olivLaw · US equity research
Shimmick Corp SHIM
Heavy Construction Other Than Bldg Const - Contractors · SIC 1600 · Vertical: Heavy Construction Other Than Bldg Const - Contractors (SIC 1600)
Shimmick Corp is a California infrastructure contractor focused on water, climate resilience, energy transition and sustainable transport, with a backlog that had grown to about 991 million USD by July 3, 2026. It matters now because it is moving from inherited projects toward smaller, higher-margin work.
At the close of 04 Nov 2026, Shimmick Corp (SHIM) stock was 2.39 USD (−6.64% on the day), with market capitalisation 98.8 m USD, beta 1.28, 52-week range 2.05–6.67 USD. Latest reported quarter (Q2 2027): revenue of 106.6 m USD (−17.0% YoY), net income of -4.8 m USD, diluted EPS -0.12 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)
- 37.3
- weak (30–45)
- Bollinger (20, 2)
- 2.06 – 3.00
- in the lower half of the band · %B 0.35 · band width 37.1%
- SMA 50 / 200
- 3.06 / 3.76
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.17 / -0.21
- 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 | −23.2% | −2.0% | −21.2 pp | — |
| 3 months | −42.8% | −2.2% | −40.7 pp | — |
| 6 months | −57.2% | +4.3% | −61.4 pp | — |
| Year to date | −18.2% | +10.6% | −28.7 pp | — |
| 1 year | +4.4% | +10.5% | −6.1 pp | −9.0% |
| 3 years | unavailable | +73.7% | unavailable | +63.3% |
| 5 years | unavailable | +61.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 03 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 166.0 m | 103.6 m | 122.1 m | 128.4 m | 141.9 m | 100.4 m | 88.0 m | 106.6 m |
| Cost of revenue | 153.8 m | 124.4 m | 117.4 m | 120.3 m | 131.1 m | 90.4 m | 77.1 m | 94.2 m |
| Gross profit | 12.2 m | -20.8 m | 4.7 m | 8.1 m | 10.8 m | 10.0 m | 10.9 m | 12.5 m |
| SG&A | 13.0 m | 16.1 m | 14.4 m | 15.0 m | 14.3 m | 10.9 m | 14.3 m | 16.2 m |
| Operating income | 1.2 m | -40.7 m | -8.9 m | -7.1 m | -3.2 m | -245.0 k | -2.3 m | -2.7 m |
| Depreciation & amortisation | 3.4 m ≈ | 3.5 m | 3.5 m | 3.2 m ≈ | 3.1 m ≈ | 3.2 m | 2.9 m | 2.9 m ≈ |
| Interest expense | 2.0 m | 1.1 m | 1.0 m | 1.3 m | 1.4 m | 2.9 m | 2.2 m | 2.0 m |
| Pre-tax income | -1.6 m | -39.4 m | -9.8 m | -8.4 m | -4.4 m | -2.9 m | -4.4 m | -4.8 m |
| Income tax | 0 | -963.0 k | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income | -1.6 m | -38.5 m | -9.8 m | -8.5 m | -4.4 m | -2.9 m | -4.6 m | -4.8 m |
| Diluted EPS | -0.05 | -1,132.27 ≈ | -0.28 | -0.25 | -0.12 | -84.05 ≈ | -0.13 | -0.12 |
| Operating cash flow | 12.7 m ≈ | 44.9 m | -38.2 m | -3.8 m ≈ | -23.7 m ≈ | 618.0 k | -7.5 m | -17.1 m ≈ |
| Capex | 2.4 m ≈ | 514.0 k | 545.0 k | 347.0 k ≈ | 5.0 m ≈ | 509.0 k | 599.0 k | 53.0 k ≈ |
≈ 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 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | 664.2 m | 632.8 m | 480.2 m | 492.8 m |
| Revenue YoY | unavailable | −4.7% | unavailable | +2.6% |
| Net income | 3.8 m | -2.5 m | -124.7 m | -25.6 m |
| Net income YoY | unavailable | −167.7% | unavailable | unavailable |
| Diluted EPS | 0.17 | -0.11 | -4.10 | -0.74 |
| Diluted EPS YoY | unavailable | −164.7% | unavailable | unavailable |
| net % | 0.6% | -0.4% | -26.0% | -5.2% |
| Free cash flow | -13.5 m | -95.1 m | -31.7 m | -71.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 02 Jan 2026
- Cash
- 20.0 m USD
- Financial debt
- 64.5 m USD
- Net debt
- 44.5 m USD
- Equity
- -56.6 m USD
- Total assets
- 218.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.89x
- ROE
- unavailable
- ROA
- -11.3%
- FCF margin
- -14.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 664.2 m | 632.8 m | 480.2 m | 492.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Cost of revenue | 640.6 m | 610.4 m | 535.9 m | 459.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Gross profit | 23.5 m | 22.4 m | -55.6 m | 33.6 m | SEC (XBRL)· 13 Mar 2026verified |
| SG&A | 60.4 m | 64.1 m | 64.0 m | 54.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Operating income | 12.9 m | 435.0 k | -119.3 m | -19.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Depreciation & amortisation | 16.0 m | 17.1 m | 15.1 m | 13.0 m | SEC (XBRL)· 13 Mar 2026verified |
| EBITDA | 28.9 m ≈ | 17.6 m ≈ | -104.2 m ≈ | -6.4 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Interest expense | — | 2.3 m | 5.4 m | 6.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Pre-tax income | 4.2 m | -2.3 m | -125.7 m | -25.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Income tax | 1.3 m | 0 | -963.0 k | 0 | SEC (XBRL)· 13 Mar 2026verified |
| Net income | 3.8 m | -2.5 m | -124.7 m | -25.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Diluted EPS | 0.17 | -0.11 | -4.10 | -0.74 | SEC (XBRL)· 13 Mar 2026verified |
