Ameresco (AMRC)
Market Price (8/25/2026): $20.96 | Market Cap: $1.1 BilSector: Industrials | Industry: Construction & Engineering
Ameresco (AMRC)
Market Price (8/25/2026): $20.96Market Cap: $1.1 BilSector: IndustrialsIndustry: Construction & Engineering
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Circular Economy & Recycling. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more. | Weak multi-year price returns2Y Excs Rtn is -65%, 3Y Excs Rtn is -130% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 169% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -23% Key risksAMRC key risks include [1] a significant dependence on government policies and federal contracts and [2] a persistent struggle to generate positive free cash flow, Show more. |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Circular Economy & Recycling. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -65%, 3Y Excs Rtn is -130% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 169% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -23% |
| Key risksAMRC key risks include [1] a significant dependence on government policies and federal contracts and [2] a persistent struggle to generate positive free cash flow, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 8/20/2026
Ameresco (AMRC) stock has lost about 30% since 4/30/2026 because of the following key factors:
1. Weakening Profitability and Negative Cash Flow Despite Revenue Growth.
While Ameresco reported stronger-than-expected revenue of $515.5 million for fiscal Q2 2026, beating consensus estimates by 11.9%, its GAAP net income and diluted earnings per share (EPS) declined year-over-year. Net income attributable to common shareholders fell to $9.7 million, down from $12.86 million in Q2 2025. This weaker profitability, coupled with the company's negative free cash flow margin (-22.96%) and a 54.4% decline in earnings growth over the prior year, raised investor concerns about its financial health despite a growing backlog.
2. Analyst Downgrade Due to Lack of Near-Term Catalysts.
On August 18, 2026, Baird downgraded Ameresco's stock from Outperform to Neutral and lowered its price target from $36 to $32. The primary reason cited was the anticipated delay in new data center project awards translating into actual profits. Although Ameresco announced a record $1.8 billion in new project awards, including $1.2 billion for data centers, boosting its awarded backlog by 65% to $4.4 billion, analysts believe it will take significant time for these deals to impact earnings, thus signaling a lack of near-term catalysts for stock appreciation.
Show more
Ameresco (AMRC) stock has lost about 30% since 4/30/2026 because of the following key factors:
1. Weakening Profitability and Negative Cash Flow Despite Revenue Growth.
While Ameresco reported stronger-than-expected revenue of $515.5 million for fiscal Q2 2026, beating consensus estimates by 11.9%, its GAAP net income and diluted earnings per share (EPS) declined year-over-year. Net income attributable to common shareholders fell to $9.7 million, down from $12.86 million in Q2 2025. This weaker profitability, coupled with the company's negative free cash flow margin (-22.96%) and a 54.4% decline in earnings growth over the prior year, raised investor concerns about its financial health despite a growing backlog.
2. Analyst Downgrade Due to Lack of Near-Term Catalysts.
On August 18, 2026, Baird downgraded Ameresco's stock from Outperform to Neutral and lowered its price target from $36 to $32. The primary reason cited was the anticipated delay in new data center project awards translating into actual profits. Although Ameresco announced a record $1.8 billion in new project awards, including $1.2 billion for data centers, boosting its awarded backlog by 65% to $4.4 billion, analysts believe it will take significant time for these deals to impact earnings, thus signaling a lack of near-term catalysts for stock appreciation.
Show more
Updated on 8/20/2026
Ameresco (AMRC) stock has lost about 30% since 4/30/2026 because of the following key factors:
1. Weakening Profitability and Negative Cash Flow Despite Revenue Growth.
While Ameresco reported stronger-than-expected revenue of $515.5 million for fiscal Q2 2026, beating consensus estimates by 11.9%, its GAAP net income and diluted earnings per share (EPS) declined year-over-year. Net income attributable to common shareholders fell to $9.7 million, down from $12.86 million in Q2 2025. This weaker profitability, coupled with the company's negative free cash flow margin (-22.96%) and a 54.4% decline in earnings growth over the prior year, raised investor concerns about its financial health despite a growing backlog.
2. Analyst Downgrade Due to Lack of Near-Term Catalysts.
On August 18, 2026, Baird downgraded Ameresco's stock from Outperform to Neutral and lowered its price target from $36 to $32. The primary reason cited was the anticipated delay in new data center project awards translating into actual profits. Although Ameresco announced a record $1.8 billion in new project awards, including $1.2 billion for data centers, boosting its awarded backlog by 65% to $4.4 billion, analysts believe it will take significant time for these deals to impact earnings, thus signaling a lack of near-term catalysts for stock appreciation.
3. High Valuation Amidst Profitability Concerns.
Ameresco's stock was perceived as overvalued, with a trailing Price-to-Earnings (P/E) ratio of 48.2 as of August 7, 2026. This was considerably higher than the Construction & Engineering industry median of 33.9. The market's skepticism about future growth was also reflected in its Price-to-Sales (P/S) ratio of 0.69, which was below its historical median of 0.94. This elevated valuation, particularly when contrasted with the company's struggles with profitability and negative cash flow, likely contributed to selling pressure.
4. Departure of Chief Financial Officer.
On August 19, 2026, Ameresco announced that its Chief Financial Officer, Mark Chiplock, would be stepping down effective September 25, 2026, to pursue an opportunity outside the energy infrastructure industry. This unexpected leadership change introduced an element of uncertainty regarding the company's financial stewardship, despite Ameresco reaffirming its full-year 2026 financial guidance for revenue, adjusted EBITDA, and non-GAAP earnings per share.
Show less
Ameresco (AMRC) stock has lost about 30% since 4/30/2026 because of the following key factors:
1. Weakening Profitability and Negative Cash Flow Despite Revenue Growth.
While Ameresco reported stronger-than-expected revenue of $515.5 million for fiscal Q2 2026, beating consensus estimates by 11.9%, its GAAP net income and diluted earnings per share (EPS) declined year-over-year. Net income attributable to common shareholders fell to $9.7 million, down from $12.86 million in Q2 2025. This weaker profitability, coupled with the company's negative free cash flow margin (-22.96%) and a 54.4% decline in earnings growth over the prior year, raised investor concerns about its financial health despite a growing backlog.
