PWR

QUANTA SERVICES, INC.

Materials • CIK: 0001050915

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Market Cap
$62.80B
P/E (TTM)
61.2x
Rev Growth (TTM)
+20.3%
Net Margin (TTM)
3.6%
FCF Yield (TTM)
2.6%
FCF Margin (TTM)
5.7%

Filing Intelligence

5.0/10
10-K filed Feb 19, 2026 • FY 2025

Executive Summary

The company has significant performance bond obligations totaling $14.9 billion, representing potential liabilities if contract performance is not met.. Reorganization of segments: Electric and...

Key Concerns

  • ●While overall performance is improving, concerns exist regarding supply chain challenges, potential project delays, and the impact of...
  • ●Significant increase in goodwill ($5.1B) and intangible assets ($5.1B) acquired through acquisitions, requiring ongoing scrutiny for...
  • ●Reliance on percentage-of-completion revenue recognition method (63.8% of revenues in 2025), which is sensitive to changes in estimates.

Key Strengths

  • ●Consolidated revenues and operating income increased, driven by strong performance in both the Electric and Underground and Infrastructure...
  • ●The company's backlog and remaining performance obligations have increased substantially, indicating strong future revenue potential and...
  • ●Strategic acquisitions are a key driver of growth, contributing significantly to revenue increases in both segments, but also increasing...
View Full Quarterly Insights →

LATEST EARNINGS

•
Q4 2025
•
about 1 month ago
•View source
Revenue
$7.84B
+19.7%
Net Income
$315.45M
+3.4%
EPS
$2.08
+2.5%
Gross
15.5%↓ -0.7%
Operating
6.2%↓ -0.7%
Net
4.0%↓ -0.6%
  • •Full-year 2025 revenues reached $28.48 billion, a 20.4% increase year-over-year.
  • •Full-year 2025 Adjusted EBITDA was $2.88 billion, up 23.6% year-over-year.
  • •Year-end total backlog reached a record $43.98 billion, up 32.7% year-over-year.
  • •Full-year 2025 Free Cash Flow was $1.67 billion, up 7.6% year-over-year.
View Full Earnings →

Cash Flow Health

Free Cash Flow8/8 positive
TTM$1.6B
Q4 '25
$934M+122%
Q3 '25
$421M+171%
FCF Margin
TTM5.7%
Q4 '2511.9%+116%
Sector: 0.4%Above Avg
OCF Margin7.8%
OCF/NI2.17x
CapEx Coverage3.7x
FCF Yield2.6%
FCF Growth (2Y)+32%
Cash Conversion Cycle
78 days
DSO: 74+DIO: 5−DPO: 0
View Insights from Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Accumulating Cash
Total Shareholder YieldTTM
TTM0.3%
Div Yield0.1%
+
Buyback (TTM)0.2%

Limited capital returns

Dividend & Payout Metrics
Dividend Yield (TTM)0.1%
FCF Payout Ratio3.8%
Free Cash Flow (TTM)$1.6B
Stock Repurchases (TTM)$134.6M
Capital Return / FCF12.1%
Est. Dividends Paid (TTM)$61.0M
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
9.3%
Stable
-0.0% YoY+2.7%
P25MedianP75
75th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
4.2%
8Q: 4.3%
Asset Turnover
1.36x
8Q: 1.39x
Leverage (1+D/E)
1.67x
D/E: 0.67x
DuPont: 9.7% ≈ 9.3% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
151.91x
8Q:139.64x
+6927.1%
Invested Cap Turn
2.65x
8Q:2.71x
-7.6%
CapEx Intensity
5.7%
8Q:5.9%
CapEx/Depreciation
1.48x
Asset-based ROIC formula
Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024
Revenue
$28.5B
$7.8B↑2.8%
$7.6B↑12.7%
$6.8B↑8.7%
$6.2B↓4.9%
$6.6B↑0.9%
$6.5B↑16.1%
$5.6B↑11.2%
$5.0B
Operating Income
$1.6B
$484.9M↓6.2%
$517.2M↑39.7%
$370.3M↑54.9%
$239.1M↓47.2%
$452.7M↑5.0%
$431.2M↑40.3%
$307.2M↑97.8%
$155.4M
Net Income
$1.0B
$315.4M↓7.1%
$339.4M↑48.1%
$229.3M↑58.9%
$144.3M↓52.7%
$305.1M↑4.1%
$293.2M↑55.8%
$188.2M↑59.0%
$118.4M
Operating Cash Flow
$2.2B
$1.1B↑100.1%
$563.5M↑90.6%
$295.7M↑21.6%
$243.2M↓65.8%
$712.0M↓3.8%
$739.9M↑89.1%
$391.3M↑64.4%
$238.0M
Free Cash Flow
$1.6B
$934.0M↑121.8%
$421.0M↑171.0%
$155.4M↑40.7%
$110.4M↓80.5%
$565.0M↑7.1%
$527.4M↑129.5%
$229.9M↑48.5%
$154.8M
Total Equity
N/A
Income StatementCash Flow StatementBalance Sheet

Valuation Analysis

Fair Value
Price-to-EarningsTTM
61.2x
Volatile
8Q: 199.3x-4436%
High PEG ratio (4.8x) suggests expensive for growth
Valuation Lenses
Earnings
61.2x
vs – sector
Cash Flow
41.5x
EV/FCF vs –
Growth-Adj
4.8xPEG
Expensive for growth
Quality-Adj
6.5P/E per %ROIC
ROIC: 9.3%
Shareholder Returns
Dividend
0.1%
Buyback
0.2%
Total Yield
0.3%
Market Cap$62.80B
EV$67.21B
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
78/100
High Quality

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Above Avg
12.9%
8Q:–
Return on Invested Capital (ROIC)Top 25%
9.3%
8Q:–
+2.7%
vs Sector:0.0%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 4.2%
Asset Turnover: 1.36x

Earnings Quality

Cash Conversion

2.17x

OCF / Net Income ✓

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin15.0%

Capital Efficiency

Invested Capital Turnover2.65x

Working Capital

Cash Conversion Cycle78 days

Growth Quality & Momentum

Quality Growth
Growth Quality Score
80/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
20.3%
OpInc Growth YoY
7.1%
EPS Growth YoY
12.8%
FCF 3Y CAGR
32.2%

Growth Quality Analysis

✓Efficient Growth: Free cash flow growing faster than revenue
✓Sustainability Index: 8.5/10 - Highly sustainable growth

Margin Quality & Sustainability

Low Quality
Profitability Cascade
Gross
15.0%
Operating
5.7%
Below Avg in sector
Net
3.6%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+2.1 pts
FCF: 5.7% | Net: 3.6%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Adequate
Net Debt / EBITDA
–Net Debt: $5.55B
Interest Coverage
–
Balance sheet risk & solvency analysis

Research

All research