Quanta Services (PWR)
Market Price (5/6/2026): $773.0 | Market Cap: $115.8 BilSector: Industrials | Industry: Construction & Engineering
Quanta Services (PWR)
Market Price (5/6/2026): $773.0Market Cap: $115.8 BilSector: IndustrialsIndustry: Construction & Engineering
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 21% Attractive cash flow generationCFO LTM is 2.4 Bil Low stock price volatilityVol 12M is 35% Megatrend and thematic driversMegatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, Electrification of Everything, 5G & Advanced Connectivity, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 67x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 49x, P/EPrice/Earnings or Price/(Net Income) is 105x Stock price has recently run up significantly12M Rtn12 month market price return is 139% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 73% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.3% Key risksPWR key risks include [1] regulatory and permitting delays impeding the conversion of its substantial project backlog into revenue, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 21% |
| Attractive cash flow generationCFO LTM is 2.4 Bil |
| Low stock price volatilityVol 12M is 35% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, Electrification of Everything, 5G & Advanced Connectivity, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 67x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 49x, P/EPrice/Earnings or Price/(Net Income) is 105x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 139% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 73% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.3% |
| Key risksPWR key risks include [1] regulatory and permitting delays impeding the conversion of its substantial project backlog into revenue, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Quanta Services reported strong first quarter 2026 financial results that significantly surpassed analyst expectations, leading to an upward revision of its full-year guidance. The company announced adjusted diluted earnings per share (EPS) of $2.68 for Q1 2026, exceeding the consensus estimate of $2.04 by $0.64. Quarterly revenue rose 26.3% year-over-year to $7.87 billion, beating analyst estimates of $7.0 billion. Following these results, Quanta Services raised its full-year 2026 revenue guidance to a range of $34.7 billion to $35.2 billion, up from a FactSet estimate of $33.42 billion, and increased its adjusted EPS outlook to $13.55 to $14.25, surpassing the consensus estimate of $12.88.
2. The company achieved a record total backlog, driven by robust demand for critical infrastructure development, particularly in electric and data center sectors. As of March 31, 2026, Quanta Services reported a record total backlog of $48.5 billion. This substantial backlog is underpinned by continued capital spending on grid modernization, renewable energy initiatives, and the significant buildout of electric and data center infrastructure, increasingly influenced by artificial intelligence-driven project awards.
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Stock Movement Drivers
Fundamental Drivers
The 62.6% change in PWR stock from 1/31/2026 to 5/5/2026 was primarily driven by a 50.6% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5052026 | Change |
|---|---|---|---|
| Stock Price ($) | 474.54 | 771.61 | 62.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27,191 | 30,121 | 10.8% |
| Net Income Margin (%) | 3.7% | 3.7% | -2.0% |
| P/E Multiple | 69.5 | 104.6 | 50.6% |
| Shares Outstanding (Mil) | 149 | 150 | -0.5% |
| Cumulative Contribution | 62.6% |
Market Drivers
1/31/2026 to 5/5/2026| Return | Correlation | |
|---|---|---|
| PWR | 62.6% | |
| Market (SPY) | 3.6% | 47.2% |
| Sector (XLI) | 4.5% | 65.0% |
Fundamental Drivers
The 71.9% change in PWR stock from 10/31/2025 to 5/5/2026 was primarily driven by a 59.2% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5052026 | Change |
|---|---|---|---|
| Stock Price ($) | 448.92 | 771.61 | 71.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27,191 | 30,121 | 10.8% |
| Net Income Margin (%) | 3.7% | 3.7% | -2.0% |
| P/E Multiple | 65.7 | 104.6 | 59.2% |
| Shares Outstanding (Mil) | 149 | 150 | -0.5% |
| Cumulative Contribution | 71.9% |
Market Drivers
10/31/2025 to 5/5/2026| Return | Correlation | |
|---|---|---|
| PWR | 71.9% | |
| Market (SPY) | 5.5% | 51.8% |
| Sector (XLI) | 11.9% | 61.8% |
