Recent News
December 2025: The board appointed Koti Vadlamudi as President and Chief Executive Officer, effective November 10, 2025.
January 9, 2026: Management discussed gas and solar demand trends, labor constraints, and project timing at a Goldman Sachs conference, noting some 2026 work pulled into 2025.
January 6, 2026: Company announced participation in investor conferences for early 2026.
Technical Analysis
Directional indicators: ADX sits at 29.13, indicating a strong directional regime in place; DI+ at 16.48 tracks lower while DI- at 27.02 moves higher, a configuration that biases near-term price action toward downside pressure given stronger negative directional momentum.
MACD and signal: MACD reads -1.90 and ticks lower while the signal line stands at 1.41, a negative and declining MACD that confirms bearish momentum and shows no recent bullish MACD-to-signal crossover.
MRO (Momentum/Regression Oscillator): MRO equals 15.8 and the oscillator is decreasing, which indicates the market price sits above the model target and that downside reversion pressure exists as MRO moves lower toward equilibrium.
RSI and short-term momentum: RSI at 51.94 and falling points to weakening buying momentum from a neutral starting point, aligning with other indicators that favor consolidation or pullback in the coming weeks.
Price vs moving averages and bands: The close at $137.74 lies below the 20-day average ($151.47) and both short EMAs (12-day $146.54; 26-day $149.57) while remaining above the 200-day average ($119.62). Price sits just below the 1x Bollinger lower band ($139.11), implying short-term downside extension from recent volatility, yet the long-term trend retains upside breadth given the 200-day position.
Fundamental Analysis
Revenue and profitability: Total revenue of $1,857,621,000 combined with revenue growth near -14.73% shows top-line contraction versus prior periods. Operating margin of 4.174% and EBIT margin of 4.213% declined QoQ by -34% and YoY by -17.08%, reflecting margin compression driven by higher operating costs and project mix shifts.
EPS and earnings quality: Reported EPS of $1.08 exceeded the estimate of $0.99, producing an EPS surprise of +9.09%, and forward EPS sits at $1.68268. The EPS beat signals current-period execution above expectations even as margins compressed.
Cash generation and liquidity: Operating cash flow totaled $142,875,000 with free cash flow of $121,141,000 and a free cash flow yield of 1.561%, which sits above the industry peer mean of 1.255% for comparable firms, underscoring strong cash conversion relative to peers. Cash and short-term investments of $535,500,000 create a substantial liquidity buffer against working-capital swings.
Balance sheet and leverage: Total debt equals $950,900,000 with debt-to-assets about 21.57%, in line with the industry peer mean of ~21.24%; debt-to-EBITDA registers at 9.28x, indicating elevated leverage relative to operating earnings and reducing financial flexibility if EBITDA weakens further. Interest coverage near 12.22x provides meaningful cushion for current interest obligations.
Operational efficiency: Asset turnover of 0.41017 sits modestly above the industry peer mean of 0.35631, signaling relatively efficient asset use despite recent revenue contraction. Receivables days and cash-conversion-cycle metrics remain within historical ranges, supporting short-term working-capital management.
Valuation context: Price multiples run rich on trailing metrics—PE at 132.93 versus an industry peer mean of 108.31 and a price-to-book of 4.616 versus industry peer mean of 7.654—yet forward PE (74.93) compresses versus trailing PE. The current valuation, as determined by WMDST, reads fair-valued, a view that balances strong cash flow generation and liquidity against margin pressure and elevated leverage.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-23 |
| NEXT REPORT DATE: | 2026-05-25 |
| CASH FLOW | Begin Period Cash Flow | $ 437.3 M |
