Shimmick Corp.

Shimmick lost $4.10 a share in 2024 on $493M of revenue.

If you own SHIM, you need the debt and losses side by side.

shim

energy small cap updated mar 6, 2026
$3.44
market cap ~$116M · 52-week range $1–$4
xvary composite: 29 / 100 · weak
our overall rating — combines growth, value, risk, and momentum
Start here if you're new
what it is
It builds water, energy, and transportation projects for governments and utilities.
how it gets paid
Last year Shimmick made $493M in revenue. Critical Infrastructure was the main engine at $180M, or 36% of sales.
why it's growing
Revenue grew 2.6% last year. Revenue jumped 177% vs. prior year, and gross margin, which means money left after direct project costs, was 6.0%.
what just happened
Shimmick posted $392M of quarterly revenue and still lost $0.65 a share.
At a glance
C+ balance sheet — struggling to keep the lights on
-$4.10 fy2024 eps est
$480M fy2024 rev est
3.9% operating margin
1.3 beta
xvary composite: 29/100 — weak
What they do
It builds water, energy, and transportation projects for governments and utilities.
You are buying $754M of backlog, which means work already won but not yet billed. That is 1.5x 2024 revenue of $493M. The ugly tradeoff is $67M of long-term debt against a $116M stock market value.
energy small-cap infrastructure water turnaround
How they make money
$493M annual revenue · their business grew +2.6% last year
Critical Infrastructure
$180M
Water Treatment and Resources
$165M
Climate Resiliency
$55M
Sustainable Transportation
$53M
Energy and Electrical Infrastructure
$40M
The products that matter
dam, treatment, conveyance work
Water Infrastructure
core business
This is the historical center of the company, and it sits inside a business expected to generate about $480M this year.
public works
electrical and resilience projects
Energy & Sustainable Transport
$234M pending awards matter
Management needs new project wins here because $234M in pending awards only helps if it becomes firm backlog and eventually revenue.
backlog watch
non-core operating activity
Other Operations
$16M latest quarter
This part of the business produced $16M in the latest quarter. Useful, but too small to carry the investment case on its own.
16% of quarter
Key numbers
$493M
annual revenue
That is the top line for 2025. It is the money base before labor, materials, and project overruns.
$4.10
annual loss per share
That means the company lost $4.10 for each share in 2024. Losses like that leave less room for a bad job.
$754M
backlog
Backlog means work already won but not yet billed. At 1.5x revenue, it gives you visibility.
$67M
long-term debt
That is 37% of capital. Debt matters more when earnings are red.
Financial health
C+
strength
  • balance sheet grade C+ — weak — may struggle to fund operations
  • risk rank 5 — safer than 5% of stocks
  • price stability 5 / 100
  • long-term debt $67M (37% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market

Return history isn't available for SHIM right now.

same standard. no invented return math.

source: institutional data · return history unavailable
What just happened
missed estimates
Shimmick posted $392M of quarterly revenue and still lost $0.65 a share.
Revenue jumped 177% vs. prior year, and gross margin, which means money left after direct project costs, was 6.0%. The business is growing, but costs still ate most of the gain.
$392M
revenue
-$0.65
per-share loss
6.0%
gross margin
gross margin
The 6.0% gross margin mattered because every 1 point was about $3.9M on $392M of revenue.
source: company earnings report, 2026

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What could go wrong

the #1 risk is turnaround execution on fixed-price public infrastructure contracts. Shimmick already operates at a -12.3% net margin, so there is not much buffer if project costs rise, awards slip, or bidding discipline breaks.

!
high
negative margins are still the main event
A -12.3% net margin means the company is still losing money on the whole enterprise. One better quarter helps. It does not erase the math.
A -12.3% net margin means the company is still losing money on the whole enterprise. One better quarter helps. It does not erase the math.
!
high
$234M in pending awards is not backlog yet
Pending awards are potential work, not signed revenue. If conversion stalls, the expected 2026 growth path gets much harder to believe.
Pending awards are potential work, not signed revenue. If conversion stalls, the expected 2026 growth path gets much harder to believe.
∘
med
the balance sheet is thin for a contractor
Long-term debt is $67M, or 37% of total capital, and the balance sheet is rated C+. That limits room to absorb project delays or underpriced bids.
Long-term debt is $67M, or 37% of total capital, and the balance sheet is rated C+. That limits room to absorb project delays or underpriced bids.
∘
med
2026 targets could prove too ambitious
Management is pointing to $550M–$600M revenue and $15M–$30M EBITDA in 2026. If results stay closer to the current run-rate, the turnaround premium disappears.
Management is pointing to $550M–$600M revenue and $15M–$30M EBITDA in 2026. If results stay closer to the current run-rate, the turnaround premium disappears.
At an estimated $480M of revenue, a -12.3% net margin means this business is still losing roughly 12 cents on every dollar before it gets the luxury of deleveraging.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin watch
Did the $10M gross margin improvement stick
This is the cleanest operating signal on the page. If gross margin slips back toward $2M, the turnaround case starts looking cosmetic.
next report
Q1 2026 earnings need to confirm progress
The next quarter should show whether the narrower loss and better gross margin were the beginning of a trend or just one better print.
backlog trend
$234M in pending awards has to convert
Pending awards are promise, not proof. You want to see those projects become signed work fast enough to support the 2026 growth target.
balance sheet risk
Watch debt versus operating improvement
With $67M in long-term debt and a C+ balance sheet, this company needs better execution more than it needs another optimistic forecast.
Analyst rankings
coverage
thin
Formal ranking data is limited here. in human-speak, SHIM sits far from the center of Wall Street attention.
beta
1.3
Beta measures how sharply a stock moves versus the market. At 1.3, SHIM has historically moved more than the index.
xvary composite
29 / 100
That score reflects weak fundamentals, elevated risk, and a turnaround that still needs proof.
source: institutional data
Institutional activity

institutional ownership data for SHIM is being compiled.

source: institutional data
source: institutional data
Price targets
3-5 year target range
n/a n/a
$3 current price
n/a target midpoint · n/a from current
target data not available

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