Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 5/6 · 22/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Delivered specialized infrastructure and reported rankings establish capability, but neither demonstrates a structural advantage over competing providers.
durability · — · Ongoing asset operations and embedded tools could sustain relationships, but the passages cannot establish how long any competitive advantage persists.
customer dependency · — · Long-term operations suggest operational involvement, while multiple-provider use and cancellation rights leave actual switching dependence unresolved.
erosion resilience · — · Growth demonstrates current demand, but there is insufficient evidence that differentiation withstands substitution, renewed procurement or technological change.
Pouvoir de fixation des prix38
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 1/4 · Actual pass-through activity earns no or minimal markup, supporting weak pricing capture in that activity. Price-sensitive procurement adds constraints. Company-wide professional fee and billing-rate outcomes remain unavailable; revenue growth is not treated as a price increase.
retention · 2/4 · Assessed indirectly: ongoing water operations, growing backlog and adjusted net revenue book-to-bill above one support continuing demand. These do not distinguish repeat clients from new wins, and cancellable or unfunded awards weaken the inference.
margin resilience · 2/4 · Fiscal 2025 operating margin expansion, Q3 adjusted EBITDA growth exceeding adjusted net revenue growth, and predominantly reimbursable contracts support partial resilience. Actual PA compensation charges weaken reported profitability. Adjusted results exclude material costs and do not isolate pricing from mix or efficiency.
contractual freedom · 1/4 · Government procurement emphasizes competition, task orders can require another contest, lump sum bids use client specifications, and clients broadly retain termination rights. Reimbursement-plus-profit structures offer protection but do not demonstrate unilateral pricing control.
Prévisibilité86
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 75.00
- Revenue growth volatility (pp)
- 15.85
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 1.85
Solidité financière57
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 61.69
- netDebtEbitGrade
- 76.82
- interestCoverageGrade
- 44.76
- currentRatioGrade
- 44.08
- Debt / FCF (x)
- 3.68
- Net debt / operating income (x)
- 1.16
- Interest coverage (x)
- 5.92
- Current ratio (x)
- 1.30
Allocation du capital88
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 13.09
- 3-year average dilution (%)
- -7.65
- 3-year average SBC / revenue (%)
- 0.54
- cashConversionGrade
- 100.00
Qualité du management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Nine-month operating cash of $352.8 million exceeded $61.7 million of capital expenditure. However, $614.1 million of buybacks, $123.4 million of dividends and $917.6 million of noncontrolling-interest purchases accompanied $1.35 billion of net borrowing. Q3 net debt repayments of $505 million demonstrate subsequent financing discipline. Acquisition returns and repurchase value creation remain unproven.
incentive alignment · 3/4 · Actual disclosed arrangements allocate 60% of long-term equity value to three-year performance awards using EPS and ROIC, include multi-year service grants, and prohibit hedging. Broad annual incentive adjustments, the stock-price multiplier and actual transaction-triggered PA award vesting qualify this strong mechanism-based assessment. Ownership compliance and complete realized payouts are unavailable.
execution · 2/4 · Delivered complex infrastructure, actual net revenue growth, positive bookings and completed full PA ownership support execution, partly through indirect operating evidence. Material realized compensation costs and unproven integration returns make the overall record mixed; guidance increases are not counted as delivered outcomes.
governance · 3/4 · Independent committees, an active lead independent director and an unqualified September 2025 internal-control audit opinion support strong oversight mechanisms. Combined chair and CEO roles concentrate authority. Reporting-control effectiveness does not prove exceptional governance or validate every capital and compensation decision.
Preuves
FUJIFILM Biotechnologies North Carolina, USA Jacobs delivered engineering, procurement and construction management services for one of North America’s largest end-to-end cell culture contract development and manufacturing organization (CDMO) campuses — a $3.2 billion project integrating drug substance manufacturing, automated fill–finish, and large-scale packaging.
2026 proxy statement / delivered FUJIFILM project · Dépôt 18/12/2025
Engineering News-Record (ENR) Ranks Jacobs #1 in 18 Categories Including Data Centers, Up 6 y/y
Fiscal Q3 2026 release / issuer-reported ENR rankings · Dépôt 04/08/2026
Damage to our reputation may affect customer and government agency decisions in awarding contracts, as many of our public-sector and large private-sector customers place high importance on past performance, safety records, and community impact.
Risk factors / reputation and contract awards · Dépôt 20/11/2025
If our intellectual property rights or work processes become obsolete, we may not be able to differentiate our service offerings and some of our competitors may be able to offer more attractive services to our customers.