| Weighted average diluted shares | 21.9 k | 22.4 k | 30.4 k | 34.8 k | SEC (XBRL)· 13 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 77.8 m | 62.9 m | 33.7 m | 20.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Receivables | 56.4 m | 54.2 m | 43.0 m | 30.2 m | SEC (XBRL)· 13 Mar 2026verified |
| Current assets | 233.5 m | 257.5 m | 141.0 m | 175.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Property, plant & equipment, net | 55.2 m | 46.4 m | 19.1 m | 10.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Intangibles (excl. goodwill) | 12.0 m | 9.2 m | 6.7 m | 4.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Total assets | 446.8 m | 426.7 m | 233.9 m | 218.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Accounts payable | 67.5 m | 81.6 m | 46.5 m | 69.5 m | SEC (XBRL)· 13 Mar 2026verified |
| Short-term debt | — | 0 | 0 | 4.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Long-term debt | 0 | 29.6 m | 9.5 m | 60.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Current liabilities | 340.9 m | 271.3 m | 230.3 m | 196.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Total liabilities | 395.2 m | 356.2 m | 268.5 m | 275.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Equity | 51.6 m | 70.5 m | -34.7 m | -56.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Shares outstanding at year end | — | 25.5 m | — | — | SEC (XBRL)· 19 Dec 2023verified |
Cash flow · USD
| Line | 2022 | 2023 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -3.1 m | -88.1 m | -21.3 m | -65.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Capex | 10.4 m | 7.0 m | 10.5 m | 6.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Free cash flow | -13.5 m ≈ | -95.1 m ≈ | -31.7 m ≈ | -71.5 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Investing cash flow | 4.2 m | 22.1 m | 15.0 m | 1.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Financing cash flow | -931.0 k | 47.9 m | -21.9 m | 50.1 m | SEC (XBRL)· 13 Mar 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 weight coverage: 54.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 98.8 m USD
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · insufficient data
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: 54.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -3.8% | 30 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -8.0% | 0 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 15.2x | 0 (vs peers) | 19% |
| Interest coverage · Balance sheet | -1.0x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.0x | 17 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 42.4x | 0 (vs peers) | 19% |
| FCF yield · Valuation | -54.5% | 0 (on a fixed band) | 15% |
| 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 sheet3/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial30/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation0/100 · 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
Shimmick Corporation (SHIM). Latest full fiscal year: 2026; data up to 2026-07-03.
Figures computed from the financial statements: revenue 492.8 m USD in 2026; YoY growth 2.6%; net margin -3.8%; net debt/EBITDA 15.2x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -3.8%
- Revenue CAGR 3Y: -8.0%
- Net debt / EBITDA: 15.2x
- Interest coverage: -1.0x
- Current ratio: 1.0x
- EV/EBITDA: 42.4x
- FCF yield: -54.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).
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 | 54.2 | 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% | +23% / +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% | +4% / unavailable |
| SLNDSouthland Holdings, Inc. | 40.8 m | — | — | -67.0% | −21.2% | −76% / −86% |
| CDNLCardinal Infrastructure Group Inc | — | — | 7.4% | 2.7% | +44.7% | unavailable / unavailable |
| FERFerrovial N.V. | — | — | 14.8% | 9.2% | +5.2% | −10% / +79% |
1- and 3-year price returns: for SHIM 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.
In brief
Shimmick Corp is a California infrastructure contractor focused on water, climate resilience, energy transition and sustainable transport, with a backlog that had grown to about 991 million USD by July 3, 2026 2. It matters now because it is moving from inherited projects toward smaller, higher-margin work 3.
SWOT
Strengths
- A century-long heritage in water and critical infrastructure construction, with national recognition in Engineering News Record rankings 1.
- A high share of self-performed work and a solid presence in California 1.
- A recently high backlog and a book-to-burn ratio above 1, suggesting new awards are outpacing revenue recognition 3.
Weaknesses
Opportunities
Risks
- Fixed-price contract exposurehigh
Costs could exceed initial estimates, which could produce losses on fixed-price contracts 1.
