Primoris Services (PRIM)
Market Price (9/2/2026): $71.25 | Market Cap: $3.8 BilSector: Industrials | Industry: Construction & Engineering
Primoris Services (PRIM)
Market Price (9/2/2026): $71.25Market Cap: $3.8 BilSector: IndustrialsIndustry: Construction & Engineering
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -48% Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Water Infrastructure. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more. | Weak revenue growthRev Chg QQuarterly Revenue Change % is -11% Key risksPRIM key risks include [1] regulatory uncertainty delaying new renewables projects and [2] a significant customer concentration. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -48% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Water Infrastructure. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more. |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -11% |
| Key risksPRIM key risks include [1] regulatory uncertainty delaying new renewables projects and [2] a significant customer concentration. |
Qualitative Assessment
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Updated on 8/31/2026
Primoris Services (PRIM) stock has lost about 45% since 5/31/2026 because of the following key factors:
1. Continued Operational Challenges and Dismal Fiscal Q2 2026 Results.
Primoris Services reported a net loss of $24.2 million, or $0.45 diluted EPS, for fiscal Q2 2026 (ended June 30, 2026), a significant decline compared to a net income of $84.3 million in fiscal Q2 2025. The company's revenue for fiscal Q2 2026 decreased by 10.7% year-over-year to $1,688.2 million, falling short of analyst estimates of $1.73 billion. Adjusted EBITDA plummeted 92.6% to $11.4 million from $154.6 million in fiscal Q2 2025, primarily due to cost overruns on six renewable energy projects and margin compression across its Energy and Utilities segments. The gross profit margin also compressed significantly to 4.9% in fiscal Q2 2026 from 12.3% in the prior year's period.
2. Drastic Downgrades to Full-Year Fiscal 2026 Financial Guidance.
On June 22, 2026, Primoris sharply reduced its full-year fiscal 2026 financial outlook, cutting net income guidance to a range of $71.0–$101.0 million from its previous expectation of $223.0–$234.0 million. Concurrently, diluted EPS guidance was lowered to $1.30–$1.85 from $4.05–$4.25, and Adjusted EBITDA guidance was revised down to $275.0–$325.0 million from $480.0–$500.0 million. These substantial revisions were primarily attributed to additional cost overruns and delays on six renewable energy projects, leading to lower expected revenue and gross profit within the renewables business.
Show more
Primoris Services (PRIM) stock has lost about 45% since 5/31/2026 because of the following key factors:
1. Continued Operational Challenges and Dismal Fiscal Q2 2026 Results.
Primoris Services reported a net loss of $24.2 million, or $0.45 diluted EPS, for fiscal Q2 2026 (ended June 30, 2026), a significant decline compared to a net income of $84.3 million in fiscal Q2 2025. The company's revenue for fiscal Q2 2026 decreased by 10.7% year-over-year to $1,688.2 million, falling short of analyst estimates of $1.73 billion. Adjusted EBITDA plummeted 92.6% to $11.4 million from $154.6 million in fiscal Q2 2025, primarily due to cost overruns on six renewable energy projects and margin compression across its Energy and Utilities segments. The gross profit margin also compressed significantly to 4.9% in fiscal Q2 2026 from 12.3% in the prior year's period.
2. Drastic Downgrades to Full-Year Fiscal 2026 Financial Guidance.
On June 22, 2026, Primoris sharply reduced its full-year fiscal 2026 financial outlook, cutting net income guidance to a range of $71.0–$101.0 million from its previous expectation of $223.0–$234.0 million. Concurrently, diluted EPS guidance was lowered to $1.30–$1.85 from $4.05–$4.25, and Adjusted EBITDA guidance was revised down to $275.0–$325.0 million from $480.0–$500.0 million. These substantial revisions were primarily attributed to additional cost overruns and delays on six renewable energy projects, leading to lower expected revenue and gross profit within the renewables business.
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Updated on 8/31/2026
Primoris Services (PRIM) stock has lost about 45% since 5/31/2026 because of the following key factors:
1. Continued Operational Challenges and Dismal Fiscal Q2 2026 Results.
Primoris Services reported a net loss of $24.2 million, or $0.45 diluted EPS, for fiscal Q2 2026 (ended June 30, 2026), a significant decline compared to a net income of $84.3 million in fiscal Q2 2025. The company's revenue for fiscal Q2 2026 decreased by 10.7% year-over-year to $1,688.2 million, falling short of analyst estimates of $1.73 billion. Adjusted EBITDA plummeted 92.6% to $11.4 million from $154.6 million in fiscal Q2 2025, primarily due to cost overruns on six renewable energy projects and margin compression across its Energy and Utilities segments. The gross profit margin also compressed significantly to 4.9% in fiscal Q2 2026 from 12.3% in the prior year's period.
2. Drastic Downgrades to Full-Year Fiscal 2026 Financial Guidance.
On June 22, 2026, Primoris sharply reduced its full-year fiscal 2026 financial outlook, cutting net income guidance to a range of $71.0–$101.0 million from its previous expectation of $223.0–$234.0 million. Concurrently, diluted EPS guidance was lowered to $1.30–$1.85 from $4.05–$4.25, and Adjusted EBITDA guidance was revised down to $275.0–$325.0 million from $480.0–$500.0 million. These substantial revisions were primarily attributed to additional cost overruns and delays on six renewable energy projects, leading to lower expected revenue and gross profit within the renewables business.
3. Key Executive Departures.
The company experienced significant management changes during this period, commencing with the immediate departure of its President of Renewables on June 8, 2026. This was followed by the announcement on June 22, 2026, of the immediate departure of its Chief Operating Officer. These executive changes, occurring amidst ongoing operational challenges in the renewables segment, contributed to heightened investor uncertainty regarding the company's stability and its ability to effectively address the identified project issues.
