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Quanta Services, Inc.

PWR Industrials Engineering & Construction

Quanta Services, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $28.5 billion, up 20.3% from fiscal 2024.

Revenue
+57.4%
EPS
+106.0%
Free cash flow
+188.9%
Total debt
+24.2%

Quarter to September 2026, against a year earlier

511.41 69.03 −11.89%
Market cap
$76.7B
P/E
45.3×
Fwd P/E
48.3×
Dividend yield
0.09%
F-score
4/9
Altman Z
4.16
Beneish M
−2.42
Dividend safety
84/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Electric
  • Underground and Infrastructure

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 123.24
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — 2 — — — — — —
Insider Ownership 1.04%

Capital & Financial Ratios $m

Size
Market Cap 76,700.00
Revenue ttm 37,288.61
Net income ttm 1,714.51
Free cash flow ttm 3,104.44
Net debt Q 4,675.81
Valuation
P/E 45.31 (above 35: high)
Forward P/E 48.30 (above 35: high)
Price / sales 2.06
Forward P/S Powerpack
Price / FCF 24.81
Price / book 7.25 (above 6: high)
Financial health
Current ratio Q 1.16
Debt / equity Q 0.66
Interest coverage Q 12.22
Growth
Revenue growth Q +57.44% (above 0%: growing)
Operating income growth Q +98.47% (above 0%: growing)
EPS, this year +68.21% (at or above 15%: strong)
EPS, next year A +18.76% (at or above 15%: strong)
Revenue, next year A +45.67% (at or above 10%: strong)
EPS, past 5 yrs +17.24% (at or above 15%: strong)
EPS, next 5 yrs A +32.80% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.2×, against a ten-year median of 1.3×; over the ten years it ranged from 0.5× in 2020 to 3.8× in 2026.
P/E against its own 10 years 67.88%
10-year low 10-year high
P/S against its own 10 years 85.41%
10-year low 10-year high
P/B against its own 10 years 88.71%
10-year low 10-year high
EV/Sales against its own 10 years 84.86%
10-year low 10-year high
EV/FCF against its own 10 years 31.99%
10-year low 10-year high

Dividends raised 2 years running

Yield
0.09%
Annual rate
0.44
Payout ratio
3.96%
Growth, 2018–26
+35.0%/yr
  1. 0.04 ’18
  2. 0.17 ’19 +325
  3. 0.21 ’20 +24
  4. 0.18 ’21 −14
  5. 0.36 ’22 +100
  6. 0.33 ’23 −8
  7. 0.27 ’24 −18
  8. 0.40 ’25 +48
  9. 0.44 ’26 +10
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,290 742 440 2,315
Receivables 4,411 5,171 6,847 10,144
Inventory 176 260 370 481
Other 1,413 1,209 1,522 1,713
7,677 7,851 9,903 15,707
2023 2024 2025 Q'26
Payables 3,061 3,722 4,579 7,190
ST’ Debt 535 63 764 639
Other 1,539 2,149 3,258 5,536
5,213 6,029 8,716 13,495

Compound Annual Growth %

10y 5y 3y
Sales 14.16% 20.52% 18.60%
Cash Flow 13.50% 14.85% 25.42%
Earnings 12.71% 18.21% 27.93%
Book Value 11.33% 15.73% 18.69%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 5.03 Actual 6.06

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 3.00 3.16 Beat by 0.16
Q1 FY26 2.04 2.68 Beat by 0.64
Q2 FY26 3.29 4.24 Beat by 0.95
Q3 FY26 5.03 6.06 Beat by 1.03
Q4 FY26 4.78 — Reports 18 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.45 2.96 4.63 — —
’25 0.96 1.52 2.24 2.08 6.80
’24 0.79 1.26 1.95 2.03 6.03
’23 0.64 1.12 1.83 1.42 5.00
’22 0.57 0.59 1.06 1.10 3.32
’21 0.62 0.81 1.21 0.71 3.34
’20 0.26 0.52 1.13 1.17 3.07
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 7,875 9,557 12,015 — —
’25 6,233 6,773 7,631 7,842 28,480
’24 5,032 5,594 6,493 6,553 23,673
’23 4,429 5,049 5,621 5,784 20,882
’22 3,966 4,232 4,460 4,417 17,074
’21 2,704 3,000 3,353 3,924 12,980
’20 2,764 2,506 3,020 2,912 11,203
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 392 1,095 1,454 — —
’25 243 296 563 1,128 2,230
’24 238 391 740 712 2,081
’23 38 127 407 1,004 1,576
’22 85 119 343 583 1,130
’21 126 189 18 250 582
’20 228 497 115 276 1,116
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 172 899 1,152 — —
’25 110 178 399 883 1,569
’24 155 230 527 643 1,555
’23 (32) 11 267 963 1,210
’22 (16) 14 212 556 766
’21 49 125 (41) 111 245
’20 164 457 70 199 891
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 10.5% a year for ten years. It grew 19.4% a year over the last ten.

