Sterling Infrastructure (STRL) Financials

$889.03 +34.75 (+4.07%)

Closing price 04:00 PM Eastern

Extended Trading

$888.09 -0.94 (-0.11%)

As of 08:00 PM Eastern

Annual Income Statements for Sterling Infrastructure

This table shows Sterling Infrastructure's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-39	-9.24	12	25	40	42	63	106	139	257	290
Consolidated Net Income / (Loss)	-36	-7.41	16	30	41	44	63	106	143	271	310
Net Income / (Loss) Continuing Operations	-17	-7.41	16	30	41	44	64	98	143	271	310
Total Pre-Tax Income	-17	-7.32	16	31	14	63	89	140	191	358	408
Total Operating Income	-14	-4.73	26	43	38	93	107	160	206	265	406
Total Gross Profit	28	42	89	110	108	180	204	275	338	426	572
Total Revenue	624	690	958	1,038	1,126	1,227	1,414	1,769	1,972	2,116	2,490
Operating Revenue	624	690	958	1,038	1,126	1,227	1,414	1,769	1,972	2,116	2,490
Total Cost of Revenue	596	648	869	927	1,018	1,047	1,211	1,495	1,635	1,690	1,918
Operating Cost of Revenue	596	648	869	927	1,018	1,047	1,211	1,495	1,635	1,690	1,918
Total Operating Expenses	42	47	63	68	70	87	97	115	132	162	166
Selling, General & Admin Expense	40	37	47	48	49	64	69	86	99	118	155
Amortization Expense	-	-	1.80	2.40	4.70	11	11	14	15	17	22
Other Operating Expenses / (Income)	1.57	9.94	15	17	12	10	12	13	17	26	-19
Restructuring Charge	-	-	0.00	0.00	4.31	1.03	3.88	0.83	0.87	0.42	8.33
Total Other Income / (Expense), net	-2.79	-2.57	-10	-11	-23	-29	-18	-20	-15	94	2.56
Interest Expense	3.25	2.60	11	12	24	29	18	21	29	25	20
Interest & Investment Income	0.46	0.03	0.31	1.02	1.14	0.15	0.05	0.89	14	119	22
Income Tax Expense	0.01	0.09	0.12	1.74	-26	19	25	42	48	87	99
Net Income / (Loss) Attributable to Noncontrolling Interest	3.22	1.83	4.20	4.35	0.79	-	-	-	4.19	13	20
Basic Earnings per Share	($2.02)	($0.40)	$0.44	$0.94	$1.50	$1.52	$2.19	$3.53	$4.51	$8.35	$9.50
Weighted Average Basic Shares Outstanding	19.38M	23.14M	26.27M	26.90M	26.67M	27.86M	28.60M	30.20M	30.76M	30.83M	30.54M
Diluted Earnings per Share	($2.02)	($0.40)	$0.43	$0.93	$1.47	$1.50	$2.15	$3.48	$4.44	$8.27	$9.38
Weighted Average Diluted Shares Outstanding	19.38M	23.14M	26.71M	27.19M	27.12M	28.20M	29.10M	30.56M	31.21M	31.15M	30.95M
Weighted Average Basic & Diluted Shares Outstanding	19.38M	23.10M	26.40M	26.80M	27.79M	28.21M	29.84M	30.59M	30.93M	30.60M	30.64M

This table shows Sterling Infrastructure's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	39	40	31	52	61	113	39	71	92	88	96
Consolidated Net Income / (Loss)	40	42	34	55	65	117	43	79	96	92	104
Net Income / (Loss) Continuing Operations	40	38	34	55	65	104	43	79	96	92	104
Total Pre-Tax Income	54	55	41	73	89	156	58	106	127	117	137
Total Operating Income	57	56	42	73	87	62	56	105	125	120	138
Total Gross Profit	92	92	77	113	130	107	95	143	170	164	194
Total Revenue	560	486	440	583	594	499	431	614	689	756	826
Operating Revenue	560	486	440	583	594	499	431	614	689	756	826
Total Cost of Revenue	468	394	363	470	464	392	336	471	519	591	631
Operating Cost of Revenue	468	394	363	470	464	392	336	471	519	591	631
Total Operating Expenses	35	36	35	40	42	44	39	39	45	44	56
Selling, General & Admin Expense	25	26	27	28	31	33	35	34	38	49	48
Amortization Expense	3.74	4.02	4.30	4.28	4.28	4.18	4.50	4.54	6.04	7.11	7.09
Other Operating Expenses / (Income)	5.65	5.34	3.15	7.77	7.28	7.42	-0.55	-2.44	-4.06	-12	0.13
Restructuring Charge	0.10	0.52	0.04	0.10	0.07	0.21	0.18	2.50	5.35	0.30	1.41
Total Other Income / (Expense), net	-3.11	-0.99	-0.76	-0.21	1.31	93	1.60	1.91	1.54	-2.48	-0.38
Interest Expense	7.26	6.80	6.66	6.51	6.29	5.79	5.23	5.00	4.14	5.42	4.01
Interest & Investment Income	4.15	5.81	5.90	6.31	7.59	99	6.83	6.90	5.68	2.94	3.64
Income Tax Expense	14	12	7.60	18	23	38	15	27	31	26	34
Net Income / (Loss) Attributable to Noncontrolling Interest	0.79	2.26	2.71	2.70	4.07	3.98	3.11	8.12	4.24	4.10	7.80
Basic Earnings per Share	$1.28	$1.31	$1.00	$1.68	$2.00	$3.67	$1.29	$2.33	$3.02	$2.86	$3.13
Weighted Average Basic Shares Outstanding	30.80M	30.76M	30.98M	30.91M	30.74M	30.83M	30.55M	30.41M	30.52M	30.54M	30.65M
Diluted Earnings per Share	$1.26	$1.27	$1.00	$1.67	$1.97	$3.63	$1.28	$2.31	$2.97	$2.82	$3.09
Weighted Average Diluted Shares Outstanding	31.22M	31.21M	31.19M	31.15M	31.07M	31.15M	30.88M	30.76M	30.96M	30.95M	31.04M
Weighted Average Basic & Diluted Shares Outstanding	30.84M	30.93M	30.86M	30.73M	30.71M	30.60M	30.41M	30.42M	30.72M	30.64M	30.69M

