Everus Construction (ECG)
Market Price (11/8/2026): $76.6 | Market Cap: $3.9 BilSector: Industrials | Industry: Construction & Engineering
Everus Construction (ECG)
Market Price (11/8/2026): $76.6Market Cap: $3.9 BilSector: IndustrialsIndustry: Construction & Engineering
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, FCF Yield is 6.1% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -58% Megatrend and thematic driversMegatrends include Sustainable Infrastructure, Water Infrastructure, and Renewable Energy Transition. Themes include Waste Management Solutions, Show more. | Weak multi-year price returns3Y Excs Rtn is -28% | Key risksECG key risks include [1] a securities class action lawsuit alleging fraud regarding its backlog conversion cycle and [2] operational delays in converting its increasingly complex project backlog into revenue. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, FCF Yield is 6.1% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -58% |
| Megatrend and thematic driversMegatrends include Sustainable Infrastructure, Water Infrastructure, and Renewable Energy Transition. Themes include Waste Management Solutions, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -28% |
| Key risksECG key risks include [1] a securities class action lawsuit alleging fraud regarding its backlog conversion cycle and [2] operational delays in converting its increasingly complex project backlog into revenue. |
Qualitative Assessment
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Everus Construction (ECG) stock has lost about 40% since 7/31/2026 because of the following key factors:
1. One-time legal settlement artificially boosted fiscal Q3 2026 margins.
Everus Construction Group's third quarter 2026 results included a $7.6 million benefit from a dispute resolution on prior billings, which investors perceived as a non-recurring "low-quality profit." This settlement contributed approximately 55 basis points to the EBITDA margin, making the reported profitability appear stronger than its underlying operational performance.
2. Increased acquisition-related debt and operating expenses raised investor concerns.
The company engaged in significant acquisition activity in 2026, including SE&M in April and Epsilon Industries on September 1, 2026, totaling over $500 million in spending. This led to an increase in total debt from $285 million to $571.5 million. Additionally, selling, general, and administrative (SG&A) expenses surged by 55.8% to $80.7 million in fiscal Q3 2026, partly due to acquisition costs and increased incentive compensation, raising worries about rising overhead.
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Everus Construction (ECG) stock has lost about 40% since 7/31/2026 because of the following key factors:
1. One-time legal settlement artificially boosted fiscal Q3 2026 margins.
Everus Construction Group's third quarter 2026 results included a $7.6 million benefit from a dispute resolution on prior billings, which investors perceived as a non-recurring "low-quality profit." This settlement contributed approximately 55 basis points to the EBITDA margin, making the reported profitability appear stronger than its underlying operational performance.
2. Increased acquisition-related debt and operating expenses raised investor concerns.
The company engaged in significant acquisition activity in 2026, including SE&M in April and Epsilon Industries on September 1, 2026, totaling over $500 million in spending. This led to an increase in total debt from $285 million to $571.5 million. Additionally, selling, general, and administrative (SG&A) expenses surged by 55.8% to $80.7 million in fiscal Q3 2026, partly due to acquisition costs and increased incentive compensation, raising worries about rising overhead.
3. Valuation concerns and profit-taking persisted despite strong headline earnings.
Even before the fiscal Q3 2026 earnings report on November 3, 2026, the stock had retreated from its "summer high" due to investor concerns that its valuation was stretched, leading to profit-taking. Despite beating analyst expectations with fiscal Q3 2026 diluted earnings per share of $1.79 (versus estimates of $1.31) and revenue of $1.38 billion (versus estimates of $1.19 billion), the stock still experienced a sharp decline of 29.16% on November 4, 2026. This drop pushed shares near their 52-week low of $77.55, from a 52-week high of $171.58.
4. Data center market concentration risk and expected moderation in future margins.
While robust demand from data center construction drove a record backlog of $5.48 billion in fiscal Q3 2026, representing an 86.1% year-over-year increase, this concentration in a single market introduced risk. Furthermore, management's guidance for moderating EBITDA margins in the second half of fiscal 2026, projecting around 8.5% compared to 10.4% in fiscal Q2 2026, tempered investor enthusiasm and contributed to the stock's decline.
