AECOM
ACMNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $70.63 Prior regular-session close from the quote source.
- $69.41–$70.66 Regular-session low and high so far today.
- 1.3M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Nov 17 projected Projected for 2026-11-17 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $56.39–$135.52 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own ACM if public and regulated infrastructure clients keep paying for scarce engineering and program-management expertise, allowing mix and execution to lift margins even when reported revenue growth is uneven.
ACM price history
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Investment thesis
What must happen next
Qualification-based infrastructure buying keeps AECOM relevant for large engineering and program-management mandates, so the recent revenue pause remains a timing and mix issue rather than evidence of lost demand.HoldingMateriality: High
GAAP annual revenue increased from $13.15 billion in FY2022 to $16.14 billion in FY2025. If this holds, AECOM can keep a large revenue base while upgrading profitability; if it breaks, margin expansion will not offset shrinking opportunity flow.
Watch: Jacobs, WSP, Stantec or Arcadis win major state transportation, water, transit or environmental framework agreements where AECOM was an incumbent or expected finalist.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue increased from $13.15 billion in FY2022 to $16.14 billion in FY2025.
Open source ↗A shift toward higher-value advisory, design and engineering work plus disciplined contract selection preserves pricing power even when reported revenue is not accelerating.StrengtheningMateriality: High
GAAP annual gross profit rose from $847.97 million in FY2022 to $1.22 billion in FY2025. This is the clearest route to value creation: AECOM can earn more from each dollar of activity if the mix is genuinely better.
Watch: Jacobs, WSP, Stantec or regional firms underbid AECOM on technical advisory and design work, forcing fee compression.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit rose from $847.97 million in FY2022 to $1.22 billion in FY2025.
Open source ↗AECOM’s professional-services platform can convert incremental gross profit into operating income through cost discipline and operating leverage, not just through revenue growth.StrengtheningMateriality: Medium
GAAP annual operating income rose from $324.13 million in FY2023 to $1.03 billion in FY2025. If operating leverage persists, per-share value can compound even in a slower-growth engineering-services market; if it fades, the FY25 margin step-up may be cyclical or one-time.
Watch: AECOM must materially raise compensation or retention spending to keep senior engineers and project managers.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income rose from $324.13 million in FY2023 to $1.03 billion in FY2025.
Open source ↗AECOM’s long-cycle professional-services work remains valuable only if receivables, unbilled costs and project claims are managed tightly enough for accounting profits to convert into cash.HoldingMateriality: Medium
GAAP annual operating cash flow was positive in each year shown, ranging from $695.98 million in FY2023 to $827.49 million in FY2024. Engineering-services earnings are worth less if cash is trapped in working capital or disputes; strong conversion funds reinvestment, balance-sheet flexibility and shareholder returns.
Watch: Government or quasi-government customers lengthen payment cycles, increasing receivables and unbilled revenue.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was positive in each year shown, ranging from $695.98 million in FY2023 to $827.49 million.
Open source ↗Adequate liquidity lets AECOM bid on large multi-year engineering mandates and absorb working-capital swings without being forced into dilution or retreating from attractive projects.StrengtheningMateriality: Medium
Cash was $1.59 billion at FY2025 year-end, up from $1.17 billion at FY2022 year-end. Liquidity protects the franchise in a project-based business where clients care about execution capacity and financial reliability.
Watch: Debt-funded acquisitions or aggressive share repurchases materially reduce liquidity before cash conversion improves.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash was $1.59 billion at FY2025 year-end, up from $1.17 billion at FY2022 year-end.
Open source ↗
Full investment case & evidence
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Original research
Qualification-based infrastructure buying keeps AECOM relevant for large engineering and program-management mandates, so the recent revenue pause remains a timing and mix issue rather than evidence of lost demand. If this holds, AECOM can keep a large revenue base while upgrading profitability; if it breaks, margin expansion will not offset shrinking opportunity flow.
A shift toward higher-value advisory, design and engineering work plus disciplined contract selection preserves pricing power even when reported revenue is not accelerating. This is the clearest route to value creation: AECOM can earn more from each dollar of activity if the mix is genuinely better.
AECOM’s professional-services platform can convert incremental gross profit into operating income through cost discipline and operating leverage, not just through revenue growth. If operating leverage persists, per-share value can compound even in a slower-growth engineering-services market; if it fades, the FY25 margin step-up may be cyclical or one-time.