4. Significant Insider Selling Activity.
Between May 28, 2026, and May 29, 2026, Primoris Services experienced substantial insider selling activity totaling approximately $6.18 million. John M. Perisich, the Chief Legal and Administrative Officer, sold approximately $3.80 million worth of shares, while Director David Lee King sold approximately $2.38 million. This significant volume of insider sales, occurring at the outset of the specified period, likely exacerbated negative investor sentiment concerning the company's near-term prospects.
5. Securities Fraud Class Action Lawsuits.
Multiple securities fraud class-action lawsuits were filed against Primoris Services, with class periods extending through June 22, 2026. These lawsuits allege that the company failed to adequately disclose cost overruns, project delays, and execution challenges associated with several fixed-price renewable energy projects. The complaints further claim that Primoris made materially false or misleading statements regarding its bidding processes, cost forecasting, project controls, and financial guidance, contributing to a loss of investor confidence and further downward pressure on the stock.
Show less
Primoris Services (PRIM) stock has lost about 45% since 5/31/2026 because of the following key factors:
1. Continued Operational Challenges and Dismal Fiscal Q2 2026 Results.
Primoris Services reported a net loss of $24.2 million, or $0.45 diluted EPS, for fiscal Q2 2026 (ended June 30, 2026), a significant decline compared to a net income of $84.3 million in fiscal Q2 2025. The company's revenue for fiscal Q2 2026 decreased by 10.7% year-over-year to $1,688.2 million, falling short of analyst estimates of $1.73 billion. Adjusted EBITDA plummeted 92.6% to $11.4 million from $154.6 million in fiscal Q2 2025, primarily due to cost overruns on six renewable energy projects and margin compression across its Energy and Utilities segments. The gross profit margin also compressed significantly to 4.9% in fiscal Q2 2026 from 12.3% in the prior year's period.
2. Drastic Downgrades to Full-Year Fiscal 2026 Financial Guidance.
On June 22, 2026, Primoris sharply reduced its full-year fiscal 2026 financial outlook, cutting net income guidance to a range of $71.0–$101.0 million from its previous expectation of $223.0–$234.0 million. Concurrently, diluted EPS guidance was lowered to $1.30–$1.85 from $4.05–$4.25, and Adjusted EBITDA guidance was revised down to $275.0–$325.0 million from $480.0–$500.0 million. These substantial revisions were primarily attributed to additional cost overruns and delays on six renewable energy projects, leading to lower expected revenue and gross profit within the renewables business.
3. Key Executive Departures.
The company experienced significant management changes during this period, commencing with the immediate departure of its President of Renewables on June 8, 2026. This was followed by the announcement on June 22, 2026, of the immediate departure of its Chief Operating Officer. These executive changes, occurring amidst ongoing operational challenges in the renewables segment, contributed to heightened investor uncertainty regarding the company's stability and its ability to effectively address the identified project issues.
4. Significant Insider Selling Activity.
Between May 28, 2026, and May 29, 2026, Primoris Services experienced substantial insider selling activity totaling approximately $6.18 million. John M. Perisich, the Chief Legal and Administrative Officer, sold approximately $3.80 million worth of shares, while Director David Lee King sold approximately $2.38 million. This significant volume of insider sales, occurring at the outset of the specified period, likely exacerbated negative investor sentiment concerning the company's near-term prospects.
5. Securities Fraud Class Action Lawsuits.
Multiple securities fraud class-action lawsuits were filed against Primoris Services, with class periods extending through June 22, 2026. These lawsuits allege that the company failed to adequately disclose cost overruns, project delays, and execution challenges associated with several fixed-price renewable energy projects. The complaints further claim that Primoris made materially false or misleading statements regarding its bidding processes, cost forecasting, project controls, and financial guidance, contributing to a loss of investor confidence and further downward pressure on the stock.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -42.6% change in PRIM stock from 5/31/2026 to 8/31/2026 was primarily driven by a -42.2% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 8312026 | Change |
|---|---|---|---|
| Stock Price ($) | 125.68 | 72.11 | -42.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,487 | 7,284 | -2.7% |
| Net Income Margin (%) | 3.3% | 1.9% | -42.2% |
| P/E Multiple | 27.4 | 27.9 | 1.8% |
| Shares Outstanding (Mil) | 54 | 54 | 0.2% |
| Cumulative Contribution | -42.6% |
Market Drivers
5/31/2026 to 8/31/2026| Return | Correlation | |
|---|---|---|
| PRIM | -42.6% | |
| Market (SPY) | 1.4% | 49.4% |
| Sector (XLI) | 1.2% | 50.6% |
Fundamental Drivers
The -52.1% change in PRIM stock from 2/28/2026 to 8/31/2026 was primarily driven by a -47.2% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 8312026 | Change |
|---|---|---|---|
| Stock Price ($) | 150.51 | 72.11 | -52.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,575 | 7,284 | -3.8% |
| Net Income Margin (%) | 3.6% | 1.9% | -47.2% |
| P/E Multiple | 29.7 | 27.9 | -5.9% |
| Shares Outstanding (Mil) | 54 | 54 | 0.3% |
| Cumulative Contribution | -52.1% |
Market Drivers
2/28/2026 to 8/31/2026| Return | Correlation | |
|---|---|---|
| PRIM | -52.1% | |
| Market (SPY) | 12.1% | 26.1% |
| Sector (XLI) | -0.9% | 26.0% |
Fundamental Drivers
The -39.0% change in PRIM stock from 8/31/2025 to 8/31/2026 was primarily driven by a -44.9% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 8312026 | Change |
|---|---|---|---|
| Stock Price ($) | 118.24 | 72.11 | -39.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,929 | 7,284 | 5.1% |
| Net Income Margin (%) | 3.5% | 1.9% | -44.9% |
