olivLaw · US equity research
AECOM ACM
Services-Engineering Services · SIC 8711 · Vertical: Services-Engineering Services (SIC 8711)
AECOM is one of the largest global providers of consulting, design and program management services for infrastructure, serving government and private clients in transportation, water, facilities and energy. In its third quarter of fiscal 2026 the company reported a 337 million USD pre-tax loss on a construction management project, while its backlog rose to a record level, which puts project execution and cash flow in focus.
At the close of 04 Nov 2026, AECOM (ACM) stock was 68.20 USD (+2.94% on the day), with market capitalisation 8.8 bn USD, P/E 31.3 on diluted EPS of 2.18 USD over the last 12 months, dividend yield 1.74%, beta 0.83, 52-week range 58.02–133.80 USD. Latest reported quarter (Q3 2026): revenue of 3.6 bn USD (−14.2% YoY), net income of -86.7 m USD (−166.2% YoY), diluted EPS -0.67 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 74.7
- overbought (≥ 70)
- Bollinger (20, 2)
- 55.54 – 66.74
- above the upper band · %B 1.13 · band width 18.3%
- SMA 50 / 200
- 62.22 / 75.67
- mixed trend
- MACD (12, 26, 9)
- 1.26 / 0.24
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.1% | −2.0% | +16.1 pp | — |
| 3 months | −8.9% | −2.2% | −6.8 pp | — |
| 6 months | −18.7% | +4.3% | −23.0 pp | — |
| Year to date | −28.5% | +10.6% | −39.0 pp | — |
| 1 year | −47.9% | +10.5% | −58.3 pp | −0.4% |
| 3 years | −13.7% | +73.7% | −87.3 pp | +152.3% |
| 5 years | −2.5% | +61.7% | −64.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.1 bn | 4.0 bn | 3.8 bn | 4.2 bn | 4.2 bn | 3.8 bn | 3.8 bn | 3.6 bn |
| Cost of revenue | 3.8 bn | 3.7 bn | 3.5 bn | 3.9 bn | 3.8 bn | 3.5 bn | 3.5 bn | 3.6 bn |
| Gross profit | 294.2 m | 268.4 m | 290.8 m | 327.0 m | 330.6 m | 281.0 m | 296.5 m | -34.0 m |
| Operating income | 236.4 m | 237.5 m | 257.6 m | 294.1 m | 237.4 m | 222.0 m | 247.8 m | -76.0 m |
| Depreciation & amortisation | 44.9 m | 42.3 m | 41.5 m ≈ | 44.5 m ≈ | 47.5 m | 52.0 m | 59.5 m ≈ | 55.9 m ≈ |
| Interest expense | 45.1 m | 43.0 m | 42.2 m | 40.2 m | 58.9 m | 45.3 m | 50.6 m | 47.6 m |
| Pre-tax income | 217.9 m | 218.0 m | 221.1 m | 268.8 m | 207.7 m | 198.3 m | 221.5 m | -106.6 m |
| Income tax | 34.8 m | 29.2 m | 51.2 m | 65.1 m | 58.4 m | 39.1 m | 26.8 m | -26.6 m |
| Net income | 172.5 m | 167.0 m | 143.4 m | 131.0 m | 120.4 m | 74.5 m | 179.9 m | -86.7 m |
| Diluted EPS | 1.28 ≈ | 1.25 | 1.08 | 0.98 | 0.90 ≈ | 0.56 | 1.39 | -0.67 |
| Operating cash flow | 298.8 m | 151.1 m | 190.7 m ≈ | 283.7 m ≈ | 196.1 m | 70.2 m | 3.8 m ≈ | 95.2 m ≈ |
| Capex | 24.3 m | 40.2 m | 12.4 m ≈ | 22.0 m ≈ | 62.0 m | 28.3 m | 31.2 m ≈ | 40.3 m ≈ |
| Dividends paid | 29.9 m | 29.1 m | 35.5 m ≈ | 34.5 m ≈ | 34.4 m | 35.4 m | 40.4 m ≈ | 39.8 m ≈ |
| Share repurchases | 315.4 m | 55.2 m | 78.5 m ≈ | 4.7 m ≈ | 250.1 m | 325.9 m | 116.0 m ≈ | -6.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 26-quarter history (min 16.3, median 31.5, max 211.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13.9 bn | 13.6 bn | 13.2 bn | 13.3 bn | 13.1 bn | 14.4 bn | 16.1 bn | 16.1 bn |
| Revenue YoY | −23.8% | −1.7% | −3.0% | +0.8% | −1.4% | +9.4% | +12.0% | +0.2% |
