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PRIM

Primoris Services Corporation

PRIM

Primoris Services Corporation • NASDAQ
$126.56 ▲ 0.34% (+0.43)
Market Cap $6.84 B
52w High $146.16
52w Low $49.10
Dividend Yield 0.32%
P/E 25.06
Volume 234.88K
Outstanding Shares 54.03M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.178B ▲ $97.694M ▼ $94.617M ▲ 4.343% ▼ $1.752 ▲ $161.847M ▲
Q2-2025 $1.891B ▲ $105.092M ▲ $84.319M ▲ 4.46% ▲ $1.56 ▲ $148.813M ▲
Q1-2025 $1.648B ▼ $100.293M ▲ $44.24M ▼ 2.684% ▼ $0.82 ▼ $91.495M ▼
Q4-2024 $1.741B ▲ $97.004M ▼ $53.966M ▼ 3.099% ▼ $1 ▼ $111.058M ▼
Q3-2024 $1.649B $99.011M $58.436M 3.544% $1.09 $122.838M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $437.313M ▲ $4.65B ▲ $3.022B ▲ $1.628B ▲
Q2-2025 $390.254M ▲ $4.536B ▲ $3.001B ▲ $1.535B ▲
Q1-2025 $351.581M ▼ $4.217B ▲ $2.772B ▼ $1.446B ▲
Q4-2024 $455.825M ▲ $4.196B ▼ $2.786B ▼ $1.41B ▲
Q3-2024 $352.657M $4.24B $2.882B $1.358B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $94.617M ▲ $182.9M ▲ $-19.093M ▲ $-122.866M ▼ $41.119M ▲ $148.437M ▲
Q2-2025 $84.318M ▲ $78.453M ▲ $-25.933M ▲ $-14.472M ▲ $39.024M ▲ $45.34M ▲
Q1-2025 $44.24M ▼ $66.172M ▼ $-33.178M ▼ $-137.264M ▲ $-104.259M ▼ $25.582M ▼
Q4-2024 $53.966M ▼ $298.259M ▲ $-26.341M ▲ $-170.336M ▼ $103.146M ▼ $270.042M ▲
Q3-2024 $58.436M $222.451M $-40.184M $-34.918M $145.295M $158.75M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Energy
Energy
 $1.06Bn ▲$1.11Bn ▲$1.24Bn ▲$1.49Bn ▲
U And D Segment
U And D Segment
 $1.77Bn ▲$560.00M ▼$690.00M ▲$740.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Primoris has grown meaningfully over the past five years, with revenue climbing steadily and profits rising alongside it. Margins look fairly stable for a construction and infrastructure company, with a modest but consistent improvement in profitability over time. Earnings did not grow in a straight line every single year, but the overall trend has been positive, and recent results show the company operating at a larger scale with higher absolute profit than in the past. The business still reflects the cyclical and project-based nature of its industry, but it is clearly bigger and somewhat more efficient than it was a few years ago.

Balance Sheet

Balance Sheet The balance sheet shows a company that has expanded significantly, with total assets and shareholders’ equity both rising over the period. Debt has also increased, suggesting growth has been helped by borrowing, likely for acquisitions and capacity expansion. Leverage is higher than it was a few years ago but does not look extreme relative to the size of the business and its equity base. Cash levels move around from year to year but are currently stronger than in the recent past, giving the company more financial flexibility. Overall, Primoris looks like a larger, more leveraged, but also more solidly capitalized company than it used to be.

Cash Flow

Cash Flow Cash generation has been more volatile than earnings, which is typical for project-driven construction businesses where working capital swings can be large. Free cash flow was weak and occasionally negative a few years ago, but it has improved substantially more recently, with stronger operating cash flow more than covering investment spending. Capital expenditure has been relatively steady and manageable, indicating the business is not overly capital intensive beyond normal equipment and project needs. The recent step-up in free cash flow, if sustained, would be a meaningful support for balance sheet strength and future growth, but history suggests it could remain lumpy from year to year.

Competitive Edge

Competitive Edge Primoris operates in competitive construction and engineering markets but has carved out a defensible position through specialization and scale. Its business is spread across utilities, energy and renewables, and pipeline services, which reduces reliance on any one end market. A large and growing project backlog provides visibility into future work, while long-term agreements with major customers support recurring revenue. The self-perform model, using its own skilled workforce, gives it better control over quality, safety, and costs than contractors that rely heavily on subcontracting. At the same time, the company still faces typical industry risks: intense bidding competition, execution risk on complex projects, exposure to regulatory shifts, and dependence on infrastructure and energy spending cycles.

Innovation and R&D

Innovation and R&D Although Primoris is not a traditional R&D-driven company, it invests meaningfully in methods and technologies that enhance its capabilities. Its trenchless construction expertise is a clear differentiator for difficult pipeline and utility work, especially in urban or environmentally sensitive areas. In renewables, vertical integration through its Premier PV subsidiary gives it greater control over key solar components and helps mitigate supply chain issues. The company is also pushing into emerging areas like hydrogen infrastructure and renewable natural gas, positioning itself early in potentially high-growth niches. Digital tools and a dedicated technology leadership role support more efficient project management. Overall, innovation here is about specialized know-how, integrated solutions, and process improvement rather than lab-based research.

Summary

Primoris today looks like a larger, more diversified infrastructure contractor with improving profitability and a stronger strategic footing than it had several years ago. Revenue and earnings have trended upward, supported by a growing backlog and a broader mix of utilities, energy, renewables, and pipeline work. The balance sheet reflects expansion funded partly by debt, which raises sensitivity to downturns but is balanced by rising equity and recently stronger cash generation. Cash flows have historically been uneven but have improved meaningfully of late. Competitively, the company benefits from specialized capabilities, a self-perform workforce, long-term client relationships, and early positioning in renewables, hydrogen, and renewable natural gas. Key things to monitor going forward include the sustainability of recent cash flow strength, leverage levels through the cycle, execution on complex projects, and the pace at which newer growth areas contribute to earnings.

NEWS

November 3, 2025 · 4:18 PM UTC

Primoris Services Corporation Reports Third Quarter 2025 Results

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October 21, 2025 · 4:15 PM UTC

Primoris Services Corporation Schedules Third Quarter 2025 Earnings Conference Call and Webcast

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October 7, 2025 · 4:10 PM UTC

Primoris Services Corporation Announces Appointment of Koti Vadlamudi as President and Chief Executive Officer

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