Does AECOM have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores AECOM (ACM) 39.0 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 5, returns on capital 34, balance-sheet safety 51, capital discipline 85.

Is ACM stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $47.05 per share versus a recent price of $68.29 — 45% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has ACM's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 39.0 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

AECOM

ACM · Consumer Discretionary · $9.0B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power5

Median gross margin 6.0% over 9y, variable.

Returns on capital34

Median ROIC 8.8%, above the 9% hurdle in 50% of years.

Balance-sheet safety51

Net debt/EBITDA 0.9x, interest coverage 6x.

Capital discipline85

Owner earnings +7.9%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

45% above value

Owner earnings (normalized): $344.5M
Est. intrinsic value / share: $47.05
Recent price: $68.29
Discount to value: 45% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

AECOM booked $16.1B of revenue in FY2025 in the Consumer Discretionary sector and kept 7.5% of it as gross profit — a thin-margin business by that measure. After every other cost, 3.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue shrank from $18.2B (FY2017) to $16.1B (FY2025) — about −1.5% a year compounded over 8 years.

It earned 22.0% on invested capital in FY2025, with a median of 10.1% across 18 filed years. The Returns on Capital filter above scores it 34/100.

The balance sheet carried $2.7B of total debt in FY2025 against $601.0M of owner earnings — roughly 4.5 years of owner earnings to retire it all. Balance-Sheet Safety scores it 51/100.

The share count rose 18.8% between FY2009 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 85/100.

Put together: Capital Discipline is the strongest of the four filters (85/100) and Pricing Power the weakest (5/100), which is how ACM lands at 39/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$16.1B FY2025

Gross marginRevenue kept after cost of goods7.5% FY2025

Return on invested capitalOperating profit on the capital employed22.0% FY2025

Owner earningsCash an owner could take out$601.0M FY2025

Gaps in a line mean that item isn’t in ACM’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale39.0 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — ACM has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Consumer Discretionary context

#219 of 340 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

#217JCTC JEWETT-CAMERON TRADING COMPANY LTD.39.1 out of 100, No moatNo moat
#218BNBX BNB Plus Corp.39.0 out of 100, No moatNo moat
#220F Ford Motor Co38.8 out of 100, No moatNo moat
#221VSEC VSE CORPORATION38.8 out of 100, No moatNo moat

Compare ACM with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about ACM

Does AECOM have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores AECOM (ACM) 39.0 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 5, returns on capital 34, balance-sheet safety 51, capital discipline 85.
Is ACM stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $47.05 per share versus a recent price of $68.29 — 45% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has ACM's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 39.0 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ACM. See the disclaimer.