olivLaw · US equity research
MYR Group Inc. MYRG
Water, Sewer, Pipeline, Comm & Power Line Construction · SIC 1623 · Vertical: Water, Sewer, Pipeline, Comm & Power Line Construction (SIC 1623)
MYR Group is a holding company of specialty electrical contractors in the United States and Canada, serving electric utility infrastructure as well as commercial and industrial clients. The company reported revenue of 2.08 billion USD in the first half of 2026, and its backlog reached 3.16 billion USD, which makes it relevant amid investment in power grids and data centers.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, MYR Group Inc. (MYRG) stock was 263.89 USD (−9.50% on the day), with market capitalisation 4.1 bn USD, P/E 21.4 on diluted EPS of 12.31 USD over the last 12 months, beta 1.47, 52-week range 203.61–501.13 USD. Latest reported quarter (Q3 2026): revenue of 1.3 bn USD (+32.5% YoY), net income of 60.0 m USD (+87.0% YoY), diluted EPS 3.82 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)
- 40.6
- weak (30–45)
- Bollinger (20, 2)
- 247.30 – 317.94
- in the lower half of the band · %B 0.23 · band width 25.0%
- SMA 50 / 200
- 287.91 / 336.02
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -5.71 / -6.36
- 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 | −12.8% | −1.1% | −11.7 pp | — |
| 3 months | −20.9% | −0.5% | −20.5 pp | — |
| 6 months | −42.0% | +4.4% | −46.4 pp | — |
| Year to date | +20.8% | +12.3% | +8.5 pp | — |
| 1 year | +14.7% | +13.5% | +1.1 pp | −12.0% |
| 3 years | +125.5% | +76.4% | +49.1 pp | +125.5% |
| 5 years | +135.2% | +63.7% | +71.5 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 | 829.8 m | 833.6 m | 900.3 m | 950.4 m | 973.5 m | 1.0 bn | 1.1 bn | 1.3 bn |
| Cost of revenue | 743.9 m | 736.7 m | 796.6 m | 838.5 m | 862.3 m | 865.9 m | 939.1 m | 1.1 bn |
| Gross profit | 85.9 m | 96.9 m | 103.7 m | 111.9 m | 111.3 m | 134.4 m | 142.7 m | 171.2 m |
| SG&A | 56.7 m | 62.5 m | 63.3 m | 65.9 m | 64.6 m | 69.4 m | 74.4 m | 81.5 m |
| Operating income | 30.2 m | 34.3 m | 39.8 m | 46.3 m | 46.5 m | 64.7 m | 67.9 m | 85.1 m |
| Depreciation & amortisation | 16.4 m | 16.2 m | 16.3 m ≈ | 16.7 m ≈ | 17.2 m | 17.8 m | 18.0 m ≈ | 24.4 m ≈ |
| Interest expense | 2.2 m | 1.4 m | 1.9 m | 1.4 m | 889.0 k | 659.0 k | 706.0 k | 3.6 m |
| Pre-tax income | 27.0 m | 32.8 m | 37.4 m | 44.7 m | 46.4 m | 64.0 m | 67.1 m | 82.3 m |
| Income tax | 11.1 m | 9.5 m | 10.9 m | 12.6 m | 9.8 m | 17.2 m | 17.3 m | 22.3 m |
| Net income | 16.0 m | 23.3 m | 26.5 m | 32.1 m | 36.5 m | 46.8 m | 49.9 m | 60.0 m |
| Diluted EPS | 0.99 ≈ | 1.45 | 1.70 | 2.05 | 2.33 ≈ | 2.99 | 3.17 | 3.82 |
| Operating cash flow | 21.1 m | 83.3 m | 32.9 m ≈ | 95.6 m ≈ | 114.8 m | 84.7 m | 3.3 m ≈ | 46.1 m ≈ |
| Capex | 12.3 m | 13.1 m | 21.2 m ≈ | 30.2 m ≈ | 29.9 m | 16.1 m | 28.9 m ≈ | 36.9 m ≈ |
| Share repurchases | 0 | 75.0 m | 0 ≈ | 0 ≈ | 0 | 0 | 0 ≈ | 1.3 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 48 percentile of its own 40-quarter history (min 10.9, median 23.0, max 80.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.5 bn | 2.1 bn | 2.2 bn | 2.5 bn | 3.0 bn | 3.6 bn | 3.4 bn | 3.7 bn |
| Revenue YoY | +9.1% | +35.3% | +8.5% | +11.2% | +20.4% | +21.1% | −7.7% | +8.8% |
| Net income | 31.1 m | 37.7 m | 58.8 m | 85.0 m | 83.4 m | 91.0 m | 30.3 m | 118.4 m |
| Net income YoY | +47.0% | +21.2% | +55.9% | +44.7% | −1.9% | +9.1% | −66.7% | +291.3% |
| Diluted EPS | 1.87 | 2.26 | 3.48 | 4.95 | 4.91 | 5.40 | 1.83 | 7.53 |
| Diluted EPS YoY | +46.1% | +20.9% | +54.0% | +42.2% | −0.8% | +10.0% | −66.1% | +311.5% |
| net % | 2.0% | 1.8% | 2.6% | 3.4% | 2.8% | 2.5% | 0.9% | 3.2% |
| Free cash flow | 34.1 m | 7.1 m | 130.8 m | 84.9 m | 90.4 m | -13.7 m | 11.2 m | 232.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 150.2 m USD
- Financial debt
- 59.0 m USD
- Net debt
- -91.1 m USD
- Equity
- 660.4 m USD
- Total assets
- 1.6 bn USD
- Debt / equity
- 0.09x
- Current ratio
- 1.33x
- ROE
- 18.8%
- ROA
- 7.6%
- FCF margin
- 6.3%
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 | 2.2 bn | 2.5 bn | 3.0 bn | 3.6 bn | 3.4 bn | 3.7 bn | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | 2.0 bn | 2.2 bn | 2.7 bn | 3.3 bn | 3.1 bn | 3.2 bn | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | 275.9 m | 325.0 m | 344.0 m | 364.4 m | 290.3 m | 423.8 m | SEC (XBRL)· 25 Feb 2026verified |
