2025 AEC M&A Outlook Report
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Growth vs. Client Mix
Source: 2025 AEC M&A Outlook Survey, Zweig Group and Stambaugh Ness
Section summary The AEC industry continues to operate from a position of strength. Most firms report steady revenue growth and healthy margins, translating expansion into sustained financial performance. Profitability near historic highs underscores a disciplined, resilient market. Work composition further reinforces this stability. Public-sector clients and prime consulting roles provide dependable backlog, while selective private-sector projects in things like renewables, infrastructure, and logistics deliver higher returns and growth potential. These dynamics are shaping today’s M&A landscape. High-performing firms with balanced client portfolios and consistent profitability remain the most sought-after targets. Buyers increasingly view margin strength and diversification not just as indicators of health, but as leading signals of long-term value creation. In today’s market, performance, stability, and strategy are the true drivers of valuation.
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