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Friday 6 November 2026
Export STRL’s income statement to Excel — free account
Sterling Infrastructure, Inc.
STRL Industrials Engineering & Construction
Sterling Infrastructure, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, up 17.7% from fiscal 2024.
- Revenue
- +127.0%
- EPS
- +148.5%
- Free cash flow
- −16.8%
- Total debt
- −67.7%
Quarter to September 2026, against a year earlier
245.91
37.75
−13.31%
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Target Price Range
Analyst price targets
Free accountTen 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 | 690 | 958 | 1,038 | 1,126 | 1,227 | 1,414 | 1,769 | 1,972 | 2,116 | 2,490 | 4,313 | +15.3% | 4,281 | 5,233 | 6,741 | +39.4% | |
| Gross margin, % | 6.09 | 9.30 | 10.63 | 9.57 | 14.64 | 14.39 | 15.52 | 17.12 | 20.14 | 22.98 | 23.78 | +16.9 pt | ||||||
| EBT | (7) | 16 | 31 | 14 | 63 | 89 | 140 | 191 | 358 | 408 | 781 | n/m | ||||||
| EBT margin, % | (1.06) | 1.66 | 3.01 | 1.29 | 5.15 | 6.28 | 7.92 | 9.66 | 16.93 | 16.40 | 18.10 | +17.5 pt | ||||||
| Net income | (7) | 16 | 30 | 41 | 43 | 65 | 108 | 143 | 271 | 310 | 594 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 29.82 | 36.46 | 38.57 | 42.23 | 44.03 | 49.45 | 58.59 | 64.13 | 68.63 | 81.53 | 140.92 | +11.8% | |||||
| Earnings | (0.40) | 0.44 | 0.94 | 1.50 | 1.52 | 2.19 | 3.53 | 4.51 | 8.35 | 9.50 | 18.56 | n/m | ||||||
| Cash flow | 1.91 | 0.94 | 1.47 | 1.58 | 4.41 | 5.56 | 7.26 | 15.56 | 16.12 | 14.41 | 20.03 | +25.1% | ||||||
| Capex | (0.35) | (0.04) | (0.42) | (0.53) | (1.09) | (1.49) | (1.85) | (1.64) | (2.30) | (2.34) | (4.44) | +23.4% | ||||||
| Free cash flow | 1.56 | 0.90 | 1.04 | 1.05 | 3.32 | 4.07 | 5.40 | 13.92 | 13.83 | 12.06 | 15.59 | +25.5% | ||||||
| Book value | 4.67 | 5.56 | 6.40 | 8.29 | 9.65 | 12.60 | 15.82 | 20.28 | 26.81 | 36.23 | 50.80 | +25.6% | ||||||
| Shares, m | 23 | 26 | 27 | 27 | 28 | 29 | 30 | 31 | 31 | 31 | 31 | +3.1% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 37.56 | 11.59 | 9.51 | 12.32 | 12.01 | 9.48 | 18.87 | 20.13 | 32.27 | 13.25 | 16.4 | |||||
| P/S | 0.28 | 0.44 | 0.28 | 0.33 | 0.42 | 0.53 | 0.57 | 1.32 | 2.45 | 3.76 | 1.75 | 1.0 | ||||||
| P/B | 1.79 | 2.90 | 1.70 | 1.70 | 1.93 | 2.09 | 2.11 | 4.19 | 6.28 | 8.45 | 4.84 | 3.3 | ||||||
| EV/Sales | 0.23 | 0.45 | 0.27 | 0.68 | 0.68 | 0.81 | 0.71 | 1.26 | 2.29 | 3.72 | 1.72 | 1.1 | ||||||
| EV/FCF | 4.33 | 18.14 | 10.00 | 27.24 | 8.97 | 9.82 | 7.72 | 5.80 | 11.37 | 25.12 | 15.52 | 12.9 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 44 | 25 | 39 | 42 | 123 | 159 | 219 | 479 | 497 | 440 | 613 | +29.1% | |||||
| Capex | (8) | (1) | (11) | (14) | (30) | (43) | (56) | (51) | (71) | (72) | (136) | +27.3% | ||||||
| Free cash flow | 36 | 24 | 28 | 28 | 92 | 116 | 163 | 428 | 426 | 368 | 477 | +29.4% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 29 | 96 | 123 | 64 | 40 | 83 | 151 | 170 | 280 | 12 | 58 | (9.4%) | |||||
| Net debt | (37) | 6 | (12) | 387 | 310 | 391 | 250 | (130) | (348) | (100) | (122) | +11.5% | ||||||
| Shareholders’ equity | 108 | 146 | 172 | 221 | 269 | 360 | 478 | 624 | 826 | 1,106 | 1,555 | +29.5% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (3.25) | 3.04 | 5.33 | 5.63 | 4.48 | 5.73 | 7.96 | 8.62 | 13.57 | 12.48 | 18.34 | +15.7 pt | |||||
| ROIC | (4.18) | 10.74 | 16.63 | 3.88 | 10.00 | 8.90 | 13.73 | 26.05 | 34.56 | 25.20 | 34.18 | +29.4 pt | ||||||
| ROE | (9.06) | 9.14 | 15.82 | 20.28 | 17.27 | 19.92 | 25.41 | 25.17 | 35.50 | 30.02 | 42.00 | +39.1 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 1,684 | 1,740 | 1,935 | 2,800 | 2,600 | 2,900 | 3,200 | 3,000 | 3,000 | 4,400 | — | +11.3% | |||||
| Revenue/emp, $m | 0.41 | 0.55 | 0.54 | 0.40 | 0.47 | 0.49 | 0.55 | 0.66 | 0.71 | 0.57 | — | +3.7% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| E-Infrastructure Solutions Revenues | 1,467 | 58.91% |