Risk factors / obsolescence and differentiation · Dépôt 20/11/2025
Our competitors or other third parties may incorporate AI into their product development, product offerings, technology and infrastructure products more quickly or more successfully than us, which could impair our ability to compete effectively and adversely affect our business, financial condition and results of operations.
Risk factors / competing AI adoption · Dépôt 20/11/2025
Across our portfolio, we operate and maintain strategic water assets for clients — offering real-time insights that drive better capital planning and operational performance.
Shareholder letter / ongoing water asset operations · Dépôt 18/12/2025
We expanded deployment of Jacobs’ proprietary platforms, and our digital tools are increasingly embedded into project lifecycle management — integrating water, energy, transportation and other systems into unified, data-driven strategies.
Shareholder letter / proprietary platform deployment · Dépôt 18/12/2025
Our core capabilities span consulting, planning, architecture, design, engineering, project delivery, including project, program and construction management, and the long-term operation of facilities.
Business overview / long-term facility operations · Dépôt 04/08/2026
Page 39
Clients often rely on multiple providers across advisory, digital innovation and program delivery.
Business overview / clients using multiple providers · Dépôt 05/05/2026
Consistent with industry practice, substantially all of our contracts are subject to cancellation or termination at the option of the client, including our U.S.
Backlog discussion / client cancellation rights · Dépôt 20/11/2025
The U.S. federal government has increasingly relied upon multiple-year contracts with multiple contractors that generally require those contractors to engage in an additional competitive procurement process for each task order issued under a contract.
Government contract risks / task-order competition · Dépôt 20/11/2025
These amounts are considered pass throughs because we receive no or only a minimal mark-up associated with the billed amounts.
Non-GAAP definitions / realized pass-through markup · Dépôt 05/05/2026
•Most government contracts are awarded through a rigorous competitive process, which may emphasize price over other qualitative factors.
Government contract risks / price-sensitive procurement · Dépôt 20/11/2025
Under lump sum bid contracts, we typically bid against competitors based on client-furnished specifications.
Contracts / client-specified lump sum bidding · Dépôt 20/11/2025
The following table sets forth the percentages of total revenues from continuing operations represented by these types of contracts for each of the last three fiscal years:
Cost-reimbursable
68%
69%
70%
Fixed-price, limited risk
32%
31%
26%
Fixed-price, at risk
—%
—%
4%
In accordance with industry practice, most of our contracts (including those with the U.S.
Contracts / continuing-operations contract mix · Dépôt 20/11/2025
Cost-Reimbursable Contracts
Cost-reimbursable contracts generally provide for reimbursement of costs incurred plus an amount of profit.
Contracts / reimbursement plus profit · Dépôt 20/11/2025
The following table summarizes our backlog at June 26, 2026 and June 27, 2025 (in millions):
28,429
22,270
459
420
28,888
22,690
The increase in backlog in I&AF from June 27, 2025 was predominantly driven by growth across Advanced Manufacturing market.
Backlog information / June 2026 comparative backlog · Dépôt 04/08/2026
Consolidated backlog differs from the Company’s remaining performance obligations as defined by ASC 606 primarily because of contract change orders or new wins not yet processed and our national government contracts where our policy is to generally include in backlog the contract award, whether funded or unfunded excluding certain option periods while our remaining performance obligations represent a measure of the total dollar value of work to be performed on contracts awarded and in progress.
Backlog information / unfunded awards and measurement limitations · Dépôt 04/08/2026
Q3 2026 Highlights1:
•Gross revenue of $4.1 billion up 34.5% y/y; adjusted net revenue2 of $2.4 billion up 8.3% y/y
Fiscal Q3 2026 highlights / gross and adjusted net revenue growth · Dépôt 04/08/2026
net earnings of $181.2 million in Q3 2025) with GAAP net earnings reflecting a temporarily higher tax rate associated with the PA acquisition transaction; adjusted EBITDA2 of $366.8 million increased 16.7% y/y
Fiscal Q3 2026 highlights / GAAP earnings and adjusted EBITDA · Dépôt 04/08/2026
(3) The nine months ended June 26, 2026 included $237.5 million in charges for certain subsidiary level compensation based agreements and $122.7 million primarily relating to consideration costs to specified PA Consulting employees which represent compensation expense in connection with the PA Consulting Transaction.
