SOLV Energy (MWH)
Market Price (9/21/2026): $26.64 | Market Cap: $3.1 BilSector: Utilities | Industry: Renewable Electricity
SOLV Energy (MWH)
Market Price (9/21/2026): $26.64Market Cap: $3.1 BilSector: UtilitiesIndustry: Renewable Electricity
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 10%, Dividend Yield is 6.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.2%, FCF Yield is 9.4% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10% Megatrend and thematic driversMegatrends include Renewable Energy Transition. Themes include Solar Energy Generation, and Battery Storage & Grid Modernization. | Weak multi-year price returns2Y Excs Rtn is -50%, 3Y Excs Rtn is -85% | Key risksMWH key risks include [1] significant customer concentration and associated payment risk, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 6.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.2%, FCF Yield is 9.4% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition. Themes include Solar Energy Generation, and Battery Storage & Grid Modernization. |
| Weak multi-year price returns2Y Excs Rtn is -50%, 3Y Excs Rtn is -85% |
| Key risksMWH key risks include [1] significant customer concentration and associated payment risk, Show more. |
Qualitative Assessment
AI Analysis | Feedback
SOLV Energy (MWH) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. Secondary Public Offering and Perceived Dilution. SOLV Energy completed a secondary public offering on June 1, 2026, at a price of $36.00 per share, through which existing owners sold interests. This followed an announcement on May 26, 2026, for a public offering of 14 million shares of Class A common stock, with a portion offered by affiliates of American Securities LLC and the company. Such offerings can lead to investor concerns about share dilution, contributing to a downward pressure on the stock price as shares become available at a lower price than recent highs.
2. Significant Insider Selling Post-Offering. Following the secondary offering, multiple major stakeholders, including affiliates of American Securities LLC and SOLV Energy Management Holdings LP, engaged in substantial insider selling. On June 1, 2026, American Securities LLC sold approximately 7.7 million shares, and on June 4, 2026, an additional 1.2 million shares were sold. Furthermore, on August 19, 2026, several 10% owners, including American Securities LLC and various ASP funds, engaged in proposed sales totaling over $200 million, with individual transactions such as ASP VIII Alternative Investments Solstice Lp's proposed sale of $135 million. These large-scale sales by key insiders can be interpreted by the market as a lack of confidence in the company's near-term prospects, further dampening investor sentiment.
Show more
SOLV Energy (MWH) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. Secondary Public Offering and Perceived Dilution. SOLV Energy completed a secondary public offering on June 1, 2026, at a price of $36.00 per share, through which existing owners sold interests. This followed an announcement on May 26, 2026, for a public offering of 14 million shares of Class A common stock, with a portion offered by affiliates of American Securities LLC and the company. Such offerings can lead to investor concerns about share dilution, contributing to a downward pressure on the stock price as shares become available at a lower price than recent highs.
2. Significant Insider Selling Post-Offering. Following the secondary offering, multiple major stakeholders, including affiliates of American Securities LLC and SOLV Energy Management Holdings LP, engaged in substantial insider selling. On June 1, 2026, American Securities LLC sold approximately 7.7 million shares, and on June 4, 2026, an additional 1.2 million shares were sold. Furthermore, on August 19, 2026, several 10% owners, including American Securities LLC and various ASP funds, engaged in proposed sales totaling over $200 million, with individual transactions such as ASP VIII Alternative Investments Solstice Lp's proposed sale of $135 million. These large-scale sales by key insiders can be interpreted by the market as a lack of confidence in the company's near-term prospects, further dampening investor sentiment.
3. Gross Margin Contraction in Fiscal Q2 2026. Despite reporting a robust 77% year-over-year revenue increase to $951 million for fiscal Q2 2026 (ending June 30, 2026), SOLV Energy experienced a notable decline in its gross margin to 14.7%, down from 21.1% in fiscal Q2 2025. This margin contraction indicates pressure on the company's profitability, partly attributed to a reclassification of certain compensation expenses, but also suggesting potential operational or pricing challenges in its core engineering, procurement, and construction (EPC) contracts, which generate the maximum revenue for the company. Additionally, the reported net income for the first half of fiscal 2026 was $39 million, a decrease from $44 million in the prior-year period, due to non-cash charges related to debt extinguishment and IPO-related compensation.
4. Broader Solar Industry Installation Dip. While the long-term outlook for the solar energy sector remains strong, with projections for solar to become the leading electricity generator, BloombergNEF noted a "first ever slight dip in installations in 2026" globally. This broader industry trend, even if minor, could introduce a level of caution among investors and contribute to a more conservative valuation for solar-related companies like SOLV Energy, regardless of their individual performance.
