AECOM shares have fallen 21.1% over the past three months, underperforming the Zacks Engineering - R and D Services industry, the broader Zacks Construction sector, and the S&P 500 index. The decline is driven by broader macroeconomic risks including tariff and trade policy uncertainties and elevated structural inflation in labor and material costs, rather than company-specific problems. Despite near-term headwinds, the company reported a record backlog of $26.2 billion at the end of its fiscal second quarter, up 8% year over year, and raised its fiscal 2026 adjusted EPS guidance for a second consecutive quarter to a range of $5.90 to $6.10. AECOM is also investing in proprietary AI and digital delivery capabilities and expanding its Advisory business, which management says is on track to double in size within three years. The stock currently trades at a forward price-to-earnings ratio of 10.9, a discount to industry peers, and carries a Zacks Rank #3 (Hold).
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