Sunday 11 October 2026
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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.
112.50
1.33
−1.17%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | 35.69 | 45.14 | 38.55 | 22.55 | 8.90 | 25.88 | 25.35 | 33.74 | 43.92 | 69.08 |
Analyst estimates 2026–2028 Powerpack |
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| High | 62.18 | 67.40 | 68.58 | 49.03 | 28.68 | 44.31 | 40.46 | 52.24 | 105.20 | 119.74 | |||||
| People | |||||||||||||||
| People | Employees | 3,400 | 3,600 | 5,700 | 5,600 | 5,400 | 3,300 | 3,800 | 2,100 | 2,300 | 2,500 | ||||
| Revenue/emp, $m | 0.74 | 0.82 | 0.58 | 0.52 | 0.66 | 1.06 | 0.87 | 1.67 | 1.74 | 1.77 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | 2,515 | 2,958 | 3,287 | 2,915 | 3,562 | 3,502 | 3,301 | 3,509 | 4,008 | 4,424 | ||||
| Gross margin, % | 11.98 | 9.42 | 10.19 | 6.51 | 9.68 | 10.36 | 11.19 | 11.30 | 14.29 | 16.07 | |||||
| EBT | 96 | 68 | 8 | (40) | (166) | 22 | 92 | 60 | 196 | 289 | |||||
| EBT margin, % | 3.83 | 2.31 | 0.25 | (1.38) | (4.67) | 0.63 | 2.78 | 1.71 | 4.90 | 6.53 | |||||
| Net income | 66 | 42 | 12 | (57) | (166) | 2 | 79 | 30 | 140 | 220 | |||||
| Depreciation | 64 | 66 | 112 | 123 | 122 | 118 | 85 | 95 | 131 | 167 | |||||
| Per share, $ | |||||||||||||||
| Per share, $ | Revenue | 63.57 | 74.34 | 75.45 | 62.61 | 78.10 | 76.48 | 74.21 | 79.97 | 91.40 | 101.36 | ||||
| Earnings | 1.44 | 1.07 | 0.97 | (1.29) | (3.18) | 0.22 | 1.87 | 0.99 | 2.88 | 4.42 | |||||
| Cash flow | 1.85 | 3.67 | 1.98 | 2.39 | 5.89 | 0.48 | 1.25 | 4.19 | 10.41 | 10.74 | |||||
| Capex | (1.97) | (1.44) | (2.18) | (1.50) | (1.68) | 0.00 | (2.15) | (2.33) | (2.80) | (2.42) | |||||
| Free cash flow | (0.12) | 2.23 | (0.19) | 0.90 | 4.21 | 0.48 | (0.90) | 1.86 | 7.61 | 8.33 | |||||
| Book value | 23.32 | 24.95 | 29.60 | 25.31 | 21.74 | 21.74 | 22.15 | 23.40 | 24.62 | 27.99 | |||||
| Shares, m | 40 | 40 | 44 | 47 | 46 | 46 | 44 | 44 | 44 | 44 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | 38.58 | 37.21 | 453.09 | 0.00 | 0.00 | 184.29 | 17.42 | 51.40 | 30.24 | 26.16 | ||||
| P/S | 0.87 | 0.86 | 0.53 | 0.44 | 0.34 | 0.51 | 0.47 | 0.63 | 0.96 | 1.14 | |||||
| P/B | 2.37 | 2.57 | 1.36 | 1.09 | 1.23 | 1.78 | 1.58 | 2.15 | 3.56 | 4.12 | |||||
| EV/Sales | 0.86 | 0.83 | 0.56 | 0.47 | 0.32 | 0.49 | 0.46 | 0.69 | 1.00 | 1.31 | |||||
| EV/FCF | (445.36) | 27.84 | (216.49) | 32.67 | 5.90 | 78.29 | (37.93) | 29.61 | 11.98 | 15.88 | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | 73 | 146 | 86 | 111 | 268 | 22 | 56 | 184 | 456 | 469 | ||||
| Capex | (78) | (57) | (95) | (70) | (77) | 0 | (96) | (102) | (123) | (105) | |||||
| Free cash flow | (5) | 89 | (8) | 42 | 192 | 22 | (40) | 81 | 334 | 363 | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | 559 | 577 | 603 | 535 | 512 | 758 | 550 | 614 | 685 | 330 | ||||
| Total debt | 244 | 225 | 382 | 364 | 339 | 340 | 288 | 655 | 739 | 1,339 | |||||