2. Analyst Downgrade Due to Lack of Near-Term Catalysts.
On August 18, 2026, Baird downgraded Ameresco's stock from Outperform to Neutral and lowered its price target from $36 to $32. The primary reason cited was the anticipated delay in new data center project awards translating into actual profits. Although Ameresco announced a record $1.8 billion in new project awards, including $1.2 billion for data centers, boosting its awarded backlog by 65% to $4.4 billion, analysts believe it will take significant time for these deals to impact earnings, thus signaling a lack of near-term catalysts for stock appreciation.
3. High Valuation Amidst Profitability Concerns.
Ameresco's stock was perceived as overvalued, with a trailing Price-to-Earnings (P/E) ratio of 48.2 as of August 7, 2026. This was considerably higher than the Construction & Engineering industry median of 33.9. The market's skepticism about future growth was also reflected in its Price-to-Sales (P/S) ratio of 0.69, which was below its historical median of 0.94. This elevated valuation, particularly when contrasted with the company's struggles with profitability and negative cash flow, likely contributed to selling pressure.
4. Departure of Chief Financial Officer.
On August 19, 2026, Ameresco announced that its Chief Financial Officer, Mark Chiplock, would be stepping down effective September 25, 2026, to pursue an opportunity outside the energy infrastructure industry. This unexpected leadership change introduced an element of uncertainty regarding the company's financial stewardship, despite Ameresco reaffirming its full-year 2026 financial guidance for revenue, adjusted EBITDA, and non-GAAP earnings per share.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -29.1% change in AMRC stock from 4/30/2026 to 8/24/2026 was primarily driven by a -38.9% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.59 | 20.97 | -29.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,932 | 2,024 | 4.8% |
| Net Income Margin (%) | 2.3% | 1.4% | -38.9% |
| P/E Multiple | 35.3 | 39.2 | 11.1% |
| Shares Outstanding (Mil) | 53 | 53 | -0.3% |
| Cumulative Contribution | -29.1% |
Market Drivers
4/30/2026 to 8/24/2026| Return | Correlation | |
|---|---|---|
| AMRC | -29.1% | |
| Market (SPY) | 6.2% | 63.5% |
| Sector (XLI) | 2.5% | 54.6% |
Fundamental Drivers
The -33.1% change in AMRC stock from 1/31/2026 to 8/24/2026 was primarily driven by a -58.1% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.34 | 20.97 | -33.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,884 | 2,024 | 7.4% |
| Net Income Margin (%) | 3.3% | 1.4% | -58.1% |
| P/E Multiple | 26.2 | 39.2 | 49.5% |
| Shares Outstanding (Mil) | 53 | 53 | -0.5% |
| Cumulative Contribution | -33.1% |
Market Drivers
1/31/2026 to 8/24/2026| Return | Correlation | |
|---|---|---|
| AMRC | -33.1% | |
| Market (SPY) | 10.6% | 57.8% |
| Sector (XLI) | 8.5% | 54.8% |
Fundamental Drivers
The 23.9% change in AMRC stock from 7/31/2025 to 8/24/2026 was primarily driven by a 139.1% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.92 | 20.97 | 23.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,824 | 2,024 | 10.9% |
| Net Income Margin (%) | 3.0% | 1.4% | -52.9% |
| P/E Multiple | 16.4 | 39.2 | 139.1% |
| Shares Outstanding (Mil) | 53 | 53 | -0.8% |
| Cumulative Contribution | 23.9% |
Market Drivers
7/31/2025 to 8/24/2026| Return | Correlation | |
|---|---|---|
| AMRC | 23.9% | |
| Market (SPY) | 21.8% | 39.8% |
| Sector (XLI) | 19.0% | 37.9% |
Fundamental Drivers
The -64.0% change in AMRC stock from 7/31/2023 to 8/24/2026 was primarily driven by a -71.1% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 58.21 | 20.97 | -64.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,621 | 2,024 | 24.8% |
| Net Income Margin (%) | 4.9% | 1.4% | -71.1% |
| P/E Multiple | 38.5 | 39.2 | 2.0% |
| Shares Outstanding (Mil) | 52 | 53 | -1.9% |
| Cumulative Contribution | -64.0% |
Market Drivers
7/31/2023 to 8/24/2026| Return | Correlation | |
|---|---|---|
| AMRC | -64.0% | |
| Market (SPY) | 72.7% | 36.1% |
| Sector (XLI) | 68.9% | 39.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AMRC Return | 56% | -30% | -45% | -26% | 25% | -27% | -59% |
| Peers Return | 47% | 3% | 22% | 49% | 26% | 11% | 284% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| AMRC Win Rate | 75% | 50% | 58% | 42% | 58% | 50% | |
| Peers Win Rate | 77% | 46% | 57% | 67% | 58% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AMRC Max Drawdown | -43% | -50% | -66% | -43% | -69% | -49% | |
| Peers Max Drawdown | -15% | -34% | -24% | -18% | -28% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEE, CEG, JCI, ETN, TT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/24/2026 (YTD)
How Low Can It Go
| Event | AMRC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -54.5% | -18.8% |
| % Gain to Breakeven | 119.9% | 23.1% |
| Time to Breakeven | 92 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.1% | -6.7% |
| % Gain to Breakeven | 35.2% | 7.1% |
| Time to Breakeven | 67 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -37.5% | -33.7% |
| % Gain to Breakeven | 59.9% | 50.9% |
| Time to Breakeven | 81 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -13.0% | -19.2% |
| % Gain to Breakeven | 15.0% | 23.8% |
| Time to Breakeven | 18 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -34.3% | -12.2% |
| % Gain to Breakeven | 52.3% | 13.9% |
| Time to Breakeven | 409 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -46.0% | -6.8% |
| % Gain to Breakeven | 85.2% | 7.3% |
| Time to Breakeven | 634 days | 15 days |
In The Past
Ameresco's stock fell -54.5% during the 2025 US Tariff Shock. Such a loss loss requires a 119.9% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | AMRC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -54.5% | -18.8% |
| % Gain to Breakeven | 119.9% | 23.1% |
| Time to Breakeven | 92 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.1% | -6.7% |
| % Gain to Breakeven | 35.2% | 7.1% |
| Time to Breakeven | 67 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -37.5% | -33.7% |
| % Gain to Breakeven | 59.9% | 50.9% |
| Time to Breakeven | 81 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -34.3% | -12.2% |
| % Gain to Breakeven | 52.3% | 13.9% |
| Time to Breakeven | 409 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -46.0% | -6.8% |
| % Gain to Breakeven | 85.2% | 7.3% |
| Time to Breakeven | 634 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -36.2% | -17.9% |
| % Gain to Breakeven | 56.7% | 21.8% |
| Time to Breakeven | 2500 days | 123 days |
In The Past
Ameresco's stock fell -54.5% during the 2025 US Tariff Shock. Such a loss loss requires a 119.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Ameresco (AMRC)
Ameresco (AMRC) is a clean technology integrator that provides comprehensive energy efficiency and renewable energy solutions. The company focuses on designing, developing, engineering, and installing projects intended to reduce energy consumption, enhance infrastructure, and lower operational and maintenance costs for its customers. Ameresco also actively develops, owns, and operates its own portfolio of small-scale renewable energy plants, generating electricity, gas, heat, or cooling from sustainable sources.
