | 577M | 568M |
| ROIC | 18.4% | 23.9% | 21.0% | 7.2% | 13.6% | 13.4% |
| Gross Margin | 7.7% | 7.5% | 6.7% | 6.6% | 6.4% | 6.0% |
| Debt/Equity | 1.20 | 1.09 | 1.15 | 1.00 | 0.89 | 0.82 |
| Dividends/Share | $1.13 | $1.00 | $0.85 | $0.68 | $0.44 | - |
| Operating Income | 1.0B | 1.0B | 827M | 324M | 647M | 630M |
| Operating Margin | 6.3% | 6.4% | 5.1% | 2.3% | 4.9% | 4.7% |
| ROE | 22.3% | 24.0% | 18.3% | 2.4% | 12.0% | 5.8% |
| Shares Outstanding | 128M | 133M | 136M | 142M | 142M | 149M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 8.4B | 18.0B | 17.4B | 18.2B | 13.9B | 13.6B | 13.2B | 13.3B | 13.1B | 14.4B | 16.1B | 16.1B | 16.0B |
| Gross Margin | 4.8% | 3.0% | 3.7% | 3.8% | 3.5% | 4.5% | 5.4% | 6.0% | 6.4% | 6.6% | 6.7% | 7.5% | 7.7% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 81M | 114M | 115M | 133M | 136M | 148M | 189M | 155M | 147M | 154M | 160M | 158M | 162M |
| EBIT | 353M | 129M | 376M | 654M | 393M | 396M | 381M | 630M | 647M | 324M | 827M | 1.0B | 1.0B |
| Op. Margin | 4.2% | 0.7% | 2.2% | 3.6% | 2.8% | 2.9% | 2.9% | 4.7% | 4.9% | 2.3% | 5.1% | 6.4% | 6.3% |
| Net Income | 230M | -155M | 96M | 339M | 136M | -261M | -186M | 173M | 311M | 55M | 402M | 562M | 506M |
| Net Margin | 2.8% | -0.9% | 0.6% | 1.9% | 1.0% | -1.9% | -1.4% | 1.3% | 2.4% | 0.4% | 2.5% | 3.5% | 3.2% |
| Non-Recurring | 0 | 0 | 11M | 1.8M | 125M | 683M | 188M | 49M | 108M | 275M | 99M | 20M | 95M |
| Returns on Capital | |||||||||||||
| ROIC | 10.1% | 2.6% | 5.4% | 9.6% | 5.7% | 5.8% | 6.3% | 13.4% | 13.6% | 7.2% | 21.0% | 23.9% | 18.4% |
| ROE | 10.9% | -5.5% | 2.8% | 9.2% | 3.4% | -6.7% | -5.3% | 5.8% | 12.0% | 2.4% | 18.3% | 24.0% | 22.3% |
| ROA | 3.9% | -1.5% | 0.7% | 2.4% | 0.9% | -1.8% | -1.4% | 1.4% | 2.7% | 0.5% | 3.5% | 4.6% | 4.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 361M | 764M | 814M | 697M | 775M | 778M | 330M | 705M | 714M | 696M | 827M | 822M | 554M |
| Free Cash Flow | 293M | 650M | 623M | 610M | 661M | 677M | 215M | 568M | 577M | 590M | 708M | 685M | 410M |
| Owner Earnings | 231M | 79M | 342M | 334M | 434M | 453M | 38M | 484M | 504M | 474M | 587M | 584M | 289M |
| CapEx | 67M | 114M | 191M | 86M | 113M | 101M | 115M | 136M | 137M | 106M | 120M | 137M | 144M |
| Maint. CapEx | 95M | 599M | 399M | 279M | 268M | 261M | 237M | 176M | 171M | 176M | 179M | 176M | 204M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 95M | 599M | 399M | 279M | 268M | 261M | 237M | 176M | 171M | 176M | 179M | 176M | 204M |
| CapEx/OCF | 18.6% | 15.0% | 23.5% | 12.4% | 14.6% | 12.9% | 34.8% | 19.3% | 19.2% | 15.2% | 14.5% | 16.6% | 25.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 63M | 96M | 115M | 134M | 145M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.6% | 0.8% | 1.0% | 0.9% | 1.6% |
| Share Buybacks | 35M | 23M | 26M | 25M | 179M | 98M | 187M | 867M | 473M | 379M | 479M | 388M | 697M |
| Buyback Yield | 1.1% | 0.6% | 0.6% | 0.4% | 3.5% | 1.7% | 3.0% | 9.3% | 4.9% | 3.3% | 3.4% | 2.3% | 7.7% |
