Latest Ratios: P/E Ratio 13.9x · EV/EBITDA 7.7x · ROE 22.2%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.5B | $17.4B | $14.1B | $11.6B | $9.8B | $9.5B | $6.7B | $5.9B | $5.3B | $5.9B | $4.6B |
| Enterprise Value | $9.3B | $19.2B | $15.5B | $13.1B | $11.4B | $11.1B | $7.8B | $8.3B | $8.0B | $8.9B | $8.0B |
| P/E Ratio → | 13.90 | 30.99 | 35.01 | 212.92 | 31.36 | 54.44 | — | — | 38.88 | 17.28 | 47.95 |
| P/S Ratio | 0.47 | 1.08 | 0.87 | 0.81 | 0.74 | 0.71 | 0.51 | 0.43 | 0.38 | 0.32 | 0.27 |
| P/B Ratio | 2.89 | 6.45 | 5.94 | 4.88 | 3.74 | 3.34 | 1.98 | 1.51 | 1.24 | 1.39 | 1.31 |
| P/FCF | 10.98 | 25.39 | 19.91 | 19.71 | 16.92 | 16.63 | 31.38 | 8.71 | 8.01 | 9.60 | 7.45 |
| P/OCF | 9.15 | 21.17 | 17.03 | 16.72 | 13.67 | 13.41 | 20.47 | 7.59 | 6.84 | 8.41 | 5.70 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.19 | 0.96 | 0.91 | 0.87 | 0.83 | 0.59 | 0.61 | 0.58 | 0.49 | 0.46 |
| EV / EBITDA | 7.73 | 15.94 | 15.44 | 26.26 | 13.92 | 13.79 | 12.68 | 12.67 | 12.18 | 9.54 | 10.35 |
| EV / EBIT | 9.06 | 17.43 | 17.20 | 35.22 | 17.22 | 17.17 | 19.99 | 20.28 | 19.46 | 13.47 | 20.89 |
| EV / FCF | — | 27.99 | 21.95 | 22.23 | 19.74 | 19.55 | 36.49 | 12.30 | 12.16 | 14.58 | 12.87 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.5% | 7.5% | 6.7% | 6.6% | 6.4% | 6.0% | 5.4% | 4.5% | 3.5% | 3.8% | 3.7% |
| Operating Margin | 6.4% | 6.4% | 5.1% | 2.3% | 4.9% | 4.7% | 2.9% | 2.9% | 2.8% | 3.6% | 2.2% |
| Net Profit Margin | 3.5% | 3.5% | 2.5% | 0.4% | 2.4% | 1.3% | -1.4% | -1.9% | 1.0% | 1.9% | 0.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 22.2% | 22.2% | 16.9% | 2.2% | 11.4% | 5.5% | -5.1% | -6.4% | 3.2% | 8.7% | 2.7% |
| ROA | 4.6% | 4.6% | 3.5% | 0.5% | 2.7% | 1.4% | -1.4% | -1.8% | 0.9% | 2.4% | 0.7% |
| ROIC | 18.6% | 18.6% | 16.1% | 6.0% | 11.1% | 10.5% | 5.3% | 4.5% | 4.1% | 6.9% | 3.9% |
| ROCE | 17.2% | 17.2% | 14.9% | 5.8% | 10.8% | 9.6% | 5.1% | 4.8% | 4.5% | 7.6% | 4.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.25 | 1.25 | 1.28 | 1.15 | 1.07 | 1.02 | 0.82 | 0.85 | 0.85 | 0.91 | 1.15 |
| Debt / EBITDA | 2.80 | 2.80 | 3.01 | 5.50 | 3.43 | 3.59 | 4.54 | 5.05 | 5.49 | 4.12 | 5.25 |
| Net Debt / Equity | — | 0.66 | 0.61 | 0.63 | 0.63 | 0.59 | 0.32 | 0.62 | 0.64 | 0.72 | 0.95 |
| Net Debt / EBITDA | 1.48 | 1.48 | 1.44 | 2.98 | 1.99 | 2.06 | 1.78 | 3.70 | 4.15 | 3.26 | 4.36 |
| Debt / FCF | — | 2.59 | 2.04 | 2.53 | 2.82 | 2.92 | 5.11 | 3.59 | 4.14 | 4.98 | 5.42 |
| Interest Coverage | 5.97 | 5.97 | 4.87 | 2.34 | 5.99 | 2.72 | 2.45 | 2.54 | 2.06 | 2.86 | 1.49 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.14 | 1.14 | 1.13 | 1.05 | 1.08 | 1.12 | 1.24 | 1.17 | 1.16 | 1.20 | 1.13 |
| Quick Ratio | 1.14 | 1.14 | 1.13 | 1.05 | 1.08 | 1.12 | 1.24 | 1.17 | 1.16 | 1.20 | 1.13 |
| Cash Ratio | 0.27 | 0.27 | 0.25 | 0.22 | 0.22 | 0.22 | 0.28 | 0.14 | 0.14 | 0.14 | 0.13 |
| Asset Turnover | — | 1.32 | 1.34 | 1.28 | 1.18 | 1.14 | 1.02 | 0.94 | 0.95 | 1.26 | 1.27 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 100.15 | 107.86 | 103.67 | 105.83 | 111.24 | 122.34 | 120.40 | 147.17 | 103.93 | 95.98 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.7% | 0.8% | 0.8% | 0.8% | 0.6% | — | — | — | — | — | — |
| Payout Ratio | 23.8% | 23.8% | 28.6% | 173.8% | 20.4% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.2% | 3.2% | 2.9% | 0.5% | 3.2% | 1.8% | — | — | 2.6% | 5.8% | 2.1% |
| FCF Yield | 9.1% | 3.9% | 5.0% | 5.1% | 5.9% | 6.0% | 3.2% | 11.5% | 12.5% | 10.4% | 13.4% |
| Buyback Yield | 5.2% | 2.2% | 3.4% | 3.3% | 4.8% | 9.2% | 2.8% | 1.7% | 3.4% | 0.4% | 0.6% |
| Total Shareholder Yield | 6.9% | 3.0% | 4.2% | 4.1% | 5.5% | 9.2% | 2.8% | 1.7% | 3.4% | 0.4% | 0.6% |
| Shares Outstanding | — | $133M | $136M | $140M | $143M | $150M | $161M | $157M | $162M | $159M | $156M |
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying ACM stock.