Fundamental Drivers
The 163.9% change in PWR stock from 4/30/2025 to 5/5/2026 was primarily driven by a 119.0% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5052026 | Change |
|---|---|---|---|
| Stock Price ($) | 292.41 | 771.61 | 163.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23,673 | 30,121 | 27.2% |
| Net Income Margin (%) | 3.8% | 3.7% | -4.0% |
| P/E Multiple | 47.8 | 104.6 | 119.0% |
| Shares Outstanding (Mil) | 148 | 150 | -1.3% |
| Cumulative Contribution | 163.9% |
Market Drivers
4/30/2025 to 5/5/2026| Return | Correlation | |
|---|---|---|
| PWR | 163.9% | |
| Market (SPY) | 30.4% | 48.0% |
| Sector (XLI) | 33.2% | 58.5% |
Fundamental Drivers
The 356.6% change in PWR stock from 4/30/2023 to 5/5/2026 was primarily driven by a 112.3% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5052026 | Change |
|---|---|---|---|
| Stock Price ($) | 168.98 | 771.61 | 356.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,074 | 30,121 | 76.4% |
| Net Income Margin (%) | 2.9% | 3.7% | 27.5% |
| P/E Multiple | 49.3 | 104.6 | 112.3% |
| Shares Outstanding (Mil) | 143 | 150 | -4.4% |
| Cumulative Contribution | 356.6% |
Market Drivers
4/30/2023 to 5/5/2026| Return | Correlation | |
|---|---|---|
| PWR | 356.6% | |
| Market (SPY) | 78.7% | 57.0% |
| Sector (XLI) | 80.3% | 60.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PWR Return | 60% | 25% | 52% | 47% | 34% | 80% | 961% |
| Peers Return | 34% | -3% | 33% | 75% | 60% | 66% | 708% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 5% | 92% |
Monthly Win Rates [3] | |||||||
| PWR Win Rate | 67% | 67% | 83% | 67% | 58% | 80% | |
| Peers Win Rate | 58% | 48% | 62% | 62% | 60% | 92% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 40% | |
Max Drawdowns [4] | |||||||
| PWR Max Drawdown | -5% | -15% | -5% | -10% | -25% | -2% | |
| Peers Max Drawdown | -10% | -27% | -12% | -14% | -26% | -1% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MTZ, EME, MYRG, PRIM, DY. See PWR Returns vs. Peers.
[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 5/5/2026 (YTD)
How Low Can It Go
| Event | PWR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -19.0% | -18.8% |
| % Gain to Breakeven | 23.4% | 23.1% |
| Time to Breakeven | 50 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.3% | -9.5% |
| % Gain to Breakeven | 28.6% | 10.5% |
| Time to Breakeven | 42 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -13.7% | -24.5% |
| % Gain to Breakeven | 15.9% | 32.4% |
| Time to Breakeven | 35 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.7% | -33.7% |
| % Gain to Breakeven | 66.0% | 50.9% |
| Time to Breakeven | 71 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -17.0% | -19.2% |
| % Gain to Breakeven | 20.6% | 23.7% |
| Time to Breakeven | 31 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -29.3% | -12.2% |
| % Gain to Breakeven | 41.5% | 13.9% |
| Time to Breakeven | 151 days | 62 days |
In The Past
Quanta Services's stock fell -19.0% during the 2025 US Tariff Shock. Such a loss loss requires a 23.4% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | PWR | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.3% | -9.5% |
| % Gain to Breakeven | 28.6% | 10.5% |
| Time to Breakeven | 42 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.7% | -33.7% |
| % Gain to Breakeven | 66.0% | 50.9% |
| Time to Breakeven | 71 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -29.3% | -12.2% |
| % Gain to Breakeven | 41.5% | 13.9% |
| Time to Breakeven | 151 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -52.4% | -6.8% |
| % Gain to Breakeven | 110.2% | 7.3% |
| Time to Breakeven | 348 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -21.6% | -17.9% |
| % Gain to Breakeven | 27.6% | 21.8% |
| Time to Breakeven | 63 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -60.3% | -53.4% |
| % Gain to Breakeven | 152.1% | 114.4% |
| Time to Breakeven | 1483 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -24.8% | -8.6% |
| % Gain to Breakeven | 33.0% | 9.5% |
| Time to Breakeven | 71 days | 47 days |
In The Past
Quanta Services's stock fell -19.0% during the 2025 US Tariff Shock. Such a loss loss requires a 23.4% 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 Quanta Services (PWR)
AI Analysis | Feedback
Here are 1-2 brief analogies for Quanta Services (PWR):
- Like the **Bechtel** of utility and energy infrastructure, building and maintaining everything from power lines and wind farms to gas pipelines.