This table details how cash moves in and out of Sterling Infrastructure's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-18	38	41	10	-47	22	16	97	286	193	-273
Net Cash From Operating Activities	8.68	44	25	39	42	123	159	219	479	497	440
Net Cash From Continuing Operating Activities	8.68	44	25	39	42	123	159	219	479	497	440
Net Income / (Loss) Continuing Operations	-36	-7.41	16	30	41	43	65	108	143	271	310
Consolidated Net Income / (Loss)	-36	-7.41	16	30	41	43	65	108	143	271	310
Depreciation Expense	16	16	17	17	21	33	34	52	57	68	77
Amortization Expense	-	0.35	2.56	3.25	3.39	3.19	2.24	2.14	1.73	1.15	0.79
Non-Cash Adjustments To Reconcile Net Income	17	30	3.77	2.48	7.57	11	8.34	-9.03	9.34	-76	29
Changes in Operating Assets and Liabilities, net	12	5.86	-14	-13	-30	33	49	66	267	232	23
Net Cash From Investing Activities	-4.49	-8.17	-56	-11	-410	-30	-223	-90	-88	-186	-552
Net Cash From Continuing Investing Activities	-4.49	-8.17	-56	-11	-410	-30	-223	-90	-88	-186	-552
Purchase of Property, Plant & Equipment	-8.09	-11	-9.42	-13	-15	-33	-47	-61	-64	-81	-77
Acquisitions	0.00	0.00	-55	0.00	-396	0.00	-181	-18	-51	-11	-482
Sale of Property, Plant & Equipment	8.54	2.71	8.38	1.79	1.33	2.37	4.11	4.95	14	10	5.72
Divestitures	-	-	-	-	-	0.00	0.00	-16	14	0.00	2.00
Other Investing Activities, net	-4.95	-	-	-	-	-	-	0.00	0.00	-104	0.00
Net Cash From Financing Activities	-23	2.26	72	-18	321	-70	81	-33	-105	-119	-162
Net Cash From Continuing Financing Activities	-23	2.26	72	-18	321	-70	81	-33	-105	-119	-162
Repayment of Debt	-181	-16	-13	-12	-99	-68	-50	-23	-95	-27	-26
Repurchase of Common Equity	-	0.00	0.00	-4.73	-3.20	-	-	0.00	0.00	-71	-74
Payment of Dividends	-3.40	-1.08	0.00	-1.35	-7.36	-0.43	-2.48	0.00	-2.45	0.00	-40
Issuance of Debt	162	0.00	85	0.00	430	0.00	140	0.00	2.56	0.00	0.00
Other Financing Activities, net	-	-	-	-	-	-1.99	-7.34	-9.42	-9.57	-21	-21
Cash Interest Paid	2.89	2.63	9.80	11	12	27	17	19	27	23	18
Cash Income Taxes Paid	0.55	0.07	0.28	0.28	0.09	4.75	3.06	5.60	37	53	81

This table details how cash moves in and out of Sterling Infrastructure's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	131	62	8.85	60	108	16	-26	61	-393	84	121
Net Cash From Operating Activities	150	147	50	121	152	174	85	85	84	186	166
Net Cash From Continuing Operating Activities	150	147	50	121	152	174	85	85	84	186	166
Net Income / (Loss) Continuing Operations	40	42	34	55	65	117	43	79	96	92	104
Consolidated Net Income / (Loss)	40	42	34	55	65	117	43	79	96	92	104
Depreciation Expense	15	15	16	17	17	18	17	18	20	23	23
Amortization Expense	0.46	0.39	0.31	0.29	0.28	0.27	0.26	0.22	0.16	0.15	0.17
Non-Cash Adjustments To Reconcile Net Income	2.50	2.46	4.00	2.42	4.06	-86	4.01	12	5.33	8.30	12
Changes in Operating Assets and Liabilities, net	92	87	-4.73	47	65	125	21	-23	-38	63	27
Net Cash From Investing Activities	-9.30	-62	-21	-24	-17	-124	-54	-12	-465	-21	-18
Net Cash From Continuing Investing Activities	-9.30	-62	-21	-24	-17	-124	-54	-12	-465	-21	-18
Purchase of Property, Plant & Equipment	-10	-15	-22	-29	-14	-16	-18	-13	-20	-26	-20
Acquisitions	-	-51	-1.02	-	-3.81	-6.40	-38	-	-446	1.82	0.00
Sale of Property, Plant & Equipment	1.08	4.20	2.40	4.54	0.89	2.32	1.57	1.07	1.37	1.71	1.95
Net Cash From Financing Activities	-9.53	-23	-20	-37	-27	-35	-56	-12	-12	-81	-27
Net Cash From Continuing Financing Activities	-9.53	-23	-20	-37	-27	-35	-56	-12	-12	-81	-27
Repayment of Debt	-9.28	-18	-6.68	-6.67	-6.61	-6.61	-6.61	-12	-3.79	-3.79	-3.79
Repurchase of Common Equity	-	-	0.00	-	-20	-20	-44	-	-4.70	-26	-12
Other Financing Activities, net	-0.25	-4.99	-13	-0.25	-0.14	-8.04	-5.77	-0.36	-3.52	-11	-11

This table presents Sterling Infrastructure's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	266	302	463	483	935	953	1,235	1,442	1,777	2,017	2,634
Total Current Assets	135	176	279	303	330	362	435	597	848	1,022	1,034
Cash & Equivalents	4.43	43	84	94	46	66	61	182	472	664	391
Note & Lease Receivable	82	84	134	145	169	177	200	263	252	279	501
Other Current Assets	19	13	56	63	116	118	102	153	124	79	143
Plant, Property, & Equipment, net	73	68	54	52	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	58	58	130	128	604	591	800	844	929	995	1,599
Long-Term Investments	-	-	-	-	-	-	-	-	0.00	107	106
Goodwill	55	55	85	85	192	192	258	263	281	265	585
Intangible Assets	-	0.00	45	42	256	245	303	299	328	316	555
Other Noncurrent Operating Assets	2.95	2.97	0.32	0.31	130	154	218	283	320	307	354
Total Liabilities & Shareholders' Equity	266	302	463	483	935	953	1,235	1,442	1,777	2,017	2,634
Total Liabilities	170	194	317	310	713	684	875	964	1,153	1,190	1,527
Total Current Liabilities	104	147	182	179	266	322	352	447	678	742	1,022
Short-Term Debt	4.86	3.85	3.98	2.90	42	77	23	33	27	26	15
Accounts Payable	59	67	97	99	138	95	113	122	146	130	227
Current Deferred Revenue	31	64	62	62	58	114	119	239	444	509	652
Current Employee Benefit Liabilities	5.98	5.32	9.05	9.45	14	18	20	24	28	37	63
Other Current Liabilities	-	-	-	4.68	13	17	25	29	34	39	65
Total Noncurrent Liabilities	66	47	135	131	447	362	523	517	475	448	505
Long-Term Debt	16	1.91	87	79	391	291	429	399	315	290	276
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	0.00	1.45	-	0.00	18	52	77	109	123
Other Noncurrent Operating Liabilities	50	45	47	51	57	71	37	67	83	49	106
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	96	108	146	172	221	269	360	478	624	826	1,106
Total Preferred & Common Equity	96	107	141	164	220	267	359	475	619	808	1,109
Total Common Equity	96	107	141	164	220	267	359	475	619	808	1,109
Common Stock	188	209	231	234	251	257	281	288	294	289	366
Retained Earnings	-93	-102	-90	-65	-25	17	80	186	325	582	873
Treasury Stock	-	-	0.00	-4.73	-6.14	-1.45	-	-	0.00	-63	-131
Noncontrolling Interest	-0.09	0.66	4.86	7.86	1.29	1.46	1.46	3.20	4.94	18	-2.08

