olivLaw · US equity research
Southland Holdings, Inc. SLND
Heavy Construction Other Than Bldg Const - Contractors · SIC 1600 · Vertical: Heavy Construction Other Than Bldg Const - Contractors (SIC 1600)
Southland Holdings is a Grapevine, Texas specialty infrastructure contractor active in bridges, tunnels, water and transportation across North America. In the first half of 2026 it reported a sharp gross loss after reassessing contract claims, and it now depends on negotiations with its surety partners for financing. Revenue in the second quarter of 2026 was 113.3 million USD, versus 215.4 million USD a year earlier.
At the close of 04 Nov 2026, Southland Holdings, Inc. (SLND) stock was 0.75 USD (−0.66% on the day), with market capitalisation 40.8 m USD, beta 0.70, 52-week range 0.54–4.80 USD. Latest reported quarter (Q2 2026): revenue of 113.3 m USD (−47.4% YoY), net income of -84.3 m USD, diluted EPS -1.55 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)
- 50.8
- neutral
- Bollinger (20, 2)
- 0.68 – 0.88
- in the lower half of the band · %B 0.36 · band width 25.9%
- SMA 50 / 200
- 0.69 / 1.01
- mixed trend
- MACD (12, 26, 9)
- 0.02 / 0.03
- MACD below 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 | +13.6% | −1.1% | +14.7 pp | — |
| 3 months | +10.3% | −0.5% | +10.7 pp | — |
| 6 months | −26.5% | +4.4% | −30.9 pp | — |
| Year to date | −77.4% | +12.3% | −89.7 pp | — |
| 1 year | −83.3% | +13.5% | −96.8 pp | −9.0% |
| 3 years | −87.7% | +76.4% | −164.1 pp | +63.3% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 173.3 m | 267.3 m | 239.5 m | 215.4 m | 213.3 m | 104.0 m | 172.4 m | 113.3 m |
| Cost of revenue | 224.4 m | 259.6 m | 218.0 m | 202.4 m | 210.1 m | 297.3 m | 177.2 m | 184.5 m |
| Gross profit | -51.1 m | 7.7 m | 21.5 m | 13.0 m | 3.3 m | -193.4 m | -4.8 m | -71.2 m |
| SG&A | 17.5 m | 15.7 m | 16.5 m | 13.6 m | 14.6 m | 17.0 m | 14.9 m | 16.7 m |
| Operating income | -68.6 m | -8.0 m | 5.0 m | -604.0 k | -11.3 m | -210.4 m | -19.7 m | -87.9 m |
| Depreciation & amortisation | 5.8 m ≈ | 6.4 m | 6.5 m | 5.4 m ≈ | — | — | 5.6 m | 5.4 m ≈ |
| Interest expense | 7.5 m | 9.6 m | 8.9 m | 10.0 m | 9.2 m | 9.0 m | 8.7 m | 7.3 m |
| Income tax | -17.1 m | -14.1 m | -313.0 k | -61.0 k | 57.2 m | -323.0 k | 19.0 k | -1.6 m |
| Net income | -54.7 m | -4.2 m | -4.6 m | -10.3 m | -75.3 m | -216.4 m | -28.4 m | -84.3 m |
| Diluted EPS | -1.14 | -0.09 ≈ | -0.08 | -0.19 | -1.39 | -4.00 ≈ | -0.52 | -1.55 |
| Operating cash flow | -5.3 m ≈ | -10.3 m | 6.4 m | -5.4 m ≈ | 5.9 m ≈ | 9.7 m | -133.9 m | -38.0 m ≈ |
| Capex | 2.0 m ≈ | 1.2 m | 1.8 m | 1.1 m ≈ | 561.0 k ≈ | 400.0 k | 28.0 k | 356.0 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 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.2 bn | 1.2 bn | 980.2 m | 772.2 m |
| Revenue YoY | unavailable | −9.2% | −0.1% | −15.5% | −21.2% |
| Net income | 38.7 m | 60.5 m | -19.3 m | -105.4 m | -306.5 m |
| Net income YoY | unavailable | +56.4% | −131.8% | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -0.41 | -2.19 | -5.67 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 3.0% | 5.2% | -1.7% | -10.7% | -39.7% |
| Free cash flow | -109.4 m | -71.0 m | -21.1 m | -5.5 m | 12.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 52.7 m USD
- Financial debt
- 257.7 m USD
- Net debt
- 205.0 m USD
- Equity
- -132.5 m USD
- Total assets
- 989.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.12x
- ROE
- unavailable
- ROA
- -28.0%
- FCF margin
- 1.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.2 bn | 1.2 bn | 980.2 m | 772.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Cost of revenue | 1.2 bn | 1.0 bn | 1.1 bn | 1.0 bn | 927.4 m | SEC (XBRL)· 26 Mar 2026verified |
| Gross profit | 114.2 m | 140.9 m | 35.8 m | -63.0 m | -155.3 m | SEC (XBRL)· 26 Mar 2026verified |
| SG&A | 58.1 m | 58.2 m | 67.2 m | 63.3 m | 61.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Operating income | 56.1 m | 82.7 m | -31.4 m | -126.3 m | -216.9 m | SEC (XBRL)· 26 Mar 2026verified |
| Depreciation & amortisation | 47.5 m | 45.7 m | 30.5 m | 23.3 m | 23.2 m | SEC (XBRL)· 26 Mar 2026verified |
| EBITDA | 103.5 m ≈ | 128.4 m ≈ | -852.0 k ≈ | -103.0 m ≈ | -193.7 m ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Interest expense | 7.3 m | 8.9 m | 19.5 m | 29.5 m | 37.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Pre-tax income | — | 2.7 m | — | — | — | SEC (XBRL)· 21 Mar 2023verified |