| SG&A | 188.5 m | 207.2 m | 222.4 m | 234.6 m | 238.2 m | 256.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | 86.5 m | 118.6 m | 114.9 m | 129.1 m | 54.1 m | 166.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 46.5 m | 46.2 m | 58.2 m | 59.1 m | 65.2 m | 66.5 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | 133.0 m ≈ | 164.8 m ≈ | 173.1 m ≈ | 188.2 m ≈ | 119.3 m ≈ | 233.4 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 4.6 m | 1.8 m | 3.6 m | 4.9 m | 6.5 m | 5.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | 81.4 m | 116.3 m | 114.2 m | 125.0 m | 46.5 m | 161.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 22.6 m | 31.3 m | 30.8 m | 34.0 m | 16.2 m | 42.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 58.8 m | 85.0 m | 83.4 m | 91.0 m | 30.3 m | 118.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 3.48 | 4.95 | 4.91 | 5.40 | 1.83 | 7.53 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 16.9 m | 17.2 m | 17.0 m | 16.8 m | 16.5 m | 15.7 m | SEC (XBRL)· 25 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 | 22.7 m | 82.1 m | 51.0 m | 24.9 m | 3.5 m | 150.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | 385.9 m | 375.4 m | 472.5 m | 521.9 m | 653.1 m | 603.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 636.7 m | 748.4 m | 890.3 m | 1.0 bn | 929.4 m | 1.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 66.1 m | 66.1 m | 115.8 m | 117.0 m | 113.0 m | 115.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 51.4 m | 49.1 m | 87.6 m | 83.5 m | 75.7 m | 72.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 995.9 m | 1.1 bn | 1.4 bn | 1.6 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 162.6 m | 200.7 m | 315.3 m | 359.4 m | 295.5 m | 314.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | 4.4 m | 1.0 m | 5.1 m | 7.1 m | 4.4 m | 4.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 25.0 m | 3.5 m | 35.5 m | 29.2 m | 70.0 m | 54.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 443.4 m | 498.6 m | 667.0 m | 747.2 m | 663.6 m | 795.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 566.6 m | 602.0 m | 838.7 m | 927.5 m | 888.4 m | 983.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 429.3 m | 519.1 m | 560.2 m | 651.2 m | 600.4 m | 660.4 m | SEC (XBRL)· 29 Apr 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 175.2 m | 137.2 m | 167.5 m | 71.0 m | 87.1 m | 326.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 44.4 m | 52.4 m | 77.1 m | 84.7 m | 75.9 m | 94.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 130.8 m ≈ | 84.9 m ≈ | 90.4 m ≈ | -13.7 m ≈ | 11.2 m ≈ | 232.2 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -40.9 m | -49.3 m | -185.7 m | -79.1 m | -67.2 m | -86.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | -124.3 m | -28.1 m | -9.3 m | -18.4 m | -40.0 m | -94.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | 0 | 0 | 37.0 m | 2.9 m | 75.0 m | 75.0 m | SEC (XBRL)· 25 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: 66 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation48
- Returns0
- Quality78
- Balance sheet88
- Growth78
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: 116.91 – 371.90 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)116.91 – 187.16 (Mid 144.06)WACC 9.1% · starting FCFF 141.4 m USD · terminal value share of EV 74%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): 34.5%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E280.72 – 371.90 (Mid 316.05)4 companies used · median multiple 25.7x · quartiles 22.8x – 30.2xDY, MTZ, PLPC, PRIM
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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 66/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 24.2% | 100 (on a fixed band) | 11% |
| Net margin · Quality | 4.5% | 60 (vs peers) | 7% |
| FCF conversion · Quality | 71.0% | 59 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 6.7% | 56 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 15.3% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 0.6x | 98 (on a fixed band) | 11% |
| Interest coverage · Balance sheet | 45.3x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.3x | 45 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 21.4x | 80 (vs peers) | 11% |
| EV/EBITDA · Valuation | 12.6x | 22 (on a fixed band) | 11% |
| FCF yield · Valuation | 3.3% | 42 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet88/100 · 3/3 factors with a value
- Growth78/100 · 2/2 factors with a value
- Quality78/100 · 3/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation48/100 · 3/3 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
MYR GROUP INC. (MYRG). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 3.7 bn USD in 2025; YoY growth 8.8%; net margin 4.5%; ROE 26.9%; net debt/EBITDA 0.6x.