| Stock-Based Comp | 34M | 86M | 73M | 84M | 73M | 64M | 54M | 45M | 38M | 46M | 62M | 61M | 61M |
| Debt Repayment | 2.0B | 5.2B | 5.2B | 7.1B | 8.0B | 8.0B | 5.6B | 2.7B | 3.7B | 3.6B | 5.9B | 2.3B | 2.3B |
| Balance Sheet | |||||||||||||
| Net Debt | 454M | 3.9B | 3.4B | 3.0B | 2.7B | 2.5B | 354M | 987M | 1.0B | 946M | 939M | 1.1B | 1.7B |
| Cash & Equiv. | 574M | 684M | 692M | 802M | 887M | 886M | 1.7B | 1.2B | 1.2B | 1.3B | 1.6B | 1.6B | 1.0B |
| Long-Term Debt | 940M | 4.4B | 3.7B | 3.7B | 3.5B | 3.2B | 2.0B | 2.2B | 2.2B | 2.1B | 2.5B | 2.6B | 2.7B |
| Debt/Equity | 0.47 | 1.35 | 1.22 | 0.96 | 0.89 | 0.91 | 0.63 | 0.82 | 0.89 | 1.00 | 1.15 | 1.09 | 1.20 |
| Interest Coverage | 8.6 | 0.4 | 1.5 | 2.8 | 2.0 | 2.5 | 2.4 | 2.6 | 5.9 | 2.0 | 4.5 | 5.6 | 263.5 |
| Equity | 2.2B | 3.4B | 3.4B | 4.0B | 4.1B | 3.7B | 3.3B | 2.7B | 2.5B | 2.2B | 2.2B | 2.5B | 2.3B |
| Total Assets | 6.1B | 14.0B | 13.7B | 14.4B | 14.7B | 14.6B | 13.0B | 11.7B | 11.1B | 11.2B | 12.1B | 12.2B | 12.0B |
| Total Liabilities | 3.9B | 10.4B | 10.1B | 10.2B | 10.4B | 10.7B | 9.6B | 8.9B | 8.5B | 8.8B | 9.7B | 9.5B | 9.5B |
| Intangibles | 90M | 659M | 479M | 415M | 320M | 100M | 77M | 55M | 36M | 18M | 6.9M | 183M | 178M |
| Retained Earnings | 677M | 522M | 618M | 962M | 948M | 600M | 174M | -504M | -702M | -1.1B | -1.3B | -1.2B | -1.5B |
| Working Capital | 978M | 1.4B | 696M | 1.1B | 998M | 1.1B | 1.4B | 652M | 419M | 319M | 682M | 801M | 618M |
| Current Assets | 3.4B | 6.2B | 6.0B | 6.7B | 7.1B | 7.5B | 7.5B | 6.2B | 5.8B | 6.2B | 7.1B | 6.7B | 6.5B |
| Current Liabilities | 2.5B | 4.8B | 5.3B | 5.6B | 6.1B | 6.5B | 6.1B | 5.5B | 5.4B | 5.9B | 6.4B | 5.9B | 5.9B |
| Per Share Data | |||||||||||||
| EPS | 2.33 | -1.04 | 0.62 | 2.13 | 0.84 | -1.63 | -1.16 | 1.16 | 2.18 | 0.39 | 2.95 | 4.21 | 3.88 |
| Owner EPS | 2.34 | 0.53 | 2.21 | 2.10 | 2.67 | 2.83 | 0.24 | 3.24 | 3.54 | 3.34 | 4.31 | 4.38 | 2.25 |
| Book Value | 22.16 | 22.89 | 21.72 | 25.08 | 25.19 | 23.04 | 20.49 | 18.17 | 17.38 | 15.59 | 16.02 | 18.68 | 17.71 |
| Cash Flow/Share | 3.66 | 5.13 | 5.25 | 4.37 | 4.77 | 4.86 | 2.05 | 4.72 | 5.01 | 4.91 | 6.07 | 6.16 | 5.53 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.44 | 0.68 | 0.85 | 1.00 | 1.13 |
| Shares Out. | 98.6M | 148.9M | 155.0M | 159.3M | 162.5M | 160.2M | 160.7M | 149.3M | 142.5M | 141.9M | 136.4M | 133.4M | 128.2M |
| Valuation | |||||||||||||
| P/E Ratio | 14.3 | N/A | 45.7 | 16.7 | 37.4 | N/A | N/A | 53.9 | 30.9 | 209.2 | 34.5 | 30.5 | 18.2 |
| P/FCF | 11.2 | 5.8 | 7.1 | 9.3 | 7.7 | 8.5 | 29.4 | 16.4 | 16.7 | 19.6 | 19.6 | 25.1 | 22.0 |
| EV/EBIT | 7.9 | 54.2 | 18.9 | 12.1 | 16.4 | 18.4 | 13.0 | 14.4 | 14.6 | 34.7 | 16.0 | 16.3 | 10.7 |
| Price/Book | N/A | 1.1 | 1.3 | 1.4 | 1.2 | 1.6 | 1.9 | 3.4 | 3.9 | 5.2 | 6.4 | 6.9 | 4.0 |
| Price/Sales | 0.4 | 0.2 | 0.3 | 0.3 | 0.3 | 0.4 | 0.5 | 0.6 | 0.7 | 0.8 | 0.7 | 0.9 | 0.6 |
