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Sterling Infrastructure, Inc. (STRL) stock

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NASDAQ: STRL Nasdaq Construction & Engineering Next results ~January 27, 2027

B+ Fundamentals grade

Sterling Infrastructure, Inc. 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

~$600

Cash-flow model

Base case. Range ~$460–$790 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 80% above it.

Price used: $335.45, November 2, 2026

Sterling Infrastructure, Inc. 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 Sterling Infrastructure files

10-Q filed October 29: Sterling Infrastructure

Model value −10.3%

Revenue for the twelve months to September 2026 was $4.31bn, up 93.1% on a year earlier, faster than the 60.8% growth a quarter earlier. That growth ranks 2 of 29 among the construction & engineering companies we cover. Free-cash-flow margin fell to 10.9% from 16.2% a year earlier. Operating margin widened to 18.2% from 15.6%. Its fundamentals grade moves from A to B+. Our model value falls from $661 to $593 a share, against a share price of $353. The rating stays Buy. At that price, our model says the market is pricing in about 5.6% a year of cash-flow growth for five years, slower than the 25.0% a year revenue growth it has delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed August 4: Sterling Infrastructure

Sterling Infrastructure's revenue reached $4.31bn in the twelve months to June 2026, up 93.1% on a year earlier and well ahead of the 60.8% growth recorded a quarter earlier. Among the 27 construction & engineering companies we cover, that pace ranks first. Profitability told a mixed story: free-cash-flow margin slipped to 10.9% from 16.2% a year earlier, even as operating margin widened to 18.2% from 15.6%. The fundamentals grade has moved up from B to A. Our model value is little changed at $661 a share, well above the current price of $389, and the rating remains Buy. At that price, the market appears to be pricing in cash-flow growth of only about 6.4% a year over five years, far slower than the 25.0% a year revenue growth the company has actually delivered.

10-Q on SEC EDGAR

Where Sterling Infrastructure stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.44bn, up 60.8% on a year earlier, faster than 37.0% a quarter earlier. That growth ranks 31 of 931 among all the companies we cover. Free-cash-flow margin fell to 14.0% from 20.4% a year earlier. Operating margin widened to 17.5% from 14.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $562 a share, against a share price of $416. At that price, our model says the market is pricing in about 7.4% a year of cash-flow growth for five years, slower than the 19.4% a year revenue growth it has delivered.

10-Q on SEC EDGAR

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 ~January 27, 2027 (estimated)

Sterling Infrastructure, Inc.'s trailing-twelve-month revenue grew 93.1% year on year, with a free-cash-flow margin of 10.9%. Where it stands out: revenue growth of 93.1% ranks 3 of 43 construction & engineering companies we cover.

Our discounted-cash-flow model values the business at ~$600 per share in the base case (~$460–$790 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 93.1% (+32.3pp vs the prior quarter).

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 $335.45 is 80% below our value per share of $600.
  • Fast growth. Revenue grew 93.1% over the last 12 months, against a median of 21.2% for construction & engineering companies we cover.
  • Growth speeding up. The growth rate is 32.3 points higher than a quarter earlier.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 90% and a beta of 3.4 against the S&P 500.
  • Insiders selling. 5 insiders sold $96M of stock over the past 365 days and none bought (98% under pre-set trading plans).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$5.80 against an average estimate of $5.25: beat by 10.4%
Revenue
$1.56bn, up 127.0% on a year earlier
Share reaction
+1.7% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
revenue $4bn to $4.15bn (Full Year 2026); net Income $536m to $555m (Full Year 2026)
Next report
October 28, 2026; average EPS estimate $6.13

Sterling Infrastructure's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.0%
  • 1 week-7.0%
  • 1 month-37.1%
  • This year+9.5%
  • 1 year-11.2%
  • 5 years+1204.2%
  • 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)
$4.3B
Operating margin
18.2%
Net margin
12.9%
EPS (TTM, diluted)
$17.82

Growth

Revenue growth
+93.1%
Change in growth rate
+32.3 pts
Share count change
+0.5%

Cash

Free cash flow (TTM)
$471M
FCF margin
10.9%
Stock pay % of revenue
0.7%

Earnings

Last results
October 28, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

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

  1. Results
  2. Announcement
  3. Results
  4. Guidance
  5. Leadership
  6. Agreement

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

Sterling Infrastructure, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 4.4% a year of cash-flow growth for five years.That is slower than the 25.0% a year revenue growth Sterling Infrastructure has delivered.