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Stock Movement Drivers
Fundamental Drivers
The -38.9% change in ECG stock from 7/31/2026 to 11/7/2026 was primarily driven by a -52.8% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 125.43 | 76.60 | -38.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,957 | 4,664 | 17.9% |
| Net Income Margin (%) | 5.6% | 6.2% | 9.9% |
| P/E Multiple | 28.7 | 13.5 | -52.8% |
| Shares Outstanding (Mil) | 51 | 51 | 0.0% |
| Cumulative Contribution | -38.9% |
Market Drivers
7/31/2026 to 11/7/2026| Return | Correlation | |
|---|---|---|
| ECG | -38.9% | |
| Market (SPY) | -1.6% | 23.3% |
| Sector (XLI) | -9.5% | 59.0% |
Fundamental Drivers
The -48.0% change in ECG stock from 4/30/2026 to 11/7/2026 was primarily driven by a -63.7% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 147.43 | 76.60 | -48.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,746 | 4,664 | 24.5% |
| Net Income Margin (%) | 5.4% | 6.2% | 15.2% |
| P/E Multiple | 37.3 | 13.5 | -63.7% |
| Shares Outstanding (Mil) | 51 | 51 | -0.1% |
| Cumulative Contribution | -48.0% |
Market Drivers
4/30/2026 to 11/7/2026| Return | Correlation | |
|---|---|---|
| ECG | -48.0% | |
| Market (SPY) | 2.6% | 38.5% |
| Sector (XLI) | -6.6% | 58.0% |
Fundamental Drivers
The -15.7% change in ECG stock from 10/31/2025 to 11/7/2026 was primarily driven by a -51.7% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 90.89 | 76.60 | -15.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,269 | 4,664 | 42.7% |
| Net Income Margin (%) | 5.1% | 6.2% | 22.4% |
| P/E Multiple | 28.0 | 13.5 | -51.7% |
| Shares Outstanding (Mil) | 51 | 51 | -0.1% |
| Cumulative Contribution | -15.7% |
Market Drivers
10/31/2025 to 11/7/2026| Return | Correlation | |
|---|---|---|
| ECG | -15.7% | |
| Market (SPY) | 8.7% | 45.1% |
| Sector (XLI) | 5.8% | 54.5% |
Fundamental Drivers
nullnull
Market Drivers
10/31/2023 to 11/7/2026| Return | Correlation | |
|---|---|---|
| ECG | ||
| Market (SPY) | 81.9% | 46.4% |
| Sector (XLI) | 72.0% | 52.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ECG Return | - | - | - | 25% | 30% | -10% | 46% |
| Peers Return | 62% | 7% | 45% | 69% | 59% | 8% | 624% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| ECG Win Rate | - | - | - | 100% | 75% | 55% | |
| Peers Win Rate | 67% | 47% | 68% | 67% | 62% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| ECG Max Drawdown | - | - | - | - | -56% | -57% | |
| Peers Max Drawdown | -19% | -27% | -29% | -23% | -37% | -48% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PWR, EME, MTZ, MYRG, FIX.
[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 11/6/2026 (YTD)
How Low Can It Go
| Event | ECG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -27.9% | -18.8% |
| % Gain to Breakeven | 38.6% | 23.1% |
| Time to Breakeven | 33 days | 79 days |
In The Past
Everus Construction's stock fell -27.9% during the 2025 US Tariff Shock. Such a loss loss requires a 38.6% gain to breakeven.
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Asset Allocation
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| Event | ECG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -27.9% | -18.8% |
| % Gain to Breakeven | 38.6% | 23.1% |
| Time to Breakeven | 33 days | 79 days |
In The Past
Everus Construction's stock fell -27.9% during the 2025 US Tariff Shock. Such a loss loss requires a 38.6% 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 Everus Construction (ECG)
Everus Construction Group (ECG) is a prominent construction services provider based in the United States, committed to "Building America’s Future™." The company leverages innovation and deep expertise to deliver a wide array of specialized construction services across the nation.
ECG distinguishes itself through its mastery and precise execution across a full spectrum of complex construction disciplines. It serves as a trusted partner, providing essential and specialized construction solutions to customers who require high-quality, expertly executed projects within various markets throughout America.
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Everus Construction is like the Fluor Corporation for the US construction industry.
Everus Construction is like AECOM, but focused on hands-on, expert construction and building services.