Segment information / realized PA compensation charges · Dépôt 04/08/2026
AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the Nine Months Ended June 26, 2026 and June 27, 2025 (In thousands) (Unaudited) For the Nine Months Ended June 26, 2026 June 27, 2025 Cash Flows from Operating Activities: Net Earnings of the Group $ 181,064 $ 184,416 Adjustments to reconcile net earnings to net cash flows provided by operations: Depreciation and amortization: Property, equipment and improvements 67,557 62,038 Intangible assets 105,511 115,946 Loss on extinguishment of debt — 20,510 (Gain) loss on investment in equity securities (6,198) 227,305 Stock based compensation 56,882 47,421 Equity in earnings of operating ventures, net of return on capital distributions (4,960) (503) Loss (gain) on disposals of assets, net 1,010 (777) Deferred income taxes 66,970 (53,794) Changes in assets and liabilities: Receivables and contract assets, net of contract liabilities (594,961) (225,280) Prepaid expenses and other current assets 4,763 16,168 Miscellaneous other assets 68,218 49,570 Accounts payable 517,619 96,323 Accrued liabilities (139,989) (228,933) Other deferred liabilities 18,569 10,192 Other, net 10,703 (16,983) Net cash provided by operating activities 352,758 303,619 Cash Flows from Investing Activities: Additions to property and equipment (61,722) (49,655) Disposals of property and equipment and other assets 4,506 2,332 Capital contributions to equity investees, net of return of capital distributions 362 932 Net cash used for investing activities (56,854) (46,391) Cash Flows from Financing Activities: Proceeds from long-term borrowings 4,057,000 2,173,201 Repayments of long-term borrowings (2,705,828) (926,800) Repayments of short-term borrowings — (656,981) Debt issuance costs (16,475) (92) Proceeds from issuances of common stock 26,177 25,467 Common stock repurchases (614,058) (653,247) Taxes paid on vested restricted stock (29,211) (26,992) Cash dividends to shareholders (123,439) (114,813) Net dividends associated with noncontrolling interests (11,743) (7,440) Repurchase of redeemable noncontrolling interests and related costs (917,591) (8,472) Cash Impact from distribution of SpinCo Business — 70,000 Net cash used for financing activities (335,168) (126,169) Effect of Exchange Rate Changes (8,575) 17,990 Net (decrease) increase in Cash and Cash Equivalents and Restricted Cash (47,839) 149,049 Cash and Cash Equivalents, including Restricted Cash, at the Beginning of the Period 1,236,816 1,146,931 Cash and Cash Equivalents, including Restricted Cash, at the End of the Period $ 1,188,977 $ 1,295,980 See the accompanying Notes to Consolidated Financial Statements – Unaudited.
Unaudited cash flow statement / nine months ended June 26, 2026 · Dépôt 04/08/2026
Net (repayments) proceeds from borrowings
(505,000)
(157,000)
1,351,172
589,420
Debt issuance costs
(1,028)
—
(16,475)
(92)
Proceeds from issuances of common stock
8,961
8,281
26,177
25,467
Common stock repurchases
(142,214)
(100,845)
(614,058)
(653,247)
Taxes paid on vested restricted stock
(6,971)
(5,904)
(29,211)
(26,992)
Cash dividends to shareholders
(42,243)
(38,935)
(123,439)
(114,813)
Net dividends associated with noncontrolling interests
(4,711)
(3,994)
(11,743)
(7,440)
Repurchase of redeemable noncontrolling interests and related costs
(33,968)
(4,406)
(917,591)
(8,472)
Cash Impact from distribution of SpinCo Business
—
70,000
—
70,000
Net cash used for financing activities
(727,174)
(232,803)
(335,168)
(126,169)
Effect of Exchange Rate Changes
(3,283)
52,763
(8,575)
17,990
a.recoveries, costs and other charges associated with (i) restructuring activities, (ii) cost reduction initiatives implemented in connection with mergers, acquisitions, strategic investments, including the PA Consulting Transaction, and divestitures, including the separation of the CMS/C&I business, such as advisor fees, involuntary terminations and related costs, costs associated with co-locating offices of acquired companies, separating physical locations of continuing operations, professional services and other personnel costs, (iii) involuntary termination programs and other related separations impacting management and employees, including related transition costs, and (iv) certain legal costs and expenses to the extent related to (i) - (iii) or determined to not be related to continuing operations (clauses (i) – (iv) collectively referred to as “Restructuring, integration, separation and other charges"); and
Cash flow statement / quarterly debt repayments and year-to-date financing · Dépôt 04/08/2026
Performance-Based Restricted Stock Units (60% of the long-term equity award value) Aligns interests of executives with long-term shareholder interests.
