Start here if you're new
what it is
Tutor Perini builds big public works, commercial buildings, and the electrical and plumbing guts inside them.
how it gets paid
Last year Tutor Perini made $5.5B in revenue. Building was the main engine at $2.0B, or 37% of sales.
why it's growing
Revenue grew 28.1% last year. Sales were up 185% vs. prior year and quarterly EPS rose sharply from the prior year.
what just happened
Revenue hit $4.0B, but EPS missed estimates at $0.54 versus $0.67.
At a glance
B balance sheet — gets the job done, barely
5/100 earnings predictability — expect surprises
51.5x trailing p/e — you're paying up for this one
0.4% dividend yield — cash in your pocket every quarter
13.5% return on capital — nothing to write home about
xvary composite: 53/100 — below average
What they do
Tutor Perini builds big public works, commercial buildings, and the electrical and plumbing guts inside them.
This company wins where projects are huge, messy, and slow. It has 7,500 employees and deep exposure to transportation, water, and heavy-civil work, where experience matters because one bad bid can wreck your year. Backlog isn't listed here, but revenue already hit $5.5 billion in 2025, up 28.1%, which tells you customers are still handing it very large jobs.
How they make money
$5.5B
annual revenue · their business grew +28.1% last year
Building
$2.0B
Specialty Contractors
$770M
other
$2.7B
The products that matter
large-scale project contracting
Construction Services
$5.5B revenue
it's the entire $5.5B revenue base. Tutor Perini wins major contracts, staffs them, and tries to turn that volume into profit without letting delays or overruns eat the margin.
all revenue
Key numbers
51.5x
trailing p/e
P/E → how many years of current earnings you are paying for → so what: you are paying a rich price for a business with a 4.2% operating margin.
$393M
long-term debt
Long-term debt → money owed over many years → so what: debt is just 8% of capital, which is unusually restrained for a company this cyclical.
13.5%
return on capital
Return on capital → profit earned on the money put into the business → so what: 13.5% says this is better than a lumbering contractor, but not a cash machine.
$5.5B
annual revenue
Revenue → total sales → so what: the company is large enough for small margin changes to swing profit by tens of millions.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 15 / 100
- long-term debt $393M (8% of capital)
- net profit margin 5.3% — keeps 5 cents of every dollar in revenue
- return on equity 14% — $0.14 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 TPC 3 years ago → it's now worth $97,780.
The index would have given you $13,880.
source: institutional data · total return
What just happened
missed estimates
Revenue hit $4.0B, but EPS missed estimates at $0.54 versus $0.67.
Sales were up 185% vs. prior year and quarterly EPS rose sharply from the prior year. The problem is simpler: the company still missed consensus by 19.4%, which keeps the story volatile.
$4.0B
revenue
$0.54
eps
12.4%
gross margin
the number that mattered
The key number was the 19.4% EPS miss, because this stock already trades on a comeback story and misses make that story harder to trust.
-
momentum accounts should look at tutor perini.given a reversal of fortunes on the operating front, the value of this equity continued to forge ahead, recently touching an all-time high price of $86.00 on february 10th.
-
indeed, the stock price is up more than 30% in the last three months compared to only a 4% uptick in the s&p 500 index over that span. (note: the company was due to release fourth-quarter and full-year earnings as we went to press with this issue.) moreover, the full-service construction company likely put the finishing touches on a solid year, with our full-year 2025 earnings rebounding to around $1.65 a share, compared to a deficit of $2.71 a share in 2024.
-
tutor perini should remain profitable in 2026 and 2027.demand for the company’s services is determined by the level of public-sector infrastructure spending and the availability of financing.
-
it has significant exposure to transportation, water, and heavy-civil projects.
-
recently, the company secured a $53 million contract extension to expand its honolulu rail project.this includes the construction of two new stations (with additional design work possible), which is expected to contribute to the core civil unit. meanwhile, tutor began expansion and renovations of a major healthcare campus in sacramento, ca, with anticipated completion in fall 2027. this award ought to strengthen the building segment, which had previously faced unfavorable sales comparisons due to interest-rate and tariff-related headwinds.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is project execution on thin-margin civil work.
med
project execution on thin margins
Last quarter's net margin was 0.3% on $1.4B of revenue. When the margin is that thin, one ugly job can do real damage.
full-year net margin was 4.6%, so there is not much cushion if cost overruns or delays show up
med
public-infrastructure spending slowdown
Management's demand picture depends on public-sector infrastructure spending and financing availability. If either tightens, fewer projects get awarded.
this pressure would hit the same $5.5B revenue base investors are currently rewarding
med
the stock already outran the average target
The shares trade at $84.99 while the 3–5 year target midpoint sits at $74. The market is already ahead of the published targets.
if earnings recovery slips, you are not starting from a cheap multiple at 51.5x trailing earnings
med
fast momentum can unwind fast
TPC went from $18 to $89 inside the 52-week range and rose more than 30% in three months. Price stability is 15 / 100.
when a volatile contractor misses, the chart usually remembers before the income statement does
at a 4.6% net margin, Tutor Perini does not need a giant macro shock to disappoint you — a few bad jobs or delayed awards can do the work.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
quarterly net margin
0.3% last quarter is the number to watch. If revenue stays high and margin does not improve, the rerating story gets shaky fast.
calendar
next earnings report
You want to see whether the 28.1% revenue growth from last year is turning into cleaner profit, not just bigger project volume.
risk
funding and award pace
Public infrastructure spending and financing availability drive demand. Slower awards would matter more than another flashy headline contract.
trend
whether momentum can survive the target gap
The stock is near $85 while the midpoint target is $74. If the shares keep rising, earnings need to do more of the explaining next.
Analyst rankings
short-term outlook
top 20%
momentum score 2 — analysts expect above-average price performance over the next year. in human-speak, they like the setup even after the run.
risk profile
below average
stability score 4 — this has been more volatile than most stocks. you are buying movement, not calm.
chart momentum
below average
technical score 4 — the chart does not look as comfortable as the short-term outlook score. mixed signals are part of the package here.
earnings predictability
5 / 100
earnings are hard to model because project timing, claims, and margins can move a lot from quarter to quarter. expect surprises.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 104 buyers vs. 93 sellers in 4q2025. total institutional holdings: 40.5M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$28
$120
$85
current price
$74
target midpoint · 13% from current · 3-5yr high: $120 (+40% · 9% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive