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Judah Aronovich

Research Analyst at UBS

Judah Aronovitz is an Analyst at UBS Group AG, specializing in equity research within the infrastructure, engineering, and construction sectors. He covers major companies such as Martin Marietta, delivering insightful analysis on key uncertainties, growth prospects, and profitability metrics like gross profit per ton. Aronovitz recently engaged with Martin Marietta's leadership on 2026 outlook, highlighting factors like IIJA funding, state DOT budgets, data center growth, and residential market recovery. His career includes his current role at UBS, with a focus on high-impact research questions in the sector, though specific prior firms and start dates are not publicly detailed.

Judah Aronovich's questions to AECOM (ACM) leadership

Question · Q1 2026

Judah Aronovich asked about the International segment, specifically if a continued book-to-bill ratio greater than one is expected given improving trends, and whether new bookings would lead to a margin step-up or a similar margin profile. He also inquired about the broader outlook for the Americas, asking if acceleration potential exists or if steady growth is anticipated.

Answer

CFOO Gaurav Kapoor confirmed strong International book-to-burn over the last six months and a double-digit increase in the pipeline, signaling an inflection point in Australia and the Middle East, with H2 expected to show growth despite Q4 working day headwinds. He reiterated an enterprise gross margin expansion target of 90-100 basis points (30 bps net of technology investments), with both Americas and International contributing. For the Americas, he highlighted strong trends, including a 3% year-over-year backlog increase, a 20% overall pipeline increase (34% early stage), and IIJA funding, supporting confidence in delivering 6-8% organic growth for the current year.

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Question · Q1 2026

Judah Aronovich asked about international trends, specifically if AECOM expects a continued book-to-bill ratio greater than one, and whether new bookings will lead to a margin step-up or a similar margin profile in the international segment. Aronovich also inquired about the Americas' top-line organic growth, asking if acceleration potential exists or if steady growth is expected.

Answer

CFOO Gaurav Kapoor confirmed strong international book-to-burn over the last six months, with the pipeline still up double-digits, indicating a good inflection point in Australia and the Middle East. He expects the second half to be an inflection point for international, with a Q4 headwind from working days. For margins, AECOM manages at an enterprise level, targeting 90-100 basis points gross margin expansion, with both Americas and International expected to deliver strong margin expansion. For Americas, strong trends are driven by a 3% backlog increase, 20% overall pipeline growth (34% early stage), and IIJA funding, giving confidence in delivering 6-8% organic growth.

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