The company's core services include a range of energy efficiency measures, such as upgrades to building systems like heating, ventilation, cooling, and lighting, along with broader infrastructure improvements and solutions for energy security and resilience. In the renewable energy space, Ameresco builds and maintains small-scale power plants for clients, sells photovoltaic (PV) solar energy products, and provides power and fuel from its owned renewable assets. Additionally, it offers consulting and enterprise energy management services.
Ameresco serves a diverse customer base spanning both public and private sectors. Its primary clients include federal, state, and local governments, along with educational and healthcare institutions, airports, public housing authorities, and public universities. The company also caters to commercial and industrial customers across the United States, Canada, and various international markets.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Ameresco (AMRC):
A Johnson Controls for 'green' building and energy infrastructure.
An Accenture for clean energy strategy and technology integration.
AI Analysis | Feedback
- Energy Efficiency and Infrastructure Upgrades: Designs and installs projects to enhance facility efficiency, reduce energy consumption, and upgrade operational infrastructure.
- Renewable Energy Project Development & Construction: Develops, engineers, and constructs small-scale renewable energy plants for electricity, gas, heat, or cooling generation.
- Renewable Energy Asset Ownership & Operation: Owns and operates renewable energy plants and solar PV installations, generating and selling renewable electricity, gas, heat, or cooling.
- Energy Security and Resilience Solutions: Provides solutions focused on enhancing energy security, resilience, and asset sustainability for customer facilities.
- Consulting and Enterprise Energy Management: Offers consulting services and comprehensive enterprise-level solutions for energy management.
- PV Solar Products and Systems: Sells photovoltaic solar energy products and integrated systems.
AI Analysis | Feedback
Ameresco (AMRC) primarily serves various organizational customers rather than individuals or specific named corporate clients. The company's major customers fall into the following categories:
- Government Entities: This includes federal, state, and local governments.
- Public and Private Institutions: This category encompasses healthcare institutions, educational institutions (including public universities), public housing authorities, and airports.
- Commercial and Industrial Businesses: This covers a broad range of commercial and industrial customers.
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George P. Sakellaris, Chairman of the Board, President, and Chief Executive Officer
George P. Sakellaris founded Ameresco in April 2000. He has over 30 years of experience in the energy industry. Prior to Ameresco, Mr. Sakellaris worked at New England Electric System (NEES), where he established NEES Energy to promote energy efficiency. In 1991, he purchased NEES Energy, renamed it NORESCO, and built it into an industry-leading independent energy services company. He sold NORESCO to Equitable Resources in 1997, where he continued to lead NORESCO and was appointed as a Senior Vice President of Equitable Resources.
Mark Chiplock, Executive Vice President, Chief Financial Officer, and Chief Accounting Officer
Mark Chiplock is responsible for Ameresco's financial strategy, capital management, investor relations, corporate finance, accounting, and treasury functions. He has more than 30 years of experience in business management and strategic finance. Mr. Chiplock's roles at Ameresco have included Corporate Controller (2014-2016), Vice President of Finance and Corporate Controller (2016-2018), interim CFO (2018-2019), and Senior Vice President and Chief Accounting Officer (2019-2024). Before joining Ameresco, he served as Vice President, Finance of GlassHouse Technologies, a data center infrastructure consulting firm.
Nicole Bulgarino, President, Federal Solutions and Utility Infrastructure
Nicole Bulgarino leads Ameresco's largest business unit, focusing on advanced power generation and resilience solutions for Federal agencies and utilities.
Joshua Baribeau, Senior Vice President and Chief Investment Officer
Joshua Baribeau is responsible for leading Ameresco's capital markets activities, project financings, and mergers and acquisitions. He has 20 years of experience as a financial and business development executive. Since joining Ameresco in 2015, he has served as Senior Vice President of Finance and Corporate Treasury and Director of New Market Development. Prior to Ameresco, Mr. Baribeau held roles in equity research, investment analysis, and transaction execution at firms including Canaccord Genuity, First Southwest Company, and Investors Bank & Trust.
David J. Corrsin, Executive Vice President, General Counsel, Corporate Secretary and Director
David J. Corrsin has extensive experience with energy regulations, federal, state, and local regulatory authorities, and complex energy construction and financing projects, gained through more than 23 years of energy-related legal practice. He oversees financial and regulatory issues for independent power, utility, and energy conservation projects for Ameresco. Mr. Corrsin was previously an executive vice president of Public Power International, Inc., and co-founded the Palmer & Dodge Energy Group at Palmer & Dodge, LLP.
AI Analysis | Feedback
The key risks to Ameresco's business include its significant debt burden and capital-intensive nature, its dependence on government policies and contracts, and the inherent challenges in project execution, including supply chain and operational risks.
