olivLaw · US equity research
Granite Construction Incorporated GVA
Heavy Construction Other Than Bldg Const - Contractors · SIC 1600 · Vertical: Heavy Construction Other Than Bldg Const - Contractors (SIC 1600)
Granite Construction is one of the largest vertically integrated civil contractors and construction materials producers in the United States, delivering infrastructure for public and private clients. The company enters a period in which public infrastructure funding remains high, and its revenue rose 29% year-over-year in the second quarter of 2026 to 1.46 billion USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Granite Construction Incorporated (GVA) stock was 132.39 USD (−0.69% on the day), with market capitalisation 5.8 bn USD, dividend yield 0.59%, beta 0.88, 52-week range 98.50–160.39 USD. Latest reported quarter (Q3 2026): revenue of 1.8 bn USD (+23.2% YoY), net income of 3.2 m USD (−96.9% YoY), diluted EPS 0.07 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)
- 73.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 98.20 – 131.16
- above the upper band · %B 1.04 · band width 28.7%
- SMA 50 / 200
- 116.30 / 126.69
- mixed trend
- MACD (12, 26, 9)
- 3.39 / 0.43
- 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 | +11.3% | −1.1% | +12.4 pp | — |
| 3 months | +7.3% | −0.5% | +7.8 pp | — |
| 6 months | −7.0% | +4.4% | −11.4 pp | — |
| Year to date | +14.8% | +12.3% | +2.5 pp | — |
| 1 year | +29.3% | +13.5% | +15.7 pp | −9.5% |
| 3 years | +188.2% | +76.4% | +111.8 pp | +52.2% |
| 5 years | +216.1% | +63.7% | +152.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 977.3 m | 699.5 m | 1.1 bn | 1.4 bn | 1.2 bn | 912.5 m | 1.5 bn | 1.8 bn |
| Cost of revenue | 826.6 m | 615.7 m | 926.9 m | 1.2 bn | 997.7 m | 802.6 m | 1.2 bn | 1.4 bn |
| Gross profit | 150.8 m | 83.8 m | 199.1 m | 260.5 m | 167.7 m | 109.9 m | 238.8 m | 335.8 m |
| SG&A | 84.5 m | 115.9 m | 85.9 m | 101.6 m | 104.1 m | 141.0 m | 107.8 m | 104.1 m |
| Operating income | 60.5 m | -39.8 m | 103.6 m | 143.7 m | 75.0 m | -31.1 m | 126.8 m | 224.3 m |
| Depreciation & amortisation | 34.0 m | 30.2 m | 33.5 m | 46.8 m | 48.8 m | 42.0 m | 44.9 m | 48.9 m |
| Interest expense | 7.9 m | 7.8 m | 7.9 m | 13.4 m | 18.2 m | 16.3 m | 21.8 m | 291.3 m |
| Pre-tax income | 66.2 m | -40.1 m | 107.6 m | 147.5 m | 73.8 m | -48.5 m | -239.3 m | 67.2 m |
| Income tax | 19.1 m | -11.8 m | 27.2 m | 38.1 m | 14.9 m | -12.1 m | 32.2 m | 56.8 m |
| Net income | 41.5 m | -33.7 m | 71.7 m | 102.9 m | 52.0 m | -41.7 m | -278.2 m | 3.2 m |
| Diluted EPS | 0.79 ≈ | -0.77 | 1.42 | 1.98 | 0.97 ≈ | -0.96 | -6.36 | 0.07 |
| Operating cash flow | 172.8 m | 3.6 m | 1.8 m ≈ | 284.2 m ≈ | 179.3 m | -30.9 m | 172.4 m ≈ | 262.7 m ≈ |
| Capex | 28.2 m | 32.2 m | 28.8 m ≈ | 26.7 m ≈ | 50.5 m | 26.1 m | 29.7 m ≈ | 34.0 m ≈ |
| Dividends paid | 5.7 m | 5.7 m | 5.7 m ≈ | 5.7 m ≈ | 5.7 m | 5.7 m | 5.7 m ≈ | 5.7 m ≈ |
| Share repurchases | 29.2 m | 15.2 m | 108.0 k ≈ | 6.3 m ≈ | 26.6 m | 18.4 m | 228.0 k ≈ | 37.1 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.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.3 bn | 2.9 bn | 3.6 bn | 3.5 bn | 3.3 bn | 3.5 bn | 4.0 bn | 4.4 bn |
| Revenue YoY | +11.1% | −11.3% | +22.2% | −1.7% | −5.7% | +6.3% | +14.2% | +10.4% |
| Net income | 582.0 k | -60.2 m | -145.1 m | 10.1 m | 83.3 m | 43.6 m | 126.3 m | 193.0 m |
| Net income YoY | −98.3% | −10,442.1% | unavailable | unavailable | +725.1% | −47.7% | +189.8% | +52.8% |
| Diluted EPS | 0.01 | -1.29 | -3.18 | 0.21 | 1.70 | 0.97 | 2.62 | 3.86 |
| Diluted EPS YoY | −98.8% | −13,000.0% | unavailable | unavailable | +709.5% | −42.9% | +170.1% | +47.3% |
| net % | 0.0% | -2.1% | -4.1% | 0.3% | 2.5% | 1.2% | 3.2% | 4.4% |
| Free cash flow | -24.7 m | 4.6 m | 175.2 m | -72.9 m | -66.0 m | 43.3 m | 319.9 m | 330.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 529.2 m USD
- Financial debt
- 1.3 bn USD
- Net debt
- 809.9 m USD
- Equity
- 1.2 bn USD
- Total assets
- 4.0 bn USD
- Debt / equity
- 1.10x
- Current ratio