| Net income | 136.5 m | -261.1 m | -186.4 m | 173.2 m | 310.6 m | 55.3 m | 402.3 m | 561.8 m |
| Net income YoY | −59.8% | −291.3% | unavailable | unavailable | +79.4% | −82.2% | +627.0% | +39.7% |
| Diluted EPS | 0.84 | -1.63 | -1.16 | 1.16 | 2.18 | 0.39 | 2.95 | 4.21 |
| Diluted EPS YoY | −60.6% | −294.0% | unavailable | unavailable | +87.9% | −82.1% | +656.4% | +42.7% |
| net % | 1.0% | -1.9% | -1.4% | 1.3% | 2.4% | 0.4% | 2.5% | 3.5% |
| Free cash flow | 661.3 m | 677.0 m | 215.0 m | 568.4 m | 576.6 m | 590.4 m | 707.9 m | 684.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 1.6 bn USD
- Financial debt
- 66.3 m USD
- Net debt
- -1.5 bn USD
- Equity
- 2.7 bn USD
- Total assets
- 12.2 bn USD
- Debt / equity
- 0.02x
- Current ratio
- 1.14x
- ROE
- 22.2%
- ROA
- 4.6%
- FCF margin
- 4.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 13.2 bn | 13.3 bn | 13.1 bn | 14.4 bn | 16.1 bn | 16.1 bn | SEC (XBRL)· 19 Nov 2025verified |
| Cost of revenue | 12.5 bn | 12.5 bn | 12.3 bn | 13.4 bn | 15.0 bn | 14.9 bn | SEC (XBRL)· 19 Nov 2025verified |
| Gross profit | 709.6 m | 798.4 m | 848.0 m | 945.5 m | 1.1 bn | 1.2 bn | SEC (XBRL)· 19 Nov 2025verified |
| Operating income | 381.5 m | 629.6 m | 646.8 m | 324.1 m | 827.4 m | 1.0 bn | SEC (XBRL)· 19 Nov 2025verified |
| Depreciation & amortisation | 237.4 m | 176.4 m | 170.9 m | 175.7 m | 178.8 m | 175.9 m | SEC (XBRL)· 19 Nov 2025verified |
| EBITDA | 618.8 m ≈ | 806.0 m ≈ | 817.7 m ≈ | 499.9 m ≈ | 1.0 bn ≈ | 1.2 bn ≈ | SEC (XBRL)· 19 Nov 2025derived |
| Interest expense | — | — | 110.3 m | 159.3 m | 185.4 m | 184.3 m | SEC (XBRL)· 19 Nov 2025verified |
| Pre-tax income | 232.6 m | 408.8 m | 550.7 m | 213.4 m | 718.2 m | 915.6 m | SEC (XBRL)· 19 Nov 2025verified |
| Income tax | 45.8 m | 89.0 m | 136.1 m | 56.1 m | 152.9 m | 204.0 m | SEC (XBRL)· 19 Nov 2025verified |
| Net income | -186.4 m | 173.2 m | 310.6 m | 55.3 m | 402.3 m | 561.8 m | SEC (XBRL)· 19 Nov 2025verified |
| Diluted EPS | -1.16 | 1.16 | 2.18 | 0.39 | 2.95 | 4.21 | SEC (XBRL)· 19 Nov 2025verified |
| Weighted average diluted shares | 161.3 m | 149.7 m | 142.7 m | 140.1 m | 136.5 m | 133.3 m | SEC (XBRL)· 19 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.7 bn | 1.2 bn | 1.2 bn | 1.3 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 19 Nov 2025verified |
| Receivables | 2.9 bn | 2.6 bn | 2.3 bn | 2.5 bn | 2.8 bn | 2.5 bn | SEC (XBRL)· 19 Nov 2025verified |
| Current assets | 7.5 bn | 6.2 bn | 5.8 bn | 6.2 bn | 7.1 bn | 6.7 bn | SEC (XBRL)· 19 Nov 2025verified |
| Property, plant & equipment, net | 381.7 m | 398.9 m | 428.2 m | 382.6 m | 354.4 m | 416.2 m | SEC (XBRL)· 19 Nov 2025verified |
| Goodwill | 3.5 bn | 3.5 bn | 3.4 bn | 3.4 bn | 3.5 bn | 3.7 bn | SEC (XBRL)· 19 Nov 2025verified |
| Intangibles (excl. goodwill) | 76.9 m | 54.9 m | 35.6 m | 17.8 m | 6.9 m | 183.3 m | SEC (XBRL)· 19 Nov 2025verified |
| Total assets | 13.0 bn | 11.7 bn | 11.1 bn | 11.2 bn | 12.1 bn | 12.2 bn | SEC (XBRL)· 19 Nov 2025verified |
| Accounts payable | 2.4 bn | 2.1 bn | 2.0 bn | 2.2 bn | 2.6 bn | 2.3 bn | SEC (XBRL)· 19 Nov 2025verified |
| Short-term debt | 20.9 m | 53.8 m | 48.6 m | 89.5 m | 66.9 m | 66.3 m | SEC (XBRL)· 19 Nov 2025verified |