Implied
10.5%
10 years, reported
19.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 7,651 9,466 11,171 12,112 11,203 12,980 17,074 20,882 23,673 28,480 37,289 +15.7% 41,485 46,364 53,460 +23.4%
Gross margin, % 13.25 13.12 13.25 13.21 14.83 15.05 14.81 14.07 14.83 15.01 15.76 +1.8 pt
EBT 308 354 458 572 571 623 704 970 1,212 1,390 2,238 +18.2%
EBT margin, % 4.02 3.74 4.10 4.72 5.10 4.80 4.12 4.64 5.12 4.88 6.00 +0.9 pt
Net income 200 318 296 407 452 492 512 751 927 1,042 1,715 +20.1%
Per share, $
Per share, $ Revenue 48.65 60.63 73.03 83.13 79.24 92.17 118.99 143.80 161.12 191.41 247.71 +16.4%
Earnings 1.26 2.02 1.92 2.76 3.15 3.45 3.42 5.13 6.16 6.91 11.29 +20.8%
Cash flow 2.48 2.38 2.35 3.61 7.89 4.14 7.88 10.85 14.16 14.99 27.03 +22.1%
Capex (1.21) (1.42) (1.81) (1.59) (1.59) (2.39) (2.54) (2.52) (3.58) (4.44) (6.40) +15.5%
Free cash flow 1.27 0.96 0.54 2.03 6.30 1.74 5.34 8.34 10.58 10.55 20.62 +26.5%
Book value 21.25 24.31 23.57 27.82 30.76 36.34 37.63 43.27 49.89 60.68 70.56 +12.4%
Shares, m 157 156 153 146 141 141 143 145 147 149 150 (0.6%)
Valuation, ×
Valuation, × P/E 27.06 19.52 15.60 14.75 22.72 33.23 40.99 40.79 51.47 61.17 45.31 32.7
P/S 0.72 0.65 0.41 0.49 0.91 1.24 1.18 1.46 1.96 2.21 2.06 1.1
P/B 1.64 1.61 1.28 1.46 2.34 3.16 3.74 4.84 6.34 6.96 7.25 3.3
EV/Sales 0.75 0.70 0.50 0.59 1.00 1.52 1.38 1.59 2.11 2.40 2.19 1.3
EV/FCF 28.74 44.36 68.24 24.15 12.56 80.33 30.69 27.55 32.11 43.61 26.32 39.2
Cash, $m
Cash, $m Operating cash flow 391 372 359 527 1,116 582 1,130 1,576 2,081 2,230 4,068 +21.4%
Capex (191) (221) (276) (231) (225) (337) (365) (365) (526) (661) (964) +14.8%
Free cash flow 200 151 83 295 891 245 766 1,210 1,555 1,569 3,104 +25.7%
Balance, $m
Balance, $m Working capital 1,084 1,378 1,520 1,568 1,450 1,568 2,130 2,464 1,823 1,187 2,212 +1.0%
Net debt 249 534 1,027 1,202 1,004 3,525 3,301 2,908 3,420 5,555 4,676 +41.2%
Shareholders’ equity 3,343 3,796 3,605 4,054 4,349 5,117 5,399 6,283 7,330 9,028 10,622 +11.7%
Returns, %
Returns, % ROA 3.75 5.32 4.33 5.22 5.33 4.57 3.73 5.01 5.18 4.72 6.06 +1.0 pt
ROIC 5.58 5.47 7.29 6.60 7.14 4.80 6.26 7.67 7.83 6.91 10.40 +1.3 pt
ROE 6.17 8.82 7.93 10.50 10.61 10.27 9.34 12.75 13.29 12.57 17.68 +6.4 pt
People
People Employees 28,100 32,800 39,200 40,300 35,800 43,700 47,300 52,500 58,400 69,500 — +10.6%
Revenue/emp, $m 0.27 0.29 0.28 0.30 0.31 0.30 0.36 0.40 0.41 0.41 — +4.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Quanta Services designs, builds, upgrades and maintains infrastructure for utilities, power producers, technology companies and other customers. Its work ranges from power lines and substations to the electrical and mechanical systems inside data centers and manufacturing facilities. The company was founded in 1997, is headquartered at Williams Tower and is led by President and Chief Executive Officer Earl Austin.

