NYSE: PWR
Quanta Services
Industrials · Electrical Work
52-week range
$408.36$788.75
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$96.8B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $5.06B |
| FY2017, ended Dec 31, 2017 | $6.00B |
| FY2018, ended Dec 31, 2018 | $4.64B |
| FY2019, ended Dec 31, 2019 | $5.80B |
| FY2020, ended Dec 31, 2020 | $9.97B |
| FY2021, ended Dec 31, 2021 | $16.4B |
| FY2022, ended Dec 31, 2022 | $20.5B |
| FY2023, ended Dec 31, 2023 | $31.5B |
| FY2024, ended Dec 31, 2024 | $46.8B |
| FY2025, ended Dec 31, 2025 | $63.1B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $96.8B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$37.3B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.65B |
| FY2017, ended Dec 31, 2017 | $9.47B |
| FY2018, ended Dec 31, 2018 | $11.2B |
| FY2019, ended Dec 31, 2019 | $12.1B |
| FY2020, ended Dec 31, 2020 | $11.2B |
| FY2021, ended Dec 31, 2021 | $13.0B |
| FY2022, ended Dec 31, 2022 | $17.1B |
| FY2023, ended Dec 31, 2023 | $20.9B |
| FY2024, ended Dec 31, 2024 | $23.7B |
| FY2025, ended Dec 31, 2025 | $28.5B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $37.3B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $198M | $178M |
| FY2017, ended Dec 31, 2017 | $315M | $127M |
| FY2018, ended Dec 31, 2018 | $293M | $65.2M |
| FY2019, ended Dec 31, 2019 | $402M | $265M |
| FY2020, ended Dec 31, 2020 | $446M | $856M |
| FY2021, ended Dec 31, 2021 | $486M | $197M |
| FY2022, ended Dec 31, 2022 | $491M | $703M |
| FY2023, ended Dec 31, 2023 | $745M | $1.14B |
| FY2024, ended Dec 31, 2024 | $905M | $1.48B |
| FY2025, ended Dec 31, 2025 | $1.03B | $1.62B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.68B | $3.16B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$2.32B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $112M |
| FY2017, ended Dec 31, 2017 | $138M |
| FY2018, ended Dec 31, 2018 | $78.7M |
| FY2019, ended Dec 31, 2019 | $165M |
| FY2020, ended Dec 31, 2020 | $185M |
| FY2021, ended Dec 31, 2021 | $229M |
| FY2022, ended Dec 31, 2022 | $429M |
| FY2023, ended Dec 31, 2023 | $1.29B |
| FY2024, ended Dec 31, 2024 | $742M |
| FY2025, ended Dec 31, 2025 | $440M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.32B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$6.99B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $361M |
| FY2017, ended Dec 31, 2017 | $672M |
| FY2018, ended Dec 31, 2018 | $1.11B |
| FY2019, ended Dec 31, 2019 | $1.37B |
| FY2020, ended Dec 31, 2020 | $1.19B |
| FY2021, ended Dec 31, 2021 | $3.75B |
| FY2022, ended Dec 31, 2022 | $3.73B |
| FY2023, ended Dec 31, 2023 | $4.20B |
| FY2024, ended Dec 31, 2024 | $4.16B |
| FY2025, ended Dec 31, 2025 | $5.99B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $6.99B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 3.8% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.151M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 145M |
| FY2017, ended Dec 31, 2017 | 153M |
| FY2018, ended Dec 31, 2018 | 154M |
| FY2019, ended Dec 31, 2019 | 143M |
| FY2020, ended Dec 31, 2020 | 138M |
| FY2021, ended Dec 31, 2021 | 143M |
| FY2022, ended Dec 31, 2022 | 144M |
| FY2023, ended Dec 31, 2023 | 146M |
| FY2024, ended Dec 31, 2024 | 148M |
| FY2025, ended Dec 31, 2025 | 150M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 151M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $247M more issued than bought back
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $0 | $42.8M | $1.51M |
| FY2017, ended Dec 31, 2017 | $50.0M | $46.4M | $89.6M |
| FY2018, ended Dec 31, 2018 | $443M | $52.5M | $22.9M |
| FY2019, ended Dec 31, 2019 | $20.1M | $52.0M | $1.79M |
| FY2020, ended Dec 31, 2020 | $247M | $91.6M | $57.3M |
| FY2021, ended Dec 31, 2021 | $66.7M | $88.3M | $362M |
| FY2022, ended Dec 31, 2022 | $128M | $106M | — |
| FY2023, ended Dec 31, 2023 | $350K | $127M | $159M |
| FY2024, ended Dec 31, 2024 | $0 | $151M | $291M |
| FY2025, ended Dec 31, 2025 | $135M | $182M | $738M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $0 | $247M | — |
Revenue (TTM)
$37.3B
+37.1% YoY
Net income (TTM)
$1.68B
+65.2% YoY
Cash
$2.32B
+279% YoY
Total debt
$6.99B
+24.2% YoY
Valuation
At current price- Market Cap
- $93.5B
- P/E
- 55.6×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.5×
- Price / Book
- 8.9×
- EV / EBITDA
- 26.9×
Growth
Trailing 12 months- Revenue (TTM)
- $37.3B
- Revenue Growth YoY
- 37.1%
- Revenue CAGR 3Y
- 18.6%
- Revenue CAGR 5Y
- 20.5%
- EPS Growth YoY
- 63.7%
- Net Income Growth YoY
- 65.2%
Profitability
Trailing 12 months- Gross Margin
- 15.8%
- Operating Margin
- 6.8%
- Net Margin
- 4.5%
- FCF Margin
- 8.5%
- Return on Equity
- 17.8%
Earnings
Trailing 12 months- Net Income
- $1.68B
- EPS (diluted)
- $11.05
- EBITDA
- $3.65B
- Operating Income
- $2.55B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $2.32B
- Total Debt
- $6.99B
- Net Debt
- $4.68B
- Total Assets
- $32.7B
- Total Liabilities
- $22.1B
- Shareholders' Equity
- $10.5B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $4.07B
- Capital Expenditure
- $913M
- Free Cash Flow
- $3.16B
Dividends and risk
Last 12 months- Dividend Yield
- 0.1%
- Dividend / Share
- $0.44
- Beta (5Y)
- 1.26
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 37.1% over the last year, to $37.3B.
