AECOM vs Emcor
Add, change or remove companies; up to four.
The short version
- Emcor is the larger business, with $17.0B of revenue in fiscal 2025 against $16.1B for AECOM.
- Emcor grew revenue faster (16.6%, against 0.2%).
- Emcor kept more of each dollar of sales as operating profit (10.1% operating margin, against 6.4%).
- Emcor turned more of its sales into free cash flow (7.0% FCF margin, against 4.2%).
- Emcor earned a higher return on the capital invested in it (60.7%, against 22.4%).
- Investors pay more for each dollar of AECOM’s earnings: a P/E of 27.7x against 20.2x for Emcor.
| Latest fiscal year | ACM · FY25 | EME · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.8B | $28.9B |
| Revenue | $16.1B | $17.0B |
| Free cash flow | $685M | $1.2B |
| Net income | $562M | $1.3B |
| Growth | ||
| Revenue growth | 0.2% | 16.6% |
| 5-year growth | 4.0% | 14.1% |
| Share count change | −2.3% | −3.6% |
| Profitability | ||
| Gross margin | 7.5% | 19.3% |
| Operating margin | 6.4% | 10.1% |
| Net margin | 3.5% | 7.5% |
| FCF margin | 4.2% | 7.0% |
| Return on capital | 22.4% | 60.7% |
| Return on equity | 24.0% | 38.5% |
| Balance sheet | ||
| Net debt | $1.1B | −$1.1B |
| Net debt / EBITDA | 0.9x | −0.6x |
| Dividends and buybacks | $522M | $631M |
| Valuation & quality | ||
| P/E | 27.7x | 20.2x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
ACM —
EME $7.6B
FY17
ACM $18.2B
EME $7.7B
FY18
ACM $13.9B
EME $8.1B
FY19
ACM $13.6B
EME $9.2B
FY20
ACM $13.2B
EME $8.8B
FY21
ACM $13.3B
EME $9.9B
FY22
ACM $13.1B
EME $11.1B
FY23
ACM $14.4B
EME $12.6B
FY24
ACM $16.1B
EME $14.6B
FY25
ACM $16.1B
EME $17.0B
ACM
EME
Operating margin
FY16
ACM —
EME 4.1%
FY17
ACM 3.6%
EME 4.3%
FY18
ACM 2.8%
EME 5.0%
FY19
ACM 2.9%
EME 5.0%
FY20
ACM 2.9%
EME 2.9%
FY21
ACM 4.7%
EME 5.4%
FY22
ACM 4.9%
EME 5.1%
FY23
ACM 2.3%
EME 7.0%
FY24
ACM 5.1%
EME 9.2%
FY25
ACM 6.4%
EME 10.1%
ACM
EME
Free cash flow
FY16
ACM $623M
EME $223M
FY17
ACM $610M
EME $331M
FY18
ACM $661M
EME $228M
FY19
ACM $677M
EME $307M
FY20
ACM $215M
EME $758M
FY21
ACM $568M
EME $283M
FY22
ACM $577M
EME $449M
FY23
ACM $590M
EME $821M
FY24
ACM $708M
EME $1.3B
FY25
ACM $685M
EME $1.2B
ACM
EME
Return on capital
FY16
ACM 5.2%
EME 13.8%
FY17
ACM 9.1%
EME 15.7%
FY18
ACM 5.5%
EME 18.3%
FY19
ACM 5.6%
EME 18.1%
FY20
ACM 6.1%
EME 7.9%
FY21
ACM 13.0%
EME 24.7%
FY22
ACM 13.1%
EME 23.7%
FY23
ACM 6.9%
EME 36.8%
FY24
ACM 19.6%
EME 59.8%
FY25
ACM 22.4%
EME 60.7%
ACM
EME
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.