  • Priced in4.4%
  • Last 12 months93.1%
  • 3 years a year30.6%
  • 5 years a year25.0%

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 ($358.61, 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
Buy12-month view
12-month price target
~$600
Price used
$358.61close November 3, 2026
Implied change
▲ +68%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Sterling Infrastructure, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($574M, FY2026 Q3 TTM), growing 11.5% and 15.9% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$460–~$790 ; 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 Sterling Infrastructure, Inc.'s free cash flow after stock-based pay ( $574M, FY2026 Q3 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 Sterling Infrastructure, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 12.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.62 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. ~$600 ~$460–$790 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$250 ~$170–$320 Included
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. ~$370 ~$320–$510 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$280 ~$210–$380 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$150 ~$140–$170 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. ~$380 ~$150–$600 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Sterling Infrastructure, Inc. 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 ▼ −24%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▼ −32%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $273$370$498$667$887$1172
8.5% $210$280$372$493$650$852
10% $171$225$297$389$509$662

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$6.08$8.46$16.28$10.89$14.08$18.61$26.30$32.80$87.93$168.45$306.23$335.45
Market value$118m$196m$435m$296m$382m$525m$765m$1.0bn$2.7bn$5.2bn$9.5bn$10.4bn
+ Net debt (− = net cash)$16m−$36m$19m−$2m$397m$328m$396m$253m−$127m−$346m−$98m−$122m
Enterprise value$134m$160m$454m$294m$779m$852m$1.2bn$1.3bn$2.6bn$4.9bn$9.4bn$10.3bn
Multiples
Price / sales 0.2x0.3x0.5x0.3x0.3x0.4x0.5x0.6x1.4x2.5x3.8x2.4x
Price / earnings ——37.4x11.8x9.6x12.4x12.2x9.4x19.8x20.4x32.7x18.8x
Price / free cash flow 199.7x5.9x28.3x11.3x14.3x5.8x6.8x6.3x6.6x12.6x26.1x22.1x
EV / EBITDA 72.2x14.5x10.5x4.9x13.3x6.8x8.2x5.9x9.9x14.7x19.4x11.9x

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

44 /100

Weak moat

How hard Sterling Infrastructure'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 7 / 20

    Net income has been a median 5.6% of total assets over 10 years.

  • Pricing power 5 / 20

    Gross margin has been a median 15.4%, moving by 5.2 percentage points (standard deviation) across 10 years.

  • Durability 4 / 20

    Operating margin has been a median 8.6%; its worst year was 1.6%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 7.9% of revenue.

  • Discipline 14 / 20

    The diluted share count rose 7.6% over five years; stock-based pay has been a median 0.7% 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

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $20.03 +84% $4.1bn +65%
Next $25.84 +29% $5.0bn +22%

Next year's EPS estimate has moved −1.2% in 90 days, across 8 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.9% on 90 days ago. In the last 30 days, 2 analysts raised Sterling Infrastructure, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Sterling Infrastructure, Inc., last 90 days
$18.00 $20.00 $22.00 $24.00 $26.00 $28.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $19.10 Current fiscal year, 60 days ago: $20.03 Current fiscal year, 30 days ago: $20.03 Current fiscal year, 7 days ago: $20.03 Current fiscal year, Now: $20.03 $20.03 Next fiscal year, 90 days ago: $26.14 Next fiscal year, 60 days ago: $25.40 Next fiscal year, 30 days ago: $25.40 Next fiscal year, 7 days ago: $25.84 Next fiscal year, Now: $25.84 $25.84