This table presents Sterling Infrastructure's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,503	1,431	1,567	1,724	1,817	1,965	2,024	2,035	2,161	2,562	2,784
Total Current Assets	670	588	716	876	879	1,017	1,084	998	1,132	963	1,195
Cash & Equivalents	146	203	278	409	480	540	648	639	699	306	512
Note & Lease Receivable	330	230	296	326	274	375	330	286	350	496	514
Other Current Assets	194	155	141	140	124	102	106	73	83	161	169
Plant, Property, & Equipment, net	0.00	215	0.00	231	259	0.00	271	245	0.00	268	284
Total Noncurrent Assets	834	628	852	617	680	948	669	792	1,029	1,331	1,305
Long-Term Investments	-	-	-	-	-	-	-	109	109	109	100
Goodwill	253	263	263	263	281	281	281	284	284	581	585
Intangible Assets	294	295	292	288	324	320	316	334	329	562	548
Other Noncurrent Operating Assets	287	70	297	66	74	347	73	65	307	80	71
Total Liabilities & Shareholders' Equity	1,503	1,431	1,567	1,724	1,817	1,965	2,024	2,035	2,161	2,562	2,784
Total Liabilities	1,063	933	1,025	1,138	1,165	1,284	1,293	1,208	1,250	1,477	1,588
Total Current Liabilities	512	445	568	686	706	821	839	757	796	967	1,084
Short-Term Debt	30	35	35	35	26	26	26	26	15	15	15
Accounts Payable	193	119	141	150	135	164	160	129	159	198	234
Current Employee Benefit Liabilities	37	17	25	36	20	30	43	25	37	62	51
Other Current Liabilities	28	273	31	465	524	45	609	577	32	691	783
Total Noncurrent Liabilities	551	488	458	452	460	463	454	451	453	510	505
Long-Term Debt	407	366	329	322	309	302	296	284	283	279	272
Noncurrent Deferred & Payable Income Tax Liabilities	40	54	58	62	78	80	83	110	115	119	125
Other Noncurrent Operating Liabilities	104	68	70	69	73	80	75	57	55	112	107
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	440	498	542	585	652	681	731	827	911	1,085	1,195
Total Preferred & Common Equity	437	495	538	580	645	671	717	805	882	1,051	1,190
Total Common Equity	437	495	538	580	645	671	717	805	882	1,051	1,190
Common Stock	282	289	292	295	288	292	296	283	288	370	368
Retained Earnings	155	206	246	285	356	408	469	622	693	785	969
Treasury Stock	-	-	-	-	-	-29	-49	-100	-99	-104	-147
Noncontrolling Interest	2.78	3.59	4.34	5.13	7.65	10	14	22	30	34	5.71