- The **Amazon Web Services (AWS)** for physical infrastructure, constructing and maintaining the foundational systems for electric grids, renewable energy, and pipelines across North America.
AI Analysis | Feedback
- Electric Power Infrastructure Services: Provides comprehensive services for the design, construction, maintenance, and upgrade of electric power transmission, distribution, and substation infrastructure, including smart grid integration.
- Renewable Energy Infrastructure Services: Offers engineering, procurement, construction, and maintenance for wind, solar, hydropower, and battery storage facilities, along with associated electrical infrastructure.
- Underground Utility Infrastructure Services: Delivers design, engineering, construction, and maintenance for natural gas, oil, and other product transportation, distribution, storage, and processing systems, including pipelines.
- Communications Infrastructure Services: Specializes in design and construction solutions for wireline, wireless, and cable multi-system operator communications networks.
- Specialized Support Services: Includes aviation services, emergency restoration, commercial and industrial wiring, and training programs for utility workers.
AI Analysis | Feedback
Quanta Services, Inc. (PWR) primarily sells its services to other companies rather than individuals. Based on the provided background, its major customers fall into the following categories: * Electric Utility Companies: These include customers involved in the design, procurement, construction, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure, substation facilities, energized electric power infrastructure projects, smart grid technologies, and renewable generation facilities (wind, solar, hydropower, and battery storage). * Oil & Gas and Midstream Companies: This category encompasses customers involved in the transportation, distribution, storage, and processing of natural gas, oil, and other products, as well as those needing services for pipeline support systems, related structures, facilities, and compressor/pump stations. * Telecommunications Companies: Quanta Services provides design and construction solutions to wireline and wireless communications providers, as well as cable multi-system operators.AI Analysis | Feedback
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Earl C. "Duke" Austin, Jr. President, Chief Executive Officer
Duke Austin serves as President and Chief Executive Officer of Quanta Services. He has been instrumental in growing Quanta Services into a Fortune 200 company. He has decades of operational, strategic, and executive leadership experience in the energy and infrastructure sector. Austin joined Quanta Services through the acquisition of North Houston Pole Line Corp., where he served as president, leading its strategic growth. He held various senior leadership roles within Quanta, including leading the Electric Power, Natural Gas, and Pipeline Division and serving as Chief Operating Officer, before becoming President and CEO in 2016.
Jayshree Desai Chief Financial Officer
Jayshree Desai serves as the Chief Financial Officer of Quanta Services, a role she assumed in 2022. Prior to joining Quanta, she was the founder, President, and a Director of ConnectGen LLC, a renewable energy company focused on utility-scale wind, solar, and storage development, which was a private-equity-backed developer. She also served as Chief Operating Officer of Clean Line Energy Partners LLC from 2010 to 2018. Desai joined Quanta Services as Chief Corporate Development Officer in early 2020, overseeing mergers and acquisitions and treasury functions.
BJ Ducey President — Strategic Operations
BJ Ducey serves as President of Strategic Operations for Quanta Services. He supports Quanta's extensive business portfolio and leads a team that evaluates technologies, assets, projects, and opportunities. Ducey has significant industry experience, having previously served as Quanta's Senior Vice President of Operations from 2017 through 2023 and in various other management roles within Quanta from 2012 through 2017. He also served as Vice President — Operations and Business Development at Dashiell Corporation, a Quanta operating company, from 2006 through 2012.
