AECOM

ACM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Aecom Earnings: Encouraging Backlog Growth and Margin Expansion

Krzysztof Smalec

May 6, 2025

Aecom reported solid fiscal second-quarter results, featuring a 20% year-over-year increase in adjusted EPS and an increase in fiscal 2025 guidance for the second time this year. Given the professional services nature of its business model, we believe that Aecom has limited direct exposure to tariffs. We've raised our fair value estimate to $104 from $102, which reflects our slightly more optimistic midcycle operating margin assumptions and time value of money.

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AECOM

Aecom Earnings: Encouraging Backlog Growth and Margin Expansion

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