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what it is
Primoris builds and maintains energy, utility, water, and industrial infrastructure across the U.S.
how it gets paid
Last year Primoris Services made $7.6B in revenue.
why it's growing
Revenue grew 307.8% last year. The 9.4% gross margin mattered most because margin is the whole knife edge in contracting.
what just happened
Primoris posted a revenue quarter of $1.9B and consensus logged a modest earnings beat.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
80/100 earnings predictability — you can trust these numbers
33.0x trailing p/e — you're paying up for this one
0.2% dividend yield — cash in your pocket every quarter
14.0% return on capital — nothing to write home about
xvary composite: 75/100 — average
What they do
Primoris builds and maintains energy, utility, water, and industrial infrastructure across the U.S.
Primoris wins where you cannot afford delays. Utilities and energy customers hire contractors with scale, crews, and compliance muscle, and Primoris has 14,050 employees to show up nationally. That reach helps it keep growing in its two strongest lanes, energy and utilities, while earning a 14.0% return on capital (capital efficiency → profit from money invested → this business is not just busy, it is productive).
How they make money
$7.6B
annual revenue · their business grew +307.8% last year
total revenue
$7.6B
+307.8%
The products that matter
builds large power projects
Energy infrastructure
part of the $7.6B revenue base
natural gas generation and related energy work sit near the center of the story, and the company just produced $7.6B of revenue. this is where the demand case shows up first.
demand driver
constructs data-center support work
Data center infrastructure
backlog near $12B
management keeps pointing to data-center work, and the backlog near $12B gives those jobs room to matter across 2026 and 2027. the opportunity is real. the exact mix is thin in the public snapshot data.
power demand spillover
long-term contracted service work
Master service agreements
supports backlog visibility
these agreements matter because a 4.1% net margin business needs steadier work. with $12B of backlog on the books, repeat project flow matters almost as much as winning the next headline job.
visibility support
Key numbers
33.0x
trailing p/e
Valuation → how expensive the stock is versus past earnings → you are paying a premium multiple for a contractor.
4.4%
net margin
Net margin → profit kept from each sales dollar → Primoris only keeps 4.4 cents, so execution matters.
14.0%
return on capital
Return on capital → profit earned on money invested → 14.0% is respectable for a construction business.
$10B
2029 revenue est.
That forecast says management and analysts see a larger company in three years, not just a one-year spike.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 35 / 100
- long-term debt $409M (4% of capital)
- net profit margin 4.4% — keeps 4 cents of every dollar in revenue
- return on equity 16% — $0.16 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 PRIM 3 years ago → it's now worth $64,890.
The index would have given you $13,880.
source: institutional data · total return
What just happened
beat estimates
Primoris posted a revenue quarter of $1.9B and consensus logged a modest earnings beat.
EDGAR shows the latest quarter at $1.9B of revenue, up 7% vs. prior year, with EPS of $0.95 and gross margin of 9.4%. Consensus data shows last earnings at $1.08 versus a $1.02 estimate, so the company cleared the bar even as quarter-to-quarter profit looked mixed.
$1.9B
revenue
$0.95
eps
9.4%
gross margin
the number that mattered
The 9.4% gross margin mattered most because margin is the whole knife edge in contracting, and net margin is only 4.4%.
-
primoris services delivered record top- and bottom-line results in 2025.
-
the specialized construction company’s earnings were $5.02 per share, representing a 52% increase from a year ago, while revenues expanded 19%, to $7.57 billion.primoris is continuing to capitalize on favorable market trends and enhance its growth profile through operational efficiency and disciplined portfolio selection. increased industrial electrification, further investments in manufacturing, and the construction of facilities that support emerging technologies, should provide ample opportunities for the company moving forward.
-
for the coming year, we expect a steady upward trajectory and have pegged our 2026 revenue estimate at $8.1 billion, marking a solid 7% increase as primoris shifts focus toward highermargin project execution.
-
the company’s dual-threat dominance in energy and utilities remains its growth engine.the energy segment, particularly natural gas generation projects and data center opportunities, continues to be the primary driver, capitalizing on the massive build-out of north american power infrastructure. primoris’ ‘service-first‘ strategy, anchored by long-term master service agreements (msas), has pushed its total backlog to just shy of $12 billion. this provides significant visibility across 2026 and 2027, effectively insulating the company from shorter-term macroeconomic swings. this also provides management the runway to protect margins through its strategy of being more selective with new contract bids.
-
this issue is timely.
source: company earnings report, 2026
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What could go wrong
the #1 risk is project execution on a 4.1% net margin base.
med
bad bids show up fast
Primoris is still a contractor. when net margin is 4.1%, cost overruns, schedule slips, or weak bid discipline can eat a lot of profit in a hurry.
The current multiple assumes those jobs convert into earnings without drama. thin margins leave little room for that assumption to break.
med
backlog can slip without vanishing
A $12B backlog sounds comforting because it is. it is also not revenue yet. timing delays, customer pauses, or more selective bidding can push work out.
The street expects about $8.1B of 2026 revenue despite the backlog. if conversion slows, growth cools fast even if the headline backlog figure still looks big.
med
valuation leaves less room for a shrug
The stock trades 13% above the street's $144 midpoint target and 33.0x trailing earnings. that's a rich setup for contractor economics.
You do not need a demand break to get hurt here. you just need growth to slow or margins to stall while expectations stay high.
At 4.1% net margin and a share price 13% above the $144 midpoint target, Primoris does not need a collapse to disappoint you — a few messy projects would do it.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
backlog vs. revenue conversion
$12B of backlog against a $7.6B revenue base is why investors are paying up. your next question is how much of that lands inside 2026.
calendar
next management guideposts
listen for commentary around the street's $8.1B 2026 revenue view and whether management still sounds selective on bids.
trend
power and data-center demand
the bull case assumes natural gas generation and data-center work stay strong enough to keep the order book full even as 2025 comps get harder.
risk
margin discipline
4.1% net margin is workable, not forgiving. if margins flatten while revenue growth slows, the premium multiple gets a lot harder to defend.
Analyst rankings
short-term outlook
top 5%
momentum score 1 — the highest rating. in human-speak, analysts think this stock has better near-term price momentum than almost everything else they cover.
risk profile
average
stability score 3 — neither a bunker stock nor a chaos stock. you should expect normal cyclical-business risk.
chart momentum
average
technical score 3 — the chart is constructive, but it is not a magic signal.
earnings predictability
80 / 100
management has been delivering reliable numbers. that matters more when the valuation is already asking you for trust.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 200 buyers vs. 172 sellers in 4q2025. total institutional holdings: 56.7M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$60
$228
$166
current price
$144
target midpoint · 13% from current · 3-5yr high: $270 (+65% · 13% ann'l return)
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