| P/E Multiple | 26.5 | 27.9 | 5.3% |
| Shares Outstanding (Mil) | 54 | 54 | 0.0% |
| Cumulative Contribution | -39.0% |
Market Drivers
8/31/2025 to 8/31/2026| Return | Correlation | |
|---|---|---|
| PRIM | -39.0% | |
| Market (SPY) | 19.9% | 31.8% |
| Sector (XLI) | 16.4% | 33.0% |
Fundamental Drivers
The 106.6% change in PRIM stock from 8/31/2023 to 8/31/2026 was primarily driven by a 87.3% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 8312026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.90 | 72.11 | 106.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,284 | 7,284 | 37.9% |
| Net Income Margin (%) | 2.4% | 1.9% | -19.0% |
| P/E Multiple | 14.9 | 27.9 | 87.3% |
| Shares Outstanding (Mil) | 53 | 54 | -1.3% |
| Cumulative Contribution | 106.6% |
Market Drivers
8/31/2023 to 8/31/2026| Return | Correlation | |
|---|---|---|
| PRIM | 106.6% | |
| Market (SPY) | 76.3% | 40.0% |
| Sector (XLI) | 68.5% | 43.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PRIM Return | -12% | -7% | 53% | 131% | 63% | -41% | 175% |
| Peers Return | 46% | 20% | 54% | 71% | 38% | 33% | 742% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| PRIM Win Rate | 42% | 58% | 75% | 67% | 67% | 38% | |
| Peers Win Rate | 60% | 53% | 62% | 65% | 55% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PRIM Max Drawdown | -47% | -41% | -19% | -15% | -41% | -64% | |
| Peers Max Drawdown | -24% | -29% | -31% | -18% | -39% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PWR, MTZ, EME, FLR, STRL.
[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 8/31/2026 (YTD)
How Low Can It Go
| Event | PRIM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.7% | -18.8% |
| % Gain to Breakeven | 34.6% | 23.1% |
| Time to Breakeven | 39 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -34.8% | -24.5% |
| % Gain to Breakeven | 53.3% | 32.4% |
| Time to Breakeven | 112 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.6% | -33.7% |
| % Gain to Breakeven | 135.6% | 50.9% |
| Time to Breakeven | 249 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.8% | -19.2% |
| % Gain to Breakeven | 34.8% | 23.8% |
| Time to Breakeven | 696 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -10.5% | -12.2% |
| % Gain to Breakeven | 11.7% | 13.9% |
| Time to Breakeven | 6 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -43.5% | -6.8% |
| % Gain to Breakeven | 77.1% | 7.3% |
| Time to Breakeven | 735 days | 15 days |
In The Past
Primoris Services's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.6% gain to breakeven.
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| Event | PRIM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.7% | -18.8% |
| % Gain to Breakeven | 34.6% | 23.1% |
| Time to Breakeven | 39 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -34.8% | -24.5% |
| % Gain to Breakeven | 53.3% | 32.4% |
| Time to Breakeven | 112 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.6% | -33.7% |
| % Gain to Breakeven | 135.6% | 50.9% |
| Time to Breakeven | 249 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.8% | -19.2% |
| % Gain to Breakeven | 34.8% | 23.8% |
| Time to Breakeven | 696 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -43.5% | -6.8% |
| % Gain to Breakeven | 77.1% | 7.3% |
| Time to Breakeven | 735 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.7% | -17.9% |
| % Gain to Breakeven | 34.6% | 21.8% |
| Time to Breakeven | 66 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -27.4% | -15.4% |
| % Gain to Breakeven | 37.7% | 18.2% |
| Time to Breakeven | 121 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -57.7% | -53.4% |
| % Gain to Breakeven | 136.5% | 114.4% |
| Time to Breakeven | 101 days | 1085 days |
In The Past
Primoris Services's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.6% 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 Primoris Services (PRIM)
Primoris Services Corporation (PRIM) is a specialty contractor that provides a comprehensive range of construction, fabrication, maintenance, replacement, and engineering services across the United States and Canada. The company operates through three core segments: Utilities, Energy/Renewables, and Pipeline Services, enabling it to address diverse infrastructure development and maintenance requirements.
The company's main services include installing and maintaining natural gas, electric utility (distribution and transmission), and communications systems within its Utilities segment. Its Energy/Renewables segment offers extensive engineering, procurement, and construction (EPC) services, retrofits, upgrades, and maintenance for renewable energy (including storage and fuels), petroleum, refining, and petrochemical industries. This segment also handles heavy civil construction projects such as highways, bridges, and flood control. The Pipeline Services segment focuses on the construction, maintenance, and integrity of pipelines, as well as the installation of compressor stations, pump stations, and metering facilities.
Primoris primarily serves critical infrastructure markets, with its customer base including natural gas and electric utility companies, communications providers, renewable energy developers, and entities in the petroleum, refining, and petrochemical sectors. Additionally, the company works for state departments of transportation and gas, water, and sewer utilities, making it a key partner in maintaining and expanding essential infrastructure across North America.
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Here are 1-2 brief analogies for Primoris Services (PRIM):
- Like a smaller, more regional Quanta Services.
- Similar to MasTec, specializing in critical infrastructure construction.
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Primoris Services provides the following major services:
- Utility Infrastructure Services: Installation and maintenance for natural gas, electric, and communications distribution and transmission systems.
- Energy & Industrial Construction Services: Engineering, procurement, construction (EPC), retrofits, and maintenance for facilities in renewable energy, energy storage, and traditional energy industries.