This table displays calculated financial ratios and metrics derived from Sterling Infrastructure's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.23%	10.67%	38.81%	8.32%	8.54%	8.92%	15.30%	25.10%	11.46%	7.28%	17.69%
EBITDA Growth	-86.91%	512.17%	304.04%	36.95%	-1.19%	107.80%	11.56%	49.23%	23.76%	26.14%	44.78%
EBIT Growth	-240.60%	67.13%	653.52%	62.79%	-11.41%	145.33%	15.54%	49.40%	28.73%	28.59%	53.39%
NOPAT Growth	-240.60%	67.13%	884.89%	54.89%	163.66%	-39.55%	20.11%	45.77%	37.33%	29.75%	53.82%
Net Income Growth	-588.23%	79.39%	313.40%	86.76%	37.76%	7.44%	43.28%	69.94%	34.18%	89.66%	14.32%
EPS Growth	-274.07%	80.20%	207.50%	116.28%	58.06%	2.04%	43.33%	61.86%	27.59%	86.26%	13.42%
Operating Cash Flow Growth	13,871.43%	410.30%	-44.06%	59.38%	6.57%	192.14%	29.32%	37.87%	118.42%	3.87%	-11.49%
Free Cash Flow Firm Growth	289.79%	6.68%	-250.96%	159.53%	-1,116.42%	129.65%	-199.33%	232.70%	190.04%	-16.83%	-168.78%
Invested Capital Growth	-28.78%	-36.47%	116.17%	4.28%	279.93%	-6.14%	31.14%	-2.87%	-32.13%	-24.83%	142.71%
Revenue Q/Q Growth	-0.18%	2.35%	9.81%	0.12%	8.83%	-14.02%	6.59%	13.81%	1.93%	0.61%	11.50%
EBITDA Q/Q Growth	106.60%	-72.71%	49.29%	10.78%	8.24%	6.88%	0.96%	11.57%	8.16%	2.88%	14.78%
EBIT Q/Q Growth	28.37%	-817.60%	88.44%	6.08%	0.86%	10.64%	0.82%	12.32%	10.01%	2.52%	16.57%
NOPAT Q/Q Growth	28.37%	-817.60%	103.01%	4.59%	206.00%	-40.54%	2.55%	10.75%	13.88%	1.75%	17.75%
Net Income Q/Q Growth	-61.52%	65.15%	176.09%	8.19%	64.19%	-26.32%	3.57%	27.54%	7.89%	38.11%	-7.61%
EPS Q/Q Growth	-41.26%	66.10%	437.50%	9.41%	68.97%	-28.91%	8.59%	22.54%	6.22%	39.93%	-7.95%
Operating Cash Flow Q/Q Growth	-82.18%	242.41%	72.57%	-12.72%	93.81%	-2.34%	-4.48%	35.79%	16.12%	5.72%	2.75%
Free Cash Flow Firm Q/Q Growth	374.13%	-40.98%	18.54%	-21.46%	-2,379.15%	134.98%	-178.76%	230.83%	16.58%	-0.41%	25.49%
Invested Capital Q/Q Growth	-23.91%	-15.35%	-7.57%	-1.00%	235.39%	-1.42%	42.26%	-0.36%	-7.32%	-8.44%	-6.61%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	4.43%	6.09%	9.30%	10.63%	9.57%	14.64%	14.39%	15.52%	17.12%	20.14%	22.98%
EBITDA Margin	0.30%	1.64%	4.77%	6.04%	5.49%	10.48%	10.14%	12.10%	13.43%	15.79%	19.43%
Operating Margin	-2.31%	-0.69%	2.73%	4.11%	3.35%	7.55%	7.57%	9.04%	10.43%	12.51%	16.30%
EBIT Margin	-2.31%	-0.69%	2.73%	4.11%	3.35%	7.55%	7.57%	9.04%	10.43%	12.51%	16.30%
Profit (Net Income) Margin	-5.77%	-1.07%	1.65%	2.85%	3.61%	3.56%	4.43%	6.02%	7.24%	12.80%	12.44%
Tax Burden Percent	209.33%	101.20%	99.26%	94.44%	281.06%	69.25%	70.54%	75.95%	74.94%	75.62%	75.82%
Interest Burden Percent	119.41%	154.87%	60.88%	73.40%	38.35%	68.17%	82.99%	87.67%	92.62%	135.39%	100.63%
Effective Tax Rate	0.00%	0.00%	0.74%	5.56%	-181.06%	30.75%	28.01%	29.76%	25.06%	24.38%	24.18%
Return on Invested Capital (ROIC)	-7.49%	-3.62%	23.13%	25.65%	27.60%	10.87%	11.67%	15.21%	25.25%	46.27%	48.39%
ROIC Less NNEP Spread (ROIC-NNEP)	-169.36%	35.56%	91.80%	485.61%	-7.25%	4.95%	7.51%	13.38%	6.25%	22.07%	47.80%
Return on Net Nonoperating Assets (RNNOA)	-22.87%	-3.65%	-10.69%	-7.10%	-6.92%	6.97%	8.25%	10.20%	0.68%	-8.91%	-16.34%
Return on Equity (ROE)	-30.36%	-7.27%	12.44%	18.55%	20.69%	17.85%	19.92%	25.41%	25.93%	37.36%	32.05%
Cash Return on Invested Capital (CROIC)	26.13%	40.98%	-50.36%	21.46%	-89.05%	17.20%	-15.27%	18.12%	63.54%	74.61%	-34.90%
Operating Return on Assets (OROA)	-5.03%	-1.67%	6.84%	9.01%	5.33%	9.81%	9.78%	11.95%	12.79%	13.95%	17.46%
Return on Assets (ROA)	-12.56%	-2.61%	4.13%	6.25%	5.74%	4.63%	5.73%	7.96%	8.88%	14.28%	13.32%
Return on Common Equity (ROCE)	-29.41%	-7.25%	12.17%	17.81%	20.20%	17.75%	19.83%	25.27%	25.74%	36.76%	31.78%
Return on Equity Simple (ROE_SIMPLE)	-37.52%	-6.90%	11.19%	17.97%	18.50%	16.36%	17.46%	22.43%	23.08%	33.53%	0.00%
Net Operating Profit after Tax (NOPAT)	-10	-3.31	26	40	106	64	77	112	154	200	308
NOPAT Margin	-1.62%	-0.48%	2.71%	3.88%	9.42%	5.23%	5.45%	6.35%	7.82%	9.46%	12.36%
Net Nonoperating Expense Percent (NNEP)	161.87%	-39.18%	-68.67%	-459.96%	34.86%	5.92%	4.16%	1.83%	19.00%	24.20%	0.59%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	12.35%	15.98%	17.51%	22.02%
Cost of Revenue to Revenue	95.57%	93.91%	90.70%	89.37%	90.43%	85.36%	85.61%	84.48%	82.88%	79.86%	77.02%
SG&A Expenses to Revenue	6.49%	5.34%	4.86%	4.65%	4.37%	5.24%	4.89%	4.89%	5.00%	5.60%	6.22%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	6.74%	6.78%	6.57%	6.53%	6.22%	7.09%	6.82%	6.48%	6.69%	7.63%	6.68%
Earnings before Interest and Taxes (EBIT)	-14	-4.73	26	43	38	93	107	160	206	265	406
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1.85	11	46	63	62	129	143	214	265	334	484
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.24	1.97	3.12	1.79	1.77	1.96	2.11	2.10	4.38	6.40	8.49
Price to Tangible Book Value (P/TBV)	2.90	4.02	38.92	8.02	0.00	0.00	0.00	0.00	288.50	22.78	0.00
Price to Revenue (P/Rev)	0.19	0.31	0.46	0.28	0.35	0.43	0.54	0.56	1.37	2.45	3.78
Price to Earnings (P/E)	0.00	0.00	37.91	11.70	9.78	12.36	12.09	9.34	19.56	20.09	32.42
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	2.64%	8.54%	10.22%	8.09%	8.27%	10.70%	5.11%	4.98%	3.08%
Enterprise Value to Invested Capital (EV/IC)	1.21	2.46	2.95	1.81	1.28	1.45	1.53	1.72	5.24	12.76	10.21
Enterprise Value to Revenue (EV/Rev)	0.22	0.25	0.47	0.28	0.69	0.67	0.81	0.71	1.31	2.24	3.69
Enterprise Value to EBITDA (EV/EBITDA)	73.06	15.47	9.90	4.64	12.59	6.43	8.01	5.83	9.76	14.17	19.01
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	17.29	6.82	20.63	8.93	10.74	7.81	12.57	17.90	22.66
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	17.42	7.22	7.34	12.89	14.92	11.11	16.77	23.67	29.89
Enterprise Value to Operating Cash Flow (EV/OCF)	15.57	3.96	18.28	7.36	18.52	6.73	7.23	5.69	5.40	9.53	20.91
Enterprise Value to Free Cash Flow (EV/FCFF)	3.85	4.67	0.00	8.63	0.00	8.15	0.00	9.33	6.67	14.68	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.21	0.05	0.63	0.48	1.96	1.37	1.25	0.90	0.55	0.38	0.26
Long-Term Debt to Equity	0.16	0.02	0.60	0.46	1.77	1.08	1.19	0.83	0.50	0.35	0.25
Financial Leverage	0.14	-0.10	-0.12	-0.01	0.95	1.41	1.10	0.76	0.11	-0.40	-0.34
