AECOM
ACMdata completeness 100%18 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'realEstateImpairment'
AECOM earns about 39% on invested capital, far above its ~9% cost of capital, and has bought back 11% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $23.92 and $119.89 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $13.3B1 | $13.1B2 | $14.4B3 | $16.1B3 | $16.1B3 |
| Net income | $173.2M4 | $310.6M5 | $55.3M6 | $402.3M6 | $561.8M6 |
| Operating cash flow | $704.7M7 | $713.6M8 | $696M9 | $827.5M9 | $821.6M9 |
| Capital expenditure | $136.3M10 | $137M11 | $105.6M12 | $119.6M12 | $136.7M12 |
| Free cash flow (derived) | $568.4M7 | $576.6M8 | $590.4M9 | $707.9M9 | $684.9M9 |
| Total debt | $58.2M13 | $53.6M14 | $92.6M15 | $70M16 | $70.4M16 |
| Cash & equivalents | $1.23B17 | $1.17B18 | $1.26B19 | $1.58B20 | $1.59B20 |
| Diluted shares | 149.7M | 142.7M | 140.1M | 136.5M | 133.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $186.98 of net worth that earned you $42.14 and generated $51.38 of cash last year, against $5.28 of debt.
It earned about 39% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is down 11% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 21% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $23.92 and $119.89 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth6.4%
- fcfBase$684.9M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth6.4%
- fcfBase$684.9M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$310.6M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $83.81 |
| Base | 6.4% | $106.86 |
| Bull | 11.4% | $128.86 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 6.4%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-09-30 · accession 0001104659-23-118329 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-09-30 · accession 0001410578-24-002030 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-09-30 · accession 0000868857-25-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-09-30 · accession 0001104659-23-118329 (NetIncomeLoss)
- 10-K · period ending 2022-09-30 · accession 0001410578-24-002030 (NetIncomeLoss)
- 10-K · period ending 2023-09-30 · accession 0000868857-25-000013 (NetIncomeLoss)
- 10-K · period ending 2021-09-30 · accession 0001104659-23-118329 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-09-30 · accession 0001410578-24-002030 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-09-30 · accession 0000868857-25-000013 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-09-30 · accession 0001104659-23-118329 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-09-30 · accession 0001410578-24-002030 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-09-30 · accession 0000868857-25-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-09-30 · accession 0001104659-22-119637 (ShortTermBorrowings)
- 10-K · period ending 2022-09-30 · accession 0001104659-23-118329 (ShortTermBorrowings)
- 10-K · period ending 2023-09-30 · accession 0001410578-24-002030 (ShortTermBorrowings)
- 10-K · period ending 2024-09-30 · accession 0000868857-25-000013 (ShortTermBorrowings)
- 10-K · period ending 2021-09-30 · accession 0001104659-22-119637 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-09-30 · accession 0001104659-23-118329 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-09-30 · accession 0001410578-24-002030 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-09-30 · accession 0000868857-25-000013 (CashAndCashEquivalentsAtCarryingValue)