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Primoris Services Corp (PRIM) stock

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NYSE: PRIM NYSE Construction & Engineering Next results ~November 3, 2026

C Fundamentals grade

Primoris Services Corp is a US-listed company in the construction & engineering industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$100

Cash-flow model

Base case. Range ~$73–$140 across our lower- and higher-growth cases (3.2%–13.2% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 27% below our base value.

Price used: $73.79, November 2, 2026

Primoris Services Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Primoris Services files

Where Primoris Services stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $7.28bn, up 5.1% on a year earlier, slower than 13.4% a quarter earlier. Free-cash-flow margin fell to 1.2% from 7.2% a year earlier. Operating margin narrowed to 2.9% from 5.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 4 of our 6 financial-health checks. Our cash-flow model value is $102 a share, against a share price of $72.62. At that price, our model says the market is pricing in about 2.8% a year of cash-flow growth for five years, slower than the 15.8% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Primoris Services Corp's trailing-twelve-month revenue grew 5.1% year on year, with a free-cash-flow margin of 1.2%. Where it stands out: stock pay as % of revenue of 0.3% ranks 7 of 33 construction & engineering companies we cover. Where it lags: change in growth rate of -8.3pp ranks 36 of 43 construction & engineering companies we cover.

Our discounted-cash-flow model values the business at ~$100 per share in the base case (~$73–$140 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 82.4% while net income fell 42.1%: a 40pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $73.79 is 37% below our value per share of $100.

Things to watch

  • Growth slowing. The growth rate is 8.3 points lower than a quarter earlier.
  • Volatile shares. Over the past year the shares showed annualised volatility of 80% and a beta of 2.0 against the S&P 500.
  • Gross margin slipping. Gross margin is down 2.7 points on a year ago.
  • Weak cash conversion. Free cash flow was 63% of net income over the last 12 months.
  • Heavily shorted. 12.2% of the shares available to trade are sold short (3.4 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
-$0.27 against an average estimate of -$0.36: beat by 24.0%
Revenue
$1.69bn, down 10.7% on a year earlier
Share reaction
-5.1% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
net income $71m to $101m (the year ending December 31, 2026); diluted earnings per share $1.3 to $1.85 (the year ending December 31, 2026)
Next report
November 3, 2026; average EPS estimate $0.78

Primoris Services' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.4%
  • 1 week+10.9%
  • 1 month-6.7%
  • This year-40.4%
  • 1 year-47.7%
  • 5 years+177.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$7.3B
Operating margin
2.9%
Net margin
1.9%
EPS (TTM, diluted)
$2.56

Growth

Revenue growth
+5.1%
Change in growth rate
−8.3 pts
Share count change
−0.2%

Cash

Free cash flow (TTM)
$88M
FCF margin
1.2%
Stock pay % of revenue
0.3%

Earnings

Last results
August 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Primoris Services Corp valuation models and calculator

What the price is pricing in

The share price implies about 4.2% a year of cash-flow growth for five years.That is slower than the 15.8% a year revenue growth Primoris Services has delivered.

  • Priced in4.2%
  • Last 12 months5.1%
  • 3 years a year11.3%
  • 5 years a year15.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($78.14, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$100
Price used
$78.14close November 3, 2026
Implied change
▲ +29%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Primoris Services Corp's free cash flow after stock-based pay with after-tax interest added back ($254M, FY2026 Q2 TTM), growing 6.2% and 9.3% in the next two years (forecasts, guidance and its record), then back to 8.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$73–~$140 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Primoris Services Corp's free cash flow after stock-based pay ( $254M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Primoris Services Corp as an operating company, with every model that fits that kind of business. Cost of equity 11.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.47 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$100 ~$73–$140 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$74 ~$63–$100 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$33 ~$24–$46 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$33 ~$30–$37 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$68 ~$33–$100 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Primoris Services Corp with Construction & Engineering in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −38%
  • Revenue growth 5 points higher ▲ +49%
  • Last year's free-cash-flow margin change, if it persists ▼ −88%
  • Discount rate 1 point higher ▼ −22%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $57$82$114$157$212$284
8.5% $41$59$82$113$152$203
10% $32$45$63$87$117$155

