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Electrical and mechanical construction and specialty contracting company spun off from MDU Resources in 2024.
Electrical and mechanical construction and specialty contracting company spun off from MDU Resources in 2024.
Wins electrical and mechanical contracting jobs, many at fixed prices, so profit depends on estimating labour and materials correctly; revenue builds over the life of a project and is backed by a contracted backlog. A second unit does power-line and pipeline work for utilities. MDU Resources spun it off in 2024 so the parent could focus on utilities.
In one line: A newly independent electrical/mechanical contractor, similar to IES Holdings.
Moat: narrow (scale, process know-how). Skilled-labor scale and established regional contracting relationships, though newly standalone.
Headquarters: Bismarck, North Dakota, US · Founded: 2024 · Employees: 9,400
Size Everus Construction (ECG) is a United States Industrials company (Engineering & Construction) with a market value of $3.91B, the 1363rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $76.60 on 6 Nov 2026.
Performance Over six months the shares fell 53.1%, against -14.1% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 33.5% over the last twelve months (peer median +6.6%); the operating margin is 8.2% (peer median 8.5%).
Valuation It trades at 12.2× forward earnings against a peer median of 19.4× (6th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.9 points above its cost of capital (15.5% WACC).
Backlog Backlog (remaining performance obligations) was $4.78B at 30 Sep 2026, up 78% on a year earlier — 1.0 years of trailing revenue. Backlog detail →
Short interest Short interest is 4.0% of the free float (15 Oct 2026).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.66B | $3.75B | $2.85B | $2.85B | $2.70B |
| Revenue growth | — | +31% | 0% | +6% | — |
| Gross profit | $633M | $454M | $338M | $320M | $274M |
| EBITDA | $428M | $298M | $215M | $214M | $186M |
| Net income | $289M | $202M | $143M | $137M | $125M |
| Free cash flow | $237M | $90.0M | $117M | $139M | -$58.2M |
| Capital expenditure | $78.2M | $66.8M | $48.3M | $35.6M | $35.8M |
| Total debt | $703M | $372M | $363M | $237M | $318M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Everus Construction ECG | $3.91B | -53% | +33% | 8% | 12.2× | 13.9% |
| IES IESC | $6.38B | +32% | +23% | 12% | 12.6× | 11.2% |
| Comfort Systems USA FIX | $35.6B | -48% | +51% | 17% | 16.2× | 12.4% |
| Emcor EME | $26.6B | -34% | +22% | 10% | 15.5× | 6.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ECG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -37.3% | -4.8% | lowest of 21 |
| 6-month return | -53.1% | -14.1% | 2nd lowest of 21 |
| Distance from 52-week high | -55.4% | -41.0% | 4th lowest of 21 |
| Revenue growth (TTM) | +33.5% | +6.6% | 4th highest of 21 |
| Operating margin | 8.2% | 8.5% | 10th lowest of 21 |
| Forward P/E | 12.2× | 19.4× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 13.9% | 5.5% | 4th most demanding of 16 |
| Growth delivered (Del g) | +11.5% | +11.5% | 8th highest of 16 |
| Hurdle (Req g minus delivered) | +2.4 pp | -3.0 pp | 5th most demanding of 16 |
| ROIC minus cost of capital | +7.9 pp | +2.4 pp | 6th highest of 19 |
| EV / EBITDA | 10.2× | 12.2× | 5th cheapest of 11 |
| Net debt / EBITDA | 1.0× | 2.4× | 7th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Everus Construction ECG | United States | $3.91B | -53% | +33% | 8% | 12.2× | 13.9% | +11.5% |
| China Everbright Environment 0257.HK | Hong Kong | $3.91B | -11% | -5% | 29% | 7.0× | -0.1% | -8.5% |
| Argan AGX | United States | $3.89B | -59% | +29% | 15% | 20.5× | 0.3% | +19.2% |
| Guangdong Hongda 002683.SZ | China | $3.86B | -7% | +15% | 10% | 23.7× | 4.9% | +26.1% |
| Koninklijke BAM Groep BAMNB.AS | Netherlands | $3.85B | +37% | +7% | 3% | 11.5× | -5.2% | +0.8% |
| Wuxi Taiji Industry 600667.SS | China | $3.98B | +32% | -14% | 3% | 21.9× | 13.0% | +11.5% |
| Exponent EXPO | United States | $3.99B | +37% | +15% | 21% | 32.6× | 10.8% | +7.8% |
| Zhejiang Weiming Environment Protection 603568.SS | China | $4.01B | -27% | -25% | 36% | 11.0× | 6.4% | +15.0% |
| Guangdong Provincial Expressway Development 000429.SZ | China | $4.01B | +9% | +1% | 58% | 18.2× | n/a | n/a |
| L&K Engineering 6139.TW | Taiwan | $3.81B | -23% | +78% | 17% | 6.5× | -9.1% | +41.0% |
| MYR MYRG | United States | $4.09B | -40% | +23% | 6% | 18.1× | 14.0% | +10.2% |
| China Southern Power Grid Technology 688248.SS | China | $3.71B | -20% | +28% | 12% | 47.6× | 25.8% | +27.0% |
| China Nuclear Engineering and Construction 601611.SS | China | $4.22B | -29% | -14% | 4% | 26.9× | n/a | n/a |
| Offshore Oil Engineering 600583.SS | China | $4.22B | -6% | +7% | 8% | 12.1× | n/a | n/a |
| Rail Vikas Nigam RVNL.NS | India | $4.27B | -37% | +5% | 4% | 46.0× | n/a | n/a |
| Sacyr SCYR.MC | Spain | $3.58B | -14% | +6% | 24% | 20.5× | -5.4% | +0.5% |
| Comsys 1721.T | Japan | $3.55B | -15% | +4% | 8% | 13.3× | -0.7% | +2.3% |
| Primoris Services PRIM | United States | $3.52B | -38% | -5% | 3% | 13.7× | 22.8% | +16.8% |
| Construction Partners ROAD | United States | $4.38B | -45% | +42% | 9% | 26.5× | 12.5% | +29.1% |
| Arcadis ARCAD.AS | Netherlands | $4.42B | +31% | -1% | 6% | 15.0× | 5.5% | +8.1% |
| Central New Energy 1735.HK | Hong Kong | $4.42B | -11% | +76% | 1% | 63.1× | n/a | n/a |
Everus Construction reported $4.78B of remaining performance obligations at 30 Sep 2026, up 78% from a year earlier and up 21% from the previous quarter. That is 1.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.60.