Ameresco, Inc. (AMRC): what the price assumes

In the published model solve dated 2026-Q2, anchored at $23.20, Ameresco, Inc. (AMRC) is priced for +11.9% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-07-25.

Generated: 2026-09-07 · Exported: 2026-09-09 · Source: https://boothcheck.com/report/AMRC

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

The operating-margin figure is value-band context at year 9: derived from the framework's value band, a separate calculation — not part of the priced-in solve.

Solve inputs: computed at a 7% cost of capital with 4% terminal growth over a 5-year stage (computed at the 7% minimum rate; the CAPM rate 6.7% sits below it).

How unusual the bet is: elevated (limited comparison data)

Valuation X-Ray

Asset, earnings-power and peer-multiple models all land far below the price; ONLY the growth-DCF reaches it. The bet is durable compounding the static frames structurally cannot price (a moat/durability premium).

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that justify the price: Growth Families that call it expensive: Asset, Earnings

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 8.4%); the inversion above states its own rate.

Per-Model Detail (n=6)

Economic-Unit Decomposition (Sum Of The Parts)

One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.

No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.

Solvency

Interest expense is not separately reported in the latest filings, so interest coverage cannot be computed.

Bullet Takeaways

• Ameresco sells energy projects and then keeps some of them: 77% of revenue is project work, but 13% comes from energy assets the company built and owns, and the fully-contracted backlog of $3,945,078 thousand at the end of 2025 is up sharply from $2.5 billion a year earlier.

• Owning those assets is financed with borrowings, and the scale is the central fact about this company: net debt of $1.72 billion sits against trailing operating income of $94.1 million, or roughly 18.3 times operating income on a pre-tax basis.

• Second-quarter results are due after the close on August 3, 2026, against full-year guidance of $2.0 billion to $2.2 billion of revenue and $161 million to $189 million of operating income, with roughly 60% of the year's revenue expected in the second half.

Bull Case

Follow the money and the thesis explains itself. Ameresco pays no dividend, buys back essentially nothing, and has kept its share count flat over the last four years. Every dollar the business generates, and a great many it borrows, goes into the same place: building energy plants and keeping them. That is an unusual choice for a contractor, and it is the choice the entire investment case turns on.

The reason it can be made is that the projects come with customers attached before construction starts. Ameresco designs and installs energy systems mostly for government and institutional buyers, and the 10-K describes the position that creates: the company is a pre-qualified energy service provider for state, county, and local agencies within the state. For example, the Commonwealth of Massachusetts and the states of Colorado and Washington pre-qualify energy service providers and provide contract documents that serve as the starting point for negotiations with potential governmental customers. Getting on those lists takes years. The sales cycle itself recently has been averaging 18 to 42 months, which is a barrier disguised as an inconvenience: a competitor cannot decide this quarter to be in the business next quarter.

What that slow cycle produces is visibility, and the visibility has been improving. At the end of 2025 the fully-contracted backlog of $3,945,078 thousand stood against $2.5 billion a year earlier, with a further $2.6 billion of work awarded but not yet under signed contract. Contracted backlog is revenue with a customer signature on it. For a business whose revenue arrives in lumps as projects reach construction milestones, an order book that grew by more than half in a year is the single most informative operating fact available.

The energy assets are where the model gets interesting. A conventional contractor finishes a job, collects, and starts looking for the next one. Ameresco finishes some jobs and then owns the output: 838 megawatts of operating energy assets, with a further 570 megawatts in development, and 87 megawatts placed into service in the most recent quarter. Those plants sell power or renewable fuel under long-term contracts, which converts one-time project margin into a decades-long annuity. The company structures the financing to match: We have entered into a number of construction and term loan agreements for the purpose of constructing and owning certain renewable energy plants. The physical assets and the operating agreements related to the renewable energy plants are generally owned by wholly owned subsidiaries. The debt sits with the assets it built and is serviced by the contracts those assets carry.

The corporate borrowings, as distinct from the project borrowings, are modest and termed out. The 10-K reports Senior Credit Facilities with a $100 million term loan that mature December 28, 2028 and a $100 million second lien term loan that matures June 2029, with the Senior Credit Facilities balance at $245 million at the end of 2025. That is the debt an investor should think of as the company's own. The rest is attached to specific plants with specific contracted revenue behind them, and telling the two apart is most of the work in reading this balance sheet correctly.

