Latest Ratios: P/E Ratio 16.5x · EV/EBITDA 8.9x · 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 | $8.9B | $17.4B | $14.1B | $11.6B | $9.8B | $9.5B | $6.7B | $5.9B | $5.3B | $5.9B | $4.6B |
| Enterprise Value | $10.7B | $19.2B | $15.5B | $13.1B | $11.4B | $11.1B | $7.8B | $8.3B | $8.0B | $8.9B | $8.0B |
| P/E Ratio → | 16.53 | 30.99 | 35.01 | 212.92 | 31.36 | 54.44 | — | — | 38.88 | 17.28 | 47.95 |
| P/S Ratio | 0.55 | 1.08 | 0.87 | 0.81 | 0.74 | 0.71 | 0.51 | 0.43 | 0.38 | 0.32 | 0.27 |
| P/B Ratio | 3.44 | 6.45 | 5.94 | 4.88 | 3.74 | 3.34 | 1.98 | 1.51 | 1.24 | 1.39 | 1.31 |
| P/FCF | 13.06 | 25.39 | 19.91 | 19.71 | 16.92 | 16.63 | 31.38 | 8.71 | 8.01 | 9.60 | 7.45 |
| P/OCF | 10.89 | 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 | 8.92 | 15.94 | 15.44 | 26.26 | 13.92 | 13.79 | 12.68 | 12.67 | 12.18 | 9.54 | 10.35 |
| EV / EBIT | 10.45 | 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 | 1.4% | 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 | 6.0% | 3.2% | 2.9% | 0.5% | 3.2% | 1.8% | — | — | 2.6% | 5.8% | 2.1% |
| FCF Yield | 7.7% | 3.9% | 5.0% | 5.1% | 5.9% | 6.0% | 3.2% | 11.5% | 12.5% | 10.4% | 13.4% |
| Buyback Yield | 4.3% | 2.2% | 3.4% | 3.3% | 4.8% | 9.2% | 2.8% | 1.7% | 3.4% | 0.4% | 0.6% |
| Total Shareholder Yield | 5.8% | 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 |
Project backlog conversion delays
Based on current market data, ACM trades at a forward P/E of 11.87, which appears to discount the firm's recent revenue growth deceleration of 0.21% YoY, suggesting that investors are pricing in a lower-growth, service-oriented future rather than the cyclical volatility of traditional industrial construction firms.
The valuation gap between ACM and higher-multiple peers like Sterling Infrastructure suggests the market remains skeptical of the firm's ability to achieve sustained margin expansion. Investors should monitor whether the forward P/E compression reflects a genuine re-rating of the business model or merely a lack of confidence in near-term backlog conversion.
According to recent financial disclosures, ACM's ROIC has hovered between 3.1% and 5.6% over the last ten quarters, indicating that the company is struggling to generate returns that consistently exceed its cost of capital, a trend that warrants further investigation into the firm's asset-heavy project portfolio.
The persistent gap between ACM's ROIC and the double-digit returns seen in more specialized engineering peers suggests that the company's capital allocation is hampered by legacy project structures. This low return profile appears to be a structural drag on shareholder value creation, necessitating a shift toward higher-margin, less capital-intensive consulting engagements.
As reported in quarterly filings, ACM's DSO has remained elevated, averaging over 100 days across the last ten quarters, which highlights a significant working capital drag that limits the firm's ability to convert project wins into timely, liquid cash flow for reinvestment or shareholder returns.
The extended collection cycle suggests that ACM may be providing implicit financing to its government and private-sector clients, effectively tying up capital in long-duration receivables. This inefficiency appears to be a primary driver of the firm's inconsistent free cash flow generation, requiring management to improve contract terms to enhance liquidity.
Based on reported figures, ACM maintains a debt-to-EBITDA ratio fluctuating around 11.21 in 2026Q2, which, while appearing high in isolation, reflects a manageable interest coverage ratio of 4.69, suggesting that the firm's debt service remains comfortable despite the cyclical nature of the engineering and construction industry.
The company's ability to maintain a stable debt profile while navigating project-related cash flow volatility indicates a disciplined approach to balance sheet management. However, investors should monitor whether this leverage capacity is utilized for value-accretive M&A or if it remains dormant while the firm faces top-line stagnation.
The most commonly misapplied metric for ACM is the standard P/E ratio, which obscures the significant impact of non-recurring project adjustments and pass-through cost accounting that frequently distort the firm's true underlying earning power and cash-generating capability compared to pure-play professional service firms.
Analysts should prioritize Net Service Revenue (NSR) and EV/EBITDA over P/E to better assess the firm's operational performance, as these metrics strip out the volatility of recoverable expenses. Relying on P/E alone may lead to an inaccurate assessment of the company's transition toward a higher-quality, service-led business model.
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 16.5x. The historical average is 26.2x. This places it at the 36th percentile of its historical range.
Aecom's current EV/EBITDA is 8.9x. 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 16.5x. This is at the 36th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Aecom's current dividend yield is 1.44% 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.