Show less
Stock Movement Drivers
Fundamental Drivers
The -25.5% change in MWH stock from 5/31/2026 to 9/20/2026 was primarily driven by a -43.7% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.53 | 26.46 | -25.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | � | 0.0% |
| Net Income Margin (%) | � | � | 0.0% |
| P/E Multiple | � | � | 0.0% |
| Shares Outstanding (Mil) | 112 | 199 | -43.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| MWH | -25.5% | |
| Market (SPY) | 0.9% | 45.7% |
| Sector (XLU) | -7.5% | 12.0% |
Fundamental Drivers
The -16.1% change in MWH stock from 2/28/2026 to 9/20/2026 was primarily driven by a -43.7% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.52 | 26.46 | -16.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | � | 0.0% |
| Net Income Margin (%) | � | � | 0.0% |
| P/E Multiple | � | � | 0.0% |
| Shares Outstanding (Mil) | 112 | 199 | -43.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| MWH | -16.1% | |
| Market (SPY) | 11.6% | 44.9% |
| Sector (XLU) | -13.3% | 18.3% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2025 to 9/20/2026| Return | Correlation | |
|---|---|---|
| MWH | ||
| Market (SPY) | 19.4% | 41.8% |
| Sector (XLU) | -0.4% | 21.1% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2023 to 9/20/2026| Return | Correlation | |
|---|---|---|
| MWH | ||
| Market (SPY) | 75.6% | 41.8% |
| Sector (XLU) | 42.0% | 21.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MWH Return | - | - | - | - | - | -16% | -16% |
| Peers Return | 42% | -2% | 38% | 65% | 51% | 8% | 412% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| MWH Win Rate | - | - | - | - | - | 38% | |
| Peers Win Rate | 62% | 54% | 67% | 60% | 62% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| MWH Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -27% | -32% | -33% | -24% | -36% | -48% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PWR, MTZ, PRIM, MYRG.
[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 9/18/2026 (YTD)
How Low Can It Go
MWH has limited trading history. Below is the Utilities sector ETF (XLU) in its place.
| Event | XLU | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -17.2% | -9.5% |
| % Gain to Breakeven | 20.8% | 10.5% |
| Time to Breakeven | 205 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -11.3% | -24.5% |
| % Gain to Breakeven | 12.8% | 32.4% |
| Time to Breakeven | 41 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.4% | -33.7% |
| % Gain to Breakeven | 54.7% | 50.9% |
| Time to Breakeven | 393 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -10.5% | -12.2% |
| % Gain to Breakeven | 11.8% | 13.9% |
| Time to Breakeven | 48 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -11.2% | -0.2% |
| % Gain to Breakeven | 12.6% | 0.2% |
| Time to Breakeven | 238 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -10.7% | -17.9% |
| % Gain to Breakeven | 12.0% | 21.8% |
| Time to Breakeven | 23 days | 123 days |
In The Past
State Street Utilities Select Sector SPDR ETF's stock fell -8.3% during the 2025 US Tariff Shock. Such a loss loss requires a 9.0% 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.
MWH has limited trading history. Below is the Utilities sector ETF (XLU) in its place.
| Event | XLU | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -35.4% | -33.7% |
| % Gain to Breakeven | 54.7% | 50.9% |
| Time to Breakeven | 393 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -45.2% | -53.4% |
| % Gain to Breakeven | 82.4% | 114.4% |
| Time to Breakeven | 1185 days | 1085 days |
In The Past
State Street Utilities Select Sector SPDR ETF's stock fell -8.3% during the 2025 US Tariff Shock. Such a loss loss requires a 9.0% 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 SOLV Energy (MWH)
SOLV Energy (MWH) is a leading provider of infrastructure services to the power industry, specializing in utility-scale solar and battery storage projects, along with related transmission and distribution infrastructure like high-voltage substations. The company offers a full suite of services, including engineering, procurement, construction (EPC), testing, commissioning, operations, maintenance (O&M), and repowering. SOLV Energy is recognized as a top solar contractor and a leading builder of battery energy storage systems in the U.S., and a major provider of O&M services for utility-scale solar in the Americas.