- Heavy Civil Construction Services: Engages in highway and bridge construction, demolition, site work, and flood control projects.
- Pipeline Services: Construction, maintenance, and integrity services for pipelines, compressor stations, and metering facilities across various utilities and industries.
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Primoris Services (symbol: PRIM) primarily sells its services to other companies and government entities, not individuals.
The company's public filings indicate that it does not derive 10% or more of its annual revenue from any single customer. Therefore, specific major customer names are not publicly disclosed.
However, based on its operating segments, Primoris Services serves a broad range of clients within the following major categories:
- Utility Companies: This includes natural gas distribution companies, electric utility distribution and transmission companies, communications companies, and water and sewer utilities.
- Energy and Industrial Companies: Clients within the renewable energy, energy storage, renewable fuels, petroleum, refining, and petrochemical industries.
- Government Entities: Primarily state departments of transportation for various infrastructure projects, including highway and bridge construction.
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Koti Vadlamudi President and Chief Executive Officer
Koti Vadlamudi was appointed President and Chief Executive Officer of Primoris Services Corporation effective November 10, 2025. He is an experienced engineering and construction executive with over 30 years of global leadership experience in operations, business development, and strategic growth across public and private sectors. Before joining Primoris, Mr. Vadlamudi spent 30 years at Jacobs, a global advisory and consultancy for critical infrastructure and advanced manufacturing, where he most recently served as Executive Vice President of Operations, overseeing multi-billion-dollar global business segments. His industry expertise spans energy and power, oil and gas, mission-critical facilities, consumer products, and life sciences.
Kenneth M. Dodgen Executive Vice President, Chief Financial Officer
Kenneth M. Dodgen has served as Primoris Services Corporation's Executive Vice President and Chief Financial Officer since November 2018, having previously been Senior Vice President and Corporate Controller since May 2017. He brings over 30 years of experience in finance and accounting across various industries, including pipeline, power plant, electric transmission construction, retail, and power marketing. Prior to joining Primoris, he held CFO positions at Baker Hill Solutions (2016-2017), PLH Group, Inc. (2011-2015), and Fulcrum Power Services (2006-2011). From 1996 to 2006, Mr. Dodgen worked in investment banking with JPMorgan and Merrill Lynch, where he focused primarily on mergers and acquisitions. He began his career at PricewaterhouseCoopers and is a licensed CPA.
Jeremy Kinch Executive Vice President, Chief Operating Officer
Jeremy Kinch was promoted to Executive Vice President, Chief Operating Officer of Primoris Services Corporation in March 2025. He joined Primoris in June 2018 through the acquisition of Willbros and possesses over 25 years of experience in the infrastructure construction services industry across the United States and Canada. Before his promotion to COO, Mr. Kinch served as Chief Operations Support Officer and President of Energy, overseeing strategic growth, project delivery, and safety performance for that segment. Prior to his tenure at Primoris, he was President and Chief Operating Officer of Willbros Canada, a subsidiary of Willbros Group, Inc.
John M. Perisich Executive Vice President, Chief Legal and Administrative Officer and Secretary
John M. Perisich has served as Executive Vice President, Chief Legal and Administrative Officer of Primoris Services Corporation since March 2024, and as Chief Legal Officer since May 2013. He previously held the role of Senior Vice President and General Counsel starting in July 2008. Mr. Perisich joined ARB, a predecessor to Primoris, in 1995. Before his time with ARB, he practiced law at Klein, Wegis, a full-service law firm.
Travis Stricker Senior Vice President, Finance and Chief Accounting Officer
Travis Stricker has served as Primoris Services Corporation's Senior Vice President, Finance and Chief Accounting Officer since October 2018. He joined the company as Vice President of Finance in June 2017. Mr. Stricker has over 30 years of experience in finance and accounting, with more than 20 years specifically in the engineering, procurement, construction, and specialty contractor industries. Prior to Primoris, he held various senior management positions at CB&I from 2001 to 2017, including Segment Chief Financial Officer for its largest operating segment and Corporate Controller/Chief Accounting Officer. He began his career at PricewaterhouseCoopers and is a licensed CPA.
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The key risks to Primoris Services (PRIM) are:
- Economic and Market Risks: Primoris Services is highly susceptible to economic slowdowns and volatile economic cycles, which can significantly decrease the demand for construction projects, particularly those obtained through competitive bidding. The company faces challenges in predicting the location and timing of these new projects, contributing to uncertainty in its forecasts and guidance.
- Customer Concentration: The company has a concentrated customer base, with its ten largest customers accounting for a substantial portion of its total revenue (approximately 46% in FY2022 and 53.1% in FY2025). Although the specific customers comprising the top ten can change annually, the loss of a key customer could lead to significant negative impacts on the company's financial results.
- Regulatory and Climate-Related Risks: Primoris Services operates in highly regulated industries, including utilities, energy, and pipelines. It is exposed to risks from rapid technological and regulatory changes, particularly those imposed by federal and state agencies such as FERC and FCC. Changes in regulations, new mandates concerning greenhouse gas emissions, or shifts in policies related to renewable energy could increase operational costs, affect project scopes and timelines, and impact the demand for its services.
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Primoris Services Corporation operates in several significant addressable markets across the United States and Canada.
U.S. Addressable Markets:
- Utilities:
- The U.S. electric power transmission and distribution market was valued at approximately USD 89.9 billion in 2024.
- The U.S. natural gas distribution market was valued at USD 222.5 billion in 2025.
- Energy/Renewables:
- The U.S. solar market was valued at USD 67.6 billion in 2024.
- The U.S. wind turbine market size was valued at USD 24.53 billion in 2024.