Karl Studer President — Electric Power
Karl Studer serves as President of Electric Power for Quanta Services, overseeing all of Quanta's electrical operations across the United States, Canada, and Australia. His leadership has significantly impacted the strategic growth of Quanta in electrical engineering and construction. Studer previously served as Regional Vice President of Quanta. Before his roles at Quanta, he founded Probst Electric Inc. in 2004 and Summit Line Construction in 2008, both of which were acquired by Quanta in November 2013.
Donald Wayne Executive Vice President – General Counsel
Donald Wayne serves as Executive Vice President and General Counsel of Quanta Services. His extensive background with publicly traded energy and construction companies has provided him with the industry knowledge necessary to guide Quanta in its continued growth. Wayne is a graduate of Tufts University and holds a Master of Business Administration and Juris Doctorate from Washington University.
AI Analysis | Feedback
1. Project Execution and Operational Hazards
Quanta Services faces significant risks related to the execution of its complex and often large-scale projects. These include potential project delays, cost overruns, and cancellations, which can be driven by intricate design, engineering, and regulatory requirements. The company's reliance on fixed-price contracts means that variations in labor and material costs, or other unforeseen challenges, can adversely affect profitability or lead to financial losses on projects. Furthermore, Quanta is exposed to operational hazards such as wildfires and explosions, which have become more prevalent, potentially leading to substantial liabilities. The integration of strategic acquisitions also presents operational complexities, including potential unknown liabilities and the diversion of management's attention, which could disrupt ongoing business operations and hinder the realization of anticipated benefits.
2. Dependence on Large Infrastructure Investments and Political/Regulatory Changes
The company's revenue and growth are heavily dependent on substantial infrastructure investments across the electric power, renewable energy, and other utility sectors. Shifts in government policies and funding, particularly regarding "green" or renewable energy projects, can lead to delays or even cancellations of orders in the backlog, significantly impacting future revenue streams. Broader macroeconomic conditions such as inflation, rising interest rates, and economic uncertainty can also influence customers' capital spending plans and the timing of projects. Additionally, Quanta Services operates in a highly regulated environment, and changes in environmental standards, licensing requirements, or other regulatory mandates can increase compliance costs and alter demand for its services.
3. Labor Availability and Supply Chain Disruptions
As a provider of specialty contracting services, Quanta Services' operations are labor-intensive and highly dependent on the availability of skilled craft labor personnel and experienced operators. A competitive labor market and potential shortages of qualified employees pose a significant risk to the company's ability to execute projects efficiently and expand its business. Concurrently, the availability and cost of essential materials and equipment are subject to global trade dynamics and geopolitical tensions. Disruptions in the supply chain or significant fluctuations in the prices of key commodities can lead to increased project costs and delays, impacting project timelines and overall profitability.
AI Analysis | Feedback
nullAI Analysis | Feedback
Quanta Services, Inc. (PWR) operates in several significant infrastructure markets, including electric power, renewable energy, underground utilities (oil and gas pipelines), and communications. The addressable markets for their main products and services are substantial, both in the U.S. and globally.
Electric Power Infrastructure Solutions
The global power transmission and distribution (T&D) market, which encompasses many of Quanta Services' offerings in this segment, was estimated at approximately USD 342.64 billion in 2024 and is projected to reach about USD 432.23 billion by 2030, with a compound annual growth rate (CAGR) of 4% from 2025 to 2030. In the United States alone, the power transmission and distribution market generated USD 63.22 billion in revenue in 2024 and is expected to reach USD 76.54 billion by 2030, growing at a CAGR of 3.3% from 2025 to 2030. Another estimate for the U.S. electric power transmission and distribution market valued it at USD 89.9 billion in 2024, with a projection to increase to USD 110.4 billion by 2032 at a CAGR of 2.7% during 2025–2032. The U.S. electricity transmission and distribution market was valued at USD 82.96 billion in 2022.