| Net debt | (10) | (77) | 80 | 74 | (86) | (56) | (45) | 201 | 153 | 739 | |||||
| Shareholders’ equity | 923 | 993 | 1,289 | 1,178 | 992 | 996 | 985 | 1,027 | 1,079 | 1,222 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | 3.40 | 1.89 | 0.03 | (2.44) | (5.94) | 0.41 | 3.57 | 1.75 | 4.33 | 5.47 | ||||
| ROIC | 6.32 | 4.27 | 0.38 | (2.08) | (10.93) | 1.64 | 5.68 | 4.07 | 10.51 | 9.00 | |||||
| ROE | 6.37 | 3.56 | 0.05 | (4.88) | (13.37) | 1.02 | 8.41 | 4.33 | 12.00 | 16.78 | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
Granite Construction Incorporated vs peers in Engineering & Construction (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ECG Everus Construction Group, Inc. | $6.2B | 24.7× | — | +33.65% (above 0%: growing) | +57.69% (above 0%: growing) | +140.72% (above 0%: growing) | 14.85% | 9.08% | Compare |
| AGX Argan, Inc. | $5.6B | 30.5× | 58.0× | +61.51% (above 0%: growing) | +47.86% (above 0%: growing) | +178.70% (above 0%: growing) | 19.33% | 14.79% | Compare |
| LGN Legence Corp. | $5.6B | — (loss-making) | 13.0× | +110.74% (above 0%: growing) | n/m | +106.83% (above 0%: growing) | 17.45% | (0.52%) | Compare |
| ROAD Construction Partners, Inc. | $5.0B | 33.8× | 38.5× | +28.25% (above 0%: growing) | +33.75% (above 0%: growing) | −19.66% (below 0%: shrinking) | 16.85% | 10.94% | Compare |
| GVA Granite Construction Incorporated | $5.0B | — (loss-making) | 26.2× | +29.30% (above 0%: growing) | n/m | +755.66% (above 0%: growing) | 16.40% | 8.71% | |
| MYRG MYR Group, Inc. | $4.8B | 29.3× | 39.8× | +20.15% (above 0%: growing) | +88.24% (above 0%: growing) | −283.31% (below 0%: shrinking) | 13.19% | 6.28% | Compare |
| PRIM Primoris Services Corporation | $4.5B | 32.4× | 30.5× | −10.71% (below 0%: shrinking) | n/m | −149.14% (below 0%: shrinking) | 4.88% | (1.59%) | Compare |
| KBR KBR, Inc. | $4.4B | 10.6× | 9.6× | +1.64% (above 0%: growing) | +33.93% (above 0%: growing) | −83.25% (below 0%: shrinking) | 14.77% | 8.67% | Compare |
| TPC Tutor Perini Corporation | $4.4B | 35.3× | 19.8× | +19.17% (above 0%: growing) | +228.95% (above 0%: growing) | −35.14% (below 0%: shrinking) | 12.91% | 7.19% | Compare |
| Median of peers | $4.9B | 30.5× | 30.5× | +24.20% | +52.77% | −27.40% | 14.81% | 7.93% |
Granite Construction Incorporated (GVA) key facts
- Strength: Granite Construction Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $4.4 billion, up 10.4% from fiscal 2024.
- Granite Construction Incorporated (GVA) is an Engineering & Construction company in the Industrials sector, listed on the New York Stock Exchange.
- As of October 9, 2026, GVA traded at $112.50, a market capitalization of $5.0 billion.
- Granite Construction Incorporated pays an annual dividend of $0.52 per share, a yield of 0.46%.
- Return on equity was 16.8% and debt-to-equity 1.94.
- Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.77 (grey zone) for fiscal 2025.