Compensation discussion / performance-based equity proportion · Dépôt 18/12/2025
Retains executives and motivates them to build shareholder value over the life of the grants Awards vest and distribute after three years if performance targets are met.
Compensation discussion / performance award vesting conditions · Dépôt 18/12/2025
Metrics used for all outstanding PSUs: ◾ 3-year average Adjusted EPS (earnings per share) ◾ 3-year average ROIC (return on invested capital) Fiscal 2025 PSU awards to select top executives, including all of our NEOs, also include a one-time Stock Price Multiplier to incentivize substantial value creation and stock appreciation following the completion of the CMS Separation Transaction in fiscal 2024 Time-Based Restricted Stock Units (40% of the long-term equity award value) Retains executives and motivates them to build shareholder value over the life of the grants Awards vest ratably over four years.
Compensation discussion / EPS, ROIC and stock-price multiplier · Dépôt 18/12/2025
For example, such adjustments may include, without limitation: (1) charges for restructurings; (2) gains or losses on the disposal of a segment of the business or in connection with discontinued operations; (3) charges for the impairment of goodwill or other long-lived assets; (4) gains / losses on the sale of assets; (5) major litigation settlements and/or other judgments; (6) the effects of changes in accounting principles, laws or regulations affecting reported results; and (7) costs and expenses relating to acquisitions, including integration, divestments and/or strategic investments.
Compensation discussion / permitted annual incentive adjustments · Dépôt 18/12/2025
The annual RSU grants awarded to our NEOs on November 13, 2024 vest 25% per year on each of the first, second, third and fourth anniversaries of the grant date, subject to the NEO’s continuous employment through each such vesting date other than in the case of death, disability or a qualified termination event, in which case, vesting will accelerate, or as otherwise provided in the Executive Severance Plan described below.
Compensation discussion / actual November 2024 RSU grants · Dépôt 18/12/2025
☒ No Hedging — Board members and executive officers are prohibited from engaging in hedging transactions that could eliminate or limit the risks and rewards of owning our stock.
Compensation policies / hedging prohibition · Dépôt 18/12/2025
Under the terms of the applicable agreements, the remaining unvested portion of the relevant grants vested upon completion of the PA Consulting Transaction on March 20, 2026, resulting in expense which is also included as an adjustment;
Non-GAAP adjustments / actual PA award vesting on transaction completion · Dépôt 04/08/2026
In March 2026, we acquired full ownership of PA Consulting.
Business overview / completed full PA ownership · Dépôt 04/08/2026
(3) Mr. Pinkham serves as Lead Independent Director and presides over meetings of the independent directors and is invited to attend each Committee meeting.
Corporate governance / lead independent director responsibilities · Dépôt 18/12/2025
McNamara, Chair). The Chairs and all members of each Committee are independent.
Board leadership / committee independence · Dépôt 18/12/2025
Business Experience ◾ Chair (2024 to present) and Chief Executive Officer of the Company (2023-present) ◾ Various leadership positions within the Company, including President and Chief Operating Officer (2006-2014, 2016-2023) ◾ President and Chief Executive Officer of the Brock Group (2014-2016) ◾ Chief Operating Officer of Kinetics (1999-2005) ◾ Civil Engineer Corps and Seabee Officer in U.S.
Director biography / combined chair and CEO roles · Dépôt 18/12/2025
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of September 26, 2025, based on criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated November 20, 2025 expressed an unqualified opinion thereon.
Independent auditor report / September 2025 internal-control opinion · Dépôt 20/11/2025
For fiscal 2025, as part of its annual review, the Compensation Committee determined that the peer group should be comprised of (1) companies from a range of industries, including professional services, environmental and facilities services, technology, and construction and engineering that are competitive with the Company for business and executive management talent or (2) companies that provide IT consulting or technical services to government and large commercial clients.
Compensation benchmarking / business-or-talent peer selection · Dépôt 18/12/2025
19,449
AECOM
16,075
17,675
KYNDRYL HOLDINGS INC.
Compensation peer chart / named peers · Dépôt 18/12/2025
We grew revenue organically mid-single digits year over year and meaningfully expanded our operating margin profile.
Compensation discussion / fiscal 2025 organic growth and operating margin · Dépôt 18/12/2025
•Q3 book-to-bill of 1.5x (1.4x TTM); Q3 adjusted net revenue book-to-bill of 1.1x (1.2x TTM)
Fiscal Q3 2026 highlights / reported and adjusted net revenue book-to-bill · Dépôt 04/08/2026