The broader U.S. power infrastructure market, which includes electric power T&D, was valued at USD 264.2 billion in 2024 and is expected to reach USD 455.6 billion by 2032, growing at a CAGR of 7.2% during 2025–2032. This growth is significantly driven by the expansion of renewable energy capacity and grid modernization initiatives.
Renewable Energy Infrastructure Solutions
The global renewable energy infrastructure market was estimated at USD 1,000 billion in 2024 and is projected to grow to USD 2,000 billion by 2035, exhibiting a CAGR of 6.5% during the forecast period of 2025-2035. Another source indicates the global renewable energy market size was valued at USD 1,078.7 billion in 2025 and is projected to grow to USD 1,838.57 billion by 2034, with a CAGR of 6.17% from 2026 to 2034.
In the United States, the renewable energy market was valued at USD 140.6 billion in 2025, reaching an estimated USD 156.3 billion in 2026, and is projected to grow to USD 444.9 billion by 2035, at a CAGR of 12.3% during 2026-2035. Other estimates for the U.S. renewable energy market size show it at USD 85.37 billion in 2026, projected to reach USD 169.49 billion by 2034, growing at a CAGR of 8.95% from 2026 to 2034.
Underground Utility and Infrastructure Solutions (Oil & Gas Pipeline Construction)
The global pipeline construction market, which includes oil and gas, was valued at USD 52.49 billion in 2024 and is projected to grow to USD 84.26 billion by 2033, with a CAGR of 5.4% during 2026–2033. Another report states the global oil and gas pipeline market size was valued at USD 26.5 billion in 2023 and is estimated to reach USD 44.01 billion by 2032, growing at a CAGR of 5.8% from 2024–2032. The global oil & gas pipeline market size is valued at USD 122.22 billion in 2026, projected to reach USD 195.09 billion by 2034 at a CAGR of 6.02% during 2026–2034.
The U.S. oil & gas pipeline construction market was valued at USD 52.5 billion in 2024 and is expected to reach USD 99 billion by 2032, advancing at a CAGR of 8.4% during 2025–2032.
Communications Infrastructure
The global telecom network infrastructure market was valued at USD 108.81 billion in 2025 and is projected to reach USD 190.13 billion by 2033, growing at a CAGR of 7.3% from 2026 to 2033. Another report indicates a global market size of USD 128.00 billion in 2026, projected to reach USD 245.11 billion by 2034, exhibiting a CAGR of 8.46% during the forecast period.
The U.S. telecom services market size is estimated at USD 451.7 billion in 2025 and is projected to reach USD 601.2 billion in 2030, advancing at a 5.88% CAGR. The demand for telecom network infrastructure in the USA is expected to grow from USD 72.6 billion in 2025 to USD 129.8 billion by 2035, reflecting a CAGR of 6.0%.
AI Analysis | Feedback
Quanta Services (PWR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Utility Grid Modernization, Reliability, and Resilience: Ongoing investment in upgrading and hardening electric power transmission and distribution infrastructure, as well as substation facilities, is a significant driver. This includes improving grid resilience and integrating modern technologies to enhance reliability.
- Renewable Energy Infrastructure Development: The company anticipates continued growth from its services related to renewable generation facilities, such as wind, solar, hydropower, and battery storage. Government initiatives, like the Inflation Reduction Act, are providing substantial incentives for these projects, fueling demand for Quanta's engineering, procurement, construction, upgrade, repair, and maintenance services in this sector.
- Data Center Infrastructure Expansion: The rapid growth of data centers, driven by increasing demand for AI and cloud computing, represents a fast-expanding segment for Quanta Services. The company has made strategic acquisitions, such as Cupertino Electric, to bolster its capabilities in this lucrative market and is securing projects tied to large data-center campuses and power generation facilities.