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$20.97$25.24$17.94$21.10$26.55$23.26$21.53$32.85$75.93$123.83$73.79
Market value$1.1bn$1.3bn$927m$1.1bn$1.3bn$1.2bn$1.2bn$1.8bn$4.1bn$6.8bn$4.0bn
+ Net debt (− = net cash)$126m$89m$218m$232m−$10m$465m$903m$747m$284m−$63m$583m
Enterprise value$1.2bn$1.4bn$1.1bn$1.3bn$1.3bn$1.7bn$2.1bn$2.5bn$4.4bn$6.7bn$4.6bn
Multiples
Price / sales 0.5x0.5x0.3x0.3x0.4x0.4x0.3x0.3x0.7x0.9x0.6x
Price / earnings 40.8x18.1x12.0x13.1x12.3x10.7x8.7x14.1x22.9x24.7x28.9x
Price / free cash flow n/m12.0x55.8x44.1x5.2x——18.6x10.9x19.9x45.8x
EV / EBITDA 10.2x8.5x5.5x5.8x5.2x6.2x7.0x7.0x10.7x13.4x14.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

43 /100

Weak moat

How hard Primoris Services's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 5 / 20

    Net income has been a median 4.3% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 10.7%, moving by 0.8 percentage points (standard deviation) across 9 years.

  • Durability 9 / 20

    Operating margin has been a median 4.6%; its worst year was 2.9%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 6 of 9 years, at a median 1.2% of revenue.

  • Discipline 14 / 20

    The diluted share count rose 8.5% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, after the close. Analysts expect revenue of $2.0bn and EPS of $0.78 (range $0.40 to $0.91) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.14 −62% $7.3bn −4%
Next $5.19 +143% $8.1bn +11%

Next year's EPS estimate has moved −3.8% in 90 days, across 14 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −2.4% on 90 days ago. In the last 30 days, 0 analysts raised Primoris Services Corp's forecast and 3 cut it.

Consensus EPS forecast Primoris Services Corp, last 90 days
$2.00 $3.00 $4.00 $5.00 $6.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.19 Current fiscal year, 60 days ago: $2.14 Current fiscal year, 30 days ago: $2.14 Current fiscal year, 7 days ago: $2.14 Current fiscal year, Now: $2.14 $2.14 Next fiscal year, 90 days ago: $5.40 Next fiscal year, 60 days ago: $5.21 Next fiscal year, 30 days ago: $5.22 Next fiscal year, 7 days ago: $5.19 Next fiscal year, Now: $5.19 $5.19

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.19$5.40
60 days ago $2.14$5.21
30 days ago $2.14$5.22
7 days ago $2.14$5.19
Now $2.14$5.19

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.36 −$0.27 +24.0%
Mar 2026 $0.84 $0.59 −30.1%
Dec 2025 $0.99 $1.08 +8.8%
Sept 2025 $1.35 $1.88 +38.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • Diluted earnings per share the year ending December 31, 2026 $1.30 to $1.85 GAAP Maintained
    “Net income is expected to be between $71.0 million and $101.0 million, or $1.30 and $1.85 per fully diluted share.” source
  • Adjusted EPS the year ending December 31, 2026 $2.05 to $2.60 Non-GAAP Maintained
    “Adjusted EPS is estimated in the range of $2.05 to $2.60 per fully diluted share.” source
  • targeted gross margin · Utilities the full year 2026 10% to 12%
    “The Company's targeted gross margins by segment are 10% to 12% for the Utilities and 6% to 8% in Energy segments for the full year 2026.” source
  • targeted gross margin · Energy the full year 2026 6% to 8%
    “The Company's targeted gross margins by segment are 10% to 12% for the Utilities and 6% to 8% in Energy segments for the full year 2026.” source
  • Net income the year ending December 31, 2026 $71m to $101m GAAP Maintained
    “Net income is expected to be between $71.0 million and $101.0 million, or $1.30 and $1.85 per fully diluted share.” source
  • Adjusted EBITDA the full year 2026 $275m to $325m Non-GAAP Maintained
    “Adjusted EBITDA for the full year 2026 is expected to range from $275 million to $325 million.” source
Show 5 more items
  • SG&A expense as a percentage of revenue the full year 2026 about 6%
    “The Company is targeting SG&A expense as a percentage of revenue to be in the low 6% range for the full year 2026.” source
  • effective tax rate 2026 30% to 32%
    “The Company expects its effective tax rate for 2026 to be approximately 30% to 32.0%, but it may vary depending on the mix of states in which the Company operates.” source
  • Interest expense, net the full year 2026 $43m to $47m
    “Interest expense for the full year 2026 is expected to be between $43 million and $47 million.” source
  • capital expenditures the remaining six months of 2026 $70m to $90m
    “For the remaining six months of 2026, capital expenditures are expected to total between $70.0 million and $90.0 million, which includes $60.0 million to $80.0 million for equipment.” source
  • capital expenditures for equipment the remaining six months of 2026 $60m to $80m
    “For the remaining six months of 2026, capital expenditures are expected to total between $70.0 million and $90.0 million, which includes $60.0 million to $80.0 million for equipment.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Primoris Services Corp's revenue by +6.2% next year and +9.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.3%, weight 69%) and the company's own record (+8.2%, weight 31%) . How the weights are set.

