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. In the quarter to June 2026, revenue grew 90.1%, EPS grew 118.0%, free cash flow grew 55.3% and total debt fell 10.3%, each against the same quarter a year earlier. Revenue growth for ten consecutive years.
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Sterling Infrastructure, Inc. (STRL) Altman Z-score
Sterling Infrastructure, Inc.'s Altman Z-score for fiscal 2025 is 5.60, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 5.60 | 0.93 |
| FY2024 | 4.67 | 1.40 |
| FY2023 | 3.27 | 0.75 |
| FY2022 | 2.52 | 0.40 |
| FY2021 | 2.12 | (0.02) |
| FY2020 | 2.14 | 0.44 |
| FY2019 | 1.70 | (1.43) |
| FY2018 | 3.13 | 0.09 |
| FY2017 | 3.04 | 0.55 |
| FY2016 | 2.49 | 0.25 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.00 | — | 0.01 | |
| Retained earnings / total assets | 0.33 | — | 0.46 | |
| EBIT / total assets | 0.15 | — | 0.51 | |
| Market value of equity / total liabilities | 6.12 | — | 3.67 | |
| Sales / total assets | 0.95 | — | 0.95 | |
| Altman Z-score | Safe zone | 5.60 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.91 | ||
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 |
|---|---|
| IESC IES Holdings, Inc. compare | 10.6× |
| STRL Sterling Infrastructure, Inc. | 5.6× |
| TTEK Tetra Tech, Inc. compare | 4.4× |
| MTZ MasTec, Inc. compare | 3.7× |
| DY Dycom Industries, Inc. compare | 3.4× |
| J Jacobs Solutions Inc. compare | 3.1× |
| APG APi Group Corporation compare | 3.0× |
| ACM AECOM compare | 2.6× |
| ACA Arcosa, Inc. compare | 2.5× |
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