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MYR Group, Inc.

MYRG Industrials Engineering & Construction

MYR Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.7 billion, up 8.79% from fiscal 2024. In the quarter to June 2026, revenue grew 20.2%, EPS grew 88.2%, free cash flow fell 283.3% and total debt fell 88.4%, each against the same quarter a year earlier.

311.63 0.82 +0.26%
Market cap
$4.8B
P/E
29.3×
Fwd P/E
39.8×
Dividend yield
—
F-score
8/9
Altman Z
5.27
Beneish M
−3.32
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

MYR Group, Inc. (MYRG) Business Profile

Updated before January 2025

Company Overview

MYR Group, Inc. (MYRG) is a leading specialty contractor serving the electrical infrastructure market throughout the United States and Canada. Founded in 1891, MYR Group has a rich history of over a century in delivering high-quality electrical construction services. Headquartered in Henderson, Colorado, the company has grown significantly over the years, establishing itself as a trusted partner for utilities, municipalities, and private sector clients.

The company is led by a team of experienced executives, with Rick Swartz serving as the President and Chief Executive Officer. Under his leadership, MYR Group has continued to expand its market presence and diversify its service offerings. The company’s leadership team emphasizes innovation, operational excellence, and a commitment to safety, which has been a cornerstone of its success.

Core Business Segments

MYR Group operates through two primary business segments: Transmission and Distribution (T&D) and Commercial and Industrial (C&I). These segments encompass a wide range of services and products tailored to meet the needs of its diverse client base.

Transmission and Distribution (T&D)

This segment focuses on constructing and maintaining electrical transmission and distribution networks. Key services include:

  • Transmission Line Construction: Building high-voltage transmission lines that transport electricity over long distances.
  • Distribution Line Construction: Installing and maintaining lower-voltage lines that deliver electricity to end-users.
  • Substation Construction and Maintenance: Developing and servicing substations that regulate and distribute electrical power.
  • Storm Restoration Services: Providing emergency response and repair services during natural disasters and severe weather events.

Commercial and Industrial (C&I)

The C&I segment caters to a broad range of industries, offering electrical construction services for commercial buildings, industrial facilities, and renewable energy projects. Key offerings include:

  • Electrical Contracting for Commercial Buildings: Designing and installing electrical systems for office buildings, retail spaces, and healthcare facilities.
  • Industrial Electrical Services: Supporting manufacturing plants, data centers, and other industrial operations with electrical infrastructure.
  • Renewable Energy Projects: Developing and maintaining solar and wind energy facilities, contributing to the transition to sustainable energy sources.

Business Model

MYR Group’s business model is centered on providing integrated electrical construction services that deliver value to its clients. The company generates revenue through a combination of project-based contracts and long-term service agreements. By leveraging its extensive expertise and resources, MYR Group is able to offer end-to-end solutions, from initial design and engineering to construction and ongoing maintenance.

The company’s approach emphasizes:

  • Client-Centric Solutions: Tailoring services to meet the specific needs of each client.
  • Operational Efficiency: Utilizing advanced technologies and streamlined processes to deliver projects on time and within budget.
  • Safety and Quality: Maintaining rigorous safety standards and ensuring high-quality workmanship.

Strategic Direction

MYR Group is focused on driving growth and innovation in the electrical construction industry. Key strategic priorities include:

  • Expanding Renewable Energy Services: Increasing its involvement in solar, wind, and energy storage projects to capitalize on the growing demand for clean energy.
  • Geographic Expansion: Entering new markets in North America to broaden its client base and diversify revenue streams.
  • Sustainability Goals: Implementing environmentally responsible practices and supporting clients in achieving their sustainability objectives.
  • Technological Innovation: Investing in advanced tools and technologies to enhance project efficiency and performance.

Competitive Landscape

MYR Group operates in a competitive market, facing competition from both large national firms and smaller regional contractors. Key competitors include:

  • Quanta Services, Inc.: A major player in the electrical infrastructure market, offering similar services across North America.
  • MasTec, Inc.: Known for its expertise in renewable energy and telecommunications infrastructure.
  • Pike Corporation: Specializes in utility construction and engineering services.
  • Local and Regional Contractors: Smaller firms that compete on price and localized expertise.

MYR Group differentiates itself through its extensive experience, comprehensive service offerings, and commitment to safety and quality.

Risk Factors

Like any business, MYR Group faces a number of risks that could impact its operations and financial performance. Key risk factors include:

  • Market Dependence: Reliance on the utility and energy sectors, which are subject to economic and regulatory fluctuations.
  • Supply Chain Disruptions: Potential delays or cost increases in obtaining materials and equipment.
  • Labor Shortages: Challenges in recruiting and retaining skilled workers in a competitive labor market.
  • Regulatory Compliance: Adherence to complex and evolving regulations in the electrical construction industry.
  • Weather-Related Risks: Exposure to project delays and increased costs due to adverse weather conditions.

Recent Developments

MYR Group has made significant strides in recent years, including:

  • Renewable Energy Projects: Securing contracts for large-scale solar and wind energy installations.
  • Technological Upgrades: Implementing advanced project management tools and data analytics to improve efficiency.
  • Acquisitions: Expanding its capabilities and market presence through strategic acquisitions of complementary businesses.
  • COVID-19 Response: Adapting operations to ensure the safety of employees and clients while maintaining project continuity.

Investment Considerations

Investors considering MYR Group should weigh the following strengths and risks:

Strengths

  • Established Reputation: Over a century of experience and a strong track record of successful projects.
  • Diverse Service Offerings: Comprehensive solutions for both T&D and C&I markets.
  • Growth Opportunities: Increasing demand for renewable energy and infrastructure upgrades.
  • Financial Stability: Consistent revenue growth and a solid balance sheet.

Risks

  • Market Volatility: Exposure to economic and regulatory changes in the utility and energy sectors.
  • Competitive Pressure: Intense competition from both large and small firms.
  • Operational Challenges: Potential disruptions from labor shortages and supply chain issues.

Conclusion

MYR Group, Inc. is a leading player in the electrical construction industry, with a strong market position and a promising growth outlook. The company’s focus on innovation, sustainability, and client satisfaction positions it well to capitalize on emerging opportunities in renewable energy and infrastructure development. While there are risks to consider, MYR Group’s strengths and strategic initiatives make it a compelling choice for investors seeking exposure to the electrical infrastructure market.