- High Debt Levels and Capital-Intensive Operations: Ameresco's business model, which involves developing, owning, and operating small-scale renewable energy plants and other energy infrastructure projects, is highly capital-intensive. This has led to significant debt accumulation, with reported debt-to-equity ratios indicating a heavy reliance on debt financing. The company has faced challenges in consistently generating positive free cash flow, further contributing to its debt burden. Rising interest rates can exacerbate this risk by increasing financing costs, impacting project viability, and potentially reducing profitability and earnings stability.
- Dependence on Government Contracts and Evolving Regulatory/Policy Landscape: A substantial portion of Ameresco's clientele consists of federal, state, and local governments, as well as other public institutions. This reliance makes the company highly susceptible to changes in government spending, budget priorities, and particularly, shifts in energy and environmental policies, incentives, and regulations. Fluctuations in government subsidies, tax credits, and renewable energy mandates can introduce significant uncertainty and make long-term financial planning challenging for both Ameresco and its potential customers. Delays in legislative processes related to government programs can also affect project demand.
- Project Execution, Supply Chain Volatility, and Operational Challenges: Ameresco faces risks related to the successful and profitable completion of its energy efficiency and renewable energy projects. Challenges include potential delays, cost overruns, and difficulties in operating projects as committed to customers. The company's operations are also exposed to global supply chain disruptions, availability and cost fluctuations of labor and equipment, tariffs, and inflationary pressures. Furthermore, the dynamic nature of the clean energy sector brings risks from intense competition and the rapid pace of technological advancements, requiring continuous innovation and efficient project delivery to maintain market position. Operational concerns such as cybersecurity incidents, grid stability issues for renewable assets, and the impact of weather-related events also pose ongoing challenges.
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The rise of advanced, AI-driven digital platforms and Energy-as-a-Service (EaaS) models that automate and standardize the design, procurement, and ongoing management of energy efficiency and distributed renewable energy solutions. These platforms could disintermediate traditional clean technology integrators by offering customers a highly streamlined, lower-cost, and more transparent pathway to implement energy upgrades and renewable assets, leveraging artificial intelligence for optimal system design, predictive maintenance, and connecting directly with commoditized hardware and installation services.
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Ameresco (AMRC) operates within several significant addressable markets related to energy efficiency and renewable energy solutions across North America and globally.
Energy Efficiency and Infrastructure Upgrades
- Ameresco's total addressable market within the Energy Service Company (ESCO) market is projected to grow from approximately $80 billion in 2022 to over $100 billion in 2026. This market primarily covers energy efficiency and infrastructure upgrades.
- Globally, the energy efficiency and conservation market was valued at USD 293.76 billion in 2024 and is projected to reach USD 576.8 billion by 2031.
- The global energy-efficient building market size was USD 145.09 billion in 2025 and is projected to grow to USD 192.52 billion in 2030.
- The global industrial energy efficiency services market reached USD 12.9 billion in 2024 and is expected to reach USD 18.6 billion by 2033.
- In the U.S., the power infrastructure market was valued at USD 264.2 billion in 2024 and is expected to increase to USD 455.6 billion by 2032.
- The Canada energy retrofit systems market is expected to reach a projected revenue of US$ 9,812.9 million by 2030.
Renewable Energy Solutions (Distributed Generation, Solar, Wind, etc.)
- The global distributed energy generation market was estimated at approximately USD 538.2 billion in 2025 and is projected to reach USD 884.8 billion by 2033. Another estimate places the global market size at USD 386.91 billion in 2025, growing to USD 924.30 billion by 2033.
- The global renewable energy market was valued at approximately USD 1.54 trillion in 2025 and is projected to reach USD 3.40 trillion by 2030 and USD 5.79 trillion by 2035.
- In the U.S., the distributed energy generation market was USD 33.19 billion in 2022, projected to reach USD 67.95 billion by 2030.
- The U.S. renewable energy market was valued at USD 260.4 billion in 2025 and is expected to reach USD 579.9 billion by 2034.
- In Canada, the distributed energy generation market is expected to reach USD 11,666.6 million (approximately $11.7 billion) by 2027.
- The Canada renewable energy market generated a revenue of USD 100.4 billion in 2025 and is expected to reach USD 276.9 billion by 2033.
- The Canada distributed solar power generation market is valued at approximately USD 2.2 billion (based on a five-year historical analysis).
Consulting and Enterprise Energy Management Services
- The global energy management systems market was valued at USD 36.2 billion in 2020 and is projected to reach USD 161.9 billion by 2030.
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Ameresco (AMRC) is poised for future revenue growth over the next 2-3 years, driven by several key factors:
- Strong Project Backlog and Conversion: The company benefits from a substantial project backlog, with a total awarded backlog surpassing $2.5 billion and a total project backlog exceeding $5 billion as of late 2025. Ameresco has consistently demonstrated its ability to convert this backlog into revenue, as evidenced by an 11% increase in projects revenue in Q4 2025. This robust pipeline of contracted work provides strong visibility for future revenue generation.
- Growth in Energy Assets and Recurring Revenue: The expansion of Ameresco's owned and operated energy asset portfolio is a significant driver of recurring revenue. The company placed 121 megawatts of energy assets into operation during 2025, bringing its total operating assets to 838 megawatts. Revenue from energy assets increased by 5% in Q4 2025, reflecting the continuous growth of this portfolio.
- Expansion of Operations and Maintenance (O&M) Business: Ameresco's Operations and Maintenance (O&M) segment is a growing source of stable, long-term revenue. The company reported an 11% increase in O&M revenue in Q4 2025, supported by a long-term O&M revenue backlog of approximately $1.5 billion. This business line provides consistent income as the company maintains its growing installed base.
- European Market Expansion: Ameresco is actively pursuing strategic growth in the European market through acquisitions and partnerships, particularly in solar and battery storage solutions. European operations have shown strong growth and are expected to contribute significantly to the company's overall revenue, offering diversification and substantial growth opportunities.
- Sustained Demand for Energy Infrastructure and Decarbonization Solutions: There is a robust and continued demand for Ameresco's energy efficiency, infrastructure upgrade, and renewable energy solutions across its diverse customer base, including federal, state, and local governments, as well as healthcare, educational, commercial, and industrial sectors. This strong market demand for smart energy and decarbonization solutions underpins the company's long-term growth prospects.