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- Specialty Construction Services: Everus Construction Group provides a full spectrum of industry-leading specialty construction services, ensuring exacting execution for diverse building and infrastructure projects.
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Everus Construction Group (ECG) operates as a business-to-business (B2B) service provider, offering specialty construction services to other organizations rather than directly to individual consumers. As the company description highlights its role in "safely Building America’s Future™" through "a full spectrum of specialty construction services," its major customers would typically be other companies or large public entities involved in significant infrastructure, industrial, and commercial development projects.
While specific major customer names for Everus Construction Group are not identifiable from the provided background information, its clientele would generally fall into the following categories based on its operational description:
- Government Agencies: Federal, state, and local government bodies requiring specialized construction and infrastructure development for public works, transportation systems, utilities, and public facilities.
- Industrial & Energy Sector Companies: Corporations within heavy industry, manufacturing, power generation, oil and gas, and renewable energy sectors that necessitate highly specialized construction, maintenance, and expansion services for their complex facilities and operational infrastructure.
- Commercial Real Estate Developers and Large Property Owners: Firms undertaking significant commercial, institutional, or mixed-use development projects, including office complexes, hospitals, educational campuses, and large-scale retail or residential developments.
- Other General Contractors: Who may subcontract highly specialized components of larger projects to Everus Construction Group, leveraging ECG's specific expertise and capabilities.
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Jeffrey S. Thiede President and Chief Executive Officer
Mr. Thiede was named President and Chief Executive Officer of Everus Construction Group, formerly MDU Construction Services Group, effective April 30, 2013, and served as President from 2012 to 2013. Prior to these promotions, he held several executive and management positions with Everus, including president of Capital Electric Construction Company from 2006 to 2011 and OEG, Inc., formerly Oregon Electric Group, Inc., from 2004 to 2011, both subsidiaries of Everus. Mr. Thiede has 20 years of experience at Everus.
Maximillian J. Marcy Vice President, Chief Financial Officer and Treasurer
Mr. Marcy was named Vice President, Chief Financial Officer and Treasurer, effective upon completion of the spinoff of Everus Construction Group from MDU Resources Group. His appointment as CFO was effective November 1, 2024, and he joined Everus on August 12, 2024. Mr. Marcy has a strong background in finance, accounting, cashflow management, business support, performance reporting, and financial analysis. He previously served as Vice President II and business unit Chief Financial Officer of the Engineering Adhesives Segment at H.B. Fuller Company.
Thomas D. Nosbusch Executive Vice President and Chief Operating Officer
Mr. Nosbusch was named Executive Vice President and Chief Operating Officer, effective upon completion of the spinoff of Everus Construction Group from MDU Resources Group. He previously served as executive vice president of Everus and has 25 years of experience with MDU Resources' companies. Mr. Nosbusch began his career as a customer service engineer for Montana-Dakota Utilities and transitioned to working as a business development manager for both Montana-Dakota Utilities and Everus.
Paul R. Sanderson Vice President, Chief Legal Officer and Corporate Secretary
Mr. Sanderson was named Vice President, Chief Legal Officer and Secretary of Everus Construction Group, effective upon completion of the spinoff of Everus from MDU Resources Group. He previously served as Vice President, Chief Legal Officer and Secretary of MDU Resources, a position he held since 2023. Prior to his role at MDU Resources, Mr. Sanderson was a partner in Evenson Sanderson PC since 2013 and a partner with Zuger Kirmis & Smith in Bismarck, North Dakota.
Jon B. Hunke Vice President and Chief Accounting Officer
Mr. Hunke was named Vice President and Chief Accounting Officer of Everus Construction Group, effective upon completion of the spinoff of Everus from MDU Resources Group. He was previously Vice President of accounting and enterprise information technology for Everus and has been with the company since 2003. Mr. Hunke has a strong background in accounting consolidation, SOX oversight, and best practices. He also served as treasurer and controller from 2014 to 2015.
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The key risks to Everus Construction Group (ECG) primarily stem from the nature of the construction industry and its operational model:
- Dependence on Fixed-Price Contracts: A substantial portion of Everus Construction Group's business is based on fixed-price contracts. While these provide revenue predictability, they expose the company to potential cost overruns and margin pressures if unforeseen project complexities or increases in material costs occur.