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $19.10$26.14
60 days ago $20.03$25.40
30 days ago $20.03$25.40
7 days ago $20.03$25.84
Now $20.03$25.84

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $5.25 $5.80 +10.4%
Mar 2026 $2.19 $3.59 +63.9%
Dec 2025 $2.63 $3.08 +17.0%
Sept 2025 $2.84 $3.48 +22.6%

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

Management guidance

Earnings release, August 3, 2026
  • Revenue Full Year 2026 $4bn to $4.15bn Raised
    “Revenue of $4.00 billion to $4.15 billion” source
  • Diluted EPS Full Year 2026 $17.25 to $17.85 Raised
    “Diluted EPS of $17.25 to $17.85” source
  • Adjusted Diluted EPS Full Year 2026 $19.70 to $20.30 Non-GAAP Raised
    “Adjusted Diluted EPS (1) of $19.70 to $20.30” source
  • Net Income Full Year 2026 $536m to $555m Raised
    “Net Income of $536 million to $555 million” source
  • EBITDA Full Year 2026 $829m to $854m Raised
    “EBITDA (1) of $829 million to $854 million” source
  • Adjusted Net Income Full Year 2026 $612m to $631m Non-GAAP Raised
    “Adjusted Net Income (1) of $612 million to $631 million” source
Show 1 more item
  • Adjusted EBITDA Full Year 2026 $891m to $916m Non-GAAP Raised
    “Adjusted EBITDA (1) of $891 million to $916 million” 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 Sterling Infrastructure, Inc.'s revenue by +11.5% next year and +15.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+11.3%, weight 53%) , management guidance (+10.1%, weight 20%) and the company's own record (+13.0%, weight 27%) . How the weights are set.

Analyst recommendations

8 analysts, Oct 2026
Buy8100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202688
  2. Sep 202688
  3. Aug 202688
  4. Jul 202677

Counts of recommendations published by analysts covering Sterling Infrastructure, Inc., 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
4.8%
of tradable shares
Days to cover
2.18
at average volume
Short interest, 1 month
+6%
to October 15, 2026
Held by institutions
89%
of shares
Held by insiders
2.3%
of shares
Employees
6,200
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

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −11.2%

$377.90 on October 31, 2025 to $335.45

ThenNowEffect
Revenue (last 12 months) $2.1bn $3.4bn +60.8%
Net margin 13.3% 12.5% −5.9%
P/E multiple 41.1x 24.2x −41.2%
Share count 31m 31m −0.3%

Biggest factor: p/e multiple.

Last 3 years +341.6%

$75.96 on November 3, 2023 to $335.45

ThenNowEffect
Revenue (last 12 months) $1.9bn $3.4bn +84.1%
Net margin 6.4% 12.5% +94.7%
P/E multiple 19.5x 24.2x +24.0%
Share count 31m 31m −0.6%

Biggest factor: net margin.

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
STRL+41%+25%+168%+92%+82%+10%
Industry peers (median)+38%−8%+43%+47%+25%−11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
STRL75%50%58%58%58%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
STRL−19%−35%−25%−24%−48%−66%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 66% from June 4, 2026 to November 2, 2026. Getting back needed a 196% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$283.57 – $993.74
From 52-week high
−66.2%
vs 50-day average
−28.5%
vs 200-day average
−39.2%
Volatility (1 year)
90%
Beta vs S&P 500
3.43

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
10 up, 2 down
typical move ±12.7%
After a week
9 up, 2 down
typical move ±17.4%
After a month
8 up, 3 down
typical move ±21.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +1.7% 0.0% — —
August 3, 2026 −9.2% +3.3% −11.4% −23.6%
May 4, 2026 +51.3% +0.4% +63.0% +79.7%
February 25, 2026 −5.7% +0.3% −8.6% −9.5%
November 3, 2025 +1.2% −1.0% +1.7% −14.4%
August 4, 2025 +12.7% +1.0% +10.2% +4.1%
May 5, 2025 +3.8% −1.4% +10.6% +17.0%
February 25, 2025 +12.4% −0.4% +12.5% +15.6%
November 6, 2024 +10.9% +3.3% +18.7% +24.5%
August 5, 2024 +1.2% −2.0% +0.7% +4.3%
May 6, 2024 +20.6% +1.1% +26.6% +15.2%
February 26, 2024 +22.1% −0.2% +27.9% +29.6%

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 Sterling Infrastructure, Inc.’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.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.16× the last 60 days’ realised volatility , richer than 46% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

STRL Sterling Infrastructure, Inc. Grade B+ $335.4

Sell the $300 put expiring December 18, 2026 (46 days) for $16.80 a share — $1,680 per contract.