Note
Net margin of 4.5% over the last 12 months.
Note
Net debt of $4.68B is 1.3× EBITDA, a manageable load.
Note
Free cash flow of $3.16B, 8.5% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K73Good news
73Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 19, 2026 · Read the filing on EDGAR
- Revenue rose 20.3% to $28.48 billion, operating income rose 19.7% to $1.61 billion and net income for shareholders rose 13.7% to $1.03 billion.
- Both segments grew. Electric revenue rose 21% and Underground and Infrastructure profit rose 50%, helped by acquisitions such as Dynamic Systems.
- Backlog hit a record $43.98 billion, up 27.3%. The company spent $3.30 billion on acquisitions and investments, paid for partly with $1.5 billion of new notes.
- Unapproved change orders and claims recognized as revenue jumped to $983.6 million, up from $733.6 million a year earlier.
Business momentum
Strong improvement
“Our 2025 results reflect increased demand for our services, as consolidated revenues and operating income increased as compared to 2024, with increased revenues and operating income in both our Electric and Underground and Infrastructure segments.”
Outlook
Positive
“We expect the strong demand for our services will continue.”
Financial stress
Low
“Additionally, as of December 31, 2025, available commitments under our senior credit facility, combined with our cash and cash equivalents, totaled $2.86 billion.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Record backlog
“Our remaining performance obligations and backlog were $23.76 billion and $43.98 billion as of December 31, 2025, representing increases of 41.8%, and 27.3% relative to December 31, 2024.”
Underground segment profit recovered
“Underground and Infrastructure 398,276 7.3 % 265,030 5.7 % 133,246 50.3 %”
Operating cash flow kept rising
“During 2025, increased revenues and operating income contributed to $2.23 billion of net cash provided by operating activities, which was an 7.1% increase compared to 2024.”
Concerns
Heavy acquisition spending paid for with more debt
“In August 2025, we issued $1.50 billion aggregate principal amount of senior notes and received net proceeds of $1.48 billion”
Net income grew more slowly than revenue due to higher interest and tax
“The majority of the increase resulted from higher levels of principal on fixed rate debt balances as compared to the year ended December 31, 2024.”
Wildfire insurance coverage may not be enough
“As a result, Quanta's current level of insurance coverage for wildfire events may not be sufficient to cover potential losses in connection with these events.”
New risks since the previous report
Sharp rise in unpaid change orders and claims
“For example, as of December 31, 2025, the amount recognized related to unapproved change orders and claims was $983.6 million”
Disputed claims on a large Canadian transmission project are slowing cash collection
“Negatively impacting DSO and cash flow from operating activities for both the years ended December 31, 2025 and 2024 were change orders and claims included in contract assets from the large renewable transmission project in Canada”
Growing share of revenue from fixed-price, percentage-of-completion contracts
“Approximately 63.8%, 60.0% and 56.5% of our revenues recognized during the years ended December 31, 2025, 2024 and 2023 were associated with this revenue recognition method.”
New Defense Department cybersecurity certification requirements
“The DoD has also finalized the Cybersecurity Maturity Model Certification (CMMC) process and commenced in late 2025 the process of incorporating CMMC assessments in applicable procurements.”
Biggest risks named
- Wildfire liabilities with limited insurance coverage
- Recovering $984 million in unapproved change orders and claims
- Cost overruns on fixed-price and large projects
- Integrating many acquisitions, including Dynamic Systems
- Labor shortages, supply chain problems and inflation
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 73 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 19, 2026 | 73 | Strong improvement | None | |
| 10-K | Feb 20, 2025 | 73 | Strong improvement | None | |
| 10-K | Feb 22, 2024 | 74 | Strong improvement | None | |
| 10-K | Feb 23, 2023 | 72 | Strong improvement | 1 medium | |
| 10-K | Feb 25, 2022 | 66 | Improving | 1 minor | |
| 10-K | Mar 1, 2021 | 57 | Mixed | 1 minor | |
| 10-K | Feb 28, 2020 | 53 | Mixed | 2 medium1 minor | |
| 10-K | Feb 28, 2019 | 69 | Strong improvement | 1 medium2 minor | |
| 10-K | Feb 28, 2018 | 70 | Strong improvement | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR