A Business at a Glance
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QUANTA SERVICES, INC.
PWR
$94.6B
Mkt Cap
$625.84
-4.28%
QUANTA SERVICES, INC. (PWR) has a current P/E ratio of 92.0, compared to its historical median P/E of 30.4. The stock is currently considered Expensive based on its historical valuation range.
QUANTA SERVICES, INC. (PWR) has a 5-year average return on invested capital (ROIC) of 8.4%. This is below average and may indicate limited pricing power.
QUANTA SERVICES, INC. (PWR) has a market capitalization of $93.9B. It is classified as a large-cap stock.
Yes, QUANTA SERVICES, INC. (PWR) pays a dividend with a trailing twelve-month yield of 0.07%. The company also returns capital through share buybacks, with a buyback yield of 0.02%.
Based on historical P/E analysis, QUANTA SERVICES, INC. (PWR) appears expensive. The current P/E of 92.0 is 203% above its historical median of 30.4. The estimated fair value CAGR (P/E method) is 16.2%.
QUANTA SERVICES, INC. (PWR) operates in the Electrical Work industry, within the Industrials sector.
QUANTA SERVICES, INC. (PWR) reported annual revenue of $28.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Quanta Services is a leading provider of comprehensive infrastructure solutions for the electric and gas utility, renewable energy, technology, communications, pipeline and energy industries across the United States, Canada, Australia and select international markets. The company operates through two reportable segments: Electric Infrastructure Solutions (combining historical Electric Power and Renewable Energy operations) and Underground Utility and Infrastructure Solutions, delivering engineering, procurement, construction, upgrade, repair and maintenance services across electric power transmission and distribution networks, substation facilities, wind and solar generation and battery storage facilities, data center electrical systems, communications networks, gas utility systems, and pipeline transmission systems. Quanta's business model relies on decentralized operations with craft skilled labor personnel and experienced management teams across multiple operating companies, which can serve the same customers and provide diverse services across end-markets; the company operates a fleet of owned and leased equipment and proprietary technologies to enhance service offerings. The company generates revenue through master service agreements, repair and maintenance contracts, and fixed and non-fixed price construction and engineering contracts, with a large and diverse customer base including leading utility, renewable energy, technology, communications, industrial and energy delivery companies. Quanta's competitive differentiation stems from its reputation for safety leadership, responsiveness and performance, broad geographic reach, comprehensive service offerings, financial strength, and ability to deliver turnkey infrastructure solutions at scale, positioning it to benefit from programmatic and capital spending by customers across multiple industries.
【Infrastructure investment acceleration】 Management expects continued robust demand driven by grid modernization, electrification trends including electric vehicle adoption, data center expansion, and renewable energy deployment across North America. The company anticipates sustained multi-year infrastructure investment requirements as utilities modernize systems for reliability and resilience, technology companies build data center capacity, and renewable energy developers expand generation and storage facilities. Quanta expects backlog to continue rising on a year-over-year basis, supported by broad-based demand across electric transmission, distribution, renewable energy, and large load center markets, with particular momentum in data center and technology infrastructure solutions. The company remains focused on delivering execution certainty, investing in craft labor capabilities and technology, and pursuing disciplined strategic growth through acquisitions to expand addressable markets and strengthen service offerings.