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Here is a summary of Ameresco's capital allocation decisions over the last 3-5 years:
Share Repurchases
- Ameresco has not engaged in significant share repurchase programs over the last 3-5 years.
- As of December 31, 2024, treasury stock held at cost was $11.788 million, with a negligible increase of 40 shares from December 31, 2023, to December 31, 2024.
- The company's 3-year average share buyback ratio is -0.5, indicating net dilution rather than significant repurchases.
Share Issuance
- Ameresco issued 224,058 Class A common shares in 2024, increasing from 36,378,990 shares issued at December 31, 2023, to 36,603,048 shares issued at December 31, 2024.
- Additional paid-in capital increased by approximately $57.4 million from $320.892 million in 2023 to $378.321 million in 2024, reflecting share issuances potentially including equity compensation.
- The company's share count has generally grown over the last five years, leading to shareholder dilution.
Inbound Investments
- In June 2025, Ameresco successfully sold approximately $71 million in Investment Tax Credits (ITCs) generated from three of its Renewable Natural Gas (RNG) projects.
- The company has completed multiple rounds of long-term debt financings for solar and battery energy storage system projects under a private shelf facility with partners such as CounterpointeSRE and Barings.
- Ameresco utilizes investment funds with third-party investors to finance the construction costs of energy assets under long-term customer contracts, which are consolidated as Variable Interest Entities (VIEs).
Outbound Investments
- Strategic acquisitions of complementary businesses and assets, along with joint venture arrangements, are noted as important components of Ameresco's growth strategy.
- Ameresco divested its AEG business at the end of 2024.
- The company actively explores accretive acquisitions and partnerships, particularly to bolster its scale in Europe focusing on solar and battery storage.
Capital Expenditures
- Capital expenditures for fiscal year 2025 amounted to $356 million.
- Expected capital expenditures for fiscal year 2026 are projected to be between $300 million and $350 million.
- The primary focus of these capital expenditures is the development, construction, and operation of distributed renewable energy assets, including solar installations, battery energy storage systems, and renewable natural gas (RNG) facilities. For instance, 121 MWe of energy assets were placed in service in 2025, increasing the total operating assets to 838 MWe as of December 31, 2025.
Peer Outperformance in Construction & Engineering
AMRC has trailed 93% of its 30 Construction & Engineering peers over 5Y. Among the peers that beat it are EME, TPC and DY. Construction & Engineering ranks 1st of 23 industries in Industrials by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Construction & Engineering constituents that AMRC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
24%
of 33 industry peers · -13.9% return
3Y
13%
of 31 industry peers · -50.3% return
5Y
7%
of 30 industry peers · -69.4% return
Construction & Engineering peers with revenue growth within 4pp of AMRC's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| AMRC | Ameresco | 14.0% | 39.2x | -13.9% | -50.3% | -69.4% | — |
| EME | EMCOR | 16.7% | 23.6x | 25.6% | 250.0% | 534.9% | +604pp |
| TPC | Tutor Perini | 16.5% | 37.5x | 51.7% | 891.4% | 514.6% | +584pp |
| DY | Dycom Industries | 16.6% | 36.7x | 48.0% | 285.9% | 397.8% | +467pp |
| GVA | Granite Construction | 15.3% | -32.7x | 11.4% | 208.8% | 215.6% | +285pp |
| PRIM | Primoris Services | 11.4% | 29.1x | -34.2% | 122.9% | 208.2% | +278pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Construction & Engineering is AMRC's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering ← | 31 | 18.6% | 119.5% | 200.2% | CDNL 3072% · FIX 2084% · STRL 2083% |
| Marine Transportation | 4 | 55.4% | 58.5% | 147.6% | MATX 207% · KEX 152% · SFL 143% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 11.7% | 64.9% | 118.6% | CAT 312% · ALSN 277% · WAB 250% |
| Aerospace & Defense | 55 | 7.7% | 62.2% | 79.9% | ATI 1067% · FTAI 893% · DFNS 883% |
| Passenger Ground Transportation | 3 | -5.5% | 73.0% | 69.4% | UBER 91% · CAR 69% · LYFT -64% |
| Industrial Machinery & Supplies & Components | 71 | 10.0% | 54.7% | 54.5% | CRS 1403% · PSIX 808% · GHM 697% |
| Rail Transportation | 7 | 36.1% | 73.7% | 50.1% | FSTR 112% · CSX 65% · UNP 57% |
| Cargo Ground Transportation | 16 | 33.6% | 11.6% | 44.3% | XPO 256% · R 249% · CVLG 219% |
| Trading Companies & Distributors | 18 | 1.2% | 36.5% | 33.9% | DXPE 521% · AIT 300% · URI 221% |