The operating results should follow the assets rather than the other way round. Trailing operating margin is 5.4%, which sits in the middle of the engineering and construction cohort: MYR Group runs 5.2%, Quanta Services 5.7%, and Primoris 4.9%, while the strongest, Comfort Systems and Sterling Infrastructure, reach 15.7% and 16.9%. Ameresco's blend is different from all of them, because a growing share of its income comes from plants it owns rather than from labor it bills. Guidance for 2026 calls for $161 million to $189 million of operating income against $94.1 million on the trailing twelve months. If the asset base delivers that step, the arithmetic looks entirely different than it does today.

Bear Case

Consider who gets to decide whether the strategy continues. Ameresco has two classes of stock, and the 10-K is explicit about what that means: Class A common stock, which is listed on the NYSE, and which is entitled to one vote per share, and Class B common stock, which is not listed on any security exchange and is entitled to five votes per share. The difference in the voting power of our Class A and Class B common stock could diminish the market value of our Class A common stock. Public shareholders are funding a capital-intensive build-out whose pace, financing and eventual retreat, if one is needed, are not theirs to vote on in any meaningful sense.

That would be tolerable if the returns on the capital were good. So far they are not. Trailing net income is $7.6 million against stated book value of $20.13 a share, a return on stated equity under 1%. The company has spent a decade converting project profits and borrowed money into owned plants, and the accounting return on the resulting equity base is currently a rounding error. Every dollar of that spending is capitalized rather than expensed, which is correct accounting and also means the growth story and the earnings story have been pointing in different directions for some time.

The borrowing that funded it has reached a level that changes the character of the equity. Net debt stands at $1.72 billion, which is more than the entire market value of the equity it supports. Against trailing operating income of $94.1 million that is roughly 18.3 times operating income before tax, or about 23 times on an after-tax basis. Debt of that size relative to the earnings servicing it means the equity is a residual claim on a leveraged asset portfolio, not a claim on an engineering firm. Small changes in the value of the plants, or in the rates at which their debt is refinanced, move the equity a great deal.

Rates are the specific pressure, and the company names it directly: increases in interest rates as compared to historical rates, have in the past and c ould in the future impact the profitability of our projects. In addition, any inability by us or our customers to raise the funds necessary to finance our projects or construction costs could materially harm our business. Energy assets are valued by discounting contracted cash flows. Higher discount rates lower those values and simultaneously raise the cost of the construction loans that create them, which is a squeeze from both ends. The equity is where the squeeze lands.

Backlog is not the shield it appears to be, either. The 10-K notes that our customers have the right, under some circumstances, to terminate contracts or defer the timing of our services and their payments to us, and that a substantial part of the order book, the awarded portion, has no signed customer contract behind it at all. Layer on the customer base: We derive a significant amount of our revenue from ESPCs with our government customers, and changes in the rules governing public procurement of those contracts, or in the tax credits that make renewable projects pencil, are decided by legislatures rather than by management.

Finally, the assumption embedded in the price. At about 31 times company-wide operating income, the market is paying for operating profit to compound near 11.2% a year over the next five years. The company has grown at that kind of pace before, so the rate itself is credible. Less credible is the discount rate holding the calculation together. The return investors are assumed to demand of this company sits at the low end of anything defensible for a leveraged infrastructure owner, and each additional percentage point of it raises the growth needed by about 9.4 points. That is not a small sensitivity. It means the difference between a demanding assumption and an impossible one is a modest revision in what investors demand from a leveraged infrastructure owner, and the second half of 2026, which is expected to carry roughly 60% of the year's revenue, will do most of the deciding.

Valuation

Thirty-one times company-wide operating income is what the enterprise costs today, and the first thing to say about that figure is which year produced it. Trailing operating income is $94.1 million. Management's own guidance for 2026 runs $161 million to $189 million. A multiple built on the trailing number is describing a business the company does not expect to be next year, which is the usual situation for an owner of assets that were under construction for most of the period being measured.

Run today's price backwards against that trailing base and it embeds operating profit compounding around 11.2% a year over five years. Ameresco has delivered growth at that pace before, so the assumption is not exotic. The fragility sits somewhere less obvious. The calculation runs on a 7% required return, a conservative floor rather than a market-derived figure, since the risk-based rate for a company with this profile computes lower still. Each additional percentage point of required return raises the growth the price needs by roughly 9.4 points. For a business whose value is a stream of contracted cash flows financed with borrowed money, that sensitivity is the number worth remembering.

