TacticScaleWhat AECOM Does & How It Makes Money (ACM)
Updated October 2026 · reflects AECOM's latest reported financials
Global infrastructure consulting, design, and program management firm. AECOM earns fees from public and private clients for consulting, engineering design, and construction and program management work on infrastructure projects.
How AECOM makes money
AECOM earns fees from public and private clients for consulting, engineering design, and construction and program management work on infrastructure projects. Its AECOM Capital segment also seeks returns by investing in and developing real estate projects.
What AECOM does
AECOM is a Dallas-headquartered professional infrastructure consulting firm serving governments, businesses, and organizations around the world. It offers advisory, planning, consulting, architectural and engineering design, and construction and program management services across major end markets including transportation, facilities, water, environmental, and energy. The company reports in three segments: Americas, International, and AECOM Capital, the last of which invests in and develops real estate projects. Incorporated in 1980, the company was known as AECOM Technology Corporation until it renamed itself AECOM in January 2015.
Products & services
- Infrastructure advisory and planning
- Architectural and engineering design
- Construction management
- Program management
- Environmental and water consulting
- AECOM Capital real estate investment and development
What is AECOM worth?
On an owner-earnings DCF, AECOM's most-likely value is about $40 versus a recent price near $59 (32% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$21) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 9.8× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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