A Business at a Glance
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STERLING INFRASTRUCTURE, INC.
STRL
$20.4B
Mkt Cap
$660.93
-7.86%
STERLING INFRASTRUCTURE, INC. (STRL) has a current P/E ratio of 70.5, compared to its historical median P/E of 13.0. The stock is currently considered Expensive based on its historical valuation range.
STERLING INFRASTRUCTURE, INC. (STRL) has a 5-year average return on invested capital (ROIC) of 25.9%. This indicates strong capital allocation and a potential competitive advantage.
STERLING INFRASTRUCTURE, INC. (STRL) has a market capitalization of $20.3B. It is classified as a large-cap stock.
STERLING INFRASTRUCTURE, INC. (STRL) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.21%.
Based on historical P/E analysis, STERLING INFRASTRUCTURE, INC. (STRL) appears expensive. The current P/E of 70.5 is 441% above its historical median of 13.0. The estimated fair value CAGR (P/E method) is 36.9%.
STERLING INFRASTRUCTURE, INC. (STRL) operates in the Heavy Construction Other Than Bldg Const - Contractors industry, within the Industrials sector.
Sterling Infrastructure operates three specialized construction and infrastructure services segments across the United States, primarily in the Southern, Northeastern, Mid-Atlantic, and Rocky Mountain regions, plus the Pacific Islands. E-Infrastructure Solutions provides large-scale site development and mission-critical electrical services for data centers, semiconductor fabrication, manufacturing, distribution centers, and power generation; Transportation Solutions executes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, rail, and storm drainage; Building Solutions delivers residential and commercial concrete foundations, parking structures, elevated slabs, plumbing services, and surveys for single-family and multi-family residential builds. The company has strategically shifted its project mix away from low-margin, low-bid heavy highway work toward higher-margin mission-critical and alternative delivery projects, with data centers, large manufacturing, and semiconductor work now representing over 90% of E-Infrastructure backlog. Sterling operates a decentralized, adaptive business model that pursues both organic growth and acquisitions to expand service offerings and geographic footprint, having completed eleven acquisitions since 2016, and generates revenue through project-based contracts with strong execution capabilities and schedule assurance serving hyperscalers, large manufacturers, and government entities.
【Strong multi-year demand visibility】 Management expects continued strength in data center and mission-critical demand for the foreseeable future, with customers discussing multi-year capital deployment programs and projects growing in size, complexity, and duration. The company anticipates E-Infrastructure revenue growth of 80% or higher in 2026 with adjusted operating margins in the mid-20% range, while Transportation Solutions is expected to grow in the low to mid-single digit range as the company completes the downsizing of its Texas low-bid heavy highway business and benefits from the final year of the current federal funding cycle concluding in September 2026. Building Solutions is expected to be modestly down in 2026 but positioned for multiyear growth as key geographies including Dallas-Fort Worth, Houston, and Phoenix experience population growth and new home demand. Management remains focused on pursuing high-quality acquisition targets to enhance service offerings and geographic footprint, with significant balance sheet firepower to capitalize on strategic opportunities.
