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    AECOM (ACM) Could Be 34% Undervalued Following Its Carbon Design Project Win

    Simply Wall St·10/02/2026 04:42:30
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    AECOM (ACM) has been tapped to supply whole life carbon insights on a transportation project, using One Click LCA's Carbon Designer 3D within its ScopeX decarbonization workflow during the pre design phase.

    AECOM's recent contract win comes at a time when the share price has eased back, with a 30-day share price return down 10.01% and a year-to-date share price return down 38.17%, while the 1-year total shareholder return is down 53.50%. This suggests that the recent contract news is arriving against a backdrop of fading momentum after a stronger multi-year run, during which the 5-year total shareholder return is only down 2.71%.

    Scan beyond AECOM and this contract win by reviewing other hand picked infrastructure and capital projects specialists in the 39 power grid technology and infrastructure stocks shaping long term decarbonization and grid resilience themes.

    AECOM’s shares have retreated sharply while revenue and net income figures remain positive, which raises a simple tension: Are investors reassessing the business, or has sentiment moved further than the underlying valuation justifies?

    Most Popular Narrative: 34% Undervalued

    AECOM last closed at $59.60 while the leading narrative fair value sits at $90, which puts a sizeable gap between price and story and turns attention to what the underlying business is doing rather than where the share price has moved.

    AECOM's Q3 is not a clean quarter. It is a revealing one.

    A legacy Construction Management project created a $337 million hole in reported profitability.

    But at the same time, customers awarded AECOM $4.2 billion of new work, design generated a 1.6x book-to-burn ratio, and backlog reached a record $27.8 billion.

    That contrast is the story.

    See why 2 investors see AECOM as 34% undervalued.

    According to andrei9868, the narrative hinges on that contrast between a project charge that distorted one quarter and a design focused infrastructure platform still building a $27.8b backlog on a 1.6x book to burn ratio.

    The same storyline underpins the fair value estimate of $90, which implies a material discount when set against the current share price and presents AECOM as a business where sentiment and reported earnings have diverged from the backlog, margin and earnings profile described in the narrative.

    Result: Fair Value of $90 (UNDERVALUED)

    Still, AECOM’s story can be knocked off course if additional legacy project issues emerge or if the $337 million charge signals broader execution problems.

    Find out about the key risks to this AECOM narrative.

    Next Steps

    If the mixed signals on AECOM have you undecided, consider acting promptly, examining both sides of the story in detail, and weighing up the 4 key rewards and 2 important warning signs.

    Looking for more AECOM style investment ideas?

    If you want a broader watchlist beyond AECOM, use the Simply Wall St Screener to uncover fresh ideas before they move out of reach.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.