| Current liabilities | 6.1 bn | 5.5 bn | 5.4 bn | 5.9 bn | 6.4 bn | 5.9 bn | SEC (XBRL)· 19 Nov 2025verified |
| Total liabilities | 9.6 bn | 8.9 bn | 8.5 bn | 8.8 bn | 9.7 bn | 9.5 bn | SEC (XBRL)· 19 Nov 2025verified |
| Equity | 3.4 bn | 2.8 bn | 2.6 bn | 2.4 bn | 2.4 bn | 2.7 bn | SEC (XBRL)· 19 Nov 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 329.6 m | 704.7 m | 713.6 m | 696.0 m | 827.5 m | 821.6 m | SEC (XBRL)· 19 Nov 2025verified |
| Capex | 114.6 m | 136.3 m | 137.0 m | 105.6 m | 119.6 m | 136.7 m | SEC (XBRL)· 19 Nov 2025verified |
| Free cash flow | 215.0 m ≈ | 568.4 m ≈ | 576.6 m ≈ | 590.4 m ≈ | 707.9 m ≈ | 684.9 m ≈ | SEC (XBRL)· 19 Nov 2025derived |
| Investing cash flow | 2.0 bn | -421.1 m | -175.0 m | -138.2 m | -210.6 m | -413.2 m | SEC (XBRL)· 19 Nov 2025verified |
| Financing cash flow | -1.6 bn | -872.5 m | -588.3 m | -472.9 m | -295.5 m | -403.7 m | SEC (XBRL)· 19 Nov 2025verified |
| Dividends paid | — | — | 63.3 m | 96.2 m | 115.2 m | 133.6 m | SEC (XBRL)· 19 Nov 2025verified |
| Share repurchases | 187.0 m | 867.1 m | 473.0 m | 379.3 m | 478.5 m | 388.4 m | SEC (XBRL)· 19 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 61 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 8.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation45
- Balance sheet62
- Quality56
- Growth79
- Returns86
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 47.26 – 138.39 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)47.26 – 68.06 (Mid 55.37)WACC 9.3% · starting FCFF 367.8 m USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 18.1%
- Peers: EV/EBITDA105.19 – 138.39 (Mid 113.67)4 companies used · median multiple 16.2x · quartiles 14.9x – 19.9xMG, TTEK, VSEC, WLDN
- Peers: P/E53.82 – 70.07 (Mid 57.30)5 companies used · median multiple 26.3x · quartiles 24.7x – 32.1xACFN, JLHL, MG, TTEK, WLDN
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 61/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 42.3% | 80 (vs peers) | 10% |
| Net margin · Quality | 1.9% | 13 (vs peers) | 6% |
| FCF conversion · Quality | 70.6% | 58 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 7.1% | 59 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 24.5% | 100 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | -1.1x | 100 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 3.1x | 25 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.1x | 21 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 31.3x | 50 (vs peers) | 10% |
| EV/EBITDA · Valuation | 9.2x | 52 (on a fixed band) | 10% |
| FCF yield · Valuation | 2.3% | 29 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 9.6% | 100 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 73.7% | 66 (on a fixed band) | 4% |
Score groups
- Balance sheet62/100 · 3/3 factors with a value
- Growth79/100 · 2/2 factors with a value
- Quality56/100 · 3/3 factors with a value
- Returns86/100 · 2/2 factors with a value
- Valuation45/100 · 3/3 factors with a value
Memo
AECOM (ACM). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 16.1 bn USD in 2025; YoY growth 0.2%; net margin 1.9%; ROE 12.3%; net debt/EBITDA -1.1x.
