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Friday 6 November 2026
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AECOM
ACM Industrials Engineering & Construction
AECOM’s revenue for fiscal 2025 (year ended September 2025) was $16.1 billion, roughly unchanged from fiscal 2024.
- Revenue
- −14.2%
- EPS
- −167.7%
- Free cash flow
- −79.0%
- Total debt
- +7.44%
Quarter to June 2026, against a year earlier
66.80
1.40
−2.05%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to September
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 17,411 | 18,203 | 13,878 | 13,642 | 13,240 | 13,341 | 13,148 | 14,378 | 16,106 | 16,140 | 15,393 | (0.8%) | 15,316 | 16,581 | 17,671 | +3.1% | |
| Gross margin, % | 3.69 | 3.76 | 3.45 | 4.48 | 5.36 | 5.98 | 6.45 | 6.58 | 6.73 | 7.54 | 5.68 | +3.8 pt | ||||||
| EBT | 126 | 429 | 212 | 249 | 233 | 409 | 551 | 213 | 718 | 916 | 521 | +24.7% | ||||||
| EBT margin, % | 0.72 | 2.36 | 1.53 | 1.83 | 1.76 | 3.06 | 4.19 | 1.48 | 4.46 | 5.67 | 3.38 | +5.0 pt | ||||||
| Net income | 163 | 421 | 197 | (184) | (154) | 203 | 335 | 100 | 460 | 636 | 339 | +16.3% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 112.49 | 116.89 | 87.23 | 86.87 | 83.27 | 90.58 | 93.40 | 103.73 | 118.82 | 121.93 | 119.73 | +0.9% | |||||
| Earnings | 0.62 | 2.18 | 0.86 | (1.66) | (1.17) | 1.18 | 2.21 | 0.40 | 2.97 | 4.24 | 2.21 | +23.8% | ||||||
| Cash flow | 5.26 | 4.47 | 4.87 | 4.95 | 2.07 | 4.78 | 5.07 | 5.02 | 6.11 | 6.21 | 2.84 | +1.9% | ||||||
| Capex | (0.88) | (0.50) | (0.55) | (0.53) | (0.70) | (0.82) | (0.91) | (0.76) | (0.88) | (1.03) | (1.26) | +1.7% | ||||||
| Free cash flow | 4.38 | 3.97 | 4.32 | 4.42 | 1.38 | 3.96 | 4.16 | 4.26 | 5.23 | 5.18 | 1.58 | +1.9% | ||||||
| Book value | 22.95 | 27.06 | 26.89 | 24.83 | 21.47 | 19.21 | 18.51 | 17.20 | 17.49 | 20.37 | 18.66 | (1.3%) | ||||||
| Shares, m | 155 | 156 | 159 | 157 | 159 | 147 | 141 | 139 | 136 | 132 | 130 | (1.7%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 47.19 | 17.00 | 38.12 | 0.00 | 0.00 | 53.07 | 31.08 | 207.85 | 34.65 | 30.77 | 30.23 | 46.0 | |||||
| P/S | 0.26 | 0.32 | 0.38 | 0.43 | 0.50 | 0.70 | 0.73 | 0.78 | 0.87 | 1.07 | 0.56 | 0.6 | ||||||
| P/B | 1.30 | 1.37 | 1.22 | 1.51 | 1.95 | 3.29 | 3.69 | 4.71 | 5.91 | 6.41 | 3.58 | 3.1 | ||||||
| EV/Sales | 0.46 | 0.48 | 0.57 | 0.61 | 0.53 | 0.77 | 0.81 | 0.85 | 0.93 | 1.14 | 0.67 | 0.7 | ||||||
| EV/FCF | 11.74 | 14.25 | 11.56 | 11.93 | 32.02 | 17.62 | 18.19 | 20.61 | 21.08 | 26.84 | 50.49 | 18.6 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 814 | 697 | 775 | 778 | 330 | 705 | 714 | 696 | 827 | 822 | 365 | +0.1% | |||||
| Capex | (137) | (78) | (87) | (83) | (111) | (121) | (128) | (105) | (119) | (136) | (162) | 0.0% | ||||||
| Free cash flow | 677 | 618 | 688 | 694 | 219 | 583 | 586 | 591 | 708 | 685 | 204 | +0.1% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 696 | 1,104 | 950 | 1,073 | 1,440 | 652 | 419 | 319 | 682 | 801 | 340 | +1.6% | |||||
| Net debt | 3,350 | 3,041 | 2,732 | 2,383 | 353 | 978 | 1,028 | 940 | 933 | 1,124 | 1,699 | (11.4%) | ||||||
| Shareholders’ equity | 3,552 | 4,215 | 4,278 | 3,899 | 3,414 | 2,830 | 2,605 | 2,384 | 2,370 | 2,696 | 2,399 | (3.0%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 0.69 | 2.42 | 0.94 | (1.79) | (1.35) | 1.40 | 2.72 | 0.49 | 3.45 | 4.63 | 2.37 | +3.9 pt | |||||
| ROIC | 3.40 | 5.63 | 3.50 | 3.94 | 6.33 | 10.33 | 11.13 | 6.10 | 15.65 | 16.80 | 9.62 | +13.4 pt | ||||||
| ROE | 2.68 | 8.74 | 3.21 | (6.38) | (5.10) | 5.55 | 11.43 | 2.22 | 16.92 | 22.18 | 11.30 | +19.5 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 87,000 | 87,000 | 87,000 | 86,000 | 54,000 | 51,000 | 50,000 | 52,000 | 51,000 | 51,000 | — | (5.8%) | |||||
| Revenue/emp, $m | 0.20 | 0.21 | 0.16 | 0.16 | 0.25 | 0.26 | 0.26 | 0.28 | 0.32 | 0.32 | — | +5.2% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Sep 2025 · latest quarter Jun 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Americas | 12,526 | 77.61% |
|---|---|---|
| International | 3,613 | 22.39% |
| AECOM Capital | 1 | 0.00% |
| Gross margin | 7.54% | |