Leverage Ratio	2.42	2.79	3.01	2.97	3.60	3.85	3.48	3.19	2.92	2.62	2.41
Compound Leverage Factor	2.89	4.32	1.83	2.18	1.38	2.63	2.89	2.80	2.71	3.54	2.42
Debt to Total Capital	17.65%	5.06%	38.47%	32.25%	66.19%	57.84%	55.64%	47.45%	35.38%	27.68%	20.83%
Short-Term Debt to Total Capital	4.18%	3.38%	1.67%	1.14%	6.49%	12.15%	2.88%	3.59%	2.75%	2.31%	1.08%
Long-Term Debt to Total Capital	13.47%	1.68%	36.80%	31.11%	59.70%	45.69%	52.76%	43.86%	32.63%	25.37%	19.74%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.08%	0.58%	2.04%	3.09%	0.20%	0.23%	0.18%	0.35%	0.51%	1.61%	-0.15%
Common Equity to Total Capital	82.43%	94.37%	59.48%	64.65%	33.61%	41.93%	44.18%	52.20%	64.11%	70.71%	79.32%
Debt to EBITDA	11.10	0.51	2.00	1.31	7.00	2.87	3.15	2.02	1.29	0.95	0.60
Net Debt to EBITDA	8.70	-3.27	0.16	-0.19	6.26	2.35	2.73	1.17	-0.49	-1.36	-0.42
Long-Term Debt to EBITDA	8.47	0.17	1.91	1.26	6.31	2.26	2.99	1.86	1.19	0.87	0.57
Debt to NOPAT	-2.04	-1.74	3.52	2.04	4.08	5.75	5.87	3.84	2.21	1.58	0.95
Net Debt to NOPAT	-1.60	11.19	0.29	-0.30	3.65	4.72	5.07	2.22	-0.84	-2.28	-0.67
Long-Term Debt to NOPAT	-1.56	-0.58	3.37	1.97	3.68	4.54	5.56	3.55	2.04	1.45	0.90
Altman Z-Score	2.24	2.53	3.06	3.13	1.71	2.14	2.12	2.52	3.27	4.66	5.62
Noncontrolling Interest Sharing Ratio	3.11%	0.28%	2.17%	3.99%	2.33%	0.56%	0.46%	0.56%	0.74%	1.61%	0.84%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.29	1.20	1.53	1.69	1.24	1.12	1.24	1.34	1.25	1.38	1.01
Quick Ratio	1.09	1.09	1.20	1.33	0.81	0.76	0.74	0.99	1.07	1.27	0.87
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	35	37	-57	34	-342	101	-101	134	388	323	-222
Operating Cash Flow to CapEx	0.00%	541.64%	2,390.64%	346.81%	299.13%	403.06%	373.62%	391.54%	946.29%	702.15%	614.59%
Free Cash Flow to Firm to Interest Expense	10.80	14.41	-5.36	2.73	-14.02	3.46	-5.53	6.50	13.23	12.78	-11.22
Operating Cash Flow to Interest Expense	2.67	17.03	2.35	3.20	1.72	4.19	8.71	10.64	16.32	19.68	22.24
Operating Cash Flow Less CapEx to Interest Expense	2.81	13.88	2.25	2.27	1.15	3.15	6.38	7.92	14.60	16.88	18.62
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.18	2.43	2.50	2.19	1.59	1.30	1.29	1.32	1.23	1.12	1.07
Accounts Receivable Turnover	20.68	23.15	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	119.96	207.61	208.64	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	7.77	9.75	15.64	19.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	9.48	10.28	10.56	9.42	8.59	9.00	11.65	12.74	12.21	12.23	10.74
Days Sales Outstanding (DSO)	17.65	15.76	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	3.04	1.76	1.75	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	38.51	35.50	34.56	38.75	42.47	40.57	31.34	28.65	29.91	29.85	34.00
Cash Conversion Cycle (CCC)	-17.82	-17.98	-32.81	-38.75	-42.47	-40.57	-31.34	-28.65	-29.91	-29.85	-34.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	112	71	154	160	609	571	749	728	494	371	901
Invested Capital Turnover	4.64	7.55	8.53	6.61	2.93	2.08	2.14	2.40	3.23	4.89	3.91
Increase / (Decrease) in Invested Capital	-45	-41	83	6.57	448	-37	178	-21	-234	-123	530
Enterprise Value (EV)	135	175	453	291	779	827	1,150	1,248	2,586	4,737	9,200
Market Capitalization	119	212	440	295	390	523	757	995	2,712	5,174	9,407
Book Value per Share	$4.89	$4.30	$5.22	$6.07	$7.93	$9.51	$12.46	$15.65	$20.07	$26.31	$36.09
Tangible Book Value per Share	$2.09	$2.10	$0.42	$1.36	($8.24)	($6.04)	($7.04)	($2.88)	$0.30	$7.39	($1.02)
Total Capital	116	114	238	254	654	637	812	909	965	1,143	1,397
Total Debt	21	5.76	91	82	433	369	452	431	342	316	291
Total Long-Term Debt	16	1.91	87	79	391	291	429	399	315	290	276
Net Debt	16	-37	7.46	-12	387	302	391	250	-130	-455	-205
Capital Expenditures (CapEx)	-0.46	8.17	1.04	11	14	30	43	56	51	71	72
Debt-free, Cash-free Net Working Capital (DFCFNWC)	31	-9.62	16	32	61	51	45	1.71	-275	-358	-364
Debt-free Net Working Capital (DFNWC)	35	33	100	126	106	117	106	183	196	306	27
Net Working Capital (NWC)	31	29	96	123	64	40	83	151	170	280	12
Net Nonoperating Expense (NNE)	26	4.10	10	11	65	20	14	5.84	11	-71	-1.94
Net Nonoperating Obligations (NNO)	16	-37	7.43	-12	387	302	389	250	-130	-455	-205
Total Depreciation and Amortization (D&A)	16	16	20	20	24	36	36	54	59	70	78
Debt-free, Cash-free Net Working Capital to Revenue	4.98%	-1.39%	1.70%	3.11%	5.39%	4.15%	3.21%	0.10%	-13.96%	-16.91%	-14.60%
Debt-free Net Working Capital to Revenue	5.69%	4.81%	10.46%	12.18%	9.46%	9.55%	7.52%	10.36%	9.95%	14.48%	1.09%
Net Working Capital to Revenue	4.91%	4.25%	10.05%	11.90%	5.68%	3.23%	5.86%	8.51%	8.61%	13.23%	0.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.02)	($0.40)	$0.44	$0.94	$1.50	$1.52	$0.00	$3.53	$4.51	$8.35	$9.50
Adjusted Weighted Average Basic Shares Outstanding	19.77M	25.05M	26.27M	26.90M	26.67M	27.86M	0.00	30.20M	30.76M	30.83M	30.54M
Adjusted Diluted Earnings per Share	($2.02)	($0.40)	$0.43	$0.93	$1.47	$1.50	$0.00	$3.48	$4.44	$8.27	$9.38
Adjusted Weighted Average Diluted Shares Outstanding	19.77M	25.05M	26.71M	27.19M	27.12M	28.20M	0.00	30.56M	31.21M	31.15M	30.95M
Adjusted Basic & Diluted Earnings per Share	($2.02)	($0.40)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	19.38M	23.14M	27.03M	26.64M	27.79M	28.21M	0.00	30.59M	30.93M	30.60M	30.64M
Normalized Net Operating Profit after Tax (NOPAT)	-10	-3.31	26	40	29	65	80	113	155	200	314
Normalized NOPAT Margin	-1.62%	-0.48%	2.71%	3.88%	2.61%	5.29%	5.64%	6.38%	7.85%	9.47%	12.61%
Pre Tax Income Margin	-2.75%	-1.06%	1.66%	3.01%	1.29%	5.15%	6.28%	7.92%	9.67%	16.93%	16.40%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-4.42	-1.82	2.48	3.45	1.55	3.16	5.86	7.76	7.02	10.48	20.52
NOPAT to Interest Expense	-3.10	-1.27	2.46	3.26	4.35	2.19	4.22	5.45	5.26	7.92	15.56
EBIT Less CapEx to Interest Expense	-4.28	-4.96	2.38	2.53	0.97	2.12	3.53	5.05	5.29	7.67	16.90
NOPAT Less CapEx to Interest Expense	-2.96	-4.42	2.36	2.34	3.77	1.15	1.89	2.74	3.54	5.12	11.94
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-9.46%	-14.56%	0.00%	4.57%	18.09%	0.99%	3.95%	0.00%	1.72%	0.00%	12.93%
Augmented Payout Ratio	-9.46%	-14.56%	0.00%	20.59%	25.95%	0.99%	3.95%	0.00%	1.72%	26.06%	36.89%