SOLV Energy serves project developers, independent power producers, and utilities, often managing projects from initial design and construction through long-term operational support. Its EPC projects typically involve structured agreements to ensure efficient execution, while O&M services are provided under multi-year contracts, leveraging a NERC-registered control center for 24/7 remote monitoring and data-driven performance optimization. The company is strategically positioned within a rapidly growing U.S. energy market, where demand for new generation capacity, particularly solar and battery storage, is surging due to load growth and the retirement of traditional power sources.
AI Analysis | Feedback
SOLV Energy is like a Bechtel or Fluor, but specialized in designing, building, and operating large-scale solar farms and battery storage power plants.
AI Analysis | Feedback
- Engineering, Procurement, and Construction (EPC) Services: SOLV Energy designs, procures materials for, and builds utility-scale solar and battery storage projects, high-voltage substations, and related Transmission & Distribution (T&D) infrastructure.
- Operations & Maintenance (O&M) Services: SOLV Energy provides long-term services including routine preventative and corrective maintenance, remote monitoring, diagnostics, and dispatch for operating power plants from its NERC-registered control center.
AI Analysis | Feedback
SOLV Energy (symbol: MWH) sells primarily to other companies rather than individuals. The provided background information describes the types of customers it serves but does not list specific customer company names or their public symbols.
Its major customer categories are:
- Project developers
- Independent power producers
- Utilities
AI Analysis | Feedback
AI Analysis | Feedback
George Hershman, Chief Executive Officer
George Hershman established SOLV Energy in 2008, then known as Swinerton Renewable Energy, leading its growth to become a top-ranked Engineering, Procurement, and Construction (EPC) and Operations & Maintenance (O&M) provider. He has over 30 years of experience in construction and energy and serves on the Boards of SEIA and the American Clean Power Association. The company was acquired by American Securities in December 2021, after which Swinerton Renewable Energy and SOLV Inc. were rebranded as SOLV Energy.
Chad Plotkin, Chief Financial Officer
Chad Plotkin joined SOLV Energy as Chief Financial Officer in February 2025, overseeing financial strategy, capital markets activity, and investment planning. He has over 27 years of experience in public and private energy infrastructure organizations. Prior to SOLV Energy, Plotkin served as Managing Director at Blackstone Infrastructure Partners and as Executive Vice President and Chief Financial Officer of Clearway Energy, Inc.. His background indicates a pattern of managing companies backed by private equity firms.
Kevin Deters, Chief Operating Officer
Kevin Deters serves as Chief Operating Officer of SOLV Energy, responsible for operational performance across the company's EPC and O&M services. He brings over 25 years of experience in the power sector, including previous leadership as President of MYR Energy Services.
Erik Johnson, Chief Strategy Officer
Erik Johnson is the Chief Strategy Officer at SOLV Energy, where he leads the development of enterprise strategy and ensures cross-functional alignment to support long-term growth. With a background in engineering and operations, Johnson possesses a deep understanding of the solar market, EPC, service lines, and project performance.
Helena Kimball, Chief Revenue Officer
Helena Kimball serves as Chief Revenue Officer of SOLV Energy, leading commercial strategy, customer engagement, and the company's business development organization. She joined SOLV Energy in 2024 and previously held roles as President and CEO of Ojjo, as well as senior leadership positions at Avantus, Yingli Americas, and Recurrent Energy, contributing over two decades of renewable energy and technology expertise.
AI Analysis | Feedback
Key Risks to SOLV Energy (MWH)
- Reliance on the Growth and Policy Support for Utility-Scale Solar and Battery Storage: SOLV Energy specializes in designing, building, and maintaining utility-scale solar and battery storage projects, which are projected to account for 66% of new generation capacity added in the United States from 2025 through 2034. A significant slowdown in the growth of this specific market, changes in government incentives, or shifts in energy policy favoring alternative generation methods could directly and substantially impact the demand for SOLV Energy's core services.
- Project Execution and Cost Management in Lump-Sum EPC Contracts: While SOLV Energy utilizes LNTP agreements to mitigate some risk, a substantial portion of its business involves lump-sum Engineering, Procurement, and Construction (EPC) contracts for complex, large-scale projects, typically executed over 12 to 18 months. These contracts inherently carry the risk of cost overruns, delays, or unforeseen site conditions, which can lead to reduced profitability. The company acknowledges that "Our revenue in future periods may differ from the amounts in our backlog due to contract changes or terminations and other factors."
- Intense Competition: SOLV Energy operates in a highly competitive environment. Despite being ranked as the second largest solar contractor and the second largest builder of battery energy storage systems, the presence of other significant players means that intense competition could exert pressure on pricing, project margins, and market share. This competition is likely to increase given the projected rapid growth in the renewable energy infrastructure sector.