| Operating Cash Flow | $ 142.9 M | |
| Capital Expenditures | $ -21.73 M | |
| Change In Working Capital | $ 63.8 M | |
| Dividends Paid | $ -4.36 M | |
| Cash Flow Delta | $ 104.0 M | |
| End Period Cash Flow | $ 541.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.9 B | |
| Forward Revenue | $ 816.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.7 B | |
| Depreciation | $ 24.2 M | |
| Depreciation and Amortization | $ 24.2 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.8 B | |
| PROFITABILITY | ||
| Gross Profit | $ 175.0 M | |
| EBITDA | $ 102.4 M | |
| EBIT | $ 78.3 M | |
| Operating Income | $ 77.5 M | |
| Interest Income | — | |
| Interest Expense | $ 6.4 M | |
| Net Interest Income | $ -6.40 M | |
| Income Before Tax | $ 71.9 M | |
| Tax Provision | $ 20.1 M | |
| Tax Rate | 28.027 % | |
| Net Income | $ 51.7 M | |
| Net Income From Continuing Operations | $ 51.7 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.99 | |
| EPS Actual | $ 1.08 | |
| EPS Difference | $ 0.09 | |
| EPS Surprise | 9.091 % | |
| Forward EPS | $ 1.68 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 4.4 B | |
| Intangible Assets | $ 1.0 B | |
| Net Tangible Assets | $ 633.9 M | |
| Total Current Assets | $ 2.3 B | |
| Cash and Short-Term Investments | $ 535.5 M | |
| Cash | $ 535.5 M | |
| Net Receivables | $ 1.0 B | |
| Inventory | — | |
| Long-Term Investments | $ 7.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 744.3 M | |
| Short-Term Debt | $ 60.9 M | |
| Total Current Liabilities | $ 1.8 B | |
| Net Debt | — | |
| Total Debt | $ 950.9 M | |
| Total Liabilities | $ 2.7 B | |
| EQUITY | ||
| Total Equity | $ 1.7 B | |
| Retained Earnings | $ 1.4 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 31.10 | |
| Shares Outstanding | 54.045 M | |
| Revenue Per-Share | $ 34.37 | |
| VALUATION | Market Capitalization | $ 7.8 B |
| Enterprise Value | $ 8.2 B | |
| Enterprise Multiple | 79.79 | |
| Enterprise Multiple QoQ | 77.265 % | |
| Enterprise Multiple YoY | 139.895 % | |
| Enterprise Multiple IPRWA | high: 114.705 PRIM: 79.79 mean: 61.453 median: 59.489 low: 14.602 |
|
| EV/R | 4.4 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.622 | |
| Asset To Liability | 1.616 | |
| Debt To Capital | 0.361 | |
| Debt To Assets | 0.216 | |
| Debt To Assets QoQ | 4.298 % | |
| Debt To Assets YoY | 1112.648 % | |
| Debt To Assets IPRWA | high: 0.547 median: 0.255 PRIM: 0.216 mean: 0.212 low: 0.001 |
|
| Debt To Equity | 0.566 | |
| Debt To Equity QoQ | -4.258 % | |
| Debt To Equity YoY | 968.329 % | |
| Debt To Equity IPRWA | high: 1.921 mean: 0.645 median: 0.577 PRIM: 0.566 low: 0.001 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.616 | |
| Price To Book QoQ | 11.231 % | |
| Price To Book YoY | 59.649 % | |
| Price To Book IPRWA | high: 15.542 mean: 7.654 median: 6.014 PRIM: 4.616 low: 0.648 |
|
| Price To Earnings (P/E) | 132.926 | |
| Price To Earnings QoQ | 99.89 % | |
| Price To Earnings YoY | 98.089 % | |
| Price To Earnings IPRWA | high: 238.786 PRIM: 132.926 mean: 108.314 median: 105.989 low: 43.15 |
|
| PE/G Ratio | -3.124 | |
| Price To Sales (P/S) | 4.177 | |
| Price To Sales QoQ | 34.701 % | |
| Price To Sales YoY | 78.478 % | |
| Price To Sales IPRWA | high: 16.841 mean: 8.405 median: 6.991 PRIM: 4.177 low: 0.665 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 74.932 | |
| Forward PE/G | -1.761 | |
| Forward P/S | 9.502 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 2.94 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.41 | |
| Asset Turnover Ratio QoQ | -13.519 % | |
| Asset Turnover Ratio YoY | -0.644 % | |
| Asset Turnover Ratio IPRWA | high: 0.548 PRIM: 0.41 median: 0.402 mean: 0.356 low: 0.104 |
|
| Receivables Turnover | 1.574 | |
| Receivables Turnover Ratio QoQ | -6.411 % | |
| Receivables Turnover Ratio YoY | 1.04 % | |