| Metric | Target | Period |
|---|---|---|
| Revenue | $34.7 billion–$35.2 billion | FY2026 |
| Adjusted EBITDA | $3.49 billion–$3.65 billion | FY2026 |
| Adjusted EPS | $13.55–$14.25 | FY2026 |
| Free Cash Flow | $1.8 billion at the midpoint | FY2026 |
Revenue (FY2026): “We now expect revenues to range between $34.7 billion-$35.2 billion”
Adjusted EBITDA (FY2026): “adjusted EBITDA to range between $3.49 billion-$3.65 billion”
Adjusted EPS (FY2026): “adjusted EPS to range between $13.55 and $14.25”
Free Cash Flow (FY2026): “we expect free cash flow of $1.8 billion at the midpoint of our range”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Electric Segment | — | — | $15.87B | $19.01B | $23.00B | 81% |
Underground and Infrastructure Segment | — | $4.36B | $5.02B | $4.66B | $5.48B | 19% |
Termination Of The Peru Telecommunications Project | — | — | — | $30M | — | — |
Termination of the Peru Telecommunications Project | — | — | — | $30M | — | — |
Renewable Energy Segment | — | $3.78B | $6.17B | $7.85B | — | — |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 30.1B | 28.5B | 23.7B | 20.9B | 17.1B | 13.0B |
| Net Income | 1.1B | 1.0B | 905M | 745M | 491M | 486M |
| EPS | $7.40 | $6.80 | $6.03 | $5.00 | $3.32 | $3.34 |
| Free Cash Flow | 1.7B | 1.6B | 1.5B | 1.1B | 703M | 197M |
| ROIC | 8.6% | 8.9% | 9.4% | 9.1% | 7.2% | 7.4% |
| Gross Margin | 15.1% | 15.0% | 14.8% | 14.1% | 14.8% | 15.0% |
| Debt/Equity | 0.73 | 0.79 | 0.71 | 0.85 | 0.74 | 0.78 |
| Dividends/Share | $0.41 | $0.41 | $0.37 | $0.33 | $0.29 | $0.25 |
| Operating Income | 1.7B | 1.6B | 1.3B | 1.1B | 872M | 664M |
| Operating Margin | 5.7% | 5.7% | 5.7% | 5.4% | 5.1% | 5.1% |
| ROE | 12.2% | 12.7% | 13.3% | 12.8% | 9.4% | 10.3% |
| Shares Outstanding | 150M | 151M | 150M | 149M | 148M | 145M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 7.7B | 7.6B | 7.7B | 9.5B | 11.2B | 12.1B | 11.2B | 13.0B | 17.1B | 20.9B | 23.7B | 28.5B | 30.1B |
| Gross Margin | 15.1% | 12.2% | 13.3% | 13.1% | 13.2% | 13.2% | 14.8% | 15.0% | 14.8% | 14.1% | 14.8% | 15.0% | 15.1% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 705M | 593M | 653M | 778M | 858M | 956M | 975M | 1.2B | 1.3B | 1.6B | 1.8B | 2.2B | 2.3B |
| EBIT | 429M | 238M | 321M | 379M | 540M | 555M | 611M | 664M | 872M | 1.1B | 1.3B | 1.6B | 1.7B |
| Op. Margin | 5.5% | 3.1% | 4.2% | 4.0% | 4.8% | 4.6% | 5.5% | 5.1% | 5.1% | 5.4% | 5.7% | 5.7% | 5.7% |
| Net Income | 297M | 311M | 198M | 315M | 293M | 402M | 446M | 486M | 491M | 745M | 905M | 1.0B | 1.1B |
| Net Margin | 3.8% | 4.1% | 2.6% | 3.3% | 2.6% | 3.3% | 4.0% | 3.7% | 2.9% | 3.6% | 3.8% | 3.6% | 3.7% |
| Non-Recurring | 1.8M | 43M | 734K | 58M | -3.3M | 20M | 11M | 9.1M | 29M | 3.5M | 10M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 7.1% | 3.6% | 5.9% | 8.6% | 7.8% | 7.8% | 8.9% | 7.4% | 7.2% | 9.1% | 9.4% | 8.9% | 8.6% |
| ROE | 6.8% | 8.2% | 6.2% | 8.8% | 7.9% | 10.5% | 10.6% | 10.3% | 9.4% | 12.8% | 13.3% | 12.7% | 12.2% |
| ROA | 4.9% | 5.4% | 3.8% | 5.3% | 4.3% | 5.2% | 5.3% | 4.6% | 3.7% | 5.0% | 5.2% | 4.7% | 4.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 248M | 629M | 391M | 372M | 359M | 527M | 1.1B | 582M | 1.1B | 1.6B | 2.1B | 2.2B | 2.4B |
| Free Cash Flow | 526K | 419M | 178M | 127M | 65M | 265M | 856M | 197M | 703M | 1.1B | 1.5B | 1.6B | 1.7B |
| Owner Earnings | 35M | 394M | 146M | 109M | 60M | 194M | 722M | 73M | 380M | 835M | 1.2B | 1.1B | -366M |