- Highway and bridge construction in the U.S. is expected to increase to USD 147.1 billion in 2024.
- Specific addressable market size for petrochemical construction in North America was not readily available in the search results.
- Pipeline Services:
- The U.S. oil and gas pipeline construction market was valued at USD 52.5 billion in 2024.
Canada Addressable Markets:
- Utilities:
- The energy and utilities construction sector in Canada had an output value of CAD 105,500.43 million (approximately USD 77.8 billion based on a 1.35 CAD/USD exchange rate) in 2021.
- The broader Canada infrastructure market, which includes utilities, was valued at USD 125.5 billion in 2023.
- Energy/Renewables:
- The renewable energy market in Canada generated a revenue of USD 100.4 billion in 2025.
- Pipeline Services:
- The oil and gas pipeline construction industry in Canada is estimated to reach USD 12.0 billion in 2025.
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Here are the expected drivers of future revenue growth for Primoris Services (PRIM) over the next 2-3 years:
- Growth in Natural Gas Power Generation: Primoris anticipates natural gas power generation to be its highest percentage growth driver, with management actively engaged in or bidding on a substantial amount of awards in this sector. The company's natural gas generation revenue for 2025 was $480 million, and the broader opportunity funnel has line-of-sight to approximately $6 billion in potential projects.
- Resurgence in Pipeline Services: The pipeline business is expected to contribute significantly to revenue in 2026 and 2027. Primoris is tracking about $4.5 billion in pipeline projects, indicating a strong resurgence in this segment.
- Continued Expansion in Renewable Energy and Battery Storage: While solar PV is projected to be flat to slightly down in 2026 before returning to growth in 2027, the overall renewable energy segment, including battery storage, remains a key driver. Renewables revenue reached $3.0 billion in 2025, including over $250 million from battery storage, and the company is strategically positioned in markets with strong secular tailwinds in renewables.
- Development of Electric Utility and Communications Infrastructure: The Utilities segment is expected to continue its growth trajectory, driven by power delivery projects, particularly higher-margin transmission and substation work, as well as an increase in communications systems installations and maintenance. This segment showed strong growth across all business lines in 2025.
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Share Repurchases
- As of December 31, 2025, Primoris Services had $150.0 million available under a share purchase program, which is set to expire on April 30, 2028.
- The company did not purchase any shares of common stock under its share purchase program during the twelve months ended December 31, 2025, or in the third quarter of 2025.
- In November 2023, Primoris increased its equity buyback authorization by $25 million, extending the plan duration until December 31, 2024.
Share Issuance
- In 2021, Primoris issued 4.5 million shares to help finance the acquisition of Future Infrastructure Holdings.
Outbound Investments
- Primoris completed the acquisition of PLH Group, Inc. in an all-cash transaction valued at $470 million in August 2022, which expanded its capabilities in utility markets, including power delivery, communications, and gas utilities.
- In January 2021, the company closed the acquisition of Future Infrastructure Holdings, LLC for $620 million in an all-cash transaction, expanding its utility services in telecommunications, regulated gas utility, and infrastructure markets.
- The company is actively pursuing tuck-in acquisitions in high-growth, accretive margin areas such as power delivery and electrical construction and industrial (C&I).
Capital Expenditures
- Capital expenditures for the full year ended December 31, 2025, were $129.9 million, with $75.8 million allocated to construction equipment and $35.3 million for facilities.
- For 2026, Primoris estimates capital expenditures to be between $120 million and $140 million, including $90 million to $110 million for construction equipment.
- Capital allocation is strategically focused on supporting organic growth through investments in attractive markets, particularly Renewables and Power Delivery.
Peer Outperformance in Construction & Engineering
PRIM has outperformed 50% of its 30 Construction & Engineering peers over 5Y. Among the peers that beat it is GVA. 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 PRIM has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
