AECOM ACM
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Full analysis: 11 Aug 2026
Latest news check: 12 May 2026
General analysis — not personal advice.
HOLD
6/10
Confidence
Current position can be maintained pending confirmation in the next report.
Strong backlog and positive cash flow generation are balanced by the recent earnings miss and lowered guidance which supports the hold signal.
Market sentiment
5/10
↓
Trend: Declining
Sentiment is mixed with focus on the sharp earnings miss and the strong underlying order intake.
Price context
The stock trades 43.6 % below its 52-week high after a 36.4 % decline over twelve months, reflecting the market's reassessment of execution risk despite stable fundamentals.
Risk assessment
5/10
Dilution:
Low
Positive cash flow and buyback program
Jurisdiction:
Low
Main operations in US and Western Europe
Execution:
Medium
History of large projects with cost risk
Recent changes
- The company reported revenue of about $3.8B and adjusted EPS of $1.59 (beat), with record backlog of $26.2B and raised full-year guidance (EPS $5.90–$6.10). Operating cash flow fell sharply YoY.
About the company
AECOM is a global leader in infrastructure consulting providing planning, design, engineering and project management for transport, water, environment and buildings. The company has shifted to an asset-light professional services model focused on higher margins. Operations are mature and profitable on a TTM basis with a record order book.
Sector:
Infrastructure consulting
Type:
Industrial
Next report
15 Nov 2026
Q4
Catalysts
Nov 2026
Q4 report
High
Horizon:
Bull case
Record backlog and stable contract wins provide support for recovery after the Q3 miss.
Bear case
A 337 MUSD impairment and lowered guidance have damaged execution credibility.
Sensitivity analysis
| Factor | If it weakens | If it strengthens |
|---|---|---|
| Backlog conversion | Weaker conversion → lower revenue growth and margin pressure. | Strong conversion → improved visibility and higher profitability. |
| Legacy project execution | Further impairments → continued loss of credibility and lowered guidance. | Problem projects completed → return to normal profitability. |
We monitor these factors. Follow the company to get email when any of them hit.
Signal rationale (informational)
Strong backlog and positive cash flow generation are balanced by the recent earnings miss and lowered guidance which supports the hold signal.
Recent news
- The Q3 report showed a large one-time 337 MUSD impairment related to a legacy project, resulting in a loss and lowered full-year guidance. The backlog continued to grow strongly however.
Key figures
Revenue
FY 2026
USD 3.6B
Revenue TTM
TTM
USD 16,320M
EBITDA
FY 2026
USD 312M
Net income
FY 2026
USD -84.0M
Cash
Q2 2026
USD 1.6B
Total debt
Q2 2026
USD 3.2B
Gross margin
Q2 2026
7.8%
Shares outstanding
Q3 2026
129M
EPS
FY 2026
USD -0.65
Price & valuation
Last close
USD 67.05
Market Cap
USD 8.6B
1 week
-10.5 %
3 months
-4.9 %
12 months
-44.5 %
From 52w high
-50.1 %
From 52w low
+0.3 %
Exchange
NYSE
Type
Industrials
Sector
Infrastructure consulting
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.