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what it is
Everus builds electrical, gas, and communication infrastructure for commercial, industrial, and institutional customers.
how it gets paid
Last year Everus Constrn made $3.7B in revenue. Electrical construction was the main engine at $1.55B, or 42% of sales.
why it's growing
Revenue grew 31.5% last year. Annual revenue hit $3.7B, up 31.5%, which is the cleanest proof the business can run on its own.
what just happened
Everus posted $2.7B in the latest quarter, with EPS at $2.87 and gross margin at 12.3%.
At a glance
B+ balance sheet — decent shape, but not bulletproof
32.2x trailing p/e — you're paying up for this one
14.5% return on capital — nothing to write home about
$5.55 fy2027 eps est
$7B fy2029 rev est
xvary composite: 55/100 — below average
What they do
Everus builds electrical, gas, and communication infrastructure for commercial, industrial, and institutional customers.
Backlog (signed work not yet billed) sits at $3.2B. That is 86% of last year's $3.7B revenue, so the work list already covers most of the year. E&M is 78% of revenue, so your electricians and communication crews carry the business.
How they make money
$3.7B
annual revenue · their business grew +31.5% last year
Electrical construction (est.)
$1.55B
Communication wiring (est.)
$0.67B
Maintenance services (est.)
$0.67B
Transmission & distribution
$0.81B
The products that matter
builds electrical and mechanical systems
Electrical & Mechanical
$2.1B · 56.8% of revenue
This is the growth engine. It produced $2.1B last year and grew 43.8%, with management pointing to heavier workloads in commercial, renewables, and data center projects.
fastest-growing segment
builds and upgrades utility networks
Transmission & Distribution
$1.4B · 37.8% of revenue
This $1.4B segment grew 15.2%. It is slower than Electrical & Mechanical, but it is large enough that margin improvement from 12.8% toward the 14.0% 2027 target still matters.
margin watch
smaller project and specialty work
Other Construction
$0.2B · 5.4% of revenue
It is only about $0.2B of the business and was flat last year. That means you should focus your attention on the first two segments, because that is where the investment case lives.
too small to drive the story
Key numbers
$5.55
fy2027 eps est
$7B
fy2029 rev est
32.2x
trailing p/e
12.3%
gross margin
Gross profit kept about 12.3% of each revenue dollar.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- long-term debt $266M (4% of capital)
- net profit margin 5.5% — keeps 6 cents of every dollar in revenue
- return on equity 17% — $0.17 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ECG right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Everus posted $2.7B in the latest quarter, with EPS at $2.87 and gross margin at 12.3%.
Revenue ran 177% higher vs. prior year, and annual revenue reached $3.7B, according to EDGAR. The market liked the print because the first full year as a stand-alone company grew 31.5%.
$2.7B
revenue
$2.87
eps
12.3%
gross margin
the number that mattered
Annual revenue hit $3.7B, up 31.5%, which is the cleanest proof the business can run on its own.
-
everus construction group is making its inaugural appearance in our survey this week.
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and the 2025 results of the industry-leading construction services provider made a grand entrance.
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for the company's first full year operating independently, revenues were up 31.5%, and increased margins drove earnings per share up 40.6%.
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the shares jumped 28% on the news.
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the largest driver was the electrical and mechanical segment, which saw revenues increase 43.8%.the increase was primarily driven by higher workloads in the commercial and renewables end markets, particularly continued growth in the data center submarket.
source: company earnings report, 2026
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What could go wrong
Your biggest risk is data center demand cooling before the multiple does.
med
Growth slows faster than investors expect
2026 revenue guidance of $4.1B–$4.2B implies 9–12% growth after a 31.5% year. The company is still growing. The stock is just no longer priced like a normal contractor.
At 27.9x earnings, even a decent year can disappoint if the growth step-down arrives faster than the market can stomach.
med
Electrical & Mechanical is carrying the story
That segment produced $2.1B of revenue and grew 43.8%. Management also pointed to data center activity as a major driver. If that end market pauses, the fastest-growing piece of the business pauses with it.
You do not need the whole company to break for the stock to reset. You just need the highest-expectation segment to cool.
med
Construction margins leave less room for mistakes
EBITDA margin was 8.4% and net margin was 5.5%. That is fine for a contractor. It also means project timing, cost overruns, or pricing pressure can show up fast in earnings.
When margins are this thin, you need execution to stay tight. Revenue growth alone does not protect you.
med
Transmission & Distribution still has to lift profitability
The company is targeting margin expansion in that segment from 12.8% to 14.0% by 2027. That sounds small. On a $1.4B segment, it matters.
If margin expansion stalls, EPS growth has to lean even harder on the hot segment and the stock loses some balance.
The combined risk picture is simple: a stock that already rerated now depends on backlog holding near $3.23B, data center work staying healthy, and margins holding above an 8.4% EBITDA base.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
backlog direction
Backlog sits at $3.23B, or 86% of last year's revenue. If that number grows while revenue converts, your visibility improves. If it slips, the growth story gets shorter.
calendar
next quarterly print
The next report needs to show the company is tracking toward the $4.1B–$4.2B full-year guide. This is the first real test after the post-earnings rerating.
trend
data center project pace
Electrical & Mechanical grew 43.8% because workloads were strong. If hyperscale and commercial buildouts stay busy, the bull case still has fuel.
risk
margin follow-through
Watch whether EBITDA margin stays near 8.4% and whether Transmission & Distribution can keep moving from 12.8% toward 14.0%. The revenue story is loud. Margin execution is the quieter test.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 139 buyers vs. 131 sellers in 4q2025. total institutional holdings: 42.6M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$76
$190
$127
current price
$133
target midpoint · +5% from current · 3-5yr high: $220 (+75% · 15% ann'l return)
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