| Diversified Support Services | 34 | 8.3% | 34.2% | 33.0% | LIME 4698% · WLFC 362% · TH 356% |
| Electrical Components & Equipment | 41 | 23.2% | 48.8% | 24.4% | POWL 2312% · BE 859% · VRT 826% |
| Building Products | 33 | -10.1% | 14.7% | 24.0% | LMB 421% · GFF 413% · PPIH 278% |
| Industrial Conglomerates | 17 | 15.4% | 24.7% | 5.1% | RCMT 741% · CSW 151% · TTI 136% |
| Environmental & Facilities Services | 28 | -8.1% | 17.8% | 3.3% | CECO 854% · ADUR 623% · GEO 318% |
| Office Services & Supplies | 10 | 13.0% | 23.5% | 3.2% | TILE 180% · PBI 165% · EBF 58% |
| Research & Consulting Services | 13 | -7.6% | -18.4% | -1.9% | HURN 224% · CRAI 95% · GRNQ 26% |
| Agricultural & Farm Machinery | 17 | -3.2% | -3.1% | -16.4% | BLBD 185% · DE 84% · GENC 66% |
| Data Processing & Outsourced Services | 6 | -29.8% | -8.9% | -24.1% | EXLS 57% · BR 18% · G -22% |
| Passenger Airlines | 11 | 5.4% | -2.7% | -27.9% | LTM 2383% · UAL 139% · SKYW 112% |
| Human Resource & Employment Services | 21 | 8.7% | -19.1% | -34.5% | BBSI 89% · ADP 52% · KFY 34% |
| Air Freight & Logistics | 12 | -13.9% | -23.2% | -39.0% | CHRW 78% · FDX 70% · EXPD 60% |
| Security & Alarm Services | 10 | -37.3% | -15.9% | -41.9% | CIX 114% · MG 97% · BCO 53% |
| Airport Services | 3 | -70.1% | -69.9% | -57.0% | JOBY -35% · ASLE -57% · UP -100% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Ameresco (AMRC -9.9%): Earnings Beat Can't Hide Plunging Profitability | 03/04/2026 | |
| Ameresco Earnings Notes | 12/16/2025 | |
| How Low Can Ameresco Stock Really Go? | 10/17/2025 | |
| Ameresco (AMRC) Net Income Comparison | 08/08/2025 | |
| Ameresco (AMRC) Debt Comparison | 08/08/2025 | |
| Ameresco (AMRC) Operating Income Comparison | 08/08/2025 | |
| Ameresco (AMRC) Operating Cash Flow Comparison | 08/08/2025 | |
| Ameresco (AMRC) Revenue Comparison | 08/08/2025 | |
| Ameresco (AMRC) Tax Expense Comparison | 08/08/2025 | |
| Ameresco (AMRC) EBITDA Comparison | 08/08/2025 | |
| ARTICLES | ||
| Ameresco (AMRC -9.9%): Earnings Beat Can’t Hide Plunging Profitability | 03/04/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 208.21 |
| Mkt Cap | 99.3 |
| Rev LTM | 26,848 |
| Op Inc LTM | 4,234 |
| FCF LTM | 2,354 |
| FCF 3Y Avg | 2,491 |
| CFO LTM | 4,041 |
| CFO 3Y Avg | 2,879 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.9% |
| Rev Chg 3Y Avg | 8.3% |
| Rev Chg Q | 11.5% |
| QoQ Delta Rev Chg LTM | 2.9% |
| Op Inc Chg LTM | 16.6% |
| Op Inc Chg 3Y Avg | 17.5% |
| Op Mgn LTM | 16.1% |
| Op Mgn 3Y Avg | 15.6% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 15.0% |
| CFO/Rev 3Y Avg | 13.4% |
| FCF/Rev LTM | 8.6% |
| FCF/Rev 3Y Avg | 10.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Project revenue | 1,485 | 1,339 | 1,001 | 1,481 | 904 |
| Energy assets | 243 | 213 | 179 | 162 | 151 |
| Operations and Maintenance (O&M) revenue | 113 | 106 | 92 | 85 | 79 |
| Other | 91 | 111 | 102 | 96 | 41 |
| Integrated - Solar photovoltaic (PV) | 41 | ||||
| Total | 1,932 | 1,770 | 1,375 | 1,824 | 1,216 |
| $ Mil | 2012 | 2011 | 2010 |
|---|---|---|---|
| Other U.S. Region | 285 | 274 | 123 |
| Other | 188 | 138 | 151 |
| U.S. Federal | 122 | 150 | 210 |
| Canada | 59 | 68 | 72 |
| Central U.S. Region | 21 | 15 | 26 |
| Total | 675 | 646 | 582 |
Price Behavior
Price Behavior
| Market Price | $20.97 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 07/22/2010 | |
| Distance from 52W High | -51.5% | |
| 50 Days | 200 Days | |
| DMA Price | $25.02 | $28.98 |
| DMA Trend | down | down |
| Distance from DMA | -16.2% | -27.7% |
| 3M | 1YR | |
| Volatility | 89.0% | 71.4% |
| Downside Capture | 528.39 | 321.92 |
| Upside Capture | 286.60 | 241.05 |
| Correlation (SPY) | 65.8% | 53.3% |
AMRC Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.97 | 3.27 | 3.55 | 2.85 | 2.40 | 1.88 |
| Up Beta | 10.46 | 4.85 | 3.94 | 3.24 | 3.06 | 1.81 |
| Down Beta | 0.67 | 2.77 | 2.26 | 2.06 | 2.78 | 1.58 |
| Up Capture | 97% | 131% | 333% | 311% | 331% | 595% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 8 | 17 | 29 | 61 | 129 | 355 |
| Down Capture | 454% | 348% | 358% | 235% | 155% | 112% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 14 | 26 | 34 | 65 | 123 | 395 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMRC | |
|---|---|---|---|---|
| AMRC | -7.7% | 71.5% | 0.18 | - |
| Sector ETF (XLI) | 20.1% | 17.1% | 0.90 | 47.6% |
| Equity (SPY) | 21.2% | 12.9% | 1.23 | 53.4% |
| Gold (GLD) | 39.0% | 28.8% | 1.14 | 25.9% |
| Commodities (DBC) | 40.9% | 20.2% | 1.58 | -3.6% |
| Real Estate (VNQ) | 13.9% | 13.8% | 0.70 | 5.4% |
| Bitcoin (BTCUSD) | -30.4% | 44.2% | -0.69 | 31.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMRC | |
