At a glance
Aecom Technology Corporation is worth $8.01B, about 15 times its fiscal 2025 earnings. Revenue grew 0.2% to $16.14B in fiscal 2025, with 3.5% kept as profit; over 5 years it has grown 4.0% a year. It pays a 1.99% dividend yield, raised every year for at least 3 years, and returned $2.99B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −52.1% over the past year with dividends reinvested and −1.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 54.1% in the 2020 crash (S&P 500: 33.7%) and 22.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 5 months after the lows.
The business in plain English
AECOM is an engineering and design firm that helps governments, businesses and organizations plan and build infrastructure. It sells advisory, planning, architectural and engineering design, and construction and program management services. Program management means running a group of related projects, such as a high-speed rail line. Its main markets are transportation, buildings, water, the environment and energy. Engineering News-Record's 2025 Design Survey ranked it the world's largest general architectural and engineering design firm by 2024 design revenue.
Most of its income comes from fees. AECOM bills clients for the hours its engineers, architects and planners spend on projects, so profit depends on billable time and cost control. Government clients supplied about 50% of revenue in fiscal 2025 (ended September 30, 2025), up from 46% a year earlier. AECOM has sold several businesses, including its former management services arm and construction units that did the building work themselves. Its annual report filed November 19, 2025 said it was reviewing options, possibly a sale, for its construction management unit.
Of $16.1 billion in fiscal 2025 revenue, the Americas segment (the US, Canada and Latin America) brought in $12.5 billion, or 77.6%. The International segment, covering Europe, the Middle East, India, Africa and Asia-Pacific, added $3.6 billion, or 22.4%. AECOM Capital, which invests in real estate development, produced almost no revenue.
Price history
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ACM -52.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Americas | $12.53B | 77.6% |
| International | $3.61B | 22.4% |
| AECOM Capital | $500K | 0% |
By geography
| Americas | $12.53B | 77.6% |
| EMEA | $2.15B | 13.3% |
| Asia Pacific | $1.46B | 9% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $3.59B, down 14.2% from a year earlier, and net income was $-86.7M (-166.2%).
- For fiscal 2025, revenue was $16.14B (+0.2% year over year; +4.0% a year from FY2020 to FY2025) with a 3.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.0% watch |
|---|---|
| Operating margin | 6.4% watch |
| Free cash flow margin | 4.2% watch |
| Return on equity (FY2025) | 22.5% good |
| Return on assets (FY2025) | 4.6% watch |
| Net cash (cash minus debt) | $-1.70B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $13.24B | $-186.4M | $215.0M |
| FY2021 | $13.34B | $173.2M | $568.4M |
| FY2022 | $13.15B | $310.6M | $576.6M |
| FY2023 | $14.38B | $55.3M | $590.4M |
| FY2024 | $16.11B | $402.3M | $707.9M |
| FY2025 | $16.14B | $561.8M | $684.9M |
Valuation snapshot
| Market value | $8.01B |
|---|---|
| P/E ratio | 14.8 |
| Dividend yield | 1.99% |
Rank among 1514 US companies
Market value at each year end
Aecom Technology’s market value went from $5.60B at the end of 2016 to $8.01B on Oct 28, 2026, up 43%; since the end of 2025 it is down 36%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $8.01B | -36.2% |
| 2025 | $12.57B | -11.2% |
| 2024 | $14.15B | +12.6% |
| 2023 | $12.57B | +6.7% |
| 2022 | $11.78B | +7.1% |
| 2021 | $11.00B | +46.6% |
| 2020 | $7.51B | +10.8% |
| 2019 | $6.78B | +63.5% |
| 2018 | $4.14B | -29.2% |
| 2017 | $5.86B | +4.6% |
| 2016 | $5.60B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ACM price data to Oct 28, 2026 | -33.6% | -52.1% | -4.8% | -1.0% | +8.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -33.6% |
| 2025 | -9.9% |
| 2024 | +16.7% |
| 2023 | +9.8% |
| 2022 | +10.7% |
| 2021 | +55.4% |
| 2020 | +15.4% |
| 2019 | +62.8% |
| 2018 | -28.7% |
| 2017 | +2.2% |
| 2016 | +21.1% |
| 2015 | -1.1% |
| 2014 | +3.2% |
| 2013 | +23.7% |
| 2012 | +15.7% |
| 2011 | -26.5% |
| 2010 | +1.7% |
| 2009 | -10.5% |
| 2008 | +7.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 38.6% over that stretch · deepest drop along the way 58.6%, back to its old high 69.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 51.7% over that stretch · deepest drop along the way 54.1%, back to its old high 8.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.6% over that stretch · deepest drop along the way 22.8%, back to its old high 5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (15 read): 3 open-market purchases ($699K) and 4 sales ($3.2M), 4 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Dec 17, 2025 | Lara Poloni PRESIDENT | sell (plan) | $1.7M |
| Dec 17, 2025 | David Y. Gan CHIEF LEGAL OFFICER | sell (plan) | $922K |
| Dec 15, 2025 | David Y. Gan CHIEF LEGAL OFFICER | sell (plan) | $593K |
| May 14, 2026 | Troy Rudd CHIEF EXECUTIVE OFFICER, Director | buy | $300K |
| Jun 16, 2026 | Lara Poloni PRESIDENT | buy | $298K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.1% | Jan 31, 2026 |
| PRIMECAP MANAGEMENT CO/CA/ | 7.24% | Jun 30, 2025 |
| Vanguard Capital Management | 5.22% | Mar 31, 2026 |
ETFs with the most weight in ACM
| PHO Invesco Water Resources ETF | 4.04% |
| FIW First Trust Water ETF | 3.58% |
| PKB Invesco Building & Construction ETF | 2.8% |
| SAMT Strategas Macro Thematic Opportunities ETF | 2.55% |
| XMLV Invesco S&P MidCap Low Volatility ETF | 1.11% |
| TAX Cambria Tax Aware ETF | 1.05% |
| FSCS First Trust SMID Capital Strength ETF | 0.95% |
| RBLD First Trust Alerian US NextGen Infrastructure ETF | 0.94% |
What could go wrong
- About half of revenue depends on governments. About 50% of fiscal 2025 revenue came from government contracts. Many are funded one year at a time, and agencies can change, cut or cancel work early. Budget gaps or shutdowns can delay funding.