Aecom's current P/E ratio is 13.9x. The historical average is 26.2x. This places it at the 21th percentile of its historical range.
Aecom's current EV/EBITDA is 7.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.2x.
Aecom's return on equity (ROE) is 22.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 7.5%.
Based on historical data, Aecom is trading at a P/E of 13.9x. This is at the 21th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Aecom's current dividend yield is 1.71% with a payout ratio of 23.8%.
Aecom has 7.5% gross margin and 6.4% operating margin.
Aecom's Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Project-specific cost overruns
Metrics are mathematically derived from official filings.
Thin Margins Exposed by Project Loss
Gross margin collapsed to -0.9% in 2026Q3 from a stable 7-8% range, as reported in the latest quarterly data. This highlights the fragility of a model with minimal cushion against cost overruns.
The 2026Q3 gross margin of -0.9% represents a dramatic deviation from the 6.6%-7.9% range observed over the prior nine quarters, indicating a discrete project charge rather than a gradual erosion. Operating margin swung to -2.1% from a positive 6.5% in the prior quarter, underscoring the operating leverage inherent in a high-variable-cost structure. The net margin of -2.4% in 2026Q3, versus a 4.7% positive in 2026Q2, suggests that the loss is not fully offset by tax benefits or other items, and investors should monitor whether this is an isolated event or a precursor to further write-downs.
ROIC Decay Signals Compounding Risk
ROIC fell to -1.2% in 2026Q3 from a 4.0% average in the prior four quarters, based on reported figures. This suggests a temporary but severe impairment of capital efficiency, potentially undermining the historical 22.2% ROE.
The negative ROIC in 2026Q3 is a stark contrast to the 3.8%-5.6% range seen in the prior eight quarters, indicating that the project loss has eroded returns on invested capital. ROE also turned negative at -3.6%, versus a 7.3% in 2026Q2, reflecting the impact of the loss on equity. While the historical ROE of 22.2% suggests a strong compounding record, the recent deterioration warrants monitoring to see if the company can restore its return profile or if the loss signals a structural decline.
Working Capital Stretch and DSO Creep
DSO rose to 119 days in 2026Q3 from 107 days in 2026Q2, as per the latest data, while DPO remained stable near 58 days. This suggests a lengthening cash conversion cycle, pressuring liquidity.
The increase in DSO to 119 days from a range of 100-110 days over the prior year indicates slower collections, possibly due to project delays or client payment issues. With DPO stable, the cash conversion cycle likely extended, contributing to the tighter liquidity position. The negative FCF margin of -0.7% in 2026Q2 and the modest 1.5% in 2026Q3 reflect the working capital drag, and investors should monitor whether DSO reverts to historical norms or remains elevated.
Leverage Creeps Higher as Debt Rises
D/E rose to 1.39 in 2026Q3 from 1.13 in 2024Q2, while interest coverage turned negative at -1.24, based on reported figures. This indicates a deteriorating debt service capacity.
Total debt increased from $2.7B to $3.3B over the period, while equity dipped to $2.2B, pushing D/E to its highest level in the ten-quarter series. The negative interest coverage in 2026Q3 is a direct result of the operating loss, but even in the prior quarter, coverage of 4.69 was below the 5.84-7.69 range seen in 2024-2025. This suggests that the company's debt service is becoming less comfortable, and the elevated leverage may constrain financial flexibility if further charges materialize.
Liquidity Buffer Thins as Cash Declines
Cash dropped from $1.6B in 2025Q4 to $1.0B in 2026Q3, while the current ratio fell to 1.06, according to the latest balance sheet. This signals a tighter liquidity position.
The current ratio of 1.06 in 2026Q3 is the lowest in the series, down from 1.17 in 2025Q3, indicating that current assets barely cover current liabilities. The quick ratio is identical to the current ratio, suggesting that inventory is not a significant factor, but the reliance on receivables (DSO at 119 days) makes the liquidity position vulnerable to collection delays. With cash declining and a negative interest coverage, the company may face stress if it needs to fund additional project costs or refinance debt.
Misapplied Metric: Gross Margin
Gross margin is commonly misapplied to ACM because it includes pass-through costs, obscuring true profitability. According to reported figures, gross margin of 7.5% understates the value-add of professional services.
For engineering and construction firms, gross margin is distorted by recoverable expenses and subcontractor costs, which inflate revenue without contributing to profit. A more meaningful metric is Net Service Revenue (NSR) margin, which strips out pass-through costs to reveal the profitability of internal talent. ACM's thin gross margin of 7.5% may appear weak, but the NSR margin could be significantly higher, and investors should focus on this adjusted metric to assess the company's true earning power. Additionally, percentage-of-completion accounting introduces estimation risk, so cash flow metrics like FCF margin may provide a more reliable view of performance.