Primoris Services Corp key statistics and ratios

In fiscal 2025, Primoris Services Corp had return on equity of 17.8%, an operating margin of 5.4%, debt equal to 28.1% of equity and a current ratio of 1.26. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Primoris Services Corp: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	10.1%	11.7%	11.1%	10.7%	10.6%	11.9%	10.3%	10.3%	11.0%	10.7%	8.6%
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%
Return on equity	5.4%	13.6%	13.3%	13.3%	15.6%	13.6%	12.7%	10.8%	13.7%	17.8%	8.5%
Return on assets	2.3%	6.0%	5.4%	4.8%	5.5%	5.1%	4.4%	3.4%	4.5%	6.4%	3.1%
Asset turnover	1.71	1.96	2.06	1.81	1.84	1.55	1.45	1.55	1.59	1.76	1.61
Current ratio	1.62	1.63	1.49	1.36	1.46	1.56	1.50	1.41	1.29	1.26	1.18
Debt to equity	52.5%	46.1%	60.8%	55.9%	44.4%	67.2%	103.9%	78.0%	52.5%	28.1%	49.9%
Interest cover (operating income ÷ interest)	6.5x	13.0x	7.0x	7.0x	8.1x	—	—	—	—	—	—
Effective tax rate	43.3%	27.0%	22.7%	28.7%	27.9%	23.8%	16.5%	29.0%	29.0%	28.4%	25.1%
SG&A as % of revenue	7.0%	7.2%	6.2%	6.1%	5.8%	6.6%	6.4%	5.8%	6.0%	5.3%	5.6%
Capital spending as % of revenue	2.9%	3.4%	3.7%	3.0%	1.8%	3.8%	2.1%	1.8%	2.0%	1.7%	1.5%
Free cash flow ÷ net income	17.0%	150.9%	21.5%	29.7%	236.8%	−46.7%	−8.5%	75.7%	211.1%	123.9%	63.0%
Dividends ÷ net income	42.6%	15.7%	15.9%	14.8%	11.0%	10.9%	9.6%	10.2%	7.1%	6.3%	12.5%
Dividends and buybacks ÷ free cash flow	360.1%	15.0%	194.5%	49.9%	9.3%	—	—	13.4%	3.4%	5.1%	19.8%

US$ thousands unless shown otherwise. Fiscal quarters.

Primoris Services Corp: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	12.0%	10.6%	10.4%	12.3%	10.8%	9.4%	8.6%	4.9%
Operating margin	6.0%	5.0%	4.3%	6.7%	6.3%	4.2%	1.6%	−1.6%
Net margin	3.5%	3.1%	2.7%	4.5%	4.3%	2.8%	1.1%	−1.4%
Free-cash-flow margin	9.6%	15.5%	1.6%	2.4%	6.8%	6.5%	−9.6%	−1.8%
Current ratio	1.38	1.29	1.22	1.22	1.20	1.26	1.28	1.18
Debt to equity	66.6%	52.1%	42.3%	39.3%	29.9%	28.0%	26.9%	49.6%
SG&A as % of revenue	5.9%	5.5%	6.0%	5.5%	4.5%	5.2%	6.8%	6.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Primoris Services Corp's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Primoris Services Corp.