Analyst recommendations

16 analysts, Oct 2026
Buy1169%
Hold531%
Sell00%

Monthly trend

  1. Oct 202638516
  2. Sep 202638516
  3. Aug 202638415
  4. Jul 202638415

Counts of recommendations published by analysts covering Primoris Services Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
12.3%
of tradable shares
Days to cover
3.38
at average volume
Short interest, 1 month
−12%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.2%
of shares
Employees
18,526
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −47.7%

$141.08 on October 31, 2025 to $73.79

ThenNowEffect
Revenue (last 12 months) $6.9bn $7.3bn +5.1%
Net margin 3.5% 1.9% −44.9%
P/E multiple 32.0x 28.9x −9.9%
Share count 55m 55m +0.2%

Biggest factor: net margin.

Last 3 years +143.3%

$30.33 on November 3, 2023 to $73.79

ThenNowEffect
Revenue (last 12 months) $5.3bn $7.3bn +37.9%
Net margin 2.4% 1.9% −18.9%
P/E multiple 13.1x 28.9x +120.3%
Share count 54m 55m −1.2%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PRIM−12%−8%+53%+131%+63%−40%
Industry peers (median)+41%−8%+43%+47%+25%+0%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PRIM42%58%75%67%67%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PRIM−47%−41%−19%−15%−41%−68%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 68% from May 5, 2026 to October 23, 2026. Getting back needed a 211% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$65.03 – $202.53
From 52-week high
−63.6%
vs 50-day average
−1.8%
vs 200-day average
−34.7%
Volatility (1 year)
80%
Beta vs S&P 500
1.97