The estimated value range is 198.82–279.53 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 230.05 USD, the price of 263.89 USD leaves a potential of -12.8% (value / price − 1) and a margin of safety of -14.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 66/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 24.2%
- EPS CAGR 3Y: 15.3%
- Net debt / EBITDA: 0.6x
- Interest coverage: 45.3x
- P/E (TTM): 21.4x
What contradicts it
- EV/EBITDA: 12.6x
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Water, Sewer, Pipeline, Comm & Power Line Construction (SIC 1623) · 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 | |
|---|---|---|---|---|---|---|
| MTZMasTec, Inc. | 13.5 bn | 27.4 | 13.5% | 2.8% | +16.2% | −22% / +176% |
| DYDycom Industries, Inc. | 6.4 bn | 19.3 | 19.2% | 4.8% | +17.9% | −41% / +104% |
| MYRGMyr Group Inc. | 4.1 bn | 21.4 | 26.9% | 4.5% | +8.8% | +15% / +126% |
| PRIMPrimoris Services Corporation | 3.6 bn | 38.7 | 6.0% | 1.4% | +19.0% | −46% / +125% |
| PLPCPreformed Line Products Company | 1.4 bn | 24.0 | 12.0% | 7.6% | +12.7% | +39% / +129% |
| ESOAEnergy Services of America CORP | 162.9 m | 436.5 | — | — | +16.8% | −2% / +94% |
| SKKRantizo | 77.4 m | — | -40.2% | -22.6% | +16.6% | +7% / unavailable |
1- and 3-year price returns: for MYRG 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 | 160.71 Total return -39% · Per year -39% | 283.83 Total return 8% · Per year 8% | 427.11 Total return 62% · Per year 62% |
| 3 years | 163.05 Total return -38% · Per year -15% | 323.32 Total return 23% · Per year 7% | 533.20 Total return 102% · Per year 26% |
| 5 years | 165.42 Total return -37% · Per year -9% | 368.31 Total return 40% · Per year 7% | 665.64 Total return 152% · Per year 20% |
- Exit P/E± 80.83
- Net margin± 56.58
- Annual revenue growth± 45.47
- Annual dilution± 4.75
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 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
MYR Group is a holding company of specialty electrical contractors in the United States and Canada, serving electric utility infrastructure as well as commercial and industrial clients. The company reported revenue of 2.08 billion USD in the first half of 2026, and its backlog reached 3.16 billion USD, which makes it relevant amid investment in power grids and data centers.
SWOT
Strengths
Weaknesses
- Reliance on competitive bidding, where price is a principal factor, can limit margins 1.
- Quarterly results can fluctuate widely because of seasonality, project timing and unforeseen costs 1.
- Fixed-price contracts can produce losses if costs rise, and customers can cancel many contracts on short notice 1.
Opportunities
- Investment in grids, clean energy and electric vehicle charging infrastructure could generate new long-term projects 12.
- The Valley acquisition could expand activity in the western U.S. and strengthen the C&I segment 2.
- Demand from data centers and public infrastructure could support growth in the C&I segment 2.
Risks
- Cyclical demandmedium
Demand for services is cyclical and sensitive to economic slowdowns, which could lead to delayed or cancelled projects 1.
- Cost overruns on fixed-price contractshigh
Cost overruns on fixed-price contracts may not be recoverable and can reduce profitability 1.
- Delays and contractual penaltiesmedium
Delays caused by design, materials or permits can generate additional costs and penalties, including liquidated damages 1.
- Customer concentrationmedium
A small group of customers generates a significant part of revenue, and losing a major customer could affect results 1.
- Integration of acquisitionsmedium
Integrating acquired companies such as Valley can be difficult and may cause unforeseen costs or loss of key personnel 12.
Investment thesis
What would need to be true (bull case)
- A record backlog and revenue growth in the first half of 2026 point to sustained demand and good project execution 23.