- Highly Competitive Industry: Everus Construction Group operates within a highly competitive landscape, facing numerous regional, national, and international rivals. Some competitors may possess greater financial resources or specialized expertise. This intense competition can lead to pricing pressures, elevated costs, and a reduction in market share, ultimately threatening profitability and growth.
- Economic Volatility and Supply Chain Disruptions: The construction industry is inherently sensitive to economic cycles. Economic downturns, coupled with potential supply chain disruptions, inflation, and volatility in commodity prices, could significantly and adversely affect Everus Construction Group's business operations, project volumes, and overall financial performance.
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- Advanced Prefabrication and Modular Construction: This emerging trend involves manufacturing building components or entire modules off-site in factory settings, then transporting and assembling them on-site. This model offers significant advantages in terms of speed, cost efficiency, quality control, and waste reduction compared to traditional on-site construction. For Everus Construction, which specializes in a "full spectrum of specialty construction services" typically executed on-site, the increasing adoption of prefabrication and modular methods could reduce the demand for traditional on-site labor and specialized services, shifting the value chain towards manufacturing and assembly processes.
- 3D Printing of Buildings: This technology enables the automated construction of structures or components through additive manufacturing. While still evolving, 3D printing offers the potential for significantly reduced labor, faster construction times, and design flexibility. As 3D printing capabilities advance and scale for various building types, it could directly compete with traditional construction methods that rely on manual labor and specialized on-site skills, potentially disrupting Everus's market for its conventional construction services.
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Everus Construction Group (ECG) operates within the specialty contracting services market, primarily across the United States. The company's main services are divided into two segments: Electrical & Mechanical (E&M) and Transmission & Distribution (T&D) specialty contracting.
The addressable market for Everus Construction's services is best represented by the U.S. specialty contracting industry. This market has an estimated annual revenue of approximately $875 billion. Globally, the specialty trade contractors market was valued at USD 7.79 trillion in 2025 and is projected to grow to USD 16.39 trillion by 2032.
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Everus Construction Group (ECG) is expected to drive future revenue growth over the next 2-3 years through several key factors:
- Continued strong demand within the Electrical & Mechanical (E&M) segment: The E&M segment has been a significant driver of record revenues for the company, and this trend is anticipated to persist. This segment provides essential services such as the construction and maintenance of electrical and communication wiring, fire suppression systems, and mechanical piping for both public and private sector clients.
- Growth in key end markets: Everus Construction Group is positioned to benefit from sustained demand in specific end markets, including data centers, utilities, transportation, and renewable energy. Company management frequently discusses demand in these submarkets, indicating them as strategic areas for future business.
- Expansion of the project backlog: A consistently growing project backlog provides strong visibility into future revenue. For example, Everus reported its backlog reached $3.23 billion at the end of fiscal year 2025, demonstrating a robust pipeline of future work.
- Strategic acquisitions: Management has highlighted "strategic optionality for acquisitions" as a component of its growth strategy. This suggests that inorganic growth through targeted acquisitions will likely contribute to expanding revenue in the coming years.
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Capital Allocation Decisions
Share Issuance
- Everus Construction Group was spun off from MDU Resources Group, Inc. on October 31, 2024, with its common stock distributed to MDU Resources stockholders.
- As of December 31, 2025, 51,006,719 shares of common stock were issued and outstanding, increasing from 50,980,924 shares as of December 31, 2024.
Inbound Investments
- Capital International Investors initiated a new position in Everus Construction Group during the third quarter, acquiring 1,935,774 shares valued at approximately $165.99 million.
- WASATCH ADVISORS LP significantly increased their holdings in Q4 2025, adding 2,160,337 shares with an estimated value of $184.8 million.
- Several institutional investors, including Bank of Montreal Can and Gabelli Funds LLC, have also recently increased their stakes in the company.
Outbound Investments
- Everus Construction Group is actively pursuing strategic merger and acquisition (M&A) opportunities to expand its market presence and diversify its services.
- The company's strong balance sheet provides financial flexibility to execute on these growth strategies and potential acquisitions.
Capital Expenditures
- Capital expenditures for 2025 totaled $66.8 million, an increase from $48.3 million in 2024.
- The primary focus of these capital expenditures was on vehicle, equipment, and building investments to support the company's growth.