AI Analysis | Feedback
AI Analysis | Feedback
Addressable Markets for SOLV Energy's Products and Services
- For new generation capacity in the United States, specifically solar and battery storage projects, the addressable market is projected to be an average of 42.9 GWac annually from 2025 through 2034.
AI Analysis | Feedback
- Surging Demand for Utility-Scale Solar and Battery Storage Projects: The United States is experiencing rapid load growth driven by factors such as data centers, manufacturing reshoring, increased HVAC usage, industrial electrification, and the retirement of coal-fired power plants. This is projected to nearly double the average annual new generation capacity constructed from 2025 through 2034 compared to the prior decade. Solar and battery storage projects are anticipated to account for 66% of this new capacity, a significant increase from 42% in the previous ten-year period, directly aligning with SOLV Energy's specialized services in designing, building, and maintaining these types of projects.
- Expanded Market Reach and Capabilities through Strategic Mergers and Acquisitions: The merger with CS Energy, LLC in October 2024 significantly enhances SOLV Energy's geographical footprint, particularly extending its EPC services for solar and battery storage into the East and Southeast regions of the United States. This expansion allows the company to capitalize on a broader market and strengthen its overall service offerings.
- Growth in Long-Term Operations and Maintenance (O&M) Services: SOLV Energy benefits from a stable and expanding revenue stream through its long-term O&M contracts. These agreements typically have a minimum term of five years and renew automatically, obligating customers to pay a fixed fee for operations and preventative maintenance, with additional fees for corrective maintenance. The company has consistently generated annual corrective maintenance revenues equal to 70% to 90% of the fixed fees for operations and preventative maintenance services since January 2022.
- Robust Project Backlog Providing Revenue Visibility: As of September 30, 2025, SOLV Energy had a substantial backlog of approximately $6.7 billion, which increased to around $8 billion by December 2025. This significant backlog provides strong revenue visibility for the next 24 to 36 months, underpinning future financial performance and demonstrating continued demand for its services.
AI Analysis | Feedback
Inbound Investments
- Acquired by American Securities in December 2021.
Outbound Investments
- Merged with CS Energy, LLC in October 2024.
Peer Outperformance in Renewable Electricity
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 5 | -22.4% | 116.0% | 182.6% | HNRG 549% · OKLO 287% · NRG 183% |
| Gas Utilities | 10 | 3.5% | 46.5% | 46.3% | ATO 104% · NFG 88% · NJR 82% |
| Electric Utilities | 24 | 5.7% | 40.9% | 41.6% | VST 780% · GNE 182% · ETR 127% |
| Multi-Utilities | 18 | 5.3% | 35.4% | 40.0% | NI 99% · MDU 96% · CNP 74% |
| Water Utilities | 11 | 7.6% | 5.5% | -10.5% | CWCO 172% · AWR 9% · HTO 9% |
| Renewable Electricity ← | 4 | -31.7% | -66.9% | -32.4% | ORA 49% · CWEN 29% · AGIG -93% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 214.38 |
| Mkt Cap | 4.4 |
| Rev LTM | 7,284 |
| Op Inc LTM | 221 |
| FCF LTM | 245 |
| FCF 3Y Avg | 444 |
| CFO LTM | 327 |
| CFO 3Y Avg | 617 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 19.8% |
| Rev Chg 3Y Avg | 12.6% |
| Rev Chg Q | 23.4% |
| QoQ Delta Rev Chg LTM | 5.4% |
| Op Inc Chg LTM | 50.0% |
| Op Inc Chg 3Y Avg | 34.4% |
| Op Mgn LTM | 5.5% |
| Op Mgn 3Y Avg | 4.1% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 7.5% |
| CFO/Rev 3Y Avg | 6.0% |
| FCF/Rev LTM | 4.8% |
| FCF/Rev 3Y Avg | 4.3% |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.24 | 3.34 | 2.62 | 2.19 | 0.48 | -0.64 |
| Up Beta | 0.57 | 4.92 | 2.46 | 1.97 | 1.97 | 1.05 |
| Down Beta | 2.25 | 1.19 | 2.50 | 2.12 | -0.80 | -0.57 |
| Up Capture | 181% | 215% | 202% | 217% | 98% | 9% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 6 | 16 | 26 | 62 | 67 | 67 |