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±11.5%
After a week
6 up, 6 down
typical move ±11.6%
After a month
6 up, 6 down
typical move ±13.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 −5.1% +1.6% −6.5% −15.5%
June 22, 2026 −16.1% −1.8% −4.0% −11.6%
May 5, 2026 −45.4% +2.2% −38.9% −31.2%
February 23, 2026 −10.3% −0.3% −10.8% −13.2%
November 3, 2025 −9.5% −1.0% −8.9% −11.3%
August 4, 2025 +19.1% +1.0% +22.0% +26.3%
May 5, 2025 −1.6% −1.4% +7.1% +10.3%
February 24, 2025 +6.8% −1.0% +4.3% −1.7%
November 4, 2024 +16.1% +1.0% +28.8% +33.5%
August 5, 2024 +0.8% −2.0% +3.5% +0.9%
February 26, 2024 −5.4% −0.2% −1.4% +3.2%
November 7, 2023 +1.5% +0.4% +3.4% +3.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Primoris Services Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Primoris Services Corp in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Primoris Services Corp
$5B $6B $7B $8B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $5.5B Revenue (TTM), FY23 Q4: $5.7B Revenue (TTM), FY24 Q1: $5.9B Revenue (TTM), FY24 Q2: $6B Revenue (TTM), FY24 Q3: $6.1B Revenue (TTM), FY24 Q4: $6.4B Revenue (TTM), FY25 Q1: $6.6B Revenue (TTM), FY25 Q2: $6.9B Revenue (TTM), FY25 Q3: $7.5B Revenue (TTM), FY25 Q4: $7.6B Revenue (TTM), FY26 Q1: $7.5B Revenue (TTM), FY26 Q2: $7.3B $7.3B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $5.5B
FY23 Q4 $5.7B
FY24 Q1 $5.9B
FY24 Q2 $6B
FY24 Q3 $6.1B
FY24 Q4 $6.4B
FY25 Q1 $6.6B
FY25 Q2 $6.9B
FY25 Q3 $7.5B
FY25 Q4 $7.6B
FY26 Q1 $7.5B
FY26 Q2 $7.3B
Revenue growth, TTM YoY Primoris Services Corp
0% 10% 20% 30% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 39.1% Revenue growth, TTM YoY, FY23 Q4: 29.3% Revenue growth, TTM YoY, FY24 Q1: 20.0% Revenue growth, TTM YoY, FY24 Q2: 14.0% Revenue growth, TTM YoY, FY24 Q3: 11.1% Revenue growth, TTM YoY, FY24 Q4: 11.4% Revenue growth, TTM YoY, FY25 Q1: 12.5% Revenue growth, TTM YoY, FY25 Q2: 15.1% Revenue growth, TTM YoY, FY25 Q3: 21.5% Revenue growth, TTM YoY, FY25 Q4: 19.0% Revenue growth, TTM YoY, FY26 Q1: 13.4% Revenue growth, TTM YoY, FY26 Q2: 5.1% 5.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 39.1%
FY23 Q4 29.3%
FY24 Q1 20.0%
FY24 Q2 14.0%
FY24 Q3 11.1%
FY24 Q4 11.4%
FY25 Q1 12.5%
FY25 Q2 15.1%
FY25 Q3 21.5%
FY25 Q4 19.0%
FY26 Q1 13.4%
FY26 Q2 5.1%
Operating margin (TTM) Primoris Services Corp
2% 3% 4% 5% 6% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 4.3% Operating margin (TTM), FY23 Q4: 4.4% Operating margin (TTM), FY24 Q1: 4.7% Operating margin (TTM), FY24 Q2: 4.9% Operating margin (TTM), FY24 Q3: 5.0% Operating margin (TTM), FY24 Q4: 5.0% Operating margin (TTM), FY25 Q1: 5.2% Operating margin (TTM), FY25 Q2: 5.5% Operating margin (TTM), FY25 Q3: 5.7% Operating margin (TTM), FY25 Q4: 5.4% Operating margin (TTM), FY26 Q1: 4.9% Operating margin (TTM), FY26 Q2: 2.9% 2.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 4.3%
FY23 Q4 4.4%
FY24 Q1 4.7%
FY24 Q2 4.9%
FY24 Q3 5.0%
FY24 Q4 5.0%
FY25 Q1 5.2%
FY25 Q2 5.5%
FY25 Q3 5.7%
FY25 Q4 5.4%
FY26 Q1 4.9%
FY26 Q2 2.9%
FCF margin (TTM) Primoris Services Corp
0% 2% 4% 6% 8% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 1.4% FCF margin (TTM), FY23 Q4: 1.7% FCF margin (TTM), FY24 Q1: 3.2% FCF margin (TTM), FY24 Q2: 2.9% FCF margin (TTM), FY24 Q3: 4.8% FCF margin (TTM), FY24 Q4: 6.0% FCF margin (TTM), FY25 Q1: 6.8% FCF margin (TTM), FY25 Q2: 7.2% FCF margin (TTM), FY25 Q3: 6.6% FCF margin (TTM), FY25 Q4: 4.5% FCF margin (TTM), FY26 Q1: 2.2% FCF margin (TTM), FY26 Q2: 1.2% 1.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 1.4%
FY23 Q4 1.7%
FY24 Q1 3.2%
FY24 Q2 2.9%
FY24 Q3 4.8%
FY24 Q4 6.0%
FY25 Q1 6.8%
FY25 Q2 7.2%
FY25 Q3 6.6%
FY25 Q4 4.5%
FY26 Q1 2.2%
FY26 Q2 1.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Primoris Services took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $7.6B
  2. Cost of revenue $6.8B · 89.3%
  3. Gross profit $813M · 10.7%
  4. Selling, general and admin $399M · 5.3%
  5. Operating income $412M · 5.4%
  6. Income tax $109M · 1.4%
  7. Net income $275M · 3.6%