| Income tax | 10.9 m | 13.3 m | -8.5 m | -46.9 m | 56.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Net income | 38.7 m | 60.5 m | -19.3 m | -105.4 m | -306.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Diluted EPS | — | — | -0.41 | -2.19 | -5.67 | SEC (XBRL)· 26 Mar 2026verified |
| Weighted average diluted shares | — | — | 47.1 m | 48.1 m | 54.0 m | SEC (XBRL)· 26 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 63.3 m | 57.9 m | 49.2 m | 72.2 m | 52.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Inventories | — | 9.8 m | 5.5 m | 4.5 m | 2.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Current assets | 1.5 m | 867.3 m | 942.5 m | 881.7 m | 734.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Property, plant & equipment, net | — | 114.1 m | 102.2 m | 116.3 m | 107.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Goodwill | — | 1.5 m | 1.5 m | 1.5 m | 1.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 2.2 m | 1.7 m | 1.2 m | 1.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Total assets | 281.7 m | 1.1 bn | 1.2 bn | 1.2 bn | 989.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Accounts payable | 5.7 k | 126.4 m | 162.5 m | 191.7 m | 224.9 m | SEC (XBRL)· 26 Mar 2026verified |
| Short-term debt | — | 46.3 m | 48.5 m | 44.5 m | 53.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Long-term debt | — | 227.3 m | 251.9 m | 255.6 m | 204.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Current liabilities | 83.3 k | 476.1 m | 584.0 m | 621.1 m | 655.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Total liabilities | 9.7 m | 765.4 m | 940.5 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 26 Mar 2026verified |
| Equity | 259.3 m | 316.8 m | 260.6 m | 175.4 m | -132.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Shares outstanding at year end | 35.9 m | — | — | — | — | SEC (XBRL)· 16 Dec 2021verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -90.6 m | -66.2 m | -10.3 m | 1.9 m | 16.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Capex | 18.8 m | 4.8 m | 10.8 m | 7.4 m | 3.8 m | SEC (XBRL)· 26 Mar 2026verified |
| Free cash flow | -109.4 m ≈ | -71.0 m ≈ | -21.1 m ≈ | -5.5 m ≈ | 12.7 m ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Investing cash flow | -8.5 m | 5.6 m | 4.5 m | 3.2 m | 3.4 m | SEC (XBRL)· 26 Mar 2026verified |
| Financing cash flow | 30.6 m | 20.1 m | -2.6 m | 18.8 m | -40.2 m | SEC (XBRL)· 26 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
- indicators available: 5 of at least 6
- score weight coverage: 33.3% 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: 40.8 m USD
Key indicators
Coverage and freshness
Score by group
33% · 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 · the base of the ratio is not positive
- 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: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -67.0% | 0 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -12.7% | 0 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -9.6x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.3x | 40 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -386.1% | 0 (on a fixed band) | 25% |
| 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 sheet16/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 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
SOUTHLAND HOLDINGS, INC. (SLND). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 772.2 m USD in 2025; YoY growth -21.2%; net margin -67.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% 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: -67.0%
- Revenue CAGR 3Y: -12.7%
- Interest coverage: -9.6x
- FCF yield: -386.1%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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 | 54.3 | 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% | +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% | −9% / −61% |
| SLNDSouthland Holdings, Inc. | 40.8 m | — | — | -67.0% | −21.2% | −83% / −88% |
| 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 SLND 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
Southland Holdings is a Grapevine, Texas specialty infrastructure contractor active in bridges, tunnels, water and transportation across North America. In the first half of 2026 it reported a sharp gross loss after reassessing contract claims, and it now depends on negotiations with its surety partners for financing. Revenue in the second quarter of 2026 was 113.3 million USD, versus 215.4 million USD a year earlier.