Previous session · Bid $16.80, ask $21.80, quoted Mon 2 Nov, 17:36 New York time with STRL at $335.4. Option prices move with the shares: check the live chain at your broker before trading.

  • If STRL ends above $300: you keep the $1,680 — 5.6% on the $30,000 set aside, or 44.4% a year at that pace.
  • If it ends below $300: you buy 100 shares at an effective $283.2, 16% below today's price and 53% below our value of ~$600.
$1.7k $0 −$5.7k Break-even $283.2 Price $335.4 Our value ~$600 →
Profit or loss per contract at expiry, by share price.
Premium
$1,680
Annualised
44.4%
Break-even
$283.2
Max gain
$1,680
Chance of buying
~28%

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.

Sterling Infrastructure, Inc. in five measures

Fundamentals grade B+
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) Sterling Infrastructure, Inc.
$1B $2B $3B $4B $5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2B Revenue (TTM), FY24 Q1: $2B Revenue (TTM), FY24 Q2: $2.1B Revenue (TTM), FY24 Q3: $2.1B Revenue (TTM), FY24 Q4: $2.1B Revenue (TTM), FY25 Q1: $2.1B Revenue (TTM), FY25 Q2: $2.1B Revenue (TTM), FY25 Q3: $2.2B Revenue (TTM), FY25 Q4: $2.5B Revenue (TTM), FY26 Q1: $2.9B Revenue (TTM), FY26 Q2: $3.4B Revenue (TTM), FY26 Q3: $4.3B $4.3B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2B
FY24 Q1 $2B
FY24 Q2 $2.1B
FY24 Q3 $2.1B
FY24 Q4 $2.1B
FY25 Q1 $2.1B
FY25 Q2 $2.1B
FY25 Q3 $2.2B
FY25 Q4 $2.5B
FY26 Q1 $2.9B
FY26 Q2 $3.4B
FY26 Q3 $4.3B
Revenue growth, TTM YoY Sterling Infrastructure, Inc.
0% 50% 100% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 11.5% Revenue growth, TTM YoY, FY24 Q1: 11.2% Revenue growth, TTM YoY, FY24 Q2: 10.8% Revenue growth, TTM YoY, FY24 Q3: 8.7% Revenue growth, TTM YoY, FY24 Q4: 7.3% Revenue growth, TTM YoY, FY25 Q1: 4.8% Revenue growth, TTM YoY, FY25 Q2: 3.3% Revenue growth, TTM YoY, FY25 Q3: 6.2% Revenue growth, TTM YoY, FY25 Q4: 17.7% Revenue growth, TTM YoY, FY26 Q1: 37.0% Revenue growth, TTM YoY, FY26 Q2: 60.8% Revenue growth, TTM YoY, FY26 Q3: 93.1% 93.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 11.5%
FY24 Q1 11.2%
FY24 Q2 10.8%
FY24 Q3 8.7%
FY24 Q4 7.3%
FY25 Q1 4.8%
FY25 Q2 3.3%
FY25 Q3 6.2%
FY25 Q4 17.7%
FY26 Q1 37.0%
FY26 Q2 60.8%
FY26 Q3 93.1%
Operating margin (TTM) Sterling Infrastructure, Inc.
10% 12% 14% 16% 18% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 10.4% Operating margin (TTM), FY24 Q1: 10.7% Operating margin (TTM), FY24 Q2: 11.0% Operating margin (TTM), FY24 Q3: 12.3% Operating margin (TTM), FY24 Q4: 12.5% Operating margin (TTM), FY25 Q1: 13.2% Operating margin (TTM), FY25 Q2: 14.5% Operating margin (TTM), FY25 Q3: 15.6% Operating margin (TTM), FY25 Q4: 16.3% Operating margin (TTM), FY26 Q1: 16.9% Operating margin (TTM), FY26 Q2: 17.5% Operating margin (TTM), FY26 Q3: 18.2% 18.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 10.4%
FY24 Q1 10.7%
FY24 Q2 11.0%
FY24 Q3 12.3%
FY24 Q4 12.5%
FY25 Q1 13.2%
FY25 Q2 14.5%
FY25 Q3 15.6%
FY25 Q4 16.3%
FY26 Q1 16.9%
FY26 Q2 17.5%
FY26 Q3 18.2%
FCF margin (TTM) Sterling Infrastructure, Inc.
10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 21.0% FCF margin (TTM), FY24 Q1: 20.2% FCF margin (TTM), FY24 Q2: 18.9% FCF margin (TTM), FY24 Q3: 18.5% FCF margin (TTM), FY24 Q4: 19.7% FCF margin (TTM), FY25 Q1: 21.6% FCF margin (TTM), FY25 Q2: 20.4% FCF margin (TTM), FY25 Q3: 16.2% FCF margin (TTM), FY25 Q4: 14.6% FCF margin (TTM), FY26 Q1: 15.3% FCF margin (TTM), FY26 Q2: 14.0% FCF margin (TTM), FY26 Q3: 10.9% 10.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 21.0%
FY24 Q1 20.2%
FY24 Q2 18.9%
FY24 Q3 18.5%
FY24 Q4 19.7%
FY25 Q1 21.6%
FY25 Q2 20.4%
FY25 Q3 16.2%
FY25 Q4 14.6%
FY26 Q1 15.3%
FY26 Q2 14.0%
FY26 Q3 10.9%

