AECOM vs Emcor
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KIRA’s take AI analyst
I put AECOM and Emcor side by side, using each one’s latest annual report. Here is what stands out:
- 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 27.9x against 20.7x for Emcor.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
AECOM
ACM
1/11
Piotroski F-score
Emcor
EME
10/11
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | ACM FY25 | EME FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.8B | $29.7B |
| 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 | 27.9x | 20.7x |
| Piotroski F-score | 7 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.