| Metric | Target | Period |
|---|---|---|
| Revenue | $3.7 billion–$3.8 billion | FY2026 |
| Diluted EPS | $16.50–$17.15 | FY2026 |
| Adjusted Diluted EPS | $18.40–$19.05 | FY2026 |
| EBITDA | $801 million–$831 million | FY2026 |
| E-Infrastructure Revenue Growth | 80% or higher | FY2026 |
| E-Infrastructure Adjusted Operating Profit Margins | mid 20% range | FY2026 |
| Transportation Solutions Revenue Growth | low to mid-single digit range | FY2026 |
| Building Solutions Revenue | modestly down | FY2026 |
| Building Solutions Adjusted Operating Margins | low double digits | FY2026 |
| CapEx | $100 million–$110 million | FY2026 |
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
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.9B | 2.5B | 2.1B | 2.0B | 1.8B | 1.4B |
| Net Income | 347M | 290M | 257M | 139M | 106M | 63M |
| EPS | $11.32 | $9.38 | $8.27 | $4.44 | $3.48 | $2.15 |
| Free Cash Flow | 442M | 363M | 416M | 414M | 158M | 112M |
| ROIC | 37.7% | 39.6% | 39.4% | 24.1% | 15.0% | 11.3% |
| Gross Margin | 23.3% | 23.0% | 20.1% | 17.1% | 15.5% | 14.4% |
| Debt/Equity | 0.24 | 0.32 | 0.46 | 0.64 | 1.03 | 1.31 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 488M | 406M | 265M | 206M | 160M | 107M |
| Operating Margin | 16.9% | 16.3% | 12.5% | 10.4% | 9.0% | 7.6% |
| ROE | 29.1% | 30.3% | 36.1% | 25.4% | 25.5% | 20.0% |
| Shares Outstanding | 31M | 31M | 31M | 31M | 31M | 29M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 672M | 624M | 690M | 958M | 1.0B | 1.1B | 1.2B | 1.4B | 1.8B | 2.0B | 2.1B | 2.5B | 2.9B |
| Gross Margin | 4.8% | 4.4% | 6.1% | 9.3% | 10.6% | 9.6% | 14.6% | 14.4% | 15.5% | 17.1% | 20.1% | 23.0% | 23.3% |
| 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 | 37M | 40M | 37M | 47M | 48M | 49M | 64M | 69M | 86M | 99M | 118M | 155M | 168M |
| EBIT | -4.2M | -14M | -4.7M | 26M | 43M | 38M | 93M | 107M | 160M | 206M | 265M | 406M | 488M |
| Op. Margin | -0.6% | -2.3% | -0.7% | 2.7% | 4.1% | 3.4% | 7.5% | 7.6% | 9.0% | 10.4% | 12.5% | 16.3% | 16.9% |
| Net Income | -9.8M | -39M | -9.2M | 12M | 25M | 40M | 42M | 63M | 106M | 139M | 257M | 290M | 347M |
| Net Margin | -1.5% | -6.3% | -1.3% | 1.2% | 2.4% | 3.5% | 3.4% | 4.4% | 6.0% | 7.0% | 12.2% | 11.7% | 12.0% |
| Non-Recurring | 995K | 1.5M | 367K | -171K | 580K | 527K | 0 | 0 | 17M | 0 | 0 | 16M | 16M |
| Returns on Capital | |||||||||||||
| ROIC | -6.4% | -27.8% | -8.4% | 23.9% | 26.6% | 9.8% | 10.5% | 11.3% | 15.0% | 24.1% | 39.4% | 39.6% | 37.7% |
| ROE | -7.4% | -34.1% | -9.1% | 9.3% | 16.5% | 20.8% | 17.4% | 20.0% | 25.5% | 25.4% | 36.1% | 30.3% | 29.1% |
| ROA | -3.4% | -13.7% | -3.3% | 3.0% | 5.3% | 5.6% | 4.5% | 5.7% | 8.0% | 8.6% | 13.6% | 12.5% | 12.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -11M | 8.7M | 44M | 25M | 39M | 42M | 123M | 159M | 219M | 479M | 497M | 440M | 521M |
| Free Cash Flow | -24M | 590K | 33M | 15M | 26M | 27M | 90M | 112M | 158M | 414M | 416M | 363M | 442M |
| Owner Earnings | -30M | -9.2M | 27M | 4.9M | 20M | 18M | 78M | 113M | 154M | 407M | 410M | 339M | 413M |
| CapEx | 14M | 8.1M | 11M | 9.4M | 13M | 15M | 33M | 47M | 61M | 64M | 81M | 77M | 79M |
| Maint. CapEx | 18M | 16M | 16M | 17M | 17M | 21M | 33M | 34M | 52M | 57M | 68M | 77M | 83M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 79K | 12M | 8.8M | 7.0M | 13M | 198K | 0 |
| D&A | 18M | 16M | 16M | 17M | 17M | 21M | 33M | 34M | 52M | 57M | 68M | 77M | 83M |
| CapEx/OCF | N/A | 90.2% | 24.8% | 38.0% | 33.4% | 37.5% | 27.2% | 29.4% | 27.8% | 13.5% | 16.3% | 17.6% | 15.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 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 |
