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Global engineering, design and construction-management consulting firm for infrastructure, transportation and environmental projects.
Global engineering, design and construction-management consulting firm for infrastructure, transportation and environmental projects.
Gets paid fees for engineering, design and project-management work on large public programmes, usually under multi-year framework contracts, with US infrastructure agencies the largest source. Some work is cost-reimbursable. It has been reducing construction and government-services exposure to focus on design and management.
Moat: narrow (scale, installed base, brand). Long track record on large public infrastructure programs and deep government relationships.
Headquarters: Dallas, Texas, US · Founded: 1990 · Employees: 51,000
Size Aecom (ACM) is a United States Industrials company (Engineering & Construction) with a market value of $8.59B, the 855th largest of 3,117 United States companies the cockpit tracks. Shares closed at $66.74 on 6 Nov 2026.
Performance Over six months the shares fell 17.2%, against -10.1% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 4.2% over the last twelve months (peer median +3.7%); the operating margin is 4.7% (peer median 7.3%).
Valuation It trades at 11.0× forward earnings against a peer median of 12.3× (10th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.2 points above its cost of capital (8.3% WACC).
Backlog Backlog (remaining performance obligations) was $20.4B at 30 Jun 2026, up 14% on a year earlier — 1.3 years of trailing revenue. Backlog detail →
Credit Aecom has 1 bond outstanding ($1.20B), rated BB by the agencies and trading like BB+ at a weighted spread of 165 bp.
Short interest Short interest is 4.8% of the free float (15 Oct 2026).
Next results Next results expected around 16 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $15.4B | $16.1B | $16.1B | $14.4B | $13.1B |
| Revenue growth | — | 0% | +12% | +9% | — |
| Gross profit | $874M | $1.24B | $1.12B | $986M | $892M |
| EBITDA | $930M | $1.23B | $1.10B | $963M | $867M |
| Net income | $361M | $562M | $402M | $55.3M | $311M |
| Free cash flow | $203M | $685M | $708M | $590M | $577M |
| Capital expenditure | $162M | $137M | $120M | $106M | $137M |
| Total debt | $3.33B | $3.36B | $3.16B | $2.89B | $2.95B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Aecom ACM | $8.59B | -17% | -4% | 5% | 11.0× | 7.3% |
| Jacobs Solutions J | $17.4B | +26% | +20% | 5% | 18.6× | 15.8% |
| Stantec STN.TO | $8.42B | -16% | +10% | 10% | 16.0× | 3.9% |
| WSP Global WSP.TO | $17.5B | -19% | +10% | 10% | 14.4× | 0.0% |
| Atkinsrealis ATRL.TO | $9.94B | -7% | +15% | 7% | 19.9× | 11.4% |
| Tetra Tech TTEK | $10.3B | +33% | -8% | 12% | 24.0× | 8.3% |
| Parsons PSN | $5.16B | -1% | -3% | 5% | 14.8× | 8.4% |
| Fluor FLR | $6.22B | +7% | -5% | -2% | 14.2× | n/a |
| Arcadis ARCAD.AS | $4.42B | +31% | -1% | 6% | 15.0× | 5.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ACM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.2% | +0.7% | 4th highest of 21 |
| 6-month return | -17.2% | -10.1% | 7th lowest of 21 |
| Distance from 52-week high | -50.8% | -23.5% | 3rd lowest of 21 |
| Revenue growth (TTM) | -4.2% | +3.7% | 6th lowest of 21 |
| Operating margin | 4.7% | 7.3% | 9th lowest of 21 |
| Forward P/E | 11.0× | 12.3× | 10th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 7.3% | 5.2% | 7th most demanding of 16 |
| Growth delivered (Del g) | +4.0% | +11.5% | 3rd lowest of 16 |
| Hurdle (Req g minus delivered) | +3.3 pp | -7.5 pp | 3rd most demanding of 16 |
| ROIC minus cost of capital | +3.2 pp | +2.2 pp | 10th highest of 20 |
| EV / EBITDA | 11.9× | 9.6× | 4th most expensive of 14 |
| Net debt / EBITDA | 2.5× | 0.4× | 3rd most indebted of 14 |
| Bond spread | 165 bp | 104 bp | 2nd widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Aecom ACM | United States | $8.59B | -17% | -4% | 5% | 11.0× | 7.3% | +4.0% |
| SamsungE&A 028050.KS | South Korea | $8.73B | +14% | +19% | 11% | 13.6× | -2.1% | +6.1% |
| Stantec STN.TO | Canada | $8.42B | -16% | +10% | 10% | 16.0× | 3.9% | +11.5% |
| JSW Infrastructure JSWINFRA.NS | India | $8.33B | +20% | +17% | 36% | 46.8× | n/a | n/a |
| Shimizu 1803.T | Japan | $8.30B | -35% | +6% | 6% | 7.8× | n/a | n/a |
| Saipem SPM.MI | Italy | $9.38B | -9% | +2% | 4% | 27.1× | 6.9% | +16.1% |
| Sterling Infrastructure STRL | United States | $7.71B | -70% | +93% | 19% | 9.4× | 8.8% | +11.8% |
| Metallurgical Corporation of China 1618.HK | Hong Kong | $7.67B | -14% | -18% | -4% | 5.1× | 5.2% | +1.9% |
| Atkinsrealis ATRL.TO | Canada | $9.94B | -7% | +15% | 7% | 19.9× | 11.4% | +9.6% |
| Tetra Tech TTEK | United States | $10.3B | +33% | -8% | 12% | 24.0× | 8.3% | +12.7% |
| Technip Energies TE.PA | France | $6.83B | -8% | +2% | 4% | 18.9× | -6.5% | +4.6% |
| Taisei 1801.T | Japan | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% | +7.1% |
| China National Chemical Engineering 601117.SS | China | $6.68B | -15% | +2% | 5% | 6.4× | -17.3% | +11.6% |
| Sichuan Road & Bridge 600039.SS | China | $11.4B | +8% | +8% | 10% | 9.7× | -5.0% | +12.3% |
| China Railway Construction 601186.SS | China | $11.4B | -11% | -9% | 4% | 4.9× | n/a | n/a |
| Power Construction Corporation of China 601669.SS | China | $11.5B | -20% | -2% | 4% | 8.4× | n/a | n/a |
| Eiffage FGR.PA | France | $11.5B | -20% | +5% | 10% | 9.3× | -6.9% | +9.4% |
| IES IESC | United States | $6.38B | +32% | +23% | 12% | 12.6× | 11.2% | +22.9% |
| Dycom Industries DY | United States | $6.26B | -52% | +38% | 8% | 12.1× | 11.6% | +11.6% |
| Fluor FLR | United States | $6.22B | +7% | -5% | -2% | 14.2× | n/a | n/a |
| Skanska SKA-B.ST | Sweden | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% | +2.0% |
Aecom has 1 bond outstanding with $1.20B face value. The agencies rate it BB; its bonds trade like BB+. Weighted yield 6.41%, a spread of 165 bp over government bonds.
Aecom reported $20.4B of remaining performance obligations at 30 Jun 2026, up 14% from a year earlier and up 1% from the previous quarter. That is 1.3 years of trailing revenue already under contract. Book-to-bill last quarter: 1.08.