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Quanta Services key statistics and ratios

In fiscal 2025, Quanta Services had return on equity of 12.7%, an operating margin of 5.7%, debt equal to 67.1% of equity and a current ratio of 1.14. 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.

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin13.3%13.1%13.2%13.2%14.8%15.0%14.8%14.1%14.8%15.0%15.8%
Operating margin4.2%4.0%4.8%4.6%5.5%5.1%5.1%5.4%5.7%5.7%6.8%
Net margin2.6%3.3%2.6%3.3%4.0%3.7%2.9%3.6%3.8%3.6%4.5%
Free-cash-flow margin2.3%1.3%0.6%2.2%7.6%1.5%4.1%5.5%6.2%5.7%8.5%
Return on equity5.9%8.8%7.9%10.5%10.6%10.3%9.4%12.8%13.3%12.7%17.3%
Return on assets3.7%5.3%4.3%5.2%5.3%4.6%3.7%5.0%5.2%4.7%5.8%
Asset turnover1.431.601.651.571.341.221.301.411.361.311.29
Current ratio1.901.921.841.691.681.501.631.471.301.141.16
Debt to equity10.8%17.7%30.7%33.8%27.4%73.4%69.3%66.9%56.9%67.1%66.4%
Interest cover (operating income ÷ interest)21.5x18.1x14.6x8.3x13.6x9.6x7.0x6.0x6.6x6.2x8.3x
Effective tax rate34.9%10.0%35.3%28.9%20.9%21.0%27.3%22.6%23.5%25.0%23.4%
SG&A as % of revenue8.5%8.2%7.7%7.9%8.7%8.9%7.8%7.4%7.7%7.7%7.2%
Capital spending as % of revenue2.8%2.6%2.6%2.2%2.3%3.0%2.5%2.1%2.6%2.1%2.4%
Free cash flow ÷ net income89.8%40.4%22.2%65.9%192.1%40.4%143.1%153.2%163.2%157.6%187.6%
Dividends ÷ net income—0.0%0.0%5.8%6.5%7.0%8.4%6.4%6.0%5.9%3.9%
Dividends and buybacks ÷ free cash flow0.0%39.3%679.7%16.4%32.3%51.2%24.0%4.2%3.7%12.0%2.1%

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

5 of 7 checks passed · September 30, 2026
What it owns · $32.7bn
Short-term assets $15.7bnLonger-term assets $17.0bn
What it owes, and who funded it · $32.7bn
Short-term liabilities $13.5bnLonger-term liabilities $8.6bnShareholders' equity $10.5bn
  • Short-term assets cover short-term liabilities $15.7bn of assets due within a year against $13.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $15.7bn short-term assets against $8.6bn of longer-dated liabilities.
  • More cash than debt $2.3bn of cash against $7.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 66% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 74% to 66% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.1bn of operating cash flow against $7.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.5bn against $307m of interest.

From Quanta Services'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

54 /100

Moderate moat

How hard Quanta 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 10 / 20

    Cash operating profit has been a median 8.3% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 14.4%, moving by 0.9 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median 5.3%; its worst year was 4.2%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 8 of 9 years, at a median 3.8% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 5.1% over five years; stock-based pay has been a median 0.6% 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 Quanta Services's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Quanta Services.