| Down Capture | 541% | 393% | 286% | 213% | 131% | 73% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 15 | 26 | 38 | 65 | 70 | 70 |
[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 MWH | |
|---|---|---|---|---|
| MWH | -13.8% | 63.2% | -0.15 | - |
| Sector ETF (XLU) | -0.5% | 15.2% | -0.24 | 21.1% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 41.8% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | 31.1% |
| Commodities (DBC) | 46.3% | 20.6% | 1.73 | -8.9% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 2.0% |
| Bitcoin (BTCUSD) | -30.6% | 44.3% | -0.70 | 19.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MWH | |
|---|---|---|---|---|
| MWH | -2.9% | 63.2% | -0.15 | - |
| Sector ETF (XLU) | 6.8% | 17.3% | 0.25 | 21.1% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 41.8% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 31.1% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | -8.9% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 2.0% |
| Bitcoin (BTCUSD) | 12.5% | 52.5% | 0.42 | 19.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MWH | |
|---|---|---|---|---|
| MWH | -1.5% | 63.2% | -0.15 | - |
| Sector ETF (XLU) | 8.3% | 19.3% | 0.36 | 21.1% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 41.8% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 31.1% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | -8.9% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 2.0% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 19.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Recent Forward Guidance
Updated 8/14/2026Latest: Q2 2026 Earnings Reported 8/13/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 3.87 Bil | 3.92 Bil | 3.97 Bil | 4.0% | Raised | Guidance: 3.77 Bil for 2026 | |
| 2026 Adjusted Gross Profit | Reported | 620.00 Mil | 640.00 Mil | 660.00 Mil | 1.6% | Raised | Guidance: 630.00 Mil for 2026 | |
| 2026 Adjusted Gross Margin | Reported | 16.0% | 16.3% | 16.6% | -0.4% | Lowered | Guidance: 16.7% for 2026 | |
| 2026 Adjusted EBITDA | Reported | 485.00 Mil | 495.00 Mil | 505.00 Mil | 11.2% | Raised | Guidance: 445.00 Mil for 2026 | |
| 2026 Adjusted EBITDA Margin | Reported | 12.5% | 12.6% | 12.7% | ||||
Prior: Q1 2026 Earnings Reported 5/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 3.72 Bil | 3.77 Bil | 3.82 Bil | 0 | Affirmed | Guidance: 3.77 Bil for 2026 | |
| 2026 Adjusted Gross Profit | Reported | 610.00 Mil | 630.00 Mil | 650.00 Mil | 5.0% | Raised | Guidance: 600.00 Mil for 2026 | |
| 2026 Adjusted Gross Margin | Reported | 16.4% | 16.7% | 17.0% | 0.8% | Raised | Guidance: 15.9% for 2026 | |
| 2026 Adjusted EBITDA | Reported | 435.00 Mil | 445.00 Mil | 455.00 Mil | 8.5% | Raised | Guidance: 410.00 Mil for 2026 | |
Insider Activity
Updated 8/28/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Solv, Energy Management Holdings LP | Direct | Sell | 8212026 | 0.00 | 1,329,803 | Form | |||
| 2 | American, Securities Llc | See Notes | Sell | 8212026 | 0.00 | 7,939,153 | Form | |||
| 3 | American, Securities Llc | See Notes | Sell | 8212026 | 0.00 | 7,939,153 | Form | |||
| 4 | American, Securities Llc | See Notes | Sell | 6052026 | 0.00 | 1,154,760 | Form | |||
| 5 | American, Securities Llc | See Notes | Sell | 6052026 | 0.00 | 1,154,760 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Solv, Energy Management Holdings LP | Direct | Sell | 8212026 | 0.00 | 1,329,803 | Form | |||
| 2 | American, Securities Llc | See Notes | Sell | 8212026 | 0.00 | 7,939,153 | Form | |||
| 3 | American, Securities Llc | See Notes | Sell | 8212026 | 0.00 | 7,939,153 | Form | |||
| 4 | American, Securities Llc | See Notes | Sell | 6052026 | 0.00 | 1,154,760 | Form | |||
| 5 | American, Securities Llc | See Notes | Sell | 6052026 | 0.00 | 1,154,760 | Form | |||
| 6 | American, Securities Llc | See Notes | Sell | 6032026 | 0.00 | 7,698,410 | Form | |||
| 7 | American, Securities Llc | See Notes | Sell | 6032026 | 0.00 | 7,698,410 | Form |
Investor Activity (13F)
Updated Sep 21, 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.
| Active Manager |
|---|
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.