AECOM

ACM · NYSE · Industrials · Financials, fiscal 2016 to 2025

ACM · Last close · October 26, 2026

$60.72

AECOM's revenue rose 0.2% to $16.1 billion in fiscal 2025. Its operating margin was 6.4%, up from 5.1% a year earlier. Free cash flow was $685 million, down 3.2%. It paid out $522 million in dividends and buybacks, 76% of free cash flow. The diluted share count fell 2.3%.

AECOM Latest fiscal year ended September 30, 2025 10-K filed November 19, 2025 · 0000868857-25-000013 Updated October 10, 2026

Revenue

$16.1B

0.2%

Operating margin

6.4%

1.2 pts

Net income

$562M

39.6%

Free cash flow

$685M

3.2%

Return on capital

22.4%

2.7 pts

Market cap

$7.8B

Oct 26 close

P/E

27.9x

On $2.18 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What AECOM does

AECOM is a professional services firm that advises, plans, designs and manages infrastructure projects for governments, businesses and other organizations around the world. Its work includes advisory, planning, consulting, architectural and engineering design, construction and program management, and investment and development services. Its main markets are transportation, facilities, water, environmental and energy.

The company reports three segments: Americas, International and AECOM Capital. Americas serves public and private clients in the United States, Canada and Latin America. International serves clients in other regions. AECOM Capital develops real estate and earns income from development sales and management fees. In its professional services work, AECOM mostly earns money by billing for its employees' time on client projects, so managing staff costs matters to its results.

AECOM says it ranks first by design revenue among architectural and engineering design firms in an industry survey by Engineering News-Record. Its fiscal year ends on the Friday closest to September 30. It sold its Management Services business and its self-performed construction businesses in earlier years.

Its biggest risks, as it describes them

Strong competition that could reduce its revenue, profit and market share.
Losing government contracts, or governments changing or ending contracts before they are completed.
Failing to meet guaranteed contract schedules or performance requirements.
Variable-rate debt that raises its interest costs when rates rise.
Working in high-security-risk places abroad, which could harm its people or add costs.

From AECOM's annual report on Form 10-K, filed November 19, 2025, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 23.7% a year and net income 21.7% a year, as buybacks cut the share count by 15%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value AECOM yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from AECOM's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from AECOM's fiscal 2025 free cash flow of $685M, net cash of −$1.1B at September 30, 2025 and 133 million diluted shares, from its filings. The scenarios are fitted to AECOM: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 7.1% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Construction & Engineering), plus 1 point as a smaller company, worth $7.8B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at September 30, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to AECOM's own revenue growth, as above. Cautious: growth of 3.5% then 3% a year, 2% after year 10, a 11% discount rate. Base: growth of 7% then 5% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 10.5% then 7% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $60.72
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from AECOM's earnings per share of $2.18 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 27.5×, the middle of AECOM's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Emcor, MasTec, Jacobs Solutions.

Earnings growth in the years ahead (% a year) Starts at AECOM's revenue growth over the last 3 years, 7.1% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $60.72
Value at this multiple, against the last close: —
AECOM's P/E at the last close: 27.9×

