Aecom (ACM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+54.7%

$102.66

vs $66.37 price

Levered DCF

$94.72

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.85

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	30.77×	34.77×	207.6×	30.94×	53.52×	-35.76×	-32.1×	37.98×
P/B	6.93×	6.41×	5.2×	3.89×	3.43×	2.02×	1.6×	1.27×
P/S	1.07×	0.87×	0.8×	0.73×	0.7×	0.5×	0.43×	0.37×
EV / EBITDA	14.93×	14.27×	23.71×	13.53×	13.31×	12.31×	12.4×	11.66×
Gross margin	7.5%	6.7%	6.6%	6.4%	6.0%	5.4%	4.5%	3.5%
Operating margin	6.4%	5.1%	2.3%	4.9%	4.7%	2.9%	2.9%	2.8%
Net margin	3.5%	2.5%	0.4%	2.4%	1.3%	-1.4%	-1.9%	1.0%
Current ratio	1.14×	1.13×	1.05×	1.08×	1.12×	1.24×	1.17×	1.16×
Debt / equity	1.35×	1.39×	1.24×	1.13×	1.07×	0.85×	0.9×	0.89×
Interest coverage	5.57×	4.46×	2.03×	5.87×	2.64×	2.39×	2.45×	1.95×
Dividend yield	0.8%	0.8%	0.8%	0.7%	0.0%	0.0%	0.0%	0.0%
Payout ratio	23.8%	28.6%	173.8%	20.4%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.5%	18.4%	2.5%	12.5%	6.4%	-5.7%	-7.1%	3.3%
Return on invested capital	12.3%	11.3%	4.4%	8.4%	7.9%	4.4%	4.6%	4.5%
Return on assets	4.6%	3.3%	0.5%	2.8%	1.5%	-1.4%	-1.8%	0.9%
Free cash flow yield	4.0%	5.1%	5.1%	6.0%	6.1%	3.2%	11.5%	12.7%
Earnings yield	3.3%	2.9%	0.5%	3.2%	1.9%	-2.8%	-4.4%	2.6%
Enterprise value	$19B	$15.4B	$13B	$11.3B	$11B	$7.8B	$8.3B	$7.9B
Net debt / EBITDA	1.39×	1.34×	2.72×	1.96×	2.02×	1.74×	3.62×	4.02×
Cash conversion cycle (days)	45	46	44	46	50	54	53	73