|---|---|---|---|---|
| AMRC | -20.3% | 76.0% | 0.03 | - |
| Sector ETF (XLI) | 12.8% | 17.6% | 0.56 | 42.2% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 41.6% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 18.0% |
| Commodities (DBC) | 10.2% | 19.6% | 0.41 | 12.6% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 37.0% |
| Bitcoin (BTCUSD) | 11.2% | 52.8% | 0.40 | 22.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMRC | |
|---|---|---|---|---|
| AMRC | 15.8% | 64.3% | 0.50 | - |
| Sector ETF (XLI) | 13.7% | 20.0% | 0.60 | 39.4% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 41.4% |
| Gold (GLD) | 12.9% | 16.3% | 0.65 | 13.8% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 14.1% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 33.9% |
| Bitcoin (BTCUSD) | 63.1% | 66.2% | 1.03 | 16.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/19/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | 22.9% | 11.2% | |
| 5/4/2026 | -2.3% | -2.9% | 5.9% |
| 3/2/2026 | -9.9% | -15.2% | -17.6% |
| 11/3/2025 | -9.3% | -10.2% | -14.8% |
| 8/4/2025 | 49.0% | 17.2% | 53.6% |
| 5/5/2025 | 11.8% | 25.1% | 27.5% |
| 2/27/2025 | -35.6% | -49.3% | -32.6% |
| 11/7/2024 | -16.3% | -15.4% | -14.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 17 |
| # Negative | 12 | 12 | 7 |
| Median Positive | 10.7% | 11.0% | 14.8% |
| Median Negative | -9.7% | -11.0% | -17.6% |
| Max Positive | 49.0% | 34.8% | 59.7% |
| Max Negative | -35.6% | -49.3% | -32.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | 22.9% | 11.2% | |
| 5/4/2026 | -2.3% | -2.9% | 5.9% |
| 3/2/2026 | -9.9% | -15.2% | -17.6% |
| 11/3/2025 | -9.3% | -10.2% | -14.8% |
| 8/4/2025 | 49.0% | 17.2% | 53.6% |
| 5/5/2025 | 11.8% | 25.1% | 27.5% |
| 2/27/2025 | -35.6% | -49.3% | -32.6% |
| 11/7/2024 | -16.3% | -15.4% | -14.1% |
| 8/5/2024 | 7.0% | -0.6% | 9.1% |
| 5/7/2024 | 21.1% | 34.8% | 59.7% |
| 2/28/2024 | 2.9% | -3.7% | 18.5% |
| 11/6/2023 | -14.9% | -15.4% | 13.6% |
| 7/31/2023 | -9.5% | -11.8% | -23.3% |
| 5/1/2023 | 10.0% | 3.9% | 5.6% |
| 2/27/2023 | -15.2% | -10.3% | -12.2% |
| 11/1/2022 | -13.4% | -7.3% | 8.8% |
| 8/1/2022 | 10.7% | 20.6% | 16.1% |
| 5/2/2022 | 12.5% | 0.0% | 12.4% |
| 2/28/2022 | -0.0% | 9.0% | 29.8% |
| 11/1/2021 | 9.0% | 11.0% | 2.3% |
| 8/2/2021 | -7.1% | 2.6% | 3.6% |
| 5/4/2021 | 1.7% | 3.1% | 14.8% |
| 3/1/2021 | -6.4% | -34.5% | -26.3% |
| 11/2/2020 | 12.6% | 11.8% | 15.1% |
| 8/3/2020 | 9.2% | 9.0% | 23.5% |
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 17 |
| # Negative | 12 | 12 | 7 |
| Median Positive | 10.7% | 11.0% | 14.8% |
| Median Negative | -9.7% | -11.0% | -17.6% |
| Max Positive | 49.0% | 34.8% | 59.7% |
| Max Negative | -35.6% | -49.3% | -32.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 03/02/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 03/04/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Recent Forward Guidance
Updated 8/4/2026Latest: Q2 2026 Earnings Reported 8/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 2.00 Bil | 2.10 Bil | 2.20 Bil | 0 | Affirmed | Guidance: 2.10 Bil for 2026 | |
| 2026 Gross Margin | 17.0% | 17.5% | 18.0% | 0 | Affirmed | Guidance: 17.5% for 2026 | |
| 2026 Adjusted EBITDA | 250.00 Mil | 260.00 Mil | 270.00 Mil | 0 | Affirmed | Guidance: 260.00 Mil for 2026 | |
| 2026 Depreciation & Amortization | 115.00 Mil | 115.50 Mil | 116.00 Mil | ||||
| 2026 Interest Expense & Other | 95.00 Mil | 97.50 Mil | 100.00 Mil | ||||
| 2026 Effective Tax Rate | -40.0% | -32.5% | -25.0% | ||||
| 2026 Net Income Attributable to Non-Controlling Interest | -29.00 Mil | -25.50 Mil | -22.00 Mil | ||||
| 2026 Non-GAAP EPS | 1.15 | 1.25 | 1.35 | 6.8% | Raised | Guidance: 1.17 for 2026 | |
Prior: Q1 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Adjusted EBITDA | 58.00 Mil | 60.00 Mil | 62.00 Mil | ||||
| Q2 2026 Non-GAAP EPS | 0.18 | 0.2 | 0.23 | ||||
| 2026 Revenue | 2.00 Bil | 2.10 Bil | 2.20 Bil | 0 | Affirmed | Guidance: 2.10 Bil for 2026 | |
| 2026 Gross Margin | 17.0% | 17.5% | 18.0% | 0 | Affirmed | Guidance: 17.5% for 2026 | |
| 2026 Adjusted EBITDA | 250.00 Mil | 260.00 Mil | 270.00 Mil | -8.1% | Lowered | Guidance: 283.00 Mil for 2026 | |
| 2026 Non-GAAP EPS | 1.06 | 1.17 | 1.28 | -4.5% | Lowered | Guidance: 1.23 for 2026 | |
Q4 2025 Earnings Reported 3/2/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 2.00 Bil | 2.10 Bil | 10.5% | Higher New | Actual: 1.90 Bil for 2025 | ||
| 2026 Adjusted EBITDA | 270.00 Mil | 283.00 Mil | 20.4% | Higher New | Actual: 235.00 Mil for 2025 | ||
| 2026 Gross Margin | 17.0% | 17.5% | 1.8% | Higher New | Actual: 15.75% for 2025 | ||