| CapEx | 247M | 210M | 213M | 245M | 294M | 262M | 260M | 386M | 428M | 435M | 604M | 609M | 696M |
| Maint. CapEx | 175M | 198M | 202M | 216M | 247M | 280M | 302M | 421M | 645M | 614M | 742M | 910M | 2.5B |
| Growth CapEx | 72M | 12M | 11M | 29M | 47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 175M | 198M | 202M | 216M | 247M | 280M | 302M | 421M | 645M | 614M | 742M | 910M | 2.5B |
| CapEx/OCF | 99.8% | 34.0% | 54.5% | 65.8% | 81.8% | 49.7% | 23.3% | 66.3% | 37.8% | 27.6% | 29.0% | 27.3% | 29.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 23M | 29M | 34M | 41M | 48M | 54M | 60M | 62M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | 0.4% | 0.4% | 0.2% | 0.2% | 0.2% | 0.1% | 0.1% | 0.1% |
| Share Buybacks | 93M | 1.6B | 0 | 50M | 443M | 20M | 247M | 67M | 128M | 350K | 0 | 135M | 16M |
| Buyback Yield | 1.5% | 40.6% | N/A | 0.8% | 9.7% | 0.3% | 2.4% | 0.4% | 0.6% | 0.0% | N/A | 0.2% | 0.0% |
| Stock-Based Comp | 37M | 37M | 43M | 46M | 52M | 52M | 92M | 88M | 106M | 127M | 151M | 182M | 206M |
| Debt Repayment | 866M | 5.2M | 4.7M | 2.8M | 4.1B | 5.9B | 4.2B | 4.3B | 9.3B | 17.8B | 20.7B | 52.8B | 52.8B |
| Balance Sheet | |||||||||||||
| Net Debt | -109M | 354M | 249M | 534M | 1.0B | 1.5B | 1.3B | 3.8B | 3.5B | 4.1B | 4.5B | 6.7B | 6.2B |
| Cash & Equiv. | 191M | 129M | 112M | 138M | 79M | 165M | 185M | 229M | 429M | 1.3B | 742M | 440M | 365M |
| Long-Term Debt | 72M | 475M | 354M | 671M | 1.0B | 1.3B | 1.2B | 3.7B | 3.7B | 3.7B | 4.1B | 5.2B | 5.2B |
| Debt/Equity | 0.02 | 0.16 | 0.11 | 0.18 | 0.31 | 0.41 | 0.33 | 0.78 | 0.74 | 0.85 | 0.71 | 0.79 | 0.73 |
| Interest Coverage | 90.0 | 29.6 | 21.5 | 18.1 | 14.6 | 8.3 | 13.6 | 9.6 | 7.0 | 6.0 | 6.6 | 6.2 | 80.0 |
| Equity | 4.5B | 3.1B | 3.3B | 3.8B | 3.6B | 4.1B | 4.3B | 5.1B | 5.4B | 6.3B | 7.3B | 8.9B | 9.0B |
| Total Assets | 6.3B | 5.2B | 5.4B | 6.5B | 7.1B | 8.3B | 8.4B | 12.9B | 13.5B | 16.2B | 18.7B | 24.9B | 25.7B |
| Total Liabilities | 1.7B | 2.1B | 2.0B | 2.7B | 3.5B | 4.3B | 4.0B | 7.7B | 8.1B | 10.0B | 11.4B | 15.9B | 16.6B |
| Intangibles | 244M | 205M | 187M | 263M | 280M | 414M | 436M | 1.8B | 1.5B | 1.4B | 1.9B | 2.9B | 2.7B |
| Retained Earnings | 1.4B | 1.7B | 1.9B | 2.2B | 2.5B | 2.9B | 3.3B | 3.7B | 4.2B | 4.9B | 5.7B | 6.7B | 6.9B |
| Working Capital | 1.4B | 1.1B | 1.1B | 1.4B | 1.5B | 1.6B | 1.4B | 1.6B | 2.1B | 2.5B | 1.8B | 1.2B | 1.3B |
| Current Assets | 2.5B | 2.3B | 2.3B | 2.9B | 3.3B | 3.8B | 3.6B | 4.7B | 5.5B | 7.7B | 7.9B | 9.9B | 10.7B |
| Current Liabilities | 1.1B | 1.2B | 1.2B | 1.5B | 1.8B | 2.3B | 2.1B | 3.2B | 3.4B | 5.2B | 6.0B | 8.7B | 9.4B |
| Per Share Data | |||||||||||||
| EPS | 1.28 | 1.59 | 1.26 | 2.00 | 1.90 | 2.73 | 3.07 | 3.34 | 3.32 | 5.00 | 6.03 | 6.80 | 7.40 |
| Owner EPS | 0.15 | 2.02 | 0.93 | 0.69 | 0.39 | 1.32 | 4.98 | 0.50 | 2.57 | 5.61 | 7.92 | 7.52 | -2.44 |
| Book Value | 19.48 | 15.78 | 21.21 | 24.08 | 23.34 | 27.50 | 29.93 | 35.14 | 36.39 | 42.11 | 48.77 | 59.10 | 60.27 |
| Cash Flow/Share | 1.07 | 3.21 | 2.48 | 2.36 | 2.32 | 3.58 | 7.69 | 4.00 | 7.64 | 10.58 | 13.87 | 14.75 | 24.27 |
| Dividends/Share | N/A | N/A | N/A | 0.00 | 0.04 | 0.17 | 0.21 | 0.25 | 0.29 | 0.33 | 0.37 | 0.41 | 0.41 |
| Shares Out. | 231.8M | 195.5M | 157.4M | 157.5M | 154.4M | 147.3M | 145.1M | 145.5M | 147.9M | 148.9M | 150.1M | 151.2M | 150.1M |
| Valuation | |||||||||||||
| P/E Ratio | 20.4 | 12.7 | 26.8 | 19.3 | 15.5 | 14.7 | 22.8 | 34.0 | 42.4 | 43.2 | 53.5 | 63.6 | 84.6 |