Its Electric business works on the power grid, generation facilities and large electricity users. It can design and construct transmission and distribution lines, connect generation and battery storage to the grid, install electrical systems in data centers, and repair infrastructure after storms or fires. It also works on communications networks and manufactures certain electrical equipment.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Electric 23,001 80.76%
Underground and Infrastructure 5,478 19.24%
Gross margin 15.01%
Operating margin 5.66%
Pre-tax margin 4.88%

Revenue by segment since 2016

Quanta Services, Inc. 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
PWR Quanta Services, Inc. $76.7B 45.3× 48.3× +57.44% (above 0%: growing) +105.97% (above 0%: growing) +188.85% (above 0%: growing) 16.71% 8.54%
FER Ferrovial N.V. $42.7B — — — — — — — Compare
FIX Comfort Systems USA, Inc. $33.8B 20.8× 24.3× +53.67% (above 0%: growing) +68.64% (above 0%: growing) +55.22% (above 0%: growing) 24.81% 16.58% Compare
EME EMCOR Group, Inc. $26.1B 17.2× 19.7× +28.83% (above 0%: growing) +37.55% (above 0%: growing) +68.93% (above 0%: growing) 20.00% 9.85% Compare
APG APi Group Corporation $17.3B — (loss-making) 48.5× +22.49% (above 0%: growing) +32.25% (above 0%: growing) −0.98% (below 0%: shrinking) 30.15% 7.91% Compare
J Jacobs Solutions Inc. $17.3B 51.3× 40.6× +34.46% (above 0%: growing) −25.16% (below 0%: shrinking) +59.31% (above 0%: growing) 19.89% 7.03% Compare
MTZ MasTec, Inc. $12.8B 25.1× 32.3× +29.88% (above 0%: growing) +2.46% (above 0%: growing) +473.20% (above 0%: growing) 12.83% 5.35% Compare
TTEK Tetra Tech, Inc. $10.4B 24.2× 23.8× −4.47% (below 0%: shrinking) −2.33% (below 0%: shrinking) −34.95% (below 0%: shrinking) 18.59% 12.07% Compare
ACM AECOM $8.6B 30.2× 24.2× −14.18% (below 0%: shrinking) n/m −78.95% (below 0%: shrinking) (0.95%) (2.12%) Compare
Median of peers $17.3B 24.7× 24.3× +28.83% +17.36% +55.22% 19.89% 7.91%

All 51 Engineering & Construction stocks →

From the latest earnings call

Updated

  • CEO Earl Austin said demand spans utilities, power generation and large electricity users, with transmission programs progressing toward contract execution.
  • CFO Jayshree Desai said contract terms in mechanical, engineering and renewable work helped working capital, while supply-chain and facility investments use cash.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 87.80%
Held by the ten largest 42.79%
Holder Shares Stake Change
Vanguard 18.29m 12.17% +193.79k
BlackRock 13.06m 8.69% −989.28k
State Street 6.58m 4.38% +296.89k
JPMorgan Chase 5.31m 3.53% −764.32k
PECONIC PARTNERS LLC 4.72m 3.14% −286.99k
Geode Capital Management 3.52m 2.34% −667.24k
Fidelity (FMR) 3.51m 2.34% −620.65k
Capital Group 3.47m 2.31% −850.04k
Bank of America 3.17m 2.11% −272.03k
UBS 2.66m 1.77% −468.75k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 10 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 15.70m 63.35m 591.12
2024 15.63m 28.07m 442.11
2023 14.62m 37.76m 301.57
2022 12.04m 39.77m 198.79
2021 10.97m 48.24m 159.50

Ownership

Directors and executive officers, together 0.60%
The Vanguard Group, Inc. 12.10% of Common Stock
BlackRock, Inc. 7.40% of Common Stock
JPMorgan Chase & Co. 5.10% of Common Stock
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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PWR metrics, ten years each

stockrow.com/PWR · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com