| Share Buybacks | 0 | 0 | 0 | 0 | 4.7M | 3.2M | 0 | 0 | 0 | 0 | 71M | 74M | 43M |
| Buyback Yield | N/A | N/A | N/A | N/A | 1.7% | 0.8% | N/A | N/A | N/A | N/A | 1.3% | 0.8% | 0.2% |
| Stock-Based Comp | 849K | 1.6M | 1.8M | 2.8M | 3.1M | 3.8M | 12M | 12M | 13M | 15M | 19M | 24M | 25M |
| Debt Repayment | 0 | 3.2M | 0 | 4.7M | 12M | 88M | 78M | 48M | 23M | 93M | 27M | 25M | 25M |
| Balance Sheet | |||||||||||||
| Net Debt | 50M | 16M | -37M | 6.2M | -12M | 401M | 338M | 411M | 310M | -73M | -295M | -41M | -224M |
| Cash & Equiv. | 23M | 4.4M | 43M | 84M | 94M | 46M | 48M | 61M | 182M | 472M | 664M | 391M | 512M |
| Long-Term Debt | 37M | 15M | 1.5M | 86M | 79M | 391M | 291M | 429M | 399M | 315M | 290M | 276M | 272M |
| Debt/Equity | 0.54 | 0.21 | 0.05 | 0.64 | 0.50 | 2.03 | 1.44 | 1.31 | 1.03 | 0.64 | 0.46 | 0.32 | 0.24 |
| Interest Coverage | -3.9 | -42.8 | -5.9 | 3.0 | 6.3 | 1887.5 | 3307.7 | 5350.6 | 12297.7 | 12105.6 | 6615.6 | 13094.1 | 16815.7 |
| Equity | 134M | 96M | 107M | 141M | 164M | 220M | 267M | 359M | 475M | 619M | 808M | 1.1B | 1.2B |
| Total Assets | 306M | 266M | 302M | 463M | 483M | 935M | 953M | 1.2B | 1.4B | 1.8B | 2.0B | 2.6B | 2.8B |
| Total Liabilities | 165M | 170M | 194M | 317M | 310M | 713M | 684M | 875M | 964M | 1.2B | 1.2B | 1.5B | 1.6B |
| Intangibles | N/A | N/A | 0 | 45M | 42M | 256M | 245M | 303M | 299M | 328M | 316M | 555M | 548M |
| Retained Earnings | -72M | -93M | -102M | -90M | -65M | -25M | 17M | 80M | 186M | 325M | 582M | 873M | 969M |
| Working Capital | 52M | 31M | 29M | 96M | 123M | 64M | 40M | 83M | 151M | 170M | 280M | 12M | 111M |
| Current Assets | 157M | 135M | 176M | 279M | 303M | 330M | 362M | 435M | 597M | 848M | 1.0B | 1.0B | 1.2B |
| Current Liabilities | 105M | 104M | 147M | 182M | 179M | 266M | 322M | 352M | 447M | 678M | 742M | 1.0B | 1.1B |
| Per Share Data | |||||||||||||
| EPS | -0.54 | -2.02 | -0.40 | 0.43 | 0.93 | 1.47 | 1.50 | 2.15 | 3.48 | 4.44 | 8.27 | 9.38 | 11.32 |
| Owner EPS | -1.64 | -0.47 | 1.16 | 0.18 | 0.73 | 0.65 | 2.78 | 3.88 | 5.04 | 13.02 | 13.16 | 10.95 | 13.45 |
| Book Value | 7.38 | 4.94 | 4.65 | 5.23 | 6.07 | 8.10 | 9.48 | 12.31 | 15.51 | 19.82 | 25.96 | 35.84 | 38.77 |
| Cash Flow/Share | -0.58 | 0.45 | 1.92 | 0.92 | 1.46 | 1.55 | 4.36 | 5.45 | 7.16 | 15.33 | 15.97 | 14.22 | 14.01 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 18.1M | 19.4M | 23.1M | 27.0M | 27.1M | 27.1M | 28.2M | 29.1M | 30.6M | 31.2M | 31.1M | 30.9M | 30.7M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | 38.7 | 11.2 | 9.8 | 13.0 | 12.4 | 9.2 | 20.1 | 20.9 | 33.7 | 58.4 |
| P/FCF | N/A | 199.9 | 5.9 | 29.3 | 10.7 | 14.6 | 6.1 | 6.9 | 6.2 | 6.7 | 12.9 | 27.0 | 45.9 |
| EV/EBIT | N/A | N/A | N/A | 14.4 | 4.2 | 20.5 | 9.1 | 10.6 | 6.8 | 10.7 | 16.6 | 23.0 | 41.1 |
| Price/Book | 0.9 | 1.2 | 1.8 | 3.2 | 1.7 | 1.8 | 2.1 | 2.2 | 2.1 | 4.5 | 6.6 | 8.8 | 17.0 |
| Price/Sales | 0.2 | 0.1 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.5 | 0.5 | 0.9 | 1.8 | 2.9 | 7.0 |
| FCF Yield | -20.3% | 0.5% | 16.8% | 3.4% | 9.4% | 6.8% | 16.4% | 14.5% | 16.1% | 14.9% | 7.7% | 3.7% | 2.2% |
| Market Cap | 118M | 118M | 198M | 450M | 281M | 390M | 551M | 777M | 983M | 2.8B | 5.4B | 9.8B | 20.3B |
| Avg. Price | 8.69 | 4.45 | 6.06 | 12.06 | 13.03 | 13.34 | 12.66 | 22.97 | 26.30 | 55.49 | 124.03 | 236.56 | 660.93 |
| Year-End Price | 6.53 | 6.08 | 8.58 | 16.64 | 10.38 | 14.36 | 19.52 | 26.66 | 32.12 | 89.17 | 172.52 | 316.55 | 660.93 |
STERLING INFRASTRUCTURE, INC. passes 6 of 9 quality checks, suggesting mixed fundamentals.
