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GLDD

Great Lakes Dredge & Dock Corporation

GLDD

Great Lakes Dredge & Dock Corporation • NASDAQ
$12.77 ▲ 0.87% (+0.11)
Market Cap $868.35 M
52w High $13.05
52w Low $7.51
Dividend Yield 0%
P/E 10.73
Volume 169.84K
Outstanding Shares 68.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $195.205M ▲ $15.617M ▼ $17.724M ▲ 9.08% ▲ $0.27 ▲ $39.274M ▲
Q2-2025 $193.755M ▼ $19.479M ▼ $9.695M ▼ 5.004% ▼ $0.15 ▼ $27.977M ▼
Q1-2025 $242.865M ▲ $19.578M ▲ $33.416M ▲ 13.759% ▲ $0.5 ▲ $60.108M ▲
Q4-2024 $202.774M ▲ $18.882M ▼ $19.716M ▲ 9.723% ▲ $0.29 ▲ $40.236M ▲
Q3-2024 $191.173M $19.539M $8.852M 4.63% $0.13 $26.983M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $12.671M ▲ $1.268B ▲ $765.627M ▲ $502.112M ▲
Q2-2025 $2.925M ▼ $1.242B ▲ $759.781M ▲ $481.869M ▲
Q1-2025 $11.336M ▲ $1.233B ▼ $753.504M ▼ $479.944M ▲
Q4-2024 $10.216M ▼ $1.306B ▲ $857.214M ▲ $448.91M ▲
Q3-2024 $12.037M $1.145B $719.93M $425.409M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $17.724M ▲ $49.15M ▼ $-33.913M ▲ $-5.491M ▼ $9.746M ▲ $13.237M ▲
Q2-2025 $9.695M ▼ $56.917M ▼ $-60.589M ▼ $-4.739M ▲ $-8.411M ▼ $-3.672M ▼
Q1-2025 $33.416M ▲ $60.854M ▲ $-20.718M ▲ $-39.016M ▼ $1.12M ▲ $39.604M ▲
Q4-2024 $19.716M ▲ $-2.622M ▼ $-22.492M ▲ $23.293M ▲ $-1.821M ▲ $-25.235M ▼
Q3-2024 $8.852M $26.772M $-37.973M $104K $-11.097M $-11.497M

Revenue by Products

Product Q1-2018Q2-2018Q3-2018Q4-2018
Dredging
Dredging
 $0 ▲$0 ▲$0 ▲$0 ▲
Dredging Segment
Dredging Segment
 $130.00M ▲$140.00M ▲$180.00M ▲$0 ▼
Environmental And Infrastructure Segment
Environmental And Infrastructure Segment
 $0 ▲$20.00M ▲$30.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Earnings have clearly turned a corner. After a weak year with losses a couple of years ago, revenue has climbed back and profits have improved each year since. Margins are healthier now, with operating and net income both firmly positive and better than they were before the downturn. The business still looks cyclical, but recent results suggest GLDD is coming out of a soft patch with stronger pricing, better project mix, and more efficient operations. The key watchpoint is whether this improved profitability can be sustained as the current project backlog is worked through.

Balance Sheet

Balance Sheet The balance sheet shows a capital‑intensive business that relies on a sizable asset base and meaningful debt. Total assets and equity have grown, which suggests reinvestment in the fleet and a gradual rebuild of the company’s financial cushion. Debt has also crept up, so leverage remains an important risk to monitor, especially given the industry’s cyclicality. Cash on hand is now quite low compared with earlier years, leaving less room for error if projects are delayed or margins tighten. Overall, the financial structure looks workable but not overly conservative, and it depends on steady cash generation from operations.

Cash Flow

Cash Flow Operating cash flow has generally been positive, which is a good sign that reported earnings are backed by real cash. However, the company has been spending heavily on its fleet and growth projects, so free cash flow has been consistently negative in recent years. In plain terms, the business is funding a major investment cycle that weighs on near‑term cash but is aimed at supporting future revenue and profit. This approach can pay off if the new assets are well utilized, but it does increase sensitivity to project timing, cost overruns, and any slowdown in contract awards.

Competitive Edge

Competitive Edge GLDD operates from a position of strength as the largest dredging company in the United States, with a broad and specialized fleet that few competitors can match. Its long history and deep experience in complex projects, together with tight relationships with government clients like the U.S. Army Corps of Engineers, create high barriers to entry. Regulatory constraints and the need for Jones Act‑compliant vessels further limit new competition. At the same time, reliance on government funding cycles and a relatively small set of major customers creates concentration risk, and large, complex contracts always carry execution and cost‑control challenges.

Innovation and R&D

Innovation and R&D The company’s “R&D” is mostly about engineering, fleet upgrades, and new project capabilities rather than lab research. GLDD has leaned into environmental dredging techniques, advanced survey and positioning technology, and a modernized fleet to improve efficiency and reduce environmental impact. The flagship example is the new subsea rock installation vessel for offshore wind, which opens a specialized niche where GLDD may have a unique U.S. advantage. Ongoing fleet modernization and targeted offshore wind capabilities show a clear innovation strategy, but they also demand substantial capital and flawless execution in a newer market segment.

Summary

GLDD is a mature, asset‑heavy infrastructure player that appears to be emerging from a weaker period with stronger earnings and a record project backlog behind it. The business benefits from scale, specialized equipment, regulatory barriers, long client relationships, and a growing role in coastal protection and offshore wind support. In return, investors face the usual trade‑offs of this kind of company: high capital needs, dependence on government and large‑project cycles, meaningful leverage, and execution risk on complex jobs and new ventures like offshore wind. The story today is one of improving profitability and aggressive reinvestment, with outcomes that will hinge on project performance and the durability of current demand.

NEWS

November 25, 2025 · 4:15 PM UTC

Great Lakes Receives S&P Global Ratings Upgrade to B

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November 4, 2025 · 8:15 AM UTC

Great Lakes Reports Third Quarter 2025 Results

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October 28, 2025 · 8:00 AM UTC

Great Lakes Dredge & Dock Corporation Schedules Announcement of 2025 Third Quarter Results

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October 1, 2025 · 4:15 PM UTC

Great Lakes Announces Receipt of $134 million in Awarded Work

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