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

Where the money goes

FY2025, from the 10-K

Each dollar Sterling Infrastructure 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 $2.5B
  2. Cost of revenue $1.9B · 77.0%
  3. Gross profit $572M · 23.0%
  4. Selling, general and admin $155M · 6.2%
  5. Operating income $406M · 16.3%
  6. Income tax $98.8M · 4.0%
  7. Interest and other $17M · 0.7%
  8. Net income $290M · 11.7%

Shares of revenue. Source: Sterling Infrastructure's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

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

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 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 Sept 2026
Income
Revenue 391 460 501 631 556 672 624 690 958 1,038 1,126 1,227 1,414 1,769 1,972 2,116 2,490 4,313
Gross profit 54 63 40 47 −30 32 28 42 89 110 108 180 204 275 338 426 572 1,026
EBITDA 51 52 −35 35 −51 14 2 11 43 59 58 125 141 212 263 333 483 866
Operating income 37 36 −52 16 −69 −4 −14 −5 26 43 38 93 107 160 206 265 406 784
Net income 24 19 −36 −0 −74 −10 −20 −9 12 25 40 42 63 106 139 257 290 554
Diluted EPS $1.71 $1.13 −$2.24 −$0.26 −$4.91 −$0.54 −$2.02 −$0.40 $0.43 $0.93 $1.47 $1.50 $2.15 $3.48 $4.44 $8.27 $9.38 $17.82
Growth (year on year)
Revenue — +17.7% +9.0% +25.8% −11.8% +20.9% −7.2% +10.7% +38.8% +8.3% +8.5% +8.9% +15.3% +25.1% +11.5% +7.3% +17.7% +93.1%
EBITDA — +2.0% −167.6% — −244.4% — −86.9% — — +37.6% −1.5% +114.4% +12.6% +50.1% +24.2% +26.5% +45.0% +111.3%
Operating income — −2.8% −245.5% — −532.5% — — — — +62.8% −11.4% +145.3% +15.5% +49.4% +28.7% +28.6% +53.4% +125.1%
Net income — −19.5% −288.1% — — — — — — — +58.4% +6.0% +48.1% +69.9% +30.2% +85.7% +12.7% +75.5%
Diluted EPS — −33.9% −298.2% — — — — — — — +58.1% +2.0% +43.3% +61.9% +27.6% +86.3% +13.4% +74.6%
Margins
Gross margin 13.9% 13.6% 7.9% 7.5% −5.4% 4.8% 4.4% 6.1% 9.3% 10.6% 9.6% 14.6% 14.4% 15.5% 17.1% 20.1% 23.0% 23.8%
EBITDA margin 13.0% 11.2% −7.0% 5.5% −9.1% 2.1% 0.3% 1.6% 4.5% 5.7% 5.2% 10.2% 10.0% 12.0% 13.3% 15.7% 19.4% 20.1%
Operating margin 9.5% 7.8% −10.4% 2.5% −12.4% −0.6% −2.3% −0.7% 2.7% 4.1% 3.4% 7.5% 7.6% 9.0% 10.4% 12.5% 16.3% 18.2%