| Receivables Turnover Ratio IPRWA | high: 3.874 mean: 1.705 median: 1.581 PRIM: 1.574 low: 0.783 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 57.955 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 18.267 | |
| Cash Conversion Cycle Days QoQ | 231.541 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 145.197 median: 47.08 mean: 35.202 PRIM: 18.267 low: -37.898 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 3.829 | |
| CapEx To Revenue | -0.012 | |
| CapEx To Depreciation | -0.899 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.1 B | |
| Net Invested Capital | $ 2.2 B | |
| Invested Capital | $ 2.2 B | |
| Net Tangible Assets | $ 633.9 M | |
| Net Working Capital | $ 485.1 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.29 | |
| Current Ratio | 1.262 | |
| Current Ratio QoQ | 5.328 % | |
| Current Ratio YoY | -2.332 % | |
| Current Ratio IPRWA | high: 4.125 mean: 1.58 PRIM: 1.262 median: 1.232 low: 0.909 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 9.282 | |
| Cost Of Debt | 0.482 % | |
| Interest Coverage Ratio | 12.222 | |
| Interest Coverage Ratio QoQ | -38.412 % | |
| Interest Coverage Ratio YoY | 70.325 % | |
| Interest Coverage Ratio IPRWA | high: 71.461 mean: 19.922 PRIM: 12.222 median: 6.436 low: -5.195 |
|
| Operating Cash Flow Ratio | 0.089 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 39.688 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 11.871 | |
| Dividend Payout Ratio | 0.084 | |
| Dividend Rate | $ 0.08 | |
| Dividend Yield | 0.001 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -5.208 % | |
| Revenue Growth | -14.726 % | |
| Revenue Growth QoQ | -196.786 % | |
| Revenue Growth YoY | -363.246 % | |
| Revenue Growth IPRWA | high: 31.376 % median: 4.919 % mean: 1.933 % PRIM: -14.726 % low: -18.704 % |
|
| Earnings Growth | -42.553 % | |
| Earnings Growth QoQ | -457.438 % | |
| Earnings Growth YoY | 476.833 % | |
| Earnings Growth IPRWA | high: 100.0 % mean: -8.785 % median: -10.714 % PRIM: -42.553 % low: -61.852 % |
|
| MARGINS | ||
| Gross Margin | 9.42 % | |
| Gross Margin QoQ | -12.939 % | |
| Gross Margin YoY | -11.14 % | |
| Gross Margin IPRWA | high: 42.202 % median: 22.056 % mean: 21.587 % PRIM: 9.42 % low: 3.185 % |
|
| EBIT Margin | 4.213 % | |
| EBIT Margin QoQ | -33.507 % | |
| EBIT Margin YoY | -17.083 % | |
| EBIT Margin IPRWA | high: 20.959 % median: 12.235 % mean: 11.245 % PRIM: 4.213 % low: -0.291 % |
|
| Return On Sales (ROS) | 4.174 % | |
| Return On Sales QoQ | -34.122 % | |
| Return On Sales YoY | -17.851 % | |
| Return On Sales IPRWA | high: 19.746 % mean: 10.424 % median: 9.503 % PRIM: 4.174 % low: -0.939 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 121.1 M | |
| Free Cash Flow Yield | 1.561 % | |
| Free Cash Flow Yield QoQ | -28.981 % | |
| Free Cash Flow Yield YoY | -76.445 % | |
| Free Cash Flow Yield IPRWA | high: 11.184 % PRIM: 1.561 % median: 1.539 % mean: 1.255 % low: -5.561 % |
|
| Free Cash Growth | -18.389 % | |
| Free Cash Growth QoQ | -108.087 % | |
| Free Cash Growth YoY | -126.231 % | |
| Free Cash Growth IPRWA | high: 422.396 % mean: -13.207 % PRIM: -18.389 % median: -22.298 % low: -455.909 % |
|
| Free Cash To Net Income | 2.342 | |
| Cash Flow Margin | 8.883 % | |
| Cash Flow To Earnings | 3.19 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.142 % | |
| Return On Assets QoQ | -44.563 % | |
| Return On Assets YoY | -10.711 % | |
| Return On Assets IPRWA | high: 5.62 % mean: 2.904 % median: 2.277 % PRIM: 1.142 % low: -0.143 % |
|
| Return On Capital Employed (ROCE) | 3.058 % | |
| Return On Equity (ROE) | 0.031 | |
| Return On Equity QoQ | -47.058 % | |
| Return On Equity YoY | -19.64 % | |
| Return On Equity IPRWA | high: 0.135 mean: 0.073 median: 0.047 PRIM: 0.031 low: -0.006 |
|
| DuPont ROE | 3.126 % | |
| Return On Invested Capital (ROIC) | 2.619 % | |
| Return On Invested Capital QoQ | -44.442 % | |
| Return On Invested Capital YoY | -115.921 % | |
| Return On Invested Capital IPRWA | high: 12.777 % mean: 6.395 % median: 3.958 % PRIM: 2.619 % low: -0.352 % |
|