12%
of 34 industry peers · -39.0% return
3Y
50%
of 32 industry peers · 103.8% return
5Y
50%
of 30 industry peers · 188.4% return
Construction & Engineering peers with revenue growth within 4pp of PRIM'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 |
|---|---|---|---|---|---|---|---|
| PRIM | Primoris Services | 11.4% | 27.9x | -39.0% | 103.8% | 188.4% | — |
| GVA | Granite Construction | 15.3% | -32.0x | 12.4% | 190.6% | 217.1% | +29pp |
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 PRIM'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 | 15.3% | 103.8% | 188.4% | CDNL 2745% · FIX 2011% · STRL 1949% |
| Marine Transportation | 4 | 58.0% | 56.2% | 151.3% | MATX 198% · KEX 162% · SFL 140% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 12.3% | 53.5% | 109.1% | CAT 318% · ALSN 257% · WAB 232% |
| Aerospace & Defense | 55 | -0.7% | 58.4% | 77.7% | ATI 1057% · FTAI 868% · HWM 679% |
| Passenger Ground Transportation | 3 | -6.8% | 37.0% | 66.6% | UBER 86% · CAR 67% · LYFT -65% |
| Rail Transportation | 7 | 32.2% | 72.0% | 50.9% | FSTR 126% · CSX 66% · UNP 55% |
| Industrial Machinery & Supplies & Components | 71 | 6.7% | 43.3% | 45.9% | CRS 1402% · PSIX 843% · GHM 622% |
| Cargo Ground Transportation | 16 | 38.2% | 2.1% | 38.5% | XPO 267% · R 249% · CVLG 206% |
| Trading Companies & Distributors | 19 | 1.5% | 30.3% | 33.0% | DXPE 535% · AIT 286% · URI 210% |
| Diversified Support Services | 33 | 10.7% | 30.8% | 27.0% | LIME 4595% · TH 368% · WLFC 354% |
| Electrical Components & Equipment | 41 | 17.3% | 47.0% | 20.1% | POWL 2196% · ELVA 896% · BE 842% |
| Building Products | 33 | -9.5% | 3.7% | 20.0% | LMB 440% · GFF 389% · PPIH 291% |
| Research & Consulting Services | 13 | -8.6% | -18.3% | -2.4% | HURN 223% · CRAI 96% · GRNQ 58% |
| Environmental & Facilities Services | 29 | -9.8% | 15.8% | -5.2% | CECO 844% · ADUR 556% · NVRI 344% |
| Industrial Conglomerates | 17 | 12.5% | 7.3% | -6.6% | RCMT 706% · CSW 143% · CSL 75% |
| Agricultural & Farm Machinery | 17 | 4.3% | -8.4% | -17.2% | BLBD 179% · DE 86% · GENC 61% |
| Data Processing & Outsourced Services | 6 | -30.1% | -11.3% | -24.7% | EXLS 55% · BR 16% · G -21% |
| Passenger Airlines | 11 | 1.2% | -4.8% | -27.8% | LTM 2230% · UAL 134% · SKYW 106% |
| Office Services & Supplies | 9 | 11.5% | 17.2% | -29.0% | PBI 178% · TILE 165% · HNI 51% |
| Human Resource & Employment Services | 22 | 8.1% | -18.9% | -35.7% | BBSI 89% · ADP 54% · KFY 33% |
| Air Freight & Logistics | 12 | -9.3% | -26.3% | -37.3% | CHRW 89% · FDX 70% · EXPD 63% |
| Security & Alarm Services | 10 | -32.6% | 10.8% | -42.9% | CIX 103% · MG 78% · BCO 47% |
| Airport Services | 3 | -68.9% | -75.9% | -59.8% | JOBY -45% · ASLE -60% · UP -100% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | - |
| Mkt Cap | 16.6 |
| Rev LTM | 15,823 |
| Op Inc LTM | 726 |
| FCF LTM | 363 |
| FCF 3Y Avg | 535 |
| CFO LTM | 590 |
| CFO 3Y Avg | 689 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 21.2% |
| Rev Chg 3Y Avg | 15.3% |
| Rev Chg Q | 21.6% |
| QoQ Delta Rev Chg LTM | 5.1% |
| Op Inc Chg LTM | 29.3% |
| Op Inc Chg 3Y Avg | 46.6% |
| Op Mgn LTM | 5.6% |
| Op Mgn 3Y Avg | 5.1% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 5.3% |
| CFO/Rev 3Y Avg | 7.1% |
| FCF/Rev LTM | 3.9% |
| FCF/Rev 3Y Avg | 5.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 16.6 |
| P/S | 1.5 |
| P/Op Inc | 20.4 |
| P/EBIT | 20.1 |
| P/E | 30.7 |
| P/CFO | 24.7 |
| Total Yield | 2.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 5.3% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Energy | 5,019 | 4,032 | 3,346 | 2,397 | |
| Utilities | 2,692 | 2,439 | 2,410 | 2,034 | 1,658 |
| Corporate and non-allocated costs | -135 | -104 | -41 | -10 | |
| Renewable energy | 1,840 | ||||
| Total | 7,575 | 6,367 | 5,715 | 4,421 | 3,498 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Energy | 341 | 295 | 248 | 138 |
| Utilities | 182 | 140 | 89 | 119 |
| Corporate and non-allocated costs | -112 | -117 | -84 | -61 |
| Total | 412 | 317 | 253 | 195 |
Price Behavior
Price Behavior
| Market Price | $72.11 | |
| Market Cap ($ Bil) | 3.9 | |
| First Trading Date | 02/23/2007 | |
| Distance from 52W High | -64.4% | |
| 50 Days | 200 Days | |
| DMA Price | $85.32 | $124.55 |
| DMA Trend | down | down |
| Distance from DMA | -15.5% | -42.1% |
| 3M | 1YR | |
| Volatility | 82.8% | 79.5% |
| Downside Capture | 431.52 | 258.97 |
| Upside Capture | 163.78 | 147.80 |
| Correlation (SPY) | 48.7% | 31.8% |
PRIM Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.36 | 2.77 | 2.98 | 1.91 | 1.98 | 1.51 |