This table displays calculated financial ratios and metrics derived from Sterling Infrastructure's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	30,644,110.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	30,644,110.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	3.13
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.65%	8.33%	9.11%	11.58%	5.96%	2.65%	-2.14%	5.43%	16.05%	51.48%	91.59%
EBITDA Growth	14.73%	39.12%	25.56%	20.42%	45.11%	13.19%	24.94%	36.08%	38.28%	77.49%	119.60%
EBIT Growth	15.49%	50.55%	29.11%	20.69%	53.13%	11.66%	33.12%	43.76%	43.22%	92.65%	145.76%
NOPAT Growth	21.87%	77.28%	42.36%	23.56%	51.79%	8.56%	20.45%	41.95%	47.69%	99.63%	151.25%
Net Income Growth	33.10%	32.66%	68.46%	35.66%	62.92%	176.16%	26.16%	44.96%	47.31%	-21.75%	143.63%
EPS Growth	29.90%	25.74%	56.25%	31.50%	56.35%	185.83%	28.00%	38.32%	50.76%	-22.31%	141.41%
Operating Cash Flow Growth	56.05%	82.05%	1.09%	-8.39%	1.44%	18.25%	71.17%	-29.38%	-45.08%	6.76%	95.05%
Free Cash Flow Firm Growth	242.07%	504.11%	207.21%	10.40%	-20.03%	-38.81%	-28.74%	-31.24%	-341.97%	-357.29%	-336.73%
Invested Capital Growth	-27.03%	-32.13%	-27.19%	-25.19%	-23.91%	-24.83%	-23.27%	-14.63%	137.95%	142.71%	123.74%
Revenue Q/Q Growth	7.28%	-13.27%	-9.39%	32.35%	1.87%	-15.98%	-13.61%	42.58%	12.13%	9.67%	9.27%
EBITDA Q/Q Growth	-3.01%	-1.95%	-17.38%	53.27%	16.88%	-23.52%	-8.81%	66.94%	18.78%	-1.84%	12.83%
EBIT Q/Q Growth	-5.19%	-2.40%	-24.46%	72.66%	20.29%	-28.83%	-9.95%	86.47%	19.84%	-4.26%	14.88%
NOPAT Q/Q Growth	-4.17%	1.78%	-20.42%	59.19%	17.73%	-27.21%	-11.70%	87.60%	22.49%	-1.61%	11.13%
Net Income Q/Q Growth	-0.23%	5.72%	-20.45%	61.66%	19.82%	79.21%	-63.66%	85.74%	21.77%	-4.81%	13.16%
EPS Q/Q Growth	-0.79%	0.79%	-21.26%	67.00%	17.96%	84.26%	-64.74%	80.47%	28.57%	-5.05%	9.57%
Operating Cash Flow Q/Q Growth	13.68%	-1.82%	-66.35%	143.94%	25.88%	14.44%	-51.29%	0.64%	-2.11%	122.48%	-11.01%
Free Cash Flow Firm Q/Q Growth	24.34%	15.49%	-19.25%	-4.79%	-9.93%	-11.63%	-5.96%	-8.13%	-416.95%	6.04%	13.48%
Invested Capital Q/Q Growth	-15.18%	-7.32%	2.67%	-7.31%	-13.72%	-8.44%	4.80%	3.13%	140.48%	-6.61%	-3.39%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.39%	18.88%	17.46%	19.34%	21.86%	21.39%	22.01%	23.29%	24.70%	21.72%	23.53%
EBITDA Margin	12.93%	14.62%	13.33%	15.43%	17.71%	16.12%	17.01%	19.92%	21.10%	18.89%	19.50%
Operating Margin	10.20%	11.48%	9.57%	12.48%	14.74%	12.48%	13.01%	17.02%	18.19%	15.88%	16.69%
EBIT Margin	10.20%	11.48%	9.57%	12.48%	14.74%	12.48%	13.01%	17.02%	18.19%	15.88%	16.69%
Profit (Net Income) Margin	7.16%	8.73%	7.67%	9.36%	11.01%	23.49%	9.88%	12.87%	13.98%	12.14%	12.57%
Tax Burden Percent	74.29%	77.47%	81.62%	75.25%	73.64%	75.32%	73.85%	74.30%	75.94%	78.05%	75.50%
Interest Burden Percent	94.56%	98.22%	98.19%	99.71%	101.49%	249.86%	102.84%	101.82%	101.23%	97.94%	99.73%
Effective Tax Rate	25.71%	22.53%	18.38%	24.75%	26.36%	24.68%	26.15%	25.70%	24.06%	21.95%	24.50%
Return on Invested Capital (ROIC)	23.21%	28.71%	26.07%	35.40%	48.65%	46.00%	45.18%	62.07%	45.02%	48.51%	57.73%
ROIC Less NNEP Spread (ROIC-NNEP)	21.27%	27.43%	23.72%	35.65%	48.14%	21.98%	44.78%	61.67%	44.50%	49.09%	57.81%
Return on Net Nonoperating Assets (RNNOA)	4.93%	2.98%	1.09%	-3.64%	-13.83%	-8.87%	-17.65%	-27.94%	-10.92%	-16.78%	-21.80%
Return on Equity (ROE)	28.14%	31.69%	27.16%	31.76%	34.82%	37.13%	27.53%	34.13%	34.10%	31.73%	35.93%
Cash Return on Invested Capital (CROIC)	52.70%	63.54%	58.81%	60.66%	69.08%	74.61%	72.77%	68.87%	-43.49%	-34.90%	-17.62%
Operating Return on Assets (OROA)	12.23%	14.06%	11.83%	14.62%	16.54%	13.92%	14.23%	17.64%	17.71%	17.00%	19.99%
Return on Assets (ROA)	8.59%	10.70%	9.48%	10.97%	12.36%	26.20%	10.81%	13.34%	13.62%	13.00%	15.05%
Return on Common Equity (ROCE)	27.92%	31.46%	26.89%	31.38%	34.30%	36.53%	26.99%	33.27%	33.19%	31.46%	35.44%
Return on Equity Simple (ROE_SIMPLE)	22.81%	0.00%	24.29%	25.48%	27.38%	0.00%	34.73%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	42	43	34	55	64	47	41	78	95	94	104
NOPAT Margin	7.58%	8.89%	7.81%	9.39%	10.85%	9.40%	9.61%	12.64%	13.81%	12.39%	12.60%
Net Nonoperating Expense Percent (NNEP)	1.94%	1.28%	2.36%	-0.25%	0.51%	24.02%	0.40%	0.39%	0.52%	-0.59%	-0.07%
Return On Investment Capital (ROIC_SIMPLE)	-	4.48%	-	-	-	4.10%	3.64%	6.42%	6.90%	6.70%	7.02%
Cost of Revenue to Revenue	83.61%	81.12%	82.54%	80.66%	78.14%	78.61%	77.99%	76.71%	75.30%	78.28%	76.47%
SG&A Expenses to Revenue	4.50%	5.37%	6.20%	4.78%	5.17%	6.53%	8.04%	5.53%	5.45%	6.43%	5.80%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	6.20%	7.41%	7.90%	6.86%	7.13%	8.90%	9.00%	6.28%	6.52%	5.84%	6.84%
Earnings before Interest and Taxes (EBIT)	57	56	42	73	87	62	56	105	125	120	138
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	72	71	59	90	105	80	73	122	145	143	161
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.90	4.38	5.28	5.45	6.22	6.40	4.30	7.96	9.83	8.49	10.49
Price to Tangible Book Value (P/TBV)	76.14	288.50	86.99	52.56	37.26	22.78	18.42	26.09	0.00	0.00	220.02
Price to Revenue (P/Rev)	1.17	1.37	1.69	1.76	2.12	2.45	1.64	3.28	4.63	3.78	4.33
Price to Earnings (P/E)	17.39	19.56	22.67	22.48	24.17	20.09	13.03	24.62	32.72	32.42	36.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	5.75%	5.11%	4.41%	4.45%	4.14%	4.98%	7.67%	4.06%	3.06%	3.08%	2.78%
Enterprise Value to Invested Capital (EV/IC)	4.16	5.24	6.44	7.35	10.23	12.76	7.84	16.29	10.62	10.21	13.97
Enterprise Value to Revenue (EV/Rev)	1.15	1.31	1.62	1.67	1.97	2.24	1.45	3.06	4.59	3.69	4.22
Enterprise Value to EBITDA (EV/EBITDA)	9.05	9.76	11.79	11.82	12.76	14.17	8.74	17.14	24.31	19.01	21.28
Enterprise Value to EBIT (EV/EBIT)	11.85	12.57	15.16	15.15	16.06	17.90	10.94	21.06	29.43	22.66	24.94
Enterprise Value to NOPAT (EV/NOPAT)	16.37	16.77	19.84	19.75	21.08	23.67	14.65	28.27	39.20	29.89	32.83
Enterprise Value to Operating Cash Flow (EV/OCF)	5.38	5.40	6.81	7.37	8.82	9.53	5.73	13.16	23.93	20.91	23.36
Enterprise Value to Free Cash Flow (EV/FCFF)	6.66	6.67	9.23	10.36	12.79	14.68	9.35	21.79	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.61	0.55	0.51	0.48	0.44	0.38	0.37	0.33	0.27	0.26	0.24
