olivLaw · US equity research
Centuri Holdings, Inc. CTRI
Natural Gas Transmisison & Distribution · SIC 4923 · Vertical: Natural Gas Transmisison & Distribution (SIC 4923)
Centuri Holdings is a North American utility infrastructure services company that maintains, upgrades and expands gas and electric distribution and transmission networks for regulated utilities. It is in a phase of accelerated growth, with record quarterly revenue in the second quarter of 2026 and an expanding order book.
At the close of 04 Nov 2026, Centuri Holdings, Inc. (CTRI) stock was 20.54 USD (−6.55% on the day), with market capitalisation 2.1 bn USD, P/E 67.1 on diluted EPS of 0.31 USD over the last 12 months, dividend yield 73,028.24%, beta 1.31, 52-week range 19.07–41.80 USD. Latest reported quarter (Q2 2026): revenue of 962.0 m USD (+32.9% YoY), net income of 6.1 m USD (−24.3% YoY), diluted EPS 0.06 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 48.9
- neutral
- Bollinger (20, 2)
- 19.03 – 21.96
- in the upper half of the band · %B 0.51 · band width 14.3%
- SMA 50 / 200
- 20.37 / 27.28
- mixed trend
- MACD (12, 26, 9)
- 0.17 / 0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.9% | −1.1% | +0.2 pp | — |
| 3 months | −7.6% | −0.5% | −7.2 pp | — |
| 6 months | −50.9% | +4.4% | −55.3 pp | — |
| Year to date | −18.7% | +12.3% | −31.0 pp | — |
| 1 year | +4.3% | +13.5% | −9.2 pp | +4.0% |
| 3 years | unavailable | +76.4% | unavailable | +32.2% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 28 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 720.1 m | 717.1 m | 550.1 m | 724.1 m | 850.0 m | 858.6 m | 723.2 m | 962.0 m |
| Cost of revenue | 644.3 m | 646.0 m | 529.8 m | 656.3 m | 772.1 m | 778.1 m | 687.4 m | 892.8 m |
| Gross profit | 75.8 m | 71.1 m | 20.3 m | 67.8 m | 78.0 m | 80.5 m | 35.8 m | 69.1 m |
| SG&A | 27.2 m | 30.8 m | 26.4 m | 29.0 m | 35.0 m | 36.2 m | 32.7 m | 37.2 m |
| Operating income | 41.9 m | 33.7 m | -12.7 m | 32.2 m | 36.3 m | 37.1 m | -4.7 m | 24.1 m |
| Pre-tax income | 18.2 m | 13.3 m | -31.1 m | 14.3 m | 10.0 m | 21.3 m | -17.3 m | 12.3 m |
| Income tax | 21.8 m | 2.9 m | -13.1 m | 6.2 m | 7.9 m | -9.0 m | -7.8 m | 6.2 m |
| Net income | -3.7 m | 10.3 m | -17.9 m | 8.1 m | 2.1 m | 30.2 m | -9.5 m | 6.1 m |
| Diluted EPS | -0.04 | 0.12 ≈ | -0.20 | 0.09 | 0.02 | 0.32 ≈ | -0.09 | 0.06 |
| Operating cash flow | 180.2 m ≈ | 61.0 m | 16.7 m | -27.7 m ≈ | 5.2 m ≈ | 83.9 m | -35.0 m | 20.0 m ≈ |
| Capex | 19.5 m ≈ | 33.2 m | 24.4 m | 20.8 m ≈ | 23.6 m ≈ | 17.6 m | 20.2 m | 27.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 5-quarter history (min 87.4, median 114.6, max 980.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.9 bn | 2.6 bn | 3.0 bn |
| Revenue YoY | unavailable | −9.0% | +13.1% |
| Net income | -186.2 m | -6.7 m | 22.4 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -2.60 | -0.08 | 0.25 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -6.4% | -0.3% | 0.8% |
| Free cash flow | 60.8 m | 58.9 m | -8.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 28 Dec 2025
- Cash
- 126.6 m USD
- Financial debt
- 737.6 m USD
- Net debt
- 611.0 m USD
- Equity
- 873.0 m USD
- Total assets
- 2.4 bn USD
- Debt / equity
- 0.84x
- Current ratio
- 1.78x
- ROE
- 3.1%
- ROA
- 1.0%
- FCF margin
- -0.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.9 bn | 2.6 bn | 3.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 2.6 bn | 2.4 bn | 2.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 273.4 m | 220.7 m | 246.6 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 110.3 m | 107.2 m | 126.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -77.6 m | 86.8 m | 92.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -175.0 m | -3.4 m | 14.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 9.5 m | 3.5 m | -8.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -186.2 m | -6.7 m | 22.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -2.60 | -0.08 | 0.25 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 71.7 m | 83.3 m | 90.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 15,000.00 | — | — | SEC (XBRL)· 26 Feb 2025verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 33.4 m | 49.0 m | 126.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 682.9 m | 601.4 m | 881.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 545.4 m | 511.3 m | 466.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 375.9 m | 368.3 m | 395.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 369.0 m | 340.9 m | 343.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 2.2 bn | 2.1 bn | 2.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 116.6 m | 125.7 m | 193.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 42.6 m | 30.0 m | 29.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 1.1 bn | 843.9 m | 708.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 420.6 m | 382.3 m | 496.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 1.9 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 226.0 m † | 555.6 m † | 873.0 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 167.5 m | 158.2 m | 78.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 106.7 m | 99.3 m | 86.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 60.8 m ≈ | 58.9 m ≈ | -8.2 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -94.9 m | -89.4 m | -88.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -103.4 m | -52.6 m | 88.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 0 | 0 | — | SEC (XBRL)· 26 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.1 bn USD