- Strategic Acquisitions: Quanta Services actively employs a disciplined acquisition strategy to expand its capabilities and market reach. Recent acquisitions in 2025, including Tri-City Group, Wilson Construction Company, Billings Flying Service, and Dynamic Systems, have broadened its electrical infrastructure expertise and enhanced its ability to deliver complex projects across various markets. These acquisitions are expected to contribute to both organic and inorganic revenue growth.
- Large-Load Industrial Electrification: Beyond data centers, the broader trend of increased electricity consumption from large-load industries, including manufacturing onshoring, is driving unprecedented infrastructure investment requirements. Quanta is positioned to capitalize on this demand by providing the necessary electric power infrastructure for new and expanding industrial facilities.
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Share Repurchases
- A new $500 million stock repurchase program was authorized in August 2020, through June 30, 2023.
- Quanta repurchased 538,559 shares of its common stock for $134.6 million year-to-date as of July 30, 2025, with approximately $365.1 million remaining under the program.
- Notable quarterly stock buybacks include $190.20 million in March 2025, $76.84 million in March 2024, and $107.99 million in March 2023.
Share Issuance
- Quanta Services' outstanding shares increased to 0.151 billion in Q3 2025, a 0.62% increase year-over-year.
- Shares outstanding for fiscal year 2024 were 0.15 billion, an increase of 0.83% from 2023.
- The acquisition of Cupertino Electric, Inc. in July 2024 included the issuance of 883,000 shares of Quanta common stock, valued at roughly $225 million.
Outbound Investments
- In July 2024, Quanta Services acquired Cupertino Electric, Inc. (CEI) for approximately $1.54 billion, expanding capabilities in technology, data center, and renewable energy infrastructure.
- During 2025, Quanta completed eight acquisitions, including Tri-City Group, Wilson Construction Company, and Billings Flying Service, to strengthen electrical infrastructure capabilities.
- Quanta made a strategic investment of $500 million to $700 million over several years in power transformer manufacturing facilities and vertical supply chain to enhance its high-voltage transmission market position.
Capital Expenditures
- Capital expenditures increased from $260.1 million in 2020 to a peak of $604.1 million in December 2024.
- For fiscal years ending December 2020 to 2024, average capital expenditures were $422.5 million.
- Capital expenditures are focused on supporting the company's infrastructure solutions across electric power, renewable energy, and underground utility sectors.
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | GEO | GEO | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | RUN | Sunrun | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | 0.0% | 0.0% | 0.0% |
| 04172026 | RSG | Republic Services | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.8% | 0.8% | -1.1% |
| 04102026 | VRSK | Verisk Analytics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 12.3% | 12.3% | 0.0% |
| 04102026 | UHAL | U-Haul | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.3% | 0.3% | -1.0% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 462.84 |
