Granite Construction Incorporated
GVA Industrials Engineering & Construction
Granite Construction Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $4.4 billion, up 10.4% from fiscal 2024. In the quarter to June 2026, revenue grew 29.3%, EPS fell 487.8%, free cash flow grew 755.7% and total debt rose 110.5%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years, revenue growth for three, operating cash flow growth for three; insiders bought in the last twelve months.
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Granite Construction Incorporated (GVA) Altman Z-score
Granite Construction Incorporated's Altman Z-score for fiscal 2025 is 2.77, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.77 | (0.52) |
| FY2024 | 3.29 | 0.69 |
| FY2023 | 2.60 | (0.46) |
| FY2022 | 3.06 | 0.32 |
| FY2021 | 2.74 | 0.43 |
| FY2020 | 2.31 | 0.03 |
| FY2019 | 2.28 | (0.70) |
| FY2018 | 2.98 | (1.39) |
| FY2017 | 4.37 | 0.15 |
| FY2016 | 4.22 | 0.21 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.08 | — | 0.10 | |
| Retained earnings / total assets | 0.19 | — | 0.27 | |
| EBIT / total assets | 0.07 | — | 0.23 | |
| Market value of equity / total liabilities | 1.79 | — | 1.08 | |
| Sales / total assets | 1.10 | — | 1.10 | |
| Altman Z-score | Grey zone | 2.77 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.09 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| AGX Argan, Inc. compare | 6.0× |
| ECG Everus Construction Group, Inc. compare | 5.8× |
| MYRG MYR Group, Inc. compare | 5.3× |
| PRIM Primoris Services Corporation compare | 4.1× |
| ROAD Construction Partners, Inc. compare | 3.2× |
| GVA Granite Construction Incorporated | 2.8× |
| KBR KBR, Inc. compare | 2.6× |
| TPC Tutor Perini Corporation compare | 2.0× |
| LGN Legence Corp. compare | 1.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets