olivLaw · US equity research
Primoris Services Corporation PRIM
Water, Sewer, Pipeline, Comm & Power Line Construction · SIC 1623 · Vertical: Water, Sewer, Pipeline, Comm & Power Line Construction (SIC 1623)
Primoris Services Corporation is a provider of critical infrastructure services active mainly in the United States and Canada through its Utilities and Energy segments. In 2026 the company reported a record backlog, but margins under pressure from a few renewable energy projects, so its trajectory is closely watched by investors.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Primoris Services Corporation (PRIM) stock was 68.45 USD (−13.98% on the day), with market capitalisation 3.6 bn USD, P/E 38.7 on diluted EPS of 1.77 USD over the last 12 months, dividend yield 0.47%, beta 1.51, 52-week range 65.03–202.92 USD. Latest reported quarter (Q3 2026): revenue of 2.0 bn USD (−10.4% YoY), net income of 51.3 m USD (−45.8% YoY), diluted EPS 0.95 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.6
- weak (30–45)
- Bollinger (20, 2)
- 63.30 – 85.44
- in the lower half of the band · %B 0.23 · band width 29.8%
- SMA 50 / 200
- 75.13 / 112.53
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.16 / -1.35
- 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 | −15.0% | −1.1% | −13.9 pp | — |
| 3 months | −17.9% | −0.5% | −17.5 pp | — |
| 6 months | −32.4% | +4.4% | −36.8 pp | — |
| Year to date | −44.9% | +12.3% | −57.2 pp | — |
| 1 year | −46.5% | +13.5% | −60.1 pp | +2.1% |
| 3 years | +122.8% | +76.4% | +46.4 pp | +112.1% |
| 5 years | +140.5% | +63.7% | +76.8 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 | 1.7 bn | 1.6 bn | 1.9 bn | 2.2 bn | 1.9 bn | 1.6 bn | 1.7 bn | 2.0 bn |
| Cost of revenue | 1.6 bn | 1.5 bn | 1.7 bn | 1.9 bn | 1.7 bn | 1.4 bn | 1.6 bn | 1.7 bn |
| Gross profit | 184.6 m | 170.7 m | 231.7 m | 235.7 m | 175.0 m | 134.7 m | 82.4 m | 204.7 m |
| SG&A | 96.5 m | 99.5 m | 104.6 m | 97.7 m | 97.5 m | 105.8 m | 106.3 m | 109.0 m |
| Operating income | 87.5 m | 70.4 m | 126.6 m | 137.0 m | 77.5 m | 24.4 m | -26.8 m | 94.9 m |
| Depreciation & amortisation | 22.6 m | 21.4 m | 22.5 m | 23.8 m | 24.2 m | 23.8 m | 30.7 m | 34.0 m |
| Pre-tax income | 76.1 m | 62.3 m | 118.7 m | 131.0 m | 71.9 m | 19.9 m | -36.6 m | 80.6 m |
| Income tax | 22.2 m | 18.1 m | 34.4 m | 36.4 m | 20.2 m | 2.5 m | -12.4 m | 29.3 m |
| Net income | 54.0 m | 44.2 m | 84.3 m | 94.6 m | 51.8 m | 17.4 m | -24.2 m | 51.3 m |
| Diluted EPS | 0.99 | 0.81 | 1.54 | 1.73 | 0.95 | 0.32 | -0.45 | 0.95 |
| Operating cash flow | 298.2 m | 66.2 m | 78.4 m ≈ | 182.9 m ≈ | 142.9 m | -122.6 m | -8.7 m ≈ | 140.2 m ≈ |
| Capex | 28.2 m | 40.6 m | 33.1 m ≈ | 34.5 m ≈ | 21.7 m | 27.8 m | 22.5 m ≈ | 42.1 m ≈ |
| Dividends paid | 3.3 m | 4.3 m | 4.3 m ≈ | 4.3 m ≈ | 4.4 m | 4.3 m | 4.4 m ≈ | 4.3 m ≈ |
| Share repurchases | — | — | — | — | — | — | — | 100.0 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 93 percentile of its own 40-quarter history (min 7.2, median 14.2, max 43.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.9 bn | 3.1 bn | 3.5 bn | 3.5 bn | 4.4 bn | 5.7 bn | 6.4 bn | 7.6 bn |
| Revenue YoY | +23.5% | +5.7% | +12.4% | +0.2% | +26.4% | +29.3% | +11.4% | +19.0% |
| Net income | 77.5 m | 82.3 m | 105.0 m | 115.7 m | 133.0 m | 126.1 m | 180.9 m | 274.9 m |
| Net income YoY | +7.1% | +6.3% | +27.5% | +10.2% | +14.9% | −5.2% | +43.5% | +52.0% |
| Diluted EPS | 1.50 | 1.61 | 2.16 | 2.17 | 2.47 | 2.33 | 3.31 | 5.02 |
| Diluted EPS YoY | +7.1% | +7.3% | +34.2% | +0.5% | +13.8% | −5.7% | +42.1% | +51.7% |
| net % | 2.6% | 2.7% | 3.0% | 3.3% | 3.0% | 2.2% | 2.8% | 3.6% |
| Free cash flow | 16.6 m | 24.5 m | 248.6 m | -54.1 m | -11.3 m | 95.5 m | 381.8 m | 340.5 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 535.5 m USD
- Financial debt
- 469.9 m USD
- Net debt
- -65.6 m USD
- Equity
- 1.7 bn USD
- Total assets
- 4.4 bn USD
- Debt / equity
- 0.28x
- Current ratio
- 1.26x
- ROE
- 17.8%
- ROA
- 6.4%
- FCF margin
- 4.5%
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 | 3.5 bn | 3.5 bn | 4.4 bn | 5.7 bn | 6.4 bn | 7.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 3.1 bn | 3.1 bn | 4.0 bn | 5.1 bn | 5.7 bn | 6.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 370.2 m | 416.7 m | 456.9 m | 587.5 m | 703.2 m | 813.1 m | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 202.8 m | 230.1 m | 281.6 m | 328.7 m | 383.3 m | 399.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 163.9 m | 170.2 m | 195.3 m | 253.1 m | 317.4 m | 411.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 82.5 m | 105.6 m | 99.2 m | 107.0 m | 95.5 m | 91.9 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 246.4 m ≈ | 275.7 m ≈ | 294.5 m ≈ | 360.1 m ≈ | 412.9 m ≈ | 503.4 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 20.3 m | — | — | — | — | — | SEC (XBRL)· 23 Feb 2021verified |