Shares of revenue. Source: Primoris Services's 10-K for FY2025, as filed with the SEC.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1,997 2,380 2,939 3,106 3,491 3,498 4,421 5,715 6,367 7,575 7,284
Gross profit 201 278 326 331 370 417 457 588 703 813 628
EBITDA 119 164 210 226 246 276 294 360 413 503 315
Operating income 58 106 130 141 164 170 195 253 317 412 212
Net income 27 72 77 82 105 116 133 126 181 275 140
Diluted EPS $0.51 $1.40 $1.50 $1.61 $2.16 $2.17 $2.47 $2.33 $3.31 $5.02 $2.56
Growth (year on year)
Revenue — +19.2% +23.5% +5.7% +12.4% +0.2% +26.4% +29.3% +11.4% +19.0% +5.1%
EBITDA — +37.5% +28.0% +7.9% +8.9% +11.9% +6.8% +22.3% +14.7% +21.9% −33.5%
Operating income — +84.1% +22.8% +8.0% +16.4% +3.8% +14.8% +29.6% +25.4% +29.6% −44.8%
Net income — — +7.1% +6.3% +27.5% +10.2% +14.9% −5.2% +43.5% +52.0% −42.1%
Diluted EPS — — +7.1% +7.3% +34.2% +0.5% +13.8% −5.7% +42.1% +51.7% −41.9%
Margins
Gross margin 10.1% 11.7% 11.1% 10.7% 10.6% 11.9% 10.3% 10.3% 11.0% 10.7% 8.6%
EBITDA margin 6.0% 6.9% 7.1% 7.3% 7.1% 7.9% 6.7% 6.3% 6.5% 6.6% 4.3%
Operating margin 2.9% 4.5% 4.4% 4.5% 4.7% 4.9% 4.4% 4.4% 5.0% 5.4% 2.9%
Net margin 1.3% 3.0% 2.6% 2.7% 3.0% 3.3% 3.0% 2.2% 2.8% 3.6% 1.9%
Free-cash-flow margin 0.2% 4.6% 0.6% 0.8% 7.1% −1.5% −0.3% 1.7% 6.0% 4.5% 1.2%
Cash flow
Cash from operations 63 189 127 119 313 80 83 199 508 470 195
Capital spending 58 80 110 94 64 134 95 103 127 130 107
Free cash flow 5 109 17 24 249 −54 −11 96 382 341 88
Stock-based pay 2 1 1 2 2 10 7 12 15 21 21
Free cash flow after stock pay 3 108 15 23 246 −65 −19 84 367 320 67
Balance sheet
Cash 136 170 151 120 327 201 249 218 456 536 218
Total debt 262 259 369 352 317 666 1,152 965 740 473 801
Net debt (negative = net cash) 126 89 218 232 −10 465 903 747 284 −63 583
Diluted shares 52m 52m 52m 51m 49m 53m 54m 54m 55m 55m 55m
Returned to shareholders
Dividends 11 11 12 12 12 13 13 13 13 17 17
Buybacks 5 5 20 — 11 15 6 — — — —
Total returned 16 16 32 12 23 27 19 13 13 17 17

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · June 30, 2026
What it owns · $4.6bn
Short-term assets $2.2bnLonger-term assets $2.5bn
What it owes, and who funded it · $4.6bn
Short-term liabilities $1.8bnLonger-term liabilities $1.2bnShareholders' equity $1.6bn
  • Short-term assets cover short-term liabilities $2.2bn of assets due within a year against $1.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.2bn short-term assets against $1.2bn of longer-dated liabilities.
  • More cash than debt $218m of cash against $797m of debt.
  • Debt below 40% of shareholders' equity Debt is 50% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 60% to 50% over five years.
  • A year's operating cash flow covers at least 20% of debt $194m of operating cash flow against $797m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Primoris Services Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$17.4M
Diluted share count
−0.2%
year over year
Total shareholder yield
0.4%
dividends 0.4% + buybacks 0.0% of market value
Dividend payout ratio
13%
of net income paid out
Sales & admin spending
5.6%
of revenue

