Is AECOM overvalued or undervalued?

As of 24 October 2025, AECOM's valuation grade has moved from very expensive to expensive, indicating a shift towards a less extreme valuation. The company appears to be overvalued based on its current metrics, with a P/E ratio of 20, a Price to Book Value of 6.45, and an EV to EBITDA of 13.73. In comparison, peers such as EMCOR Group, Inc. have a higher P/E of 29.12, while Comfort Systems USA, Inc. shows an even higher EV to EBITDA of 26.63, suggesting that AECOM's valuation is not justified when compared to its industry.
Despite its strong performance, with a year-to-date return of 24.40% compared to the S&P 500's 15.47%, the high valuation ratios indicate that AECOM may not offer sufficient upside potential at its current price. The PEG ratio of 0.16 suggests that growth expectations are not fully reflected in the stock price, further reinforcing the notion that AECOM is overvalued in the current market.