Long-Term Debt to Equity	0.55	0.50	0.47	0.44	0.41	0.35	0.34	0.31	0.26	0.25	0.23
Financial Leverage	0.23	0.11	0.05	-0.10	-0.29	-0.40	-0.39	-0.45	-0.25	-0.34	-0.38
Leverage Ratio	3.15	2.92	2.82	2.89	2.85	2.62	2.60	2.59	2.53	2.41	2.38
Compound Leverage Factor	2.98	2.87	2.77	2.88	2.89	6.54	2.68	2.64	2.56	2.36	2.38
Debt to Total Capital	37.86%	35.38%	33.95%	32.57%	30.62%	27.68%	27.27%	24.65%	21.36%	20.83%	19.39%
Short-Term Debt to Total Capital	3.73%	2.75%	2.68%	2.62%	2.51%	2.31%	2.32%	1.25%	1.10%	1.08%	1.02%
Long-Term Debt to Total Capital	34.13%	32.63%	31.27%	29.95%	28.11%	25.37%	24.94%	23.40%	20.26%	19.74%	18.37%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.54%	0.51%	0.77%	1.02%	1.37%	1.61%	1.89%	2.45%	2.45%	-0.15%	0.39%
Common Equity to Total Capital	61.59%	64.11%	65.28%	66.41%	68.01%	70.71%	70.84%	72.90%	76.19%	79.32%	80.23%
Debt to EBITDA	1.46	1.29	1.21	1.13	0.99	0.95	0.89	0.78	0.70	0.60	0.50
Net Debt to EBITDA	-0.22	-0.49	-0.52	-0.72	-1.00	-1.36	-1.26	-1.34	-0.29	-0.42	-0.57
Long-Term Debt to EBITDA	1.31	1.19	1.12	1.04	0.91	0.87	0.81	0.74	0.66	0.57	0.48
Debt to NOPAT	2.63	2.21	2.04	1.88	1.64	1.58	1.49	1.29	1.13	0.95	0.78
Net Debt to NOPAT	-0.39	-0.84	-0.88	-1.21	-1.66	-2.28	-2.10	-2.21	-0.46	-0.67	-0.88
Long-Term Debt to NOPAT	2.37	2.04	1.88	1.73	1.51	1.45	1.36	1.22	1.07	0.90	0.74
Altman Z-Score	2.79	2.99	3.32	3.29	3.72	4.33	3.42	5.15	5.66	5.26	6.45
Noncontrolling Interest Sharing Ratio	0.77%	0.74%	0.98%	1.20%	1.48%	1.61%	1.97%	2.51%	2.66%	0.84%	1.35%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.28	1.25	1.25	1.24	1.29	1.38	1.32	1.42	1.00	1.01	1.10
Quick Ratio	1.07	1.07	1.07	1.11	1.17	1.27	1.22	1.32	0.83	0.87	0.95
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	240	277	224	213	192	170	159	146	-464	-436	-377
Operating Cash Flow to CapEx	1,613.54%	1,347.31%	247.57%	497.12%	1,161.51%	1,308.13%	519.13%	696.46%	457.17%	753.82%	936.26%
Free Cash Flow to Firm to Interest Expense	33.05	40.71	33.56	32.70	30.51	29.27	30.47	29.32	-112.11	-80.48	-94.00
Operating Cash Flow to Interest Expense	20.68	21.66	7.44	18.57	24.22	30.09	16.22	17.10	20.20	34.33	41.25
Operating Cash Flow Less CapEx to Interest Expense	19.40	20.05	4.44	14.84	22.14	27.79	13.10	14.65	15.78	29.78	36.84
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.20	1.23	1.24	1.17	1.12	1.12	1.09	1.04	0.97	1.07	1.20
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	8.48	0.00	8.38	0.00	8.37	0.00	8.29	0.00	10.91
Accounts Payable Turnover	9.44	12.21	13.00	11.14	10.90	12.23	12.58	10.30	9.59	10.74	12.18
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	38.65	29.91	28.09	32.76	33.49	29.85	29.02	35.45	38.08	34.00	29.97
Cash Conversion Cycle (CCC)	-38.65	-29.91	-28.09	-32.76	-33.49	-29.85	-29.02	-35.45	-38.08	-34.00	-29.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	533	494	507	470	405	371	389	401	965	901	870
Invested Capital Turnover	3.06	3.23	3.34	3.77	4.48	4.89	4.70	4.91	3.26	3.91	4.58
Increase / (Decrease) in Invested Capital	-197	-234	-189	-158	-127	-123	-118	-69	559	530	481
Enterprise Value (EV)	2,217	2,586	3,264	3,452	4,146	4,737	3,048	6,536	10,247	9,200	12,161
Market Capitalization	2,265	2,712	3,402	3,652	4,457	5,174	3,465	7,017	10,333	9,407	12,480
Book Value per Share	$18.83	$20.07	$20.81	$21.73	$23.31	$26.31	$26.32	$28.99	$34.55	$36.09	$38.82
Tangible Book Value per Share	$0.97	$0.30	$1.26	$2.25	$3.89	$7.39	$6.15	$8.84	($3.00)	($1.02)	$1.85
Total Capital	942	965	987	1,010	1,054	1,143	1,137	1,210	1,380	1,397	1,483
Total Debt	357	342	335	329	323	316	310	298	295	291	287
Total Long-Term Debt	322	315	309	302	296	290	284	283	279	276	272
Net Debt	-53	-130	-145	-211	-326	-455	-438	-510	-120	-205	-325
Capital Expenditures (CapEx)	9.30	11	20	24	13	13	16	12	18	25	18
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-184	-275	-281	-318	-377	-358	-371	-348	-295	-364	-386
Debt-free Net Working Capital (DFNWC)	225	196	200	222	271	306	267	351	12	27	126
Net Working Capital (NWC)	190	170	173	196	245	280	241	336	-3.65	12	111
Net Nonoperating Expense (NNE)	2.31	0.77	0.62	0.16	-0.96	-70	-1.18	-1.42	-1.17	1.93	0.28
Net Nonoperating Obligations (NNO)	-53	-130	-145	-211	-326	-455	-438	-510	-120	-205	-325
Total Depreciation and Amortization (D&A)	15	15	17	17	18	18	17	18	20	23	23
Debt-free, Cash-free Net Working Capital to Revenue	-9.52%	-13.96%	-13.98%	-15.35%	-17.93%	-16.91%	-17.63%	-16.28%	-13.20%	-14.60%	-13.37%
Debt-free Net Working Capital to Revenue	11.64%	9.95%	9.94%	10.74%	12.89%	14.48%	12.69%	16.43%	0.52%	1.09%	4.37%
Net Working Capital to Revenue	9.83%	8.61%	8.62%	9.47%	11.63%	13.23%	11.44%	15.72%	-0.16%	0.48%	3.85%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.28	$1.31	$1.00	$1.68	$2.00	$3.67	$1.29	$2.33	$3.02	$2.86	$3.13
Adjusted Weighted Average Basic Shares Outstanding	30.80M	30.76M	30.98M	30.91M	30.74M	30.83M	30.55M	30.41M	30.52M	30.54M	30.65M
Adjusted Diluted Earnings per Share	$1.26	$1.27	$1.00	$1.67	$1.97	$3.63	$1.28	$2.31	$2.97	$2.82	$3.09
Adjusted Weighted Average Diluted Shares Outstanding	31.22M	31.21M	31.19M	31.15M	31.07M	31.15M	30.88M	30.76M	30.96M	30.95M	31.04M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	30.84M	30.93M	30.86M	30.73M	30.71M	30.60M	30.41M	30.42M	30.72M	30.64M	30.69M
Normalized Net Operating Profit after Tax (NOPAT)	43	44	34	55	64	47	42	80	99	94	105
Normalized NOPAT Margin	7.59%	8.97%	7.81%	9.40%	10.86%	9.43%	9.64%	12.95%	14.40%	12.42%	12.73%
Pre Tax Income Margin	9.64%	11.27%	9.39%	12.44%	14.96%	31.19%	13.38%	17.33%	18.41%	15.55%	16.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.87	8.20	6.32	11.17	13.92	10.75	10.72	20.93	30.27	22.14	34.33
NOPAT to Interest Expense	5.85	6.35	5.16	8.40	10.25	8.10	7.92	15.55	22.99	17.28	25.92
EBIT Less CapEx to Interest Expense	6.59	6.59	3.32	7.43	11.83	8.45	7.59	18.48	25.85	17.58	29.93
NOPAT Less CapEx to Interest Expense	4.57	4.74	2.15	4.67	8.16	5.80	4.79	13.10	18.57	12.72	21.52
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	1.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	12.93%	0.00%
Augmented Payout Ratio	0.00%	1.72%	0.00%	0.00%	0.00%	26.06%	40.91%	27.70%	20.45%	36.89%	11.49%