Net margin 6.1% 4.2% −7.2% −0.0% −13.3% −1.5% −3.3% −1.3% 1.2% 2.4% 3.5% 3.4% 4.4% 6.0% 7.0% 12.2% 11.7% 12.9%
Free-cash-flow margin 10.8% 7.3% −0.6% −2.0% −6.6% −3.6% 0.1% 4.8% 1.6% 2.5% 2.4% 7.3% 7.9% 8.9% 21.0% 19.7% 14.6% 10.9%
Cash flow
Cash from operations 47 47 21 25 −22 −11 9 44 25 39 42 123 159 219 479 497 440 613
Capital spending 5 13 24 37 14 14 8 11 9 13 15 33 47 61 64 81 77 142
Free cash flow 42 34 −3 −13 −36 −24 1 33 15 26 27 90 112 158 414 416 363 471
Stock-based pay 1 1 1 1 1 1 2 2 3 3 4 12 12 13 15 19 24 32
Free cash flow after stock pay 41 33 −4 −13 −37 −25 −1 32 13 23 23 78 101 145 400 397 338 439
Balance sheet
Cash 54 49 16 3 2 23 4 43 84 94 46 48 61 182 472 664 391 217
Total debt 0 0 1 24 8 38 20 7 103 92 443 375 457 435 344 318 293 95
Net debt (negative = net cash) −54 −49 −15 21 7 15 16 −36 19 −2 397 328 396 253 −127 −346 −98 −122
Diluted shares 13,856m 17m 16m 16m 17m 18m 19m 23m 27m 27m 27m 28m 29m 31m 31m 31m 31m 31m
Returned to shareholders
Buybacks 0 0 4 — — — — 0 0 5 3 0 0 0 0 71 74 133
Total returned 0 0 4 — — — — 0 0 5 3 0 0 0 0 71 74 133

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

7 of 7 checks passed · September 30, 2026
What it owns · $3.5bn
Short-term assets $1.7bnLonger-term assets $1.8bn
What it owes, and who funded it · $3.4bn
Short-term liabilities $1.6bnLonger-term liabilities $335mShareholders' equity $1.5bn
  • Short-term assets cover short-term liabilities $1.7bn of assets due within a year against $1.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.7bn short-term assets against $335m of longer-dated liabilities.
  • More cash than debt $217m of cash against $95m of debt.
  • Debt below 40% of shareholders' equity Debt is 6% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 111% to 6% over five years.
  • A year's operating cash flow covers at least 20% of debt $613m of operating cash flow against $95m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Sterling Infrastructure, Inc.'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

FY2026 Q3 TTM
Buybacks (TTM)
$133M
Returned to shareholders
28%
of free cash flow
Buybacks, last 3 fiscal years
$145M
Diluted share count
+0.5%
year over year
Total shareholder yield
1.3%
dividends 0.0% + buybacks 1.3% of market value