- Dependence on public clientshigh
Most revenue comes from government-funded contracts, and political changes could affect project flow 1.
- Recovery of customer claimsmedium
If claims against customers are not fully recovered, liquidity and results could suffer 1.
- Dilution from equity issuancemedium
Additional share offerings, such as the one in May 2026, can reduce existing shareholders' stake in value 3.
- Trade policy and tariffslow
Tariff changes could raise material costs and alter investment decisions of customers 1.
Investment thesis
What would need to be true (bull case)
- If backlog keeps growing and new projects carry better margins, the company could convert that growth into higher revenue and profitability 23.
- Public funding for water and infrastructure provides a long-term tailwind, and a strong California position is an advantage if it holds 1.
- Axia Electric could open a new revenue line in electrical work and data centres if demand materialises 1.
What would break the thesis
- Losses on legacy and fixed-price contracts could continue to limit profitability if cost estimates remain unreliable 1.
- Liquidity remains limited, and if further funding becomes necessary, shareholder dilution could increase 3.
- Dependence on public funding and a small number of clients could make revenue more volatile if budgets shift 1.
What to watch
- Delivery against full-year 2026 revenue guidance of 525 to 575 million USD2026
- Adjusted EBITDA progress against annual guidance and Shimmick Projects marginQ3 2026
- Conversion of the 221 million USD in pending awards into signed contractsQ4 2026
- Liquidity level and book-to-burn ratio in the next quarterly reportQ3 2026
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
Shimmick designs and builds turnkey infrastructure solutions for the water market and other critical infrastructure, including energy, climate resiliency and sustainable transportation 1. The company has a history of more than a century, draws on Morrison Knudsen and Washington Group International operations, and became independent in 2021 after its sale by AECOM 1. Its shares have traded on the Nasdaq Capital Market as SHIM since its IPO in November 2023 1.
Customers are mainly public: federal agencies, municipal water districts, transit authorities and public works departments, with some private developers and utilities 1. About 96% of the current backlog consists of prime contracts, and more than half of 2025 revenue came from California 1. The company self-performs much of its work, which it believes helps control cost and schedule risk 1.
In June 2025 the company launched Axia Electric LLC, a dedicated electrical subsidiary focused on power distribution, commissioning and operations and maintenance services 1. Strategy emphasises selective bidding, collaborative contracting and projects with lower risk and higher margins 1.
Segments
Market context
The U.S. construction market is expected to reach about 2.3 trillion USD in 2026, and the infrastructure market about 1.5 trillion USD, growing at a mid-single-digit rate over the next decade 1. Federal and state funding for modernisation and resilience supports demand, and data centres and advanced energy add to it 1.
Long-term demand is supported by climate change and ageing infrastructure, but traditional commercial segments face uneven conditions 1. The addressable market depends on the company's geography, mainly California, where most of its backlog sits 1.
Trends
- Federal and state infrastructure fundingtailwind
Public funds for modernisation and resilience support demand for water and transport work, which could sustain backlog growth 1.
- Ageing infrastructure and climate changetailwind
Deterioration of existing assets and extreme weather create needs for rehabilitation and flood protection 1.
- Growth in electrical work and data centrestailwind
Demand for electrification, data centres and advanced energy could open opportunities for Axia Electric 1.
- Trade policy and material cost uncertaintyheadwind
Changes in tariffs and trade policy could raise the cost of steel, concrete and fuel, affecting fixed-price contracts 1.
Competitive position
The company competes for public contracts through competitive bids, where price is the main factor, or through best-value or collaborative proposals that weigh technical qualifications 1. Access to surety bonding and bidding capacity act as barriers to entry 1.
The provided documents do not name specific competitors, so a detailed market-share comparison cannot be made 1. The company's stated advantage comes from technical, self-performed work 1.
- Other qualified public-works contractors
The filings do not name rivals, but public bids involve several qualified bidders 1.
- Joint-venture partner contractors
The company forms temporary joint ventures for specific projects, which implies both rivalry and collaboration 1.
- California engineering and construction firms
California is the main market, where other regional contractors also operate, though none are named in the sources 1.
- Electrical contractors and utility service providers
The new Axia Electric subsidiary enters a segment with many specialised contractors, none named in the documents 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.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report08 Oct 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Current report03 Jun 2026Shareholder vote
- Current report26 May 2026Material agreement · Financial statements and exhibits
- Quarterly report15 May 2026
- Current report14 May 2026Results of operations · Financial statements and exhibits
- Current report28 Apr 2026Departure or appointment of officers · Other events · Financial statements and exhibits
- Proxy statement22 Apr 2026
- Current report31 Mar 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2026-01-02 · SEC / Shimmick Corp · 13 Mar 2026
- [2] Form 10-Q, quarter ended 2026-07-03 · SEC / Shimmick Corp · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Shimmick Corp · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.