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CTRI

Centuri Holdings, Inc.

CTRI

Centuri Holdings, Inc. • NYSE
$22.49 ▲ 3.59% (+0.78)
Market Cap $1.99 B
52w High $24.60
52w Low $14.46
Dividend Yield 0%
P/E 562.25
Volume 560.30K
Outstanding Shares 88.64M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $850.044M ▲ $32.617M ▲ $2.099M ▼ 0.247% ▼ $0.02 ▼ $75.9M ▲
Q2-2025 $724.052M ▲ $27.395M ▼ $8.053M ▲ 1.112% ▲ $0.091 ▲ $71.469M ▲
Q1-2025 $550.081M ▼ $33.041M ▼ $-17.937M ▼ -3.261% ▼ $-0.2 ▼ $26.075M ▼
Q4-2024 $717.078M ▼ $37.437M ▲ $10.299M ▲ 1.436% ▲ $0.12 ▲ $71.76M ▼
Q3-2024 $720.053M $33.875M $-3.652M -0.507% $-0.041 $80.561M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $16.133M ▼ $2.177B ▲ $1.587B ▲ $585.168M ▲
Q2-2025 $28.332M ▲ $2.108B ▲ $1.536B ▲ $567.125M ▲
Q1-2025 $15.255M ▼ $1.993B ▼ $1.451B ▼ $536.549M ▼
Q4-2024 $49.019M ▼ $2.074B ▼ $1.514B ▼ $555.552M ▲
Q3-2024 $52.459M $2.113B $1.581B $527.307M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.114M ▼ $5.214M ▲ $-21.52M ▼ $4.266M ▼ $-12.199M ▼ $-18.362M ▲
Q2-2025 $8.079M ▲ $-27.659M ▼ $-19.433M ▲ $59.93M ▲ $13.077M ▲ $-48.459M ▼
Q1-2025 $-17.924M ▼ $16.676M ▼ $-23.208M ▲ $-27.243M ▲ $-33.764M ▼ $-7.686M ▼
Q4-2024 $10.166M ▲ $60.998M ▼ $-30.084M ▼ $-33.872M ▲ $-3.44M ▼ $27.758M ▼
Q3-2024 $-3.617M $173.643M $-10.387M $-141.813M $21.54M $160.704M

Five-Year Company Overview

Income Statement

Income Statement Centuri looks like a solid top‑line story with a weaker bottom line. Revenue has grown over the longer stretch and sits in the low‑to‑mid single‑digit billions, but profit has been inconsistent. The company was modestly profitable earlier in the period, then moved into losses over the last few years. Operating results swung from healthy to negative and back again, and net income has stayed in the red recently, though the most recent year shows much smaller losses and a move back toward break‑even. Overall, this is a business with stable demand but thin margins and earnings volatility, which is typical for project‑driven infrastructure work but still a key risk to watch.

Balance Sheet

Balance Sheet The balance sheet shows a capital‑intensive contractor with meaningful leverage. Total assets have edged down a bit, while cash on hand is relatively small compared with the size of the business. Debt sits high relative to equity, indicating a geared capital structure and some financial risk if conditions worsen. Equity dipped in the middle of the period and then recovered more recently, which suggests some repair of the balance sheet but not yet a position of great strength. In short, the company can operate, but it does not have a large financial cushion, making consistent execution important.

Cash Flow

Cash Flow Cash generation is more reassuring than the income statement. Operating cash flow has been positive every year and has generally improved over time, which indicates that customers are paying and projects are converting into cash. Capital spending is steady and significant, as expected for an infrastructure services player. Free cash flow dipped negative in one year but has otherwise been around break‑even to modestly positive, implying the business can usually fund its investment needs internally, though with limited room for error. There is some progress toward stronger, more reliable cash generation, but it’s not yet firmly entrenched.

Competitive Edge

Competitive Edge Centuri’s main strength is its deep, long‑term embedment with regulated utilities. Multi‑year master service agreements, relationships that often span decades, and a focus on critical gas and electric infrastructure all create recurring work and high switching costs for customers. This stickiness, plus the regulated nature of utility spending, supports good visibility into future projects. On top of its core gas and electric work, Centuri has broadened into areas like grid modernization, renewable natural gas, battery storage, data center and 5G infrastructure, which spreads its opportunity set. The competitive risks lie in execution on complex projects, exposure to utility capital budgets and regulation, and competition from other specialty contractors, but the relationship moat is clearly a core asset.

Innovation and R&D

Innovation and R&D While Centuri is not a classic R&D‑heavy company, it is using practical technology to differentiate itself. Its integrated project management tools link design, mapping, field data capture, permits, and reporting in near real time. This kind of workflow integration can cut delays, reduce change orders, and give utilities and regulators more transparency, which matters in a risk‑averse industry. The company is also leaning into newer infrastructure themes: renewable natural gas facilities, battery storage projects, smart grid deployments, and underground networks for data and 5G. Looking ahead, the large volume of operational data it gathers could be fertile ground for analytics and AI‑driven efficiency, though that is more an emerging possibility than a current, proven advantage.

Summary

Centuri is a critical utility infrastructure partner with stable demand and a strong relationship moat, but earnings and leverage are the main watch points. Revenues are sizable and relatively steady, cash flow is generally positive, and long‑term contracts with regulated utilities provide visibility and recurring work. However, profitability has been choppy and recently weak, and the balance sheet carries meaningful debt with only a moderate equity base. Its push into clean energy, storage, smart grid, and data‑related infrastructure, supported by practical digital tools in the field, gives it exposure to long‑term modernization trends. The overall picture is of a solidly positioned, execution‑sensitive infrastructure services company that benefits from entrenched customer ties but still needs to prove it can translate that position into consistently strong and durable profits.

NEWS

November 20, 2025 · 3:00 PM UTC

Pilot Wave Holdings Management, LLC Announces Sale of Connect Atlantic Utility Services to Centuri Holdings, Inc.

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November 19, 2025 · 7:00 AM UTC

Centuri Acquires Connect Atlantic Utility Services (CAUS), Atlantic Canada's Leading Electric Utility Services Provider

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November 13, 2025 · 7:00 AM UTC

Centuri Announces Pricing of Public Offering of Common Stock

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November 12, 2025 · 4:36 PM UTC

Centuri Announces Launch of Public Offering of Common Stock

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November 11, 2025 · 7:05 AM UTC

Centuri Appoints Dustin DeMaria to Board of Directors

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