- For 2026, Everus anticipates gross capital expenditures to be between $90 million and $100 million, aligning with its long-term strategy to invest 2.1% to 2.4% of forecasted revenues in organic growth initiatives.
Peer Outperformance in Construction & Engineering
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Marine Transportation | 5 | 28.7% | 33.1% | 105.5% | MATX 153% · KEX 106% |
| Construction & Engineering ← | 28 | -21.4% | 94.6% | 93.8% | FIX 949% · STRL 830% · AGX 565% |
| Construction Machinery & Heavy Transportation Equipment | 14 | 9.1% | 66.9% | 93.0% | ALSN 256% · WAB 210% · CAT 195% |
| Aerospace & Defense | 54 | -2.0% | 55.8% | 55.7% | ATI 891% · FTAI 850% · HWM 525% |
| Trading Companies & Distributors | 19 | 11.5% | 30.9% | 31.6% | DXPE 298% · AIT 187% · URI 180% |
| Industrial Machinery & Supplies & Components | 71 | 1.0% | 48.0% | 28.8% | CRS 795% · MLI 302% · SYM 266% |
| Rail Transportation | 7 | 33.7% | 68.7% | 25.2% | CSX 48% · UNP 36% · NSC 25% |
| Diversified Support Services | 34 | 15.7% | 38.0% | 15.8% | CXW 200% · OPLN 134% · CACI 113% |
| Building Products | 34 | -7.3% | 6.0% | 12.8% | MOD 760% · GFF 339% · TT 132% |
| Cargo Ground Transportation | 16 | 27.7% | 11.3% | 2.2% | XPO 270% · R 245% · ARCB 19% |
| Industrial Conglomerates | 17 | 14.5% | 6.5% | -0.6% | CSW 99% · CSL 70% · DD 67% |
| Office Services & Supplies | 10 | 19.6% | 22.1% | -2.5% | PBI 157% · HNI 37% · MSA 18% |
| Electrical Components & Equipment | 39 | -7.8% | 57.6% | -5.3% | POWL 1454% · VRT 565% · BE 441% |
| Data Processing & Outsourced Services | 6 | -10.2% | 1.5% | -13.8% | EXLS 57% · BR 20% · G -10% |
| Research & Consulting Services | 13 | 0.5% | -16.2% | -24.2% | HURN 210% · FCN 36% · BAH 9% |
| Agricultural & Farm Machinery | 16 | 14.8% | -3.9% | -25.5% | DE 102% · TTC 15% · AGCO 3% |
| Environmental & Facilities Services | 29 | -22.8% | 26.6% | -27.0% | GEO 191% · CLH 168% · RSG 98% |
| Security & Alarm Services | 9 | -47.2% | 31.9% | -27.5% | BCO 65% |
| Passenger Airlines | 11 | 4.0% | 69.0% | -34.4% | LTM 3140% · UAL 114% · DAL 105% |
| Air Freight & Logistics | 12 | -31.2% | -9.4% | -40.2% | FDX 75% · EXPD 56% · CHRW 50% |
| Human Resource & Employment Services | 22 | 22.1% | -13.7% | -42.8% | ADP 48% · FA 24% · PAYX 10% |
| Passenger Ground Transportation | 3 | -22.5% | 38.6% | -58.0% | UBER 45% · CAR -58% · LYFT -68% |
| Airport Services | 4 | -42.8% | -66.1% | -87.0% | JOBY -40% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 401.89 |
| Mkt Cap | 20.4 |
| Rev LTM | 14,919 |
| Op Inc LTM | 1,400 |
| FCF LTM | 943 |
| FCF 3Y Avg | 957 |
| CFO LTM | 1,186 |
| CFO 3Y Avg | 1,128 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 29.6% |
| Rev Chg 3Y Avg | 18.0% |
| Rev Chg Q | 36.4% |
| QoQ Delta Rev Chg LTM | 8.5% |
| Op Inc Chg LTM | 61.1% |
| Op Inc Chg 3Y Avg | 61.8% |
| Op Mgn LTM | 7.5% |
| Op Mgn 3Y Avg | 6.7% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 7.4% |
| CFO/Rev 3Y Avg | 7.4% |
| FCF/Rev LTM | 6.3% |
| FCF/Rev 3Y Avg | 5.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Electrical & Mechanical (E&M) | 2,921 | 2,031 | 2,135 | 1,989 |
| Transmission & Distribution (T&D) | 849 | 837 | 735 | 711 |
| Corporate and Other | 0 | 0 | 0 | 0 |
| Eliminations | -23 | -19 | -15 | |
| Total | 3,746 | 2,850 | 2,854 | 2,699 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Electrical & Mechanical (E&M) | 218 | 137 | 134 | 105 |
