AECOM

Intangible assets: AECOM’s brand, technical credentials, and program delivery track record are recognized across major end markets and reflected in top‑tier ENR rankings (No. 2 in 2026). These intangibles help prequalify the firm for complex, large‑scale programs.

Switching costs: For multi‑year programs, embedded knowledge, regulatory expertise, and interface with client systems create moderate switching costs, though public procurement re‑bids limit permanence.

Efficient scale: Very large, multidisciplinary projects with JV structures and surety requirements favor a small set of global players; AECOM’s geographic breadth, 51,000‑person workforce, and JV experience support barriers to entry.

Cost advantages: Scale, global capability centers, and increasing AECOM AI tooling can lift utilization and margins over time, evidenced by record segment margins in FY2026 to date. Network effects: Minimal.

Moat durability risks include design commoditization, AI‑driven productivity that could reduce billable hours for the industry, and price competition in re‑bids; AECOM’s AI investments aim to offset these risks.