ABM Industries Inc.

ABM

$47.00

-0.49%

N/A-$0.23

Industrials

Specialty Business Services

NYSE

Active Trading

ABM Industries, Inc. engages in the provision of facility, infrastructure, and mobility solutions. It operates through the following segments: Business and Industry, ...

Supply Chain of ABM

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Siemens AG

Ecolab Inc.

NYSE:ECL

Primary supplier of cleaning chemicals, janitorial supplies, and hygiene solutions; long-term strategic partnership

3M Company

NYSE:MMM

Supplier of cleaning equipment, safety products, PPE, adhesives, and surface protection materials

Cintas Corporation

NASDAQ:CTAS

Supplier of uniforms, floor mats, cleaning supplies, and restroom products

The Clorox Company

NYSE:CLX

Supplier of disinfectants, cleaning solutions, and sanitizing products for healthcare and commercial use

W.W. Grainger Inc.

NYSE:GWW

MRO (maintenance, repair, and operations) distributor providing HVAC parts, electrical supplies, lighting, and industrial equipment

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

LaGuardia Gateway Partners

Providence Public School District

Delta Air Lines

NYSE:DAL

Major aviation services client; estimated ~31% of Aviation segment revenue per 10-K disclosure of single-client concentration · 4.5%

American Airlines Group Inc.

NASDAQ:AAL

Aviation services client including aircraft cleaning, passenger assistance, and ground support

United Airlines Holdings Inc.

NASDAQ:UAL

Aviation services client; ABM serves top 10 US airlines

Southwest Airlines Co.

NYSE:LUV

Aviation services client

Iron Mountain Incorporated

NYSE:IRM

Data center facility services client; ABM won technical cleaning contract with Iron Mountain Data Centers UK

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

Compass Group PLC

Sodexo SA

CBRE Group Inc.

NYSE:CBRE

Largest facility management peer; ABM's primary competitor in integrated facility services for commercial real estate. CBRE has broader real estate services but comparable facility management operations.

Aramark

NYSE:ARMK

Direct competitor in facility services across education, healthcare, and business segments. Aramark has additional food service exposure but similar labor-intensive business model.

EMCOR Group Inc.

NYSE:EME

Competitor in mechanical/electrical construction and facility services. Publicly traded peer with similar exposure to building systems engineering and MRO services.

Compass Group PLC

LON:CPG

Global facility services and catering competitor. Provides facilities management services worldwide with similar labor-intensive, contract-based business model.

Sodexo SA

EPA:SW

International facility management and services company competing with ABM in education, healthcare, and corporate services globally.

Geographic

Region-level exposures that can distort the supply network.

Geographic

United States

United Kingdom & Ireland

Delta Air Lines

American Airlines Group Inc.

United Airlines Holdings Inc.

Various Fortune 500 Companies

Iron Mountain Data Centres (UK)

Various UK airports and healthcare facilities

United States

Primary operating market — >95% of revenue

Delta Air LinesNYSE:DALMajor aviation customer with significant single-client exposure

American Airlines Group Inc.NASDAQ:AALAviation services client

United Airlines Holdings Inc.NASDAQ:UALAviation services client

United Kingdom & Ireland

International operations via ABM UK and ABM Ireland subsidiaries; serves 75+ airports globally including UK

Iron Mountain Data Centres (UK)NYSE:IRMData center technical cleaning contract

Various UK airports and healthcare facilitiesABM serves 15 international airports in UK and 80 healthcare facilities in UK/Ireland

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Customer

Critical

Aviation segment has significant single-client concentration: one airline (believed to be Delta) accounted for ~31% of Aviation segment revenue in FY2024. Loss of this contract would materially impact results.

Other

High

Labor cost concentration: direct labor represents ~68% of total revenue. Wage inflation, labor shortages, and unionization efforts pose material margin risk.

Other

High

Low-margin business model: ABM operates in highly competitive facility services with thin margins (~3-4% net margin). Pricing pressure from clients and rising input costs constrain profitability.

Other

Medium

Client contract concentration risk: contracts are generally master service agreements subject to periodic re-bidding, creating revenue churn risk.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Janitorial Services

64.8%

$5.1B

Largest segment drives massive procurement of cleaning chemicals, janitorial equipment, PPE, and consumables. High-volume, low-margin service requiring efficient supply chain for labor and materials.

Facility Services

14.8%

$1.2B

Includes engineering, HVAC, electrical, and mechanical maintenance. Drives demand for MRO supplies, HVAC equipment, electrical components, and specialized subcontractor labor.

Building and Energy Solutions

10.2%

$0.8B

Technical solutions including microgrids, EV charging, energy efficiency retrofits, and UPS/critical power services. Drives demand for electrical equipment, battery storage, solar panels, and generator/UPS systems from specialized suppliers.

Parking Management

10.2%

$0.8B

Manages 2,000+ parking locations. Drives demand for parking technology systems, payment processing platforms, signage, security equipment, and maintenance supplies. Lower materials intensity relative to labor.

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ABM Industries Inc.

Supply Chain of ABM

Upstream

Ecolab Inc.

3M Company

Cintas Corporation

The Clorox Company

W.W. Grainger Inc.

Home Depot (HD Supply)

Microsoft Corporation

Siemens AG

View More

Downstream

Delta Air Lines

American Airlines Group Inc.

United Airlines Holdings Inc.

Southwest Airlines Co.

Iron Mountain Incorporated

CBRE Group Inc.

LaGuardia Gateway Partners

Providence Public School District

View More

Proxies

CBRE Group Inc.

Aramark

EMCOR Group Inc.

Compass Group PLC

Sodexo SA

Geographic

United States

United Kingdom & Ireland

Supply Chain of ABM

Upstream

Ecolab Inc.

3M Company

Cintas Corporation

The Clorox Company

W.W. Grainger Inc.

Home Depot (HD Supply)

Microsoft Corporation

Siemens AG

View More

Downstream

Delta Air Lines

American Airlines Group Inc.

United Airlines Holdings Inc.

Southwest Airlines Co.

Iron Mountain Incorporated

CBRE Group Inc.

LaGuardia Gateway Partners

Providence Public School District

View More

Proxies

CBRE Group Inc.

Aramark

EMCOR Group Inc.

Compass Group PLC

Sodexo SA

Geographic

United States

United Kingdom & Ireland