- Exposure to grid investment and data center demand could support growth over several years 12.
- The Valley acquisition and bonding capacity could strengthen the company's position in new markets 2.
What would break the thesis
- Margins depend on project profitability estimates, and revisions to these estimates can change results quickly 3.
- Competitive bidding and price pressure could limit margins over the long term 1.
- Higher debt after the Valley acquisition, partly funded through a revolving credit facility, could reduce financial flexibility if demand falls 2.
What to watch
- Contribution of the Valley acquisition to C&I revenue and marginsQ3 2026
- Development of the backlog after multi-year transmission awards2027
- Gross margin and profitability estimates on fixed-price projectsQ3 2026
- Effect of tariffs and labor costs on project execution costsnext 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 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
MYR Group is a holding company of specialty electrical construction service providers, established in 1995 through the merger of long-standing specialty contractors. Its operations run through wholly owned subsidiaries with a network of local offices in the United States and Canada, covering design, engineering, procurement, construction, upgrade, maintenance and repair. According to the annual report, the T&D segment represented 54.7% of total revenue in 2025 and the C&I segment 45.3% 1.
The company works mainly through competitive bids, and its contracts include fixed-price, unit-price, time-and-materials, time-and-equipment and cost-plus forms. According to the annual report, fixed-price contracts accounted for 57.0% of total revenue in 2025 1. Many maintenance services are provided under multi-year master service agreements, which gives part of the activity a recurring character 1.
The company also relies on performance and payment bonds issued by sureties, a requirement common in new construction projects. According to the annual report, about 1.85 billion USD in original face amount of bonds was outstanding for C&I projects as of December 31, 2025 1. The filing presents this bonding capacity as an advantage over smaller or less financially secure competitors 1.
Segments
Transmission and Distribution (T&D)
The T&D segment builds and maintains high-voltage transmission lines, substations, underground and overhead distribution systems, clean energy projects and electric vehicle charging infrastructure, and also provides storm restoration services. Segment revenue was 1.06 billion USD in the first half of 2026 23.
Market context
MYR's activity depends on spending on electric transmission and distribution infrastructure and on commercial and industrial construction across the United States and Canada. Management expects that electricity demand, electrification and reshoring of manufacturing will require sustained investment by customers in both segments 2. However, the timing of large projects is hard to predict because of regulatory requirements and permitting, and multi-year projects awarded in 2026 could have a major impact only from 2027 12.
In utilities, the need to modernize the grid and reduce congestion could keep supporting bids for small and medium transmission projects 2. In commercial construction, demand from data centers and from public water and transportation infrastructure is cited as a source of opportunity over several years 2. Sensitivity to tariffs, labor costs and trade policy remains a source of uncertainty 12.
Trends
- Investment in the electric grid and rising electricity demandtailwind
Management points to the need for transmission and distribution investment to improve reliability, connect new power sources and support higher load, including from artificial intelligence and reshoring 2. This context could support the T&D segment over the long term 2.
- Growth of data centers and industrial infrastructuretailwind
Demand from data centers, transportation, health care and manufacturing is cited as an opportunity area for the C&I segment 2. If this demand holds, the C&I backlog could keep growing 23.
- Tariff uncertainty and trade policyheadwind
The annual report warns that tariffs and changes in trade policy can raise material costs and reduce customer spending, which could mean fewer project awards and more competition 1. The company says it cannot predict the outcome of these changes 1.
- Seasonality and weather effectsmixed
T&D activity is affected by seasonality, scheduled system outages and severe weather, and storm restoration work is unpredictable 1. These variations can make quarterly results hard to compare 1.
Competitive position
The market is fragmented and highly competitive: MYR competes with small local firms, mid-sized regional companies and large national competitors, and price remains a principal factor in bids 1. Competitors may have lower cost structures or greater financial resources, and customers may use their own in-house crews 1.
The advantages the company cites include its operating history dating back over a century, its bonding capacity, its safety reputation and its centralized equipment fleet 12. For large projects, barriers to entry include equipment cost, availability of qualified labor and the financial resources required 1.
- Regional and local independent contractors
Small and mid-sized firms that operate in local or regional markets and compete mainly on smaller projects and maintenance work 1.
- Large national competitors
Companies that operate nationally or internationally and may have greater technological and human resources than MYR 1.
- General contractors on C&I work
They often manage the bid process in C&I and may prefer exclusive partners, which makes these relationships an important competitive factor 1.
- In-house utility workforces
Some utility companies employ their own staff for similar work, which can reduce the volume of outsourced contracts 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
No news in our archive over the last 180 days.
SEC filings
- Current report04 Nov 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Other events · Financial statements and exhibits
- Current report10 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report07 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report28 May 2026Regulation FD disclosure · Financial statements and exhibits
- Current report27 May 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report14 May 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / MYR Group Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / MYR Group Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / MYR Group Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.