Competitors: side by side with peers

Closest by revenue in construction & engineering
Last 12 months unless stated STRL MYRG ECG IESC FIX GVA Median
Revenue, last 12 months $4.3bn $4.3bn $4.3bn $4.0bn $5.3bn $5.3bn $1.5bn
Revenue growth, last 12 months 93.1% 22.8% 30.5% 22.7% −36.6% 25.1% 21.2%
Revenue growth, 3-year average 30.6% 7.2% — 19.3% 2.0% 16.4% 11.3%
Revenue growth, latest quarter 127.0% 32.5% 33.7% 39.6% 53.7% 23.2% 26.9%
Gross margin 23.8% 13.0% 13.0% 26.3% 26.8% 16.1% 13.0%
Operating margin 18.2% 6.1% 7.8% 12.4% 18.8% 7.5% 4.1%
Operating margin, 3-year average 15.3% 4.0% 7.2% 11.1% 14.0% 6.0% 5.4%
Net margin 12.9% 4.5% 6.0% 11.4% 30.9% −5.0% 1.9%
Cash from operations / revenue 14.2% 5.8% 7.5% 9.3% 57.0% 11.0% 4.4%
Free-cash-flow margin 10.9% 3.2% 5.9% 5.7% 46.3% 8.4% 2.3%
Free-cash-flow margin, 3-year average 15.2% 2.8% — 5.8% 22.3% 8.0% 5.5%
Stock pay / revenue 0.7% 0.4% 0.2% 0.4% 0.7% 0.9% 0.7%
Change in share count 0.5% −1.0% 0.1% −0.1% −0.7% −6.9% 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 93.1% 21.2% 3 of 43
Change in growth rate Growth +32.3pp +3.2pp 5 of 43
Gross margin Profitability 23.8% 11.8% 8 of 39
Operating margin Profitability 18.2% 4.1% 4 of 39
Net margin Profitability 12.9% 2.1% 5 of 42
Free-cash-flow margin Cash generation 10.9% 2.3% 4 of 43
Stock pay as % of revenue Cash generation 0.7% 0.7% 22 of 33
Long-term debt as % of assets Balance sheet 2.7% 16.2% 7 of 35
Change in share count Balance sheet 0.5% 1.9% 19 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
E Infrastructure Solutions $1.5B 58.9% ▲ 58.8%
Transportation Solutions $641M 25.7% ▼ 18.2%
Building Solutions $383M 15.4% ▼ 6.3%

From Sterling Infrastructure, Inc.'s 10-K filed February 26, 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
$22B
Institutions reporting
881
Shares held vs prior quarter
▼ 6.3%
Positions opened / closed
225 / 49

Top buyers and sellers, Q2 2026: 436 institutions bought and 418 sold ; the biggest buyer was Jane Street Group, LLC (+754K shares) and the biggest seller Blackrock, Inc (−751K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.7B 3.2M 12.3% ▼ 18.8%
Vanguard Capital Management LLC $1.1B 1.3M 5.1% ▲ 1.0%
Vanguard Portfolio Management LLC $1.1B 1.3M 5.0% ▼ 7.2%
FMR LLC $987M 1.2M 4.5% ▼ 20.2%
State Street Corp $803M 956K 3.6% ▼ 12.1%
First Trust Advisors LP $752M 896K 3.4% ▲ 2.0%
Geode Capital Management, LLC $660M 767K 3.0% ▼ 18.3%
Invesco Ltd. $654M 780K 3.0% ▼ 34.4%
Jane Street Group, LLC $639M 762K 2.9% ▲ 10129.6%
Renaissance Technologies LLC $564M 672K 2.6% ▼ 12.4%
Lone Pine Capital LLC $512M 610K 2.3% New
Morgan Stanley $431M 514K 2.0% ▲ 9.9%