The estimated value range is 53.82–70.07 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 57.30 USD, the price of 68.20 USD leaves a potential of -16.0% (value / price − 1) and a margin of safety of -19.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 61/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 42.3%
- EPS CAGR 3Y: 24.5%
- Net debt / EBITDA: -1.1x
- Shareholder yield (distributions): 9.6%
What contradicts it
- Net margin: 1.9%
- Interest coverage: 3.1x
- Current ratio: 1.1x
- FCF yield: 2.3%
Versus the vertical median
Services-Engineering Services (SIC 8711) · same industry (4-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TTEKTetra Tech Inc | 10.5 bn | 24.7 | 24.3% | 8.6% | +4.7% | +18% / +29% |
| ACMAecom | 8.8 bn | 31.3 | 12.3% | 1.9% | +0.2% | −48% / −14% |
| VSECVse Corporation | 4.6 bn | 59.9 | 3.8% | 5.5% | +41.5% | −9% / +171% |
| WLDNWilldan Group, Inc. | 1.1 bn | 17.4 | 21.2% | 8.8% | unavailable | −26% / +271% |
| MGMistras Group, Inc. | 644.7 m | 32.1 | 8.8% | 2.8% | −0.8% | +69% / +206% |
| JLHLJulong Holding Ltd | 152.3 m | 39.4 | 37.5% | 10,226.0% | unavailable | +76% / unavailable |
| ACFNAcorn Energy, Inc. | 40.4 m | 26.3 | 19.7% | 16.1% | +4.5% | +8% / +133% |
| OFALOFA Group | 7.6 m | — | -68.9% | -1,119.1% | +254.9% | −97% / unavailable |
| STNStantec Inc. | — | — | 15.5% | 5.9% | +8.6% | −18% / +6% |
1- and 3-year price returns: for ACM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 42.41 Total return -36% · Per year -36% | 74.89 Total return 12% · Per year 12% | 112.68 Total return 68% · Per year 68% |
| 3 years | 43.32 Total return -32% · Per year -12% | 85.86 Total return 32% · Per year 10% | 141.53 Total return 115% · Per year 29% |
| 5 years | 44.24 Total return -28% · Per year -6% | 98.43 Total return 55% · Per year 9% | 177.76 Total return 175% · Per year 22% |
- Exit P/E± 21.46
- Net margin± 15.02
- Annual revenue growth± 12.04
- Annual dilution± 1.26
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
AECOM is one of the largest global providers of consulting, design and program management services for infrastructure, serving government and private clients in transportation, water, facilities and energy 1. In its third quarter of fiscal 2026 the company reported a 337 million USD pre-tax loss on a construction management project, while its backlog rose to a record level, which puts project execution and cash flow in focus 3.
SWOT
Strengths
- Leading global position in infrastructure design and consulting, with top rankings in several market categories 1.
- Record backlog and a high book-to-burn ratio give visibility on future revenue 3.
- Balance sheet described by management as strong, with moderate leverage and capacity to fund organic growth 3.
Weaknesses
- A single construction management project produced a significant loss in the third quarter of fiscal 2026, showing exposure to older contracts with risky terms 3.
- Margins and cash flow are sensitive to cost estimates and subcontractor productivity, which can lead to additional charges 13.
- Variable-rate debt and covenant restrictions in credit agreements limit financial flexibility 1.
Opportunities
- Demand for water, transportation and energy infrastructure could grow if public investment is sustained 1.
- AI and data-driven consulting services could open new market segments and improve margins 1.
- A faster return of delayed construction management projects could support revenue if the postponed starts materialize 3.
Risks
- Loss on construction management projecthigh
A project awarded years ago has produced a significant charge, and recovery through claims and litigation could take several years 3.
- Dependence on government contractshigh
Annual appropriations and the possibility of contract modification or termination can reduce expected revenue 1.
- Government auditsmedium
Audits can adjust reimbursable costs and, in extreme cases, lead to suspension from government programs 1.
