Detailed financial statements for ABM Industries Inc. (ABM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
ABM Industries, Inc. engages in the provision of facility, infrastructure, and mobility solutions. It operates through the following segments: Business and Industry, Manufacturing and Distribution, Education, Aviation, and Technical Solutions.
Analysis Summary
ABM Industries Inc. reported revenue of $8.75B in the most recent fiscal year, growing at a 5-year CAGR of 7.9%. Net income reached $162.4M, with a 252.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 11.7%, operating margin 3.7%, net margin 1.8%. Free cash flow grew at -18.0% CAGR over 5 years.
At $53.48 (closing price, October 30, 2026), ABM trades at a P/E of 19.31 and an ROE of 9.44%. Market capitalisation stands at $3.1B.
Balance sheet quality for ABM: current ratio of 1.5, net debt of $1.59B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $155.1M represents 96% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.14B | $5.45B | $6.44B | $6.50B | $5.99B | $6.23B | $7.81B | $8.10B | $8.36B | $8.75B |
| Cost of Revenue | $4.60B | $4.88B | $5.75B | $5.77B | $5.16B | $5.26B | $6.76B | $6.97B | $7.24B | $7.72B |
| Gross Profit | $541.3M | $572.4M | $694.8M | $731.1M | $830.6M | $970.4M | $1.05B | $1.13B | $1.12B | $1.02B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $404.9M | $412.4M | $438.0M | $452.9M | $506.1M | $719.2M | $628.3M | $713.0M | $751.2M | $697.4M |
| Operating Expenses | $486.6M | $470.5M | $556.2M | $522.8M | $734.9M | $764.1M | $700.3M | $719.9M | $903.1M | $697.4M |
| Operating Income | $54.7M | $101.9M | $138.6M | $208.3M | $95.7M | $206.3M | $348.8M | $409.5M | $212.0M | $325.2M |
| EBITDA | $168.9M | $198.5M | $303.3M | $327.1M | $372.5M | $296.1M | $461.1M | $460.6M | $414.4M | $422.0M |
| Interest Expense | $10.4M | $19.2M | $54.1M | $51.1M | $44.6M | $28.6M | $41.1M | $82.3M | $85.0M | $96.4M |
| Pre-tax Income | $51.9M | $86.9M | $87.8M | $160.2M | $53.3M | $179.8M | $310.0M | $331.0M | $133.6M | $219.9M |
| Income Tax | -$10.4M | $8.8M | -$8.2M | $32.7M | $53.1M | $53.5M | $79.6M | $79.7M | $52.2M | $57.6M |
| Net Income | $57.2M | $3.8M | $97.8M | $127.4M | $300,000 | $126.3M | $230.4M | $251.3M | $81.4M | $162.4M |
| EPS | $1.11 | $1.35 | $1.45 | $1.91 | $0.00 | $1.87 | $3.43 | $3.81 | $1.29 | $2.61 |
| EPS (Diluted) | $1.09 | $1.34 | $1.45 | $1.91 | $0.00 | $1.86 | $3.41 | $3.79 | $1.28 | $2.59 |
| Shares Outstanding (Diluted) | 56.9 M | 58.3 M | 66.4 M | 66.9 M | 67.3 M | 68.0 M | 67.5 M | 66.3 M | 63.6 M | 62.7 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $2.30B | $2.24B | $2.29B | $2.32B |
| Gross Profit | $257.5M | $248.1M | $277.0M | $286.1M |
| Operating Income | $81.5M | $78.3M | $86.9M | $91.5M |
| EBITDA | $96.3M | $101.8M | $116.1M | $123.3M |
| Net Income | $34.8M | $38.8M | $43.1M | $49.7M |
| EPS | $0.57 | $0.64 | $0.73 | $0.84 |
