ACMAECOM

Services-Engineering Services

Revenue: $16.1B; 0.2% YoY
Operating margin: 6.4%; 24% YoY
EBITDA: $1.1B; 6.2% YoY
Market cap: $8.2B
Employees: —
Net debt / EBITDA: 1.5×; $1.6B net debt
AI in 10-K: 3.0; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
146% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
64% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
31% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
3.0 per 10K words · 70th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$13.3B	$13.1B	$14.4B	$16.1B	$16.1B	0.2%
Operating income	$630M	$647M	$324M	$827M	$1.0B	24%
Net income	$173M	$311M	$55M	$402M	$562M	40%
Operating cash flow	$705M	$714M	$696M	$827M	$822M	0.7%
Capex	$136M	$137M	$106M	$120M	$137M	14%
Stock-based comp	$45M	$38M	$46M	$62M	$61M	0.1%
Buybacks	$867M	$473M	$379M	$479M	$388M	19%
Dividends	—	$63M	$96M	$115M	$134M	16%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jan 27, 2023	Starboard Value LP	SC 13D/A	4.9%	Active
Dec 9, 2020	Starboard Value LP	SC 13D/A	5.2%	Active
Nov 30, 2020	Starboard Value LP	SC 13D	0.1%	Passive

Insider trading

Open-market buys, 12 mo: $699K · 3
Open-market sells, 12 mo: $3M · 4
Net: −$3M

Pay vs performance

No pay-versus-performance disclosure yet.