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Heavy-civil construction company building highways, bridges and other infrastructure, mainly in the western US.
Heavy-civil construction company building highways, bridges and other infrastructure, mainly in the western US.
Paid mostly under public contracts bid project by project, so profit depends on estimating costs well; after earlier losses on a few large projects it has shifted toward lower-risk contract types. Its own quarries and asphalt plants supply the paving work and also sell to others.
Moat: narrow (scale, installed base, distribution). Regional aggregates and heavy-equipment scale support competitively bid public infrastructure work.
Headquarters: Watsonville, California, US · Founded: 1922 · Employees: 5,800
Size Granite Construction (GVA) is a United States Industrials company (Engineering & Construction) with a market value of $5.32B, the 1142nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $120.52 on 6 Nov 2026.
Performance Over six months the shares fell 15.1%, against -7.0% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 25.1% over the last twelve months (peer median +11.9%); the operating margin is 7.4% (peer median 8.4%).
Valuation It trades at 16.7× forward earnings against a peer median of 14.8× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +3 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 4.0 points above its cost of capital (10.3% WACC).
Backlog Backlog (remaining performance obligations) was $4.85B at 30 Sep 2026, up 12% on a year earlier — 0.9 years of trailing revenue. Backlog detail →
Credit Granite Construction has 1 bond outstanding ($374M).
Short interest Short interest is 9.6% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.30B | $4.42B | $4.01B | $3.51B | $3.30B |
| Revenue growth | — | +10% | +14% | +6% | — |
| Gross profit | $852M | $711M | $573M | $396M | $369M |
| EBITDA | $582M | $425M | $325M | $144M | $179M |
| Net income | -$265M | $193M | $126M | $43.6M | $83.3M |
| Free cash flow | $443M | $331M | $320M | $43.3M | -$66.0M |
| Capital expenditure | $140M | $138M | $136M | $140M | $122M |
| Total debt | $1.75B | $1.50B | $833M | $735M | $339M |
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 |
|---|---|---|---|---|---|---|
| Granite Construction GVA | $5.32B | -15% | +25% | 7% | 16.7× | 10.1% |
| Construction Partners ROAD | $4.38B | -45% | +42% | 9% | 26.5× | 12.5% |
| Sterling Infrastructure STRL | $7.71B | -70% | +93% | 19% | 9.4× | 8.8% |
| Vulcan Materials VMC | $36.3B | 0% | +2% | 21% | 29.5× | 18.7% |
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 | GVA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.9% | -0.7% | 5th highest of 21 |
| 6-month return | -15.1% | -7.0% | 7th lowest of 21 |
| Distance from 52-week high | -25.6% | -24.3% | 11th highest of 21 |
| Revenue growth (TTM) | +25.1% | +11.9% | 6th highest of 20 |
| Operating margin | 7.4% | 8.4% | 9th lowest of 21 |
| Forward P/E | 16.7× | 14.8× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 10.1% | 4.0% | 6th most demanding of 17 |
| Growth delivered (Del g) | +7.2% | +8.7% | 7th lowest of 16 |
| Hurdle (Req g minus delivered) | +2.9 pp | -6.8 pp | 3rd most demanding of 16 |
| ROIC minus cost of capital | +4.0 pp | +1.6 pp | 7th highest of 18 |
| EV / EBITDA | 11.1× | 10.3× | 8th most expensive of 17 |
| Net debt / EBITDA | 1.9× | 0.5× | 9th most indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Granite Construction GVA | United States | $5.32B | -15% | +25% | 7% | 16.7× | 10.1% | +7.2% |
| Sweco SWEC-A.ST | Sweden | $5.32B | +12% | +6% | 10% | 20.6× | 5.0% | +8.7% |
| Balfour Beatty BBY.L | United Kingdom | $5.34B | +1% | +12% | 2% | 17.2× | 1.0% | +5.3% |
| Kandenko 1942.T | Japan | $5.26B | -41% | +4% | 12% | 11.2× | -0.9% | +5.9% |
| SOLV Energy MWH | United States | $5.19B | -40% | n/a | 8% | 14.9× | 26.2% | n/a |
| CTF Services 0659.HK | Hong Kong | $5.13B | +2% | +12% | 11% | 13.8× | 1.7% | -0.8% |
| United Integrated Services 2404.TW | Taiwan | $5.11B | -9% | +72% | 18% | 9.7× | -11.4% | +13.0% |
| Kinden 1944.T | Japan | $5.56B | -36% | +8% | 13% | 11.6× | -0.9% | +6.2% |
| VSE VSEC | United States | $4.85B | -10% | +23% | 12% | 22.1× | n/a | n/a |
| Budimex BDX.WA | Poland | $4.82B | +10% | +12% | 9% | 26.5× | 15.7% | +4.1% |
| MAIRE MAIRE.MI | Italy | $4.81B | -12% | +7% | 7% | 14.7× | 2.9% | +22.1% |
| Tutor Perini TPC | United States | $4.73B | +8% | +25% | 4% | 18.8× | 9.6% | +0.8% |
| China State Construction International 3311.HK | Hong Kong | $6.04B | -5% | -14% | 15% | 5.0× | -8.1% | +11.8% |
| Fluor FLR | United States | $6.22B | +7% | -5% | -2% | 14.2× | n/a | n/a |
| Dycom Industries DY | United States | $6.26B | -52% | +38% | 8% | 12.1× | 11.6% | +11.6% |
| INFRONEER 5076.T | Japan | $4.44B | +2% | +44% | 6% | 6.2× | 0.0% | +10.7% |
| IES IESC | United States | $6.38B | +32% | +23% | 12% | 12.6× | 11.2% | +22.9% |
| Central New Energy 1735.HK | Hong Kong | $4.42B | -11% | +76% | 1% | 63.1× | n/a | n/a |
| Arcadis ARCAD.AS | Netherlands | $4.42B | +31% | -1% | 6% | 15.0× | 5.5% | +8.1% |
| Construction Partners ROAD | United States | $4.38B | -45% | +42% | 9% | 26.5× | 12.5% | +29.1% |
| Rail Vikas Nigam RVNL.NS | India | $4.27B | -37% | +5% | 4% | 46.0× | n/a | n/a |
Granite Construction has 1 bond outstanding with $374M face value.
Granite Construction reported $4.85B of remaining performance obligations at 30 Sep 2026, up 12% from a year earlier and down 4% from the previous quarter. That is 0.9 years of trailing revenue already under contract. Book-to-bill last quarter: 0.89.