| EPS (Diluted) | $0.56 | $0.64 | $0.73 | $0.84 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $53.5M | $62.8M | $39.1M | $58.5M | $394.2M | $62.8M | $73.0M | $69.5M | $64.6M | $104.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $803.7M | $1.04B | $1.01B | $1.09B | $906.4M | $1.19B | $1.35B | $1.50B | $1.55B | $1.66B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $991.3M | $1.24B | $1.17B | $1.28B | $1.44B | $1.40B | $1.56B | $1.71B | $1.79B | $1.94B |
| Property, Plant & Equipment | $81.8M | $143.1M | $140.1M | $150.3M | $276.8M | $238.4M | $240.6M | $244.9M | $251.9M | $272.3M |
| Goodwill | $912.8M | $1.86B | $1.83B | $1.84B | $1.67B | $2.23B | $2.49B | $2.49B | $2.58B | $2.59B |
| Intangible Assets | $103.9M | $430.1M | $355.6M | $297.1M | $239.6M | $424.8M | $378.4M | $302.9M | $282.4M | $243.2M |
| Total Assets | $2.28B | $3.81B | $3.63B | $3.69B | $3.78B | $4.44B | $4.87B | $4.93B | $5.10B | $5.46B |
| Accounts Payable | $174.3M | $230.8M | $221.9M | $280.7M | $273.3M | $289.4M | $315.5M | $299.1M | $324.3M | $401.2M |
| Short-term Debt | 0 | $16.9M | $37.0M | $57.2M | $116.7M | $31.4M | $181.5M | $31.5M | $31.6M | $57.6M |
| Total Current Liabilities | $596.8M | $757.8M | $792.5M | $902.4M | $986.9M | $1.29B | $1.35B | $1.22B | $1.35B | $1.31B |
| Long-term Debt | $268.3M | $1.16B | $902.0M | $744.2M | $603.0M | $852.8M | $1.09B | $1.28B | $1.30B | $1.54B |
| Total Liabilities | $1.30B | $2.44B | $2.17B | $2.15B | $2.28B | $2.83B | $3.15B | $3.13B | $3.32B | $3.67B |
| Retained Earnings | $756.4M | $720.1M | $771.2M | $856.3M | $806.4M | $880.2M | $1.06B | $1.25B | $1.27B | $1.37B |
| Total Equity | $974.0M | $1.38B | $1.45B | $1.54B | $1.50B | $1.61B | $1.72B | $1.80B | $1.78B | $1.79B |
| Total Debt | $268.3M | $1.18B | $939.1M | $801.5M | $886.1M | $1.03B | $1.40B | $1.44B | $1.45B | $1.69B |
| Net Debt | $214.8M | $1.12B | $900.0M | $743.0M | $491.9M | $969.8M | $1.33B | $1.37B | $1.39B | $1.59B |
| Working Capital | $394.5M | $477.7M | $378.5M | $373.0M | $455.0M | $115.4M | $208.0M | $492.8M | $440.3M | $633.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $104.1M | $100.4M | $94.9M | $110.5M |
| Total Assets | $5.46B | $5.29B | $5.65B | $5.60B |
| Total Liabilities | $3.67B | $3.56B | $3.90B | $3.81B |
| Total Equity | $1.79B | $1.72B | $1.75B | $1.79B |
| Total Debt | $1.69B | $1.74B | $1.97B | $1.88B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $62.3M | $78.1M | $95.9M | $127.5M | $200,000 | $126.3M | $230.4M | $251.3M | $81.4M | $162.4M |
| Depreciation & Amortization | $57.5M | $70.1M | $112.5M | $107.4M | $96.4M | $89.9M | $112.4M | $120.7M | $106.6M | $105.6M |
| Stock-based Compensation | $14.0M | $13.3M | $17.0M | $17.5M | $20.3M | $33.5M | $30.5M | $30.5M | $30.0M | $38.0M |
| Change in Working Capital | -$55.7M | -$38.3M | $39.1M | -$8.5M | $173.0M | $109.3M | -$407.0M | -$110.1M | -$69.2M | -$60.2M |
| Operating Cash Flow | $83.5M | $5.6M | $320.9M | $262.7M | $457.5M | $314.3M | $20.4M | $243.3M | $226.7M | $234.4M |
| Capital Expenditure | -$44.0M | -$57.2M | -$50.9M | -$59.6M | -$38.0M | -$34.3M | -$50.8M | -$52.6M | -$59.4M | -$79.3M |
| Acquisitions | -$96.0M | -$818.1M | -$2.3M | $1.3M | $5.5M | -$710.2M | -$194.6M | -$12.4M | -$114.3M | -$36.7M |
| Stock Repurchased | -$46.6M | -$7.9M | -$1.0M | -$1.3M | -$5.1M | -$8.1M | -$97.5M | -$138.1M | -$56.1M | -$122.2M |