| P/FCF | N/A | 9.4 | 29.8 | 47.7 | 69.7 | 22.4 | 11.9 | 84.0 | 29.6 | 28.2 | 32.8 | 40.4 | 55.8 |
| EV/EBIT | 13.4 | 17.6 | 17.0 | 17.1 | 10.3 | 12.7 | 18.0 | 29.9 | 27.2 | 30.4 | 38.0 | 44.2 | 58.5 |
| Price/Book | 1.3 | 1.3 | 1.6 | 1.6 | 1.3 | 1.5 | 2.3 | 3.2 | 3.9 | 5.1 | 6.6 | 7.3 | 10.4 |
| Price/Sales | 0.9 | 0.7 | 0.5 | 0.6 | 0.5 | 0.4 | 0.6 | 1.1 | 1.1 | 1.3 | 1.7 | 1.9 | 3.1 |
| FCF Yield | 0.0% | 10.6% | 3.4% | 2.1% | 1.4% | 4.5% | 8.4% | 1.2% | 3.4% | 3.5% | 3.1% | 2.5% | 1.8% |
| Market Cap | 6.1B | 4.0B | 5.3B | 6.1B | 4.5B | 5.9B | 10.2B | 16.5B | 20.8B | 32.1B | 48.4B | 65.4B | 93.9B |
| Avg. Price | 33.14 | 25.63 | 24.38 | 34.89 | 33.79 | 36.79 | 45.58 | 96.13 | 127.22 | 177.32 | 267.53 | 359.58 | 625.84 |
| Year-End Price | 27.56 | 20.23 | 33.76 | 38.58 | 29.45 | 40.22 | 70.02 | 113.50 | 140.65 | 215.85 | 322.67 | 432.56 | 625.84 |
QUANTA SERVICES, INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
QUANTA SERVICES, INC. trades at 92.0x trailing earnings, compared to its 15-year median P/E of 30.4x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 57.8x vs a median of 31.3x. The company's 5-year average ROIC is 8.4% with a gross margin of 14.8%. At current prices, the estimated annualized return to fair value is +34.8%.
QUANTA SERVICES, INC. (PWR) has a net profit margin of 3.6%. This is a modest margin.
QUANTA SERVICES, INC. (PWR) generated $1.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
QUANTA SERVICES, INC. (PWR) has a debt-to-equity ratio of 0.79. This indicates moderate leverage.
QUANTA SERVICES, INC. (PWR) reported earnings per share (EPS) of $6.80 in its most recent fiscal year.
QUANTA SERVICES, INC. (PWR) has a return on equity (ROE) of 12.7%. This indicates moderate shareholder returns.
QUANTA SERVICES, INC. (PWR) has a 5-year average gross margin of 14.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for QUANTA SERVICES, INC. (PWR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
QUANTA SERVICES, INC. (PWR) has a book value per share of $59.10, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued robust demand driven by grid modernization, electrification trends including electric vehicle adoption, data center expansion, and renewable energy deployment across North America. The company anticipates sustained multi-year infrastructure investment requirements as utilities modernize systems for reliability and resilience, technology companies build data center capacity, and renewable energy developers expand generation and storage facilities. Quanta expects backlog to continue rising on a year-over-year basis, supported by broad-based demand across electric transmission, distribution, renewable energy, and large load center markets, with particular momentum in data center and technology infrastructure solutions. The company remains focused on delivering execution certainty, investing in craft labor capabilities and technology, and pursuing disciplined strategic growth through acquisitions to expand addressable markets and strengthen service offerings.
Based on recent SEC filings and earnings calls, QUANTA SERVICES, INC. (PWR) has provided the following forward guidance: Revenue: $34.7 billion–$35.2 billion (FY2026); Adjusted EBITDA: $3.49 billion–$3.65 billion (FY2026); Adjusted EPS: $13.55–$14.25 (FY2026); Free Cash Flow: $1.8 billion at the midpoint (FY2026).