The methods split along a line that is really about the balance sheet. Comparisons against sector multiples and the forward-growth projection land at or above where the shares trade. The asset-value and earnings-power approaches land far below, and their reasoning is not obscure: stated book equity is $20.13 a share earning a trailing return under 1%, and a five-year average of operating profit capitalized with no growth credited produces a figure well under the current quote. Both approaches are describing a period in which capital went into the ground and had not yet come back out. Both would look different measured on the guided year. The spread between the two groups is the price of believing that the assets built over the last several years are about to start earning.

Leverage decides how much room there is to be wrong. Net debt of $1.72 billion works out to about 18.3 times operating income before tax, or roughly 23 times the same figure after tax. The structure matters as much as the level. Corporate borrowings are relatively contained, with the Senior Credit Facilities balance reported as $245 million for year-end 2025, alongside a second lien term loan of $100 million maturing in 2029. The bulk sits at the project level, in construction and term loans where The physical assets and the operating agreements related to the renewable energy plants are generally owned by wholly owned subsidiaries, matched against the contracts those plants serve. That structure limits how far a single troubled project can reach, but it does not change the consolidated arithmetic an equity holder faces.

Ameresco's trailing operating margin of 5.4% sits mid-pack among the engineering and construction names it is grouped with. Within that cohort Quanta Services runs 5.7% and MYR Group 5.2%, while Comfort Systems reaches 15.7% and Sterling Infrastructure 16.9%. The comparison is only partly fair, because those companies bill labor and go home while Ameresco keeps the plant. Owning the plant is what produces both the higher multiple and the borrowings; they are the same decision seen from two sides. Whether the second-half revenue concentration this year converts backlog into the guided operating income is the near-term test of whether that decision is paying.

Catalysts

The next report lands after the close on August 3, 2026, with a call the same afternoon. It matters more than a typical second quarter because of how the year is shaped. Management guided 2026 revenue to $2.0 billion to $2.2 billion and operating income to $161 million to $189 million, and flagged that roughly 60% of the year's revenue is expected in the second half. A back-loaded year is normal for project construction, and it also means the August print is less a report card than a status check on whether the work is on schedule to be recognized.

The energy asset build is the other thing to watch, and it is measurable in units rather than dollars. The operating portfolio stood at 838 megawatts with a further 570 megawatts in development, and 87 megawatts were placed into service in the most recent quarter. Megawatts moving from development into operation is the moment a construction cost stops consuming cash and starts producing contracted revenue. The pace of that transition, more than the quarterly revenue line, determines when the earnings arrive.

Policy is the variable nobody at the company controls. Ameresco's projects depend on the economics created by energy-related tax credits and on the rules governing how public bodies procure energy savings performance contracts, and the 10-K flags that Changes in the laws and regulations governing the public procurement of ESPCs could have a material impact on our business. Changes there would not show up as a bad quarter. They would show up two years later in an awarded backlog that stopped converting, which is why the awarded-versus-contracted split in each report is worth reading before the headline numbers.

Peer Cohorts (Per Segment, With Filing Citations)

North America Regions (reported)