- 1.22x
- ROE
- 16.8%
- ROA
- 5.5%
- FCF margin
- 7.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.6 bn | 3.5 bn | 3.3 bn | 3.5 bn | 4.0 bn | 4.4 bn | SEC (XBRL)· 13 Feb 2026verified |
| Cost of revenue | 3.2 bn | 3.1 bn | 2.9 bn | 3.1 bn | 3.4 bn | 3.7 bn | SEC (XBRL)· 13 Feb 2026verified |
| Gross profit | 344.8 m | 362.6 m | 369.5 m | 396.4 m | 572.7 m | 711.2 m | SEC (XBRL)· 13 Feb 2026verified |
| SG&A | 316.3 m | 303.0 m | 272.6 m | 294.5 m | 334.2 m | 407.6 m | SEC (XBRL)· 13 Feb 2026verified |
| Operating income | -158.3 m | 24.7 m | 85.4 m | 80.1 m | 207.4 m | 282.4 m | SEC (XBRL)· 13 Feb 2026verified |
| Depreciation & amortisation | 113.0 m | 109.1 m | 82.6 m | 92.3 m | 126.3 m | 162.4 m | SEC (XBRL)· 13 Feb 2026verified |
| EBITDA | -45.4 m ≈ | 133.8 m ≈ | 168.0 m ≈ | 172.3 m ≈ | 333.7 m ≈ | 444.9 m ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Interest expense | 24.2 m | 20.7 m | 12.6 m | 18.5 m | 29.2 m | 47.2 m | SEC (XBRL)· 13 Feb 2026verified |
| Pre-tax income | -166.5 m | 22.1 m | 91.8 m | 59.9 m | 196.2 m | 288.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Income tax | -282.0 k | 19.7 m | 13.0 m | 30.3 m | 55.7 m | 68.5 m | SEC (XBRL)· 13 Feb 2026verified |
| Net income | -145.1 m | 10.1 m | 83.3 m | 43.6 m | 126.3 m | 193.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Diluted EPS | -3.18 | 0.21 | 1.70 | 0.97 | 2.62 | 3.86 | SEC (XBRL)· 13 Feb 2026verified |
| Weighted average diluted shares | 45.6 m | 47.6 m | 52.3 m | 52.6 m | 52.5 m | 53.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Dividend per share | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 425.3 m | 395.6 m | 294.0 m | 417.7 m | 578.3 m | 529.2 m | SEC (XBRL)· 13 Feb 2026verified |
| Inventories | 62.5 m | 62.0 m | 86.8 m | 103.9 m | 108.2 m | 143.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Current assets | 1.5 bn | 1.8 bn | 1.3 bn | 1.6 bn | 1.7 bn | 1.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Property, plant & equipment, net | 421.1 m | 433.5 m | 509.2 m | 662.9 m | 716.2 m | 1.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Goodwill | 53.7 m | 53.7 m | 73.7 m | 155.0 m | 214.5 m | 400.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Intangibles (excl. goodwill) | 10.6 m | 9.5 m | 9.2 m | 117.3 m | 127.9 m | 179.5 m | SEC (XBRL)· 13 Feb 2026verified |
| Total assets | 2.4 bn | 2.5 bn | 2.2 bn | 2.8 bn | 3.0 bn | 4.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Accounts payable | 321.3 m | 324.3 m | 334.4 m | 408.4 m | 407.2 m | 430.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Short-term debt | 8.3 m | 8.7 m | 1.4 m | 39.9 m | 1.1 m | 375.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Long-term debt | 330.5 m | 331.2 m | 286.9 m | 614.8 m | 737.9 m | 963.2 m | SEC (XBRL)· 13 Feb 2026verified |
| Current liabilities | 943.3 m | 1.1 bn | 797.6 m | 1.0 bn | 1.0 bn | 1.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| Equity | 991.6 m | 995.6 m | 985.1 m | 1.0 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 13 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 268.5 m | 21.9 m | 55.6 m | 183.7 m | 456.3 m | 468.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Capex | 93.3 m | 94.8 m | 121.6 m | 140.4 m | 136.4 m | 138.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Free cash flow | 175.2 m ≈ | -72.9 m ≈ | -66.0 m ≈ | 43.3 m ≈ | 319.9 m ≈ | 330.6 m ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Investing cash flow | -41.3 m | -21.5 m | -11.0 m | -359.3 m | -228.6 m | -993.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Financing cash flow | -57.7 m | -24.4 m | -164.3 m | 299.3 m | -67.1 m | 475.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Dividends paid | 23.7 m | 23.8 m | 23.3 m | 22.8 m | 22.8 m | 22.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Share repurchases | 885.0 k | 2.7 m | 70.9 m | 4.1 m | 50.6 m | 48.2 m | SEC (XBRL)· 13 Feb 2026verified |
≈ 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: 65 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation70