|---|---|---|
| Transportation Solutions Revenues | 641 | 25.73% |
| Building Solutions Revenues | 383 | 15.37% |
| Gross margin | 22.98% | |
| Operating margin | 16.30% | |
| Pre-tax margin | 16.40% |
Sterling Infrastructure, 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 |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
| STRL Sterling Infrastructure, Inc. | $7.5B | 13.2× | 19.7× | +126.98% (above 0%: growing) | +148.46% (above 0%: growing) | −16.84% (below 0%: shrinking) | 24.12% | 19.62% | |
| FLR Fluor Corporation | $6.0B | — (loss-making) | 13.2× | +8.82% (above 0%: growing) | n/m | −825.71% (below 0%: shrinking) | 4.13% | 3.12% | Compare |
| IESC IES Holdings, Inc. | $5.9B | 12.8× | 17.8× | +39.60% (above 0%: growing) | +98.70% (above 0%: growing) | −14.63% (below 0%: shrinking) | 27.41% | 14.37% | Compare |
| DY Dycom Industries, Inc. | $5.8B | 17.4× | 20.0× | +45.57% (above 0%: growing) | +13.95% (above 0%: growing) | +106.51% (above 0%: growing) | 21.96% | 9.57% | Compare |
| GVA Granite Construction Incorporated | $5.3B | — (loss-making) | — (loss-making) | +23.22% (above 0%: growing) | −97.02% (below 0%: shrinking) | −9.92% (below 0%: shrinking) | 19.01% | 12.70% | Compare |
| ROAD Construction Partners, Inc. | $4.4B | 30.2× | 31.2× | +28.25% (above 0%: growing) | +33.75% (above 0%: growing) | −19.66% (below 0%: shrinking) | 16.85% | 10.94% | Compare |
| Median of peers | $5.9B | 24.7× | 23.8× | +25.73% | +8.21% | −17.14% | 17.72% | 10.26% |
From the latest earnings call
- CEO Joe Cutillo said Sterling’s scoped work includes signed backlog, unsigned awards and future phases, while additional campus development could provide years of work.
- Cutillo said opportunities in Texas exceed Sterling’s current capacity, and the company is hiring and expanding prefabrication capabilities to take on more work.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
84.22%
Held by the ten largest
41.52%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 3.23m | 10.53% | −750.93k |
| Vanguard | 2.89m | 9.42% | −102.11k |
| Fidelity (FMR) | 1.18m | 3.83% | −298.57k |
| State Street | 956.49k | 3.12% | −132.03k |
| First Trust | 895.94k | 2.92% | +17.95k |
| Invesco | 779.68k | 2.54% | −409.23k |
| Geode Capital Management | 766.96k | 2.50% | −172.32k |
| Jane Street | 761.59k | 2.48% | +754.15k |
| RENAISSANCE TECHNOLOGIES LLC | 672.19k | 2.19% | −94.72k |
| LONE PINE CAPITAL LLC | 609.64k | 1.99% | +609.64k |
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 25 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 8.41m | 35.29m | 1,646.00 |
| 2024 | 16.87m | 32.17m | 905.00 |
| 2023 | 6.05m | 17.76m | 472.00 |
| 2022 | 5.18m | 11.95m | 176.00 |
| 2021 | 4.84m | 11.00m | 141.00 |
Ownership
Directors and executive officers, together
1.60%
BlackRock, Inc.50 Hudson YardsNew York, NY
12.20%
The Vanguard Group
9.70%
FMR LLC245 Summer StreetBoston, Massachusetts
5.90%
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
Sterling Infrastructure, Inc. (STRL) Latest News
4 Nov
3 Nov
29 Oct
28 Oct
27 Oct
26 Oct
STRL metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Sterling Infrastructure builds and prepares sites and infrastructure for businesses, public agencies and homebuilders in the United States. It operates through subsidiaries in three segments: E-Infrastructure Solutions, Transportation Solutions and Building Solutions. Joe Cutillo is its chief executive officer.
E-Infrastructure prepares large sites and provides electrical and mechanical services for facilities such as data centers, semiconductor plants, factories, warehouses and power-generation sites. Its site-development work helps customers turn land into a place where major facilities can be built. Its electrical business works on systems for facilities where continued operation is important to the customer.