# AECOM (ACM)

> Source: Nexqual · https://nexqual.com/ACM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, AECOM (ACM), nexqual.com/ACM" · informational, not investment advice.

**Price:** USD 60.83 (+2.25% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 59.49 · day 58.87–60.99 · 52w 56.39–135.52 · market cap $7.83B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $15.4B, net income $288M (1.9% margin), free cash flow $203M (SEC filings).
- Valuation: P/E 27.2x (avg 92.1x at the last 3 fiscal year-ends), EV/EBITDA 11.3x, net debt $1.70B.
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $699K; 0 by opportunistic insiders, 1 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (13 analysts), mean target USD 84.33 (range 65–104).
- Total return with dividends: 1Y -53.3% vs S&P 500 +14.9%; 5Y -5.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-17, EPS estimate USD 1.59, revenue estimate $4.10B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $13.3B | $13.1B | $14.4B | $16.1B | $16.1B | $15.4B |
| Gross profit | $798M | $848M | $945M | $1.08B | $1.22B | — |
| Operating income | $630M | $647M | $324M | $827M | $1.03B | $631M |
| Net income | $173M | $311M | $55.3M | $402M | $562M | $288M |
| EPS (diluted) | $1.16 | $2.18 | $0.39 | $2.95 | $4.21 | — |
| Free cash flow | $568M | $577M | $590M | $708M | $685M | $203M |
| Gross margin | 6.0% | 6.4% | 6.6% | 6.7% | 7.5% | — |
| Operating margin | 4.7% | 4.9% | 2.3% | 5.1% | 6.4% | 4.1% |
| Net margin | 1.3% | 2.4% | 0.4% | 2.5% | 3.5% | 1.9% |
| Revenue growth | +0.8% | -1.4% | +9.4% | +12.0% | +0.2% | — |
| Cash + short-term investments | $1.23B | $1.17B | $1.26B | $1.58B | $1.59B | — |
| Total debt | $2.21B | $2.21B | $2.20B | $2.52B | $2.71B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 27.2x · P/S 0.5x · EV/EBITDA 11.3x · EV/Sales 0.6x · P/FCF 38.5x · P/B 3.6x · FCF yield 2.60% · Earnings yield 3.68% · Dividend yield (paid, TTM) 1.91% · Buyback yield (TTM) 8.84% · Net debt $1.70B · EV $9.53B
P/E at fiscal year-ends: Sep 2025 31.0x, Sep 2024 35.0x, Sep 2023 210.3x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $699K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-16 | Poloni Lara | PRESIDENT | 4,224 | $298K | 70.63 | Too little history (no open-market trades in 2024) |
| 2026-05-14 | Kapoor Gaurav | CHIEF FINANCIAL OFFICER (PAO) | 1,420 | $101K | 71.12 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-14 | Rudd Troy | CHIEF EXECUTIVE OFFICER | 4,225 | $300K | 71.02 | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 13 analysts; mean target USD 84.33 (low 65, high 104).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | RBC Capital | Target lowered | Outperform | $90 → $89 |
| 2026-10-15 | Keybanc | Target lowered | Overweight | $79 → $78 |
| 2026-10-08 | UBS | Target lowered | Buy | $106 → $103 |
| 2026-10-05 | Truist Securities | Target lowered | Buy | $85 → $75 |
| 2026-08-25 | Argus Research | Target lowered | Buy | $85 → $75 |
| 2026-08-14 | Baird | Target lowered | Neutral | $73 → $65 |
| 2026-08-13 | RBC Capital | Target lowered | Outperform | $105 → $90 |
| 2026-08-12 | Citigroup | Target lowered | Buy | $97 → $84 |
| 2026-08-12 | Truist Securities | Target lowered | Buy | $102 → $85 |
| 2026-08-12 | Keybanc | Target lowered | Overweight | $101 → $79 |
| 2026-08-12 | Barclays | Target lowered | Equal-Weight | $90 → $73 |
| 2026-08-11 | Baird | Target lowered | Neutral | $87 → $73 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -53.3% | -5.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -53.5% | -1.1% |
| Volatility (annualized) | 38.2% | 28.3% |
| Max drawdown | -56.1% (Oct 2025→Oct 2026) | -55.4% (Oct 2025→Oct 2026) |

## Peers (Engineering & Construction)
STN (Stantec Inc) USD 72.77 +3.63% · ACA (Arcosa, Inc.) USD 149.15 +0.08% · DY (Dycom Industries, Inc.) USD 225.16 -5.18% · TTEK (Tetra Tech, Inc.) USD 36.81 +5.02% · FLR (Fluor Corporation) USD 43.42 -6.44% · IESC (IES Holdings, Inc.) USD 220.75 -6.70%

## More
Full page: https://nexqual.com/ACM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $2.63B | 73.4% | -19.7% |
| International | $953.1M | 26.6% | +5.8% |
| AECOM Capital | $200,000 | 0.0% | +100.0% |
| Total revenue | $3.59B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $2.63B | 73.4% | -19.7% |
| EMEA | $559.5M | 15.6% | +4.3% |
| Asia Pacific | $393.6M | 11.0% | +7.9% |
| Total revenue | $3.59B | 100% | — |

## Customer concentration

Period ended 2025-09-30: 7% of revenue from unnamed direct customers (10-K, filed 2025-11-19).

## Company outlook (8-K filed 2026-08-10)

- "AECOM updated its fiscal 2026 earnings guidance to reflect the impacts of the Construction Management charge. ·"
- "In addition, the Company reaffirmed its long-term financial targets, which includes its expectation to deliver a 20%+ margin exit rate by fiscal 2028 and to grow adjusted 2 EPS at a 15%+ CAGR from fiscal 2026 to fiscal 2029, excluding the Construction Management charge. ·"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.59 | $1.60 | -0.7% | $4.10B | 10 |
| Next quarter (ends 2026-12-31) | $1.42 | $1.43 | -0.4% | $3.82B | 5 |
| Current fiscal year (ends 2026-09-30) | $4.01 | $5.98 | -33.0% | $15.32B | 10 |
| Next fiscal year (ends 2027-09-30) | $6.27 | $6.71 | -6.6% | $16.66B | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-17): ±10.7%; last 8 reports averaged ±6.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 47.8% | ±10.7% |
| 2026-12-18 | 56 | 36.1% | ±11.3% |
| 2027-03-19 | 147 | 37.8% | ±18.9% |
| 2027-05-21 | 210 | 36.8% | ±21.8% |
| 2027-06-17 | 237 | 37.6% | ±23.7% |