| Up Beta | 1.84 | 5.25 | 3.35 | 1.08 | 1.32 | 1.24 |
| Down Beta | -1.75 | 0.60 | 3.26 | 2.37 | 2.25 | 1.49 |
| Up Capture | 138% | 105% | 152% | 82% | 188% | 592% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 7 | 16 | 29 | 60 | 125 | 394 |
| Down Capture | 593% | 338% | 322% | 222% | 168% | 110% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 14 | 26 | 35 | 67 | 126 | 355 |
[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 PRIM | |
|---|---|---|---|---|
| PRIM | -39.6% | 79.2% | -0.20 | - |
| Sector ETF (XLI) | 15.4% | 17.1% | 0.67 | 33.1% |
| Equity (SPY) | 19.3% | 12.8% | 1.11 | 31.9% |
| Gold (GLD) | 29.8% | 29.0% | 0.89 | 10.8% |
| Commodities (DBC) | 41.3% | 20.4% | 1.58 | 4.3% |
| Real Estate (VNQ) | 9.2% | 13.7% | 0.40 | -6.5% |
| Bitcoin (BTCUSD) | -30.9% | 43.7% | -0.72 | 17.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PRIM | |
|---|---|---|---|---|
| PRIM | 24.8% | 50.1% | 0.65 | - |
| Sector ETF (XLI) | 12.7% | 17.6% | 0.56 | 46.5% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 41.9% |
| Gold (GLD) | 19.4% | 18.7% | 0.84 | 9.0% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | 13.3% |
| Real Estate (VNQ) | 1.9% | 18.9% | -0.00 | 25.2% |
| Bitcoin (BTCUSD) | 9.5% | 52.7% | 0.36 | 19.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PRIM | |
|---|---|---|---|---|
| PRIM | 16.0% | 46.6% | 0.51 | - |
| Sector ETF (XLI) | 13.4% | 20.0% | 0.59 | 52.7% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 47.5% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 6.7% |
| Commodities (DBC) | 7.6% | 18.1% | 0.34 | 20.2% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 34.6% |
| Bitcoin (BTCUSD) | 63.4% | 66.2% | 1.03 | 17.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/13/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -8.2% | -9.6% | |
| 5/5/2026 | -50.1% | -44.2% | -37.1% |
| 2/23/2026 | -8.3% | -8.8% | -11.2% |
| 11/3/2025 | -10.6% | -10.0% | -12.2% |
| 8/4/2025 | 16.7% | 19.5% | 23.7% |
| 5/5/2025 | -2.9% | 5.6% | 8.8% |
| 2/24/2025 | 9.6% | 7.0% | 0.9% |
| 11/4/2024 | 14.8% | 27.3% | 32.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 10 |
| # Negative | 10 | 10 | 11 |
| Median Positive | 3.4% | 5.9% | 8.0% |
| Median Negative | -8.0% | -6.5% | -7.0% |
| Max Positive | 16.7% | 27.3% | 32.0% |
| Max Negative | -50.1% | -44.2% | -37.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -8.2% | -9.6% | |
| 5/5/2026 | -50.1% | -44.2% | -37.1% |
| 2/23/2026 | -8.3% | -8.8% | -11.2% |
| 11/3/2025 | -10.6% | -10.0% | -12.2% |
| 8/4/2025 | 16.7% | 19.5% | 23.7% |
| 5/5/2025 | -2.9% | 5.6% | 8.8% |
| 2/24/2025 | 9.6% | 7.0% | 0.9% |
| 11/4/2024 | 14.8% | 27.3% | 32.0% |
| 8/5/2024 | 6.0% | 8.9% | 6.1% |
| 2/26/2024 | -6.9% | -2.9% | 1.6% |
| 11/7/2023 | 3.5% | 5.4% | 5.6% |
| 5/9/2023 | -0.1% | 3.7% | 23.5% |
| 2/27/2023 | 5.9% | 5.2% | -7.0% |
| 11/7/2022 | 1.5% | -2.5% | -3.1% |
| 8/9/2022 | 1.4% | 6.2% | -8.3% |
| 5/9/2022 | -6.9% | -1.5% | 7.1% |
| 2/28/2022 | -12.3% | -4.0% | -5.9% |
| 11/8/2021 | -7.7% | -12.1% | -15.8% |
| 8/4/2021 | 3.4% | 1.5% | -0.5% |
| 5/6/2021 | 0.4% | -4.1% | -0.9% |
| 2/22/2021 | 3.1% | 5.6% | -4.5% |
| 8/4/2020 | 2.6% | 9.5% | 15.6% |
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 10 |
| # Negative | 10 | 10 | 11 |
| Median Positive | 3.4% | 5.9% | 8.0% |
| Median Negative | -8.0% | -6.5% | -7.0% |
| Max Positive | 16.7% | 27.3% | 32.0% |
| Max Negative | -50.1% | -44.2% | -37.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 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 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 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 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/23/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
| 09/30/2019 | 11/04/2019 | 10-Q |
Recent Forward Guidance
Updated 8/5/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior | Source |
| 2026 Net Income | 71.00 Mil | 86.00 Mil | 101.00 Mil | 0 | Affirmed | Guidance: 86.00 Mil for 2026 | Reported | |
| 2026 EPS | 1.3 | 1.57 | 1.85 | 0 | Affirmed | Guidance: 1.57 for 2026 | Reported | |
| 2026 Adjusted EPS | 2.05 | 2.33 | 2.6 | 0 | Affirmed | Guidance: 2.33 for 2026 | Reported | |
| 2026 Adjusted EBITDA | 275.00 Mil | 300.00 Mil | 325.00 Mil | 0 | Affirmed | Guidance: 300.00 Mil for 2026 | Reported | |
| 2026 Interest Expense | 43.00 Mil | 45.00 Mil | 47.00 Mil | Reported | ||||
| 2026 Capital Expenditures | 70.00 Mil | 80.00 Mil | 90.00 Mil | Reported | ||||
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior | Source |
| 2026 Net Income | 223.00 Mil | 228.50 Mil | 234.00 Mil | -23.7% | Lowered | Guidance: 299.50 Mil for 2026 | Reported | |
