ABM Industries

Intangible assets: recognizable brand in U.S. facilities services and technical solutions; helpful but not exclusive. Cost advantages: national scale across labor sourcing, insurance, and procurement; scale aids bidding and self-insurance management, yet is replicable by larger peers.

Switching costs: limited for janitorial and staffing; higher where ABM integrates multiple services, data, and compliance in complex sites (airports, data centers, healthcare) but still subject to rebids. Network effects: none.

Efficient scale: present in certain niches such as airport services and microgrids where local presence and know-how help, but competition remains active.

ABM’s own filings note most contracts can be cancelled on 30–90 days’ notice, albeit with historically high retention, underscoring a moat that is service quality and execution driven rather than structural.