- Returns55
- Quality60
- Balance sheet47
- Growth93
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: 6.83 – 430.21 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)254.19 – 430.21 (Mid 319.96)WACC 8.4% · starting FCFF 735.1 m USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -21.7%
- Peers: EV/EBITDA79.08 – 116.69 (Mid 91.21)4 companies used · median multiple 8.8x · quartiles 7.9x – 10.7xKBR, ORN, ROAD, STRL
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)6.83 – 9.19 (Mid 7.84)
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
Neutral profile · Score 65/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.9% | 83 (vs peers) | 13% |
| Net margin · Quality | -5.0% | 20 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 10.3% | 85 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | 31.4% | 100 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 1.9x | 83 (vs peers) | 13% |
| Interest coverage · Balance sheet | 1.1x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.1x | 26 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 11.9x | 50 (vs peers) | 13% |
| FCF yield · Valuation | 7.6% | 95 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 1.8% | 26 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 5.1% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet47/100 · 3/3 factors with a value
- Growth93/100 · 2/2 factors with a value
- Quality60/100 · 2/3 factors with a value
- Returns55/100 · 2/2 factors with a value
- Valuation70/100 · 2/3 factors with a value
Memo
GRANITE CONSTRUCTION INC (GVA). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 4.4 bn USD in 2025; YoY growth 10.4%; net margin -5.0%; ROE -25.2%; net debt/EBITDA 1.9x.
The estimated value range is 79.08–116.69 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 91.21 USD, the price of 132.39 USD leaves a potential of -31.1% (value / price − 1) and a margin of safety of -45.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 65/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 15.9%
- Revenue CAGR 3Y: 10.3%
- EPS CAGR 3Y: 31.4%
- Net debt / EBITDA: 1.9x
- FCF yield: 7.6%
- Payout ratio (FCF): 5.1%
What contradicts it
- Net margin: -5.0%
- Interest coverage: 1.1x
- Current ratio: 1.1x
- Shareholder yield (distributions): 1.8%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, P/E (TTM).
Versus the vertical median
Heavy Construction Other Than Bldg Const - Contractors (SIC 1600) · same industry (4-digit SIC) · compared with 10 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 | |
|---|---|---|---|---|---|---|
| JJacobs Solutions Inc. | 18.7 bn | 54.3 | 9.6% | 2.4% | +4.6% | +19% / +52% |
| STRLSterling Infrastructure, Inc. | 8.7 bn | 15.9 | 43.3% | 12.9% | +17.7% | −18% / +347% |
| FLRFluor Corporation | 6.4 bn | — | -46.2% | -12.8% | −5.0% | +11% / +25% |
| GVAGranite Construction Inc | 5.8 bn | — | -25.2% | -5.0% | +10.4% | +29% / +188% |
| KBRKBR, Inc. | 5.0 bn | 11.4 | 27.4% | 5.7% | +1.0% | −4% / −23% |
| ROADConstruction Partners, Inc. | 1.9 bn | 38.9 | 15.0% | 4.1% | +54.2% | −9% / +137% |
| ORNOrion Group Holdings, Inc. | 318.8 m | 50.9 | 3.5% | 0.6% | +7.0% | −22% / +63% |
| SHIMShimmick Corporation | 98.8 m | — | — | -3.8% | +2.6% | −9% / −61% |
| SLNDSouthland Holdings, Inc. | 40.8 m | — | — | -67.0% | −21.2% | −76% / −86% |
| FERFerrovial N.V. | — | — | 14.8% | 9.2% | +5.2% | −10% / +79% |
| CDNLCardinal Infrastructure Group Inc | — | — | 7.4% | 2.7% | +44.7% | unavailable / unavailable |
1- and 3-year price returns: for GVA 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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
Granite Construction is one of the largest vertically integrated civil contractors and construction materials producers in the United States, delivering infrastructure for public and private clients. The company enters a period in which public infrastructure funding remains high, and its revenue rose 29% year-over-year in the second quarter of 2026 to 1.46 billion USD 3.