| Mkt Cap | 23.8 |
| Rev LTM | 11,428 |
| Op Inc LTM | 592 |
| FCF LTM | 371 |
| FCF 3Y Avg | 454 |
| CFO LTM | 604 |
| CFO 3Y Avg | 632 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.6% |
| Rev Chg 3Y Avg | 15.0% |
| Rev Chg Q | 23.2% |
| QoQ Delta Rev Chg LTM | 5.2% |
| Op Inc Chg LTM | 27.1% |
| Op Inc Chg 3Y Avg | 36.6% |
| Op Mgn LTM | 5.5% |
| Op Mgn 3Y Avg | 5.2% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 7.3% |
| CFO/Rev 3Y Avg | 7.4% |
| FCF/Rev LTM | 5.8% |
| FCF/Rev 3Y Avg | 4.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 23.8 |
| P/S | 2.3 |
| P/Op Inc | 34.6 |
| P/EBIT | 33.9 |
| P/E | 49.5 |
| P/CFO | 29.1 |
| Total Yield | 2.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 4.4% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 34.3% |
| 3M Rtn | 44.5% |
| 6M Rtn | 69.0% |
| 12M Rtn | 176.6% |
| 3Y Rtn | 384.5% |
| 1M Excs Rtn | 24.9% |
| 3M Excs Rtn | 39.5% |
| 6M Excs Rtn | 59.2% |
| 12M Excs Rtn | 150.5% |
| 3Y Excs Rtn | 319.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electric | 19,012 | ||||
| Underground and Infrastructure | 4,660 | 5,015 | 4,355 | 3,531 | 3,429 |
| Electric Power | 9,697 | 8,940 | 7,624 | 6,468 | |
| Renewable Energy | 6,170 | 3,779 | 1,825 | 1,305 | |
| Total | 23,673 | 20,882 | 17,074 | 12,980 | 11,203 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electric | 1,959 | ||||
| Underground and Infrastructure | 265 | 378 | 318 | 150 | 170 |
| Corporate and non-allocated costs | -877 | -741 | -709 | -534 | -385 |
| Electric Power | 1,013 | 959 | 865 | 648 | |
| Renewable Energy | 477 | 304 | 182 | 178 | |
| Total | 1,346 | 1,128 | 872 | 664 | 611 |
Price Behavior
| Market Price | $771.61 | |
| Market Cap ($ Bil) | 115.6 | |
| First Trading Date | 02/12/1998 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $591.04 | $471.49 |
| DMA Trend | up | up |
| Distance from DMA | 30.6% | 63.7% |
| 3M | 1YR | |
| Volatility | 46.9% | 34.9% |
| Downside Capture | -0.35 | 0.41 |
| Upside Capture | 145.69 | 158.42 |
| Correlation (SPY) | 35.0% | 44.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.25 | 1.13 | 1.11 | 1.33 | 1.25 | 1.30 |
| Up Beta | 1.19 | 1.19 | 1.47 | 1.20 | 1.02 | 1.25 |
| Down Beta | -0.16 | 1.47 | 1.39 | 1.56 | 1.23 | 1.24 |
| Up Capture | 97% | 136% | 154% | 199% | 230% | 400% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 15 | 25 | 37 | 73 | 143 | 410 |
| Down Capture | -344% | 85% | 35% | 96% | 106% | 106% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 7 | 18 | 27 | 52 | 109 | 343 |
[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 PWR | |
|---|---|---|---|---|
| PWR | 141.3% | 34.8% | 2.57 | - |
| Sector ETF (XLI) | 30.0% | 15.4% | 1.50 | 60.1% |
| Equity (SPY) | 27.8% | 12.5% | 1.73 | 49.3% |
| Gold (GLD) | 40.6% | 27.2% | 1.23 | 14.7% |
| Commodities (DBC) | 50.1% | 18.0% | 2.16 | -1.1% |
| Real Estate (VNQ) | 11.0% | 13.4% | 0.53 | 18.5% |
| Bitcoin (BTCUSD) | -17.3% | 42.2% | -0.34 | 25.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PWR | |
|---|---|---|---|---|
| PWR | 51.4% | 35.4% | 1.25 | - |
| Sector ETF (XLI) | 12.8% | 17.4% | 0.58 | 62.6% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 57.8% |
| Gold (GLD) | 20.2% | 17.9% | 0.92 | 12.2% |
| Commodities (DBC) | 14.0% | 19.1% | 0.60 | 21.1% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.09 | 41.0% |
