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Sterling Infrastructure, Inc.

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Sterling Infrastructure, Inc. • NASDAQ
$344.31 ▲ 1.34% (+4.56)
Market Cap $10.52 B
52w High $419.14
52w Low $96.34
Dividend Yield 0%
P/E 33.79
Volume 122.50K
Outstanding Shares 30.54M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $689.019M ▲ $44.907M ▲ $92.088M ▲ 13.365% ▲ $3.02 ▲ $146.759M ▲
Q2-2025 $614.468M ▲ $38.576M ▼ $70.991M ▲ 11.553% ▲ $2.33 ▲ $129.087M ▲
Q1-2025 $430.949M ▼ $38.764M ▼ $39.477M ▼ 9.16% ▼ $1.29 ▼ $79.894M ▼
Q4-2024 $498.833M ▼ $44.406M ▲ $113.213M ▲ 22.696% ▲ $3.69 ▲ $179.248M ▲
Q3-2024 $593.741M $42.307M $61.321M 10.328% $2 $112.446M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $306.395M ▼ $2.562B ▲ $1.477B ▲ $1.051B ▲
Q2-2025 $699.373M ▲ $2.161B ▲ $1.25B ▲ $881.745M ▲
Q1-2025 $638.647M ▼ $2.035B ▼ $1.208B ▼ $805.416M ▼
Q4-2024 $664.195M ▲ $2.035B ▲ $1.208B ▼ $808.081M ▲
Q3-2024 $648.127M $2.024B $1.293B $716.524M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $92.088M ▲ $83.626M ▼ $-464.588M ▼ $-12.016M ▲ $-392.978M ▼ $63.965M ▼
Q2-2025 $79.108M ▲ $85.428M ▲ $-12.266M ▲ $-12.436M ▲ $60.726M ▲ $72.09M ▲
Q1-2025 $42.591M ▼ $84.883M ▼ $-54.211M ▲ $-56.22M ▼ $-25.548M ▼ $66.959M ▼
Q4-2024 $117.192M ▲ $174.269M ▲ $-123.547M ▼ $-34.654M ▼ $16.068M ▼ $158.624M ▲
Q3-2024 $65.393M $152.274M $-16.921M $-27.211M $108.142M $138.274M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Building Solutions Segment
Building Solutions Segment
 $200.00M ▲$90.00M ▼$110.00M ▲$100.00M ▼
EInfrastructure Solutions Segment
EInfrastructure Solutions Segment
 $0 ▲$220.00M ▲$310.00M ▲$420.00M ▲
Transportation Solutions Segment
Transportation Solutions Segment
 $0 ▲$120.00M ▲$200.00M ▲$170.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Sterling’s income statement shows a company that has grown consistently and become much more profitable over the last several years. Revenue has climbed steadily each year, and profits have risen even faster than sales, which suggests better pricing, stronger project selection, and tighter execution. Gross profit and operating profit have both expanded, meaning the business is keeping more of each dollar it earns. Net income and earnings per share have increased multiple times over compared with a few years ago, indicating meaningful operating leverage. The main caveat is that construction and infrastructure remain cyclical industries, so this pace of improvement may not be perfectly smooth in the future.

Balance Sheet

Balance Sheet The balance sheet has strengthened over time. Total assets and shareholders’ equity have grown steadily, pointing to a larger, more established platform with a thicker capital cushion. Cash holdings have increased significantly, giving Sterling more flexibility to fund projects, weather downturns, or pursue acquisitions. Debt, by contrast, has stayed relatively stable or edged down in relation to the size of the business, which means leverage has improved. Overall, the company looks financially sturdier and less stretched than in the past, though it still carries some debt typical for its industry.

Cash Flow

Cash Flow Sterling’s cash flow profile is a clear positive. Cash generated from day-to-day operations has grown meaningfully and now comfortably exceeds what the company spends on capital investments. Free cash flow has been solid and consistently positive for multiple years, which is not always the case in construction. Capital spending needs appear manageable relative to the cash coming in, suggesting the company can support growth while still having room for debt reduction, acquisitions, or other corporate uses. The main risk is that project timing and working capital swings can make cash flows lumpy from year to year, even in a fundamentally strong business.

Competitive Edge

Competitive Edge Sterling’s competitive position is built less on a single breakthrough technology and more on execution, integration, and focus. The company has carved out a strong role in complex, large-scale site development and e-infrastructure projects, such as data centers and advanced manufacturing sites, where reliability and speed matter a great deal. Its reputation for finishing complex work on or ahead of schedule, along with deep customer relationships and repeat business from large, blue-chip clients, underpins its moat. Strategic diversification across infrastructure, transportation, and building solutions also reduces reliance on any one end market. The shift away from low-margin, commodity-style work toward higher-value, specialized projects further strengthens its competitive stance. Key risks include dependence on continued strength in data center and manufacturing build-outs, and the typical project and contract risks inherent in construction.

Innovation and R&D

Innovation and R&D Innovation at Sterling is primarily about process, integration, and service design rather than traditional lab-style R&D. The company focuses on end-to-end project delivery, especially in its e-infrastructure segment, offering clients a single partner from site selection all the way through to site readiness. This integrated model is a differentiator in complex projects where time-to-market is critical. Sterling also invests in advanced project management tools, safety systems that incorporate analytics and AI, and sustainability practices that appeal to large, socially conscious customers. Strategic acquisitions, such as adding electrical and mechanical capabilities, function like “applied R&D,” expanding what the company can deliver on a turnkey basis. Future innovation will likely come from deeper integration of these acquired capabilities, broader use of data and AI in operations, and continued refinement of its high-value service offerings rather than from patented technologies.

Summary

Sterling Infrastructure appears to be a company that has grown steadily while materially improving its profitability, financial strength, and cash generation. The business has shifted toward higher-margin, complex infrastructure work, especially in e-infrastructure, and is using integrated solutions and strong execution to deepen customer relationships and win repeat work. Its balance sheet is stronger than it was several years ago, with more cash and proportionally less debt, and its cash flows support both reinvestment and strategic flexibility. The main opportunities center on long-term trends like data center expansion, onshoring of manufacturing, and infrastructure modernization. The main risks relate to the cyclical nature of construction, concentration in a few fast-growing sectors that could slow, and the ongoing need to integrate acquisitions smoothly and manage large, complex projects without cost overruns. Overall, the recent track record shows a company moving up the value chain with improving financial quality, but still exposed to typical industry and macroeconomic swings.

NEWS

November 12, 2025 · 9:05 AM UTC

Sterling Announces Authorization of a New $400 Million Stock Repurchase Program

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November 6, 2025 · 6:20 PM UTC

Sterling Infrastructure Set to Join S&P MidCap 400 and Red Rock Resorts to Join S&P SmallCap 600

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November 3, 2025 · 4:05 PM UTC

Sterling Reports Record Third Quarter 2025 Results and Increases Full Year Guidance

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October 23, 2025 · 9:05 AM UTC

Sterling Schedules 2025 Third Quarter Release and Conference Call

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September 2, 2025 · 8:30 AM UTC

Sterling Infrastructure Completes Acquisition of CEC Facilities Group

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