| Operating margin | 6.36% | |
| Pre-tax margin | 5.67% |
AECOM vs peers in Engineering & Construction (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| MTZ MasTec, Inc. | $12.8B | 25.1× | 32.3× | +29.88% (above 0%: growing) | +2.46% (above 0%: growing) | +473.20% (above 0%: growing) | 12.83% | 5.35% | Compare |
| TTEK Tetra Tech, Inc. | $10.4B | 24.2× | 23.8× | −4.47% (below 0%: shrinking) | −2.33% (below 0%: shrinking) | −34.95% (below 0%: shrinking) | 18.59% | 12.07% | Compare |
| ACM AECOM | $8.6B | 30.2× | 24.2× | −14.18% (below 0%: shrinking) | n/m | −78.95% (below 0%: shrinking) | (0.95%) | (2.12%) | |
| STRL Sterling Infrastructure, Inc. | $7.5B | 13.2× | 19.7× | +126.98% (above 0%: growing) | +148.46% (above 0%: growing) | −16.84% (below 0%: shrinking) | 24.12% | 19.62% | Compare |
| FLR Fluor Corporation | $6.0B | — (loss-making) | 13.2× | +8.82% (above 0%: growing) | n/m | −825.71% (below 0%: shrinking) | 4.13% | 3.12% | Compare |
| IESC IES Holdings, Inc. | $5.9B | 12.8× | 17.8× | +39.60% (above 0%: growing) | +98.70% (above 0%: growing) | −14.63% (below 0%: shrinking) | 27.41% | 14.37% | Compare |
| DY Dycom Industries, Inc. | $5.8B | 17.4× | 20.0× | +45.57% (above 0%: growing) | +13.95% (above 0%: growing) | +106.51% (above 0%: growing) | 21.96% | 9.57% | Compare |
| GVA Granite Construction Incorporated | $5.3B | — (loss-making) | — (loss-making) | +23.22% (above 0%: growing) | −97.02% (below 0%: shrinking) | −9.92% (below 0%: shrinking) | 19.01% | 12.70% | Compare |
| ROAD Construction Partners, Inc. | $4.4B | 30.2× | 31.2× | +28.25% (above 0%: growing) | +33.75% (above 0%: growing) | −19.66% (below 0%: shrinking) | 16.85% | 10.94% | Compare |
| Median of peers | $5.9B | 20.8× | 20.0× | +29.06% | +13.95% | −15.73% | 18.80% | 11.51% |
From the latest earnings call
- CEO Troy Rudd attributed the construction project charge mainly to delays and said the project is now expected to be substantially complete near the end of Q2 FY2027.
- Rudd said backlog rose 13% in the quarter, while slower construction project starts and the Middle East conflict held net service revenue growth below expectations.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
91.60%
Held by the ten largest
48.31%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 14.38m | 11.17% | −1.38m |
| Vanguard | 12.31m | 9.56% | +21.70k |
| PRIMECAP Management | 8.79m | 6.83% | +139.97k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | 5.50m | 4.27% | +2.64m |
| UBS | 5.26m | 4.09% | +353.16k |
| State Street | 4.11m | 3.19% | −935.36k |
| Fidelity (FMR) | 3.76m | 2.92% | +1.65m |
| Invesco | 3.19m | 2.48% | −383.48k |
| Geode Capital Management | 2.45m | 1.90% | −23.71k |
| First Trust | 2.44m | 1.90% | −582.79k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 20 January 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 15.97m | 28.19m | 323.00 |
| 2024 | 14.44m | 28.16m | 253.00 |
| 2023 | 11.46m | 19.08m | 201.00 |
| 2022 | 9.50m | 14.79m | 164.00 |
| 2021 | 6.52m | 20.56m | 151.00 |
Ownership
Directors and executive officers, together
less than 1%
The Vanguard Group
10.18%
BlackRock, Inc.
10.06%
PRIMECAP Management Company
7.41%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
AECOM (ACM) Latest News
26 Oct
6 Oct
1 Oct
22 Sep
11 Aug
ACM metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
AECOM provides infrastructure consulting and advisory services to governments, businesses and other organizations. Its work spans transportation, buildings and other facilities, water, the environment and energy. Founded in 1990, the company is headquartered in Los Angeles, and Troy Rudd is its chief executive.
AECOM helps clients plan, design and manage infrastructure projects. Its services include engineering and architectural design, advice on project strategy and costs, environmental work, and management of construction and larger programs. For example, its water work includes designing treatment facilities, supply systems and water reuse projects. Its transportation work includes rail, highways, bridges, ports and airports.