SWOT
Strengths
- Vertical integration with owned aggregate reserves and plants gives an advantage in materials cost and availability 1.
- Long-standing presence in regional home markets and local client relationships support the contract portfolio 1.
- Growth in committed and awarded projects points to solid demand for the company's services 2.
Weaknesses
- Heavy dependence on government funding ties revenue to budgets and the timing of annual appropriations 1.
- Fixed price contracts expose the company to cost increases, and delays can bring penalties 1.
- Materials gross margin declined in the second quarter of 2026, and the net loss was shaped by non-operating convertible debt losses 3.
Opportunities
- Expansion in federal work, rail and transit, and data centre infrastructure could open new revenue sources 3.
- Acquisitions of firms with aggregate and asphalt assets can extend geographic reach and vertical integration 12.
- If public funding stays high after 2026, the project pipeline could keep growing 3.
Risks
- Dependence on government fundinghigh
A cut in public spending, a budget impasse or a shift in priorities could delay or cancel projects 1.
- Fixed price contractshigh
Actual costs can exceed original estimates, which could reduce profits or cause losses on certain projects 1.
- Contracts that can be cancelledmedium
Many contracts can be cancelled on short notice, and federal agencies can modify or terminate contracts at any time 1.
- Access to bonding and insurancemedium
Failure to obtain surety bonds or insurance at reasonable cost could limit the company's ability to win new contracts 1.
- Non-operating financial eventsmedium
Convertible note transactions produced a large non-operating loss in the second quarter of 2026, showing how sensitive reported net income is to such deals 3.
Investment thesis
What would need to be true (bull case)
- If public funding stays at high levels, the contract portfolio and revenue could keep growing, as the 2026 trend suggests 23.
- Vertical integration and recent acquisitions could improve margins over the long term, especially if aggregate production recovers 2.
- Diversification into federal work, rail and data centre infrastructure could reduce dependence on a single funding source 3.
What would break the thesis
- If the IIJA is not replaced in time, public demand could fall after 2026 and weigh on revenue growth 2.
- Fixed price contracts and rising costs could reduce profitability, especially if tariffs and energy prices remain volatile 12.
- Non-operating losses and newly issued debt could limit financial flexibility if operating results do not improve enough 3.
What to watch
- Legislation replacing the Infrastructure Investment and Jobs Act2026
- Materials gross margin after severe weather and quarry development costsQ3 2026
- Delivery of 2026 revenue guidance within the stated rangeQ4 2026
- Growth in committed and awarded projects and the public share of the portfolio in the next annual reportnext 10-K
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.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
Granite Construction Company, incorporated in 1922, builds streets, roads, highways, bridges, dams, airports, tunnels and water infrastructure, along with site and infrastructure services for private clients, and total revenue reached 4424.4 million USD in fiscal 2025 1. Operations are split into two reportable segments, Construction and Materials, and the Materials segment produces aggregates, asphalt and recycled materials for internal projects and third parties 1. The vertically integrated model, based on owned aggregate reserves and processing plants, is the main competitive advantage the company states 1.
Customers are predominantly public, including federal agencies, state transportation departments, local transit authorities and city and county public works, and public work accounts for about 85% of the portfolio 1. Caltrans, the California transportation department, was the largest volume customer in 2025, representing 10.1% of total revenue 1. The company has also entered commercial solar construction through its Industrial & Energy division and water well drilling through its Layne division 1.
The stated strategy emphasises selective bidding, risk-balanced growth and acquisitions that strengthen vertical integration in existing home markets, such as Warren Paving, Papich Construction and Cinderlite in 2025 1. Committed and awarded projects reached 7.4 billion USD at the end of the second quarter of 2026 2.
Segments
Market context
The core market is US public infrastructure funding, supported by the Infrastructure Investment and Jobs Act, which added 550 billion USD over five years and drove a rise in project lettings starting in 2023 12. The company believes public funding for highways, roads and bridges could remain at high levels, while private markets such as data centre sites and energy add further opportunity 3.