Competitors: side by side with peers

Closest by revenue in construction & engineering
Last 12 months unless stated PRIM DY KBR APG TPC STN Median
Revenue, last 12 months $7.3bn $6.9bn $7.8bn $8.9bn $5.9bn $5.8bn $1.5bn
Revenue growth, last 12 months 5.1% 37.8% −2.4% 16.4% 24.7% 6.5% 21.2%
Revenue growth, 3-year average 11.3% 19.4% 4.6% 9.0% 16.4% — 11.3%
Revenue growth, latest quarter −10.7% 45.6% 5.0% 22.5% 19.2% — 26.9%
Gross margin 8.6% 19.5% 14.7% 31.1% 11.5% 42.4% 13.0%
Operating margin 2.9% — 9.3% 7.2% 4.5% — 4.1%
Operating margin, 3-year average 4.4% — 9.2% 6.7% 1.6% — 5.4%
Net margin 1.9% 4.8% 5.7% 4.1% 2.1% 5.9% 1.9%
Cash from operations / revenue 2.7% 10.4% 4.9% 8.7% 13.4% 10.6% 4.4%
Free-cash-flow margin 1.2% 6.8% 4.2% 7.6% 10.4% 8.8% 2.3%
Free-cash-flow margin, 3-year average 3.8% 3.2% 5.6% 7.6% 10.1% 7.2% 5.5%
Stock pay / revenue 0.3% 0.5% — 0.7% 2.5% 0.5% 0.7%
Change in share count −0.2% 2.1% −3.1% −6.2% 2.2% 0.0% 0.8%

Median of all 43 companies we cover in construction & engineering. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

43 construction & engineering companies
Measure Company Peer median Rank
Revenue growth Growth 5.1% 21.2% 32 of 43
Change in growth rate Growth -8.3pp +3.2pp 36 of 43
Gross margin Profitability 8.6% 11.8% 28 of 39
Operating margin Profitability 2.9% 4.1% 22 of 39
Net margin Profitability 1.9% 2.1% 22 of 42
Free-cash-flow margin Cash generation 1.2% 2.3% 24 of 43
Stock pay as % of revenue Cash generation 0.3% 0.7% 7 of 33
Long-term debt as % of assets Balance sheet 16.2% 16.2% 18 of 35
Change in share count Balance sheet -0.2% 1.9% 13 of 40

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Energy $5B 65.1% ▲ 24.5%
U and D $2.7B 34.9% ▲ 10.4%

From Primoris Services Corp's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5.4B
Institutions reporting
445
Shares held vs prior quarter
▼ 0.8%
Positions opened / closed
107 / 167