- International exposuremedium
Political, currency and inflation risks could affect results from the share of revenue earned outside the United States 1.
- Interest rate sensitivitylow
Higher interest rates would raise the cost of variable-rate debt and reduce cash available after debt service 1.
Investment thesis
What would need to be true (bull case)
- A record backlog and a high book-to-burn ratio could support revenue growth if projects run to plan 3.
- Management says profitability excluding the problem project remains strong, which could signal a healthy core business 3.
- The global leadership position and structural infrastructure demand could support market share over the long term 1.
What would break the thesis
- The loss on the construction management project shows how legacy contract risk can seriously affect quarterly results 3.
- Fiscal 2026 net service revenue guidance was lowered, which could mean slower growth than anticipated 3.
- Reliance on public budgets and on contracts that can be terminated leaves revenue exposed to political decisions 1.
What to watch
- Progress of the construction management project and recoveries through litigationQ4 2026
- Delivery of the guidance for about 300 million USD of free cash flowfiscal 2026
- Resumption of net service revenue growth as delayed projects start2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
AECOM provides advisory, consulting, architectural and engineering design, construction and program management services, and investment and development services to public and private clients worldwide 1. Revenue comes mainly from fee-based services billed on employee time and project costs, and in fiscal 2025 revenue was 16.14 billion USD, of which about half came from government entities 1. The company employed about 51,000 people at the end of fiscal 2025, a central factor in its ability to win and deliver projects 1.
Segments
Americas
The Americas segment offers planning, consulting, design and program management to public and private clients in the United States, Canada and Latin America, across transportation, water, government, facilities, environmental and energy markets 1. In the third quarter of fiscal 2026 it posted an operating loss because of the construction management project, while its backlog grew to a record high 3.
AECOM Capital (ACAP)
ACAP invests in and develops real estate, usually as a co-general partner alongside experienced investors and developers 1. The team moved to a third-party platform in the third quarter of fiscal 2024, and segment income is smaller and more volatile than professional services income 1.
Market context
The engineering and infrastructure services market is fragmented, with many regional, national and international competitors, and demand depends on government budgets and private spending 1. The sources point to support from aging infrastructure, urbanization and rising energy demand, but also to the risk of project delays in an economic slowdown 1.
In the short term, company guidance depends on the resumption of delayed construction management project starts and on how the Middle East conflict develops, which could affect revenue growth 3.
Trends
- Government demand for infrastructuretailwind
Aging infrastructure and urbanization support demand for design and management services, especially in transportation and water 1.
- Dependence on public fundingheadwind
Government contracts are funded annually, and budget constraints or administrative delays can postpone or reduce revenue 1.
- Investment in artificial intelligencemixed
The company is investing in AI and data libraries to speed design and reduce costs, which could improve margins if the investments deliver 1.
- Geopolitical and trade tensionsheadwind
Risks in the Middle East, tariffs and changing trade policy can affect international projects and supply chains 13.
Competitive position
The company competes with regional, national and international firms, some with greater financial resources and others more specialized 1. Clients choose on qualifications, experience, reputation, technology, price and the ability to deliver safely and on time 1.
Entry barriers are low in many professional services because no large upfront capital is required, which can attract new competitors and pressure margins 1.
- Jacobs SolutionsJ
Well-known competitor in engineering and consulting services, active in infrastructure markets.
- WSP Global
International engineering and consulting firm active in the same transportation and infrastructure markets.
- Stantec
Design and engineering firm operating in the Americas and other regions, competing on infrastructure projects.
- FluorFLR
Engineering and construction management company that can compete for large infrastructure and energy projects.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- AECOM (ACM) Lands Ireland’s Biggest Rail Contract Amid A Costly ChargeYahoo Finance — News · 17 Sept 2026 · EN
SEC filings
- Current report17 Sept 2026Other events · Financial statements and exhibits
- Current report16 Sept 2026Departure or appointment of officers
- Quarterly report11 Aug 2026
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Current report11 Jun 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report03 Jun 2026Other events · Financial statements and exhibits
- Quarterly report12 May 2026
- Current report11 May 2026Results of operations · Financial statements and exhibits
- Current report10 Mar 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report05 Mar 2026Shareholder vote · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / AECOM · 19 Nov 2025
- [2] Form 10-Q, quarter ended 2026-07-03 · SEC / AECOM · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / AECOM · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.