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.10 – 265,086.21 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E4.10 – 5.81 (Mid 4.83)4 companies used · median multiple 15.8x · quartiles 13.4x – 19.0xCPK, OKE, RGCO, SWX
- Dividend discount (DDM)197,115.38 – 265,086.21 (Mid 226,102.94)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.2% | 40 (vs peers) | 23% |
| Net margin · Quality | 0.9% | 6 (on a fixed band) | 14% |
| FCF conversion · Quality | -52.7% | 0 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.8x | 85 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 67.1x | 20 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.7% | 0 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial85/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality20/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation11/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Centuri Holdings, Inc. (CTRI). Latest full fiscal year: 2025; data up to 2026-06-28.
Figures computed from the financial statements: revenue 3.0 bn USD in 2025; YoY growth 13.1%; net margin 0.9%; ROE 4.0%.
The estimated value range is 98,559.74–132,546.01 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 113,053.89 USD, the price of 20.54 USD leaves a potential of 550,308.4% (value / price − 1) and a margin of safety of 100.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.8x
- The price is below the estimated value range
What contradicts it
- Net margin: 0.9%
- FCF conversion: -52.7%
- P/E (TTM): 67.1x
- FCF yield: -0.7%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Natural Gas Transmisison & Distribution (SIC 4923) · same industry (4-digit SIC) · compared with 6 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| OKEONEOK, Inc. | 55.9 bn | 13.8 | 17.9% | 9.4% | +55.0% | +22% / +29% |
| SWXSouthwest Gas Holdings, Inc. | 6.7 bn | 12.2 | 14.1% | — | +9.6% | +11% / +56% |
| CPKChesapeake Utilities Corp | 3.4 bn | 22.6 | 9.5% | 15.1% | +18.1% | +2% / +48% |
| CTRICenturi Holdings, Inc. | 2.1 bn | 67.1 | 4.0% | 0.9% | +13.1% | +4% / unavailable |
| BIPCBrookfield Infrastructure Corporation | 1.7 bn | — | — | -6.6% | +0.1% | −16% / +24% |
| NEXTNextdecade Corporation | 1.7 bn | 129.9 | 292.6% | — | unavailable | +2% / +25% |
| RGCORGC Resources, Inc. | 248.3 m | 17.8 | 11.7% | 13.1% | +12.6% | +6% / +36% |
1- and 3-year price returns: for CTRI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 12.31 Total return -40% · Per year -40% | 21.68 Total return 6% · Per year 6% | 32.54 Total return 58% · Per year 58% |
| 3 years | 14.10 Total return -31% · Per year -12% | 27.73 Total return 35% · Per year 11% | 45.38 Total return 121% · Per year 30% |
| 5 years | 16.15 Total return -21% · Per year -5% | 35.47 Total return 73% · Per year 12% | 63.30 Total return 208% · Per year 25% |
- Exit P/E± 6.93
- Net margin± 4.85
- Annual revenue growth± 3.68
- Annual dilution± 0.41
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Centuri Holdings is a North American utility infrastructure services company that maintains, upgrades and expands gas and electric distribution and transmission networks for regulated utilities. It is in a phase of accelerated growth, with record quarterly revenue in the second quarter of 2026 and an expanding order book 3.
SWOT
Strengths
- The company has a solid base of long-term master service agreements and a broad footprint across many states and provinces, giving visibility into demand 1.
- Its customers are mostly investment-grade utilities, which lowers counterparty risk and supports long-term relationships 1.
- Backlog and bookings grew strongly in 2026, pointing to sustained demand 3.
Weaknesses
- Dependence on a small number of large customers means losing one important client could significantly affect results 1.
- Gross margins are relatively thin, and higher fuel costs reduced profitability in the second quarter of 2026 3.
- Revenue is seasonal and sensitive to weather, which makes quarterly results volatile 1.
Opportunities
- The JJ White acquisition could add capabilities in mechanical and electrical construction and data center work 3.
- Sector consolidation and greater outsourcing by utilities could open new long-term contracts 12.
- If the expansion in the U.S. Gas segment improves margins, profitability could rise in the second half of the year 3.