AECOM’s long-cycle professional-services work remains valuable only if receivables, unbilled costs and project claims are managed tightly enough for accounting profits to convert into cash. Engineering-services earnings are worth less if cash is trapped in working capital or disputes; strong conversion funds reinvestment, balance-sheet flexibility and shareholder returns.
Adequate liquidity lets AECOM bid on large multi-year engineering mandates and absorb working-capital swings without being forced into dilution or retreating from attractive projects. Liquidity protects the franchise in a project-based business where clients care about execution capacity and financial reliability.
All standing thesis claims
Original report summary
public and regulated infrastructure clients keep paying for scarce engineering and program-management expertise, allowing mix and execution to lift margins even when reported revenue growth is uneven.
Bull case and bear case
Bull case and bear case for Aecom
Where the evidence on Aecom stands: Holding on the latest evidence (Oct 15, 2026). Of its 5 thesis points, 3 strengthening and 2 holding.
Bull case: what the evidence supports
Qualification-based infrastructure buying keeps AECOM relevant for large engineering and program-management mandates, so the recent revenue pause remains a timing and mix issue rather than evidence of lost demand.
A shift toward higher-value advisory, design and engineering work plus disciplined contract selection preserves pricing power even when reported revenue is not accelerating.
AECOM’s professional-services platform can convert incremental gross profit into operating income through cost discipline and operating leverage, not just through revenue growth.
AECOM’s long-cycle professional-services work remains valuable only if receivables, unbilled costs and project claims are managed tightly enough for accounting profits to convert into cash.
Adequate liquidity lets AECOM bid on large multi-year engineering mandates and absorb working-capital swings without being forced into dilution or retreating from attractive projects.
Bear case: what would count against it
Jacobs, WSP, Stantec or Arcadis win major state transportation, water, transit or environmental framework agreements where AECOM was an incumbent or expected finalist.
Jacobs, WSP, Stantec or regional firms underbid AECOM on technical advisory and design work, forcing fee compression.
AECOM must materially raise compensation or retention spending to keep senior engineers and project managers.
Thesis-Break Engine
What has broken in Aecom’s thesis
Each break OptimistFi flagged on Aecom, dated — with what has historically followed the same kind of break across the market, not a forecast for Aecom.
- CEO / officer changecondition set before this filing
Across all companies, this kind of break has happened 16,849 times before. Those stocks trailed comparable companies by a median of 2% over the next six months, and 38% of them trailed it by 10 points or more.
Early warning
The break condition read on the trailing twelve months through Aecom’s latest quarterly report, ahead of the annual figure it is written on.
- Operating-margin compression, trailing 12 months
Across all companies, this kind of early warning has happened 2,641 times before. Those stocks trailed comparable companies by a median of 1% over the next six months, and 36% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedOther material event.
Aecom filed an SEC 8-K on 2026-09-17: Other material event. It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Aecom filed an SEC 8-K on 2026-09-16: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Aecom filed an SEC 8-K on 2026-08-10: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Jacobs, WSP, Stantec or Arcadis win major state transportation, water, transit or environmental framework agreements where AECOM was an incumbent or expected finalist.
- Jacobs, WSP, Stantec or regional firms underbid AECOM on technical advisory and design work, forcing fee compression.
- AECOM must materially raise compensation or retention spending to keep senior engineers and project managers.
- Government or quasi-government customers lengthen payment cycles, increasing receivables and unbilled revenue.
- Debt-funded acquisitions or aggressive share repurchases materially reduce liquidity before cash conversion improves.
ACM news
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Financial statements
ACM income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
ACM: quick answers
- When does Aecom (ACM) report earnings next?
- Aecom's next results are projected for November 17, 2026, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on August 10, 2026. Earnings calendar
- What is ACM's short interest?
- As of October 30, 2026, 5.9M ACM shares were sold short, 4.57% of its shares outstanding, down 4.6% from the count before. At the stock's average daily volume that is 5.8 days to cover. FINRA publishes the count twice a month. ACM short interest history
- Have members of Congress traded ACM?
- Reports made public in the last 90 days disclose 2 trades in ACM by 1 filer: 1 purchase and 1 sale. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed ACM trade
- Which well-known investors own ACM?
- 1 of the 37 well-known funds tracked here reported ACM shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.1%. Fund portfolios
ACM in well-known investors’ portfolios
1 of 37 funds reported ACM shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.05% | $11.4M | −10.8% | Q2 2026 |