| 2026 EPS | 4.05 | 4.15 | 4.25 | -23.9% | Lowered | Guidance: 5.45 for 2026 | Reported | |
| 2026 Adjusted EPS | 4.8 | 4.9 | 5 | -16.9% | Lowered | Guidance: 5.9 for 2026 | Reported | |
| 2026 Adjusted EBITDA | 480.00 Mil | 490.00 Mil | 500.00 Mil | -14.0% | Lowered | Guidance: 570.00 Mil for 2026 | Reported | |
| 2026 Interest Expense | 35.00 Mil | 36.50 Mil | 38.00 Mil | 49.0% | Raised | Guidance: 24.50 Mil for 2026 | Reported | |
| 2026 Effective Tax Rate | 28.0% | 28.5% | 29.0% | Reported | ||||
| 2026 Capital Expenditures | 90.00 Mil | 100.00 Mil | 110.00 Mil | -23.1% | Lowered | Guidance: 130.00 Mil for 2026 | Reported | |
Q4 2025 Earnings Reported 2/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior | Source |
| 2026 Net Income | 294.00 Mil | 299.50 Mil | 305.00 Mil | 12.6% | Higher New | Actual: 266.00 Mil for 2025 | Reported | |
| 2026 EPS | 5.35 | 5.45 | 5.55 | 12.4% | Higher New | Actual: 4.85 for 2025 | Reported | |
| 2026 Adjusted EPS | 5.8 | 5.9 | 6 | 8.3% | Higher New | Actual: 5.45 for 2025 | Reported | |
| 2026 Adjusted EBITDA | 560.00 Mil | 570.00 Mil | 580.00 Mil | 9.6% | Higher New | Actual: 520.00 Mil for 2025 | Reported | |
| 2026 Capital Expenditures | 120.00 Mil | 130.00 Mil | 140.00 Mil | 642.9% | Higher New | Actual: 17.50 Mil for Q4 2025 | Reported | |
| 2026 Interest Expense | 23.00 Mil | 24.50 Mil | 26.00 Mil | -21.0% | Lower New | Actual: 31.00 Mil for 2025 | Reported | |
Q3 2025 Earnings Reported 11/3/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior | Source |
| Q4 2025 Capital Expenditures | 15.00 Mil | 17.50 Mil | 20.00 Mil | Reported | ||||
| 2025 Net Income | 260.50 Mil | 266.00 Mil | 271.50 Mil | 7.9% | Raised | Guidance: 246.50 Mil for 2025 | Reported | |
| 2025 EPS | 4.75 | 4.85 | 4.95 | 7.8% | Raised | Guidance: 4.5 for 2025 | Reported | |
| 2025 Adjusted EPS | 5.35 | 5.45 | 5.55 | 9.0% | Raised | Guidance: 5 for 2025 | Reported | |
| 2025 Adjusted EBITDA | 510.00 Mil | 520.00 Mil | 530.00 Mil | 4.0% | Raised | Guidance: 500.00 Mil for 2025 | Reported | |
| 2025 Interest Expense | 30.00 Mil | 31.00 Mil | 32.00 Mil | -11.4% | Lowered | Guidance: 35.00 Mil for 2025 | Reported | |
Insider Activity
Updated 8/12/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McCallister, Terry D | Direct | Buy | 7172026 | 86.66 | 20 | 1,690 | 1,832,344 | Form | |
| 2 | Perisich, John M | CHIEF LEGAL AND ADMIN OFFICER | Direct | Sell | 5292026 | 127.86 | 29,707 | Form | ||
| 3 | King, David Lee | Direct | Sell | 5282026 | 119.09 | 20,000 | 2,381,801 | 1,779,325 | Form | |
| 4 | McCallister, Terry D | Direct | Buy | 4172026 | 164.40 | 10 | 1,668 | 3,428,901 | Form | |
| 5 | McCallister, Terry D | Direct | Buy | 1162026 | 138.00 | 12 | 1,643 | 2,836,130 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McCallister, Terry D | Direct | Buy | 7172026 | 86.66 | 20 | 1,690 | 1,832,344 | Form | |
| 2 | Perisich, John M | CHIEF LEGAL AND ADMIN OFFICER | Direct | Sell | 5292026 | 127.86 | 29,707 | Form | ||
| 3 | King, David Lee | Direct | Sell | 5282026 | 119.09 | 20,000 | 2,381,801 | 1,779,325 | Form | |
| 4 | McCallister, Terry D | Direct | Buy | 4172026 | 164.40 | 10 | 1,668 | 3,428,901 | Form | |
| 5 | McCallister, Terry D | Direct | Buy | 1162026 | 138.00 | 12 | 1,643 | 2,836,130 | Form | |
| 6 | Schauerman, John P | Schauerman Family Trust | Sell | 12152025 | 136.00 | 7,815 | 1,062,840 | 10,127,376 | Form | |
| 7 | Mashinski, Carla S | Direct | Sell | 12092025 | 135.14 | 2,082 | 281,362 | 2,909,566 | Form | |
| 8 | King, David Lee | INTERIM PRESIDENT & CEO | Direct | Sell | 11122025 | 130.00 | 3,500 | 455,000 | 2,769,260 | Form |
| 9 | Wagner, Patricia K | Wagner Family Trust | Sell | 11122025 | 125.23 | 13,491 | 1,689,455 | 562,901 | Form | |
| 10 | McCallister, Terry D | Direct | Buy | 10172025 | 140.69 | 12 | 1,618 | 2,847,254 | Form | |
| 11 | Kinch, Jeremy | CHIEF OPERATING OFFICER | Direct | Sell | 9162025 | 124.00 | 3,006 | 372,744 | 1,187,920 | Form |
| 12 | Ching, Michael E | Direct | Sell | 9152025 | 119.89 | 2,935 | 351,877 | 1,143,031 | Form | |
| 13 | Schauerman, John P | Schauerman Family Trust | Sell | 8142025 | 114.01 | 20,000 | 2,280,162 | 9,380,700 | Form | |
| 14 | Perisich, John M | CHIEF LEGAL AND ADMIN OFFICER | Family Trust | Sell | 8132025 | 111.51 | 11,607 | 1,294,342 | 14,899,038 | Form |
| 15 | Stricker, Travis | CAO | Direct | Sell | 8112025 | 111.44 | 4,635 | 516,534 | 557,210 | Form |
| 16 | Perisich, John M | CHIEF LEGAL AND ADMIN OFFICER | Direct | Sell | 8082025 | 109.90 | 15,695 | Form |
Investor Activity (13F)
Updated Sep 2, 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: 8/31/2026