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Canadian construction and infrastructure company delivering civil, urban transportation, nuclear, utility and energy infrastructure projects.
Canadian construction and infrastructure company delivering civil, urban transportation, nuclear, utility and energy infrastructure projects.
Earns on large civil, nuclear and utility projects won through bids or negotiated agreements, with revenue booked as work progresses, so profit depends on controlling costs on fixed-price jobs. Ontario's nuclear refurbishments are a major source of its nuclear work, and public bodies and utilities supply much of its backlog.
In one line: An infrastructure/civil construction contractor like a smaller Fluor Corporation.
Moat: narrow (customer qualification, process know-how). Specialised nuclear and major-infrastructure project qualifications limit the pool of capable competitors.
Headquarters: Toronto, Canada · Founded: 1877 · Employees: 9,180
Size Aecon (ARE.TO) is a Canada Industrials company (Engineering & Construction) with a market value of $2.59B, the 167th largest of 420 Canada companies the cockpit tracks. Shares closed at C$52.95 on 6 Nov 2026.
Performance Over six months the shares fell 3.9%, against -6.9% for the median peer and +5.2% for the Canada market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 23.1% over the last twelve months (peer median +8.5%); the operating margin is 2.2% (peer median 5.4%).
Valuation It trades at 26.3× forward earnings against a peer median of 13.5× (4th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.2 points above its cost of capital (8.2% WACC).
Next results Next results expected around 10 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$6.35B | C$5.43B | C$4.24B | C$4.64B | C$4.70B |
| Revenue growth | — | +28% | -9% | -1% | — |
| Gross profit | C$484M | C$288M | C$94.5M | C$177M | C$262M |
| EBITDA | C$258M | C$149M | -C$20.8M | C$77.8M | C$160M |
| Net income | -C$52.4M | C$15.2M | -C$59.5M | C$162M | C$30.4M |
| Free cash flow | C$621M | C$60.1M | -C$23.1M | C$46.4M | -C$142M |
| Capital expenditure | C$127M | C$67.8M | C$53.3M | C$24.0M | C$41.3M |
| Total debt | C$887M | C$601M | C$465M | C$418M | C$909M |
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 |
|---|---|---|---|---|---|---|
| Aecon ARE.TO | $2.59B | -4% | +23% | 2% | 26.3× | 5.1% |
| Bird Construction BDT.TO | $2.70B | +28% | +7% | 4% | 21.5× | 6.1% |
| Atkinsrealis ATRL.TO | $9.94B | -7% | +15% | 7% | 19.9× | 11.4% |
| Fluor FLR | $6.22B | +7% | -5% | -2% | 14.2× | n/a |
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 | ARE.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.1% | -0.9% | 11th highest of 21 |
| 6-month return | -3.9% | -6.9% | 9th highest of 21 |
| Distance from 52-week high | -11.7% | -24.1% | 4th highest of 21 |
| Revenue growth (TTM) | +23.1% | +8.5% | 3rd highest of 21 |
| Operating margin | 2.2% | 5.4% | 4th lowest of 21 |
| Forward P/E | 26.3× | 13.5× | 4th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 5.1% | -1.4% | 5th most demanding of 17 |
| Growth delivered (Del g) | +8.3% | +9.5% | 7th lowest of 17 |
| Hurdle (Req g minus delivered) | -3.3 pp | -9.9 pp | 5th most demanding of 17 |
| ROIC minus cost of capital | +4.2 pp | +6.0 pp | 10th lowest of 21 |
| Net debt / EBITDA | -0.7× | 0.3× | 5th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Aecon ARE.TO | Canada | $2.59B | -4% | +23% | 2% | 26.3× | 5.1% | +8.3% |
| Cemindia Projects CEMPRO.NS | India | $2.58B | +36% | +10% | 9% | 32.8× | 42.2% | +29.9% |
| Toda 1860.T | Japan | $2.58B | -3% | +10% | 6% | 11.1× | -0.8% | +5.0% |
| Tecnicas Reunidas TRE.MC | Spain | $2.57B | -5% | +33% | 4% | 13.5× | -2.5% | +12.9% |
| Bilfinger GBF.DE | Germany | $2.57B | -31% | +6% | 5% | 15.5× | -6.7% | +9.4% |
| Shanghai Tunnel Engineering 600820.SS | China | $2.56B | -9% | -9% | 6% | 8.0× | -0.6% | +1.4% |
| Keller KLR.L | United Kingdom | $2.63B | +24% | +10% | 7% | 11.8× | 4.4% | +8.4% |
| Koninklijke Heijmans HEIJM.AS | Netherlands | $2.55B | -7% | +11% | 6% | 13.5× | 3.9% | +9.7% |
| Bird Construction BDT.TO | Canada | $2.70B | +28% | +7% | 4% | 21.5× | 6.1% | +17.7% |
| Kalpataru Projects International KPIL.NS | India | $2.48B | +6% | +15% | 6% | 18.6× | 14.9% | +16.0% |
| Elecnor ENO.MC | Spain | $2.76B | -30% | +7% | 4% | 17.0× | -4.9% | +12.3% |
| Arcplus 600629.SS | China | $2.43B | -17% | -25% | -3% | 38.4× | n/a | n/a |
| Morgan Sindall MGNS.L | United Kingdom | $2.77B | -7% | +11% | 5% | 11.7× | -4.7% | +10.6% |
| AF Gruppen AFG.OL | Norway | $2.42B | +13% | +11% | 5% | 16.2× | -9.7% | +3.4% |
| Peab PEAB-B.ST | Sweden | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% | -0.4% |
| Webuild WBD.MI | Italy | $2.39B | -22% | +2% | -1% | 6.5× | -2.1% | +24.4% |
| EXEO 1951.T | Japan | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% | +6.6% |
| Shanghai Construction 600170.SS | China | $2.89B | -20% | -22% | 1% | 16.7× | -10.4% | -2.3% |
| Jgc 1963.T | Japan | $2.94B | -18% | -15% | 6% | 10.0× | n/a | n/a |
| ACME Solar ACMESOLAR.NS | India | $2.95B | +32% | +54% | 66% | 29.6× | n/a | n/a |
| Penta-Ocean Construction 1893.T | Japan | $2.25B | -29% | +7% | 7% | 8.9× | n/a | n/a |