MYRG - Comprehensive Filing Intelligence

FY 2025•10-K•Filed Feb 25, 2026
6.0/10
Filing Health:GOOD

Solid fundamentals with minor concerns to monitor

Executive Summary

Operating cash flow saw a dramatic increase of $239.5 million, reaching $326.6 million, primarily due to favorable working capital movements and higher net income.. The company has $2.35 billion in outstanding performance and payment bonds, with an estimated remaining cost to complete of $817.8 million.. Consolidated revenue increased by 8.8% to $3.66 billion.

Top Concerns

  • !Significant estimation required for revenue recognition under the percentage-of-completion method, impacting accuracy and potentially creating volatility.
  • !Material amounts of revenue recognized related to variable consideration and change orders/claims.
  • !The company has $2.35 billion in outstanding performance and payment bonds, with an estimated remaining cost to complete of $817.8 million.
  • !The company participates in multi-employer pension plans, some of which are in 'critical' or 'endangered' zones, posing potential future contribution liabilities.
  • !Litigation and Indemnity Claims (high)

Top Positives

  • +Revenue grew by 8.8% to $3.66 billion, driven by strong performance in both Commercial & Industrial (C&I) and Transmission & Distribution (T&D) segments.
  • +Gross margin significantly improved to 11.6% (from 8.6%), largely due to favorable changes in project estimates, though some inefficiencies and unfavorable change orders were noted.
  • +Operating income increased substantially across both segments, with T&D margins rising to 7.9% and C&I margins to 5.9%, reflecting better project execution and management of costs.

Analysis Dimensions

Our 5-pass AI analysis examines this filing across multiple dimensions. Each dimension score is derived from direct analysis of SEC filing text.

Narrative Intelligence

7.0/10

Management tone is confidently optimistic with focus on changes in estimated gross profit on certain projects, resulting in a net gross margin decrease of 1.4% for 2025..

Full analysis includes: tone changes vs prior quarter, margin driver breakdown, forward guidance analysis, strategic priorities.

Accounting Quality

6.0/10

Earnings quality shows moderate accounting practices.

Full analysis includes: reserve and allowance changes, non-recurring item analysis, stock-based compensation impact, disclosure concerns.

Hidden Liabilities

Off-balance sheet risk is low with $817.8 million in identified exposure.

Full analysis includes: cloud and purchase commitments, VIE/SPE exposure, covenant compliance status, refinancing risk assessment.

Risk Landscape

4.0/10

Overall risk profile shows litigation and indemnity claims as primary concern.

Full analysis includes: 8 risk categories with severity, new vs escalated risks, management response assessment, risk trend analysis.

Segment Performance

7.0/10

Segment health analysis.

Full analysis includes: segment-by-segment revenue breakdown, geographic concentration risk, customer concentration analysis, segment margin trends.

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