| Pre-tax income | 145.6 m | 151.9 m | 159.3 m | 177.6 m | 254.9 m | 384.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 40.7 m | 36.1 m | 26.3 m | 51.5 m | 74.0 m | 109.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 105.0 m | 115.7 m | 133.0 m | 126.1 m | 180.9 m | 274.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 2.16 | 2.17 | 2.47 | 2.33 | 3.31 | 5.02 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 48.6 m | 53.2 m | 53.8 m | 54.2 m | 54.6 m | 54.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 0.24 | 0.24 | 0.24 | 0.24 | 0.26 | 0.32 | SEC (XBRL)· 24 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 | 326.7 m | 200.5 m | 248.7 m | 217.8 m | 455.8 m | 535.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | — | — | — | 112.2 m | — | — | SEC (XBRL)· 27 Feb 2024verified |
| Current assets | 1.1 bn | 1.2 bn | 1.7 bn | 1.9 bn | 2.2 bn | 2.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 356.2 m | 433.3 m | 493.9 m | 475.9 m | 488.2 m | 531.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 215.1 m | 581.7 m | 871.8 m | 857.7 m | 856.9 m | 856.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 61.0 m | 171.3 m | 249.4 m | 227.6 m | 207.9 m | 190.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 2.0 bn | 2.5 bn | 3.5 bn | 3.8 bn | 4.2 bn | 4.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 245.9 m | 273.5 m | 535.0 m | 629.0 m | 624.3 m | 744.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 47.7 m | 67.2 m | 78.1 m | 72.9 m | 74.6 m | 60.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 268.8 m | 594.2 m | 1.1 bn | 885.4 m | 660.2 m | 409.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 764.4 m | 759.1 m | 1.1 bn | 1.3 bn | 1.7 bn | 1.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 1.3 bn | 1.6 bn | 2.4 bn | 2.6 bn | 2.8 bn | 2.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 714.8 m | 990.1 m | 1.1 bn † | 1.2 bn † | 1.4 bn † | 1.7 bn † | SEC (XBRL)· 24 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 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 313.0 m | 79.7 m | 83.3 m | 198.5 m | 508.3 m | 470.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 64.4 m | 133.8 m | 94.7 m | 103.0 m | 126.5 m | 129.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 248.6 m ≈ | -54.1 m ≈ | -11.3 m ≈ | 95.5 m ≈ | 381.8 m ≈ | 340.5 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -42.5 m | -691.3 m | -481.9 m | -30.0 m | -27.2 m | -93.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -62.8 m | 485.7 m | 452.0 m | -205.3 m | -244.4 m | -296.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 11.6 m | 12.6 m | 12.8 m | 12.8 m | 12.9 m | 17.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 11.5 m | 14.7 m | 6.0 m | — | — | — | SEC (XBRL)· 28 Feb 2023verified |
≈ 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: 40 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet48
- Valuation12
- Quality24
- Growth100
- Returns44
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: 37.00 – 43.91 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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 · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E37.00 – 43.91 (Mid 40.17)4 companies used · median multiple 22.7x · quartiles 20.9x – 24.8xDY, MTZ, MYRG, PLPC
- Dividend discount (DDM)outside the aggregate4.21 – 5.66 (Mid 4.82)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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
Unattractive profile · Score 40/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.3% | 33 (on a fixed band) | 11% |
| Net margin · Quality | 1.4% | 20 (vs peers) | 7% |
| FCF conversion · Quality | 39.1% | 13 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 19.7% | 100 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 26.7% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 2.1x | 56 (on a fixed band) | 11% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.1x | 29 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 38.7x | 20 (vs peers) | 11% |