| Dividends Paid | -$36.9M | -$39.5M | -$46.0M | -$47.7M | -$49.3M | -$51.0M | -$51.9M | -$57.5M | -$56.5M | -$65.6M |
| Free Cash Flow | $39.5M | -$51.6M | $270.0M | $203.1M | $419.5M | $280.0M | -$30.4M | $190.7M | $167.3M | $155.1M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $133.4M | $62.0M | $66.2M | $146.8M |
| Capital Expenditure | -$20.7M | -$13.2M | -$43.8M | -$18.4M |
| Free Cash Flow | $112.7M | $48.8M | $22.4M | $128.4M |
| Dividends Paid | -$16.2M | -$17.3M | -$16.9M | -$17.0M |
| Stock-based Compensation | $11.2M | $11.8M | $4.9M | $1.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.0% | +18.1% | +0.9% | -7.9% | +4.0% | +25.3% | +3.7% | +3.2% | +4.6% | |
| Net Income Growth (YoY) | -93.4% | +2,473.7% | +30.3% | -99.8% | +42,000.0% | +82.4% | +9.1% | -67.6% | +99.5% | |
| EPS Growth (YoY) | +21.6% | +7.4% | +31.7% | -99.8% | +62,233.3% | +83.4% | +11.1% | -66.1% | +102.3% | |
| Shares Change (YoY) | +2.5% | +13.9% | +0.8% | +0.6% | +1.0% | -0.7% | -1.8% | -4.1% | -1.4% | |
| FCF Growth (YoY) | -230.6% | +623.3% | -24.8% | +106.5% | -33.3% | -110.9% | +727.3% | -12.3% | -7.3% | |
| Gross Margin | 10.5% | 10.5% | 10.8% | 11.3% | 13.9% | 15.6% | 13.4% | 13.9% | 13.3% | 11.7% |
| Operating Margin | 1.1% | 1.9% | 2.2% | 3.2% | 1.6% | 3.3% | 4.5% | 5.1% | 2.5% | 3.7% |
| EBITDA Margin | 3.3% | 3.6% | 4.7% | 5.0% | 6.2% | 4.8% | 5.9% | 5.7% | 5.0% | 4.8% |
| Net Margin | 1.1% | 0.1% | 1.5% | 2.0% | 0.0% | 2.0% | 3.0% | 3.1% | 1.0% | 1.9% |
| FCF Margin | 0.8% | -0.9% | 4.2% | 3.1% | 7.0% | 4.5% | -0.4% | 2.4% | 2.0% | 1.8% |
| Effective Tax Rate | -20.0% | 10.1% | -9.3% | 20.4% | 99.6% | 29.8% | 25.7% | 24.1% | 39.1% | 26.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.69 | $-0.89 | $4.07 | $3.04 | $6.23 | $4.12 | $-0.45 | $2.88 | $2.63 | $2.47 |
| Dividends Per Share | $0.65 | $0.68 | $0.69 | $0.71 | $0.73 | $0.75 | $0.77 | $0.87 | $0.89 | $1.05 |
| Shares Outstanding (Basic) | 56.3 M | 57.7 M | 66.1 M | 66.6 M | 66.9 M | 67.4 M | 67.1 M | 66.0 M | 63.2 M | 62.3 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 9.44% |
| Return on Invested Capital | 5.98% |
| Return on Assets | 2.97% |
| Gross Margin | 11.69% |
| Operating Margin | 3.70% |
| Net Margin | 1.82% |
Financial Health
| Debt / Equity | 1.05 |
| Current Ratio | 1.42 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 2.73 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 35.21 | 31.09 | 21.21 | 19.09 | 11,573.33 | 24.33 | 12.98 | 10.33 | 41.13 | 16.48 |
| P/B | 2.26 | 1.76 | 1.40 | 1.57 | 1.55 | 1.91 | 1.74 | 1.44 | 1.88 | 1.50 |
| P/S | 0.43 | 0.44 | 0.32 | 0.37 | 0.39 | 0.49 | 0.38 | 0.32 | 0.40 | 0.31 |
| Gross Margin | 10.5% | 10.5% | 10.8% | 11.3% | 13.9% | 15.6% | 13.4% | 13.9% | 13.3% | 11.7% |
| Operating Margin | 1.1% | 1.9% | 2.2% | 3.2% | 1.6% | 3.3% | 4.5% | 5.1% | 2.5% | 3.7% |
| Net Margin | 1.1% | 0.1% | 1.5% | 2.0% | 0.0% | 2.0% | 3.0% | 3.1% | 1.0% | 1.9% |
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Explore sector: Industrials · Specialty Business Services
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