- Fixed-price contracts can turn into losses. On fixed-price or guaranteed-maximum-price contracts, AECOM agrees to a set price or price cap up front. If costs run over or it misses guaranteed deadlines, the company can absorb the loss.
- Real estate investments and joint venture guarantees. AECOM Capital invests in real estate development, which the company calls inherently risky. AECOM may also guarantee project completion or debt for joint ventures (projects shared with partners), leaving it exposed if partners fail.
- A planned business sale may stall. As of its November 2025 annual report, AECOM was reviewing options, including a possible sale, for its construction management business. Deals like this can take longer, cost more, distract managers or fall through.
- Engineering and site work bring liability. AECOM's services expose it to significant liability claims, and its insurance may not fully cover them. Many project sites are dangerous, and safety failures can cause injuries, lawsuits and lost clients.
- Debt exceeds cash, partly at variable rates. As of June 30, 2026, AECOM had about $2.7 billion of debt and $1.0 billion of cash and investments. Its variable-rate debt costs more when rates rise, and lender restrictions limit further borrowing.
Recent events
- Other company announcement
- Executive or board change
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Shareholder vote results; Other company announcement
- Quarterly results released
- Quarterly results released; Investor presentation or announcement; Other company announcement
For income and retirement investors
AECOM pays a dividend that has risen quickly. Dividends per share rose every fiscal year from $0.44 in fiscal 2022 to $1.00 in fiscal 2025, about 31% a year. The fiscal 2025 dividend used 23.8% of earnings and 19.5% of free cash flow (cash left after capital spending). The yield was 1.99% as of October 28, 2026. Buybacks have been larger: $2.6 billion over fiscal 2021–2025, versus $408 million in dividends, and the share count fell 9.5% from November 2021 to August 2026.
In the quarter ended June 30, 2026, revenue fell 14.2% and AECOM posted a net loss of $86.7 million. The stock has fallen sharply in downturns: 58.6% from October 2007 to October 2008, taking about 70 months to recover, and 54.1% in the 2020 COVID crash, taking about eight months. As of October 28, 2026, it was down 52.1% over one year. Single stocks carry more risk than diversified funds.
Questions investors ask
How does AECOM make money?
Mostly by charging fees for its people's time. AECOM bills governments and businesses for engineers, architects and planners who advise on, design and manage infrastructure projects such as rail lines, highways, water treatment plants and buildings. In fiscal 2025, which ended September 30, 2025, it had $16.1 billion of revenue, with 77.6% from the Americas segment and 22.4% from International. About 50% of that revenue came from government contracts. A small real estate arm, AECOM Capital, earns money from development sales and management fees.
Does AECOM raise its dividend every year?
AECOM raised its dividend per share in each of fiscal 2023, 2024 and 2025, at least three straight annual increases. It went from $0.44 in fiscal 2022 to $1.00 in fiscal 2025, growth of about 31% a year. The fiscal 2025 dividend used 23.8% of earnings and 19.5% of free cash flow. The yield was 1.99% as of October 28, 2026, and AECOM says it cannot guarantee future dividends.
Is AECOM putting its construction management business up for sale?
AECOM was weighing that option as of its annual report filed November 19, 2025. It said it had begun reviewing options for the business, which could include a sale. The unit provides construction and program management for large building projects, mainly in the Americas, such as sports arenas, office and residential towers, hotels and convention centers. AECOM warns that a business sale can take longer than planned, cost more, disrupt operations or not happen at all.
How has AECOM stock performed?
Unevenly. As of October 28, 2026, the share price (not counting dividends) was up about 135% over 10 years, or 8.9% a year, but down 5% over five years and 52.1% over one year. The price fell 33.6% from the start of 2026 through October 28, after a 9.9% decline in 2025. It has dropped sharply before, falling 58.6% in 2007–2008 and 54.1% in the 2020 COVID crash, then taking about 70 months and eight months, respectively, to recover.
How much debt does AECOM have?
About $2.7 billion as of June 30, 2026, against roughly $1.0 billion of cash and investments, leaving net debt of about $1.7 billion. Shareholders' equity (assets minus liabilities) was $2.2 billion. Some of the debt has variable interest rates, so higher rates can raise AECOM's interest costs. Its loan agreements also contain covenants, or restrictions, that limit borrowing, acquisitions and other moves. AECOM filed notices of new debt or financial obligations in March and June 2026.