GVA
GRANITE CONSTRUCTION INC
Materials • CIK: 0000861459
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Market Cap
$5.03B
P/E (TTM)
26.2x
Rev Growth (TTM)
+10.4%
Net Margin (TTM)
4.4%
FCF Yield (TTM)
6.6%
FCF Margin (TTM)
7.5%
Cash Flow Health
Free Cash Flow4/8 positive
TTM$331M
Q4 '25
$129M-50%
Q3 '25
$257M+1053%
FCF Margin
TTM7.5%
Q4 '2511.0%-38%
Sector: 0.8%Above Avg
OCF Margin10.6%
OCF/NI2.43x
CapEx Coverage3.4x
FCF Yield6.6%
FCF Growth (2Y)–
Cash Conversion Cycle
23 days
DSO: 53+DIO: 13−DPO: 43
Capital Allocation & Returns
Growth Focused
Total Shareholder YieldTTM
TTM1.6%
Div Yield0.7%
+Buyback (TTM)1.0%
Prioritizing reinvestment over distributions
Dividend & Payout Metrics
Dividend Yield (TTM)0.7%
FCF Payout Ratio10.3%
Free Cash Flow (TTM)$330.6M
Stock Repurchases (TTM)$48.2M
Capital Return / FCF21.5%
Est. Dividends Paid (TTM)$34.0M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
10.6%
Moderate
+0.2% YoY+11.3%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
4.9%
8Q: 5.2%
Asset Turnover
1.29x
8Q: 1.38x
Leverage (1+D/E)
2.14x
D/E: 1.14x
DuPont: 13.5% ≈ 10.6% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
4.88x
8Q:5.72x
-75.1%
Invested Cap Turn
2.26x
8Q:2.37x
+10.5%
CapEx Intensity
7.1%
8Q:7.2%
CapEx/Depreciation
0.85x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q4 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $4.4B | $1.2B↓18.7% | $1.4B↑27.3% | $1.1B↑61.0% | $699.5M↓28.4% | $977.3M↓23.4% | $1.3B↑17.8% | $1.1B↑61.0% | $672.3M |
Operating Income | $282.4M | $75.0M↓47.8% | $143.7M↑38.7% | $103.6M↑360.5% | $-39.8M↓165.7% | $60.5M↓42.0% | $104.3M↑21.5% | $85.8M↑298.2% | $-43.3M |
Net Income | $193.0M | $52.0M↓49.5% | $102.9M↑43.6% | $71.7M↑313.0% | $-33.7M↓181.1% | $41.5M↓47.5% | $79.0M↑114.0% | $36.9M↑219.1% | $-31.0M |
Operating Cash Flow | $468.9M | $179.3M↓36.9% | $284.2M↑15766.8% | $1.8M↓50.9% | $3.6M↓97.9% | $172.8M↓33.9% | $261.5M↑13245.6% | $-2.0M↓108.3% | $24.1M |
Free Cash Flow | $330.6M | $128.8M↓50.0% | $257.5M↑1052.7% | $-27.0M↑5.4% | $-28.6M↓119.8% | $144.6M↓34.3% | $220.2M↑637.2% | $-41.0M↓979.0% | $-3.8M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
26.2x
Volatile
8Q: 51.8x+8031%
Valuation Lenses
Earnings
26.2x
vs – sector
Cash Flow
16.7x
EV/FCF vs –
Growth-Adj
0.5xPEG
Undervalued for growth
Quality-Adj
2.5P/E per %ROIC
ROIC: 10.6%
Shareholder Returns
Dividend
0.7%
Buyback
1.0%
Total Yield
1.6%
Market Cap$5.03B
EV$5.51B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
72/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
17.9%
8Q:–
Return on Invested Capital (ROIC)Top 25%
10.6%
8Q:–
+11.3%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 4.9%
Asset Turnover: 1.29x
Earnings Quality
Cash Conversion
2.43x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin16.1%
Capital Efficiency
Invested Capital Turnover2.26x
Working Capital
Cash Conversion Cycle23 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
60/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
10.4%
OpInc Growth YoY
23.8%
EPS Growth YoY
48.8%
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
16.1%
Operating
6.4%
Below Avg in sector
Net
4.4%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+3.1 pts
FCF: 7.5% | Net: 4.4%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Leveraged
Net Debt / EBITDA
–Net Debt: $738.89M
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
1.14x
Balance sheet risk & solvency analysis