| Bitcoin (BTCUSD) | 7.9% | 56.2% | 0.35 | 23.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PWR | |
|---|---|---|---|---|
| PWR | 42.0% | 33.5% | 1.13 | - |
| Sector ETF (XLI) | 13.8% | 19.9% | 0.61 | 68.2% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 61.6% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 6.0% |
| Commodities (DBC) | 9.6% | 17.7% | 0.45 | 28.0% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 46.2% |
| Bitcoin (BTCUSD) | 67.4% | 66.9% | 1.06 | 13.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/19/2026 | 6.7% | 8.4% | 11.3% |
| 10/30/2025 | 1.1% | 1.1% | 0.8% |
| 7/31/2025 | -1.2% | -5.7% | -6.1% |
| 5/1/2025 | 10.0% | 10.6% | 17.0% |
| 2/20/2025 | -3.7% | -8.0% | -7.2% |
| 10/31/2024 | -3.2% | -0.3% | 10.6% |
| 8/1/2024 | -4.0% | -6.4% | 2.1% |
| 5/2/2024 | -0.4% | 3.5% | 7.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 16 | 20 |
| # Negative | 10 | 8 | 4 |
| Median Positive | 5.9% | 5.5% | 10.9% |
| Median Negative | -2.4% | -6.1% | -5.2% |
| Max Positive | 10.6% | 15.7% | 34.8% |
| Max Negative | -4.0% | -10.6% | -7.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 33.25 Bil | 33.50 Bil | 33.75 Bil | 19.6% | Higher New | Guidance: 28.00 Bil for 2025 | |
| 2026 Net Income | 1.27 Bil | 1.32 Bil | 1.38 Bil | 29.4% | Higher New | Guidance: 1.02 Bil for 2025 | |
| 2026 EPS | 8.36 | 8.71 | 9.06 | 28.6% | Higher New | Guidance: 6.78 for 2025 | |
| 2026 Adjusted EPS | 12.7 | 13 | 13.3 | 22.9% | Higher New | Guidance: 10.6 for 2025 | |
| 2026 EBITDA | 3.09 Bil | 3.17 Bil | 3.25 Bil | 24.6% | Higher New | Guidance: 2.54 Bil for 2025 | |
| 2026 Adjusted EBITDA | 3.34 Bil | 3.42 Bil | 3.50 Bil | 21.1% | Higher New | Guidance: 2.83 Bil for 2025 | |
| 2026 Free Cash Flow | 1.55 Bil | 1.80 Bil | 2.05 Bil | 20.0% | Higher New | Guidance: 1.50 Bil for 2025 | |
Prior: Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 27.80 Bil | 28.00 Bil | 28.20 Bil | 1.3% | Raised | Guidance: 27.65 Bil for 2025 | |
| 2025 Net Income | 987.10 Mil | 1.02 Bil | 1.06 Bil | -0.1% | Lowered | Guidance: 1.02 Bil for 2025 | |
| 2025 Diluted EPS | 6.53 | 6.78 | 7.02 | 0.1% | Raised | Guidance: 6.77 for 2025 | |
| 2025 Adjusted Diluted EPS | 10.3 | 10.6 | 10.8 | 0 | Affirmed | Guidance: 10.6 for 2025 | |
| 2025 EBITDA | 2.49 Bil | 2.54 Bil | 2.60 Bil | -0.8% | Lowered | Guidance: 2.56 Bil for 2025 | |
| 2025 Adjusted EBITDA | 2.77 Bil | 2.83 Bil | 2.88 Bil | 0 | Affirmed | Guidance: 2.83 Bil for 2025 | |
| 2025 Net Cash Provided by Operating Activities | 1.85 Bil | 2.05 Bil | 2.25 Bil | 3.8% | Raised | Guidance: 1.98 Bil for 2025 | |
| 2025 Free Cash Flow | 1.30 Bil | 1.50 Bil | 1.70 Bil | 3.4% | Raised | Guidance: 1.45 Bil for 2025 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ducey, Gerald A JR | Pres. - Strategic Operations | Direct | Sell | 11102025 | 446.08 | 7,653 | 3,413,850 | 8,903,757 | Form |
| 2 | Wayne, Donald | EVP and General Counsel | Direct | Sell | 11102025 | 443.81 | 14,000 | 6,213,343 | 15,344,738 | Form |
| 3 | Jackman, Worthing | Direct | Sell | 11072025 | 450.45 | 6,349 | 2,859,907 | 1,229,728 | Form | |
| 4 | Fried, Bernard | Fried Family Revocable Trust | Sell | 11052025 | 452.19 | 4,000 | 1,808,760 | 5,649,210 | Form |
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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