SWOT
Strengths
- The company combines self-performed execution, an owned equipment fleet and technical expertise, which gives it control over many cost drivers 1.
- A national footprint across North America and the ability to pursue large projects are competitive advantages the company reports consistently 12.
- The backlog remains substantial, and management points to new awards, such as the contract announced in July 2026, as evidence the core business is still active 23.
Weaknesses
- First-half 2026 results were hit by large claim adjustments, and the gross loss shows how exposed the company is to contract estimate changes 3.
- Debt and surety obligations have grown, and surety advances point to reliance on the continued support of sureties 12.
- Revenue depends on a small number of large customers, and those customers can reduce, delay or terminate work, which concentrates risk 1.
Opportunities
- Public infrastructure investment could support demand for water, bridge and transportation work if funding remains available 2.
- If negotiations with surety partners are completed, the company could regain access to financing and new bids 3.
- Focusing on businesses considered more profitable, after exiting large-scale concrete and asphalt production, could improve margins over the medium term 12.
Threats
- Contract adjustments and claims tied to legacy disputes could keep affecting results and reduce the value of the backlog 3.
- Tariffs and trade uncertainty could raise material costs and slow customer investment 2.
- If surety financing is not resolved, the company could struggle to obtain bonds for new contracts 13.
Risks
- Contract adjustments and claimshigh
A reassessment of claims on several projects, including substantially completed ones, reduced revenue and gross profit in the second quarter of 2026, and further adjustments could follow if recoveries fall short of estimates 3.
- Financing and surety advanceshigh
The company is working on a financing agreement with its surety syndicate, and advanced funds must be repaid over time; if the agreement is not completed, liquidity pressure could increase 23.
- Dependence on public customersmedium
A significant share of revenue comes from federal, state and local governments, which can reduce, delay or cancel contracts, and this could affect results 1.
- Material and labor costsmedium
Higher fuel, material and labor costs can weigh on fixed-price contracts, particularly if costs cannot be passed on to customers 1.
- Tariffs and international tradelow
Tariffs and trade measures can affect the cost and availability of materials, and the longer-term effects depend on policy developments that remain uncertain 2.
Investment thesis
What would need to be true (bull case)
- If infrastructure demand stays strong and the company recovers from the contract adjustments, its backlog and its positions in the Civil and Transportation segments could support a rebound in results 12.
- Management points to new awards, such as the July 2026 contract, as evidence the business base remains functional, and completing the financing agreement could open access to new bids 3.
- Exiting large-scale concrete and asphalt production and concentrating on more profitable work could improve margins if projects are well executed 12.
What would break the thesis
- The second-quarter 2026 gross loss and repeated claim adjustments suggest that contract estimates could continue to be revised against the company 3.
- Reliance on surety advances and an unfinished financing agreement could limit the company's ability to win new contracts and sustain liquidity 23.
- A revenue decline of about a third in the first half of 2026 suggests volume losses could persist if new projects do not offset completed work 3.
What to watch
- Completion of the financing agreement and credit amendment with surety partnersQ3 2026
- Development of the backlog and new contracts, including the Winnipeg projectQ3 2026
- Gross margin after the claims reassessment and whether further adjustments appearQ3 2026
- Next annual report on liquidity and obligations to suretiesnext 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.