| Transmission & Distribution (T&D) | 90 | 85 | 74 | 72 |
| Corporate and Other | -43 | -32 | -17 | -13 |
| Total | 265 | 190 | 191 | 165 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Electrical & Mechanical (E&M) | 1,048 | 764 |
| Transmission & Distribution (T&D) | 456 | 411 |
| Other assets | 268 | 161 |
| Elimination of intercompany receivables | -42 | -48 |
| Total | 1,729 | 1,288 |
Price Behavior
| Market Price | $76.60 | |
| Market Cap ($ Bil) | 3.9 | |
| First Trading Date | 11/01/2024 | |
| Distance from 52W High | -54.7% | |
| 50 Days | 200 Days | |
| DMA Price | $111.49 | $125.79 |
| DMA Trend | down | up |
| Distance from DMA | -31.3% | -39.1% |
| 3M | 1YR | |
| Volatility | 80.5% | 70.4% |
| Downside Capture | 309.30 | 266.52 |
| Upside Capture | 52.87 | 219.51 |
| Correlation (S&P 500) | 21.8% | 45.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.59 | 2.57 | 2.53 | 2.73 | 2.70 | 0.08 |
| Up Beta | 6.17 | 1.45 | 1.57 | 3.36 | 3.19 | -0.01 |
| Down Beta | 2.39 | 3.32 | 3.48 | 1.71 | 1.83 | -0.07 |
| Up Capture | 326% | 240% | 217% | 307% | 660% | 654% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 10 | 21 | 31 | 67 | 131 | 255 |
| Down Capture | 411% | 255% | 277% | 244% | 171% | 111% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 12 | 22 | 33 | 59 | 120 | 243 |
[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 ECG | |
|---|---|---|---|---|
| ECG | -17.9% | 70.4% | 0.02 | - |
| Sector ETF (XLI) | 7.1% | 17.8% | 0.22 | 54.4% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 44.9% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 20.0% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | 0.5% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | -5.8% |
| Bitcoin (BTCUSD) | -27.2% | 43.6% | -0.61 | 22.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ECG | |
|---|---|---|---|---|
| ECG | 7.9% | 66.3% | 0.56 | - |
| Sector ETF (XLI) | 10.9% | 17.7% | 0.45 | 52.3% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 46.4% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 11.9% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 6.6% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 11.3% |
| Bitcoin (BTCUSD) | 4.0% | 51.6% | 0.26 | 22.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ECG | |
|---|---|---|---|---|
| ECG | 3.9% | 66.3% | 0.56 | - |
| Sector ETF (XLI) | 13.0% | 20.1% | 0.56 | 52.3% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 46.4% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 11.9% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 6.6% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 11.3% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 22.9% |
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Returns Analyses
Earnings Returns History
Updated 11/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/3/2026 | -29.3% | ||
| 8/4/2026 | 3.4% | -1.2% | -17.2% |
| 5/5/2026 | 0.5% | -5.3% | -8.1% |
| 2/24/2026 | 24.8% | 11.4% | 18.3% |
| 11/4/2025 | 7.7% | 15.4% | 5.9% |
| 8/12/2025 | 4.4% | -0.6% | 4.5% |
| 5/13/2025 | 17.3% | 14.7% | 17.5% |
| 2/11/2025 | -18.2% | -31.9% | -44.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 4 | 5 |
| # Negative | 2 | 4 | 3 |
| Median Positive | 7.7% | 13.1% | 17.5% |
