Start here if you're new
what it is
MYR Group builds and fixes the electrical systems behind utilities, substations, data centers, and big commercial sites.
how it gets paid
Last year Myr made $3.7B in revenue. Transmission line construction was the main engine at $1.03B, or 28% of sales.
why it's growing
Revenue grew 8.8% last year. The company posted record annual revenue of $3.7 billion and record net income.
what just happened
MYR's latest report was about one thing: revenue hit $973.5 million in Q4 2025 as data center and infrastructure demand stayed hot.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
45/100 earnings predictability — expect surprises
37.6x trailing p/e — you're paying up for this one
30.0% return on capital — every dollar works hard here
xvary composite: 75/100 — average
What they do
MYR Group builds and fixes the electrical systems behind utilities, substations, data centers, and big commercial sites.
You do not replace grid builders on a whim. MYR has 8,500 employees and is one of the largest U.S. contractors in transmission and distribution, which means utilities call firms that can already handle dangerous, regulated work at scale. Return on capital was 30.0%, which means every $1 put into the business produced $0.30 in profit, so the scale is paying you back.
How they make money
$3.7B
annual revenue · their business grew +8.8% last year
Transmission line construction
$1.03B
Substation construction
$0.52B
Distribution system work
$0.52B
Commercial electrical installation
$1.02B
Industrial wiring and maintenance
$0.61B
The products that matter
builds electrical infrastructure
Transmission & Distribution and project contracting
$3.7B revenue · whole-company exposure
the segment bars above spell out the revenue mix; the honest read is still that the whole story is one $3.7B project-driven electrical contractor, not a diversified menu of unrelated profit streams.
entire story
Key numbers
30.0%
return on capital
That is the cleanest quality signal here. MYR turns heavy project work into strong returns, not just bigger revenue.
37.6x
trailing p/e
You are paying a premium multiple for a contractor with a 4.6% net margin. That leaves little room for a messy quarter.
$67M
long-term debt
Debt is just 2% of capital, which means the balance sheet is not the problem here. Project execution is.
$6B
2029 revenue est
That compares with $3.7 billion today, so the growth case is real. The question is whether margin holds while revenue scales.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 30 / 100
- long-term debt $67M (2% of capital)
- net profit margin 4.6% — keeps 5 cents of every dollar in revenue
- return on equity 30% — $0.30 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in MYRG 3 years ago → it's now worth $24,470.
The index would have given you $13,880.
source: institutional data · total return
What just happened
beat estimates
MYR's latest report was about one thing: revenue hit $973.5 million in Q4 2025 as data center and infrastructure demand stayed hot.
The company posted record annual revenue of $3.7 billion and record net income, according to the company release and earnings call transcript. Last reported EPS of $2.33 beat the $2.10 estimate by 10.95%, which says execution finally matched the story.
$973.5M
revenue
$2.33
eps
11.6%
gross margin
the number that mattered
The key number was the 10.95% EPS beat, because this stock already trades on faith in future growth and needed proof that projects are converting into profit.
-
myr group was scheduled to release fourth-quarter results after this report went to press.overall, the company should easily exceed the top- and bottom-line figures from the prior-year period, when bad fixed-price solar contracts eroded margins. while those operational inefficiencies plagued myr group in 2024, with partial recovery in early 2025, recent third-quarter results signaled a successful turnaround.
-
in fact, the company delivered record net income, driven by robust demand for data center infrastructure, along with the stabilization of margins from aforementioned green energy projects.our fourth-quarter estimates are set moderately higher than consensus targets, due to the fact that those unfavorable projects appear largely complete. moreover, demand for power infrastructure is massive and funneling directly into myr group’s backlog, which augurs well for pricing power.
-
we look for 2025 full-year revenue and share earnings of $3.625 billion and $7.30, respectively.
-
a record year appears in reach for 2026.
-
revenue should grow about 10% this year, supported by electricity trends.
source: company earnings report, 2026
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What could go wrong
the #1 risk is fixed-price electrical construction contracts.
med
fixed-price contract blowups
this is a project business, and the company has already dealt with problematic fixed-price solar work. If labor, materials, or timelines go the wrong way, MYRG eats the difference.
with a 3.9% net margin and 7.5% operating margin, there is not much room for a bad contract to hide.
med
demand cooling after the rebound
the stock is leaning on continued grid and data center spending. If large customers delay projects, last year's 36.3% revenue growth can fall back toward something much more ordinary.
the market cap is ~$4B against a $3.7B revenue base, so you are paying for more than maintenance-level growth.
med
labor and equipment bottlenecks
electrical infrastructure jobs need skilled crews and critical equipment. When either shows up late, revenue timing slips and margins get squeezed.
a business that keeps about 4 cents on each revenue dollar does not need a large delay to feel it.
med
multiple compression
37.6x trailing earnings is a generous multiple for an electrical contractor. If earnings normalize without another leg of growth, the stock does not need bad news to rerate lower.
even with FY2026 EPS estimated at $8.95, the stock still trades around 30.7x forward earnings.
the combined risk picture is simple: a low-debt balance sheet helps, but thin 3.9% net margins and a premium earnings multiple leave little room for execution mistakes.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next quarterly print
you want to see whether the $2.05 EPS quarter was a one-off rebound or the start of a cleaner earnings run.
trend
data center power demand
recent strength was tied to power infrastructure demand. If that stays hot, revenue can keep compounding from a much higher base.
risk
operating margin above 7%
7.5% is good enough. A clear slide below that would tell you execution is getting noisy again.
metric
revenue path to $4B
the FY2026 estimate is roughly $4B. Hitting that number keeps the premium multiple defensible. Missing it makes the valuation harder to explain.
Analyst rankings
short-term outlook
top 5%
momentum score 1 is the best bucket. in human-speak, analysts think this stock has stronger near-term performance odds than almost everything else they cover.
risk profile
average
stability score 3 means typical balance-sheet risk, even if the share price itself can swing around.
chart momentum
average
technical score 3 says the chart is not sending a special signal right now. the fundamentals are doing more of the talking.
earnings predictability
45 / 100
that low predictability score fits a contractor with project timing risk. expect clean years and messy quarters to live in the same stock.
source: institutional data
Institutional activity
112 buyers vs. 115 sellers in 4q2025. total institutional holdings: 14.2M shares.
source: institutional data
Price targets
3-5 year target range
$185
$456
$274
current price
$321
target midpoint · +17% from current · 3-5yr high: $470 (+70% · 14% ann'l return)
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