Aecom (ACM) Stock

Aecom (ACM) is a Technology stock trading at $62.76 (as of 2026-08-25), with a market capitalization of $8.07B and a trailing P/E of 28.0. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

AECOM, together with its subsidiaries, provides professional infrastructure consulting services for governments, businesses, and organizations in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates through three segments: Americas, International, and AECOM Capital. The company offers planning, consulting, architectural and engineering design, construction and program management, and investment and development services to commercial and government clients. It also invests in and develops real estate projects. In addition, the company provides construction services, including building construction and energy, and infrastructure and industrial construction. It serves transportation, water, government, facilities, environmental, and energy sectors. The company was formerly known as AECOM Technology Corporation and changed its name to AECOM in January 2015. AECOM was incorporated in 1980 and is headquartered Dallas, Texas.

Understand Aecom: how it makes money

AECOM provides planning, design, engineering, and construction management for public and private infrastructure, earning fees on consulting work and pass-through charges on construction projects. Roughly 80% of revenue comes from the Americas, with the design fee business carrying the profit while construction management moves volume.

Profit depends on project start timing: design and consulting fees carry the margin, but a largely fixed personnel base means any slowdown in new awards sends operating margin negative almost immediately.

Revenue by segment (latest quarter)
Americas$2.9B
International$0.9B

Business quality (Weak): Negative gross and operating margins in the current quarter, a 29x P/E, and a 14% revenue decline mark this as a cyclical trough with execution risk, not a structural quality story.

Valuation: Trades at 29× trailing earnings · $8.4B market cap.

Bull case

  • Record backlog secures visibility: Management cited record wins and backlog that provide multi-year revenue visibility, meaning near-term revenue is increasingly locked in regardless of new-project timing.
  • Water pipeline signals demand: The U.S. water pipeline expanded 30%, a sector driven by mandated infrastructure investment that should convert to design and consulting fees over the next several years.
  • Toxic work being pruned: New risk controls now prohibit future design-build P3 projects in construction management, removing the contract type most prone to cost overruns and margin erosion.

Bear case

  • Margins turned negative: Gross margin sat at -1% and operating margin at -2% in the latest quarter (10-Q), meaning the company is spending more than it bills at every level while revenue is still declining 14% year over year.
  • Middle East drag persists: NSR growth fell short because construction-management starts were slower and Middle East conflict continued; hospitality, tourism, and developer-related markets in the region remain difficult, capping the International segment's recovery.
  • Debt raises the cost bar: Higher debt balances are expected to increase fiscal 2027 interest expense by $30 million to $35 million, adding a fixed charge that must be covered before any operational recovery shows up to shareholders.
Valuation — source: SEC EDGAR (first-party)
Price$62.76
Market Cap$8.07B
P/E Ratio28.0
EV / EBITDA8.4
Price / Book3.36
Price / Sales0.52
FCF Yield1.4%
DCF Value (model)$289.73
DCF Upside vs Price361.6%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$16.14B
Net Margin3.5%
Revenue Growth (YoY)-14.2%
EPS Growth (YoY)-167.7%
FCF Growth (YoY)-79.0%
Financial Health — source: SEC EDGAR
Altman Z-Score2.06 (grey)
Piotroski F-Score8/9 (strong)
Valuation vs Sector & Industry
Stock P/E28.0
Sector P/E (Technology)34.1
Industry P/E (Business Services)30.0
vs Sector-18.0%
vs Industry-6.5%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($1.34B)
Institutional Holders Tracked10
Congressional Trades (recent)1
Company
SectorTechnology
IndustryBusiness Services
CEOW. Troy Rudd
Employees51,000
CountryUS
IPO Date2007-12-13

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ACM earnings history · ACM institutional & insider holders · ACM KPIs & operating metrics · ACM financials · ACM investor presentations & press releases · ACM SEC filings · ACM peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-25.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.