Top buyers and sellers, Q2 2026: 235 institutions bought and 326 sold ; the biggest buyer was Wellington Management Group LLP (+2.8M shares) and the biggest seller Fuller & Thaler Asset Management, Inc (−3.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $678M 6.8M 12.5% ▼ 18.0%
Wellington Management Group LLP $463M 4.7M 8.5% ▲ 148.7%
Vanguard Portfolio Management LLC $310M 3.1M 5.7% ▼ 14.5%
Vanguard Capital Management LLC $233M 2.4M 4.3% ▲ 0.8%
First Trust Advisors LP $222M 2.2M 4.1% ▼ 22.6%
State Street Corp $180M 1.8M 3.3% ▼ 12.1%
Millennium Management LLC $148M 1.5M 2.7% ▲ 272.4%
Southpoint Capital Advisors LP $139M 1.4M 2.6% New
Morgan Stanley $127M 1.3M 2.3% ▲ 131.1%
Dimensional Fund Advisors LP $117M 1.2M 2.2% ▲ 2.2%
Geode Capital Management, LLC $109M 1.1M 2.0% ▼ 24.6%
American Century Companies Inc $87.7M 885K 1.6% ▼ 17.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Primoris Services Corp's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1M 5 trades by 2 insiders, last 12 months Insider sales History → $9.7M 13 trades by 5 insiders · 0% under pre-set plans
Net ▼ $8.7M net selling
Insider Date Trade Shares Price Value
Mccallister Terry D Director October 15, 2026 Buy 22 $79.98 $1,720
Mccallister Terry D Director July 15, 2026 Buy 20 $86.66 $1,690
Perisich John M. CHIEF LEGAL AND ADMIN OFFICER May 28, 2026 Sell 2,133 $125.75 $268,225
Perisich John M. CHIEF LEGAL AND ADMIN OFFICER May 28, 2026 Sell 9,450 $126.68 $1.2M
Perisich John M. CHIEF LEGAL AND ADMIN OFFICER May 28, 2026 Sell 6,017 $127.66 $768,130
Perisich John M. CHIEF LEGAL AND ADMIN OFFICER May 28, 2026 Sell 6,147 $128.65 $790,812
Perisich John M. CHIEF LEGAL AND ADMIN OFFICER May 28, 2026 Sell 5,855 $129.85 $760,272
Perisich John M. CHIEF LEGAL AND ADMIN OFFICER May 28, 2026 Sell 105 $130.26 $13,677
Vadlamudi Koti PRESIDENT & CEO May 27, 2026 Buy 7,815 $127.96 $1M
King David Lee Director May 26, 2026 Sell 3,917 $119.66 $468,708
King David Lee Director May 26, 2026 Sell 12,333 $118.55 $1.5M
King David Lee Director May 26, 2026 Sell 3,750 $120.27 $451,012

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 15 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 5 sales of Primoris Services Corp shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded May 8, 2026, filed June 8, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded March 3, 2026, filed April 7, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded February 18, 2026, filed March 9, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 24, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • June 22, 2026
  • May 5, 2026
  • February 23, 2026
  • November 3, 2025
  • August 4, 2025

Recent SEC filings

Data status

When each part of this page on Primoris Services Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Primoris Services Corp in brief

What does Primoris Services Corp do?
Primoris Services Corp is a US-listed company in the construction & engineering industry. Its financial year ends in December.
What is Primoris Services Corp's stock ticker?
Primoris Services Corp trades under the ticker PRIM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Primoris Services Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Primoris Services Corp reported revenue of $7.3B, 5.1% higher than a year earlier, according to its SEC filings.
What is Primoris Services Corp's free cash flow?
Primoris Services Corp's free-cash-flow margin is 1.2% of revenue over the trailing twelve months, ranking 24 of the 43 construction & engineering companies we cover.
What is Primoris Services Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Primoris Services Corp's free cash flow after stock-based pay gives ~$100 per share in the base case, and ~$73–$140 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Primoris Services Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Wellington Management Group LLP and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Primoris Services Corp's market cap?
On November 2, 2026, Primoris Services Corp's market capitalisation was about $4B, with a price-to-earnings ratio of 28.9 and net debt of $583M. Market figures come from third-party market data and may be delayed.
Does Primoris Services Corp pay a dividend?
Yes: Primoris Services Corp paid $17.4M in dividends over the trailing twelve months, a dividend yield of 0.44% and a payout ratio of 12.5%.
How much debt does Primoris Services Corp have?
Primoris Services Corp's debt-to-equity ratio is 49.6%, from its latest balance sheet (60.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Primoris Services Corp's competitors?
In our Construction & Engineering peer group, the companies closest to Primoris Services Corp are Dycom Industries Inc, KBR, Inc., Api Group Corp, Tutor Perini Corp and Stantec Inc. The side-by-side comparison below sets their revenue, margins and growth against Primoris Services Corp's.
Are insiders buying or selling Primoris Services Corp stock?
Over the last 12 months, Primoris Services Corp's directors and officers reported 5 open-market purchases and 13 sales on Form 4. The insider trading page charts every trade.
When is Primoris Services Corp's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Primoris Services Corp announces its own schedule.