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0.00x Total Debt / Equity (Conservative)

~$1B floating-rate debt; 20% rise in base rates (e.g., SOFR +100bps) increases annual interest cost ~$10-15M, modest EPS drag ~2-3%

Medium intensity; US-China trade tariffs on metals and components disrupt supply chains.

Middle East construction materials corridor; Indo-Pacific rare-earth/engineering components supply route—both exposed to regional conflict disruption

Top-3 international markets: UK (GBP), Australia (AUD), Middle East (USD-pegged/SAR); GBP and AUD devaluation risk is meaningful, ~30% of non-US revenue

Operations in 150+ countries; ~40% revenue ex-US; material FX exposure to GBP, AUD, CAD, EUR; hedging partially mitigates translation risk

Medium intensity; commodities: Steel, Aluminum, Copper, Crude Oil (fuel), Rare Earth Elements, Plastics/Resins; geopolitical: US-China trade tariffs on metals and components disrupt supply chains.

No single vendor exceeds 30% of input costs; subcontractor network is diverse, but specialized engineering software (Autodesk, Bentley) creates moderate lock-in

Professional services/engineering consulting—not cloud-native; cloud termination would disrupt internal ops but not client-facing revenue delivery within 30 days

Project management and program delivery services; core delivery is human-capital and on-site, limiting acute cloud dependency for revenue continuity

Low API coupling risk; proprietary platforms (AECOSim, internal PM tools) used internally; clients contract services not software APIs—switching cost is relationship-driven

Primary revenue is fee-for-service engineering contracts; no investment-of-money-in-common-enterprise structure; Howey Test not applicable—negligible securities risk

Medium

Handles government and infrastructure project data globally; GDPR exposure via EU operations; CCPA exposure moderate; government contracts impose additional data sovereignty obligations

Low-to-moderate; professional services market fragmented; past DOJ scrutiny on bid-rigging in construction sector warrants monitoring but no current active exposure

Medium burden; regimes: FAA, DOT, OSHA, EPA, ITAR, FTC; Export controls and defense procurement rules create contract concentration risk.

~70-75% recurring via multi-year government and infrastructure contracts/retainers; ~25-30% transactional project-based; backlog ~$22B provides strong revenue visibility

Time-and-materials and fixed-fee professional services contracts; government program management fees; construction management at-risk; design-build project revenues

Cost-plus and fixed-fee models; inflation pass-through limited on fixed-fee contracts; labor cost inflation is primary stress point compressing margins on legacy contracts

Moderate; government clients constrain pricing power; differentiated technical expertise allows modest premium but competitive bidding limits upside—rating 5/10

7.5% Gross Margin (Thin (<20%))

No free-rider problem; services are bespoke and billable; client churn risk moderate given long contract cycles but re-compete risk on major government programs is real

Revenue growth is headcount-linear to slightly sublinear; doubling revenue requires ~80-90% headcount increase; limited operating leverage except in program management roles

Near-linear; each new project requires staffing; marginal cost of growth high relative to software firms; scale benefits emerge only in overhead absorption at division level

Not a franchise model; null

At 10x scale, CAC rises due to talent scarcity and bid-cost inflation; win rates on mega-programs ~20-30%; unit economics compress without productivity tech investment

Weak network effects; reputation and past-performance references create soft network benefits but no platform flywheel; incumbent advantage on re-competes is main moat

7.5% Return on Assets (Excellent)

Tier 2 resilience; government infrastructure spending (IRA, IIJA) provides counter-cyclical buffer; private sector work (commercial RE) is recession-sensitive—overall moderate resilience

U.S. federal and state/local government agencies (~50% revenue); high concentration risk offset by contract diversification across agencies and geographies

International government and quasi-government infrastructure clients (~25% revenue); private sector industrial and commercial clients (~25%)

["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "17-0000 Architecture and Engineering Occupations", "23-0000 Legal Occupations", "33-0000 Protective Service Occupations", "37-0000 Building and Grounds Cleaning and Maintenance Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "47-0000 Construction and Extraction Occupations", "49-0000 Installation, Maintenance, and Repair Occupations", "51-0000 Production Occupations", "53-0000 Transportation and Material Moving Occupations"]

0.3 (HIL — ~30% of characteristic roles agent-automatable)

0.8% CapEx / Revenue (Low-CapEx Asset-Light)

0000868857

ACM