The business
Southland is a specialty infrastructure construction company with roots dating back to 1900, based in Grapevine, Texas. It is the parent of six primary subsidiaries, including Johnson Bros. Corporation, American Bridge Company, Oscar Renda Contracting, Southland Contracting, Mole Constructors and Heritage Materials 1. Its model emphasizes self-performance of much of its work, ownership of its equipment fleet and selective bidding, which it says helps manage costs and creates barriers to entry 1. Backlog fell from 2.031 billion USD at the end of 2025 to 1.68 billion USD at June 30, 2026, reflecting revenue recognized and contract adjustments 23.
The company runs two reportable segments, Civil and Transportation. Civil covers water pipelines, pump stations, water and wastewater treatment plants, concrete and structural steel, outfalls and tunneling 1. Operations are mainly in North America, with projects in Canada and the Bahamas, and customers include federal agencies, state transportation departments, local transit authorities and private owners of industrial, commercial and residential sites 1. Management says it is focusing on complex projects where fewer competitors are able to bid 2.
In the second quarter of 2026 the company reported a gross loss of 71.2 million USD, driven by non-cash adjustments tied to legacy disputes, according to its results release 3. Management said it continues to work toward a comprehensive financing agreement and credit amendment with its surety partners, which have advanced funds to keep projects moving 123.
Segments
Transportation
The Transportation segment, which covers bridges, roadways, marine work, dredging and ship terminals, produced 72.32 million USD of revenue in the second quarter of 2026 3. For the first half of 2026 revenue was 140.9 million USD, and the segment's gross loss was largely driven by Materials & Paving, which reduced gross profit by 29.4 million USD 3.
Market context
The market is fragmented, with small local contractors as well as regional, national and international firms competing for work 1. The company notes that demand for specialty construction has increased at federal, state and local levels, and that infrastructure spending tied to the Infrastructure Investment and Jobs Act passed in 2021 could support demand over the medium term 2. Management believes the outlook for its end markets remains positive, provided execution and financing are managed well 12.
The market remains cyclical: public funding, material prices and economic conditions can delay or cancel projects, and tariff actions in 2025 and 2026 have raised the cost of importing some construction materials 12. The company says these measures have had no meaningful impact on current projects so far, but it continues to evaluate them 2.
Trends
- Public infrastructure investmenttailwind
Federal, state and local funding for infrastructure has grown, which could support demand for specialty work in water, bridges and transportation over the medium term 2.
- Material and labor cost pressureheadwind
Fuel, materials and skilled labor costs have risen, which could compress margins on fixed-price contracts if the increases cannot be passed on to customers 1.
- Tariffs and supply chainsmixed
Tariffs and trade measures from 2025 and 2026 have raised the cost of importing materials, but their effect on current projects has been limited so far, and future effects remain uncertain 2.
- Surety-backed contract capacityheadwind
The ability to win contracts depends on bonding capacity, which relies on balance sheet strength and reputation, and surety advances could affect access to new work if negotiations are not completed 13.
Competitive position
Competition is intense and is based on price, reputation for quality, safety, schedule certainty, experience, equipment and financial capacity 1. The company points to its equipment ownership and ability to self-perform across many disciplines as advantages that limit the number of rivals able to bid on large projects 12.
Competitors can shift between public and private sector work when opportunities in one sector decline, which can slow revenue growth or pressure gross margins 12. Larger rivals with greater resources may win awards, and winning bids at acceptable margins remains essential to the business 1.
- Regional, national and international contractors
The company describes competition from larger regional, national and international general and specialty contractors, without naming specific firms 1.
- Small local contractors
Smaller local firms are described as generally unable to bid on larger or more technical projects, which narrows direct competition on big jobs 1.
- Firms able to work in both public and private sectors
These competitors can migrate between sectors, which affects pricing pressure and margins, but the sources do not name them 12.
- Rivals with greater financial resources
The sources indicate some competitors may have greater resources, which could influence bid outcomes, without naming any of them 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 report06 Oct 2026Material agreement · Financial statements and exhibits
- Current report25 Sept 2026Delisting notice · Financial statements and exhibits
- Current report27 Aug 2026Material agreement · Financial statements and exhibits
- Current report13 Aug 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report12 Aug 2026
- Current report12 Aug 2026Results of operations · Financial statements and exhibits
- Current report16 Jun 2026Shareholder vote
- Quarterly report12 May 2026
- Current report12 May 2026Results of operations · Financial statements and exhibits
- Proxy statement23 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Southland Holdings, Inc. · 26 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Southland Holdings, Inc. · 12 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Southland Holdings, Inc. · 12 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.