ACM
Aecom
ACM's fundamentals are weak: free cash flow fell 75% and earnings per share fell 52%. At 32x earnings, it's trading below its usual 36x. Its downside scenario is about three times its upside.
ACM Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Under pressure | |
| Stable |
ACM's revenue, profitability and balance sheet are currently stable, but its cash flow is under pressure.
ACM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 11x | $70.11 | — |
| Cheap | 25x | $54.07 | -23% |
| Current | 32x | $70.11 | — |
| Fair | 36x | $77.53 | +11% |
| Expensive | 63x | $138 | +96% |
Historical ranges are pointers, not guarantees.
ACM's PE is in its fair range at 32x. If earnings grow as analysts expect, today's price would be 11x next year's earnings, in its cheap range.
ACM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Stable | |
| Limited | |
| High |
Analysts expect ACM's earnings to grow, with its revenue and profitability holding steady.
ACM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.23 | +186% |
| Q2 2026 | $2.18 | -52% |
| Q1 2026 | $3.83 | -16% |
| Q4 2025 | $3.52 | +0.3% |
| Q3 2025 | $4.21 | +43% |
| Q2 2025 | $4.58 | +146% |
| Q1 2025 | $4.58 | +$4.67 |
| Q4 2024 | $3.51 | +680% |
| Q3 2024 | $2.95 | +656% |
ACM's earnings per share have fallen from their peak: $2.18 over the past year, against $4.58 in early 2025.
ACM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $3.6B | -14% |
| Q1 2026 | $3.8B | +0.8% |
| Q4 2025 | $3.8B | -4.6% |
| Q3 2025 | $4.2B | +1.6% |
| Q2 2025 | $4.2B | +0.7% |
| Q1 2025 | $3.8B | -4.4% |
| Q4 2024 | $4B | +2.9% |
| Q3 2024 | $4.1B | +7% |
ACM's revenue has slid since its 2019 peak: $3.6B last quarter, down 14% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -2.1% | -9.2 points |
| Q1 2026 | 6.5% | -0.3 points |
| Q4 2025 | 5.8% | -0.1 points |
| Q3 2025 | 5.7% | -0.1 points |
| Q2 2025 | 7% | +1.6 points |
| Q1 2025 | 6.8% | +1.8 points |
| Q4 2024 | 5.9% | +1.7 points |
| Q3 2024 | 5.8% | +3.7 points |
ACM's operating margin was −2.1% last quarter, down 9.2 points from the same quarter a year ago, near the bottom of its range since 2019.
ACM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $54.9M | -79% |
| Q1 2026 | -$27.4M | -115% |
| Q4 2025 | $41.9M | -62% |
| Q3 2025 | $134.1M | -51% |
| Q2 2025 | $261.7M | -4.1% |
| Q1 2025 | $178.3M | +141% |
| Q4 2024 | $110.9M | +28% |
| Q3 2024 | $274.5M | +4.4% |
ACM still generates free cash flow, though less than at its 2019 peak: $203M over the past year.
ACM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -671K shares |
| 1 year | -3.4% | -4.5M shares |
| 3 years | -7.3% | -10.2M shares |
| 5 years | -14% | -20.3M shares |
| Available history | -18% | -29.1M shares |
ACM has 129M diluted shares, down 3.4% from a year ago, with $692M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $6,000 |
| Q1 2026 | $116M |
| Q4 2025 | $325.9M |
| Q3 2025 | $250.1M |
| Q2 2025 | $4.7M |
| Q1 2025 | $78.5M |
| Q4 2024 | $55.2M |
| Q3 2024 | $315.4M |
ACM spent $692M buying back its own shares over the past year, up 53% from the year before.
ACM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.0x | Moderate |
| Q1 2026 | 1.4x | Healthy |
| Q4 2025 | 1.2x | Healthy |
| Q3 2025 | 0.9x | Very low |
| Q2 2025 | 0.6x | Very low |
| Q1 2025 | 0.8x | Very low |
| Q4 2024 | 0.9x | Very low |
| Q3 2024 | 0.9x | Very low |
ACM's net debt is about 2.0 years of its operating earnings (EBITDA), up from less than a year a year ago.
ACM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.1 | Neutral |
| Stochastic | 50.5 | Neutral |
ACM's weekly RSI is 51 (neutral) and its Stochastic is 51 (neutral).
ACM PE vs Industrials Sector
| Metric | ACM | Sector median | Relative |
|---|---|---|---|
| PE | 32x | 24x | 34% above |
| PE % | 40 | 58 | 18 pts below |
ACM is trading at 32x earnings, a 34% premium to the Industrials sector's median of 24x.
ACM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $62.4 | 12% above |
| 20 week MA | $65.6 | 6.9% above |
| 50 week MA | $78.7 | 11% below |
| 100 week MA | $95.2 | 26% below |
| 200 week MA | $92.8 | 24% below |
ACM has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 24% below its 200-week average.
ACM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $43.2 | $48.7 | +13% |
| 2021 | $48.7 | $75.9 | +56% |
| 2022 | $75.9 | $84.7 | +12% |
| 2023 | $84.7 | $92.4 | +9.1% |
| 2024 | $92.4 | $107.7 | +16% |
| 2025 | $107.7 | $97.4 | -9.5% |
| 2026 YTD | $97.4 | $70.1 | -28% |
ACM has finished higher in five of the last six years. It's down 28% so far in 2026.