Company	Last close	Earnings per share	P/E today
Jacobs SolutionsJ	$147.14	$2.85	51.6×
AECOMACM	$60.72	$2.18	27.9×
MasTecMTZ	$172.59	$6.27	27.5×
EmcorEME	$665.93	$32.13	20.7×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,229	1,172	1,260	1,581	1,586
Debt incl. finance leases	2,212	2,205	2,203	2,517	2,714
Net debt (negative means net cash)	982	1,033	943	936	1,128
Net debt to EBITDA	1.2x	1.3x	1.9x	0.9x	0.9x
Debt to equity	0.8x	0.9x	1.0x	1.1x	1.1x
Interest coverage	2.5x	5.9x	2.0x	4.5x	5.6x
Current ratio	1.1x	1.1x	1.1x	1.1x	1.1x
Quick ratio	1.1x	1.1x	1.1x	1.1x	1.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 3 insiders bought $699,391 of AECOM shares on the open market, and 2 insiders sold $3.2 million, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 16, 2026	Lara PoloniPresident	Bought	4,224	$70.63	$298,341	Form 4
May 14, 2026	Troy RuddChief Executive Officer, Director	Bought	4,225	$71.02	$300,060	Form 4
May 14, 2026	Gaurav KapoorChief Financial Officer (pao)	Bought	1,420	$71.12	$100,990	Form 4
Dec 17, 2025	Lara PoloniPresident	Sold plan	17,533	$97.02	$1.7 million	Form 4
Dec 17, 2025	David Y. GanChief Legal Officer	Sold plan	9,502	$97.01	$921,789	Form 4
Dec 15, 2025	David Y. GanChief Legal Officer	Sold plan	6,000	$98.85	$593,100	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Fail
F-score	6 of 9	8 of 9	7 of 9
Accruals ratio	−5.7%	−3.6%	−2.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put AECOM side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
AECOM	FY25	0.2%	6.4%	4.2%	22.4%	0.9x	7
Fluor	FY25	−5.0%	−2.4%	−2.8%	−13.9%	—	3	Compare
Emcor	FY25	16.6%	10.1%	7.0%	60.7%	−0.6x	6	Compare
MasTec	FY25	16.2%	—	2.0%	11.2%	1.7x	7	Compare
Jacobs Solutions	FY25	4.6%	7.2%	5.0%	10.1%	1.1x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	—	18,203	13,878	13,642	13,240	13,341	13,148	14,378	16,106	16,140
Revenue growth	—	—	−23.8%	−1.7%	−3.0%	0.8%	−1.4%	9.4%	12.0%	0.2%
Gross profit	643	684	479	612	710	798	848	946	1,084	1,217
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	376	654	393	396	382	630	647	324	827	1,026
Net income	96	339	136	−261	−186	173	311	55	402	562
Diluted EPS (US$)	0.62	2.13	0.84	−1.63	−1.16	1.16	2.18	0.39	2.95	4.21
Diluted shares (millions)	156	159	162	160	161	150	143	140	136	133
Cash flow
Cash from operations	814	697	775	778	330	705	714	696	828	822
Capital expenditure	191	86	113	101	115	136	137	106	120	137
Free cash flow	623	610	661	677	215	568	577	590	708	685
Dividends paid	0	0	0	0	0	0	63	96	115	134
Share buybacks	26	25	180	98	187	867	473	379	478	388
Acquisitions	6	103	6	0	0	0	0	0	19	212
Stock-based compensation	73	84	73	64	54	45	38	46	62	61
Balance sheet at fiscal year end
Cash and short-term investments	692	802	887	886	1,708	1,229	1,172	1,260	1,581	1,586
Debt incl. finance leases	4,068	3,844	3,627	3,316	2,062	2,212	2,205	2,203	2,517	2,714
Total assets	13,670	14,397	14,681	14,551	12,999	11,734	11,139	11,233	12,062	12,200
Total liabilities	10,117	10,182	10,403	10,652	9,585	8,904	8,534	8,850	9,691	9,504
Shareholders' equity	3,367	3,996	4,093	3,691	3,293	2,712	2,477	2,212	2,184	2,493
Margins and ratios
Gross margin	—	3.8%	3.5%	4.5%	5.4%	6.0%	6.5%	6.6%	6.7%	7.5%
Operating margin	—	3.6%	2.8%	2.9%	2.9%	4.7%	4.9%	2.2%	5.1%	6.4%
Net margin	—	1.9%	1.0%	−1.9%	−1.4%	1.3%	2.4%	0.4%	2.5%	3.5%
Free cash flow margin	—	3.4%	4.8%	5.0%	1.6%	4.3%	4.4%	4.1%	4.4%	4.2%
Return on capital	5.2%	9.1%	5.5%	5.6%	6.1%	13.0%	13.1%	6.9%	19.6%	22.4%
Return on equity	2.8%	9.2%	3.4%	−6.7%	−5.3%	5.8%	12.0%	2.4%	18.3%	24.0%
Return on assets	0.7%	2.4%	0.9%	−1.8%	−1.4%	1.4%	2.7%	0.5%	3.5%	4.6%
Net debt to EBITDA	4.4x	3.3x	4.2x	3.7x	0.6x	1.2x	1.3x	1.9x	0.9x	0.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: AECOM's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with AECOM.