| EV/EBITDA · Valuation | 14.8x | 2 (on a fixed band) | 11% |
| FCF yield · Valuation | 1.0% | 13 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 0.5% | 7 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 46.2% | 100 (on a fixed band) | 4% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet48/100 · 2/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality24/100 · 3/3 factors with a value
- Returns44/100 · 2/2 factors with a value
- Valuation12/100 · 3/3 factors with a value
Memo
Primoris Services Corporation (PRIM). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 7.6 bn USD in 2025; YoY growth 19.0%; net margin 1.4%; ROE 6.0%; net debt/EBITDA 2.1x.
The estimated value range is 37.00–43.91 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 40.17 USD, the price of 68.45 USD leaves a potential of -41.3% (value / price − 1) and a margin of safety of -70.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 40/100, methodological classification: unattractive 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
- Revenue CAGR 3Y: 19.7%
- EPS CAGR 3Y: 26.7%
- Payout ratio (FCF): 46.2%
What contradicts it
- Net margin: 1.4%
- FCF conversion: 39.1%
- Current ratio: 1.1x
- P/E (TTM): 38.7x
- EV/EBITDA: 14.8x
- FCF yield: 1.0%
- Shareholder yield (distributions): 0.5%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Interest coverage.
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% | +18% / +112% |
| PRIMPrimoris Services Corporation | 3.6 bn | 38.7 | 6.0% | 1.4% | +19.0% | −47% / +123% |
| 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 PRIM 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 | 46.33 Total return -32% · Per year -32% | 81.53 Total return 20% · Per year 20% | 122.30 Total return 79% · Per year 79% |
| 3 years | 54.95 Total return -18% · Per year -7% | 107.83 Total return 59% · Per year 17% | 176.11 Total return 160% · Per year 37% |
| 5 years | 65.18 Total return -2% · Per year -0% | 142.60 Total return 112% · Per year 16% | 253.60 Total return 275% · Per year 30% |
- Exit P/E± 26.96
- Net margin± 18.87
- Annual revenue growth± 14.07
- Annual dilution± 1.59
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 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (03 Nov 2026 · results).
In brief
Primoris Services Corporation is a provider of critical infrastructure services active mainly in the United States and Canada through its Utilities and Energy segments. In 2026 the company reported a record backlog, but margins under pressure from a few renewable energy projects, so its trajectory is closely watched by investors.13
SWOT
Strengths
- The record backlog and the large share of long-term contracted work give visibility on future revenue.
- The national position in utilities and the ability to execute complex projects are advantages smaller competitors find hard to replicate.
- The owned equipment fleet and stable workforce reduce reliance on external suppliers and raise barriers to entry for rivals.
Weaknesses
- Cost overruns on renewable projects heavily weighed on operating results in the second quarter of 2026.
- Revenue concentration in large customers makes the company vulnerable if one of them reduces investment.
- Financing costs and higher debt could limit financial flexibility if margins do not recover.
Opportunities
- Investment in electric grids, gas infrastructure and gas-fired generation could bring new contracts across both segments.
- Broadband programmes and communications network upgrades could open new projects for the Utilities segment.
- If delayed projects are executed better, the company could recover margins and benefit from its existing backlog.
Threats
- Changes in emissions and renewable energy regulation could reduce demand for some projects.
- A pullback in oil and gas investment, driven by price volatility, could lower demand for pipeline work.
- Inflationary pressure and higher labour costs could weigh on margins if they cannot be passed on to clients.
Risks
- Cost overruns on renewable projectshigh
Execution problems on renewable projects produced negative gross margins and could persist if completion is delayed.
- Customer concentrationhigh
A large share of revenue comes from a few customers, and losing one of them could materially affect results.
- Interest rate sensitivitymedium
Debt with variable rates exposes the company to rate increases, and financing costs rose in the first half of 2026.
