AECOM

ACM · NYSE

$58.99+$0.97 (+1.67%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $58.02

ACM analyst rating

BuyConsensus of 10 analysts over the last 12 months. 80% rate it a buy.

Strong buy0
Buy8
Hold2
Underperform0
Sell0

12-month price target · 13 analysts

Average $87.73 (+48.7% upside)

Low: $65.65
Now: $58.99
High: $111.38

Upgrades and downgrades

The latest rating actions, newest first

ACM analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
RBC Capital	Oct 15, 2026	Maintains	Outperform	$90.00 → $89.00	55%
Keybanc	Oct 15, 2026	Maintains	Overweight	$79.00 → $78.00	47%
UBS	Oct 8, 2026	Maintains	Buy	$106.00 → $103.00	57%
Truist Securities	Oct 5, 2026	Maintains	Buy	$85.00 → $75.00	59%
Argus Research	Aug 25, 2026	Maintains	Buy	$85.00 → $75.00	55%
Baird	Aug 14, 2026	Maintains	Neutral	$73.00 → $65.00	66%
RBC Capital	Aug 13, 2026	Maintains	Outperform	$105.00 → $90.00	55%
Citigroup	Aug 12, 2026	Maintains	Buy	$97.00 → $84.00	63%
Truist Securities	Aug 12, 2026	Maintains	Buy	$102.00 → $85.00	59%
Keybanc	Aug 12, 2026	Maintains	Overweight	$101.00 → $79.00	47%

The case for and against

Updated Oct 16, 2026

Bull case

AECOM is well positioned by its diversified global platform, with a broad revenue base across regions and end markets, balanced public/private net service revenue of about 55%/45%, and strong exposure to secularly supported infrastructure demand in water, transportation, and environment. Its fundamentals have improved meaningfully, as Adjusted EBITDA rose from $657 million in F2019 to $1.203 billion in F2025 while margin expanded from 10.6% to 15.9%, reflecting better execution, cost containment, and a richer mix of Program Management and Advisory work. The outlook is further supported by record backlog, strong bookings, and a shareholder-friendly capital strategy that targets more than 100% free cash flow conversion and largely returns that cash through buybacks and dividends.

Bear case

AECOM is facing a credibility and cash-flow problem, as the $337 million pre-tax charge on a legacy design-build P3 project and the related delay to 2Q’27 signal that execution risk remains embedded in a business that was previously seen as lower risk. The overhang is not limited to earnings: claims in contract assets have risen to about $620 million, free cash flow fell to $55 million, net leverage increased to 1.5x, and management expects roughly $500 million of FCF drag in 1H’27 with higher net interest expense in FY’27. Despite $16.1 billion of fiscal 2025 sales and $27.816 billion of backlog, the company’s lowered FY2026 guidance, paused buybacks, and margin pressure in the Americas suggest near-term fundamentals are being overshadowed by project remediation and slower new work conversion.

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