• EME (EMCOR Group, Inc.)
• FY2025 10-K: …eme:NetworkandCommunicationsMarketSectorMember country:US eme:UnitedStatesMechanicalConstructionAndFacilitiesServicesMember 2023-01-01 2023-12-31 0000105634 us-gaap:OperatingSegmentsMember eme:CommercialMarketSectorMember country:US eme:UnitedStatesMechanicalConstructionAndFacilitiesServicesMember 2025-01-01…
• FY2025 10-K: …eme:WaterandWastewaterMarketSectorMember country:US eme:UnitedStatesMechanicalConstructionAndFacilitiesServicesMember 2025-01-01 2025-12-31 0000105634 us-gaap:OperatingSegmentsMember eme:WaterandWastewaterMarketSectorMember country:US eme:UnitedStatesMechanicalConstructionAndFacilitiesServicesMember 2024-01-01…
• MTZ (MasTec, Inc.)
• FY2025 10-K: …Segment We are one of the largest pipeline contractors in North America, with a balanced portfolio of service offerings, including union and non-union services. Our pipeline offerings include construction and maintenance services for pipeline distribution, including for natural gas, water, wastewater and carbon…
• FY2025 10-K: …as industrial production expands, it is predicted that sectors depending on energy-intensive machinery will increasingly demand greater volumes of natural gas. Additionally, in response to rising data center demand and supportive liquified natural gas ("LNG") policies, it is predicted that companies will boost their…
• PWR (Quanta Services, Inc.)
• FY2025 10-K: …working environments that are more costly for our customers or cause delays on projects. In addition, infrastructure projects often do not begin in a meaningful way until our customers finalize their capital budgets, which typically occurs during the first quarter. Second quarter revenues are typically higher than…
• FY2025 10-K: …approach for our high-quality customers. With respect to our communications service offerings, which are focused on the North American market, consumer and commercial demand for communication and data-intensive, high-bandwidth wireline and wireless services and applications are driving significant investment in…
• IESC (IES Holdings, Inc.)
• FY2025 10-K: …constant presence. We also provide mechanical services such as maintenance agreements, installation, or replacement of mechanical equipment for commercial and industrial facilities. This segment provides services for a variety of project types, including data centers, manufacturing facilities, office buildings, wind…
• FY2025 10-K: …our multi-family business, prolonged elevated interest rates and tighter lending conditions for project owners have resulted in a reduction in backlog at September 30, 2025 compared with September 30, 2024. As a result, we expect a reduction in multi-family revenue for fiscal 2026 compared with fiscal 2025. Sales and…
• FIX (COMFORT SYSTEMS USA, INC.)
• FY2025 10-K: …sectors that we believe reduces our exposure to negative developments in any given sector. We also have significant geographical diversification across all regions of the United States, again reducing our exposure to negative developments in any given region. Our distribution of revenue in 2025 by end-use sector was…
• FY2025 10-K: …Operating Efficiencies -We think we can achieve operating efficiencies and cost savings through purchasing economies, adopting "best practices," and focusing on efficient job management. We are continually improving the "job loop" at our locations-qualifying, estimating, pricing, and executing projects effectively…
• STRL (Sterling Infrastructure, Inc.)
• FY2025 10-K: …$80 million, contingent upon achieving certain operating income targets. CEC is included in the Company's E-Infrastructure Solutions segment. Segments, Markets and Customers The Company's internal and public segment reporting are aligned based upon the services offered by its operating groups, which represent the…
• FY2025 10-K: 's revenue in 2025, 47% in 2024 and 50% in 2023. 5 Building Solutions -Our Building Solutions segment is comprised of our residential and commercial businesses. The principal geographic market for our residential business is Texas, specifically Dallas-Fort Worth, Houston and the surrounding communities. In 2021, we…
• MYRG (MYR GROUP INC.)
• FY2025 10-K: …2025-01-01 2025-12-31 0000700923 myrg:MarketTypeElectricalConstructionMember us-gaap:ProductConcentrationRiskMember us-gaap:SalesRevenueNetMember myrg:CommercialAndIndustrialMember 2025-01-01 2025-12-31 0000700923 myrg:CommercialAndIndustrialMember myrg:MarketTypeElectricalConstructionMember 2024-01-01 2024-12-31…
• FY2025 10-K: 12-31 0000700923 myrg:TopTenCustomersMember us-gaap:CustomerConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember 2024-01-01 2024-12-31 0000700923 myrg:TopTenCustomersMember us-gaap:CustomerConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember 2023-01-01 2023-12-31 0000700923…

U.S. Federal (reported)

