Tutor Perini Corporation
TPC Industrials Engineering & Construction
Tutor Perini Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.5 billion, up 28.1% from fiscal 2024. In the quarter to June 2026, revenue grew 19.2%, EPS grew 229.0%, free cash flow fell 35.1% and total debt fell 5.50%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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Tutor Perini Corporation (TPC) Altman Z-score
Tutor Perini Corporation's Altman Z-score for fiscal 2025 is 1.98, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.98 | 0.54 |
| FY2024 | 1.45 | 0.14 |
| FY2023 | 1.30 | (0.01) |
| FY2022 | 1.31 | (0.64) |
| FY2021 | 1.95 | 0.06 |
| FY2020 | 1.89 | 0.56 |
| FY2019 | 1.32 | (0.68) |
| FY2018 | 2.00 | (0.17) |
| FY2017 | 2.17 | (0.11) |
| FY2016 | 2.28 | 0.22 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.17 | — | 0.20 | |
| Retained earnings / total assets | 0.01 | — | 0.01 | |
| EBIT / total assets | 0.04 | — | 0.15 | |
| Market value of equity / total liabilities | 0.91 | — | 0.54 | |
| Sales / total assets | 1.07 | — | 1.07 | |
| Altman Z-score | Grey zone | 1.98 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.79 | ||
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 |
|---|---|
| EXPO Exponent, Inc. compare | 8.3× |
| AGX Argan, Inc. compare | 6.0× |
| MYRG MYR Group, Inc. compare | 5.3× |
| PRIM Primoris Services Corporation compare | 4.1× |
| ROAD Construction Partners, Inc. compare | 3.2× |
| GVA Granite Construction Incorporated compare | 2.8× |
| KBR KBR, Inc. compare | 2.6× |
| TPC Tutor Perini Corporation | 2.0× |
| LGN Legence Corp. compare | 1.9× |
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