| FCF Yield | 9.0% | 17.3% | 14.2% | 10.8% | 13.0% | 11.8% | 3.4% | 6.1% | 6.0% | 5.1% | 5.1% | 4.0% | 4.5% |
| Market Cap | 3.3B | 3.8B | 4.4B | 5.7B | 5.1B | 5.7B | 6.3B | 9.3B | 9.6B | 11.6B | 13.9B | 17.2B | 9.0B |
| Avg. Price | 30.91 | 29.29 | 29.28 | 32.64 | 33.78 | 31.18 | 38.01 | 56.19 | 68.59 | 80.99 | 88.45 | 108.01 | 70.56 |
| Year-End Price | 33.23 | 25.22 | 28.35 | 35.59 | 31.41 | 35.86 | 39.34 | 62.47 | 67.45 | 81.60 | 101.72 | 128.59 | 70.56 |
AECOM passes 6 of 9 quality checks, suggesting mixed fundamentals.
AECOM trades at 20.0x trailing earnings, compared to its 15-year median P/E of 34.5x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 14.8x vs a median of 16.5x. The company's 5-year average ROIC is 15.8% with a gross margin of 6.7%. Total shareholder yield (dividends + buybacks) is 9.3%. At current prices, the estimated annualized return to fair value is +10.6%.
AECOM (ACM) has a net profit margin of 3.5%. This is a modest margin.
AECOM (ACM) generated $685 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
AECOM (ACM) has a debt-to-equity ratio of 1.09. This indicates moderate leverage.
AECOM (ACM) reported earnings per share (EPS) of $4.21 in its most recent fiscal year.
AECOM (ACM) has a return on equity (ROE) of 24.0%. This indicates the company generates strong returns for shareholders.
AECOM (ACM) has a 5-year average gross margin of 6.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for AECOM (ACM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
AECOM (ACM) has a book value per share of $18.68, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects strong revenue growth in the second half of fiscal 2026 supported by record backlog and a book-to-burn ratio above 1.0 for 21 consecutive quarters, with particular acceleration anticipated in the Middle East and international markets as delayed projects begin execution. The company is increasing full-year adjusted EBITDA and EPS guidance for the second time in fiscal 2026, reflecting operational outperformance, strong funding across core markets, and successful execution of strategic initiatives including AI deployment and advisory service expansion. Margin expansion is expected to continue as the company unlocks capacity for strategic investments while maintaining operational efficiencies, with confidence in delivering on long-term targets of 5–8% annual revenue growth and a 20% margin exit rate by fiscal 2028. The advisory business is on track to double its net service revenue within three years, and nuclear fusion work is expected to deliver nine figures of revenue in coming years, positioning the company for sustained long-term value creation.
Based on recent SEC filings and earnings calls, AECOM (ACM) has provided the following forward guidance: Adjusted EPS: 14% increase at midpoint (FY2026); Adjusted EBITDA: 7% increase at midpoint (FY2026); Free cash flow conversion: 100%+ of adjusted net income (FY2026).