• KBR (KBR, Inc.)
• FY2025 10-K: …false 0001357615 2025 FY http://fasb.org/us-gaap/2025#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesCurrent 4 http://fasb.org/us-gaap/2025#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure kbr:segment…
• FY2025 10-K: U.S. statutory federal rate $ 129 21 % Domestic federal tax effects: Tax credits ( 8 ) ( 1 ) % Nontaxable or nondeductible items: Non-deductible charge-outs 7 1 % Other 9 1 % Effect of cross-border tax laws: Global Intangible Low-Taxed Income 11 2 % Foreign-derived Intangible Income deduction ( 10 ) ( 2 ) % Subpart F…
• ACM (AECOM)
• FY2025 10-K: …impose strict, joint and several liabilities for the entire cost of cleanup, without regard to whether a company knew of or caused the release of hazardous substances. In addition, some environmental regulations can impose liability for the entire clean-up upon owners, operators, generators, transporters and other…
• FY2025 10-K: RevolvingCreditFacilityMember us-gaap:SecuredOvernightFinancingRateSofrMember currency:USD 2024-04-19 0000868857 acm:NewRevolvingCreditFacilityMember us-gaap:SecuredOvernightFinancingRateSofrMember currency:USD 2024-04-19 2024-04-19 0000868857 acm:NewRevolvingCreditFacilityMember us-gaap:BaseRateMember currency:USD…
• J (JACOBS SOLUTIONS INC.)
• FY2025 10-K: …jec:InsuranceContractsMember 2025-09-26 0000052988 us-gaap:ForeignPlanMember us-gaap:PensionPlansDefinedBenefitMember jec:InsuranceContractsMember 2025-09-26 0000052988 us-gaap:ForeignPlanMember us-gaap:FairValueInputsLevel1Member us-gaap:PensionPlansDefinedBenefitMember us-gaap:HedgeFundsMember 2025-09-26 0000052988…
• FY2025 10-K: …2025-09-26 0000052988 country:US us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:PensionPlansDefinedBenefitMember 2025-09-26 0000052988 us-gaap:ForeignPlanMember us-gaap:FairValueInputsLevel1Member us-gaap:PensionPlansDefinedBenefitMember jec:USDomesticEquitiesMember 2025-09-26 0000052988…
• FLR (FLUOR CORPORATION)
• FY2025 10-K: 5-12-31 0001124198 us-gaap:OtherNoncurrentLiabilitiesMember 2024-12-31 Table of Contents FLUOR CORPORATION INDEX TO CONSOLIDATED FINANCIAL STATEMENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934…
• FY2025 10-K: …the closure of federal facilities and significant personnel reductions; • disruptions to departments or agencies (including as result of budget deficits, government shutdowns and federal sequestration) that could interrupt communications with departments and agencies, result in program cancellations, disruptions…
• EME (EMCOR Group, Inc.)
• FY2025 10-K: …eme:WaterandWastewaterMarketSectorMember country:US eme:UnitedStatesMechanicalConstructionAndFacilitiesServicesMember 2025-01-01 2025-12-31 0000105634 us-gaap:OperatingSegmentsMember eme:WaterandWastewaterMarketSectorMember country:US eme:UnitedStatesMechanicalConstructionAndFacilitiesServicesMember 2024-01-01…
• FY2025 10-K: …eme:NetworkandCommunicationsMarketSectorMember country:US eme:UnitedStatesMechanicalConstructionAndFacilitiesServicesMember 2023-01-01 2023-12-31 0000105634 us-gaap:OperatingSegmentsMember eme:CommercialMarketSectorMember country:US eme:UnitedStatesMechanicalConstructionAndFacilitiesServicesMember 2025-01-01…
• MTZ (MasTec, Inc.)
• FY2025 10-K: …federal laws that apply to businesses generally, including laws and regulations related to labor relations, wages, worker safety and environmental protection. While many of our customers operate in regulated industries, for example, utilities regulated by the public service commission or communications companies…
• FY2025 10-K: …disclosure pursuant to ASU 2023-09 and reconciles the U.S. statutory federal income tax rate related to pretax income to the effective amount and tax rate for the year ended December 31, 2025 (dollar amounts in millions): December 31, 2025 Amount Percent U.S. statutory federal rate $ 108.3 21.0 % State and local…
• STRL (Sterling Infrastructure, Inc.)
• FY2025 10-K: …2025-12-31 0000874238 us-gaap:OperatingSegmentsMember strl:EInfrastructureSolutionsSegmentMember 2024-12-31 0000874238 us-gaap:OperatingSegmentsMember strl:TransportationSolutionsSegmentMember 2025-12-31 0000874238 us-gaap:OperatingSegmentsMember strl:TransportationSolutionsSegmentMember 2024-12-31 0000874238…
• FY2025 10-K: 2024-01-01 2024-12-31 0000874238 us-gaap:UnionizedEmployeesConcentrationRiskMember strl:HeavyAndGeneralConstructionLaborersLocal472AndLocal172Member strl:MultiemployerPlanPlanContributionsMember 2023-01-01 2023-12-31 0000874238 us-gaap:UnionizedEmployeesConcentrationRiskMember…

Renewable Fuels (reported)

