ABM Industries

Priorities have been organic growth, disciplined M&A to upgrade mix, dividends, and opportunistic buybacks. FY2025 cash from operations was 234 million dollars with 79 million dollars of capex.

ABM paid ~66 million dollars in dividends in FY2025 and repurchased ~122 million dollars of stock; in Q1 FY2026 it bought back ~91 million dollars at an average of 44.13 dollars.

WGNSTAR (closed Feb 4, 2026 for ~264 million dollars) expands ABM’s semiconductor exposure; RavenVolt adds microgrids with contingent consideration expected in 2026. A 2025 restructuring program is targeting ~35 million dollars of annualized cost savings. We view this as sensible, though leverage should be watched as M&A and buybacks continue.