The main market risk is that the IIJA ends in September 2026 and its replacement is still under discussion in Congress, which could change funding levels after that date 2. Material costs, tariffs and oil prices remain uncertain and could affect margins 2.
Trends
- Public infrastructure fundingtailwind
Federal and state funding supports demand over the medium term, and the high committed backlog gives visibility on future revenue 12.
- Expiry of the IIJAheadwind
If a new legislative framework is not adopted in time, the bidding pipeline could slow after 2026, putting pressure on revenue 2.
- Acquisitions and vertical integrationmixed
Acquisitions in 2025 and 2026 expand aggregate and asphalt capacity but bring integration costs and can temporarily raise spending 12.
- Tariff and energy price uncertaintyheadwind
Tariffs and the conflict involving Iran have increased uncertainty over oil prices, and the company acknowledges these factors could negatively affect it 2.
Competitive position
Competition is intense and local, ranging from small firms to regional, national and international companies, and many competitors can work in both public and private sectors 1. Entry barriers are significant in materials, where aggregate mining and asphalt production need large capital investment, while larger projects also require substantial capital 1.
Market position depends on price, local market knowledge, financial strength, reputation for quality, access to aggregates and equipment, and the company differentiates itself through vertical integration 1.
- Vulcan Materials CompanyVMC
Aggregates and construction materials peer in regional markets where such companies operate, though the supplied sources do not name it directly.
- Martin Marietta MaterialsMLM
Potential competitor in aggregates and infrastructure materials, relevant from the general structure of aggregate markets described in the annual report.
- Fluor CorporationFLR
Large construction and project company that could compete for infrastructure and energy contracts, depending on project type and scale.
- Regional and local construction firms
Smaller and regional firms competing on smaller projects, where entry is relatively easy for qualified companies.
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
- Granite Switch 4.1.1 — Update models like you update softwareHugging Face Blog · 29 Oct 2026 · EN
- Ensemble forecasting with IBM Granite time-series modelsHugging Face Blog · 22 Oct 2026 · EN
- IBM AI Releases Granite Speech 5.0 2B for Multilingual Transcription and TranslationMarkTechPost (Asia AI) · 22 Oct 2026 · EN
- Granite Speech 5.0: Transcribe, Translate, and Attribute more Accurately and FasterHugging Face Blog · 21 Oct 2026 · EN
- Intel Xeon 6980P Granite Rapids Performance On Linux Over The Past YearPhoronix · 16 Oct 2026 · EN
- Granite Switch 4.1: Chat, Decisions, and Speech from One EndpointHugging Face Blog · 15 Oct 2026 · EN
- Granite raises €4M to bring its agentic cloud infrastructure to marketTech.eu · 28 Sept 2026 · EN
- Intel Granite Rapids WS vs. AMD Threadripper Zen 5 SMT PerformancePhoronix · 17 Sept 2026 · EN
- Granite Construction (GVA) Wins $23.7 Million Road Contract. Can Repeat Work Lift Margins?Yahoo Finance — News · 16 Sept 2026 · EN
- IBM releases SOTA Granite Time Series PatchTST-FM-r2 model with commercial-friendly licenseHugging Face Blog · 09 Sept 2026 · EN
- Granite Ridge (GRNT) Grows Profits While Costs Quietly Creep HigherYahoo Finance — News · 08 Sept 2026 · EN
- IBM's new Granite 4.2 models ride the wave of interest in local LLMsArs Technica — AI · 26 Aug 2026 · EN
- IBM Releases Granite 4.2: Bringing Native Reasoning and Agentic RL to Open Enterprise ModelsMarkTechPost (Asia AI) · 26 Aug 2026 · EN
- Insurer Great Eastern Invests in Granite Private Credit FundBloomberg Markets · 26 Aug 2026 · EN
- Granite 4.2 LLMs: How They're BuiltHugging Face Blog · 25 Aug 2026 · EN
- Millimeter wave technology drills 100 meters into graniteHacker News · 20 Jun 2026 · EN
- Granite Embedding Multilingual R2: Open Apache 2.0 Multilingual Embeddings with 32K Context — Best Sub-100M Retrieval QualityHugging Face Blog · 14 May 2026 · EN
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report13 Aug 2026Item 3.02 · Other events
- Current report07 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Current report04 Aug 2026Material agreement · Termination of a material agreement
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report10 Jul 2026Regulation FD disclosure
- Current report05 Jun 2026Shareholder vote
- Current report02 Jun 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Granite Construction Incorporated · 13 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Granite Construction Incorporated · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Granite Construction Incorporated · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.