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Infrastructure contractor that builds and maintains electric power lines, pipelines and renewable-energy connections.
Infrastructure contractor that builds and maintains electric power lines, pipelines and renewable-energy connections.
Earns from construction and maintenance contracts, many of them multi-year master service agreements with utilities for recurring upgrade and repair work, plus large one-off projects priced fixed or cost-plus. Electric power work for utilities carries the company, and it has bought many smaller contractors to add crews and regions.
Moat: narrow (scale, skilled workforce, distribution). Large, trained crews and long customer relationships are hard for smaller contractors to match at scale.
Headquarters: Houston, Texas, US · Founded: 1997 · Employees: 69,500
Size Quanta Services (PWR) is a United States Industrials company (Engineering & Construction) with a market value of $81.5B, the 167th largest of 3,117 United States companies the cockpit tracks. Shares closed at $540.90 on 6 Nov 2026.
Performance Over six months the shares fell 27.4%, against -10.2% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 12 in its peer set.
Growth Revenue grew 37.1% over the last twelve months (peer median +8.1%); the operating margin is 7.1% (peer median 10.2%).
Valuation It trades at 26.4× forward earnings against a peer median of 18.1× (4th most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is +4 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 2.3 points above its cost of capital (10.8% WACC).
Backlog Backlog (remaining performance obligations) was $41.8B at 30 Sep 2026, up 99% on a year earlier — 1.1 years of trailing revenue. Backlog detail →
Credit Quanta Services has 11 bonds outstanding ($6.75B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 88 bp.
Short interest Short interest is 2.3% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $37.3B | $28.5B | $23.7B | $20.9B | $17.1B |
| Revenue growth | — | +20% | +13% | +22% | — |
| Gross profit | $5.24B | $3.78B | $3.13B | $2.65B | $2.18B |
| EBITDA | $3.74B | $2.59B | $2.08B | $1.75B | $1.60B |
| Net income | $1.68B | $1.03B | $905M | $745M | $491M |
| Free cash flow | $3.16B | $1.62B | $1.48B | $1.14B | $703M |
| Capital expenditure | $913M | $609M | $604M | $435M | $429M |
| Total debt | $7.51B | $6.42B | $4.48B | $4.46B | $3.98B |
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 |
|---|---|---|---|---|---|---|
| Quanta Services PWR | $81.5B | -27% | +37% | 7% | 26.4× | 24.3% |
| MYR MYRG | $4.09B | -40% | +23% | 6% | 18.1× | 14.0% |
| MasTec MTZ | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% |
| Emcor EME | $26.6B | -34% | +22% | 10% | 15.5× | 6.2% |
| Dycom Industries DY | $6.26B | -52% | +38% | 8% | 12.1× | 11.6% |
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 | PWR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.1% | +4.3% | 3rd lowest of 12 |
| 6-month return | -27.4% | -10.2% | 5th lowest of 12 |
| Distance from 52-week high | -31.4% | -22.0% | 6th lowest of 12 |
| Revenue growth (TTM) | +37.1% | +8.1% | 2nd highest of 12 |
| Operating margin | 7.1% | 10.2% | 3rd lowest of 11 |
| Forward P/E | 26.4× | 18.1× | 4th most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 24.3% | 6.1% | 2nd most demanding of 11 |
| Growth delivered (Del g) | +20.5% | +11.0% | 2nd highest of 11 |
| Hurdle (Req g minus delivered) | +3.7 pp | -4.0 pp | 4th most demanding of 11 |
| ROIC minus cost of capital | +2.3 pp | +17.3 pp | 4th lowest of 11 |
| EV / EBITDA | 23.2× | 15.1× | 2nd most expensive of 9 |
| Net debt / EBITDA | 1.4× | 1.2× | 5th most indebted of 10 |
| Bond spread | 88 bp | 83 bp | 3rd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Quanta Services PWR | United States | $81.5B | -27% | +37% | 7% | 26.4× | 24.3% | +20.5% |
| Vinci DG.PA | France | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% | +11.4% |
| Larsen & Toubro LT.NS | India | $59.8B | +2% | +11% | 8% | 27.6× | 29.7% | +16.1% |
| Ferrovial FER.MC | Spain | $42.3B | -10% | +5% | 10% | 55.5× | 21.9% | +8.1% |
| Comfort Systems USA FIX | United States | $35.6B | -48% | +51% | 17% | 16.2× | 12.4% | +26.1% |
| Samsung C&t 028260.KS | South Korea | $31.3B | -8% | +14% | 8% | 15.0× | 5.9% | +6.2% |
| HOCHTIEF Aktiengesellschaft HOT.DE | Germany | $30.9B | -31% | +8% | 4% | 25.1× | 2.6% | +10.7% |
| Otis Worldwide OTIS | United States | $30.1B | +6% | +6% | 15% | 18.1× | 2.3% | +2.5% |
| China State Construction Engineering 601668.SS | China | $28.3B | -4% | -9% | n/a | 5.6× | n/a | n/a |
| Emcor EME | United States | $26.6B | -34% | +22% | 10% | 15.5× | 6.2% | +14.1% |
| ACS, Actividades de Construccion y Servicios ACS.MC | Spain | $26.0B | -37% | +10% | 3% | 20.6× | -2.6% | +11.2% |
| Geberit GEBN.SW | Switzerland | $22.1B | +14% | +3% | 29% | 29.8× | 6.6% | +1.2% |
Quanta Services has 11 bonds outstanding with $6.75B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 5.57%, a spread of 88 bp over government bonds.
Quanta Services reported $41.8B of remaining performance obligations at 30 Sep 2026, up 99% from a year earlier and up 24% from the previous quarter. That is 1.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.68.