Risks
- Customer concentrationhigh
A small group of customers generates a large share of revenue, and reduced activity with one of them could have a significant effect 1.
- Fuel and labor costsmedium
Rising costs could compress margins if they cannot be passed through to customers 23.
- Chicago contract disputemedium
The reversal tied to a legacy contract shows that legal disputes can affect financial results 2.
- Seasonality and weatherlow
Extreme weather can delay projects and shift revenue between periods 1.
Investment thesis
What would need to be true (bull case)
- If demand for grid modernization and data center work continues, revenue and backlog growth could sustain the company's expansion 13.
- The JJ White acquisition and margin recovery in U.S. Gas could improve profitability over the medium term 3.
- Its long-term position as an outsourced partner to utilities, backed by MSAs, could provide visibility on future revenue 1.
What would break the thesis
What to watch
- Delivery against 2026 Base Gross Profit guidancenext 10-K
- Development of gross margin in the second half of the year against the company's targetQ3 2026
- Integration of JJ White and its contribution to gross profitQ4 2026
- Book-to-bill ratio and backlog trendQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Centuri Holdings, Inc. provides replacement, maintenance, retrofit and installation services for electric and natural gas distribution and utility-scale transmission networks for North American utilities 1. Its activity relies largely on long-term master service agreements (MSAs), which made up approximately 78% of revenue in fiscal 2025 1. Customers are mainly investment-grade utilities, and the top 20 customers generated 65% of revenue in 2025 1.
The company operates from 97 locations across 46 U.S. states and six Canadian provinces 1. It separated from Southwest Gas Holdings, which fully divested its stake by September 2025, and its shares trade on the NYSE under CTRI 12. In November 2025 it acquired Connect, an Atlantic Canada electric utility services provider, expanding its electric offering into Canada 1.
The company is not directly regulated by utility commissions, but its business depends on customers' capital and maintenance budgets and on regulatory requirements that mandate infrastructure replacement programs 1. Seasonal weather affects revenue, with the first quarter usually the weakest 1.
Segments
U.S. Gas
The U.S. Gas segment provides maintenance and replacement services for local gas distribution utilities in the United States and contributed 489.5 million USD of second quarter 2026 revenue 3. The segment was hit by a 9.0 million USD reversal tied to a legacy City of Chicago contract 23.
Union Electric
The Union Electric segment provides electric utility services in union markets, including heavy industrial work, and was strengthened by the JJ White acquisition completed in July 2026 13.
Non-Union Electric
The Non-Union Electric segment serves non-union markets with recurring distribution and urban transmission services under MSAs 1.
Market context
The utility infrastructure services market is described as predictable, non-discretionary and regulation-driven, growing as older networks are replaced and energy demand rises 1. Providers such as Centuri gain share as utilities reduce their own workforces and rely more on outside service providers 12.
The market remains regionally fragmented with many smaller providers, which creates consolidation opportunities, including acquisitions such as JJ White 13.
Trends
- Demand from data centers and AI-driven power needstailwind
Rising power demand from artificial intelligence and data centers could increase the volume of work available to the company 13.
- Multi-year pipe replacement programstailwind
Multi-year gas system replacement programs mandated by federal and state rules support predictable demand for the company's services 1.
- Rising fuel and labor costsheadwind
Higher fuel and labor costs reduced gross margin in the second quarter of 2026, and the effect could continue if these costs cannot be passed through to customers 23.
- Weather and seasonalitymixed
Severe weather can delay projects but can also generate restoration work, making revenue hard to predict from one period to another 1.
Competitive position
The company operates in a highly competitive and fragmented industry, competing with many regional and local providers as well as a few national competitors 1. Competitive bidding can put pressure on prices 1.
The company differentiates itself through its geographic footprint, contract mix, focus on maintenance and distribution work, and lack of exposure to cross-country pipeline projects 1.
- Quanta Services, Inc.PWR
National provider of utility infrastructure services, named by the company as a competitor 1.
- MYR Group, Inc.MYRG
Electrical infrastructure contractor identified in the filing as a national competitor 1.
- MasTec, Inc.MTZ
Infrastructure provider for energy and communications, named as a national competitor 1.
- Primoris Services CorporationPRIM
Construction and utility services company named among the principal competitors 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Investiţie de peste 44 mil. lei pentru realizarea unei mini centuri ocolitoare a ClujuluiZiarul Financiar · 01 Sept 2026 · RO
- Producătorul de centuri de siguranţă Joyson Safety Systems vinde fabrica din Hunedoara. Activitatea se concentrează în hub-ul de la AradMoney.ro · 04 Jun 2026 · RO
SEC filings
- Current report12 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report22 May 2026Shareholder vote
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Proxy statement06 Apr 2026
- Current report20 Mar 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Annual report26 Feb 2026
- Current report25 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-28 · SEC / Centuri Holdings, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-28 · SEC / Centuri Holdings, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Centuri Holdings, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.