STERLING INFRASTRUCTURE, INC. trades at 70.5x trailing earnings, compared to its 15-year median P/E of 13.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 55.8x vs a median of 8.8x. The company's 5-year average ROIC is 25.9% with a gross margin of 18.0%. Total shareholder yield (buybacks) is 0.2%. At current prices, the estimated annualized return to fair value is +51.7%.
STERLING INFRASTRUCTURE, INC. (STRL) reported annual revenue of $2.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
STERLING INFRASTRUCTURE, INC. (STRL) has a net profit margin of 11.7%. This is a healthy margin.
STERLING INFRASTRUCTURE, INC. (STRL) generated $363 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
STERLING INFRASTRUCTURE, INC. (STRL) has a debt-to-equity ratio of 0.32. This indicates a conservatively financed balance sheet.
STERLING INFRASTRUCTURE, INC. (STRL) reported earnings per share (EPS) of $9.38 in its most recent fiscal year.
STERLING INFRASTRUCTURE, INC. (STRL) has a return on equity (ROE) of 30.3%. This indicates the company generates strong returns for shareholders.
STERLING INFRASTRUCTURE, INC. (STRL) has a 5-year average gross margin of 18.0%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for STERLING INFRASTRUCTURE, INC. (STRL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
STERLING INFRASTRUCTURE, INC. (STRL) has a book value per share of $35.84, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strength in data center and mission-critical demand for the foreseeable future, with customers discussing multi-year capital deployment programs and projects growing in size, complexity, and duration. The company anticipates E-Infrastructure revenue growth of 80% or higher in 2026 with adjusted operating margins in the mid-20% range, while Transportation Solutions is expected to grow in the low to mid-single digit range as the company completes the downsizing of its Texas low-bid heavy highway business and benefits from the final year of the current federal funding cycle concluding in September 2026. Building Solutions is expected to be modestly down in 2026 but positioned for multiyear growth as key geographies including Dallas-Fort Worth, Houston, and Phoenix experience population growth and new home demand. Management remains focused on pursuing high-quality acquisition targets to enhance service offerings and geographic footprint, with significant balance sheet firepower to capitalize on strategic opportunities.
Based on recent SEC filings and earnings calls, STERLING INFRASTRUCTURE, INC. (STRL) has provided the following forward guidance: Revenue: $3.7 billion–$3.8 billion (FY2026); Diluted EPS: $16.50–$17.15 (FY2026); Adjusted Diluted EPS: $18.40–$19.05 (FY2026); EBITDA: $801 million–$831 million (FY2026); E-Infrastructure Revenue Growth: 80% or higher (FY2026), plus 5 additional metrics.
Revenue (FY2026): “Revenue of $3.7 billion-$3.8 billion, which at the midpoint is a 20% increase over previous guidance and represents more than 50% growth over 2025.”
Diluted EPS (FY2026): “Diluted EPS of $16.50-$17.15.”
Adjusted Diluted EPS (FY2026): “Adjusted diluted EPS of $18.40-$19.05, which at the midpoint is a 36% increase from previous guidance and represents 72% growth over 2025.”
EBITDA (FY2026): “EBITDA of $801 million-$831 million.”
E-Infrastructure Revenue Growth (FY2026): “For the full year 2026, we expect to deliver E-Infrastructure revenue growth of 80% or higher, including the full year contribution of CEC.”
E-Infrastructure Adjusted Operating Profit Margins (FY2026): “Adjusted operating profit margins for E-Infrastructure are expected to be in the mid 20% range.”
Transportation Solutions Revenue Growth (FY2026): “We expect Transportation Solutions revenue to grow in the low to mid-single digit range in 2026.”
Building Solutions Revenue (FY2026): “We anticipate that Building Solutions revenue will be modestly down in 2026, and that adjusted operating margins will be in the low double digits.”