Financials Breakdown Chart

Key Financial Trends

Sterling Infrastructure (STRL) has shown improving profitability and cash generation through 2025, with a notable surge in Q4 revenue and expanding margins. Below is a concise, investor-focused look at trends across the last four years of quarterly data.

Revenue growth: Q4 2025 Operating Revenue is 755,613,000 USD, up from Q4 2024's 498,833,000 (about +51%). Q3 2025 Revenue is 689,019,000 USD vs Q3 2024's 593,741,000 (about +16%).
Gross margin improvement: Q4 2025 Total Gross Profit 164,118,000 on 755,613,000 revenue (about 21.7%); Q4 2024 gross margin was roughly 21.4%; Q3 2025 gross margin was about 24.7% (170,216,000 on 689,019,000).
Operating income growth: Q4 2025 Total Operating Income = 119,967,000 USD, up from Q4 2024's 62,271,000 USD (roughly double).
Net income lift: Q4 2025 Net Income / (Loss) Attributable to Common Shareholders = 87,597,000 USD, up from Q4 2024's 39,353,000 USD.
Strong operating cash flow: Q4 2025 Net Cash From Continuing Operating Activities = 186,051,000 USD, vs Q4 2024's 174,269,000 USD.

Balance sheet expansion: Total assets rose to about 2.56B USD by 3Q2025, up from around 1.74B USD in early 2024, reflecting ongoing asset growth and investments.
Leverage stability: Long-Term Debt hovered in the 279–283M USD range through 2025 (Q2 2025: 283,050,000; Q3 2025: 279,479,000), indicating manageable leverage while funding growth.
Working capital pressure: Total Current Liabilities grew to about 967M USD by Q3 2025, signaling higher near-term obligations and working capital needs.

Financing activity drag: Net Cash From Financing Activities was negative in multiple 2025 quarters (Q3 2025: -12,016,000; Q4 2025: -80,867,000), reflecting stock buybacks and debt repayments that reduce cash on hand.
Cash balance volatility: Cash and equivalents fluctuated across quarters (e.g., Q2 2025 around 699.4M USD vs Q3 2025 around 306.4M USD), suggesting liquidity can swing with financing and investing decisions.

05/14/26 06:18 PM ETAI Generated. May Contain Errors.

Sterling Infrastructure Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Sterling Infrastructure's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Sterling Infrastructure's net income appears to be on an upward trend, with a most recent value of $309.73 million in 2025, falling from -$35.96 million in 2015. The previous period was $270.92 million in 2024. View Sterling Infrastructure's forecast to see where analysts expect Sterling Infrastructure to go next.

Sterling Infrastructure's total operating income in 2025 was $405.92 million, based on the following breakdown:

Total Gross Profit: $572.31 million
Total Operating Expenses: $166.40 million

Over the last 10 years, Sterling Infrastructure's total revenue changed from $623.60 million in 2015 to $2.49 billion in 2025, a change of 299.3%.

Sterling Infrastructure's total liabilities were at $1.53 billion at the end of 2025, a 28.3% increase from 2024, and a 796.3% increase since 2015.

In the past 10 years, Sterling Infrastructure's cash and equivalents has ranged from $4.43 million in 2015 to $664.20 million in 2024, and is currently $390.72 million as of their latest financial filing in 2025.

Over the last 10 years, Sterling Infrastructure's book value per share changed from 4.89 in 2015 to 36.09 in 2025, a change of 637.5%.

Related Companies

Financial statements for NASDAQ:STRL last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Sterling Infrastructure (STRL) Financials

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Sterling Infrastructure Financials - Frequently Asked Questions

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Sterling Infrastructure (STRL) Financials

Annual Income Statements for Sterling Infrastructure

Quarterly Income Statements for Sterling Infrastructure

Annual Cash Flow Statements for Sterling Infrastructure

Quarterly Cash Flow Statements for Sterling Infrastructure

Annual Balance Sheets for Sterling Infrastructure

Quarterly Balance Sheets for Sterling Infrastructure

Annual Metrics And Ratios for Sterling Infrastructure

Quarterly Metrics And Ratios for Sterling Infrastructure

Financials Breakdown Chart

Key Financial Trends

Sterling Infrastructure Financials - Frequently Asked Questions

When does Sterling Infrastructure's fiscal year end?

How has Sterling Infrastructure's net income changed over the last 10 years?

What is Sterling Infrastructure's operating income?

How has Sterling Infrastructure's revenue changed over the last 10 years?

How much debt does Sterling Infrastructure have?

How much cash does Sterling Infrastructure have?

How has Sterling Infrastructure's book value per share changed over the last 10 years?

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