| 2026 Non-GAAP EPS | 1.1 | 1.23 | 53.1% | Higher New | Actual: 0.8 for 2025 | ||
| 2026 Capital Expenditures | 300.00 Mil | 325.00 Mil | |||||
| Q1 2026 EPS | -0.3 | ||||||
Q3 2025 Earnings Reported 11/3/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 1.85 Bil | 1.90 Bil | 1.95 Bil | 0 | Affirmed | Guidance: 1.90 Bil for 2025 | |
| 2025 Adjusted EBITDA | 225.00 Mil | 235.00 Mil | 245.00 Mil | 0 | Affirmed | Guidance: 235.00 Mil for 2025 | |
| 2025 Gross Margin | 15.5% | 15.75% | 16.0% | 0 | Affirmed | Guidance: 15.75% for 2025 | |
| 2025 Depreciation & Amortization | 103.00 Mil | 104.00 Mil | 105.00 Mil | ||||
| 2025 Interest Expense & Other | 85.00 Mil | 87.50 Mil | 90.00 Mil | ||||
| 2025 Effective Tax Rate | -50.0% | -42.5% | -35.0% | ||||
| 2025 Income Attributable to Non-Controlling Interest | -5.00 Mil | -6.50 Mil | -8.00 Mil | ||||
| 2025 Non-GAAP EPS | 0.7 | 0.8 | 0.9 | 0 | Affirmed | Guidance: 0.8 for 2025 | |
Insider Activity
Updated 8/19/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sakellaris, George P | Chief Executive Officer | Direct | Buy | 8112026 | 25.90 | 1,000 | 25,900 | 25,785,962 | Form |
| 2 | Sakellaris, George P | Chief Executive Officer | Direct | Buy | 8112026 | 25.27 | 1,000 | 25,270 | 25,133,466 | Form |
| 3 | Cox, Brian C | Direct | Buy | 8112026 | 25.07 | 39,700 | 995,279 | 995,279 | Form | |
| 4 | Sakellaris, George P | Chief Executive Officer | Direct | Buy | 8112026 | 25.95 | 5,000 | 129,750 | 25,783,842 | Form |
| 5 | Wisneski, Francis V JR | Direct | Sell | 6022026 | 36.12 | 5,000 | 180,600 | 911,380 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sakellaris, George P | Chief Executive Officer | Direct | Buy | 8112026 | 25.90 | 1,000 | 25,900 | 25,785,962 | Form |
| 2 | Sakellaris, George P | Chief Executive Officer | Direct | Buy | 8112026 | 25.27 | 1,000 | 25,270 | 25,133,466 | Form |
| 3 | Cox, Brian C | Direct | Buy | 8112026 | 25.07 | 39,700 | 995,279 | 995,279 | Form | |
| 4 | Sakellaris, George P | Chief Executive Officer | Direct | Buy | 8112026 | 25.95 | 5,000 | 129,750 | 25,783,842 | Form |
| 5 | Wisneski, Francis V JR | Direct | Sell | 6022026 | 36.12 | 5,000 | 180,600 | 911,380 | Form | |
| 6 | Wisneski, Francis V JR | Direct | Sell | 5202026 | 30.29 | 10,000 | 302,900 | 764,277 | Form | |
| 7 | Miller, Jennifer L | Direct | Sell | 5192026 | 32.27 | 10,000 | 322,715 | 713,555 | Form | |
| 8 | Stavropoulos, Nickolas | Direct | Sell | 5182026 | 34.00 | 1,355 | 46,070 | 479,774 | Form | |
| 9 | Chiplock, Mark | EVP, CFO & CAO | Direct | Sell | 3122026 | 25.31 | 273 | 6,910 | 42,166 | Form |
| 10 | Maltezos, Louis P | President-Central&West USA Can | Direct | Sell | 3122026 | 25.31 | 306 | 7,745 | 812,324 | Form |
| 11 | Corrsin, David J | EVP and General Counsel | Spouse | Sell | 3122026 | 25.31 | 19 | 481 | 11,162 | Form |
| 12 | Corrsin, David J | EVP and General Counsel | Spouse | Sell | 3102026 | 26.34 | 50 | 1,317 | 9,983 | Form |
| 13 | Stavropoulos, Nickolas | Direct | Sell | 2232026 | 34.15 | 15,700 | 536,155 | 481,891 | Form | |
| 14 | Stavropoulos, Nickolas | Direct | Sell | 2232026 | 34.00 | 400 | 13,600 | 479,774 | Form | |
| 15 | Stavropoulos, Nickolas | Direct | Sell | 2132026 | 34.05 | 245 | 8,342 | 480,480 | Form | |
| 16 | Stavropoulos, Nickolas | Direct | Sell | 2132026 | 34.00 | 200 | 6,800 | 479,774 | Form | |
| 17 | Stavropoulos, Nickolas | Direct | Sell | 1302026 | 34.00 | 100 | 3,400 | 479,774 | Form | |
| 18 | Chiplock, Mark | EVP, CFO & CAO | Direct | Sell | 10142025 | 42.70 | 16,799 | 717,394 | 50,776 | Form |
| 19 | Chiplock, Mark | EVP, CFO & CAO | Direct | Sell | 10142025 | 39.97 | 7,100 | 283,787 | 47,524 | Form |
| 20 | Chiplock, Mark | EVP, CFO & CAO | Direct | Sell | 10082025 | 39.75 | 3,800 | 151,050 | 47,263 | Form |
| 21 | Chiplock, Mark | EVP, CFO & CAO | Direct | Sell | 10082025 | 39.51 | 5,900 | 233,109 | 46,977 | Form |
| 22 | Chiplock, Mark | EVP, CFO & CAO | Direct | Sell | 10082025 | 38.92 | 5,900 | 229,628 | 46,276 | Form |
| 23 | Chiplock, Mark | EVP, CFO & CAO | Direct | Sell | 10022025 | 37.95 | 5,602 | 212,596 | 45,123 | Form |
| 24 | Corrsin, David J | EVP and General Counsel | Spouse | Sell | 9162025 | 28.00 | 19 | 532 | 10,612 | Form |
| 25 | Chiplock, Mark | EVP, CFO & CAO | Direct | Sell | 9162025 | 28.00 | 269 | 7,532 | 33,292 | Form |
| 26 | Corrsin, David J | EVP and General Counsel | Spouse | Sell | 9102025 | 27.04 | 19 | 514 | 9,410 | Form |
Investor Activity (13F)
Updated Aug 25, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Construction & Engineering Resources |
| Engineering News-Record (ENR) |
| Construction Dive |
| Civil Engineering Magazine |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 8/24/2026