- Dependence on public policymedium
Funding for transport and broadband projects depends on government budgets, which can be reduced or delayed.
- Weather and climate riskslow
Severe weather and natural events can interrupt work and delay collections, particularly in winter quarters.
Investment thesis
What would need to be true (bull case)
- The record backlog and the visibility from multi-year contracts could support a revenue recovery if projects are completed as planned.
- Structural demand for electric grid and gas infrastructure could remain solid over the long term, regardless of renewable project cycles.
- If margins improve in the second half of the year, the company could show that the problems of 2026 were temporary.
What would break the thesis
- Negative gross margins in the Energy segment suggest execution problems could last longer than management expects.
- Customer concentration and a growing share of less predictable project work could make revenue more volatile.
- If financing costs and debt pressure rise, the company's financial flexibility could be constrained.
What to watch
- Completion of the six renewable projects with cost overrunsQ3-Q4 2026
- Recovery of gross margin in the Energy segmentQ3 2026
- Development of the MSA backlog and new contract awardsQ4 2026
- Guidance on interest expense and results for 20272027
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 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (03 Nov 2026 · results).
The business
The strategy emphasises controlled growth, expansion with existing customers, ownership or long-term leasing of a large equipment fleet and a stable skilled workforce. Primoris bids selectively and tries to limit concentration of work with any one customer or industry.1
Revenue is seasonal: utility work tends to be weaker in the first quarter and weather can affect results. Large customers account for a significant part of revenue, and the top ten customers generated 53.1% of revenue in 2025, a much higher share than in earlier years.1
Segments
Utilities
The Utilities segment builds and maintains natural gas and electric distribution and transmission systems and communications systems in the United States. In the second quarter of 2026 it generated revenue of 712.6 million USD, slightly up, but with a lower gross margin of 11.9%.123
Energy
The Energy segment offers engineering, procurement, construction and maintenance services for renewable energy, storage, renewable fuels, petrochemical and state transport projects in the United States and Canada. In the second quarter of 2026 the segment posted a negative gross margin, due to cost overruns on six renewable projects.23
Corporate
Corporate and non-allocated costs generate no revenue of their own but affect consolidated operating results, mainly through administrative and transaction costs.
Market context
Demand for electric grid, gas infrastructure and renewable and gas-fired generation construction remains, in management's view, a long-term growth driver. However, demand in the pipeline segment and renewable projects depends on oil and gas prices, regulation and public funding, factors that can delay or cancel projects.
Primoris's market is shaped by public policy, utility grid investment and the funding of broadband programmes. If these programmes expand, demand for communications and network work could rise, while if government budgets shrink, transport and infrastructure projects could be postponed.
Trends
- Investment in electric gridstailwind
Utilities are investing in grid reliability, modernisation and the integration of renewable energy, which the company describes as a tailwind for the Utilities segment.
- Renewable projects with cost overrunsheadwind
Six renewable projects produced cost overruns in 2026, a major source of margin pressure with a short-term impact on profitability.
- Regulation and emissions pressuremixed
Rules on greenhouse gas emissions and policy changes for renewable energy could affect demand for Energy projects, depending on the final form of the rules.
- Natural gas and gas-fired generationtailwind
Rising power demand and the need for gas-fired plants could create opportunities for the Energy segment, if projects obtain the necessary permits on time.
Competitive position
Primoris competes with regional and national firms as well as smaller local contractors, and price, reputation for quality, safety, schedule certainty and relevant experience are the decisive factors. In utility markets the main rivals are Quanta Services, Dycom Industries, MYR Group and MasTec, while industrial and renewable markets also involve large private contractors.
Competitive pressure can reduce margins, especially when rivals bid aggressively on large projects. The company has noted that it does not win every bid and that pricing high-risk projects can affect profitability.
- Quanta Services, Inc.PWR
Competitor in utility markets, cited in the annual report as a direct rival.
- Dycom Industries, Inc.DY
Competitor in utility and telecommunications markets in the United States.
- MYR Group Inc.MYRG
Competitor in utility and electrical work cited in the report.
- MasTec, Inc.MTZ
Competitor in infrastructure work for utilities and communications.
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.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report (amendment)03 Nov 2026Departure or appointment of officers
- Current report03 Nov 2026Results of operations · Other events · Financial statements and exhibits
- Current report31 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Current report (amendment)06 Aug 2026Results of operations · Other events · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report (amendment)05 Aug 2026Results of operations · Other events · Financial statements and exhibits
- Current report04 Aug 2026Results of operations · Other events · Financial statements and exhibits
- Current report22 Jun 2026Results of operations · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Primoris Services Corporation · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Primoris Services Corporation · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Primoris Services Corporation · 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.