| Median Negative | -23.7% | -3.3% | -17.2% |
| Max Positive | 24.8% | 15.4% | 25.7% |
| Max Negative | -29.3% | -31.9% | -44.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/3/2026 | -29.3% | ||
| 8/4/2026 | 3.4% | -1.2% | -17.2% |
| 5/5/2026 | 0.5% | -5.3% | -8.1% |
| 2/24/2026 | 24.8% | 11.4% | 18.3% |
| 11/4/2025 | 7.7% | 15.4% | 5.9% |
| 8/12/2025 | 4.4% | -0.6% | 4.5% |
| 5/13/2025 | 17.3% | 14.7% | 17.5% |
| 2/11/2025 | -18.2% | -31.9% | -44.8% |
| 11/6/2024 | 13.7% | 8.4% | 25.7% |
| SUMMARY STATS | |||
| # Positive | 7 | 4 | 5 |
| # Negative | 2 | 4 | 3 |
| Median Positive | 7.7% | 13.1% | 17.5% |
| Median Negative | -23.7% | -3.3% | -17.2% |
| Max Positive | 24.8% | 15.4% | 25.7% |
| Max Negative | -29.3% | -31.9% | -44.8% |
Recent Forward Guidance
Updated 11/4/2026Latest: Q3 2026 Earnings Reported 11/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenues | Reported | 5.00 Bil | 5.05 Bil | 5.10 Bil | 9.8% | Raised | Guidance: 4.60 Bil for 2026 | |
| 2026 EBITDA | Reported | 485.00 Mil | 490.00 Mil | 495.00 Mil | 17.4% | Raised | Guidance: 417.50 Mil for 2026 | |
| 2026 Gross Capital Expenditures | Reported | 90.00 Mil | 95.00 Mil | 100.00 Mil | 0.0% | Affirmed | Guidance: 95.00 Mil for 2026 | |
| 2026 Gross Capital Expenditures % of Revenue | Reported | 1.8% | 1.9% | 2.0% | ||||
Prior: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 4.50 Bil | 4.60 Bil | 4.70 Bil | 5.7% | Raised | Guidance: 4.35 Bil for 2026 | |
| 2026 EBITDA | Reported | 410.00 Mil | 417.50 Mil | 425.00 Mil | 18.4% | Raised | Guidance: 352.50 Mil for 2026 | |
| 2026 Capital Expenditures | Reported | 90.00 Mil | 95.00 Mil | 100.00 Mil | 0 | Affirmed | Guidance: 95.00 Mil for 2026 | |
Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 4.30 Bil | 4.35 Bil | 4.40 Bil | 4.8% | Raised | Guidance: 4.15 Bil for 2026 | |
| 2026 EBITDA | Reported | 345.00 Mil | 352.50 Mil | 360.00 Mil | 7.6% | Raised | Guidance: 327.50 Mil for 2026 | |
| 2026 Capital Expenditures | Reported | 90.00 Mil | 95.00 Mil | 100.00 Mil | 0 | Affirmed | Guidance: 95.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 4.10 Bil | 4.15 Bil | 4.20 Bil | 15.3% | Higher New | Guidance: 3.60 Bil for 2025 | |
| 2026 EBITDA | Reported | 320.00 Mil | 327.50 Mil | 335.00 Mil | 11.0% | Higher New | Guidance: 295.00 Mil for 2025 | |
| 2026 Capital Expenditures | Reported | 90.00 Mil | 95.00 Mil | 100.00 Mil | 40.7% | Higher New | Guidance: 67.50 Mil for 2025 | |
Insider Activity
Updated 9/1/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sparby, David M | Direct | Buy | 8182026 | 144.95 | 1,000 | 144,950 | 2,849,427 | Form | |
| 2 | Sanderson, Paul R | VP, CLO & Corporate Secretary | Direct | Sell | 8112026 | 136.69 | 3,300 | 451,077 | 2,590,277 | Form |
| 3 | Hernandez, Helena Mercedes | Direct | Buy | 12082025 | 92.18 | 250 | 23,045 | 194,500 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sparby, David M | Direct | Buy | 8182026 | 144.95 | 1,000 | 144,950 | 2,849,427 | Form | |
| 2 | Sanderson, Paul R | VP, CLO & Corporate Secretary | Direct | Sell | 8112026 | 136.69 | 3,300 | 451,077 | 2,590,277 | Form |
| 3 | Hernandez, Helena Mercedes | Direct | Buy | 12082025 | 92.18 | 250 | 23,045 | 194,500 | Form |
Investor Activity (13F)
Updated Nov 8, 2026Active 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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