• EME (EMCOR Group, Inc.)
• FY2025 10-K: …country:US eme:UnitedStatesElectricalConstructionAndFacilitiesServicesMember 2023-01-01 2023-12-31 0000105634 us-gaap:OperatingSegmentsMember eme:HighTechManufacturingMarketSectorMember country:US eme:UnitedStatesElectricalConstructionAndFacilitiesServicesMember 2025-01-01 2025-12-31 0000105634…
• FY2025 10-K: 01-01 2023-12-31 0000105634 eme:ElectricalContractorsAssociationOfTheCityOfChicagoLocalUnion134IBEWJointPensionTrustOfChicagoPensionPlan2Member us-gaap:PensionPlansDefinedBenefitMember 2025-01-01 2025-12-31 0000105634…
• IESC (IES Holdings, Inc.)
• FY2025 10-K: …and equipment through the next twelve months. Our ability to generate cash flow is dependent on many factors, including demand for our services, the availability of projects at margins acceptable to us, the ultimate collectability of our receivables, and our ability to borrow on our revolving credit facility or raise…
• FY2025 10-K: …0001048268 false 2024 FY http://fasb.org/us-gaap/2025#BusinessCombinationIntegrationRelatedCosts http://fasb.org/us-gaap/2025#GainLossOnDispositionOfAssets1 http://fasb.org/us-gaap/2025#AccountsPayableAndAccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#AccountsPayableAndAccruedLiabilitiesCurrent…
• FIX (COMFORT SYSTEMS USA, INC.)
• FY2025 10-K: …To improve our competitive position, we focus on both the consultative "design and build" installation market and the maintenance, repair, and replacement market to develop and strengthen customer relationships. In addition, we believe our ability to provide multi-location coverage and a broad range of services gives…
• FY2025 10-K: …the public. Our focus on environmental stewardship and improving productivity drives not only our efforts to become more energy efficient but also improvements in our customers' impact on climate change. Replacing an aging building's existing systems with modern, energy-efficient systems significantly reduces a…
• MTZ (MasTec, Inc.)
• FY2025 10-K: Growing corporate initiatives for smaller, standalone distributed generation facilities, together with regulatory and other policy initiatives at the state and municipal levels, have spurred demand for clean energy production from sustainable power sources, including wind, solar, biomass and other sources. Many states…
• FY2025 10-K: …line maintenance promote environmental and public safety, including methane reduction initiatives, while enhancing the safety, productivity and useful lives of our customers' assets. Our natural gas construction services, which represented $1.6 billion, or 11% of our revenue in 2025, help our customers access and…
• PWR (Quanta Services, Inc.)
• FY2025 10-K: …To accommodate this growth, we expect continued demand for new or expanded transmission, substation and distribution infrastructure to reliably transport power to meet demand driven by electrification, data centers and manufacturing reshoring, as well as the modification and reengineering of existing infrastructure…
• FY2025 10-K: …multi-year grid modernization and reliability programs, as well as system upgrades and hardening programs in response to recurring severe weather events. We have also experienced high demand for new and expanded transmission, substation and distribution infrastructure needed to reliably transport power. In…
• MYRG (MYR GROUP INC.)
• FY2025 10-K: …2025-01-01 2025-12-31 0000700923 myrg:MarketTypeElectricalConstructionMember us-gaap:ProductConcentrationRiskMember us-gaap:SalesRevenueNetMember myrg:CommercialAndIndustrialMember 2025-01-01 2025-12-31 0000700923 myrg:CommercialAndIndustrialMember myrg:MarketTypeElectricalConstructionMember 2024-01-01 2024-12-31…
• FY2025 10-K: …from such substances or wastes could interfere with ongoing operations or adversely affect our ability to sell, lease or otherwise use our properties in ways such as collateral for possible financing. We could also be held liable for significant penalties and damages under certain environmental laws and regulations,…
• PRIM (Primoris Services Corporation)
• FY2025 10-K: …increased power demand, and the intermittency of renewable power resources, gas powered generation will still be needed, not withstanding some opposition to these traditional generation sources. In addition, the historically low price of natural gas could result in the continued replacement of higher carbon emitting…
• FY2025 10-K: …demand based on information from our customers. ​ Fixed and MSA Backlog by reporting segment for the periods ending December 31, 2025 and 2024 were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ​ December 31, 2024 ​ ​ Next 12 Months ​ Total ​ Next 12 Months ​ Total Utilities ​ ​ ​ ​ ​ ​…
• STRL (Sterling Infrastructure, Inc.)
• FY2025 10-K: …strl:TransportationSolutionsSegmentMember 2025-01-01 2025-12-31 0000874238 srt:MaximumMember strl:TransportationSolutionsSegmentMember 2025-01-01 2025-12-31 0000874238 srt:MinimumMember strl:EInfrastructureSolutionsSegmentMember 2025-01-01 2025-12-31 0000874238 srt:MaximumMember…
• FY2025 10-K: CMember strl:BusinessCombinationProFormaInformationNonrecurringAdjustmentAnnualIntangibleAssetAmortizationMember 2025-01-01 2025-12-31 0000874238 strl:CECFacilitiesGroupLLCMember us-gaap:AcquisitionRelatedCostsMember 2025-01-01 2025-12-31 0000874238 strl:CECFacilitiesGroupLLCMember…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.