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 Sterling Infrastructure, Inc.'s complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $96.3M 12 trades by 5 insiders · 98% under pre-set plans
Net ▼ $96.3M net selling
Insider Date Trade Shares Price Value
Wolf Mark D. General Counsel, Corporate Sec June 25, 2026 Sell 2,500 $888.00 $2.2M
Cutillo Joseph A Chief Executive Officer April 23, 2026 Sell pre-set plan 50,000 $497.57 $24.9M
Cutillo Joseph A Chief Executive Officer March 25, 2026 Sell pre-set plan 50,000 $453.48 $22.7M
Wilson Dwayne Andree Director March 12, 2026 Sell pre-set plan 1,260 $405.95 $511,497
Cutillo Joseph A Chief Executive Officer March 10, 2026 Sell pre-set plan 47,592 $416.21 $19.8M
Dill Julie Director March 9, 2026 Sell pre-set plan 4,500 $384.28 $1.7M
Cutillo Joseph A Chief Executive Officer March 9, 2026 Sell pre-set plan 52,408 $408.42 $21.4M
Wilson Dwayne Andree Director March 5, 2026 Sell pre-set plan 1,200 $412.36 $494,832
O'Brien Dana C. Director February 9, 2026 Sell pre-set plan 2,000 $410.00 $820,000
O'Brien Dana C. Director February 6, 2026 Sell pre-set plan 1,000 $400.00 $400,000
O'Brien Dana C. Director February 6, 2026 Sell pre-set plan 1,000 $390.00 $390,000
Wilson Dwayne Andree Director January 16, 2026 Sell pre-set plan 2,860 $350.00 $1M

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 10 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 4 sales of Sterling Infrastructure, Inc. shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $15,001 - $50,000, traded August 7, 2026, filed September 10, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded June 30, 2026, filed July 2, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $15,001 - $50,000, traded June 16, 2026, filed July 2, 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 January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • August 3, 2026
  • May 4, 2026
  • February 25, 2026
  • November 3, 2025
  • August 4, 2025

Recent SEC filings

Data status

When each part of this page on Sterling Infrastructure, Inc. 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.

Sterling Infrastructure, Inc. in brief

What does Sterling Infrastructure, Inc. do?
Sterling Infrastructure, Inc. is a US-listed company in the construction & engineering industry. Its financial year ends in December.
What is Sterling Infrastructure, Inc.'s stock ticker?
Sterling Infrastructure, Inc. trades under the ticker STRL on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Sterling Infrastructure, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Sterling Infrastructure, Inc. reported revenue of $4.3B, 93.1% higher than a year earlier, according to its SEC filings.
What is Sterling Infrastructure, Inc.'s free cash flow?
Sterling Infrastructure, Inc.'s free-cash-flow margin is 10.9% of revenue over the trailing twelve months, ranking 4 of the 43 construction & engineering companies we cover.
What is Sterling Infrastructure, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Sterling Infrastructure, Inc.'s free cash flow after stock-based pay gives ~$600 per share in the base case, and ~$460–$790 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Sterling Infrastructure, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Sterling Infrastructure, Inc. buying back stock, and does it pay a dividend?
Sterling Infrastructure, Inc. spent $133M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.5% over the year.
What is Sterling Infrastructure, Inc.'s market cap?
On November 2, 2026, Sterling Infrastructure, Inc.'s market capitalisation was about $10.4B, with a price-to-earnings ratio of 18.8 and net debt of -$122M. Market figures come from third-party market data and may be delayed.
How much debt does Sterling Infrastructure, Inc. have?
Sterling Infrastructure, Inc.'s debt-to-equity ratio is 6.3%, from its latest balance sheet (111.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Sterling Infrastructure, Inc.'s competitors?
In our Construction & Engineering peer group, the companies closest to Sterling Infrastructure, Inc. are MYR Group Inc., Everus Construction Group, Inc., IES Holdings, Inc., Comfort Systems USA and Granite Construction Inc. The side-by-side comparison below sets their revenue, margins and growth against Sterling Infrastructure, Inc.'s.
Are insiders buying or selling Sterling Infrastructure, Inc. stock?
Over the last 12 months, Sterling Infrastructure, Inc.'s directors and officers reported 0 open-market purchases and 12 sales on Form 4. The insider trading page charts every trade.
When is Sterling Infrastructure, Inc.'s next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Sterling Infrastructure, Inc. announces its own schedule.